SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED SEPTEMBER 30, 1996
COMMISSION FILE NO. 2-70345-NY.
BUFFS-N-PUFFS, LTD.
(Exact name of Registrant as specified in its Charter)
NEVADA 88-0182534
(State or other jurisdiction of) (I.R.S. Employer
Incorporation or Organization) Identification Number)
6500 SOUTH STATE STREET
MURRAY, UTAH 84107-7219
(Address of Principal Executive Offices)
Registrant's Telephone Number, including Area Code:
(801) 268-9280
Former Address:
n/a
Former Name, Former Address, and Former Fiscal Year,
if changed since last report
Number of Shares Outstanding at the End of the Fiscal Quarter:
8,354,900 SHARES OF COMMON STOCK
(Indicate Number of Shares Outstanding of Each Class of Common
Stock as of the end of the Quarter)
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filled 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.
(1) Yes: X No:
(2) Yes: X No:
Page 1 of 15 consecutively numbered pages.
<PAGE>
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS REQUIRED BY FORM 10-Q
Buffs-N-Puffs, Ltd. ("Registrant" or "Company") files herewith an unaudited
balance sheet of the Registrant as of September 30, 1996 and the related
statements of income and cash flows for the three month periods ended September
30, 1996 and September 30, 1995. The unaudited financial statements included in
this report on Form 10-Q have been prepared by the Company and have not been the
subject of independent review. In the opinion of the management of the Company,
the financial statements fairly present the financial condition of the Company.
-2-
<PAGE>
Buffs-N-Puffs, Ltd.
Balance Sheet
(Unaudited)
<TABLE>
<CAPTION>
ASSETS
September December
CURRENT ASSETS 30, 31,
1996 1995
---------------------- -----------------------
<S> <C> <C>
Cash $ 269,575 $ 177,086
Accounts Receivable 28,552 16,241
Inventory 18,845 26,525
Marketable Securities 286,195 220,317
Prepaid Expenses & Supplies 60,902 21,843
---------------------- -----------------------
Total Current Assets 664,069 462,012
PROPERTY, PLANT AND EQUIPMENT (at cost)
Building Improvements 198,187 194,621
Building 1,494,000 0
Furniture, Fixtures, & Equipment 867,055 855,952
Land 891,185 310,185
--------------------- ----------------------
3,450,427 1,360,758
Less Accumulated Depreciation (677,314) (608,943)
--------------------- ----------------------
Total Property, Plant & Equipment 2,773,113 751,815
OTHER ASSETS
Startup Costs 45,378 49,757
Deposit 1,433 4,365
Montana Property 52,590 52,590
Deferred Tax Asset 128,000 128,000
--------------------- ---------------------
Total Other Assets 227,401 234,712
--------------------- ---------------------
TOTAL ASSETS $ 3,664,583 $ 1,448,539
===================== =====================
</TABLE>
-3-
<PAGE>
Buffs-N-Puffs, Ltd.
Balance Sheet
(Unaudited)
LIABILITIES AND STOCKHOLDERS EQUITY
<TABLE>
<CAPTION>
September December
CURRENT LIABILITIES 30, 31,
1996 1995
------------------------ -----------------------
<S> <C> <C>
Accounts Payable, Payroll and Sales Tax $ 78,906 $ 48,923
Loans Payable 6,690 55,087
Loans Payable - Related Parties 163 14,149
Loans Payable - Bank One 335,843 0
Leases Payable 1,497 0
------------------------ -----------------------
Total Current Liabilities 423,099 118,159
LONG TERM LIABILITIES
Loan Payable 131,662 136,612
Lease Payable - Bank One 1,596,918 0
Loans Payable - Related Parties 0 0
------------------------ -----------------------
Total Long Term Liabilities 1,728,580 136,612
------------------------ -----------------------
Total Liabilities 2,151,679 254,771
Common Stock 2,646 611
Additional paid in capital 1,276,468 1,120,692
Retained Earnings 282,742 121,417
------------------------ -----------------------
1,561,856 1,242,720
Less Treasury Stock (48,952) (48,952)
------------------------ -----------------------
1,512,904 1,193,768
------------------------ -----------------------
TOTAL LIABILITY AND STOCKHOLDERS EQUITY $ 3,664,583 $ 1,448,539
======================== =======================
</TABLE>
-4-
<PAGE>
Buffs-N-Puffs, Ltd.
Statement of Operations
(Unaudited)
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
For three months ended For nine months ended
----------------------------------------- --------------------------------------------
September September September September
REVENUES: 30, 1996 30, 1995 30, 1996 30, 1995
-------------------- ------------------ ---------------------- -----------------
<S> <C> <C> <C> <C>
Car Wash $411,299 $446,338 $1,144,833 $1,116,864
Boutique - Net 5,770 8,854 21,549 22,890
Fuel Sales - Net 5,089 5,557 14,359 13,954
Carpet Express Equipment - Net (27) 1,060 600 1,060
Discounts (3,151) (3,402) (8,086) (8,617)
-------------------- ------------------ ---------------------- -----------------
TOTAL REVENUES 418,980 458,407 1,173,255 1,146,151
COSTS AND EXPENSES
Salaries, Labor and Commissions 181,777 177,765 508,020 476,567
Taxes and Benefits 28,488 24,394 77,250 69,567
Interest and Credit Card Fees 58,069 20,738 133,291 58,213
Travel,Auto,Promotion,Advertise 5,208 13,356 19,268 30,721
Office,Telephone,Supplies,Print 44,708 41,770 121,471 113,606
Utilities,Rent,Ins,Maint. 25,681 62,007 89,958 170,559
Depreciation and Amortization 26,673 26,675 78,063 82,584
Professional Fees and Other 28,872 37,080 70,285 80,639
-------------------- ------------------ ---------------------- -----------------
TOTAL COSTS AND EXPENSES 399,476 403,785 1,097,606 1,082,456
-------------------- ------------------ ---------------------- -----------------
Net Operational Income 19,504 54,622 75,649 63,695
Contract Services and Miscellaneous (363) 738 2,069 (919)
Interest and Dividends 1,994 1,582 4,477 5,440
Gain (Loss) on Sale of Securities 42,687 420 79,230 17,523
Extraordinary Income 0 70,325 0 70,325
-------------------- ------------------ ---------------------- -----------------
44,318 73,065 85,776 92,369
Income Taxes 0 100 100 100
NET INCOME $63,822 $127,587 $161,325 $155,964
==================== ================== ====================== =================
NET INCOME PER SHARE NIL $NIL $NIL $0.01
==================== ================== ====================== =================
</TABLE>
-5-
<PAGE>
Buffs-N-Puffs, Ltd.
Statement of Stockholders Equity
(Unaudited)
STATEMENT OF STOCKHOLDERS EQUITY
<TABLE>
<CAPTION>
Common Stock Additional Retained Treasury Stock
Shares Amount Paid in Earnings Shares Amount
Capital
--------- ------- ------------ ------------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Balances 12/31/92 6,113,900 $ 611 $1,120,692 $(403,692) 109,000 $(48,952)
Net Income for
year ended
12/31/93 281,648
--------- ------- ------------ ------------- -------- ---------
Balances 12/31/93 6,113,900 611 1,120,692 (122,044) 109,000 $(48,952)
Net Income for
year ended
12/31/94 109,604
--------- ------- ------------ ------------- -------- ---------
Balances 12/31/94 6,113,900 611 1,120,692 (12,440) 109,000 (48,952)
Net Income for
year ended
12/31/95 133,857
--------- ------- ------------ ------------- -------- ---------
Balances 12/31/95 6,113,900 611 1,120,692 (121,417) 109,000 (48,952)
Issue Common
Stock pursuant to
property purchase
agreement and
stock option
agreement 2,350,000 235 157,612
Net Income for
9 months
ended 9/30/96 161,325
--------- ------- ------------ ------------- -------- ---------
Balances 9/30/96 8,463,900 $846 $1,278,304 $282,742 109,000 $(48,952)
========= ======= ============ ============ ======== =========
</TABLE>
-6-
<PAGE>
Buffs-N-Puffs, Ltd.
Statement of Cash Flows
(Unaudited)
CASH FLOW STATEMENT
<TABLE>
<CAPTION>
For three months ended For nine months ended
-------------------------------------- -------------------------------------
OPERATING ACTIVITIES September September September September
30, 1996 30, 1995 30, 1996 30, 1995
--------------- ------------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Net Income $63,822 $127,687 $161,325 $155,964
Adjustments to reconcile net income
(loss) to net cash provided by operating
Activities:
Depreciation and Amortization 26,673 26,675 78,063 82,584
(Increase) Decrease in Receivables 3,883 (5,654) (12,311) (6,291)
(Increase) Decrease in Pre-Paid (1,862) (5,190) (39,059) (8,902)
(Increase) Decrease in Inventory 1,234 (1,195) 7,680 1,033
Write off Contingent Liability 0 (70,325) 0 (70,325)
Write off Obsolete Assets 2,277 0 2,277 4,978
Increase (Decrease) in Accounts Payable, 6,024 14,920 29,983 15,050
And Taxes Payable
--------------- ----------------- ------------------ -----------------
NET CASH PROVIDED OPERATING ACTIVITIES 102,051 86,918 227,958 174,091
INVESTING ACTIVITIES
Cost of Securities Sold 52,662 29,216 171,941 89,750
Increase in Startup Costs 0 (3,000) 0 (15,900)
Land Purchase 0 0 (581,000) 0
Decrease in Deposits 0 0 2,932 0
Purchase of Securities (98,073) (77,203) (237,818) (176,678)
Proceeds of Equipment Sale 0 0 0 4,000
Purchase of Property, Plant, & Equip (12,189) 0 (1,514,259) (23,028)
--------------- ----------------- ------------------ -----------------
NET CASH PROVIDED (USED) BY (57,600) (50,987) (2,158,204) (121,856)
INVESTING ACTIVITIES
FINANCING ACTIVITIES
Increase In Long Term Debt 0 0 1,953,727 0
Issue Common Stock 32,813 0 157,813 0
Repayment of Loans and Leases (36,242) (40,060) (88,805) (93,780)
--------------- ----------------- ------------------ -----------------
NET CASH PROVIDED (REQUIRED) BY
FINANCING ACTIVITIES (3,429) (40,060) 2,022,735 (93,780)
--------------- ----------------- ------------------ -----------------
INCREASE (DECREASE) IN CASH AND CASH 41,022 (4,129) 92,489 (41,545)
EQUIVALENTS
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 228,553 146,325 177,086 183,741
--------------- ----------------- ------------------ -----------------
CASH AND EQUIVALENTS AT END OF PERIOD $269,575 $142,196 $269,575 $142,196
=============== ================= ================== =================
</TABLE>
-7-
<PAGE>
Buffs-N-Puffs, Ltd.
Notes to Consolidated Financial Statements
(Unaudited)
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REVENUE RECOGNITION
Interest income is accrued as earned. Gains or losses on the sale of securities
are recorded as of the trade date.
DEPRECIATION
Depreciation on office equipment and furniture is provided over the estimated
useful life of five to ten years using an accelerated method and depreciation on
the office building is being provided over the estimated useful life of 30 to
31.5 years using the straight line method.
MARKETABLE SECURITIES
Marketable securities, as a group, are carried at market value in accordance
with FAS #115. Prior to January 1, 1994, the securities were carried at the
lower of cost or market. At December 31, 1995, an increase of $10,207 was made
to adjust to market ($9,666 decrease was made for 1994 and $1,789 decrease was
made for 1993).
INCOME TAXES
No federal income taxes were due for the year ended December 31, 1995. At
December 31, 1995, the Company had unused general business credits of $7,844
which expire in 1996 through 2000, and contributions carryover of $23,218,
expiring in 1998 through 2000. The company has a net operating loss carryover
which if not used will expire as follows:
Amount Expiration Date
------------------- ------------------
Year Ended Federal Utah Federal Utah
---------- --------- --------- -------- --------
12/31/90 $299,501 $ 0 12/31/05
12/31/91 123,837 123,637 12/31/06 12/31/96
------- -------
$423,338 $123,637
======== ========
INVENTORY
Inventory consists of items for sale and use in the operations of the carwash.
Inventory is recorded at lower of cost or market, on a first-in, first-out
basis.
-8-
<PAGE>
NOTE B - COMMITMENTS
The Company previously leased space in a building owned by a related party, (see
note H). The lease contained escalating prevision and was based on percentages
of gross monthly sales excluding fuel sales. During 1995, $112,643 was paid as
rent. On March 25, 1995 the Company purchased the building and land the carwash
is located on for $2,075,000.
The Company is also obligated under a maintenance contract on its electronic
sign. The contract was signed to be effective in January of 1991 and is three
years in length with monthly payments of $789. The contract was renewed in 1993
for an additional three years, through December 31, 1996. During 1994 the
Company paid $5000 for a 24 month lease on an automobile. The $5000 is being
charged to expense at a rate of $208 per month. The lease will expire in August
1996. The Company leased six radios in June of 1996 for a period of 1 year. The
total cost of the radios was $3,750.
NOTE C - LOANS PAYABLE
On March 26, 1996 the Company entered into an agreement with Daniel F.
Pentelute, to purchase the carwash building and land. The company took out a
mortgage of $1,800,000 and a line of credit of $150,000. In addition 2,000,000
shares of stock were issued to Mr. Pentelute at a price of 1/8 or $125,000. The
total purchase price was $2,075,000. The purchase price was below the appraised
value of 2,400,000 actual and $3,600,000 replacement cost. The loan agreements
were signed with Bank One, Utah. The 1,800,000 loan is a 20 year amortization
with a 5 year call at 8.26% interest. The line of credit is a 1 year renewable
term at 8.25% interest.
Interest 1996 1995
------------------ ------------------
Rate % Current Long Term Current Long Term
-------- -------- --------- -------- ---------
G. Phillip Condie 7.5 50,000 95,000 $ 50,000 $145,000
Copelco 6.0 0 0 1,500 0
Escrow Service** 9.5 4,631 14,137 4,631 20,810
Dan Pentelute 8.75-10.5 163 0 40,548 0
Bank One 8.26 185,843 1,596,918 0 0
Bank One 8.25 150,000 0 0 0
Associates 18.0 1,497 0 0 0
-------- -------- -------- --------
$342,134 $1,730,639 $111,658 $203,551
======== ========== ======== ========
*Monthly payments of interest are $1,888 with principal payments of $25,000 due
March 1 and September 1 of 1994, 1995 and 1996 and the balance due by 9/1/1998.
This loan is secured by land with a cost of $310,185. This land was originally
purchased for a second carwash location. The land is currently being offered for
sale.
-9-
<PAGE>
**This loan relates to property purchased in Montana with Desert Land
Enterprises. It is anticipated that the property will be sold at a substantial
profit in the future.
Scheduled principal reductions for the next five years are as follows:
12/31/96 $ 242,106
12/31/97 92,106
12/31/98 87,106
12/31/99 42,106
Thereafter 1,609,349
-------------
$ 2,072,773
=============
NOTE D - DEFERRED TAX ASSET
In February, 1992, the Financial Account Standards board adopted Statement of
Financial Accounting Standards No. 109 Accounting for Income Taxes, which
supersedes substantially all existing authoritative literature for accounting
for income taxes and requires deferred tax balances to be adjusted to reflect
the tax rates in effect when those amounts are expected to become payable or
refundable. The Statement is required to be applied in the Company's financial
statements for the calendar year commencing January 1, 1993 (earlier application
is permitted) either by restating prior-period financial statements or by
recognizing the cumulative effect of the change in the year of adoption. The
Company has decided to recognize the cumulative effect of the change during
1993. The following pro forma information reflects what the statements of
operations would have looked like if the deferred tax asset had been recognized
in 1991 and 1992.
1992 1991
-------- ---------
Income (loss) before cumulative
effect of recognizing a deferred
tax asset. $ 39,534 $(111,786)
Cumulative effect on prior years
of recognizing a deferred
tax asset. (15,000) 169,000
--------- ----------
Adjusted net income $ 24,534 $ 57,214
Earnings (loss) per share
originally .01 (.02)
Adjusted earnings per share .00 .01
If the above adjustments had been reflected in 1991 and 1992, the Company would
have recorded an income tax benefit of $44,000 in 1993 rather than $198,000. Net
income would have been $87,648 rather than $241,648 and earnings per share would
have been $.01 rather than $.05.
-10-
<PAGE>
NOTE E - RECEIVABLES
Receivables at September 30, 1996 and 1995 consisted of the following:
September September
30, 1996 30, 1995
--------- ---------
Trade accounts receivable $ 28,552 $ 32,406
========= =========
NOTE F - START-UP COSTS
Add: During 1994 and 1995 the Company spent $23,700 associated with property
being held for development into a second carwash operation. The Company has
offered this property for sale as of June 1, 1996. Cost will be amortized when
the property is sold.
NOTE G - STOCK OPTIONS
During 1991, options to purchase the Company's common stock were granted to
eight individuals who are or were officers, directors, employees and consultants
for the Company. A total of 610,000 share of stock may be purchased at a price
of $.09375 per share. The options must be exercised by July 31, 1996. The
following persons were granted options. Both the number of shares granted and
options exercised are listed below:
Shares Authorized Options Exercised
Andrew A. Chudd 200,000 200,000
Wallace T. Boyack 200,000 100,000
Alan R. Theis 50,000 50,000
Myron Berryman 20,000 0
W. Sterling Mason 50,000 0
Phil Congino 30,000 0
Bryan Stanley 30,000 0
Kevin Long 30,000 0
NOTE H - RELATED PARTY TRANSACTIONS
During 1990 Donna Anderson and Daniel Pentelute arranged for three loans by
pledging their personal assets. Some of the proceeds from these loans were made
available to the Company. The Company has been making the payments for these
loans and the interest and principal have been amortized according to the
proceeds each party received.
On April 19, 1991, the Company entered into a five year lease with Daniel
Pentelute, the major shareholder of the Company. Under the lease Mr. Pentelute
received as rent four percent of the gross proceeds excluding gasoline sales
commencing on July 1, 1991, and continuing until April 1, 1992. At that time and
thereafter Mr. Pentelute will receive seven percent of the gross proceeds from
the carwash facility. On May 21, 1991, an addendum to the lease was entered into
providing for a five year option term at the end of the initial five year term.
The terms require a rent payment equal to 7% of monthly gross sales, excluding
gasoline sales with a minimum rent of
-11-
<PAGE>
$5,000 per month. In addition the Company has an option to purchase the land and
buildings at 6500 South State Street, Salt Lake City, Utah, commencing at he end
of the initial term and exercisable at the anniversary date of the lease in each
of the five years under the option term. The purchase price of the property
shall be determined by the sum of $2,330,000 capitalized from April 1, 1990 to
the date of closing at the rate of four percent per annum. On March 25, 1996 a
second addendum to the lease was entered into by the parties, waiving the notice
and earnest money provisions of the lease. The addendum also modified the
purchase price of the property to $2,075,000. Subsequently the property was
purchased on March 29, 1996.
NOTE I - MONTANA LAND
During 1994, Daniel Pentelute, the major shareholder of the Company, purchased
21 acres of land in Montana and three (3) days later sold one-half interest to
the Company at his cost. The other one-half interest OS owned by Desert Land
Enterprises, whose sole shareholder is Daniel Pentelute. It is anticipated that
the Company will be able to sell the land in the future at a substantial profit.
-12-
<PAGE>
PART I
FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
OPERATING RESULTS.
CHANGES IN FINANCIAL CONDITION
As of September 30, 1996 the Company had current assets of $664,069 compared to
$462,012 as of December 31, 1995. Cash increased $92,489 for the nine month
period ended September 30, 1996. The increase in cash is attributable to
operating profits and sales of securities. Current liabilities increased from
$118,159 as of December 31, 1995 to $423,099 as of September 30, 1996. This
increase is attributable to financing the purchase of land and building the
Company occupies.
Inventory decreased $7,680 from $26,525 as of December 31, 1995 to $18,845 as of
September 30,1996. This decrease is due to carrying fewer resale items in the
boutique. Marketable securities have increased $65,878 from $220,317 as of
December 31,1995 to $286,195 as of September 30, 1996.
CHANGES IN RESULTS OF OPERATIONS
Carwash volume decreased 714 cars from 29,443 for the 3 month period ended
September 30, 1995 to 28,729 for the same period September 30, 1996. Poor
weather conditions for the last half of September are most responsible for the
decrease.
Revenue for the 3 month period ended September 30, 1996 was $418,980 compared to
$458,407 for the same period ended September 30, 1995, a decrease of $39,427 or
8.6%. The revenue decrease is attributable to lower sales volume in carpet
cleaning and hand wax services.
During the 3 months ended September 30, 1996 costs and expenses were $399,476
compared to $403,785 for the same period ended September 30, 1995, a decrease of
$4,309 or 1%. The decrease in expenses is mainly due to lower travel promotional
and advertising costs.
-13-
<PAGE>
At September 30, 1996 the Company posted a net profit of $63,822 compared to a
profit of $127,587 for the same period ended September 30, 1995 a decrease of
$63,765 or 50%. This decrease, while significant is somewhat misleading. At
September 30, 1995 the Company posted a one time extraordinary income item of
$70,325 relating to the Murray Power lawsuit. Without the extraordinary income
item profit for the period ended September 30, 1995 was $57,262. The difference
in profit from 1996 to 1995 would be $6,560 or an increase of 11%. The largest
portion of profit for the period ended September 30, 1996 is due to gains on
securities sales. Net earnings per share for the period were negligible.
Revenues for the 9 month period ended September 30, 1996 were $1,173,255
compared to $1,146,151 for the same period ended September 30, 1995. Revenue
increased $27,104 or 2.3%. Most of the revenue increase can be traced to the
price increase being in effect since March of 1996.
For the 9 months ended September 30, 1996 costs and expenses were $1,097,606
compared to $1,082,456 as of September 1995, an increase of $15,150 or 1.4%. The
increase is due to higher labor costs as they relate to an extremely tight labor
market. Utah unemployment figures were around 3% as of September 30, 1996, or
about one half of the national average. This condition is expected to continue
for the foreseeable future, and along with the increase in minimum wage will
make it difficult to lower overall labor costs. The Company is planning on
adding and updating its carwash equipment to try and lower labor costs for the
fourth quarter and 1997.
The Company posted a net profit of $161,325 for the 9 months ended September 30,
1996 compared to $155,964 for the same period ended September 30, 1995, an
increase of $5,361 or 3.4%. Without the extraordinary income item as of
September 30, 1995 the profit was $85,639, or an increase of $75,686 or 88%.
Much of the increase profit as of September 30, 1996 is due to gains on
securities sales.
The current ratio as of September 30, 1996 was 1.56 compared to 2.84 as of
September 30, 1995. Long term liabilities were $1,728,580 as of September 30,
1996 compared to $139,325 for the same period ended September 30, 1995.
Management believes that sufficient working capital exists for its continuing
operations.
-14-
<PAGE>
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
The Registrant has no securities which are reportable under this item.
ITEM 4. MATTERS SUBMITTED TO A VOTE OF THE COMPANY'S SHAREHOLDERS
No matters were submitted to a vote of the Company's shareholders during this
quarter.
-15-
<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.
Buffs-N-Puffs, Ltd.
Alan R. Theis
By:----------------------------
Alan R. Theis
On Behalf of the Registrant
and as Secretary/Treasurer
and Chief Financial Officer
Dated November 5 , 1996.
-16-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
Buffs-N-Puffs September 30, 1996 financial statements and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000350133
<NAME> Buffs N Puffs Ltd
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 269,575
<SECURITIES> 286,195
<RECEIVABLES> 28,552
<ALLOWANCES> 0
<INVENTORY> 18,845
<CURRENT-ASSETS> 664,069
<PP&E> 3,450,427
<DEPRECIATION> (677,314)
<TOTAL-ASSETS> 3,664,583
<CURRENT-LIABILITIES> 423,099
<BONDS> 0
0
0
<COMMON> 2,646
<OTHER-SE> 1,510,258
<TOTAL-LIABILITY-AND-EQUITY> 3,664,583
<SALES> 1,181,341
<TOTAL-REVENUES> 1,173,255
<CGS> 0
<TOTAL-COSTS> 1,097,606
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 133,291
<INCOME-PRETAX> 161,425
<INCOME-TAX> 100
<INCOME-CONTINUING> 161,325
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 161,325
<EPS-PRIMARY> .00
<EPS-DILUTED> .00
</TABLE>
