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
<TABLE>
March 31, September 30,
2000 1999
____ ____
<C> <C> <C>
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
========== ==========
</TABLE>
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<C> <C> <C>
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
========== ==========
</TABLE>
GOOD TIMES RESTAURANTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
Three Months Ended Six Months Ended
March 31, March 31,
2000 1999 2000 1999
<C> <C> <C> <C> <C>
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
</TABLE>
GOOD TIMES RESTAURANTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
Three Months Ended Six Months Ended
March 31, March 31,
2000 1999 2000 1999
<C> <C> <C> <C> <C>
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
======== ======== ======== ========
</TABLE>
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
[ARTICLE] 5
<TABLE>
<S> <C>
[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)
</TABLE>
