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Press Release: Good Times Restaurants Reports -2-

· 02/04/2021 16:05
Good Times Restaurants Inc. Unaudited Supplemental Information (In thousands) December 29, 2020 September 29, 2020 ------------------- -------------------- Balance Sheet Data Cash and cash equivalents $ 10,015 $ 11,454 Total assets $ 97,249 $ 99,693 Current maturities of long-term debt $ 7,693 $ 6,242 Long-term debt due after one year $ 7,952 $ 10,903 Stockholders' equity $ 15,903 $ 14,983 Supplemental Information for Company-Owned Restaurants (dollars in thousands): Bad Daddy's Good Times Burgers & Burger Bar Frozen Custard ----------- ------------------------ -------------------------- Fiscal First Quarter------------------------------ 2021 2020 2021 2020 (13 weeks) (14 weeks) (13 weeks) (14 weeks) ----------- ----------- ----------- ----------- Restaurant sales $ 18,691 $ 22,813 $ 8,390 $ 7,780 Restaurants opened during period - 2 - - Restaurants closed during period - - 1 - Restaurants open at period end 37 37 24 25 Restaurant operating weeks 481.0 508.6 318.0 350.0 Average weekly sales per restaurant $ 38.9 $ 44.9 $ 26.4 $ 22.2 Reconciliation of Non-GAAP Measurements to U.S. GAAP Results --------------------------------------------------------------------------------------------------------------------------------------------- Reconciliation of Non-GAAP Restaurant-Level Operating Profit to Income from Operations (In thousands, except percentage data) Good Times Burgers & Frozen Good Times Bad Daddy's Burger Bar Custard Restaurants Inc. ------------------------------------------ --------------------------- ------------------------------ -------------------------------------------------------------------- Fiscal Quarter Ended--------------------------------------------------------------------------- - December 29, 2020 December 31, 2019 December 29, 2020 December 31, 2019 (14 Dec 29, 2020 Dec 31, 2019 (13 weeks) (14 weeks) (13 weeks) weeks) (13 weeks) (14 weeks) -------------------- -------------------- ------------------- ---------------------- -------------- -------------- Restaurant sales $18,691 100.0% $22,813 100.0% $8,390 100.0% $7,780 100.0% $ 27,081 $ 30,593 Restaurant operating costs (exclusive of depreciation and amortization shown separately below): Food and packaging costs 5,356 28.7% 6,892 30.2% 2,485 29.6% 2,414 31.0% 7,841 9,306 Payroll and benefits costs 6,267 33.5% 9,003 39.5% 2,614 31.2% 2,976 38.3% 8,881 11,979 Restaurant occupancy costs 1,454 7.8% 1,644 7.2% 741 8.8% 794 10.2% 2,195 2,438 Other restaurant operating costs 2,648 14.1% 2,291 10.0% 821 9.8% 711 9.1% 3,469 3,002 ------ ----- --- ------ ----- --- ----- ----- --- ----- ----- ------ ------ ------ Restaurant-level operating profit $ 2,966 15.8% $ 2,983 13.1% $1,729 20.6% $ 885 11.3% $ 4,695 $ 3,868 ====== ===== === ====== ===== === ===== ===== === ===== ===== ====== ====== ====== Franchise revenues 215 221 Deduct - Other operating: Depreciation and amortization 929 1,079 General and administrative 2,174 2,053 Advertising costs 509 546 Franchise costs 5 - Gain on restaurant asset sale (9) (19) Pre-opening costs 39 802 ------ ------ Total other operating 3,647 4,461 ------ ------ Income (loss) from operations $ 1,263 $ (372) ------ ------Income attributable to non-controlling interests (363) (212) --- -------- ------- Net income (loss) attributable to common shareholders $ 802 $ (811) === ======== ======= Basic and diluted loss per share $ 0.06 $ (0.06) Basic weighted average common shares outstanding 12,622 12,597 Diluted weighted average common shares 12,698 N/A outstanding

Certain prior year balances have been reclassified to conform to the current year's presentation. Such reclassifications had no effect on the net loss. Notable reclassifications include the recategorization of paper goods costs from other restaurant operating costs to food and packaging costs, and payroll and related expenses related to managers-in-training from general and administrative to direct payroll and other benefits.

Certain percentage amounts in the table above do not total due to rounding as well as the fact that restaurant operating costs are expressed as a percentage of restaurant revenues (as opposed to total revenues). Certain prior year balances have been reclassified to conform to the current year's presentation. Such reclassifications had no effect on the net loss from operations. Notable reclassifications include the recategorization of paper goods costs from other restaurant operating costs to food and packaging costs, and payroll and related expenses related to managers-in-training from general and administrative to direct payroll and other benefits.

The Company believes that restaurant-level operating profit is an important measure for management and investors because it is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance. The Company defines restaurant-level operating profit to be restaurant revenues minus restaurant-level operating costs, excluding restaurant closures and impairment costs. The measure includes restaurant-level occupancy costs, which include fixed rents, percentage rents, common area maintenance charges, real estate and personal property taxes, general liability insurance and other property costs, but excludes depreciation. The measure excludes depreciation and amortization expense, substantially all of which is related to restaurant level assets, because such expenses represent historical sunk costs which do not reflect current cash outlay for the restaurants. The measure also excludes selling, general and administrative costs, and therefore excludes occupancy costs associated with selling, general and administrative functions, and pre-opening costs. The Company excludes restaurant closure costs as they do not represent a component of the efficiency of continuing operations. Restaurant impairment costs are excluded, because like depreciation and amortization, they represent a non-cash charge for the Company's investment in its restaurants and not a component of the efficiency of restaurant operations. Restaurant-level operating profit is not a measurement determined in accordance with generally accepted accounting principles ("GAAP") and should not be considered in isolation, or as an alternative, to income from operations or net income as indicators of financial performance. Restaurant-level operating profit as presented may not be comparable to other similarly titled measures of other companies. The tables above set forth certain unaudited information for the

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February 04, 2021 16:05 ET (21:05 GMT)