Good Times Restaurants Inc. (GTIM) saw its loss narrow to $0.63 million, or $0.05 a share for the quarter ended Dec. 27, 2016. In the previous year period, the company reported a loss of $1.12 million, or $0.09 a share.

Revenue during the quarter grew 19.63 percent to $16.56 million from $13.84 million in the previous year period. Gross margin for the quarter expanded 204 basis points over the previous year period to 9.53 percent. Operating margin for the quarter stood at negative 2.86 percent as compared to a negative 6.72 percent for the previous year period.

Operating loss for the quarter was $0.47 million, compared with an operating loss of $0.93 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $0.47 million compared with $0.24 million in the prior year period. At the same time, adjusted EBITDA margin improved 108 basis points in the quarter to 2.85 percent from 1.77 percent in the last year period.

Boyd Hoback, president and chief executive officer said "Given the ongoing macro consumer spending and competitive discounting challenges in both segments in which we operate, we are right on track with our expectations for our same store sales and operating margins. For the first six weeks of our second fiscal quarter, Bad Daddy's same store sales are +2.3% and Good Times are -1.6%. We've opened two new Bad Daddy's so far this year, with our latest in Fayetteville opening at near record sales volumes. We have two more Bad Daddy's under construction in Colorado, one under construction in Raleigh, North Carolina with two leases awaiting developer turnover to us in Charlotte, North Carolina, and we are finalizing leases in Atlanta, Nebraska and Oklahoma for fiscal 2017 and 2018 development. We have one new Good Times under construction in Greeley, Colorado that will open in March."

For financial year 2017, Good Times Restaurants Inc. expects revenue to be in the range of $78 million to $80 million.