-----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, HwhK1ZxcrF7p/9Ci+Et7COFl7gQoHLNg2L2n+6tQ6ffaiKWiBSGsWwjDdT3j2I64 J5L7JvDUSQUguJHHaTwoPw== 0000893877-96-000161.txt : 19960620 0000893877-96-000161.hdr.sgml : 19960620 ACCESSION NUMBER: 0000893877-96-000161 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960424 FILED AS OF DATE: 19960619 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOMETOWN BUFFET INC CENTRAL INDEX KEY: 0000910558 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 330463002 STATE OF INCORPORATION: DE FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-22402 FILM NUMBER: 96583073 BUSINESS ADDRESS: STREET 1: 9171 TOWNE CENTRE DR STREET 2: STE 575 CITY: SAN DIEGO STATE: CA ZIP: 92122 BUSINESS PHONE: 6195469096 MAIL ADDRESS: STREET 1: 9171 TOWNE CENTRE DRIVE STREET 2: SUITE 575 CITY: SAN DIEGO STATE: CA ZIP: 92122 10-Q/A 1 FORM 10-Q/A, AMENDMENT NO. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q/A AMENDMENT NO. 1 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 24, 1996 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to_____ Commission File Number: 0-22402 HOMETOWN BUFFET, INC. (Exact name of registrant as specified in its charter) DELAWARE 33-0463002 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation of organization) 9171 TOWNE CENTRE DRIVE, SUITE 575 SAN DIEGO, CALIFORNIA 92122 (Address of principal executive offices) (Zip Code) (619) 546-9096 (Registrant's telephone number, including area code) 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 12 months (or for such shorter period that the registrant was required to file such reports), and (2) had been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Number of shares of Common Stock outstanding as of May 29, 1996: 11,615,304 TABLE OF CONTENTS Item in Form 10-Q Page No. --------- -------- PART I FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheets- April 24, 1996 and January 3, 1996..................................3 Consolidated Income Statements- Sixteen Weeks Ended April 24, 1996 and April 19, 1995 .....................................................4 Consolidated Statements of Cash Flows- Sixteen Weeks Ended April 24, 1996 and April 19, 1995......................................................5 Notes to Consolidated Financial Statements..........................6 Signature...........................................................7 2 PART I FINANCIAL INFORMATION
HOMETOWN BUFFET, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) April 24, January 3, ASSETS 1996 1996 ------------ -------- (Unaudited) Current assets: Cash and cash equivalents........................................ $ 2,420 $ 1,155 Short-term investments........................................... 20,834 27,828 Receivables...................................................... 2,707 2,830 Inventories...................................................... 1,162 1,094 Prepaid expenses................................................. 1,018 865 Pre-opening costs................................................ 1,689 1,784 ------- ------- Total current assets........................................... 29,830 35,556 Property and equipment, net........................................ 112,353 107,946 Other assets....................................................... 3,323 2,355 ------- ------- $ 145,506 $ 45,857 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable, trade.......................................... $ 7,963 $ 12,357 Accrued expenses................................................. 8,193 5,453 Deferred income taxes............................................. 553 542 Current portion of capital leases................................ 2,062 2,012 Short-term debt.................................................. 1,000 2,000 ------- -------- Total current liabilities...................................... 19,771 22,364 Deferred income taxes.............................................. 1,916 1,530 Long-term portion of capital leases................................ 6,592 7,143 Other liabilities.................................................. 1,697 1,102 Long term debt..................................................... 41,500 41,500 Stockholders' equity: Common stock, $.01 par value. Authorized 20,000,000 shares; issued and outstanding 11,604,904 shares and 11,581,779 shares at the end of first quarter 1996 and fiscal 1995, respectively........................................ 116 116 Additional paid-in capital....................................... 62,122 62,065 Retained earnings................................................ 11,792 10,037 ------- -------- Total stockholders' equity..................................... 74,030 72,218 ------- -------- $ 145,506 $ 145,857 ======== ======== See accompanying notes to consolidated financial statements.
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HOMETOWN BUFFET, INC. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (In thousands, except per share data) (Unaudited) Sixteen Weeks Ended ----- April 24, April 19, 1996 1995 ------- ------- Revenues: Net restaurant sales................................................... $61,403 $38,334 Franchise income, net (primarily related party)........................ 344 281 ------- ------- Total revenues.................................................... 61,747 38,615 ------- ------- Costs and expenses: Cost of restaurant sales............................................... 21,974 14,029 Restaurant operating expenses: Labor................................................................ 17,972 11,286 Occupancy and other.................................................. 9,831 5,800 General and administrative expenses.................................... 4,050 2,605 Depreciation and amortization.......................................... 4,204 2,607 ------- ------- Total costs and expenses.......................................... 58,031 36,327 ------- ------- Income from operations............................................ 3,716 2,288 Interest expense....................................................... (1,214) (180) Interest income........................................................ 399 109 Other income, net...................................................... 24 1 ------- ------- Net income before taxes 2,925 2,218 Income taxes........................................................... 1,170 821 ------- ------ Net income $ 1,755 $ 1,397 ====== ====== Net income per common and common equivalent share........................................... $ 0.15 $ 0.12 ====== ====== Weighted average common and common equivalent shares outstanding........................................ 12,051 11,935 ======= ======= See accompanying notes to consolidated financial statements.
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HOMETOWN BUFFET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Sixteen Weeks Ended ----------- April 24, April 19, 1996 1995 ---- ---- Cash flows from operating activities: Net income..................................................................... $ 1,755 $ 1,397 Adjustments to reconcile net income to cash provided (used) by operating activities: Depreciation and amortization.............................................. 4,204 2,607 Amortization of premium/discount on investments............................ -- (71) Changes in assets and liabilities: Receivables............................................................. 123 1,901 Inventories............................................................. (68) (133) Prepaid expenses........................................................ (153) (249) Pre-opening costs....................................................... (615) (533) Other assets............................................................ (1,009) 132 Accounts payable, trade................................................. (4,394) (3,907) Accrued expenses........................................................ 2,740 184 Deferred taxes.......................................................... 397 411 Other Liabilities....................................................... 595 72 ---------- ----------- Net cash provided by operating activities............................ 3,575 1,811 --------- ----------- Cash flows from (used in) investing activities: Purchase of investments........................................................ (57,583) (3,673) Proceeds from sale of investments.............................................. 64,577 6,178 Purchase of property and equipment............................................. (7,860) (12,689) -------- --------- Net cash used in investing activities................................ (866) (10,184) ----- -------- Cash flows from (used in) financing activities: Sale of common stock........................................................... 57 25 Proceeds on borrowings......................................................... 2,500 14,366 Payments on borrowings......................................................... (3,500) (5,475) Payments on capital leases..................................................... (501) (297) ---------- ----------- Net cash provided by (used in) financing activities.................. (1,444) 8,619 ---------- --------- Increase in cash and cash equivalents......................................... 1,265 246 Cash and cash equivalents at beginning of period............................... 1,155 85 -------- ------- Cash and cash equivalents at end of period..................................... $ 2,420 $ 331 ========= ======= Supplemental disclosure of cash flow information: Cash paid for: Interest..................................................................... $ 237 $ 180 ========= ========== Income taxes................................................................. $ 805 $ 890 ========= ========= See accompanying notes to consolidated financial statements.
5 HOMETOWN BUFFET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. In the opinion of Management, the accompanying unaudited consolidated Financial Statements contain all adjustments, which are of a normal recurring nature, necessary to present fairly the financial position as of April 24, 1996 and the results of operations and cash flows for the sixteen weeks ended April 24, 1996 and April 19, 1995. The results of operations for the sixteen weeks are not necessarily indicative of the results for the entire fiscal year ending January 1, 1997. These financial statements have been prepared by HomeTown Buffet, Inc. (the "Company") pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such regulations, although the Company believes the disclosures provided are adequate to prevent the information presented from being misleading. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report for the fiscal year ended January 3, 1996. 2. Primary and fully diluted net income per share are computed using the weighted average number of common and dilutive common equivalent shares assumed to be outstanding during the period. Common equivalent shares consist of options to purchase common shares. The treasury stock method was used to calculate the common equivalent number of shares from options. 6 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HomeTown Buffet, Inc. (Registrant) Date: June 19, 1996 GLENN E. GLASSHAGEL ---------------------------------- Chief Financial and Accounting Officer and Authorized Officer 7 -----END PRIVACY-ENHANCED MESSAGE-----