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Good Times Restaurants Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 15, 2012 11:22AM

Good Times Restaurants Inc. (GTIM) filed Quarterly Report for the period ended 2012-03-31. Good Times Rest has a market cap of $6.2 million; its shares were traded at around $2.05 with and P/S ratio of 0.3.



Highlight of Business Operations:

Net revenues for the three months ended March 31, 2012 decreased $133,000 (2.8%) to $4,570,000 from $4,703,000 for the three months ended March 31, 2011. Same store restaurant sales increased $281,000 (7.3%) during the three months ended March 31, 2012 for the restaurants that were open for the full three month periods ending March 31, 2012 and March 31, 2011. Restaurants are included in same store sales after they have been open a full fifteen months and only Good Times restaurants are included with dual branded restaurants excluded. Restaurant sales decreased $389,000 due to two company-owned restaurants sold in fiscal 2011 and one company-owned restaurant sold in December, 2011. Restaurant sales decreased $3,000 due to one company-owned dual branded restaurants not included in same store sales. Restaurant sales also decreased $27,000 due to one non-traditional company-owned restaurant not included in same store sales.

Net revenues for the six months ended March 31, 2012 decreased $372,000 (3.8%) to $9,416,000 from $9,788,000 for the six months ended March 31, 2011. Same store restaurant sales increased $421,000 (5.3%) during the six months ended March 31, 2012 for the restaurants that were open for the full six month periods ending March 31, 2012 and March 31, 2011. Restaurants are included in same store sales after they have been open a full fifteen months and only Good Times restaurants are included with dual branded restaurants excluded. Restaurant sales decreased $731,000 due to two company-owned restaurant sold in fiscal 2011 and one company-owned restaurant sold in December, 2011. Restaurant sales decreased $11,000 due to one company-owned dual branded restaurants

Franchise revenues for the three months ended March 31, 2012 increased $5,000 to $101,000 from $96,000 for the three months ended March 31, 2011. Same store Good Times franchise restaurant sales increased 5.7% during the three months ended March 31, 2012 for the franchise restaurants that were open for the full periods ending March 31, 2012 and March 31, 2011. Dual branded franchise restaurant sales increased 5.1% during the three months ended March 31, 2012, compared to the same prior year period.

For the three months ended March 31, 2012 our payroll and other employee benefit costs decreased $101,000 to $1,624,000 (36.3% of restaurant sales) from $1,725,000 (37.4% of restaurant sales) compared to the same prior year period. Payroll and other employee benefits decreased $151,000 in the three months ending March 31, 2012 due to the sale of two company-owned restaurants in fiscal 2011 and one company-owned restaurant sold in December, 2011. The $151,000 decrease was offset by a $50,000 increase in payroll and employee benefit costs in the remaining restaurants due to increased sales compared to the same prior year period.

For the six months ended March 31, 2012 our payroll and other employee benefit costs decreased $177,000 to $3,307,000 (35.9% of restaurant sales) from $3,484,000 (36.3% of restaurant sales) compared to the same prior year period. Payroll and other employee benefits decreased $267,000 in the three months ending March 31, 2012 due to the sale of two company-owned restaurants in fiscal 2011 and one company-owned restaurant sold in December, 2011. The $177,000 decrease was offset by a $90,000 increase in payroll and employee benefit costs in the remaining restaurants due to increased sales and an increase in the Colorado state minimum wage on January 1, 2012, compared to the same prior year period.

Read the The complete Report



Stocks Discussed: GTIM,
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