$GTIM
Good Times Restaurants Inc.

2012 Q3 Form 10-Q Financial Statement

#000082532412000020 Filed on August 14, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2012 Q2 2011 Q2
Revenue $5.040M $5.248M $5.413M
YoY Change -6.67% -3.05% -2.82%
Cost Of Revenue $4.470M $4.620M $4.920M
YoY Change -10.78% -6.1% -3.72%
Gross Profit $570.0K $630.0K $490.0K
YoY Change 46.15% 28.57% 6.52%
Gross Profit Margin 11.31% 12.0% 9.05%
Selling, General & Admin $510.0K $550.0K $470.0K
YoY Change 0.0% 17.02% -32.86%
% of Gross Profit 89.47% 87.3% 95.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $190.0K $200.0K $200.0K
YoY Change -32.14% 0.0% -13.04%
% of Gross Profit 33.33% 31.75% 40.82%
Operating Expenses $510.0K $550.0K $470.0K
YoY Change -1.92% 17.02% -32.86%
Operating Profit $60.00K $84.00K $95.00K
YoY Change -146.15% -11.58% -139.58%
Interest Expense -$40.00K -$50.00K -$57.00K
YoY Change -20.0% -12.28% -72.86%
% of Operating Profit -66.67% -59.52% -60.0%
Other Income/Expense, Net $0.00 -$47.00K -$55.00K
YoY Change -14.55%
Pretax Income $40.00K $40.00K $40.00K
YoY Change -125.0% 0.0% -107.84%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0% 0.0%
Net Earnings $0.00 -$13.00K -$7.000K
YoY Change -100.0% 85.71% -98.77%
Net Earnings / Revenue 0.0% -0.25% -0.13%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 -$3.663K -$3.663K
COMMON SHARES
Basic Shares Outstanding 2.726M shares 2.726M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q3 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $600.0K $600.0K $1.000M
YoY Change -25.0% -40.0% 100.0%
Cash & Equivalents $616.0K $569.0K $969.0K
Short-Term Investments
Other Short-Term Assets $1.500M $100.0K $100.0K
YoY Change 0.0% 0.0%
Inventory $159.0K $178.0K $200.0K
Prepaid Expenses
Receivables $100.0K $100.0K $200.0K
Other Receivables $1.500M $0.00 $0.00
Total Short-Term Assets $3.858M $904.0K $1.400M
YoY Change 222.58% -35.43% 40.0%
LONG-TERM ASSETS
Property, Plant & Equipment $3.082M $5.013M $4.200M
YoY Change -46.14% 19.36% -31.15%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $121.0K $143.0K $1.700M
YoY Change 49.38% -91.59% 0.0%
Total Long-Term Assets $3.203M $5.156M $5.900M
YoY Change -44.8% -12.61% -25.32%
TOTAL ASSETS
Total Short-Term Assets $3.858M $904.0K $1.400M
Total Long-Term Assets $3.203M $5.156M $5.900M
Total Assets $7.061M $6.060M $7.300M
YoY Change 0.89% -16.99% -17.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $493.0K $499.0K $600.0K
YoY Change -0.6% -16.83% -14.29%
Accrued Expenses $856.0K $1.000M $800.0K
YoY Change -4.89% 25.0% -33.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.586M $219.0K $200.0K
YoY Change 713.33% 9.5% -84.62%
Total Short-Term Liabilities $3.010M $1.772M $1.800M
YoY Change 78.74% -1.56% -47.06%
LONG-TERM LIABILITIES
Long-Term Debt $37.00K $1.806M $2.000M
YoY Change -98.21% -9.7% -16.67%
Other Long-Term Liabilities $700.0K $700.0K $800.0K
YoY Change 0.0% -12.5% -20.0%
Total Long-Term Liabilities $791.0K $2.506M $2.800M
YoY Change -71.7% -10.5% -17.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.010M $1.772M $1.800M
Total Long-Term Liabilities $791.0K $2.506M $2.800M
Total Liabilities $3.801M $4.278M $4.800M
YoY Change -15.14% -10.88% -31.43%
SHAREHOLDERS EQUITY
Retained Earnings -$18.46M -$18.46M
YoY Change 4.39%
Common Stock $3.000K $8.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.057M $1.578M $2.500M
YoY Change
Total Liabilities & Shareholders Equity $7.061M $6.060M $7.300M
YoY Change 0.89% -16.99% -17.98%

Cashflow Statement

Concept 2012 Q3 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $0.00 -$13.00K -$7.000K
YoY Change -100.0% 85.71% -98.77%
Depreciation, Depletion And Amortization $190.0K $200.0K $200.0K
YoY Change -32.14% 0.0% -13.04%
Cash From Operating Activities $40.00K $120.0K -$50.00K
YoY Change -60.0% -340.0% 25.0%
INVESTING ACTIVITIES
Capital Expenditures -$160.0K -$30.00K -$70.00K
YoY Change 45.45% -57.14% 133.33%
Acquisitions
YoY Change
Other Investing Activities $610.0K $10.00K $190.0K
YoY Change -94.74% 72.73%
Cash From Investing Activities $440.0K -$20.00K $120.0K
YoY Change -500.0% -116.67% 50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -440.0K -100.0K -110.0K
YoY Change 300.0% -9.09% 120.0%
NET CHANGE
Cash From Operating Activities 40.00K 120.0K -50.00K
Cash From Investing Activities 440.0K -20.00K 120.0K
Cash From Financing Activities -440.0K -100.0K -110.0K
Net Change In Cash 40.00K 0.00000000001091 -40.00K
YoY Change -133.33% -100.0% 300.0%
FREE CASH FLOW
Cash From Operating Activities $40.00K $120.0K -$50.00K
Capital Expenditures -$160.0K -$30.00K -$70.00K
Free Cash Flow $200.0K $150.0K $20.00K
YoY Change -4.76% 650.0% -300.0%

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us-gaap Basis Of Accounting
BasisOfAccounting
<div> <p style="TEXT-ALIGN: left; LINE-HEIGHT: normal; MARGIN-RIGHT: 0in" class="MsoBodyText" align="left"><b>Note 1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; Basis of Presentation</b></p> <p style="TEXT-ALIGN: left; LINE-HEIGHT: normal; MARGIN-RIGHT: 0in" class="MsoBodyText" align="left">&#xA0;</p> <p style="LINE-HEIGHT: normal; MARGIN-RIGHT: 0in" class="MsoBodyText">In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all of the normal recurring adjustments necessary to present fairly the financial position of the Company as of June 30, 2012 and the results of its operations and its cash flows for the three and nine month periods ended June 30, 2012. Operating results for the three and nine month periods ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending September 30, 2012. The condensed consolidated balance sheet as of September 30, 2011 is derived from the audited financial statements, but does not include all disclosures required by generally accepted accounting principles.&#xA0; As a result, these financial statements should be read in conjunction with the Company's Form 10-K for the fiscal year ended September 30, 2011.</p> <p style="LINE-HEIGHT: normal; MARGIN-RIGHT: 0in" class="MsoBodyText">&#xA0;</p> <p style="TEXT-ALIGN: justify" class="MsoNormal">Commencing in 2011, the Company began analyzing it operations on a regional basis, when evaluating closed restaurant operations for consideration as to the classification between continuing operations and discontinued operations.&#xA0; During 2011 the Company closed two restaurants and in 2012, the Company has closed an additional two restaurants.&#xA0; The operations related to these restaurants are reflected as part of continuing operations as they were within one continuing operating region. The Company had minimal gains in connection with the sales of each of these restaurants and their combined operating losses were approximately $275,000 in 2011 and $153,000 in 2012. Prior to 2010 the Company evaluated operations at the restaurant level. In its reevaluation the Company determined that as most of the Company&#x2019;s restaurants are within the Denver metropolitan region and share common advertising, distribution, supervision, and to a certain extent even customers, it would be more appropriate to perform its analysis on a regional basis.</p> <p style="TEXT-ALIGN: justify" class="MsoNormal">&#xA0;</p> <p style="TEXT-ALIGN: justify" class="MsoNormal">During the nine month periods ended June 30, 2012 and 2011 the Company incurred expenses of $14,000 and income of $23,000, respectively, and has a remaining lease liability of $86,000 as of June 30, 2012, related to a restaurant that was closed prior to 2011 and was previously classified as discontinued operations. Due to the insignificance of the amounts, the Company has reclassified such amounts as other expense in operations and as other liabilities on the condensed consolidated balance sheet.</p> <p style="LINE-HEIGHT: normal; MARGIN-RIGHT: 0in" class="MsoBodyText">&#xA0;</p> <p style="TEXT-ALIGN: justify" class="MsoNormal">Reclassification &#x2013; Certain prior year balances have been reclassified to conform to the current year&#x2019;s presentation.&#xA0; Such reclassifications had no effect on the net income or loss.</p> </div>
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-278000
us-gaap Gain Loss On Interest Rate Cash Flow Hedge Ineffectiveness
GainLossOnInterestRateCashFlowHedgeIneffectiveness
16000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
149000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y6M
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-13000
us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.26
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M6D
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
66000
us-gaap Net Income Loss
NetIncomeLoss
-776000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-152000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
32000 shares
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-364000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
27000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
us-gaap Costs And Expenses
CostsAndExpenses
13542000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
5.25
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
14339000
us-gaap Advertising Expense
AdvertisingExpense
638000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
19066 shares
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
148000
us-gaap Franchise Revenue
FranchiseRevenue
325000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
shares
us-gaap Revenues
Revenues
14664000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1027000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-5000
us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
-9000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
49000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
19000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
us-gaap Labor And Related Expense
LaborAndRelatedExpense
4992000
CY2011Q2 us-gaap Franchise Costs
FranchiseCosts
16000
CY2011Q2 us-gaap Profit Loss
ProfitLoss
40000
CY2011Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2011Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
198000
CY2011Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.01
CY2011Q2 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
47000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
-7000
CY2011Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-55000
CY2011Q2 us-gaap Costs And Expenses
CostsAndExpenses
4920000
CY2011 us-gaap Depreciation
Depreciation
92000
CY2011 gtim Number Of Restaurants Closed
NumberOfRestaurantsClosed
2 Restaurant
CY2011 gtim Projected Variable And Semi Variable Restaurant Operating Costs Increase Percentage
ProjectedVariableAndSemiVariableRestaurantOperatingCostsIncreasePercentage
0.015 pure
CY2011 gtim Projected Food And Packaging Costs Decrease Percentage
ProjectedFoodAndPackagingCostsDecreasePercentage
0.01 pure
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
287000
us-gaap Food And Beverage Cost Of Sales
FoodAndBeverageCostOfSales
4961000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
305000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-63000
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p class="MsoNormal"><b>Note 13.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; Recent Accounting Pronouncements</b></p> <p class="MsoNormal">&#xA0;</p> <p style="TEXT-ALIGN: justify" class="MsoNormal">There are no current pronouncements that affect the Company.</p> </div>
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-154000
gtim Occupancy And Other Operating Expenses
OccupancyAndOtherOperatingExpenses
2982000
gtim Supplemental Other Noncash Payment On Term Borrowing
SupplementalOtherNoncashPaymentOnTermBorrowing
31000
gtim Increase Decrease In Intangible Assets Deposits And Other
IncreaseDecreaseInIntangibleAssetsDepositsAndOther
5000
gtim Income Tax Returns Years Subject To Examination
IncomeTaxReturnsYearsSubjectToExamination
2008-2011
gtim Number Of Restaurants Closed
NumberOfRestaurantsClosed
2 Restaurant
CY2011Q4 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
30000
CY2011 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-275000
CY2011 gtim Number Of Restaurants Impaired
NumberOfRestaurantsImpaired
0 Restaurant
CY2011Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2726214 shares
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
95000
CY2011Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
2000
CY2011Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
69000
CY2011Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
1776000
CY2011Q2 us-gaap Food And Beverage Cost Of Sales
FoodAndBeverageCostOfSales
1928000
CY2011Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-57000
CY2011Q2 gtim Occupancy And Other Operating Expenses
OccupancyAndOtherOperatingExpenses
1018000
CY2012Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000
CY2012Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2726214 shares
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
84000
CY2012Q2 us-gaap Food And Beverage Cost Of Sales
FoodAndBeverageCostOfSales
1748000
CY2012Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-50000
CY2012Q2 gtim Occupancy And Other Operating Expenses
OccupancyAndOtherOperatingExpenses
984000
CY2011Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
5299000
CY2011Q2 us-gaap Advertising Expense
AdvertisingExpense
139000
CY2011Q2 us-gaap Franchise Revenue
FranchiseRevenue
114000
CY2011Q2 us-gaap Revenues
Revenues
5413000
CY2011Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
312000
CY2012Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
4000
CY2012Q2 us-gaap Franchise Costs
FranchiseCosts
14000
CY2012Q2 us-gaap Profit Loss
ProfitLoss
37000
CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2012Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
201000
CY2012Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.01
CY2012Q2 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
50000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-13000
CY2012Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-47000
CY2012Q2 us-gaap Costs And Expenses
CostsAndExpenses
4618000
CY2012Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
5123000
CY2012Q2 us-gaap Advertising Expense
AdvertisingExpense
205000
CY2012Q2 us-gaap Franchise Revenue
FranchiseRevenue
125000
CY2012Q2 us-gaap Revenues
Revenues
5248000
CY2012Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
333000
CY2012Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
6000
CY2012Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
1685000

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