GOOD TIMES RESTAURANTS INC. Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Good Times Burgers & Frozen Custard, a regional quick service restaurant chain focused on fresh, high quality, all natural products and of Bad Daddy’s Burger Bar, a full service, upscale concept today announced that it opened a new Good Times Burgers & Frozen Custard at the Shops at Arapahoe Commons in Aurora, Colorado on May 7, 2015. The Company also reported it closed on a sale leaseback transaction for the site on April 30, 2015.
“We built a new freestanding prototype designed restaurant that incorporates the same design features that we implemented in a second generation site last fall that includes more upscale finishes such as whitewashed barnwood, stained concrete floors, industrial metals and lighting and natural woods with design features that reflect Good Times’ brand position around taking a better food stand,” said Boyd Hoback, President and CEO. “We will look at our footprint and continue to optimize the size of the restaurant, number of seats and overall curb appeal as we look to build more Good Times in Colorado and position the brand for growth outside of Colorado.”
Regarding the sale leaseback transaction, Hoback added, “We were also able to access the 1031 exchange market with multiple offers on the site that resulted in what is for us a record low rental cap rate of 5.85% and a very attractive rent structure on the store.”
About Good Times Restaurants Inc.
Good Times Restaurants Inc. (GTIM) operates Good Times Burgers & Frozen Custard, a regional chain of quick service restaurants located primarily in Colorado, in its wholly owned subsidiary, Good Times Drive Thru Inc. Good Times provides a menu of high quality all natural hamburgers, 100% all natural chicken tenderloins, fresh frozen custard, fresh cut fries, fresh lemonades and other unique offerings. Good Times currently operates and franchises 38 restaurants.
GTIM also operates Bad Daddy’s Burger Bar restaurants, of which there are 13 company owned and franchised restaurants currently operating. 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. Bad Daddy’s was founded in Charlotte, North Carolina.
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, 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 30, 2013 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.
