Good Times Restaurants Inc. (GTIM) stock went up 13.19% in the after-market session on Thursday, April 8, 2021, after losing 6.38% in the morning session.
The GTIM stock turnaround on Thursday because of the recent announcement which we will discuss below.
2nd quarter sales update
On April 9, 2021, Good Times Restaurants reported year-over-year same store sales.
Good Times brand sale increased 22.9% for its second fiscal quarter ended March 30, 2021, and Year-over-year same store sales at its Bad Daddy’s brand increased 9.1%
Recent financial highlights
On February 4, 2021, Good Times Restaurants reported financial results for the fiscal quarter ended December 29, 2020.
- Good Times Restaurants total revenue for the 13-week quarter was $27.3 million.
- GTIM Net Income Attributable to Common Shareholders was $0.8 million for the reported quarter.
- Adjusted non-GAAP EBITDA was $1.8 million for the reported quarter.
- As of December 29, 2020, the company had $10.0 million in cash, $4.0 million outstanding under its senior credit facility, and $11.6 million in outstanding Paycheck Protection Program loans
Amending credit facility
On January 14, 2021, Good Times Restaurants announced the amendments in its credit agreement with Cadence Bank.
The amendment will adjust the facility’s capacity initially to $11 million and will increase the credit maturity to January 2023.
FY 2020 financial results
On December 15,2021, Good Times Restaurants reported financial results for the fiscal fourth quarter and year ended September 29, 2020.
FY ended September 29, 2020 highlights
- Total Revenues for the reported year was $109.9 million.
- For the year 2020, Net Loss Attributable to Common Shareholders was $13.9 million
- For FY 2020, the Adjusted EBITDA was $7.6 million for the year.
- As of September 29, 2020 company had $11.5 million in cash, a $5.5 million outstanding under its senior credit facility and $11.6 million outstanding in Paycheck Protection Program loans
The restaurant industry has suffered badly due to the Corona virus. People mostly had to order food online so it resulted in low revenue for the restaurants. Despite the challenges, Good Times Restaurants performed exceptionally well. GTIM shares have risen by 828.76% over the last 12 months, and they have moved up by 13.75% in the past week. Over the past three months, the stock has gained 56.90%, while over the past six months, it has added 203.33% financially and its recent sales figure for the 2nd quarter were the reasons behind its turnaround on Thursday.