Good Times Restaurants Inc. Expands Debt Facility to $17 Million
November 02 2018 - 9:20AM
Business Wire
Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad
Daddy’s Burger Bar, a full-service, upscale burger bar concept and
Good Times Burgers & Frozen Custard, a regional quick-service
restaurant chain focused on fresh, high-quality, all-natural
products, today announced that it has amended its credit agreement
with Cadence Bank, which expands the facility from $12 million to
$17 million.
Ryan Zink, Chief Financial Officer, said, “The successful
development of nine Bad Daddy’s restaurants during fiscal 2018 has
laid a solid foundation on which we expect to continue our
development, having previously announced our intention to open
seven to nine additional Bad Daddy’s during fiscal 2019. Cadence
Bank’s significant experience in restaurant lending has allowed us
to again choose them as a preferred partner in sourcing capital to
further develop the Bad Daddy’s concept. We expect the expanded
facility combined with our expanding operating cash flow to provide
adequate capital to fund all of our development for fiscal 2019 and
much of our development for fiscal 2020, while maintaining a
relatively conservative amount of debt in our capital structure.
This amendment improves upon the already attractive pricing of the
existing agreement, provides a larger commitment, and extends the
maturity of the loan to the end of calendar 2021.”
Commenting on development plans, Boyd Hoback, President and CEO,
said, “We plan to open two Bad Daddy’s restaurants during this
quarter, with the first expected to open on November 12 in Decatur,
Georgia, our fourth restaurant in the greater-Atlanta metropolitan
area. This opening will be closely followed by our fourth
restaurant in the Raleigh-Durham market. We are also under
construction on our first development in the Nashville market and
have a pipeline of restaurants in Huntsville and Birmingham
(Alabama), Nashville (Tennessee) and markets in North and South
Carolina as we continue to focus our expansion primarily in the
Southeast region for fiscal 2019. We are thrilled to expand the
relationship we’ve established with Cadence Bank and believe this
partnership will serve us well in 2019 and beyond.”
About Good Times Restaurants Inc.
Good Times Restaurants Inc. (GTIM) owns, operates, franchises
and licenses 33 Bad Daddy’s Burger Bar restaurants through its
wholly-owned subsidiaries. Bad Daddy’s Burger Bar is a
full-service, upscale, “small box” restaurant concept featuring a
chef-driven menu of gourmet signature burgers, chopped salads,
appetizers and sandwiches with a full bar and a focus on a
selection of craft microbrew beers in a high-energy atmosphere that
appeals to a broad consumer base. Additionally, through its
wholly-owned subsidiaries, Good Times Restaurants Inc. operates and
franchises a regional quick service restaurant chain consisting of
35 Good Times Burgers & Frozen Custard restaurants, located
primarily in Colorado.
Good Times Forward-Looking Statements
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 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 Good Times’ Annual Report on Form 10-K for the
fiscal year ended September 26, 2017 filed with the SEC. Although
Good Times may from time to time voluntarily update its
forward-looking statements, it disclaims any commitment to do so
except as required by securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181102005008/en/
Good Times Restaurants Inc.Investor Relations
Contacts:Boyd E. Hoback, President and CEO, 303-384-1411orRyan
Zink, CFO, 303-384-1432orChristi Pennington, 303-384-1440
Good Times Restaurants (NASDAQ:GTIM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Good Times Restaurants (NASDAQ:GTIM)
Historical Stock Chart
From Apr 2023 to Apr 2024