Good Times Restaurants Inc. (GTIM) Earnings Call Transcript & Summary

Good morning, and welcome to the 2021 Annual Shareholders Meeting of Good Times Restaurants Inc. I'm Ryan Zink, CEO of Good Times Restaurants, and it is my pleasure to welcome you here today for this meeting and to introduce the Chairman of our Board of Directors, Geoff Bailey.

Thank you, Ryan, and welcome, everyone. Thank you for joining us today. We're excited to be hosting our virtual meeting, which allows us to be more inclusive and reach a greater number of our shareholders. We have shareholders attending via the web portal and the 800 number that we have provided. As is our custom, we will conduct the business portion of our meeting first and answer questions at the end of the meeting. Though we may not be able to answer every question, we'll do our very best to respond to as many as possible. In keeping with the digital approach to this year's meeting, it is now shortly after 10:00 Mountain Time on February 9, and this meeting is officially called to order. I'm now going to introduce other members of the Board that are attending today's meeting. I am Geoff Bailey, a Director nominee currently serving as the company's Chair. I'd also like to introduce you to my fellow directors, Charlie Jobson, Jason Maceda and Bob Stetson. Now I'm going to turn the meeting back over to Good Times Restaurants' Chief Executive Officer, Ryan Zink. I have requested that Ryan present the business portion of today's meeting. Ryan?

Thank you, Geoff. And I will just, as a formality, correct the time. It is shortly after 9:00 a.m. Mountain Time on February 9. Today, we are also joined by [ Christine Amri ], who has taken the oath of Inspector of Election and will act as an Inspector of Election for today's meeting. After the formal meeting has been adjourned, we will provide time for general questions. Only validated shareholders may ask questions in the designated field on the web portal. [Operator Instructions] Please note that this meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device. The Board of Directors fixed December 11, 2020, as the record date for determining shareholders entitled to vote at this meeting. An affidavit has been delivered attesting to the fact that either: one, a notice of Internet availability of the notice of the meeting, the proxy statement and the 2020 annual report to stockholders; or two, the documents themselves were distributed on or about December 18, 2020, as supplemented on January 25, 2021, to all shareholders as of the record date and will be incorporated into the minutes of this meeting. The shareholder list shows that as of the record date, there were 12,660,332 shares of common stock outstanding and entitled to vote at this meeting. We are informed by the Inspector of Election that there are represented in person or by proxy shares of common stock representing 9,824,682 votes or approximately 77.79% of the voting power on the record date. Since this represents more than a majority of the voting power of all issued and outstanding stock entitled to vote on the record date, a quorum is present for purposes of transacting business. Now on behalf of our Board of Directors, I will present the matters to be voted upon. If you have questions or comments specific to the proposals, please enter them now into the web portal. I will pause momentarily after all proposals have been presented prior to opening up the polls. Proposal 1, to elect 4 directors of the company to serve until the 2022 Annual Meeting of Shareholders or until their successors are duly elected and qualified for the next year. The Director nominees are Geoff Bailey, Charlie Jobson, Jason Maceda and Bob Stetson. As indicated in the proxy statement, the Board of Directors recommends the shareholders elect the Director nominees. Proposal 2, to consider and approve an amendment to the company's 2018 Omnibus Equity Incentive Plan to increase the number of shares of the company's common stock available for issuance thereunder from 750,000 shares to a total of 900,000 shares. As indicated in the proxy statement, the Board of Directors recommends the shareholders vote in favor of this proposal. Proposal 3, to ratify the appointment of Moss Adams LLP as the company's independent registered public accounting firm for the fiscal year ending September 28, 2021. As indicated in the proxy statement, the Board of Directors recommends the shareholders vote in favor of this proposal. As indicated in the proxy statement, representatives of Moss Adams are participating today and available to answer questions you may have for them during the Q&A session. At this time, I'll pause for a few minutes. It appears that there are no questions or comments specific to the proposals at this time. The polls are, therefore, now open. Any shareholder who haven't yet voted or wishes to change their vote may do so by clicking on the Voting -- Vote button on the web portal and following the instructions provided there. Shareholders who have sent in proxies or noted via telephone or Internet and do not want to change their vote do not need to take any further action. I will pause now for voting. [Voting]

Now that everyone has had an opportunity to vote, I declare the polls of the 2021 Good Times Restaurants Inc. Annual Shareholder Meeting closed. We have been informed by the Inspector of Election that the preliminary vote report shows that the nominees for election to the Board have been duly elected, the amendment to the company's equity incentive plan to increase the number of shares of the company's common stock for issuance to 900,000 shares has been approved and the ratification of the appointment of Moss Adams LLP as the company's independent registered public accounting firm has been approved. We will be reporting the final vote results in a Form 8-K to be filed within 4 business days. There being no further business to come before the meeting, the 2021 Annual Meeting of Stockholders of Good Times Restaurants Inc. is now adjourned. I will make a few final remarks, and then we'll allow for time for question and answers. 2020 was a difficult year for the industry, and it was just about 11 months ago that fear wrapped not just the industry but the world as the world nearly shut down. Things have improved since then throughout the industry and throughout the world. And through the hard work of our team members, quick decision-making and a bit of good luck, we survived and we kicked off 2021 with the industry-leading sales trends at both brands. Last week, we had an earnings call to discuss the performance of our quarter ended December 29, 2020. A replay is available on our website. As is my custom, I want to thank those in our restaurants that each shift of each day are working to execute the concepts flawlessly and to create experiences for our guests that draw them back each time for another visit. Thank you so much. And with that, I will open for questions and answers. We will take shareholder questions that are being entered today on the web portal. Please note that we'll attempt to answer as many questions as time allows, but only questions that are germane and relevant to the meeting will be addressed. I do not see that any questions have been entered into the portal. And with that, we will close our call today. Thank you so much.

Thank you.