MINNETONKA, Minn.--(BUSINESS WIRE)--August 19, 2025--
BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results, which reflect a return to profitability for the second quarter, the thirteen weeks ending June 29, 2025.
Including its 40.7% ownership interest in Bagger Dave's Burger Tavern, which operates five locations (OTCMarkets: BDVB), BT Brands currently operates a total of fourteen restaurants comprising the following:
-- Six Burger Time fast-food restaurants, located in the North Central
region of the United States ("BTND");
-- Bagger Dave's Burger Tavern, Inc., a 40.7% owned affiliate, operating
five restaurants in Michigan, Ohio, and Indiana ("Bagger Dave's");
-- Keegan's Seafood Grille in Indian Rocks Beach, Florida ("Keegan's");
-- Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts ("PIE");
-- Schnitzel Haus, a fine-dining German-themed restaurant located in Hobe
Sound, near Stuart, Florida.
Second Quarter 2025 Highlights and Recent Developments
-- Net income of $55,000, or $0.01 per share, compared to a net loss of
$70,000 in 2024.
-- Revenues of $3.8 million, compared to $4.1 million for the prior-year
quarter, reflecting the impact of two fewer operating locations
year-over-year.
-- Operating loss narrowed significantly to $75,000 from $189,000 in the
second quarter of 2024.
-- Restaurant-level adjusted EBITDA (a non-GAAP measure) increased by 51%
over the prior year to $661,000 from $438,00 in 2024
-- Equity in the second quarter loss of our Bagger Dave's was $70,400,
compared to a loss of $81,000 in the prior year quarter.
-- The quarter ended with $3.5 million in total cash and short-term
investments.
-- We completed the sale of our Richmond, Indiana, property following the
end of the second quarter, resulting in a gain of approximately $250,000
to be reported during our third quarter.
Management Commentary
Gary Copperud, the Company's Chief Executive Officer, stated: "We are pleased to report a profitable second quarter of 2025. The second quarter profit reflects the results of cost-reduction initiatives and operational improvements. While industry headwinds remain, including consumer price sensitivity and inflationary pressures, our results demonstrate progress in aligning expenses with revenue. As we previously announced, we are continuing to work with our investment banker in evaluating merger opportunities. Based on our review of opportunities available, we believe that completing a transaction accretive to shareholder value by the end of the year is a realistic target." Kenneth Brimmer, Chief Financial Officer, added: "The second quarter marked a return to profitability for BT Brands. We are continuing to improve restaurant-level performance and consider strategic asset sales contributing to overall profitability, and a favorable earnings trend that we expect to continue through the end of the year."
Fiscal 2025 Outlook
We anticipate maintaining profitability throughout the remainder of 2025. The outcome of merger discussions and possible asset sales cannot be assured. The Company, at this time, is not providing a detailed fiscal 2025 financial forecast.
About BT Brands, Inc.
BT Brands, Inc. (Nasdaq: BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time in North Dakota, South Dakota, and Minnesota. In addition, the Company owns and operates Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, Keegan's Seafood Grille near Clearwater, Florida, and Schnitzel Haus in Hobe Sound, Florida. The Company also owns a 40.7% interest in Bagger Dave's Burger Tavern, Inc. (OTCMarkets: BDVB), which own six and operates five casual dining restaurants in Michigan, Indiana, and Ohio.
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 regarding guidance relating to net income and net income per share, expected operating results, such as revenue growth and earnings, and anticipated capital expenditures for fiscal 2025. Because of the uncertain nature of restaurant performance and the evolving character of our Company, and because of continuing uncertainty surrounding the overall economy, as consumers have become more price sensitive, and inflationary pressures relating to many aspects of our business, the Company is not at this point providing a financial forecast for fiscal 2025. Any forward-looking statement made by us in this press release is based only 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.
FINANCIAL RESULTS FOLLOW:
BT BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
26 Weeks 26 Weeks 13 Weeks 13 Weeks
Ended Ended, Ended Ended
June 29, June 30, June 29, June 30,
2025 2024 2025 2024
----------- ----------- ----------- -------------
SALES $7,010,763 $7,300,786 $3,779,690 $4,110,639
--------- --------- --------- ---------
COSTS AND EXPENSES
Restaurant
operating
expenses
Food and
paper costs 2,449,549 2,844,028 1,249,220 1,565,070
Labor costs 2,592,500 2,938,448 1,374,603 1,551,762
Occupancy
costs 611,715 680,631 302,021 344,356
Other
operating
expenses 441,105 415,738 253,185 211,838
Depreciation and
amortization
expenses 301,120 331,893 144,725 171,351
General and
administrative
expenses 982,091 909,420 531,057 454,805
--------- --------- --------- ---------
Total costs
and
expenses 7,378,080 8,120,158 3,854,811 4,299,182
--------- --------- --------- ---------
Loss from
operations (367,317) (819,372) (75,121) (188,543)
UNREALIZED GAIN ON
MARKETABLE
SECURITIES 38,104 232,947 82,128 118,184
REALIZED INVESTMENT
GAIN 174,064 29,562 79,026 29,562
INTEREST AND
DIVIDEND INCOME 80,967 136,750 40,367 61,896
INTEREST EXPENSE (41,104) (50,039) (19,550) (22,551)
OTHER INCOME 45,173 - 18,586 -
EQUITY IN NET LOSS
OF AFFILIATE (204,705) (175,500) (70,405) (81,000)
--------- --------- --------- ---------
INCOME (LOSS)
BEFORE TAXES (274,818) (645,652) 55,031 (82,452)
INCOME TAX BENEFIT - 130,000 - 12,500
--------- --------- --------- ---------
NET INCOME (LOSS) $ (274,818) $ (515,652) $ 55,031 $ (69,952)
========= ========= ========= =========
NET INCOME (LOSS)
PER COMMON SHARE $ (0.04) $ (0.08) $ 0.01 $ (0.01)
========= ========= ========= =========
SHARES USED IN PER
SHARE AMOUNTS 6,154,724 6,240,953 6,154,724 6,235,788
========= ========= ========= =========
BT BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 29, December 29,
2025 2024
------------ --------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 560,068 $ 1,951,415
Marketable securities 2,970,284 2,319,555
Receivables 33,193 69,459
Demand notes receivable from
related company 692,357 120,000
Inventory 539,475 272,603
Prepaid expenses and other current
assets 74,746 127,621
Assets held for sale 682,894 258,751
---------- ----------
Total current assets 5,553,017 5,119,404
---------- ----------
PROPERTY, EQUIPMENT AND LEASEHOLD
IMPROVEMENTS, NET 2,728,924 3,343,340
OPERATING LEASES RIGHT-OF-USE ASSETS 1,383,235 1,724,052
EQUITY INVESTMENT IN UNCONSOLIDATED
SUBSIDIARY 99,734 304,439
EQUITY INVESTMENT IN RELATED COMPANY 304,000 304,000
GOODWILL 796,220 796,220
INTANGIBLE ASSETS, NET 331,708 367,799
OTHER ASSETS, NET 19,433 37,543
---------- ----------
Total assets $11,216,271 $11,996,797
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 434,375 $ 612,059
Current maturities of long-term
debt 191,435 185,009
Current operating lease obligations 186,607 274,511
Accrued expenses 377,034 371,356
---------- ----------
Total current liabilities 1,189,451 1,442,935
LONG-TERM DEBT, LESS CURRENT PORTION 1,992,334 2,091,335
NONCURRENT OPERATING LEASE OBLIGATIONS 1,250,342 1,497,300
---------- ----------
Total liabilities 4,432,127 5,031,570
SHAREHOLDERS' EQUITY
Preferred stock, $.001 par value,
no shares outstanding - -
Common stock, $.002 par value,
50,000,000 authorized, 6,461,118
issued and 6,154,724 outstanding
at June 29, 2025, 2025 and
December 29, 2024 12,309 12,309
Less cost of shares held in
Treasury (499,718) (499,718)
Additional paid-in capital 11,907,470 11,813,735
Accumulated deficit (4,635,917) (4,361,099)
---------- ----------
Total shareholders' equity 6,784,144 6,965,227
---------- ----------
Total liabilities and
shareholders' equity $11,216,271 $11,996,797
========== ==========
Category: Financial Category
View source version on businesswire.com: https://www.businesswire.com/news/home/20250819114509/en/
CONTACT:
KENNETH BRIMMER 612-229-8811
(END) Dow Jones Newswires
August 19, 2025 09:00 ET (13:00 GMT)