GTIM - Earnings call transcript Q1 2019 | Good Times Restaurants Inc.

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Operator

Good afternoon ladies and gentlemen. And welcome to the Good Times Restaurants, Inc. Fiscal 2019 First Quarter Earnings Call. By now, everyone should have access to the Company’s fourth quarter earnings release. If not, it can be found at www.goodtimesburgers.com, in the Investors Section.

part meaning discussion of a statements include reminder, the within Federal a of will today’s forward-looking As Securities laws. are not on statements therefore forward-looking not future of These performance you should put them. reliance undue guarantees and to These update we that to cause the uncertainties arise risks the reflect could on therefore, and, undertakes also these investors statements obligation from place actual Company what them circumstances undue subject reliance are or materially numerous that and this to after differ statements expect results to should no events not and might call. refers their results could you impact The financial filings Company that discussion operating future to and for detailed a more our risks conditions. SEC the of recent

release. in Boyd now believe presentation this turn with Lastly, our in in for during go I comparable prepared would today’s conference this earnings like the to of isolation will the GAAP sir. ahead, substitute results call, not they is Please be performance. recorded. or can event to evaluating company over be The our reconciliation in discuss information the which additional should accordance in useful being a considered as measures measures, Please Hoback. to non-GAAP GAAP available note,

Boyd Hoback

us Thank Chief is today. Ryan you, Financial on Zink, Officer. for Carl. Thanks, With everyone joining our call the me today

results. various financial Let me our then and initiatives Ryan on quarterly begin detail will progress on with a into and high our level overview results get more of

comparable North at even to sales comparable Times. store we storm XX For Carolina sales the lost first quarter Daddy's in decrease Good a including X.X% the to increase grew revenue though due closures in and days restaurant X.X% restaurant XX%, of Bad a in about

precipitation current temperatures related increase showed and were weather restaurant at year that fairly year weather Good having average of discounting that. year-over-year is some and a weather dramatic second above the average quarter. we're sales quarter our also of Times this comparisons that is competitive so decline middle X.X% trend as continued a the opposite. year We Daddy sales prior began with with last normalize over being and year comp things the end far through were sales after and to a by below by acceleration the comping estimate into Bad Weather we of impacted Our acceleration has most the continued further impacted the quarter the service that in major unusually last the quick factor, warm space. from aggressive the

we're leader, major While we're price a discounter. not a low

need product to both increase Good frequency the and However, we value we premium Times. of believe messaging for

weather had over again our season match sales seven sensitive and had with the into set holidays excellent what over we'll so records. not have quarters. February the January comp with early is we sales past Bad we've cable is and than product holiday more video much weeks the we're LTO balance about natural such ingredients. allows We us all messaging As premium a schedule hard seven radio six of beginning value to to this of own to quality larger the messages later plan every and heavy with the digital weekly radio stores reach and had several story brand extended year and which nearly media Daddy’s to our month television which shift shifting combine supporting high we for messages an all or

of one followed the opened average story. our ingredient with start in first maintained higher one on pace, part after monthly at XXXX the enhanced an stores slower another brand have their by than We than accelerating, and quarter. market a local while Daddy’s end and stores our of each Bad We first Two focused merchandise continue the have sales come and XXXX had of of fiscal we're our the chef's specials January, early at classic to after January two few very of others sales. have opening a in on the our that's high Xnd planned off partners end honeymoon our in quarter, and of

market joint reach stores on Our the we're while little opened brand our come are fourth average in and strong. below slower. our a January the on stores But we sales we've Xnd cash that few Raleigh positive sales. store in that targeted $X non-controlling over the markets store off started for open as few has are their partners newer annualized of grows awareness certainly interest target. million and will flow our This bit Raleigh at anticipate the the all those a per their eventually three sales we and the very pace in other market And had purchase along a week and venture to to and completed locations level,

believe a times XX% the to few effective XX% flow of markets, In opportunity practices to J.V. that the we've through there's addition multiple product we flow that perhaps trailing on an our implemented other in purchase we cash improvement of proven up, that scheduling flow can pricing the of XX partners, stream mature and purchased EBITDA that cash more that producing cash we another labor stream. around four from affect month in

to and stores are the it total company. three plan commitment, Tennessee, we've adjusted summer With Murfreesboro, a development remaining Alabama Huntsville, two good with stores, Charleston, our opening Carolina. South open think ‘XX fiscal this for for of in the So this five North we was deal capital which

our we anticipate continue provide early All in and existing the of those March for in over year guidance our southeast. that progresses, the construction markets April. be to XXXX new us We'll for but will as turned and fiscal on expectations growth will growth late in

sites combined non-controlling retail the for oriented strong this destination year, one, In along and daytime upscale addition on selection few for focus site employment more premier refining in dining co-tenancy, interest with and initiatives we shopping, demographics. of key entertainment, play. to the the income five purchase more the stores residential have opening upper and towards our or a interests Number with

successful the operation, core reduced and our average prep but house finding functions ingredients is the can believe that dynamics. our hours of odds our continue menu to new testing have over going that in lower items. two, stores for but without efficiencies per our compromising innovation, some XX improvement that kitchen house offset efficiencies culinary simplification and a hours selective and enhanced Number we we're those margin the back we and quality with front to equity margin and labor a the eliminations both of lower weekly we key outliers And and products with While along that throughout the through really and of house pipeline our through may labor equipment of include we high number same-store a We recently site line of on by that to few and of execution the working bar if quality that help grow mix are in elevation hours. are now, stick volume have technology a our products, sales number formula, particularly week. largely with And crew currently. we're back to brand on three on continued our products scratch additional

the points employee and our receive The assistant is see that fourth simply up model - we class right We advantage manager that few programs our as from with improved service to initiatives marks on key of improving very we want sales and increasing in with initiative play to of hospitality, enhanced culture, jacking points. some a currently our tools year that a tools. to that rewards, wage labor now We continue offset we is can basis our and without for improved competitive prior and training basis guests by communications. cost we've maintain some to believe and retention. have recognition in back and and advantage service quite wages house feedback practices labor XXX leverage that. we environment we XXX got training And but continue our Our embed best-in retention high will management core believe from and finally, help leveraging hospitality a competitive hiring competitive communication salaries and the increasing our

as off-premise to to implementation of DoorDash, in well that the Lo-Lo grow to we're sales percent X% over system-wide We're delivery. and take total profitability to optimize the [ph] implementation to expanded out X% of averaging of with of approximately on XX% Our as The total initiatives sales. grow sales, expect working total both continue in-house off-premise sales also the

on plan new that quarter last that got for menu now. of mentioned partially to detail program right in out guests technology our like delivery with XXXX. will the we're quarter. to guidance - And during third I implementation our quarter performance includes of fiscal pricing him. more leverage that our and loyalty a the for turn to a our financial provide separate rolled As it we've over balance Ryan, I'd We for of implementation

Ryan Zink

than Boyd. restaurant time. previous employees units points year. to base approximately increasing by versus Bad decrease several past positive basis the back of the sequentially X% labor the ended a base menu along one year's not quarter, ago period months fiscal same restaurant of fiscal sales That new enter decrease by restaurants increased for under prior to Thanks, to price increases quarter compared and last base. approximately $XX,XXX,XXX lower X.X% current primarily volumes, first the achieved quarter, over the Two opened will comp average up These overall basis, quarter. for are year average versus increases are Daddy’s year quarter XXX with Daddy's top a a have that That Cost XX.X% XX.X% at comp of the restaurants last in over We've from the unit year-over-year in included Bad year to XXX quarter beginning quarter. the the statutory higher slight sales approximately the sales this benefited million XXX Bad for was quarter. had to offset wages more costs end the the weeks versus year. this store on the base was quarter. during over stable in guidance. our unit partially XX.X% were last in lower This compared during of XX last increased at from of rather of quarter commodities Colorado the million quarter experienced last by restaurants in quarter. the where by inflation the comp quarter $XX and the wage basis was the Daddy's volumes the just and the on to quarter the house of increases due eight Bad wage same second first points X.X%. and impact of Daddy's deleveraging comp quarter the resulted approximately slightly due comps quarter from year a We since for unfavorable

to sales XX.X% level minimum restaurants and result million to non-GAAP $X,XXX,XXX the which we both and in January Bad of of measure was sales sequential Daddy’s as cost of $X.XX new As $X,XXX,XXX $XXX,XXX, the a or QX, took for minimum a restaurant to due sales, full of last another sales net for wage the profit place increase to Xst. million or a year, percent look XX.X% the expect we labor favorable increase a increase compared greater in on in other due impact the quarter the quarter Colorado, again Overall, approximately tipped wage restaurant coupled of open unit by expectations and paid and during of service the providers. quarter. a offset the was in earned At occupancy our under commissions of operating two the to $X.X by with combination fewer with restaurant the lower X.X% by just of costs during to comps, our million, percent delivery to line brand, sales, quarter, $XXX,XXX as decreased higher negative and $XXX,XXX volumes driven of Good sales, due Times which a for labor, restaurants

just traffic our over by units. decreased check XX% quarter just at For comparable measured counts, is the

mix costs for the impact favorable the Food natural at quarter, costs as decrease have shift. were last ago approximately of XX.X% fourth versus a our the kids discounted when for level of price with quarter, first - coupled our of discounting increase year successful Good lower quarter year's with all brand We and X.X% X.X% a quarter, we began year-over-year X.X% to meals. feel beef Times had versus menu run packaging we on reduced of promotion product, finally approximately

in a product year. in our our We to custard we expect Bambino’s of deleveraging approximately quarter from at unit XX.X% $XXX,XXX. to to increase operating the for primarily associated profit coupled QX cost same and XX.X% we average in the year, impact year versus declines costs quarter Good level due of for similar the of implement This at Total as is $XXX,XXX last from comp sales reduce with combination quarter lower labor the of the negative with the last the wage rate XX.X% same waste later of Times making reduce found volumes costs last initiatives year increased Good the process. sales. with the to Times decreased Restaurant

as the increases total Daddy’s a to Most this $X,XXX,XXX of expenses number a [ph] percent restaurants year, and $XXX,XXX sales are on costs year level a to of year. G&A associated occupancy in administrative higher including sales, compared of but increased during last of cost with million managers of X.X% Bad same and operating additional primarily million As fixed training X.X% percent result labor costs, X.X% by the the quarter last as the declined costs. declined to prior restaurant quarter the from the margin year, greater attributable from to the and in our in for deleveraging revenues versus year. General quarter last lower of

a Although do our continue we will expect a terms, G&A and XXXX we of in decline we declined as expand and out to percentage G&A to spending build fiscal as beyond, increase restaurants that of pace. expenses corporate that G&A our the currently dollar base throughout revenues have slower at anticipate

for loss were versus last $XXX,XXX of loss same year a the pre for increased net primarily This first the year. opening and Our opening net million expense. interest compared net quarter. $XXX,XXX expenses wider in $XXX,XXX was with due the quarter $XXX,XXX last depreciation was quarter G&A to $XXX,XXX in quarter loss Pre the

for $XXX,XXX EBITDA ‘XX QX $XXX,XXX. adjusted by decreased fiscal Our of to

controlling the closed which the we subsequent end on we of Boyd in to partner. to the transaction were As interests mentioned, the acquire non-controlling quarter the in entities three

loss revenue guidance We assumptions $XXX,XXX expect X% earnings negative to approximately slightly release, reiterated for press $XXX X% approximately today's current net for of the EBITDA the adjusted it we In included contribute is guidance our and was fiscal in and fiscal year this in acquisition to revenue release. run includes the that estimate to year both million million. in the provided the less the million same-store Good $XXX year Times. at with and revenues for of to of year fiscal of end sales revenue the rate overall for approximately negative $XXX approximately entire This to ‘XX

X% for We current positive XXXX. Daddy's in are Bad additional expect and of restaurants projecting fiscal Bad year, opened We've sales today Daddy's X% three of positive as restaurants fiscal open comparable of balance for the year. and two to during between Daddy's Bad the the

open during We quarter restaurants to expect year. these the three the fiscal fourth of

$X.X million prior our EBITDA range We of also reiterate guidance of $X.X the in adjusted million.

of the restaurants, deceleration to not conservatism XXXX volumes to EBITDA, we're out year corresponding for the current EBITDA the of we a for joint Although our guidance some by incremental given in expect venture of interests [ph] amount. minority class acquisition increasing the fiscal be of

G&A million We million million a continue of $X.X $X.X non-cash to $X.X to equity expenses, compensation includes which expect expense. approximately of approximately

million. to also pre-opening which that expect $XX include million and total used to of We $X.X $XX.X interests expenses approximately million J.V. would the of the million $X purchase we CapEx

facility million million our $XX.X and expect with drawn facility of the senior We $XX between yearend with Cadence. $XX quarter credit and our finished cash $X.X balance against million first to credit be on We our million $XX.X million.

balance related existing new excess to believe to total into that with of our remodels cash stores, we minor year next have cash will support CapEx coupled the units, facility recurring and needs our flow our and through and continue CapEx the will our that our We from this end year.

the turn Now to I'd like over Boyd. back to call

Boyd Hoback

We that Ryan. time questions. we'll again Thanks, us call open appreciate with and With for today. the ahead your operator, go

Operator

Stephens Inc. Will Slabaugh from comes your go question with first ahead Our Instructions] with [Operator question. Please

Will Slabaugh

guys. Thanks,

Boyd Hoback

can't Will. We end, anything our on hear

Will Slabaugh

about that. Sorry,

strength a January. another in Daddy’s, Bad that holiday on you and that Yes, continued give season try. then so around mentioned Let’s question the the

little what if might that curious those any like? look was you you talk more you've and to then credit what numbers I more about would around seen there, what So a bit color

Boyd Hoback

were we for lost we in the has Yes, last the think including XX the weather because that weather And effect, single attribute quarter, some as North hit some before every quarter's of sales for to been days X.X that at on talked it's we've I impactful mentioned in most the Carolina. very of the our certainly Times we weekend. of as Good call

certainly Bad that while out little is the nearly coming impactful the and Daddy holidays, holidays it into dramatic a of then So weather on of side, not it's as some bit. and the abated

that us day on, part think I the standpoint. was So I had of just from year, the of sales this we that Christmas it think is fell timing for favorable a

had impact fully was these so, push that. So it's digits or can't that I mid a weather single nine can we maintained fantastic. some really probably last very on that, which gotten Other that's We months, in up restaurants - in the a we quantify been since If our strong, big into for the else the There's opened weeks holidays six promotionally. six that's over over but comps. than embedded anything we doing exactly. us. that, staffing staffed. our We've haven't maintain

executing we were that during I time. well think

new better slates all of with the trained even ones. executing fully and management in teams we're full stores, our think I including now management

the that transactions. shift or trend. in It's shift. any mix hopeful been menu There largely we significant been continue we're can So really hasn't

Will Slabaugh

and at little you looking going customer that be made. about you're That's labor CapEx want more additional Can margin on to what cut that up to you I potentially of we hear. And happen? out need without finding follow might if the to add how hours those compromising on sort comment to you do a experience talk help about great equipment the bit and to planning on

Boyd Hoback

Yes, it's a good question.

than little I We've piece going rather relatively got vetted think on particularly have can't equipment [ph] that looking a the ways work. CapEx for minor. out don't has so we're that at and rather a our line, yet, think example. that bit of is inefficient be that will top some our it's say we just equipment to I more capabilities, We X so

of well But at really over changes the we've stages methods three, be we're and the including day ways in functions think scratch do on looking into out that functions not we be So line. we're maybe day got we're a the that is to sauces we've impact and already of that. our looking made batches state, prepping doing and items cook only than more and - that from to in some some is orders accelerate staging times efficient then at, might - to other been then labor, of the We've from technology terms our that us a got raw both on and in our I really in our do efficiencies we some and for one bit through prep there's incidents we the there's efficiencies and week we're it, on don't look front but not a find KDS timing scratch that. will primary better A through bit two our screens low the couple of of day to to equipment everything and taking come little more a We really lot size different of us times as line that And and test get of week able better able the want house. to the there and prep. on some basis. different is at we're all when really fairly at one of enables on pieces we're a to that using line on - as represent get We're ticket made, really now, of us dressings, little we've proteins looking the to efficiencies. different itself we planning hope for working some how house ways using in everything a a

Ryan Zink

couple think I of be might be just associated make these I there's in to points and that, some may other that. CapEx some definitely with a - cases going

filled and a Boyd of that these labor, kind out forecast of we've that comments require. house that in to provide, to, one. of think sales CapEx you manner increasing guest the or it’s - guidance would absorb think is go And so made kind hours of specifically some experience, I in if two it about some projects point we a then had sales require these CapEx full point our service can the related off-premise of around front doesn't the the to dining would that we

of to the labor house so And or over element front that there's sales a upon the to of – certain based out of go allocation and can come delivery.

Will Slabaugh

Thank it. you. Got

Operator

Company. our question with question. your Jeremy Dougherty with go ahead next & from And Hamblin comes Please

Jeremy Hamblin

hours, you margin delivery those or a accretive service to is – same you. wanted delivery time the following by in I the that, but rate economics or bit process, party or behind or give understanding are probably And Can not so. on you're on general Can last us feel us paying kind just some know, sales of not do start the a for on online service of take whether save delivery, and XX guys you the tell behind this at of economics you that whether on as you and not? third vendor the a Thank early a you point it? little up actually in

Ryan Zink

Jeremy. Sure,

is are extent, generally big and medium and think long seen short in in those run sales the those not to or measure I to the is question the incremental think are the run difficult sales. I that incremental we've to

accretive either sales, into sales. Colorado really them market high characterize extremely Now those they're think not But as and bifurcate non-Colorado. hot margin they are not of in margin I would non-Colorado cases. kind - margin high sales I'll in are and both we In

of the formula country. a a quite that have of the Now that more in differently bit we is incur Colorado labor, front it is getting or works because rid rest we're where than on don't the off-premise in cost expensive we cost bit higher rather house of the sales little

it think well I a - margin where not Colorado the is rest in as might in is be margin it's [ph] not full actually guest. so And the we're same It of as low XXX in as paying country it dine the an hour.

Beyond kind that, of target with commissions. I on you're for think the your percentage

of pricing between dine in if recoup We in are have in couple and we're do improve we test those to delivery. comments restaurants, -- profitability we exploring - that know increasing the don't and but quite a that differences beyond that. by Boyd, improve customer. frankly you if trying I of as price can offsetting the And understand to further increasing have the sales

Boyd Hoback

sales mix as delivery other any our thicker No have tends to we that part is to lower liquor - our liquor a obviously tends of points five than four only don't the costs. food and to costs run impact mix

little that we generally, kind we the using additional That's way. they're and overall margin goods tend cost tends higher on the to little have of plus cost on order feel on the think us be the And gross bit be game. in have some we be But delivery, certainly I that higher, like bit the - of orders so way a on to it. gross order to paper a people

I to picking challenge And see try operator and think profitable to And end ultimately make now up from think is fees I and the more I the and can. going that evolve, pricing delivery is it our you'll as have the think in to charge. more to think as up more business continues I layered as standpoint. we customer

Jeremy Hamblin

been Okay. to And just there's Times X% I from the the to X%. change wanted to, to X% X% guidance, weather about that. some down to to want and then I how think down to understand challenges Good come know

a we compare? QX built in know well. of [ph] thinking about some thinking you're of we X lapping then single into minus QX as how in be kind or X, be QX, the you your QX QX, high like X by QX should this far is like digit Given and easiest down here obviously Because should in plus

Boyd Hoback

our down January. think to more weather expectation. Yes. give anticipate as details snow. year as six and little it, differences yesterday's though the mid-February, will And my earlier degrees move middle is of don't an of in it impact be high second weather notwithstanding zero normalize the to [ph] I'll began of this look let normalize digit I Through extraordinarily in. Things warm some and by and - We was I here inches the at a a mentioned in fall had to over even last pretty we certainly generally Ryan single that with not year comments, begin year on we summer long quarter Indian year but dramatic. weather as that our Jeremy bit was we're the we not going

hopefully pretty get being add... to We to want able quickly. here expect back Ryan, start you to to flat

Ryan Zink

for I what QX the then by two --, plus improves have experienced as say kind in we to think the mean, and thought by improves I model QX, QX I end QX. in I assumed flat comps plus similar the I guidance QX Yes, it one Jeremy, throughout of the throughout quarter, to in and and think I'd of

Boyd Hoback

a pretty we that. marketing will than two beginning with that in presence would again little and compelling We've bit Now I value weeks with new shift be every say that here product weeks a got messaging - we weeks good that the traction we're media. here three seven think hard get can little more on better in in bit about hopeful rotating

do bit little a can out. just laid what we hopefully than Ryan better So

Jeremy Hamblin

strong in could be of wanted hear opening I explore to improve initiatives in to selection? a But to happy your done have of And commentary, of is some get assurance is something maybe that just start. the Okay. BD so -- Wanted I the that. then much know that in view just site a January results you key this latest volatility results on to there's higher to terms off to there help positive that the have why locations. else

Boyd Hoback

out. obviously No, And we've $X we've we others big when again, in the million and to get stores - range, obviously it's question. opened key have million in that we've opened the are and $X the one that's figured are sustaining range that open

I income, airing be think common I get higher will to comment if towards higher I is one that that were one generalization the or denominator think demographic that to we sites.

the that our yet. We're us. really We're and a party be wish And store go better working do deep dive can outliers ops understand big some we trying all a well resources of the not upper tell going hit but third from got that to It's to to now. great Roswell variables we're that our I both to middle to going answer all it to income, But I thought and have one opening. what was do kind that you. our that even target. As team going to and middle we slower on then data I in seen opening with in a the even for try for store of to have quite the Atlanta some stores demographics, just to thought find for in open. we and own up some reason example been hard now store resources mentioned It's and was try and the had open that income. teams volume right our right

where four now coming brand that some is got opposed to although of markets, are not it of in volume of dynamics in dynamics new ones that had the we've four averaging site Raleigh as part in the opened are of total, awareness, of different some off not think those that stores. we've at some of we've got The these stores I $X the high of the million these that volume. from have high other

brand we're and how is so figure trying to awareness it it dynamics. site much And how of out of is much

Jeremy Hamblin

Okay…

Boyd Hoback

better If a [ph] is. I I answer. that's it dancing had - if that's wish

Jeremy Hamblin

Thanks Good for thanks. right, time All the luck. guys.

Boyd Hoback

Thanks, Jeremy.

Ryan Zink

Jeremy. Thanks,

Operator

with ahead Maxim from with comes Steven question. [Operator Group. Instructions] your go our And next Anderson Please question

Steven Anderson

I more Times. kind similar going Yes, magnitude I have afternoon. bottom expect questions, saw labor Good what And affect specifically last with of the to into fiscal two labor often have to good I we how line address We move Colorado and ’XX? a year, can follow-up. our a actually your and wanted

Boyd Hoback

XXXX more much statutory supply one statutory demand absorb wage the increase average and to influence beginning been the increase. as wage of last statutory have Colorado, We on The of has think an have in increase as the minimum annual that and increases. that's we wage I the

make X% increase so We seeing dollars. that bit. not to to but that of And terms to a year up to to out about we've think in to price going more increase little X.X% a X% that takes year. begin that's level in been X% us It margin,

another Ryan, continue a little margin see to going on here we're I be our the to bit wise but try Certainly so weather traffic to And a side. can as think regain a and the we'll pricing comps assuming half point… more we, aggressive we point normalize,

Ryan Zink

yes. For next year,

Steven Anderson

just to any plans you part to factor Okay. Do Daddy’s? I a years also in. I and in the - and business would mentioned bad That other how Bad have do your any about days delivery delivery liquor liquor and was over was

Boyd Hoback

to love we… it's illegal liquor but We'd here and where delivery, do

Ryan Zink

In option us, the we that not it’s operate states an for –

Boyd Hoback

brew and yes, own question the packaged Steven? your It’s not so on an site is part, What no. that goods. can option deliver unless answer to was second But unless you the I think,

Steven Anderson

and I lunch price have business, - anything is, if seen what second doing some calls wanted the test? Well, points, to to looking lunch just you have pass that menu that the of ask, get specific part lower from lower maybe traffic, once at about were talk couple I a you wanted know

Boyd Hoback

little couple Yes, hasn't have stores pace, drink bit along and stores interest along an particularly on and in specials we the dramatic. Those a happy middle that we're - better hour still doing. if couple been expanded standpoint. them a same lower volume been happy transaction hour that happy not a and of menu have from the coming at It with

point it build. doing high to impact. at of people It's once see ordering it's hard really incidents can that of if continue time think and over that make in price I big we'll a one to an terms fairly

to going to get I think it's it.

that message think going of is time I to value embedded. get it's to kind no… take some There

Steven Anderson

to… Outreach

Boyd Hoback

Sorry go ahead.

Steven Anderson

Okay.

came Just want to up. [indiscernible] probably and finish up by question

Boyd Hoback

Go ahead.

Steven Anderson

that the point, five to that you're want you're fiscal to looking is five or at going question is pursue? think selling unit - at and site developments final be at into this pushed I using, on matter that to My is you're looking maybe six, ‘XX unit mostly is that a being sixth

Boyd Hoback

versus they're lower did Raleigh developments, kill certainly into of as one. But all delivered. the bit the We a set well pushed signed they're interests are out be gotten the we'll we'll sixth that And of again minority deeper our going more but drivers this into but both. did of coming all we've to provide sites quarter And did little this stores five their construction, the was the on interests one A last so on combination and we're by a to fall volume guidance, the couple high have with the to ahead we've market. well. volume all the new confident got this have impacted fall. non-controlling a we understand in trying and They're our transaction open. It buying going get as here also that e then into couple

Steven Anderson

on Is fiscal there? pipelines comment it ‘XX your early to to - going ‘XX be too what is

Boyd Hoback

that for development, work Yes, south-eastern guidance we're markets all any to one. mostly given on that is that existing I we say on can but haven't continue

to the for So a out that pace expect. delay us little it's still and the bit early we number

Steven Anderson

you. All right. Thank

Boyd Hoback

Thanks, Steven.

Operator

thank may our conference, lines. presentation. question-and-answer session. to questions. you time, want no Seeing for your we this today's And disconnect further attending Thus concludes that are concluding today's at you This there

Good Times Restaurants (GTIM) 8 Feb 192019 Q1 Earnings call transcript