Company: BTBDW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001477932-25-006037
Chunk: 44

Company: BT Brands, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 44
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 reaching full depreciation.

General and Administrative Costs

General and administrative costs were steady at 14.0% of sales, an increase to $982,091 from $909,420 in 2024. The increase reflects the additional consulting costs charged to corporate expenses.

Operating Income (Loss)

The loss from operations improved to $367,317, compared to a loss of $819,372 in 2024. This improvement reflects cost-cutting measures and operational efficiencies despite lower sales.

Other Income and Expenses

 -Unrealized gains on marketable securities were $82,128 compared to a gain of $232,947 in 2024. -Realized investment gains were $174,064 versus $29,562 in 2024. -Interest expense was $41,104, slightly lower than $50,039 in 2024. -Interest, dividend, and other income was $126,140 compared to $136,750 in 2024. -Equity in affiliate loss was $204,705 versus $175,500 in the prior year. -No income tax benefit was recorded for the period, compared to $130,000 in the same period last year.

Net (Loss)

Net loss for the twenty-six weeks ended June 29, 2025, was $274,818 (3.9% of sales) compared to a net loss of $515,652 (7.1% of sales) in 2024. Significant expense reductions, disciplined cost management, and operational efficiencies drove the decrease in net loss.

Restaurant-Level EBITDA

To supplement the consolidated financial statements, which are prepared and presented in accordance with GAAP, we use restaurant-level EBITDA (earnings before interest, taxes, depreciation, and amortization), which is not a measure defined by GAAP. This non-GAAP operating measure is useful to both management and investors because it represents one means of gauging the overall profitability of our recurring and controllable core restaurant operations. However, this measure is not indicative of our overall results, nor does the restaurant-level profit accrue directly to the benefit of stockholders, primarily due to the exclusion of corporate-level expenses. Depreciation and amortization are excluded because they are not ongoing. Restaurant-level EBITDA for the thirteen weeks ending June 29, 2025, was $600,661 (15.0% of revenues), compared to $437,613 (10.6% of revenues) in 2024. This non