Good Times Restaurants Inc. Amends Credit Facility
15 January 2021 - 5:30AM
Business Wire
Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad
Daddy’s Burger Bar and Good Times Burgers & Frozen Custard,
today announced that it has amended its credit agreement with
Cadence Bank, which extends its maturity to January 2023 and
adjusts the facility’s capacity initially to $11 million.
Ryan Zink, Chief Executive Officer, said, “Cadence Bank has
continued to be a strong partner by extending the maturity of our
credit facility and continuing to provide us adequate credit during
a tenuous time for borrowers in the casual dining space. This
amendment retains the attractive pricing of the original agreement,
while at the same time adjusting the capacity to better align with
our reduced expected borrowings in connection with our revised
point of view on appropriate leverage.”
Zink continued, “We believe the facility’s size, which will
further adjust to $8 million on July 1, provides us flexibility
given the uncertainty accompanying the COVID-19 pandemic, while at
the same time providing us adequate capital to fulfill obligations
to complete the development this year of two Bad Daddy’s leases
originally executed during 2019. Our pace of development continues
to be guided by the two principles of operations excellence and
financial discipline. As such we expect our future restaurants to
open with management teams with greater organizational tenure than
in the past, and to be financed primarily from operating cash flow
as we strive to maintain a strong balance sheet with minimal
leverage.”
About Good Times Restaurants Inc.: Good Times Restaurants
Inc. (Nasdaq: GTIM) owns, operates, franchises and licenses 39 Bad
Daddy’s Burger Bar restaurants through its wholly owned
subsidiaries. Bad Daddy’s Burger Bar is a full-service “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.
Additionally, through its wholly-owned subsidiaries, Good Times
Restaurants Inc. operates and franchises a regional quick-service
restaurant chain consisting of 32 Good Times Burgers & Frozen
Custard restaurants located primarily in Colorado.
Forward Looking Statements Disclaimer:
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 disruption to our business
from the novel coronavirus (COVID-19) pandemic and the impact of
the pandemic on our results of operations, financial condition and
prospects which may vary depending on the duration and extent of
the pandemic and the impact of federal, state and local
governmental actions and customer behavior in response to the
pandemic, the lack of assurance that the full amount of the PPP
loans will be forgiven, the uncertain nature of current restaurant
development plans and the ability to implement those plans and
integrate new 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, and other matters discussed under the Risk Factors
section of Good Times’ Annual Report on Form 10-K for the fiscal
year ended September 29, 2020 filed with the SEC, and other filings
with the SEC . Good Times disclaims any obligation or duty to
update or modify these forward-looking statements.
Category: Financial
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version on businesswire.com: https://www.businesswire.com/news/home/20210114005886/en/
GOOD TIMES RESTAURANTS INC CONTACTS: Ryan M. Zink,
President and Chief Executive Officer (303) 384-1432 Christi
Pennington (303) 384-1440
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