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GOOD TIMES RESTAURANTS INC

CIK:0000825324|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jul. 01, 2025	Jun. 30, 2026	Jul. 01, 2025
NET REVENUES
Total net revenues	$ 35,167	$ 37,025	$ 101,105	$ 107,637
RESTAURANT OPERATING COSTS
Food and packaging costs	10,711	11,358	30,380	33,198
Payroll and other employee benefit costs	11,702	12,647	34,299	37,256
Restaurant occupancy costs	2,477	2,492	7,510	7,758
Other restaurant operating costs	5,069	5,230	14,582	14,889
Preopening costs				8
Depreciation and amortization	917	982	2,735	2,996
Total restaurant operating costs	30,876	32,709	89,506	96,105
General and administrative costs	1,986	2,174	6,237	7,340
Advertising costs	1,009	913	3,268	2,957
Impairment of long-lived assets and ROU assets	18		245	494
Gain on lease terminations and asset disposals	(489)	(4)	(390)	(55)
Total costs and expenses	33,400	35,792	98,866	106,841
INCOME FROM OPERATIONS	1,767	1,233	2,239	796
OTHER (EXPENSE) INCOME:
Interest and other expense, net	(24)	(51)	(111)	(153)
Other income				140
Total other (expense) income	(24)	(51)	(111)	(13)
NET INCOME BEFORE INCOME TAXES	1,743	1,182	2,128	783
Provision for income taxes	212	363	184	309
NET INCOME	1,955	1,545	2,312	1,092
Income attributable to non-controlling interests	(48)	(58)	(75)	(65)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 1,907	$ 1,487	$ 2,237	$ 1,027
NET INCOME PER SHARE, ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Basic (in Dollars per share)	$ 0.18	$ 0.14	$ 0.21	$ 0.1
Diluted (in Dollars per share)	$ 0.18	$ 0.14	$ 0.21	$ 0.1
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic	10,557,896	10,582,491	10,556,636	10,632,434
Diluted	10,650,896	10,661,491	10,649,636	10,711,434
Restaurant sales
NET REVENUES
Total net revenues	$ 35,020	$ 36,869	$ 100,517	$ 106,974
Franchise and other revenues
NET REVENUES
Total net revenues	$ 147	$ 156	$ 588	$ 663

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jul. 01, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,312	$ 1,092
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,783	3,071
Net change in operating lease right-of-use assets and liabilities	(1,043)	(1,461)
Gain on lease terminations	(297)
Recognition of deferred gain on sale of restaurant building	(9)	(10)
Loss on disposal of assets	210	38
Impairment of long-lived assets	245	494
Stock-based compensation expense	66	90
Provision for income taxes	(184)	(309)
Changes in operating assets and liabilities:
Receivables and prepaids	(485)	(645)
Inventories	53	2
Deposits and other	69	(126)
Accounts payable	93	(249)
Accrued and other liabilities	(115)	(526)
Net cash provided by operating activities	3,698	1,461
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for the purchase of property and equipment	(924)	(2,765)
Acquisition of restaurants from franchisees, net of cash acquired		(504)
Proceeds from lease assignment and sale of fixed assets	294	77
Net cash used in investing activities	(630)	(3,192)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings from long-term debt	500	2,250
Payments on long-term debt	(2,524)	(774)
Repurchases of common stock		(364)
Restricted stock unit vesting	(15)	(58)
Contributions from non-controlling interests		9
Distributions to non-controlling interests	(37)	(47)
Net cash (used in) provided by financing activities	(2,076)	1,016
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	992	(715)
CASH AND CASH EQUIVALENTS, beginning of period	2,605	3,853
CASH AND CASH EQUIVALENTS, end of period	3,597	3,138
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	85	161
Change in current liabilities attributable to the purchase of property and equipment	$ 47	$ 85

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 3,597	$ 2,605
Inventories	1,325	1,388
Receivables	833	795
Prepaid expenses and other	913	466
Total current assets	6,668	5,254
PROPERTY AND EQUIPMENT
Land and land improvements	1,113	1,113
Buildings	4,841	4,841
Leasehold improvements	35,879	38,194
Fixtures and equipment	27,929	29,781
Total property and equipment	69,762	73,929
Less accumulated depreciation and amortization	(50,079)	(52,061)
Total net property and equipment	19,683	21,868
OTHER ASSETS
Operating lease right-of-use assets, net	30,672	33,618
Deferred tax assets, net	13,216	13,031
Deposits and other assets	333	423
Trademarks	3,900	3,900
Goodwill	5,713	5,713
Total other assets	53,834	56,685
TOTAL ASSETS	80,185	83,807
CURRENT LIABILITIES:
Current maturities of long-term debt	33	32
Accounts payable	2,663	2,605
Operating lease liabilities, current	6,180	6,267
Other accrued liabilities	5,441	5,474
Total current liabilities	14,317	14,378
LONG-TERM LIABILITIES
Maturities of long-term debt, net of current portion	285	2,310
Operating lease liabilities, net of current portion	29,373	33,225
Deferred and other liabilities	73	83
Total long-term liabilities	29,731	35,618
SHAREHOLDERS’ EQUITY:
Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and September 30, 2025
Common stock, $.001 par value; 50,000,000 shares authorized; 12,985,821 issued; 10,557,896 and 10,549,508 shares outstanding as of June 30, 2026 and September 30, 2025, respectively	13	13
Capital contributed in excess of par value	56,940	56,889
Treasury stock, at cost; 2,427,925 shares as of June 30, 2026 and September 30, 2025	(7,246)	(7,246)
Accumulated deficit	(14,361)	(16,598)
Total Good Times Restaurants Inc. shareholders' equity	35,346	33,058
Non-controlling interests	791	753
Total shareholders’ equity	36,137	33,811
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 80,185	$ 83,807