BT Brands, Inc. (BTBD) is engaged in the fast-food restaurant business known as Burger Time. The company operates various burger restaurants and one dairy queen franchise restaurant in different cities. The items offered by the company include chicken sandwiches, side dishes, ice-creams, and other desserts.
The price of BTBD stock during the regular trading on January 21, 2022, was $2.46 with an 11.86% dip. At last check in the premarket on January 24, 2022, the stock skyrocketed by 118.80%.
BTBD: Key Financials
On November 17, 2021, BTBD announced its financial results for the third fiscal quarter ended October 3, 2021. Some of the key updates are as follows.
Revenue
Net sales in the third quarter of 2021 declined by $0.093 million to $2.28 million from $2.37 million in the same period of 2020.
Net Income per Share
Basic and diluted net income in the third quarter of 2021 was $0.58 million or $0.14 per share as compared to the same period in 2020 when it was $0.23 million or $0.06 per share.
Assets
Total current assets in the third quarter of 2021 were $2.24 million.
BTBD: CEO Comments
Speaking at the occasion, CEO of BTBD Gary Copperud said that the company had observed cost pressures in the commodities and labor market. He further added that the company managed the commodity cost hike via targeted menu cost regulations but the overall labor cost continued to be under pressure.
On November 12, 2021, BTBD reported about the initial pricing of its public offering of 2,400,000 cohorts at a public price of $5.00 per cohort. Each cohort consisted of one common stock share and one warrant for the acquisition of one common stock share. The company received $12 million net proceeds from this acquisition. The common stock shares and warrants started trading on the Nasdaq Capital Market on November 12, 2021.
Conclusion
BTBD stock dipped 46% from the past six months period due to prevailing pandemic conditions which ceased the economy of the industry. The recent premarket boom in the stock market price is due to uncertain reasons as there is no current news available to point for the incline. The analysts are predicting more surge in the company’s stock which will have a positive impact on investor relations.
