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 quarterly period ended: March 31, 2005
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)
 
(303) 384-1400
(Issuer's telephone number)
 
(Former name, former address and former fiscal year, since last report.)
 
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 May 13, 2005.
 
2,398,140 SHARES OF COMMON STOCK, .001 PAR VALUE
1,240,000 SHARES OF PREFERRED STOCK, .01 VALUE
Transitional Small Business Disclosure Format (check one): [ ] Yes [X ] No

 
**Form 10-QSB

Quarter Ended March 31, 2005**
 
INDEX
PAGE
 
 
 
 
PART I - FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements
 
 
Consolidated Balance Sheets -
3 - 4
 
March 31, 2005 and September 30, 2004
 
 
Consolidated Statements of Operations - 
5
 
For the three and six months ended March 31, 2005 and 2004
 
 
Consolidated Statements of Cash Flows-
6 - 7
 
For the three and six months ended March 31, 2005 and 2004
 
 
Notes to Financial Statements
8 - 9
 
 
 
Item 2.
Management's Discussion and Analysis
9 - 15
 
 
 
Item 3.
Quantitive and Qualitive Disclosures About Market Risk
15
 
 
 
Item 4.
Controls and Procedures
15 - 16
 
 
 
 
PART II - OTHER INFORMATION
 
 
 
 
Item 1.
Legal Proceedings
16
 
 
 
Item 2.
Changes in Securities and Use of Proceeds
16
 
 
 
Item 3.
Defaults Upon Senior Securities
16
 
 
 
Item 4.
Submission of Matters to a Vote of Security Holders
16 - 17
 
 
 
Item 5.
Other Information.
17
 
 
 
Item 6.
Exhibits and Reports on Form 8-K
17
 
 
 
 
SIGNATURES
18
 
CERTIFICATIONS
19- 21
2

 

GOOD TIMES RESTAURANTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

ASSETS

 
March 31, 
- 2005

 
September 30,

2004

CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$4,062,000
 
$1,796,000
Receivables and other
188,000
 
104,000
Inventories
124,000
 
118,000
Notes receivable
85,000
 
53,000
Total current assets
4,459,000
 
2,071,000
 
 
 
 
PROPERTY AND EQUIPMENT, at cost:
 
 
 
Land and building
3,447,000
 
3,332,000
Leasehold improvements
2,796,000
 
2,715,000
Fixtures and equipment
5,140,000
 
5,073,000
 
11,383,000
 
11,120,000
 
 
 
 
Less accumulated depreciation and amortization
(7,006,000)
 
(6,663,000)
 
4,377,000
 
4,457,000
OTHER ASSETS:
 
 
 
Notes receivable, net of current portion
539,000
 
595,000
Deposits & other
33,000
 
69,000
 
572,000
 
664,000
 
 
 
 
TOTAL ASSETS
$9,408,000
 
$7,192,000
 
 
 
 
**LIABILITIES AND STOCKHOLDERS' EQUITY**

CURRENT LIABILITIES:
 
 
 
Current maturities of long-term debt
$216,000
 
$515,000
Accounts payable
326,000
 
300,000
Deferred income
39,000
 
47,000
Accrued liabilities - other
909,000
 
583,000
Total current liabilities
1,490,000
 
1,445,000
 
 
 
 
LONG-TERM LIABILITIES:
 
 
 
Debt, net of current portion
638,000
 
747,000
Deferred liabilities
991,000
 
984,000
Total long-term liabilities
1,629,000
 
1,731,000
 
 
 
 
MINORITY INTERESTS IN PARTNERSHIPS
619,000
 
670,000

3

 
**GOOD TIMES RESTAURANTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Continued)**

 
March 31,

2005
 
September 30,

2004
STOCKHOLDERS' EQUITY:

Preferred stock, $.01 par value; 5,000,000 shares

authorized, 1,240,000 issued and outstanding as

of March 31, 2005 and no shares issued and

outstanding as of September 30, 2004

Common stock, $.001 par value; 50,000,000 shares

authorized, 2,374,284 shares issued and outstanding as

of March 31, 2005 and 2,343,732 shares issued and

outstanding as of September 30, 2004
 

 

 
- 12,000

 

 

2,000
 
 

 

 

-

 

 

2,000
 
 
 
 
Capital contributed in excess of par value
16,770,000
 
13,461,000
Accumulated deficit
(11,114,000)
 
(10,117,000)
Total stockholders' equity
5,670,000
 
3,346,000
 
 
 
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$9,408,000
 
$7,192,000

4

 
**GOOD TIMES RESTAURANTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)**

Three Months Ended

March 31,
Six Months Ended

March 31,

 
2005
 
2004
 
2005
 
2004
NET REVENUES:
 
 
 
 
  
 
 
Restaurant sales, net
$3,673,000
 
$3,541,000
 
7,388,000
 
$6,988,000
Franchise revenues
102,000
 
112,000
 
205,000
 
179,000
Total revenues
3,775,000
 
3,653,000
 
7,593,000
 
7,167,000
 
 
 
 
 
 
 
 
RESTAURANT OPERATING COSTS:
 
 
 
 
 
 
 
Food & packaging costs
1,190,000
 
1,188,000
 
2,483,000
 
2,362,000
Payroll & other employee benefit costs
1,281,000
 
1,232,000
 
2,551,000
 
2,463,000
Occupancy & other operating costs
634,000
 
601,000
 
1,263,000
 
1,202,000
Accretion of deferred rent
9,000
 
7,000
 
18,000
 
12,000
Opening costs
7,000
 
0