-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QlsovTO7Hmr9mq0Al8gmtKRIf420r6J8YyzGL9WH9Ek6rXbKUrBIElnqwTjL9rPL hu1wKOO2eRpRv5B9hToHYQ== 0000825324-00-000003.txt : 20000516 0000825324-00-000003.hdr.sgml : 20000516 ACCESSION NUMBER: 0000825324-00-000003 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOOD TIMES RESTAURANTS INC CENTRAL INDEX KEY: 0000825324 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 841133368 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-18590 FILM NUMBER: 636127 BUSINESS ADDRESS: STREET 1: 601 CORPORATE CIRCLE CITY: GOLDEN STATE: CO ZIP: 80401 BUSINESS PHONE: 3033841400 MAIL ADDRESS: STREET 1: 601 CORPORATE CIRCLE CITY: GOLDEN STATE: CO ZIP: 80401 FORMER COMPANY: FORMER CONFORMED NAME: PARAMOUNT VENTURES INC DATE OF NAME CHANGE: 19900205 10QSB 1 10Q331.C UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended: March 31, 2000 Commission File Number: 0-18590 GOOD TIMES RESTAURANTS INC. (Exact name of registrant as specified in its charter) NEVADA (State or other jurisdiction of incorporation or organization) 84-1133368 (I.R.S. Employer Identification No.) 601 CORPORATE CIRCLE, GOLDEN, CO 80401 Address of principal executive offices) (Zip Code) (303) 384-1400 (Registrant's telephone number, including area code) _____________________________________________________________________ (Former name, former address and former fiscal year, since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No APPLICABLE ONLY TO CORPORATE ISSUERS: Total number of shares of common stock outstanding at March 31, 2000. 2,226,995 SHARES OF COMMON STOCK, .001 PAR VALUE _________ Form 10-QSB Quarter Ended March 31, 2000 INDEX _____ PAGE ____ PART I - FINANCIAL INFORMATION ITEM 1. Financial Statements Consolidated Balance Sheets - 3 March 31, 2000 and September 30, 1999 Consolidated Statements of Operations - 5 For the three months ended March 31, 2000 and 1999 and for the six months ended March 31, 2000 and 1999 Consolidated Statements of Cash Flow - 6 For the three months ended March 31, 2000 and 1999 and for the six months ended March 31, 2000 and 1999 Notes to Financial Statements 7 ITEM 2. Management's Discussion and Analysis 8 PART II - OTHER INFORMATION ITEMS 1 through 6. 12 Signature 14 GOOD TIMES RESTAURANTS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS March 31, September 30, 2000 1999 ____ ____ CURRENT ASSETS: Cash and cash equivalent $1,050,000 $1,748,000 Investments, at fair value 299,000 299,000 Receivables 131,000 192,000 Inventories 69,000 55,000 Prepaid expenses and other 41,000 37,000 Notes receivable 49,000 48,000 __________ __________ Total current assets 1,639,000 2,379,000 PROPERTY AND EQUIPMENT, at cost: Land and building 3,549,000 3,340,000 Leasehold improvements 2,518,000 2,349,000 Fixtures and equipment 3,509,000 3,039,000 __________ __________ 9,576,000 8,728,000 Less accumulated depreciation and amortization (3,446,000) (3,080,000) __________ __________ 6,130,000 5,648,000 OTHER ASSETS: Notes receivable 431,000 435,000 Deposits & other 68,000 75,000 __________ __________ 499,000 510,000 TOTAL ASSETS $8,268,000 $8,537,000 ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt and capital leases $ 161,000 $ 399,000 Accounts payable 114,000 607,000 Lease obligations, RTC and Las Vegas 118,000 202,000 Accrued liabilities - other 599,000 607,000 __________ __________ Total current liabilities 992,000 1,815,000 LONG-TERM LIABILITIES: Debt and capitalized leases, net of current portion 1,775,000 747,000 Lease obligations, RTC and Las Vegas, net of current portion 212,000 260,000 Deferred liabilities 327,000 313,000 __________ _________ Total long-term liabilities 2,314,000 1,320,000 MINORITY INTERESTS IN PARTNERSHIPS 1,233,000 1,310,000 STOCKHOLDERS' EQUITY: Preferred stock, $.01 par value; 5,000,000 shares authorized, None issued and outstanding Common stock, $.001 par value; 50,000,000 shares authorized, 2,226,995 shares issued and outstanding as of March 31, 2000 and 2,221,507 shares issued and outstanding as of September 30, 1999 2,000 2,000 Capital contributed in excess of par value 13,221,000 13,203,000 Accumulated deficit (9,494,000) (9,113,000) __________ __________ Total stockholders' equity 3,729,000 4,092,000 __________ __________ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $8,268,000 $8,537,000 ========== ==========
GOOD TIMES RESTAURANTS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Six Months Ended March 31, March 31, 2000 1999 2000 1999 NET REVENUES: Restaurant sales, net $3,194,000 $3,191,000 $6,471,000 $6,623,000 Franchise net revenues 35,000 61,000 86,000 128,000 _________ _________ _________ __________ Total revenues 3,229,000 3,252,000 6,557,000 6,751,000 RESTAURANT OPERATING EXPENSES: Food & paper costs 1,140,000 1,143,000 2,284,000 2,426,000 Labor, occupancy & other 1,436,000 1,282,000 2,812,000 2,627,000 Opening expenses 27,000 0 75,000 0 Accretion of deferred rent 10,000 7,000 17,000 14,000 Depreciation & amortization 189,000 155,000 358,000 309,000 _________ _________ _________ _________ Total restaurant operating costs 2,802,000 2,587,000 5,546,000 5,376,000 INCOME FROM RESTAURANT OPERATIONS 427,000 665,000 1,011,000 1,375,000 OTHER OPERATING EXPENSES: Selling, general & administrative expenses 494,000 562,000 1,313,000 1,131,000 Loss, (income) from operating RTC stores 9,000 13,000 16,000 17,000 _________ ________ _________ _________ Total other operating expenses 503,000 575,000 1,329,000 1,148,000 INCOME (LOSS) FROM OPERATIONS (76,000) 90,000 (318,000) 227,000 OTHER INCOME & (EXPENSES) Minority income (expense), net (39,000) (90,000) (45,000) (182,000) Interest, net (12,000) 0 (14,000) (2,000) Other, net (2,000) 2,000 (4,000) 9,000 ________ _______ ________ ________ Total other income & (expenses) (53,000) (88,000) (63,000) (175,000) NET INCOME (LOSS) ($129,000) $ 2,000 ($381,000) $ 52,000 ========= ========= ========= ======== PREFERRED STOCK DIVIDENDS IN ARREARS 0 0 0 0 NET INCOME (LOSS) APPLICABLE TO COMMON STOCKHOLDERS ($129,000) $ 2,000 ($381,000) $ 52,000 ========= ======= ========= ======== NET INCOME (LOSS) PER COMMON SHARE ($ .06) $ .0 ($ .17) $ .03 ========= ======= ========= ======== WEIGHTED AVERAGE COMMON SHARES AND EQUIVALENTS USED IN PER SHARE CALCULATION BASIC 2,226,995 1,764,369 2,224,746 1,757,647 DILUTED 2,226,995 1,796,831 2,224,746 1,783,932
GOOD TIMES RESTAURANTS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended Six Months Ended March 31, March 31, 2000 1999 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) ($129,000) $2,000 ($381,000) $ 52,000 Depreciation and amortization 203,000 164,000 384,000 327,000 Changes in operating assets & liabilities-- (Increase) decrease in: Prepaids & receivables 188,000 125,000 68,000 17,000 Inventories 2,000 17,000 (15,000) 3,000 Other assets (1,000) (7,000) 0 (8,000) (Decrease) increase in: Accounts payable (86,000) 33,000 (492,000) (1,000) Accrued interest 3,000 0 4,000 0 Accrued property taxes 21,000 33,000 58,000 63,000 Accrued payroll & P/R taxes 1,000 6,000 4,000 (3,000) Other accrued liabilities /deferred income (131,000) 17,000 (191,000) (74,000) ________ _______ ________ ________ Net cash provided by (used in)operating activity 71,000 390,000 (561,000) 376,000 CASH FLOWS FROM INVESTING ACTIVITIES: (Purchase) sale - FF&E, land, building & improvements (290,000) (89,000) (866,000) (110,000) CASH FLOWS FROM FINANCING ACTIVITIES: Debt incurred (paid) 563,000 (40,000) 789,000 (76,000) Minority interest (39,000) (38,000) (77,000) (75,000) Paid in capital activity 0 300,000 17,000 316,000 _______ _______ _______ _______ Net cash provided by (used in) 524,000 222,000 729,000 165,000 financing activities INCREASE (DECREASE) IN CASH $305,000 $523,000 ($698,000) $431,000 ======== ======== ======== ========
GOOD TIMES RESTAURANTS INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. UNAUDITED FINANCIAL STATEMENTS: In the opinion of management, the accompanying unaudited consolidated financial statements contain all of the normal recurring adjustments necessary to present fairly the financial position of the Company as of March 31, 2000, the results of its operations and its cash flow for the three month period ended March 31, 2000 and for the six month period ended March 31, 2000. Operating results for the three month period ended March 31, 2000 and for the six month period ended March 31, 2000 are not necessarily indicative of the results that may be expected for the year ending September 30, 2000. The consolidated balance sheet as of September 30, 1999 is derived from the audited financial statements, but does not include all disclosures required by generally accepted accounting principles. As a result, these financial statements should be read in conjunction with the Company's Form 10-KSB for the fiscal year ended September 30, 1999. 2. CONTINGENT LIABILITY: The Company remains contingently liable on several leases of restaurants that were previously sold. The Company is also a guarantor on a Small Business Administration loan to a franchisee. ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE COMPANY General This Form 10-QSB contains or incorporates by reference forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended. Also, documents subsequently filed by the Company with the commission and incorporated herein by reference may contain forward-looking statements. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance and that actual results could differ materially from those in the forward-looking statements as a result of various factors, including but not limited to the following: (I) The Company competes with numerous well established competitors who have substantially greater financial resources and longer operating histories than the Company. Competitors have increasingly offered selected food items and combination meals, including hamburgers, at discounted prices, and continued discounting by competitors may adversely affect revenues and profitability of Company restaurants. (II) The Company may be negatively impacted if the Company is unable to sustain same store sales increases. Sales increases will be dependent, among other things, on the success of Company advertising and promotion of new and existing menu items. No assurances can be given that such advertising and promotions will in fact be successful. The Company may also be negatively impacted by other factors common to the restaurant industry such as: changes in consumer tastes away from red meat and fried foods; increases in the cost of food, paper, labor, health care, workers' compensation or energy; and inadequate number of hourly paid employees; and/or decreases in the availability of affordable capital resources. The Company cautions the reader that such risk factors are not exhaustive, particularly with respect to future filings. The Company had thirty-three restaurants open at March 31, 2000, of which fifteen were franchised restaurants, nine joint-venture restaurants and nine company-owned restaurants compared to twenty-nine restaurants open at March 31, 1999, of which fourteen were franchised restaurants, nine joint-venture restaurants and six company-owned restaurants. Management anticipates that the Company and its existing franchisees will develop a total of one to two Good Times restaurants in the Denver ADI in 2000. The following presents certain historical financial information of the operations of the Company. This financial information includes the results of the Company for the three months and six months ended March 31, 1999 and the results of the Company for the three months and six months ended March 31, 2000. RESULTS OF OPERATIONS NET REVENUES. Net restaurant sales for the three months ended March 31, 2000, increased $3,000 to $3,194,000 from $3,191,000 for the same prior year period. Net restaurant sales increased $457,000 from three company-owned restaurants that opened in October and December 1999 and February 2000. Same store net revenues for company-owned and joint-venture restaurants decreased $454,000 (-14.2%) for the three months ended March 31, 2000 from the same prior year period. Due to lack of results from the media advertising campaign in the first quarter of fiscal 2000, media advertising was suspended from mid December 1999 through mid March 2000. A new media advertising campaign began March 15, 2000 promoting two new menu items. Subsequent to March 31, 2000 same store sales increased 1.0% in April 2000 compared to April 1999. Management anticipates continued media advertising throughout the remainder of fiscal 2000 accompanied by new product introductions and promotion. Franchise revenue decreased $26,000 for the three months ended March 31, 2000 due to a decrease in franchise royalty income from the same prior year period. Net restaurant sales for the six months ended March 31, 2000 decreased $152,000 (-2.3%) to $6,471,000 from $6,623,000 for the same prior year period. Net restaurant sales increased $659,000 from three company-owned restaurants that opened during the six months ended March 31, 2000. Same store net restaurant sales for company-owned and joint-venture restaurants decreased $811,000 or (-12.2%) for the six months ended March 31, 2000 from the same prior year period. Franchise revenue decreased $42,000 for the six months ended March 31, 2000 due to a decrease in franchise royalty income from the same prior year period, resulting from a same store net sales decrease for franchise stores of (-13.6%) compared to the same prior year period. FOOD AND PAPER COSTS. Food and paper costs decreased to 35.7% of net restaurant sales for the three months ended March 31, 2000, compared to 35.8% for the same prior year period. Since October 1, 1999 cost of sales has increased approximately .9% of net restaurant sales due to increases in the cost of meat, french fries and other miscellaneous commodity costs. Food and paper costs decreased to 35.3% of net restaurant sales for the six months ended March 31, 2000 compared to 36.6% for the same prior year period. A price increase of approximately 5.3% was implemented February 1, 1999 reducing the cost of sales as a percentage of net restaurant sales. Additionally, the cost of sales for the six months ended March 31, 1999 was higher due to the addition of a new onion ring product introduced in September 1998 and the product's disproportionately high percentage of sales. Management has since reduced the cost of sales on the onion ring product. LABOR, OCCUPANCY AND OTHER EXPENSES. For the three months ended March 31, 2000 the Company's labor, occupancy and other expenses increased $154,000 from $1,282,000 (40.2% of net restaurant revenues) to $1,436,000 (44.9% of net restaurant revenues) compared to the same prior year period. For the six months ended March 31, 2000 the Company's labor, occupancy and other expenses increased $185,000, from $2,627,000 (39.7% of net restaurant revenues) to $2,812,000 (43.5% of net restaurant revenues) compared to the same prior year period. The increase in labor, occupancy and other expenses for the three months and six months ended March 31, 2000 is attributable to 1) the current year period expenses include three additional restaurants that opened in the six month period; and 2) a decrease in same store net restaurant sales, which causes restaurant expenses to increase as a percentage of net restaurant sales. DEPRECIATION AND AMORTIZATION EXPENSES. For the three months ended March 31, 2000 the Company's depreciation and amortization expenses increased $34,000, from $155,000 to $189,000 compared to the same prior year period. For the six months ended March 31, 2000 the Company's depreciation and amortization expenses increased $49,000, from $309,000 to $358,000 compared to the same prior year period. The increase in depreciation and amortization expenses for both the three months and six months ended March 31, 2000 is attributable to the three new restaurants that opened in October and December 1999 and February 2000. INCOME FROM RESTAURANT OPERATIONS. For the three months ended March 31, 2000, income from restaurant operations decreased to $427,000 from $665,000 for the same prior year period. The Company's income from restaurant operations as a percentage of net restaurant sales decreased to 13.4% for the three months ended March 31, 2000 from 20.8% for the same prior year period. Cash flow from restaurant operations (income from restaurant operations plus depreciation and amortization) decreased to 19.3% of net restaurant sales for the three months ended March 31, 2000 from 25.7% for the same prior year period. For the six months ended March 31, 2000, income from restaurant operations decreased to $1,011,000 from $1,375,000 for the same prior year period. The Company's income from restaurant operations as a percentage of net restaurant sales decreased to 15.6% for the six months ended March 31, 2000 from 20.8% for the same prior year period. Cash flow from restaurant operations (income from restaurant operations plus depreciation and amortization) decreased to 21.1% of net restaurant sales for the six months ended March 31, 2000 from 25.4% for the same prior year period. The decrease in both income and cash flow from restaurants as a percentage of net restaurant sales is a direct result of a decrease in same store net restaurant sales, which causes restaurant expenses to increase as a percentage of net restaurant sales. Additionally, the three months ended March 31, 2000 includes new store opening expenses of $27,000 compared to none for the same prior year period, and the six months ended March 31, 2000 includes new store opening expenses of $75,000 compared to none for the same prior year period. INCOME (LOSSES) FROM OPERATIONS. The Company had a loss from operations of ($76,000) in the three months ended March 31, 2000 compared to income from operations of $90,000 for the same prior year period. The reduction in income from operations of $166,000 is primarily attributable to a decrease in income from restaurant operations of $238,000, a decrease in advertising expenses of $79,000, an increase in the loss from operating RTC stores of $4,000, and an increase in general and administrative expenses of $11,000 compared to the same prior year period. The Company had a loss from operations of ($318,000) in the six months ended March 31, 2000 compared to income from operations of $227,000 in the same prior year period. The reduction in income from operations of $545,000 is primarily attributable to a decrease in income from restaurant operations of $364,000, an increase in advertising expenses of $134,000 and an increase in general and administrative expenses of $47,000 compared to the same prior year period. The decrease in advertising expenses for the three months ended March 31, 2000 is attributable to reduced media levels and production costs compared to the same prior year period. The increase in advertising expenses for the six months ended March 31, 2000 is attributable to increased media levels and production costs in the three months ended December 31, 1999. During the last four months, the Company has developed several new products for introduction in the balance of the fiscal year as well as revised its media and creative strategies. Management anticipates total advertising expenses for the last six months of the fiscal year to be approximately the same, as a percent of sales, as they were in the six months ended March 31, 2000. As a result of the revised strategy and new product introductions, same store net restaurant sales increased 1% in the month of April 2000 compared to April 1999. This increase represents a positive change in the customer traffic trend from the three months ended March 31, 2000 of approximately 16% The increase in general and administrative expenses for the three months and six months ended March 31, 2000 is primarily attributable to an increase in corporate salaries and benefits expense as well as an increase in depreciation expense, offset by a reduction in training and recruiting expenses, compared to the same prior year period. NET INCOME (LOSS). The net loss for the Company was ($129,000) for the three months ended March 31, 2000 compared to net income for the Company of $2,000 for the same prior year period. Minority interest expense decreased $51,000 in the three months ended March 31, 2000 from the same prior year period. This decrease was attributable to the reduced income from restaurant operations from the joint-venture restaurants compared to the same prior year period. Net interest expense increased $12,000 for the three months ended March 31, 2000 from the same prior year period. This increase was attributable to an increase in interest expense of $20,000 and offset by an increase in interest income of $8,000 compared to the same prior year period. The increase in interest expense for the three months ended March 31, 2000 is due to an increase in the outstanding debt for new store financing compared to the same prior year period. For the six months ended March 31, 2000, the net loss for the Company was ($381,000) compared to net income for the Company of $52,000 for the same prior year period. Minority interest expense decreased $137,000 in the six months ended March 31, 2000 from the same prior year period. Net interest expense increased $12,000 for the six months ended March 31, 2000 from the same prior year period. The increase in net interest expense was attributable to an increase in interest expense of $33,000 and offset by an increase in interest income of $21,000 compared to the same prior year period. Other net expenses for the six months ended March 31, 2000 increased $13,000 from the same prior year period. Included in other income for the six months ended March 31, 1999 was an income item of $8,000 related to the settlement of a securities loss from 1995. LIQUIDITY AND CAPITAL RESOURCES As of March 31, 2000 the Company had $1,050,000 cash and cash equivalents and 299,000 in marketable securities on hand. The Company's cash balance and cash generated from operations will be used for the development of Company operated restaurants and other general corporate purposes. The Company had a working capital surplus of $647,000 as of March 31, 2000. Management believes the current cash on hand, cash generated from operations, and existing financing commitments wil be sufficient to fund the Company's working capital and capital expenditure requirements. Management anticipates developing one to two new company-owned restaurants during the balance of 2000. Cash flow provided by operating activities for the three months ended March 31, 2000 of $71,000 includes a reduction in prepaids and receivables of $188,000, a reduction in accounts payable of $86,000 and a reduction in other accrued liabilities of $131,000. The reduction in accounts payable is due to the timing of when the Company's major supplier is paid and the reduction in other accrued liabilities is due to payments on the RTC and Las Vegas lease liabilities, and a reduction of 91,000 in the advertising cooperative payable. Cash flow from investing activities for the three months ended March 31, 2000 of $290,000 includes $52,000 of recurring corporate and restaurant related capital expenditures, $16,000 for a building exterior remodel and $222,000 for new restaurant development costs. Cash flow from financing activities for the three months ended March 31, 2000 includes $540,000 in debt financing proceeds for two new restaurants, as well as $300,000 in debt financing proceeds used to pay off a $300,000 note payable that came due in the three months ended March 31, 2000. The Company has remaining debt financing commitments of $2,000,000 for the purchase of land and restaurant development and $900,000 for the development of new restaurants on leased land. For the six months ended March 31, 2000, cash decreased $698,000. Cash used in operations was $561,000, cash used in investing activities was $866,000 and cash provided by financing activities was $729,000. Cash provided by financing activities for the six months ended March 31, 2000 includes $772,000 in debt financing proceeds for three new restaurants, as well as $300,000 in debt financing proceeds used to pay off a $300,000 note payable referenced above. IMPACT OF INFLATION Drive Thru has not experienced a significant impact from inflation. It is anticipated any operating expense increases will be recovered by increasing menu prices to the extent that is prudent considering competition. SEASONALITY Revenues of Drive Thru are subject to seasonal fluctuation based primarily on weather conditions adversely affecting restaurant sales in January, February and March. GOOD TIMES RESTAURANTS INC. & SUBSIDIARIES Part II. - Other Information Item 1.-Legal Proceedings The Company is subject to legal proceedings which are incidental to its business. These legal proceedings are not expected to have a material impact on the Company. The Company has been involved in condemnation proceedings with Westminister Plaza LLC and the Westminster Economic Development Association as a result of one of its restaurants being part of a condemnation of a larger development on which it leased land from Westminster Plaza LLC. In June 1999 the court ruled against the Company's claim for compensation for its leasehold improvements and value of its lease. The Company has appealed the court's decision. Item 2.-Changes in Securities None. Item 3.-Defaults Upon Senior Securities None. Item 4.-Submission of Matters to a Vote of Security Holders On January 20, 2000, Good Times Restaurants held its annual meeting of Shareholders. At that meeting the following matters were voted upon as indicated below: 1. Election of the following directors to serve during the ensuing year: FOR WITHHOLD GEOFFREY R. BAILEY 1,788,348 63,212 DAN W. JAMES, II 1,788,348 63,212 BOYD E. HOBACK 1,788,348 63,212 RICHARD J. STARK 1,788,348 63,212 THOMAS P. MCCARTY 1,788,348 63,212 ALAN A. TERAN 1,788,348 63,212 DAVID E. BAILEY 1,788,348 63,212 Item 5.-Other Information None. Item 6.-Exhibits and Reports on Form 8-K (a) Exhibits. The following exhibits are furnished as part of this report: EXHIBIT NO. DESCRIPTION 27.1 Financial Data Schedule.* (b) During the quarter for which this report is filed, Good Times Restaurants did not file any reports on Form 8-K. *filed herewith SIGNATURE Pursuant to the requirements of The Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GOOD TIMES RESTAURANTS INC. DATE: May 15, 2000 ____________ BY: /s/ Boyd E. Hoback __________________________________________________ Boyd E. Hoback, President & Chief Executive Officer BY: /s/ Susan Knutson __________________________________________________ Susan Knutson, Controller EX-1 2 FDS SCHEDULE [ARTICLE] 5 [PERIOD-TYPE] 3-MOS [FISCAL-YEAR-END] SEP-30-2000 [PERIOD-END] MAR-31-2000 [CASH] 1,050,000 [SECURITIES] 299,000 [RECEIVABLES] 131,000 [ALLOWANCES] 0 [INVENTORY] 69,000 [CURRENT-ASSETS] 1,639,000 [PP&E] 9,576,000 [DEPRECIATION] (3,446,000) [TOTAL-ASSETS] 8,268,000 [CURRENT-LIABILITIES] 992,000 [BONDS] 0 [PREFERRED-MANDATORY] 0 [PREFERRED] 0 [COMMON] 2,000 [OTHER-SE] 3,729,000 [TOTAL-LIABILITY-AND-EQUITY] 8,268,000 [SALES] 3,194,000 [TOTAL-REVENUES] 3,229,000 [CGS] 1,140,000 [TOTAL-COSTS] 2,802,000 [OTHER-EXPENSES] 503,000 [LOSS-PROVISION] 0 [INTEREST-EXPENSE] 12,000 [INCOME-PRETAX] (129,000) [INCOME-TAX] 0 [INCOME-CONTINUING] 0 [DISCONTINUED] 0 [EXTRAORDINARY] 0 [CHANGES] 0 [NET-INCOME] (129,000) [EPS-BASIC] (0.06) [EPS-DILUTED] (0.06)
-----END PRIVACY-ENHANCED MESSAGE-----