BTBDW - BT Brands Reports Results for 2021 and Fourth Quarter Ended January 2 2022
WEST FARGO, ND / ACCESSWIRE / March 16, 2022 / BT Brands, Inc. (NASDAQ:BTBD)(NASDAQ:BTBDW), operator of fast-casual restaurant Burger Time and the recently acquired Keegan's Seafood Grille, reported financial results for the fiscal fourth quarter and the fiscal year ended January 2, 2022.
Key highlights of the Company's financial results include:
- Total revenues for fiscal 2021 increased 3.6% to $8.5 million for the 52-week year compared to the fiscal 2020 53-week year
- Operating income for the year increased 83.3% to $980,712
- Net income attributable to common shareholders was $608,000 or $.14 per share for the year
- The Company ended the year with $12.4 million in cash following its November 2021 public offering which raised a net of $10.7 million
Gary Copperud, the Company's Chief Executive Officer, said, "We earned record sales and operating profits in 2021. A major achievement during the quarter was the completion of our initial public offering raising a net of $10.7 million in new equity for our Company. With our offering proceeds and the continued strong performance of Burger Time, we are now pursuing our plan of growing through acquisitions in the restaurant industry. We closed our initial acquisition with the purchase of Keegan's Seafood Grille earlier this month. We expect the contribution of Keegan's to have a meaningfully positive impact on our future financial results." Mr. Copperud added, "as others in our industry are, we are facing inflationary pressure, supply chain constraints, and a tight staffing market. We have raised prices and expect to increase prices in the future; however, we are, expecting some margin compression."
Fiscal 2022 Outlook:
In light of the ongoing uncertainty surrounding possible acquisitions in 2022, the impacts of labor markets and supply chain constraints and the current inflationary environment, the Company is not providing a financial forecast for fiscal 2022.
Investor presentation: The Company is making its initial investment conference presentation at the 2022 Virtual Growth Conference, presented by Maxim Group LLC, and hosted by M-Vest, on March 28th - 30th to register go to M-Vest.com. To view the Company's recorded presentation go to:
https://prezi.com/v/mec3vwh9rmwa/bt-brands-investor-presentation/
About BT Brands Inc.: BT Brands Inc. (BTBD and BTBDW) owns, operates a fast-food restaurant chain called Burger Time with locations in North and South Dakota and Minnesota. The Company recently acquired Keegan Seafood Grille located near Clearwater, Florida area. BT Brands is seeking acquisitions within the restaurant industry.
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of federal securities laws. The words "intend," "may," "believe," "will," "should," "anticipate," "expect," "seek" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, which may cause the Company's actual results to differ materially from results expressed or implied by the forward-looking statements. These risks include such factors as the disruption to our business from the COVID-19 pandemic and the impact on our results of operations, financial condition, and prospects which may vary depending on the duration and extent of the pandemic and the impact of federal, state and local government actions and customer behavior in response to the pandemic, the impact and duration of staffing constraints at our restaurants, the uncertain nature of current restaurant development plans and the ability to implement those plans and integrate new restaurants, delays in developing and opening new restaurants because of weather, local permitting or other reasons, increased competition, cost increases or shortages in raw food products, and other matters discussed under the Risk Factors section of the BT Brands' Annual Report on Form 10-K for the fiscal year ended January 2, 2022, filed with the SEC, and other filings with the SEC. BT Brands disclaims any obligation or duty to update or modify these forward-looking statements.
CONTACT FOR FURTHER INFORMATION:
KENNETH BRIMMER
612-229-8811
BT BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| Fiscal year ended |
| Fiscal quarter ended |
January 2, 2022 (52 Weeks) |
January 3, 2021 (53 Weeks) |
January 2, 2022 (13 Weeks) |
January 3, 2021 (14 Weeks) |
SALES |
| $ |
| 8,451,870 |
| $ |
| 8,159,796 |
| $ |
| 1,847,316 |
| $ |
| 2,085,574 |
COSTS AND EXPENSES |
Restaurant operating expenses |
Food and paper costs |
| 3,285,752 |
| 3,090,816 |
| 705,528 |
| 863,997 |
Labor costs |
| 2,383,206 |
| 2,335,949 |
| 588,707 |
| 624,696 |
Occupancy costs |
| 681,560 |
| 790,704 |
| 245,364 |
| 170,109 |
Other operating expenses |
| 469,822 |
| 426,553 |
| 114,798 |
| 121,827 |
Depreciation and amortization |
| 234,027 |
| 189,389 |
| 60,228 |
| 49,668 |
Impairment of assets held for sale |
| - |
| 190,493 |
| - |
| 90,493 |
General and administrative |
| 416,791 |
| 687,524 |
| 121,394 |
| 396,069 |
Total costs and expenses |
| 7,471,158 |
| 7,630,428 |
| 1,836,019 |
| 2,182,450 |
Income (loss) from operations |
| 980,712 |
| 529,368 |
| 11,297 |
| (96,876 |
| ) |
INTEREST EXPENSE |
| (172,861 |
| ) |
| (177,757 |
| ) |
| (11,713 |
| ) |
| (41,188 |
| ) |
INTEREST INCOME |
| - |
| 103,623 |
| - |
| 28,507 |
OTHER INCOME |
| - |
| 466,758 |
| - |
| - |
INCOME (LOSS) BEFORE TAXES |
| 807,851 |
| 921,992 |
| (416 |
| ) |
| (127,370 |
| ) |
INCOME TAXES (PROVISION) BENEFIT |
| (200,000 |
| ) |
| (130,000 |
| ) |
| 25,000 |
| 104,000 |
NET INCOME (LOSS) |
| $ |
| 607,851 |
| $ |
| 791,992 |
| $ |
| 24,584 |
| $ |
| (23,370 |
| ) |
NET INCOME (LOSS) PER COMMON SHARE - |
Basic and diluted |
| $ |
| 0.14 |
| $ |
| 0.20 |
| $ |
| 0.00 |
| $ |
| (0.00 |
| ) |
WEIGHTED AVERAGE SHARES USED IN COMPUTATION |
| 4,382,848 |
| 4,047,502 |
| 5,392,561 |
| 4,047,502 |
BT BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| January 2, 2022 |
January 3, 2021 |
ASSETS |
CURRENT ASSETS |
Cash |
| $ |
| 12,385,632 |
| $ |
| 1,321,244 |
Receivables |
| 72,251 |
| 19,030 |
Inventory |
| 79,510 |
| 60,576 |
Prepaid expenses and other current assets |
| 27,186 |
| 5,348 |
Total current assets |
| 12,564,579 |
| 1,406,198 |
PROPERTY AND EQUIPMENT, net |
| 1,592,338 |
| 1,632,457 |
LAND AND BUILDINGS HELD FOR SALE |
| 258,751 |
| 258,751 |
INVESTMENT IN RELATED COMPANY |
| 75,000 |
| 75,000 |
OTHER ASSETS, net |
| 15,059 |
| 16,759 |
Total assets |
| $ |
| 14,505,727 |
| $ |
| 3,389,165 |
LIABILITIES AND SHAREHOLDERS' DEFICIT |
CURRENT LIABILITIES |
Current maturities of long-term debt |
| $ |
| 291,973 |
| $ |
| 245,306 |
Accounts payable |
| 169,908 |
| 270,487 |
Accrued expenses |
| 254,341 |
| 420,734 |
Income taxes payable |
| 209,088 |
| 97,978 |
Total current liabilities |
| 925,310 |
| 1,034,505 |
LONG-TERM DEBT, less current maturities |
| 2,833,064 |
| 2,938,983 |
DEFERRED INCOME TAXES |
| 119,000 |
| 118,000 |
Total liabilities |
| 3,877,374 |
| 4,091,488 |
COMMITMENTS AND CONTINGENCIES |
SHAREHOLDERS' EQUITY (DEFICIT) |
Preferred stock, $.001 par value, 2,000,000 shares authorized, no shares outstanding at January 2, 2022, and January 3, 2021 |
| - |
| - |
Common stock, $.002 par value, 50,000,000 authorized,6,447,506 and 4,047,506 shares outstanding at January 2, 2021 and January 3, 2021 |
| 12,895 |
| 8,095 |
Additional paid-in capital |
| 11,215,696 |
| 497,671 |
Accumulated deficit |
| (624,822 |
| ) |
| (1,208,089 |
| ) |
Total shareholders' deficit |
| (119,056 |
| ) |
| (702,323 |
| ) |
Total liabilities and shareholders' equity (deficit) |
| $ |
| 14,505,727 |
| $ |
| 3,389,165 |
SOURCE: BT Brands, Inc.
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https://www.accesswire.com/693337/BT-Brands-Reports-Results-for-2021-and-Fourth-Quarter-Ended-January-2-2022