UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q/A
Amendment No. 1
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1994
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 0-9037
PICCADILLY CAFETERIAS, INC.
(Exact name of registrant as specified in its charter)
Louisiana 72-0604977
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3232 Sherwood Forest Boulevard, Baton Rouge, Louisiana 70816
(Address of principal executive offices) (Zip Code)
(504) 293-9440
(Registrant's telephone number, including area code)
Not applicable
(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 12 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 90 days.
Yes X No
___ ___
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of May 2, 1994.
Common Stock, without par value - 10,131,784
____________________________________________
<PAGE>
PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets as of March 31, 1994
and June 30, 1993
Consolidated Statements of Income for the Three Months and
Nine Months Ended March 31, 1994 and March 31, 1993
Condensed Consolidated Statements of Cash Flows for the
Nine Months Ended March 31, 1994 and March 31, 1993
Note to Condensed Consolidated Financial Statements
<PAGE>
PICCADILLY CAFETERIAS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31, June 30,
1994 1993
_________ ________
(Thousands of dollars)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 3,556 $ 14,094
Accounts and notes receivable 635 837
Inventories 10,845 12,012
Income taxes recoverable 1,390 1,930
Deferred income taxes 1,667 1,667
Other current assets 946 1,396
_______ _______
TOTAL CURRENT ASSETS 19,039 31,936
PROPERTY, PLANT AND EQUIPMENT 221,783 205,150
Less allowance for depreciation 93,670 87,921
Less allowance for unit closings 1,822 1,832
_______ _______
126,291 115,397
OTHER ASSETS 6,124 5,285
_______ _______
TOTAL ASSETS $151,454 $152,618
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of long-term debt $ 12,000 $ 3,000
Accounts payable 15,324 15,357
Accrued expenses 10,550 11,036
Reserve for unit closings 478 500
_______ _______
TOTAL CURRENT LIABILITIES 38,352 29,893
LONG-TERM DEBT 24,000 36,000
DEFERRED INCOME TAXES, less current portion 6,728 6,728
RESERVE FOR UNIT CLOSINGS, less current
portion 6,445 7,805
SHAREHOLDERS'EQUITY
Preferred Stock, no par value; authorized
50,000,000 shares;issued and outstanding:
none - -
Common Stock, no par value, stated value
$1.82 per share; authorized 100,000,000
shares; issued and outstanding:
10,125,495 shares at March 31, 1994,
and 9,988,189 shares at June 30, 1993 18,409 18,160
Additional paid-in capital 16,252 15,119
Retained earnings 41,268 38,913
_______ _______
75,929 72,192
_______ _______
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $151,454 $152,618
======= =======
See note to condensed consolidated financial statements (unaudited)
<PAGE>
PICCADILLY CAFETERIAS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
March 31 March 31
1994 1993 1994 1993
______ _______ ______ ______
(Thousands of dollars except per share data)
<S> <C> <C> <C> <C>
Net Sales $ 66,733 $ 65,014 $206,972 $201,894
Cost and expenses:
Cost of sales 37,315 37,432 115,993 118,504
Other operating expenses 22,415 21,566 68,768 65,780
General and administrative expenses 3,516 3,488 10,181 9,796
Interest expense 815 885 2,471 2,622
Other income ( 93) ( 196) ( 227) ( 299)
_______ _______ _______ _______
63,968 63,175 197,186 196,403
_______ _______ _______ _______
INCOME BEFORE INCOME TAXES 2,765 1,839 9,786 5,491
Provision for income taxes 1,078 681 3,816 2,032
_______ _______ _______ _______
NET INCOME $ 1,687 $ 1,158 $ 5,970 $ 3,459
======= ======= ======= =======
Weighted average number of shares
outstanding 10,105 9,982 10,034 9,894
======= ======= ======= =======
Net income per share $ .17 $ .12 $ .60 $ .35
======= ======= ======= =======
Cash dividends per share $ .12 $ .12 $ .36 $ .36
======= ======= ======= =======
</TABLE>
See note to condensed consolidated financial statements (unaudited)
<PAGE>
PICCADILLY CAFETERIAS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended
March 31
1994 1993
______ ______
(Thousands of dollars)
OPERATING ACTIVITIES
Net Income $ 5,970 $ 3,459
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 8,516 9,027
Costs associated with reserved units ( 1,227) ( 1,842)
Provision for deferred income taxes - 1,984
Loss on sale of assets 472 158
Pension expense 326 334
Change in operating assets and liabilities 84 ( 3,785)
_______ ________
NET CASH PROVIDED BY OPERATING ACTIVITIES 14,141 9,335
INVESTING ACTIVITIES
Purchase of property, plant and equipment ( 20,599) ( 8,153)
Proceeds from sale of property, plant and
equipment 1,135 197
_______ _______
NET CASH USED IN INVESTING ACTIVITIES ( 19,464) ( 7,956)
FINANCING ACTIVITIES
Common stock transactions 1,383 1,054
Payments on long-term debt ( 3,000) -
Dividends paid ( 3,598) ( 3,563)
_______ _______
NET CASH USED IN FINANCING ACTIVITIES ( 5,215) ( 2,509)
_______ _______
(Decrease) in cash and cash equivalents ( 10,538) ( 1,130)
Cash and cash equivalents at beginning of
period 14,094 7,839
_______ _______
Cash and cash equivalents at end of period $ 3,556 $ 6,709
======= =======
See note to condensed consolidated financial statements (unaudited)
<PAGE>
PICCADILLY CAFETERIAS, INC.
NOTE TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
March 31, 1994
BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with the instructions to Form 10-Q and do not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Where
applicable, prior year amounts have been restated to conform to current
presentation.
Comparative results of operations by periods may be affected by the timing
of the opening of new units. Quarterly results are additionally affected
by seasonal fluctuations in customer volume. Customer volume at established
units is generally higher in the second quarter ended December 31 and lower
in the third quarter ending March 31 reflecting the general seasonal retail
activity. A fluctuation in customer volume has a disproportionate effect
on operating profit.
<PAGE>
SIGNATURES
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.
Piccadilly Cafeterias, Inc.
___________________________
Registrant
6/15/94 /s/James W. Bennett
______ ____________________________________
Date James W. Bennett, Chairman and Chief
Executive Officer
6/15/94 /s/Ronald A. LaBorde
______ ___________________________________________
Date Ronald A. LaBorde, Executive Vice President,
Treasurer and Chief Financial Officer
6/15/94 /s/Mark L. Mestayer
______ __________________________________________
Date Mark L. Mestayer, Executive Vice President,
Secretary, Controller,and Principal Accounting
Officer
