-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I3C0EKsCrGeqCY/3XlvmDWFomivVBgHuCW6ZwgGPaGIYPjxO6e/D3YWqwUungNdG JV6fwdGjyFWMaVCYqIDluQ== 0000008734-00-000004.txt : 20000307 0000008734-00-000004.hdr.sgml : 20000307 ACCESSION NUMBER: 0000008734-00-000004 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990902 FILED AS OF DATE: 20000306 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMBASSADOR FOOD SERVICES CORP CENTRAL INDEX KEY: 0000008734 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 440656199 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-01744 FILM NUMBER: 561621 BUSINESS ADDRESS: STREET 1: 3269 ROANOKE ROAD CITY: KANSAS CITY STATE: MO ZIP: 64111 BUSINESS PHONE: 8165616474 MAIL ADDRESS: STREET 1: 3269 ROANOKE ROAD CITY: KANSAS CITY STATE: MO ZIP: 64111 FORMER COMPANY: FORMER CONFORMED NAME: AUTOMATIQUE INC DATE OF NAME CHANGE: 19890810 10QSB 1 FILING FOR 10-QSB AMBASSADOR FOOD SERVICES CORPORATION 3269 Roanoke Road Kansas City, Missouri 64111 March 6, 2000 Securities and Exchange Commission Washington, D.C. 20549 Gentlemen: Pursuant to the requirements of the Securities Exchange Act of 1934, we are transmitting herewith the attached Form 10QSB. Sincerely, Daryl Roecker Daryl Roecker Controller SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-QSB QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended September 2, 1999 Commission File Number 0-1744 Ambassador Food Services Corporation Delaware 244-0656199 (State or other (IRS Employer jurisdiction of Identification #) incorporation or organization) 3269 Roanoke Road Kansas City, Missouri 64111 (Address of principal executive offices) 816-561-6474 (Registrant's Telephone Number, Including Area Code) No changes (Former Name, Former Address, and Former Fiscal Year, if Changed Since Last Report) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past ninety days. YES _ NO__X__ Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the close of the period covered by this report: Common Stock ($1.00 par value) 737,556 shares outstanding as of 09/02/99. AMBASSADOR FOOD SERVICES CORPORATION AND SUBSIDIARIES I N D E X PART 1. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets September 2, 1999 (Unaudited) and June 3, 1999 4 Consolidated Statements of Income Three months ended September 2, 1999 (Unaudited) and August 27, 1998 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows Three months ended September 2, 1999 (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 6-7 Signatures 7 AMBASSADOR FOOD SERVICES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS 9/2/99 6/3/99 ASSETS Cash 159,789 238,410 Accounts & Notes Receivable 1,092,621 958,549 Inventories 532,818 538,978 Other Current 129,702 90,288 Total Current Assets 1,914,930 1,826,225 Property Plant and Equip. - Net 1,765,180 1,824,128 Location Contracts 238,742 242,482 Other Long Term Assets 595,586 549,698 Total Assets 4,514,438 4,442,533 LIABILITIES AND STOCKHOLDERS' EQUITY Trade Accounts Payable 1,827,023 1,819,354 Accrued Expenses and Other 504,974 665,348 Current Maturities of Long-Term Debt 599,368 480,554 Line of Credit 559,219 417,490 Total Current Liabilities 3,490,584 3,382,746 Long-Term Debt 893,130 1,114,798 Other Long-Term Liabilities 349,322 347,933 Stockholders' Equity: Common Stock 1,009,230 1,009,230 Additional Paid-In Capital 718,291 718,291 Retained Earnings (1,616,664) (1,801,010) 110,857 (73,489) Less Treasury Stock (329,455) (329,455) (218,598) (402,944) Total Liabilities & Stockholders' Equity 4,514,438 4,442,533 Note: The balance sheet at June 3, 1999 has been taken from the audited financial statements at that date, and condensed. See accompanying notes to consolidated condensed financial statements. AMBASSADOR FOOD SERVICES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 9/2/99 Net Cash provided (used) By continuing operations $159,975 Net Cash provided (used) By investing activities (390,165) Net Cash provided (used) By financing activities 151,569 Net Increase (Decrease) in Cash ($78,621) Cash: Beginning of period (June) $238,410 End of period (November) 159,789 CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited) 13 Weeks 13 Weeks Ended Ended 9/2/99 8/27/98 Total Revenue: $4,486,901 $4,466,971 Costs of Products Sold 2,000,661 1,887,928 Payroll Expense 1,153,377 1,232,242 Operating 565,401 566,868 Administrative 544,535 649,418 Depreciation and Amortization 116,214 114,863 Interest 62,952 75,530 Total Expenses 4,443,140 4,526,849 Income from Cont. Ops. (BIT) 43,761 (59,878) Provision for Income Taxes 0 0 Net (Loss) Earnings $43,761 ($59,878) Earnings per common share $.06 ($.08) AMBASSADOR FOOD SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The condensed consolidated balance sheet as of September 2, 1999, the consolidated statements of income for the three month periods ended September 2, 1999, and August 27, 1998, and the condensed consolidated statements of cash flows for the three month periods then ended have been prepared by the company, without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 2, 1999 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's June 3, 1999 annual report to shareholders. The results of operations for the periods ended September 2, 1999 and August 27, 1998 are not necessarily indicative of the operating results for the full year. 2. INVENTORIES Inventories consist of raw materials and supplies. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION Revenues for the three months ended September 2, 1999 increased $19,930 or 4% over the same period for 1998. The increase in sales in the Des Moines, Ia, Lawton, OK locations offset the substantial decrease in sales in the Kansas City location due to accounts lost to competition and the expiration of short term food and maintenance contracts in the New York division. Cost of products sold increased as a percentage of sales from prior year levels due to a decline in margins in the Company's East Coast operations. Labor costs have decreased through staff reductions. Financing continues to be available for necessary capital investment through the Company's equipment suppliers. The Company's debt service obligations and required payments on accrued expenses exceed cash flow from operations. Because of this, management continues to reduce operating costs and improve purchasing. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, there-unto duly authorized. AMBASSADOR FOOD SERVICES CORPORATION (Registrant) By_____________Date__ ______ Robert A. Laudicina President By______________Date_ ______ Daryl Roecker Controller -----END PRIVACY-ENHANCED MESSAGE-----