BT Brands Board of Directors Authorizes Share Repurchase
June 06 2024 - 8:25AM
Business Wire
Company Forecasts Improved Results in Fiscal
2024
BT Brands, Inc. (Nasdaq: BTBD and BTBDW), a growing
multi-concept restaurant operator, today announced that its board
of directors has approved the repurchase of up to 625,000 shares,
representing approximately 10% of its outstanding common shares.
The share purchases may be made from time to time on the open
market at prevailing market prices in compliance with the
established SEC regulations regarding share repurchases. The
company expects open market repurchases under the repurchase
program will be structured to comply with Rule 10b-18 under the
Securities Exchange Act of 1934, as amended, which sets certain
restrictions on the method, timing, price and volume of open market
stock repurchases. The repurchase program does not require the
company to acquire any specific number of shares, and the company
may suspend, modify or discontinue repurchases at any time at
management’s discretion. This decision reflects BT Brands'
confidence in its future, its current cash position and its board’s
recognition of the attractive share value.
BT Brands COO, Kenneth Brimmer, commenting on expected 2024
performance, stated: "Our recent focus has been on improving
profitability at each store across all of our businesses. We
anticipate achieving positive operating cash flow and earnings in
the second half of 2024. We see restaurant operating profit for
2024 improving by approximately $1,000,000 compared to 2023 results
with an expected restaurant-level EBITDA of approximately 14% of
revenue. We also expect that repurposing the six Bagger Dave’s
locations to a different restaurant concept will commence in the
second half of 2024.
Addressing the Company’s investment in Noble Roman’s Inc, BT
Brands, CEO Gary Copperud noted that delays on the part of Noble
Roman’s in completing its required filings with the Securities and
Exchange Commission appear to have delayed the Company’s scheduling
of its annual meeting beyond the deadline set by Indiana law. BT
Brands has previously communicated to Noble Roman’s its intention
to nominate its dissident slate of directors to the Board of Noble
Roman and upon gaining board representation to assist Noble Roman
in refinancing its debt due in the first half of 2025. The goal of
BT Brands is to assist Noble Roman’s in lowering the interest
costs.
About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) manages a
diverse array of restaurants, encompassing Burger Time, Bagger
Dave’s Burger Tavern, Pie In The Sky Coffee and Bakery, Village
Bier Garten, Keegan’s Seafood Grille, and the newly acquired
Schnitzel Haus. The company actively seeks additional acquisitions
within the restaurant industry.
Cautionary Note Regarding Forward-Looking Statements: This press
release contains forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. These
statements are based on current information and speak only as of
the date of this release. Actual results may differ materially from
those projected in the forward-looking statements. The company
disclaims any obligation to update these forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240605146471/en/
Kenneth W. Brimmer Chief Financial Officer BT Brands, Inc Phone:
612-229-8811 Email: kbrimmer@itsburgertime.com
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