-----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, R40NWh4UIoB1NmTwY0+fXTGc3TRTAQZY+9jbDoqCFJ3ZQmKEJDg4CG0uDiJxpeid wBcWgTF6RAVwKrbU0onUJw== 0000008734-00-000006.txt : 20000310 0000008734-00-000006.hdr.sgml : 20000310 ACCESSION NUMBER: 0000008734-00-000006 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980827 FILED AS OF DATE: 20000309 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/A SEC ACT: SEC FILE NUMBER: 000-01744 FILM NUMBER: 564708 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/A 1 AMBASSADOR FOOD SERVICES CORPORATION 3269 Roanoke Road Kansas City, Missouri 64111 March 9, 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 Amended. Sincerely, Daryl Roecker Daryl Roecker Controller SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 Form 10QSB QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter ended August 27, 1998 Commission File Number 0-1744 Ambassador Food Services Corporation Delaware 244-0656199 (State or other jurisdiction of (IRS Employer 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____X__ NO_________ 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) 737,656 shares outstanding as of 8/27/98. AMBASSADOR FOOD SERVICES CORPORATION AND SUBSIDIARIES INDEX Part 1. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets August 27, 1998 (Unaudited) and May 28, 1998 4 Consolidated Statements of Income Three Months ended August 27, 1998 (Unaudited) And August 28, 1997 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows Three months August 27, 1998 (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 ASSETS 8/27/98 5/28/98 Cash 258,977 271,709 Accounts & Notes Receivable 1,258,158 1,492,466 Inventories 489,693 483,999 Other current 424,531 134,961 Total Current Assets 2,301,359 2,383,135 Property Plant and Equip - Net 1,756,979 1,810,984 Location Contracts 250,283 253,345 Other Long Term Assets 1,163,465 1,138,645 Total Assets 5,472,086 5,586,109 LIABILITIES AND STOCKHOLDERS' EQUITY Trade Accounts Payable 1,971,762 1,955,896 Accrued Expensed and Other 517,083 678,243 Current Maturities Of Long term debt 665,675 864,904 Line of Credit 402,229 721,929 Total Current Liabilities 3,566,749 4,220,972 Long-Term Debt 1,151,669 646,803 Other Long-Term Liabilities 402,229 405,577 Stockholders' Equity: Common Stock 1,009,230 1,009,230 Additional Paid-In Capital 718,291 718,291 Retained Earnings (1,038,284) (993,328) 689,237 734,193 Less Treasury Stock (322,186) (321,436) 367,051 412,757 Total Liabilities & Stockholders' Equity 5,472,086 5,686,109 Note: The balance sheet at May 28, 1998 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) 8/27/98 Net Cash provided (used) By continuing operations 34,813 Net Cash provided (used) By investing activities (60,858) Net Cash provided (used) By financing activities 13,313 Net Increase (Decrease) in Cash (12,732) Cash: Beginning of period 5/28/98 271,709 End of period 8/27/98 258,977 CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited) 13 Weeks Ended 13 Weeks Ended 8/27/97 8/27/98 Total Revenue: $5,052,142 $4,466,971 Costs of Products Sold 2,067,485 1,887,928 Payroll Expense 1,322,945 1,232,242 Operating 719,739 566,868 Administrative 729,489 649,418 Depreciation and Amortization 132,469 114,863 Interest 95,192 75,530 Total Expenses $5,067,319 $4,526,849 Income from Cont. Ops. (BIT) ($15,177) ($59,878) Provision for Income Taxes 0 0 Net (Loss) Earnings ($15,177) ($59,878) Earnings per common share ($0.02) ($0.11) AMBASSADOR FOOD SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANACIAL STATEMENTS (Unaudited) 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The condensed consolidated balance sheet as of August 27, 1998, the consolidated statements of income for the three month periods ended August 27, 1998, and August 28, 1997, and the condensed consolidated statements of cash flows for the three month periods then ended have been prepared by the company without any 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 August 27, 1998 and for all period 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 and notes thereto included in the Company's May 28, 1998 annual report to shareholders. The results of operations for the periods ended August 27, 1998 and August 28, 1997 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 RESULT OF OPERATION Revenues for the three months ended August 27, 1998 showed a decrease of 11.6% compared to the same period for 1997. This decrease of $585,171.00 reflects lower sales in the Company's Kansas City operations due to account lost to competitors and also in the New York food service division which had certain short-term contracts which ended in the late part of fiscal 1998. Costs of products sold and operating costs increased as a percentage of sales from prior year levels due to a decline in margins in the Company's East Coast operations. Management has taken steps to improve margins through staff reductions and improved purchasing. 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 has pursued financing though private sources to meet the Company's short-term cash needs. 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_________________________ Robert A. Laudicina Date President By_________________________ Daryl Roecker Date Controller -----END PRIVACY-ENHANCED MESSAGE-----