BT Brands Reports 2024 Results

MINNETONKA, Minn.--(BUSINESS WIRE)--March 31, 2025-- 

BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the 52 weeks ending December 29, 2024. The results include our 39.6% share of the Bagger Dave's Burger Tavern loss. BT Brands currently operates fifteen restaurants comprising the following:

   -- Seven Burger Time locations in the North Central region of the United 
      States, collectively referred to as "BTND". 
 
   -- Bagger Dave's Burger Tavern, Inc., a 39.6%-owned affiliate operating five 
      Bagger Dave's restaurants in Michigan, Ohio, and Indiana ("Bagger 
      Dave's"). 
 
   -- Keegan's Seafood Grille a casual dining restaurant in Indian Rocks Beach, 
      Florida ("Keegan's"). 
 
   -- Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts ("PIE"). 
 
   -- Schnitzel Haus, an upscale German-themed restaurant in Hobe Sound, 
      Florida. 

Recent results reflect:

   -- Total revenues for 2024 increased 5.3% over 2023 to $14.8 million. 
 
   -- Net loss attributable to common shareholders was $2,311,207, or a loss of 
      $.37 per share in 2024. 
 
   -- For the year, restaurant-level adjusted EBITDA (a non-GAAP measure) 
      declined to 4.9% from 6.2%. 
 
   -- Our equity in the loss of Bagger Dave's of $415,085. 
 
   -- On December 29, 2024, we had $4.3 million in cash and short-term 
      investments. 

The loss for the year reflects a $371,872 charge for the closure of the Village Bier Garten, which occurred in January 2025, a non-cash charge of $415,085 for our equity in the Bagger Dave's loss, and a $230,500 charge for stock-based compensation. We also fully reserved for future deferred tax benefits which resulted in a $206,000 non-cash tax charge in 2024. Gary Copperud, the Company's Chief Executive Officer, said, "The loss for the year was disappointing. Bagger Dave's faced challenges in the casual dining sector, leading to a our equity in the loss of $415,085. This non-cash item accounted for 18% of our total loss for the year. Hurricane Helene in September 2024 caused significant damage in Indian Rocks Beach, Florida, resulting in the closure of the Keegan's location for about one month as we cleaned and repaired the store. The local Indian Rock economy has been slow to recover, impacting recent sales at the restaurant." Kenneth Brimmer, Chief Financial Officer, noted that beginning in the fourth quarter, we implemented several initiatives that we expect will lead to significantly improved results and profitability and positive cash flow in 2025. These initiatives include:

   -- Closing Village Bier Garten in January 2025 and writing off our remaining 
      investment 
 
   -- Closing a BTND location in Ham Lake, Minnesota -- we are pursuing the 
      liquidation of Ham Lake and Richmond properties, which we believe will 
      result in a gain on the sale of assets in 2025. 
 
   -- Aggressive cost-cutting and process improvement measures were implemented 
      at Burger Time locations, including a menu reengineering introducing 
      hand-cut fries to our customers, which we believe will lower overall food 
      costs. 
 
   -- Cost and headcount reductions at Pie, combined with a thorough review of 
      product pricing, should return the business to historic, significantly 
      improved profit levels. 
 
   -- Continued efforts to liquidate Bagger Dave's restaurant properties -- we 
      are encouraged that we will achieve our goal of liquidating the store 
      properties in 2025." 

Fiscal 2025 Outlook: Given the evolving character of our Company and the potential impact of a slowdown in the overall economy and the recent inflationary environment, the Company is not providing a financial forecast for fiscal 2025

About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time with locations in North and South Dakota and Minnesota and Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, the Schnitzel Haus in Hobe Sound Florida, and Keegan's Seafood Grille near Clearwater, Florida.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future, " "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding guidance relating to net income and net income per share, expected operating results, such as revenue growth and earnings, anticipated levels of capital expenditures for the 2025 fiscal year, current or future volatility in the credit markets and future market conditions, our belief that we have sufficient liquidity to fund our business operations during the next fiscal year, market position, financial results and reserves, and strategy for risk management.

Any forward-looking statement in this press release is based solely on information currently available to us and speaks only as of the date it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

 
 
 
 
                    BT BRANDS, INC. AND SUBSIDIARIES 
                 CONSOLIDATED STATEMENTS OF OPERATIONS 
 
                                52 Weeks Ended        52 Weeks Ended, 
                               December 29, 2024     December 29, 2023 
                              -------------------  --------------------- 
SALES                         $       14,823,472   $       14,076,653 
                                  --------------       -------------- 
 
COSTS AND EXPENSES 
    Restaurant operating 
    expenses 
        Food and paper costs           5,605,579            5,597,167 
        Labor costs                    6,128,574            5,458,351 
        Occupancy costs                1,403,204            1,312,717 
        Other operating 
         expenses                        962,287              841,894 
    Depreciation and 
     amortization expenses               742,860              598,540 
    Restaurant asset 
     impairment charge                   371,872                    - 
    General and 
     administrative 
     expenses                          1,691,404            1,650,755 
    Gain on sale of assets              (250,000)            (310,182) 
                                  --------------       -------------- 
        Total costs and 
         expenses                     16,655,780           15,149,242 
                                  --------------       -------------- 
        Loss from operations          (1,832,308)          (1,072,589) 
 
UNREALIZED GAIN (LOSS) ON 
 MARKETABLE SECURITIES                   (93,458)              80,139 
REALIZED GAIN ON MARKETABLE 
 SECURITIES                              143,340               23,058 
INTEREST AND DIVIDEND INCOME             178,279              300,923 
INTEREST EXPENSE                         (99,906)             (97,608) 
OTHER INCOME                              13,930               80,790 
EQUITY IN NET LOSS OF 
 AFFILIATE                              (415,085)            (347,081) 
                                  --------------       -------------- 
LOSS BEFORE TAXES                     (2,105,208)          (1,032,368) 
INCOME TAX BENEFIT (EXPENSE)            (206,000)             145,000 
                                  --------------       -------------- 
NET LOSS                      $       (2,311,208)  $         (887,368) 
                                  ==============       ============== 
NET LOSS PER COMMON SHARE - 
 Basic and Diluted            $            (0.37)  $            (0.14) 
                                  ==============       ============== 
 
WEIGHTED AVERAGE SHARES USED 
 IN COMPUTING PER COMMON 
 SHARE AMOUNTS - Basic and 
 Diluted                               6,194,842            6,261,631 
                                  ==============       ============== 
 
 
 
 
 
 
                   BT BRANDS, INC., AND SUBSIDIARIES 
                       CONSOLIDATED BALANCE SHEETS 
 
                               December 31, 2024     December 31, 2023 
                              -------------------  --------------------- 
ASSETS 
CURRENT ASSETS 
    Cash and cash 
     equivalents               $        1,951,415   $        5,300,446 
    Marketable securities               2,319,555            1,392,060 
    Receivables                            69,459               28,737 
    Inventory                             272,603              201,333 
    Prepaid expenses and 
     other current assets                 127,621               47,246 
    Assets held for sale                  258,751              258,751 
                                  ---------------      --------------- 
        Total current assets            4,999,404            7,228,573 
                                  ---------------      --------------- 
PROPERTY, EQUIPMENT AND 
 LEASEHOLD IMPROVEMENTS, 
 NET                                    3,343,340            3,247,013 
OPERATING LEASE RIGHT-OF-USE 
 ASSETS                                 1,724,052            1,789,285 
EQUITY INVESTMENT IN 
 UNCONSOLIDATED SUBSIDIARY                304,439              718,806 
INVESTMENT IN EQUITY AND 
 NOTES RECEIVABLE FROM 
 RELATED COMPANY                          424,000              304,000 
DEFERRED INCOME TAXES                           -              206,000 
GOODWILL                                  796,220              671,220 
INTANGIBLE ASSETS, NET                    367,799              395,113 
OTHER ASSETS, NET                          37,543               49,202 

                                  ---------------      --------------- 
        Total assets           $       11,996,797   $       14,609,212 
                                  ===============      =============== 
LIABILITIES AND 
SHAREHOLDERS' EQUITY 
CURRENT LIABILITIES 
    Accounts payable           $          612,059   $          555,247 
    Broker margin loan                          -              115,899 
    Current maturities of 
     long-term debt                       185,009              183,329 
    Current operating lease 
     obligations                          274,511              215,326 
    Accrued expenses                      371,356              480,289 
                                  ---------------      --------------- 
        Total current 
         liabilities                    1,442,935            1,550,090 
LONG-TERM DEBT, LESS CURRENT 
 PORTION                                2,091,335            2,269,771 
NONCURRENT OPERATING LEASE 
 OBLIGATIONS                            1,497,300            1,600,622 
                                  ---------------      --------------- 
        Total liabilities               5,031,570            5,420,483 
SHAREHOLDERS' EQUITY                    6,965,227            9,188,729 
TOTAL LIABILITIES AND 
 SHAREHOLDERS' EQUITY          $       11,996,797   $       14,609,212 
                                  ===============      =============== 
 
 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250331950262/en/

 
    CONTACT:    Kenneth Brimmer 

612-229-8811

(END) Dow Jones Newswires

March 31, 2025 17:03 ET (21:03 GMT)