SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-Q
(MARK ONE)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 25, 1995
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 NO. 0-10717
BAYPORT RESTAURANT GROUP, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
FLORIDA 59-1827559
(STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER
OF INCORPORATION IDENTIFICATION NUMBER)
OR ORGANIZATION)
4000 HOLLYWOOD BOULEVARD; SUITE 695-S; HOLLYWOOD, FLORIDA 33021
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (305)967-6700
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 THE FILING
REQUIREMENTS FOR AT LEAST THE PAST 90 DAYS.
YES X NO
INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE REGISTRANT'S CLASSES OF
COMMON STOCK, AS OF THE LATEST PRACTICABLE DATE:
9,721,971 SHARES OF COMMON STOCK, $.001 PAR VALUE
<PAGE>
INDEX
PART I. FINANCIAL INFORMATION PAGE NO.
Item 1 FINANCIAL STATEMENTS
Consolidated Statements of Earnings for 3
the three months ended September 25, 1995 and
September 26, 1994
Consolidated Statements of Earnings for 4
the nine months ended September 25, 1995 and
September 26, 1994
Consolidated Balance Sheets as of 5 - 6
September 25, 1995 and December 26, 1994
Consolidated Statements of Cash Flows for 7 - 8
the nine months ended September 25, 1995
and September 26, 1994
Notes to Consolidated Financial Statements 9
Item 2 Management's Discussion and Analysis 10
of Financial Condition and Results of Operations
PART II. Other Information 14
Signature Page 15
2
<PAGE>
<TABLE>
<CAPTION>
Bayport Restaurant Group, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
For the Three Months Ended September 25, 1995 and September 26, 1994
(Unaudited)
September 25, September 26,
1995 1994
------------- -------------
<S> <C> <C>
Revenues
Restaurant Sales $ 12,436,976 $ 8,574,255
Processing Plant Sales 2,343,148 966,934
Interest and other 67,300 92,596
----------- -------------
Total Revenues $ 14,847,424 $ 9,633,785
Costs and expenses
Cost of sales 4,475,543 3,051,396
Payroll and related expenses 3,337,996 2,079,872
Other operating expenses 2,098,948 1,530,544
Occupancy and related expenses 942,051 727,703
Processing plant cost of sales
and operating expenses 1,985,183 974,752
Restaurant opening expenses 273,191 97,922
General and administrative 954,755 811,414
Interest expense 151,186 43,929
------------ ------------
Total costs and expenses 14,218,853 9,317,532
------------ ------------
Earnings before income taxes 628,571 316,253
Provision for income taxes 213,714 88,551
----------- ------------
NET EARNINGS 414,857 227,702
============ ============
Earnings Per Share
Net earnings .04 .02
============ ============
Weighted average number of 10,597,506 10,433,125
shares outstanding ============ ============
</TABLE>
The accompanying notes are an integral part of these statements
3
<PAGE>
<TABLE>
<CAPTION>
Bayport Restaurant Group, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
For the Nine Months Ended September 25, 1995 and September 26, 1994
(Unaudited)
September 25, September 26,
1995 1994
------------- -------------
<S> <C> <C>
Revenues
Restaurant Sales $ 34,743,390 $ 25,740,173
Processing Plant Sales 5,744,189 2,651,906
Interest and other 123,090 283,337
------------ ------------
Total Revenues $ 40,610,669 $ 28,675,416
Costs and expenses
Cost of sales 12,292,895 9,063,893
Payroll and related expenses 8,610,591 6,216,592
Other operating expenses 5,491,370 4,260,842
Occupancy and related expenses 2,747,057 2,146,880
Processing plant cost of sales
and operating expenses 5,618,292 2,665,043
Restaurant opening expenses 488,901 188,024
General and administrative 3,063,966 2,549,114
Interest expense 151,186 111,964
------------ ------------
Total costs and expenses 38,464,258 27,202,352
------------ ------------
Earnings before income taxes 2,146,411 1,473,064
Provision for income taxes 729,780 412,458
------------ ------------
NET EARNINGS 1,416,631 1,060,606
============ ============
Earnings Per Share
Net earnings .14 .10
============ ============
Weighted average number of 10,476,192 10,438,007
shares outstanding ============ ============
</TABLE>
The accompanying notes are an integral part of these statements
4
<PAGE>
<TABLE>
<CAPTION>
Bayport Restaurant Group, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
September 25, 1995 and December 26, 1994
(Unaudited)
ASSETS
September 25, December 26,
1995 1994
------------- ------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 1,273,693 $ 404,513
Investments in marketable securities 1,028,874 5,205,557
Accounts receivable 1,631,970 1,452,789
Inventories 3,231,902 2,847,324
Prepaid expenses and other current assets 975,656 586,912
Deferred Pre-opening costs 1,203,928 217,980
----------- -----------
Total current assets 9,346,023 10,715,075
PROPERTY AND EQUIPMENT - AT COST,
less accumulated depreciation 26,831,054 16,346,073
OTHER ASSETS
Investments in marketable securities 300,000 300,000
Notes Receivable 125,000 ---
Deposits 483,537 254,187
Other (Note 2) 2,588,059 804,952
Goodwill 101,523 105,911
----------- -----------
Total other assets 3,598,119 1,465,050
----------- -----------
TOTAL ASSETS 39,775,196 28,526,198
=========== ===========
</TABLE>
The accompanying notes are an integral part of these statements
5
<PAGE>
<TABLE>
<CAPTION>
Bayport Restaurant Group, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
September 25, 1995 and December 26, 1994
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
September 25, December 26,
1995 1994
------------- ------------
<S> <C> <C>
CURRENT LIABILITIES
Current maturities of long-term
obligations $ 275,369 $ 489,368
Due to related parties 94,332 94,332
Accounts payable 2,880,969 1,215,739
Income taxes payable --- 29,150
Accrued liabilities 1,286,138 805,544
------------ -----------
Total current liabilities 4,536,808 2,634,133
LONG-TERM OBLIGATIONS 10,737,271 3,520,449
DUE TO RELATED PARTIES 1,179,167 1,257,779
DEFERRED INCOME TAXES 801,830 107,250
STOCKHOLDERS' EQUITY
Preferred stock - authorized and issued
15,000,000 shares of $.01 par value;
issued and outstanding 2,446,249 shares at
September 25, 1995 and 2,700,055 shares
at December 26, 1994 24,462 27,001
Common stock - authorized 50,000,000
shares of $.001 par value; issued
9,721,971 shares at September 25, 1995
and 9,403,722 at December 26, 1994 9,722 9,404
Paid in capital 22,098,358 21,941,526
Retained earnings (deficit) 772,347 (644,284)
------------ -----------
22,904,889 21,333,647
Net unrealized losses on investment
in marketable securities --- (55,191)
Notes receivable from
officers (384,769) (271,869)
----------- -----------
Total stockholders' equity 22,520,120 21,006,587
------------ -----------
Total Liabilities & Stockholders'
Equity 39,775,196 28,526,198
============ ===========
</TABLE>
The accompanying notes are an integral part of these statements
6
<PAGE>
<TABLE>
<CAPTION>
Bayport Restaurant Group, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 25, 1995 and September 26, 1994
(Unaudited)
September 25, September 26,
1995 1994
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 1,416,631 $ 1,060,606
Adjustments to reconcile net
earnings to net cash provided
by (used in) operating activities
Increase in deferred tax liability 694,580 412,458
Depreciation of property
plant and equipment 845,216 646,841
Amortization of intangible
assets 37,089 9,195
Recognition of deferred
Income --- (1,515)
(Increase) in accounts receivable (179,181) (66,130)
(Increase) in inventories (384,578) (104,819)
(Increase) decrease in pepaid epenses
and other current assets (388,744) (239,207)
Increase in accounts payable
and accrued expenses 2,116,674 (57,083)
(Increase) in deposits, goodwill
and other assets (2,133,069) (458,702)
Decrease in deferred
preopening costs (985,948) (147,833)
Net cash provided by
operating activities 1,038,670 1,053,811
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and
equipment (11,430,486) (3,762,950)
Investments in marketable securities --- (58,022)
Proceeds from sale and maturity of
marketable securities 4,200,529 2,800,000
------------- -------------
Net Cash used in
investing activities (7,229,957) (1,020,972)
</TABLE>
The accompanying notes are an integral part of these statements
7
<PAGE>
<TABLE>
<CAPTION>
Bayport Restaurant Group, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS - CON'T
For the Nine Months Ended September 25, 1995 and September 26, 1994
(Unaudited)
September 25, September 26,
1995 1994
------------- -------------
<S> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES
Principal borrowings of long-term debt $ 12,339,578 $ 350,000
Principal payments of debt (5,279,111) (1,242,791)
Proceeds from issuance of stock --- 23,530
Repayment of notes receivable
from officers --- ---
Dividends paid to minority stockholder --- ---
-------------- ------------
Net cash used in
financing activities 7,060,467 (869,261)
============== ============
Increase (decrease) in cash and
cash equivalents 869,180 (836,422)
Cash and cash equivalents at
beginning of the period 404,513 1, 094,545
-------------- ------------
Cash and cash equivalents at end
of the period 1,273,693 258,123
============== ============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
Cash paid during the period for
interest 210,434 111,964
============== ============
</TABLE>
The accompanying notes are an integral part of these statements
8
<PAGE>
Bayport Restaurant Group, Inc. and Subsidiaries
BASIS OF PRESENTATION
RESULTS OF OPERATIONS FOR THE INTERIM PERIODS ARE NOT NECESSARILY INDICATIVE OF
THE RESULTS TO BE ATTAINED FOR THE ENTIRE PERIOD. IN THE OPINION OF THE COMPANY,
THE ACCOMPANYING UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS CONTAIN ALL
ADJUSTMENTS (CONSISTING ONLY OF NORMAL RECURRING ACCRUALS) NECESSARY TO PRESENT
FAIRLY THE CONSOLIDATED FINANCIAL POSITION AS OF SEPTEMBER 25, 1995 AND DECEMBER
26, 1994 AND RESULTS OF OPERATIONS AND CASH FLOWS FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 25, 1995 AND SEPTEMBER 26, 1994. FOR A SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES AND ADDITIONAL FINANCIAL INFORMATION, SEE THE COMPANY'S
ANNUAL REPORT ON FORM 10-KSB FOR THE FISCAL YEAR ENDED DECEMBER 26, 1994 ("FORM
10-KSB"). EXCEPT AS OTHERWISE NOTED, ALL PER-SHARE INFORMATION IN THIS FORM 10-Q
REFLECTS THE ONE-FOR-FOUR REVERSE SPLIT EFFECTED ON AUGUST 18, 1993.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1 The estimated effective rate for income tax in 1995 has
increased to 34% compared to 28% recorded in 1994, due to the
utilization of all net operating loss carryforwards in 1994
for financial reporting purposes.
Note 2 The increase in Other Assets is primarily attributable to the
classification of the Company's investment in the Crab House
at the Grand Casino Hotels in Biloxi and Gulfport. Pursuant to
these leases, the Company will be reimbursed for its
investment in each of these restaurants over the next 7 - 10
years at the rate of approximately $150,000 per year.
9
<PAGE>
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
The Company's current ratio at September 25, 1995 was
approximately 2.1 to 1, compared to approximately 4.1 to 1 at
December 26, 1994. The decrease in the Company's current ratio
is primarily attributable to the decrease in investments in
marketable securities. The Company has used the proceeds from
the sale of the marketable securities as part of the capital
required to finance the Company's restaurant expansion
program. Accounts receivable at September 25, 1995 increased
approximately $180,000. This is primarily due to increased
sales at the Company's seafood processing plant. The increase
in inventories as of September 25, 1995 is due to the
production season of the Company's seafood processing plant,
which generally runs from June through November. The increase
in prepaid expenses and pre-opening costs at September 25,
1995 is primarily attributable to the costs associated with
opening new restaurants. Since the beginning of 1995, the
Company has opened three Crab House restaurants and two Capt.
Crab's Take-Aways. The Company anticipates opening an
additional three to four and one Crab House restaurants,
respectively, during the fourth quarter of 1995 and the first
quarter of 1996. Further, the Company has entered into leases
for an additional four Crab House restaurant sites. The
increase in property and equipment at September 25, 1995 is
the result of the new restaurants opened year-to-date and the
construction in progress of new restaurants to be opened
during 1995 and 1996.
The note receivable at September 25, 1995 of $125,000
represents a loan made to the Company's Chief Executive
Officer, David J. Connor on April 15, 1995. The Note bears
interest at the rate of 10% per annum, payable monthly, and is
due and payable in full on April 15, 1997.
The increase in deposits is the result of new leases entered
into and new store deposits required in connection with the
Company's expansion program. The increase in Other Assets is
primarily attributable to the classification of the Company's
investment in the Crab House at the Grand Casino Hotels in
Biloxi and Gulfport. Pursuant to these leases, the Company
will be reimbursed for its investment in each of these
restaurants over the next 7 - 10 years at the rate of
approximately $150,000 per year.
The increase in accounts payable and accrued expenses at
September 25, 1995 compared to December 26, 1994 is primarily
attributable to the opening, operating and construction of new
restaurants.
Effective December 14, 1994, the Company and each of its
wholly-owned subsidiaries (the "Subsidiaries") entered into a
Revolving Credit and Term Loan Agreement (the "Credit
Agreement") with The First National Bank of Boston, as Agent,
and with The First National Bank of Boston and Capital Bank,
as "Lenders". In accordance with the Credit Agreement, the
Lenders have granted to the Company a credit facility in the
amount of $14.0 million. The credit facility is for a term of
seven years and is structured in two parts: (i) for the first
three years, the facility is structured as a revolving loan;
(ii) at the end of three years, so long as the Company is not
then in default under the Credit Agreement, the Company may
convert the amount then due and payable to the Lenders into a
term loan payable in quarterly principal installments over an
additional four year period. So long as the Company is not in
then default under the Credit Agreement, no principal payments
are due during the period that the credit
10
<PAGE>
facility is structured as a revolving loan. For all purposes
hereunder, "Loans" shall refer collectively to the revolving
and term loan portions of this credit facility.
The Company pays interest on the Loans at the Bank's "Base
Rate", as announced from time to time, plus one-half percent
(.5%). Interest is payable monthly. Additionally, in
connection with the Loans, the Company paid a closing fee to
the Lenders in the aggregate amount of $96,000, and will pay
the following additional fees to the Lenders: (i) commencing
after the first anniversary of the Credit Agreement, a
commitment fee equal to 3/8 of one percent on the unused
portion of the revolving loan; and (ii) a fee for early
termination of the revolving portion of the credit facility.
The Company's obligations to the Lenders under the Credit
Agreement are secured by a lien on all of the Company's
personal property, including account receivables, inventory,
equipment and general intangibles. The Loans are also secured
by a pledge from the Company of the outstanding common stock
of each of the Subsidiaries.
Under the Credit Agreement, the Company is required to comply
with certain affirmative and negative covenants. These
covenants require the Company to, among other things, maintain
adequate insurance on its properties, promptly pay all taxes
and other governmental assessments and charges, promptly
provide the Lenders with copies of its periodic reports filed
with the Securities and Exchange Commission and permit the
Lender to conduct periodic inspections of its operations. In
addition, these covenants place limitations on, among other
things, the Company's future borrowings, capital expenditures,
dividend payments and redemptions of securities. Furthermore,
the Credit Agreement requires the Company to maintain certain
minimum tangible net worth levels throughout the term of the
agreement and to remain in compliance with certain financial
ratios including, but not limited to, a leverage ratio, a
ratio of senior bank indebtedness to tangible net worth, a
ratio of senior bank indebtedness to earnings before taxes and
depreciation and amortization with all of the financial ratios
under the Credit Agreement. As of September 25, 1995, the
Company was in compliance with all of the financial ratios
under the Credit Agreement, and the Company believes it is
currently in compliance with all of the covenants of the
Credit Agreement. As of September 25, 1995, $9,819,578 was
outstanding under the Credit Agreement.
The Company expects that its current working capital, cash
flow from operations, and the proceeds from the credit
facility described above will be sufficient to open all of the
restaurants scheduled to open during 1995. The Company intends
to seek to raise additional capital to continue its expansion
program. Capital may be obtained from additional borrowings
from financial institutions or from sales of the Company's
equity securities. The Company anticipates that it will be
able to raise the capital required to continue its expansion
program during future periods, however, there can be no
assurance that the Company will be successful in such effort.
RESULTS OF OPERATIONS
Total revenues for the quarter ended September 25, 1995 were
$14,847,424 representing an increase of approximately 54% over
total revenues of $9,633,785 for the same quarter of 1994. The
increase in total revenues is attributable to same store sales
increases of 6.0% and the opening of three (3) additional
restaurants from period to period. Additionally, the Company's
seafood processing plant in North Carolina had a 142% increase
in sales for the quarter ended September 25, 1995 over the
corresponding quarter last year. Total revenues for the nine
months ended September 25, 1995 were $40,610,669, an increase
of approximately 42% over total revenues for the nine months
ended September 26, 1994. An
11
<PAGE>
increase in same store sales for the nine months ended
September 25, 1995 of 6% and the opening of eight (8)
additional restaurants contributed to the increase in total
revenues for the nine month period ended September 25, 1995.
Since three of the eight restaurants were opened during the
first six months of 1994, reserves for 1995 includes a full
nine (9) months of revenues for these restaurants.
Additionally, for the nine months ended September 25, 1995,
sales at the Company's processing plant increased
approximately 117% over those for the same period last year.
Cost of sales as a percentage of restaurants sales was 35.6%
and 35.2% for the quarter and nine months ended September 26,
1994, respectively, compared to 36% and 35.4% for the quarter
and nine months ended September 25, 1995. This increase was
primarily attributable to increases in seafood commodity
pricing. Operating expenses (consisting primarily of payroll,
occupancy and other operating expenses) as a percentage of
restaurant sales increased for the three months ended
September 25, 1995 and decreased for the nine months ended
September 25, 1995 over the same periods in 1994 from 51.3% to
50.6% and 48.5% to 49.0%, respectively. The actual increase in
operating expenses results from the operations of additional
restaurants opened from period to period. The percentage
increase is principally due to the large number of new
restaurants opened from period to period, since new
restaurants traditionally run much higher costs during the
first several months of operations. The decrease in operating
expenses for the nine months ended September 25, 1995 results
from a reduction of payroll and related expenses and from
increased sales at existing restaurant locations. Store
operating income for the third quarter of 1995 decreased to
13% from 14% for the same quarter in 1994. Store operating
income for the nine months ended September 25, 1995 and
September 28, 1994 remained a constant 16%. The decrease
during the third quarter of 1995 is primarily attributable to
new store openings. Same store operating profit increased by
34% and 27% for the three and nine months ended September 25,
1995, respectively, over the corresponding periods last year.
For the three months and nine months ended September 25, 1995,
the Company's processing plant recorded income of $357,965 and
$125,897, respectively, compared to losses of $7,818 and
$13,137 for the same period in 1994. The increase is primarily
attributable to increased sales.
General and administrative expenses ("G&A") expenses for the
quarter and nine months ended September 25, 1995 were $954,755
and $3,063,966, respectively, representing an increase of 18%
and 20%, respectively over the third quarter and nine month
period ended September 26, 1994. The increase in G&A expenses
for the three months and nine months ended September 25, 1995
resulted principally from the increased personnel at the
corporate level and the addition of two regional managers for
the supervision of restaurant operations. G&A expenses as a
percentage of total revenues for the third quarter and nine
month period ended September 25, 1995 was 6% and 8%,
respectively. This compares to 8% and 9% for the corresponding
periods in 1994.
Restaurant opening expenses increased to $273,191 and $488,901
for the quarter and nine month period ended September 25,
1995. The increase results from the amortization of the costs
incurred in the opening of additional restaurants. The Company
anticipates that restaurant opening expenses will increase
significantly during future periods as the Company opens
additional restaurants under its current expansion program.
Earnings before income taxes for the third quarter and nine
month period ended September 25, 1995 increased by 99% and 46%
over the same periods in 1994. Net earnings for the third
quarter and nine months ended September 25, 1995 were $414,857
and $1,416,631, respectively, which represent an increase of
82% and 34%, respectively, over the third quarter and nine
months ended September 26, 1994. For 1995, income tax expense
increased to an effective rate of 34% compared to the 28%
effective
12
<PAGE>
tax rate recorded in 1994. The increase in earnings is
attributable to increased sales at the Company's restaurants,
improvement in store operating margins and the opening of
additional restaurants.
13
<PAGE>
PART II - OTHER INFORMATION
Item 1. LITIGATION
Not applicable.
Item 2. CHANGES IN SECURITIES
Not applicable.
Item 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES-HOLDERS
No matters were presented to the Shareholders during the third
quarter of 1995.
Item 5. OTHER INFORMATION
None
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) Exhibits
None
(B) Reports of Form 8-K
There were no reports on Form 8-K filed during the period.
14
<PAGE>
BAYPORT RESTAURANT GROUP, INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
- --------- ----- ----
<S> <C> <C>
/S/ WILLIAM D. KORENBAUM President, Chief November 9, 1995
- ------------------------- Financial and
William D. Korenbaum Operating Officer
/S/ DAVID J. KIRINCIC Controller and Chief
- ---------------------- Accounting Officer
David J. Kirincic November 9, 1995
</TABLE>
15
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 10-Q
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-25-1995
<PERIOD-END> SEP-25-1995
<CASH> 1,273,693
<SECURITIES> 1,028,874
<RECEIVABLES> 1,631,970<F1>
<ALLOWANCES> 0
<INVENTORY> 3,231,902
<CURRENT-ASSETS> 9,346,023
<PP&E> 26,831,054<F2>
<DEPRECIATION> 0
<TOTAL-ASSETS> 39,775,196
<CURRENT-LIABILITIES> 4,536,808
<BONDS> 12,718,268<F3>
<COMMON> 9,722
0
24,462
<OTHER-SE> 22,904,889
<TOTAL-LIABILITY-AND-EQUITY> 39,775,196
<SALES> 40,487,579
<TOTAL-REVENUES> 40,610,669
<CGS> 0<F4>
<TOTAL-COSTS> 38,464,258
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,146,411
<INCOME-TAX> 729,780
<INCOME-CONTINUING> 1,416,631
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,416,631
<EPS-PRIMARY> .14
<EPS-DILUTED> .14
<FN>
<F1>Net of allowances.
<F2>Net of depreciation.
<F3>Includes Long-Term Obligations, Due to Related Parties and Deferred
Income Taxes.
<F4>Not applicable.
</FN>
</TABLE>
