PARK CITY, Utah, Aug. 18, 2026 (GLOBE NEWSWIRE) -- BT Brands, Inc. (Nasdaq: BTBD, BTBDW) ("BT Brands" or the "Company") today reported financial results for the twenty-six and thirteen weeks ended June 28, 2026.
BT Brands delivered improved operating performance during the second quarter of fiscal 2026, notwithstanding softness in restaurant sales, and market volatility impacted its investment portfolio in a positive manner.
Second Quarter Fiscal 2026 Highlights
-- Restaurant operating performance continued to advance, driven by lower
costs, leaner general and administrative expenses, and tighter operating
discipline across all locations.
-- The restaurants produced income from operations of $117,000 compared to a
loss of $75,000 in the prior year period.
-- General and administrative expenses decreased by approximately 37%
to $334,000 from $531,000 in the prior year period, while food and paper
costs decreased to approximately 32% of sales compared to 33% in the
prior year period.
-- Restaurant-level EBITDA remained positive at $593,000 despite lower sales
volumes.
-- Net sales were $3.6 million compared to $3.8 million in the prior year
period, reflecting the closure of an underperforming location during
2025.
-- The Company ended the quarter with approximately $4.4 million in cash and
marketable securities and positive working capital of approximately $4.5
million.
Management Commentary
Gary Copperud, Chief Executive Officer, commented: "Our second quarter results demonstrate continued progress in improving the underlying profitability of our restaurant operations. We achieved meaningful reductions in both operating and administrative costs while maintaining positive restaurant-level EBITDA and improved operating trends. We remain focused on further improving restaurant-level profitability, strengthening cash flow and maintaining balance sheet flexibility, while continuing to evaluate opportunities to enhance long-term stockholder value, including acquisitions, dispositions, investments, strategic partnerships, capital allocation alternatives and other transactions involving both our existing restaurant operations and businesses outside the restaurant industry."
Outlook
The Company is not providing formal financial guidance at this time. Management remains focused on improving restaurant profitability and cash flow, maintaining balance sheet strength, and continuing to evaluate strategic opportunities to enhance long-term shareholder value. The Company intends to continue exploring business combinations or other strategic transactions that may enhance shareholder value.
About BT Brands, Inc.
BT Brands, Inc. (Nasdaq: BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time in North Dakota, South Dakota, and Minnesota. In addition, the Company owns and operates Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, Keegan's Seafood Grille near Clearwater, Florida, and Schnitzel Haus in Hobe Sound, Florida. The Company also owns a 40.7% interest in Bagger Dave's Burger Tavern, Inc. (OTCMarkets: BDVB), which owns six and operates five casual dining restaurants in Michigan, Indiana, and Ohio.
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. Forward-looking statements in this release include statements concerning the Company's efforts to improve restaurant profitability and cash flow, maintain balance sheet strength, allocate capital and evaluate potential business combinations and other strategic opportunities. Such statements are subject to risks and uncertainties that could cause actual results to differ materially, including changes in consumer demand, food and labor costs, competition, general economic conditions, market volatility and the risks described in the Company's filings with the Securities and Exchange Commission. The Company is not providing formal financial guidance for fiscal 2026.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 it is made. We undertake no obligation to publicly update any forward-looking statement, except as required by law.
FINANCIAL RESULTS FOLLOW:
BT BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
26 Weeks 26 Weeks 13 Weeks 13 Weeks
Ended Ended Ended Ended
June 28, June 29, June 28, June 29,
2026 2025 2026 2025
---------- ---------- ---------- ----------
SALES $6,394,499 $7,010,763 $3,550,865 $3,779,690
COSTS AND
EXPENSES
Restaurant
operating
expenses
Food and
paper
costs 2,095,508 2,449,549 1,132,214 1,249,220
Labor costs 2,369,626 2,592,500 1,256,264 1,374,603
Occupancy
costs 647,455 611,715 327,331 302,021
Other
operating
expenses 456,739 441,105 232,601 253,185
Depreciation
and
amortization
expenses 303,151 301,120 151,575 144,725
General and
administrative
expenses 669,165 982,091 333,675 531,057
--------- --------- --------- ---------
Total costs
and
expenses 6,541,644 7,378,080 3,433,660 3,854,811
--------- --------- --------- ---------
Income
(loss) from
operations (147,145) (367,317) 117,205 (75,121)
UNREALIZED GAIN
ON MARKETABLE
SECURITIES 399,190 38,104 829,976 82,128
REALIZED
INVESTMENT GAIN
(LOSS) (143,899) 174,064 (64,649) 79,026
INTEREST AND
DIVIDEND INCOME 37,348 80,967 18,233 40,367
INTEREST EXPENSE (37,468) (41,104) (19,032) (19,550)
OTHER INCOME
(EXPENSE) (257,856) 45,173 (270,994) 18,586
EQUITY IN NET
INCOME (LOSS) OF
AFFILIATE (24,748) (204,705) (34,306) (70,405)
--------- --------- --------- ---------
INCOME (LOSS)
BEFORE TAXES (174,578) (274,818) 576,433 55,031
INCOME TAX
(EXPENSE)
BENEFIT - - - -
--------- --------- --------- ---------
NET INCOME
(LOSS) $ (174,578) $ (274,818) 576,433 55,031
--------- --------- --------- ---------
NET INCOME
(LOSS) PER
COMMON
SHARE -
Basic $ (0.03) $ (0.04) 0.09 0.01
--------- --------- --------- ---------
NET INCOME
(LOSS) PER
COMMON
SHARE -
Diluted $ (0.03) $ (0.04) 0.09 0.01
--------- --------- --------- ---------
WEIGHTED AVERAGE
SHARES USED IN
COMPUTING
PER COMMON
SHARE AMOUNTS
- Basic 6,164,231 6,154,724 6,173,734 6,154,724
========= ========= ========= =========
PER COMMON
SHARE AMOUNTS
- Diluted 6,164,231 6,154,724 6,173,734 6,154,724
========= ========= ========= =========
BT BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 28, 2026 December 28, 2025
--------------- -------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,592,910 $ 846,167
Marketable securities 2,833,260 3,596,133
Receivables 17,713 54,506
Inventory 230,410 230,443
Inventory - bottled water held
for resale 400,000 574,000
Prepaid expenses and other
current assets 84,424 22,152
Deferred transaction costs 168,630 150,450
Assets held for sale 424,123 424,123
----------- ---------------
Total current assets 5,751,470 5,897,974
----------- ---------------
PROPERTY, EQUIPMENT AND
LEASEHOLD IMPROVEMENTS, NET 2,274,675 2,456,718
OPERATING LEASES RIGHT-OF-USE
ASSETS 1,168,036 1,267,699
NOTE RECEIVABLE FROM
UNCONSOLIDATED AFFILIATE, NET 152,340 -
GOODWILL 796,220 796,220
INTANGIBLE ASSETS, NET 277,137 305,270
OTHER ASSETS, NET 64,587 21,171
----------- ---------------
Total assets $ 10,484,465 $ 10,745,052
=========== ===============
LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES
Accounts payable $ 274,278 $ 245,226
Current maturities of long-term
debt 199,976 191,531
Current operating lease
obligations 404,548 358,939
Accrued expenses 406,360 421,867
----------- ---------------
Total current liabilities 1,285,162 1,217,563
LONG-TERM DEBT, LESS CURRENT
PORTION 1,798,038 1,899,592
NONCURRENT OPERATING LEASE
OBLIGATIONS 1,052,996 1,209,509
----------- ---------------
Total liabilities 4,136,196 4,326,664
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock, $.001 par
value, 2,000,000 shares
authorized, no shares
outstanding at June 28, 2026
and December 28, 2025 - -
Common stock, $.002 par value,
50,000,000 authorized,
6,491,118 and 6,461,118 at
June 28, 2026 and December
28, 2025, with 6,184,724 and
6,154,724 outstanding at June
28, 2026 and December 28,
2025 12,369 12,309
Less cost of 306,394 common
shares held in Treasury at
June 28, 2026 and December
28, 2025 (499,718) (499,718)
Additional paid-in capital 12,059,134 11,954,735
Accumulated deficit (5,223,516) (5,048,938)
----------- ---------------
Total shareholders' equity 6,348,269 6,418,388
----------- ---------------
Total liabilities and
shareholders' equity $ 10,484,465 $ 10,745,052
=========== ===============
Contact: admin@itsburgertime.com
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