Good Times Restaurants Inc. (NASDAQ: GTIM) today announced a limited time offer menu of Hatch Valley New Mexico green chile items and an expanded test of its Hatch Valley breakfast burritos. The limited time menu consists of Green Chile Cheese Fries, a Green Chile Slider and a unique Green Chile Burger or Chicken with our green chile chutney and whole roasted green chiles.
Commenting on the new menu items, President & CEO, Boyd Hoback said, “Over the course of the last year, we tested every authentic green chile recipe in the market and developed an authentic roasted green chile flavor that has both a wide appeal but that has the kick of a true green chile found at most of the smaller genuine Mexican restaurants. The limited time offer menu coincides with the Hatch Valley Green Chile season and we plan on running it through October.”
The Company also reported that it has expanded its test of $2 Hatch Valley New Mexico Green Chile Breakfast Burritos to four restaurants in anticipation of a system-wide rollout later in 2012. Hoback added, “We did not want to come to market with another breakfast menu that is available at every other quick service restaurant but wanted to enter the daypart with a truly unique proposition that is consistent with our brand of providing innovative, authentic, regional flavors. Our initial goal is incremental sales of 6%, which we’ve achieved in test, with a longer term goal of over 10% incremental sales from the breakfast daypart. Our product and operations team have done a fantastic job of developing a simple menu of four authentic green chile burritos, all available at $2 each with a very profitable labor model. It’s a great value for the customer and comparable products are only available at the smaller Mexican restaurants. We estimate that at 8% of sales, it will generate an additional $1 million in profit to our system of restaurants with a low breakeven sales hurdle.”
The Breakfast Menu consists of four green chile burritos available with Egg, Potato & Cheese and the addition of your choice of Chorizo, Sausage or Bacon and also includes Daz Bog coffee and fresh orange juice. Daz Bog is a premium Colorado coffee available in retail stores and at restaurants.
Good Times is a regional chain of quick service restaurants located primarily in Colorado providing a menu of high quality all natural hamburgers, 100% breast of chicken sandwiches, fresh frozen custard, fresh lemonades and other unique offerings. Good Times currently operates and franchises 41 restaurants.
This press release contains forward-looking statements within the meaning of federal securities laws. The words “intend,” “may,” “believe,” “will,” “should,” “anticipate,” “expect,” “seek” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, which may cause Good Times’ actual results to differ materially from results expressed or implied by the forward-looking statements. These risks include such factors as the uncertain nature of current restaurant development plans and the ability to implement those plans, delays in developing and opening new restaurants because of weather, local permitting or other reasons, increased competition, cost increases or shortages in raw food products, and other matters discussed under the “Risk Factors” section of Good Times’ Annual Report on Form 10-K for the fiscal year ended September 30, 2011 filed with the SEC. Although Good Times may from time to time voluntarily update its forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
INVESTOR RELATIONS CONTACTS:
Boyd E. Hoback, 303-384-1411
President and CEO
Christi Pennington, 303-384-1440
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