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     157  0 Kommentare Bagger Dave’s to Pursue Strategic Alternatives

    BT Brands, Inc. (Nasdaq: BTBD and BTBDW), and its 39.6 percent owned affiliate, Bagger Dave’s Burger Tavern, Inc. (OTCMarkets: BDVB), today announced plans to review strategic alternatives for the Bagger Dave’s public corporation and the six Bagger Dave’s operating restaurant locations. As part of this review, it is anticipated that a proposal will be made to Bagger Dave’s shareholders to change the name of Bagger Dave’s to align the name appropriately with a new business strategy. We anticipate proposing to shareholders a reverse split of Bagger Dave’s outstanding shares, and plan to retain a PCAOB-registered audit firm to review the Bagger Dave’s financial statements audited for inclusion in a potential equity offering registration statement, which would coincide with an uplisting of the shares to NASDAQ Markets or another exchange.

    Bagger Dave’s opened its first location In Berkley, Michigan, in 2008 and grew to over 25 units in three states; there are currently six Bagger Dave’s restaurants, including four in Michigan and single units in Ft. Wayne, Indiana, and Centerville, Ohio. Commenting on Bagger Dave’s, CEO Gary Copperud noted, “All six stores are in excellent locations representing an original investment of more than $5 million. The stores range from 4,000 to 6,000 square feet, carry full liquor licenses, and are in excellent physical condition. We have had several restaurant professionals look at the locations over the last year, and all agree the units provide an outstanding footprint for a conversion opportunity. The Bagger Dave’s locations will continue normal operations as Bagger Daves, with the process of conversion to another concept expected to begin sometime later this year. We look forward to identifying a dynamic growth opportunity, providing potential career growth for all current employees of Bagger Dave’s. We see the opportunity for Bagger Dave’s shareholders, including BT Brands, to earn significant returns from a successful conversion.

    BT Brands and Bagger Dave’s have retained Eastwalk Consultants, LLC, as an advisor in transitioning Bagger Dave’s to a growing listed corporation.

    About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time with locations in North and South Dakota and Minnesota and Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, the Village Bier Garten in Cocoa, Florida, and Keegan’s Seafood Grille near Clearwater, Florida. BT Brands is seeking acquisitions within the restaurant industry.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding guidance relating to net income and net income per share, expected operating results, such as revenue growth and earnings, anticipated levels of capital expenditures for the 2023 fiscal year, current or future volatility in the credit markets and future market conditions, our belief that we have sufficient liquidity to fund our business operations during the next fiscal year, market position, financial results and reserves, and strategy for risk management.

    Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the disruption to our business from public health emergencies, the impact on our results of operations, and our financial condition; the uncertain nature of the restaurant industry; our ability to integrate acquired 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, staffing shortages and the effect of inflation on key supplies and inputs.

    Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    BT BRANDS, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (Unaudited)

    39 Weeks Ended

     

    39 Weeks Ended,

     

    13 Weeks Ended,

     

    13 Weeks Ended,

    October 1, 2023

     

    October 2, 2022

     

    October 1, 2023

     

    October 2, 2022

     

    SALES

    $

    11,078,419

     

    $

    9,621,996

     

    $

    4,007,656

     

    $

    4,023,920

    COSTS AND EXPENSES

         

    Restaurant operating expenses

         

    Food and paper costs

    4,348,294

     

    3,637,814

     

    1,449,796

     

    1,604,858

    Labor costs

    4,124,857

     

    3,122,867

     

    1,509,721

     

    1,336,039

    Occupancy costs

    845,863

     

    803,792

     

    340,002

     

    367,872

    Other operating expenses

    603,964

     

    577,035

     

    209,721

     

    248,383

    Depreciation and amortization

    470,801

     

    351,084

     

    114,774

     

    168,855

    General and administrative

    1,288,019

     

    1,035,639

     

    343,027

     

    288,921

    Gain on sale of assets

    (313,688)

     

     

    -

     

     

    -

     

    -

    Total costs and expenses

    11,368,110

     

    9,528,231

     

    3,967,042

     

    4,014,928

    Income (loss) from operations

    (289,691)

     

    93,765

     

    40,614

     

    8,992

    GAIN (LOSS) ON MARKETABLE SECURITIES

    33,184

     

    (155,220)

     

    56,248

     

    (74,982)

    INTEREST AND OTHER INCOME

    123,630

     

    55,836

     

    32,821

     

    46,364

    INTEREST EXPENSE

    (73,857)

     

    (88,099)

     

    (23,948)

     

    (33,638)

    EQUITY NET LOSS OF AFFILIATE

    (254,272)

     

    (135,813)

     

    (109,222)

     

    (121,641)

    LOSS BEFORE TAXES

    (461,006)

     

    (229,531)

     

    (3,486)

     

    (174,905)

    INCOME TAX BENEFIT

    82,000

     

    5,000

     

    -

     

    -

    NET LOSS

    $

    (379,006)

     

    $

    (224,531)

     

    $

    (3,486)

     

    $

    (174,905)

    NET LOSS PER COMMON SHARE -

    $

    (0.06)

     

    $

    (0.03)

     

    $

    (0.00)

     

    $

    (0.04)

           

    WEIGHTED AVERAGE SHARES

    6,257,652

     

    6,459,223

     

    6,246,118

     

    6,461,118

           

    BT BRANDS, INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

     

     

     

     

    (Unaudited)

     

     

    October 1, 2023

     

     

    January 1, 2023

    ASSETS

     

     

     

     

     

    CURRENT ASSETS

     

     

     

    Cash and cash equivalents

    $

    5,546,874

     

    $

    2,150,578

    Marketable securities

     

    1,366,973

     

     

    5,994,295

    Receivables

     

    55,200

     

     

    76,948

    Inventory

     

    192,991

     

     

    158,351

    Prepaid expenses and other current assets

     

    37,445

     

     

    37,397

    Assets held for sale

     

    258,751

     

     

    446,524

    Total current assets

     

    7,458,234

     

     

    8,864,093

     

     

     

    PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET

     

    3,238,310

     

     

    3,294,644

    OPERATING LEASES RIGHT-OF-USE ASSETS

     

    1,834,408

     

     

    2,004,673

    INVESTMENTS

     

    1,115,615

     

     

    1,369,186

    DEFERRED INCOME TAXES

     

    143,000

     

     

    61,000

    GOODWILL

     

    671,220

     

     

    671,220

    INTANGIBLE ASSETS, NET

     

    400,766

     

     

    453,978

    OTHER ASSETS, NET

     

    49,627

     

     

    50,903

    Total assets

    $

    14,911,180

     

    $

    16,769,697

    LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

     

    CURRENT LIABILITIES

     

     

     

    Accounts payable

    $

    431,187

     

    $

    448,605

    Broker margin loan

     

     

     

     

    791,370

    Current maturities of long-term debt

     

    164,866

     

     

    167,616

    Current operating lease obligations

     

    215,326

     

     

    193,430

    Accrued expenses

     

    476,035

     

     

    532,520

    Total current liabilities

     

    1,287,414

     

     

    2,133,541

    LONG-TERM DEBT, LESS CURRENT PORTION

     

    2,332,014

     

     

    2,658,477

    NONCURRENT LEASE OBLIGATIONS

     

    1,650,361

     

     

    1,825,057

    Total liabilities

     

    5,269,789

     

     

    6,617,075

    SHAREHOLDERS' EQUITY

     

     

     

    Common stock

     

    12,492

     

     

    12,792

    Less cost of Treasury shares

    (356,807)

     

     

    (106,882)

    Additional paid-in capital

     

    11,527,235

     

     

    11,409,235

    Accumulated deficit

     

    (1,541,529)

     

     

    (1,162,523)

    Total shareholders' equity

     

    9,641,391

     

     

    10,152,622

    Total liabilities and shareholders' equity

    $

    14,911,180

     

    $

    16,769,697

    Category: Financial Category




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    Bagger Dave’s to Pursue Strategic Alternatives BT Brands, Inc. (Nasdaq: BTBD and BTBDW), and its 39.6 percent owned affiliate, Bagger Dave’s Burger Tavern, Inc. (OTCMarkets: BDVB), today announced plans to review strategic alternatives for the Bagger Dave’s public corporation and the six Bagger …

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