-----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, NP6dw0SItHLNcDTLwHuSvW6ogyG1bxrbbuHM3HKz5W5eU6gIoCaHYf55BOay6zb0 kGFWwFv+EO+i2Uy0MedMVw== 0000008734-00-000010.txt : 20000419 0000008734-00-000010.hdr.sgml : 20000419 ACCESSION NUMBER: 0000008734-00-000010 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000302 FILED AS OF DATE: 20000418 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: 603701 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 April 18, 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 March 2, 2000 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______ 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 3/02/00. AMBASSADOR FOOD SERVICES CORPORATION AND SUBSIDIARIES INDEX Part 1. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets March 2, 2000 (Unaudited) and June 3, 1999 4 Consolidated Statements of Income Nine Months ended March 2, 2000 (Unaudited) And February 25, 1999 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows Nine months March 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 ASSETS 3/2/00 6/3/99 Cash 280,029 238,410 Accounts & Notes Receivable 1,125,136 958,549 Inventories 544,476 583,978 Other current 193,480 90,288 Total Current Assets 2,143,120 1,826,225 Property Plant and Equip - Net 1,646,254 1,824,128 Location Contracts 251,472 242,482 Other Long Term Assets 454,467 549,698 Total Assets 4,495,314 4,442,533 LIABILITIES AND STOCKHOLDERS' EQUITY Trade Accounts Payable 1,509,616 1,819,354 Accrued Expenses 481,614 665,348 Current Maturities Of Long term debt 702,438 480,554 Line of Credit 592,907 417,490 Total Current Liabilities 3,286,575 3,382,746 Long-Term Debt 1,385,580 1,114,798 Other Long-Term Liabilities 169,895 347,933 Stockholders' Equity: Common Stock 1,009,230 1,009,230 Additional Paid-In Capital 718,291 718,291 Retained Earnings (1,744,802) (1,801,010) (17,281) (73,489) Less Treasury Stock 329,455 (329,455) (346,737) (402,944) Total Liabilities & Stockholders' Equity 4,495,314 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) 3/2/00 Net Cash provided (used) By continuing operations ($317,669) Net Cash provided (used) By investing activities (146,351) Net Cash provided (used) By financing activities 505,639 Net Increase (Decrease) in Cash $ 41,619 Cash: Beginning of period (June) 238,410 End of period (February) 280,029 CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited) 39 Weeks Ended 39 Weeks Ended 3/2/00 2/25/99 Total Revenue: $12,892,606 $13,174,003 Costs of Products Sold 5,928,312 5,591,388 Payroll Expense 3,302,964 3,612,341 Operating 1,583,096 1,632,995 Administrative 1,531,218 1,900,813 Depreciation and Amortization 356,505 350,677 Interest 218,808 224,030 Total Expenses $12,920,903 $13,312,244 Income from Cont. Ops. (BIT) 61,703 (138,241) Provision for Income Taxes 0 0 Net (Loss) Earnings $ 61,703 (138,241) Earnings per common share $0.08 ($0.19) 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 March 2, 2000, the consolidated statements of income for the nine month periods ended March 2, 2000, and February 25, 1999, and the condensed consolidated statements of cash flows for the nine 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 March 2, 2000 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 June 3, 1999 annual report to shareholders. The results of operations for the periods ended March 2, 2000 and February 25, 1999 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 nine months ended March 2, 2000 showed a decrease of $191,397 or 1.5% compared to the same period for 1999. Lower sales in the Company's Kansas City operations due to accounts lost to competitors and the expiration of short-term contracts in the maintenance service in the first quarter of fiscal 1999 in the New York/New Jersey area. Sales for the company's other branches were up 6.2% for the nine-month period. Cost of product sold increased as a percentage of sales from prior year levels due an unfavorable change in sales product mix and decrease in sales of maintenance services. Product cost is not incurred in maintenance service, only labor and operating costs. Labor, operating, administrative, and interest costs for the nine-month period are $734,000 or 10% less than the same period for 1999. Management continues to reduce operating costs, improve purchasing and increase selling prices. 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 converted some of the current debt to long-term debt. Working capital has improved by $413,000 since June 3, 1999. 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-----