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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the period ended November 5, 1995
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Commission file number 0-3833
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Morgan's Foods, Inc.
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(Exact name of registrant as specified in its charter)
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<S> <C>
Ohio 34-0562210
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
25201 Chagrin Boulevard, Suite 330, Beachwood, Ohio 44122
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(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (216) 360-7500
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(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
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As of December 19, 1995, the issuer had 17,816,430 shares of
common stock outstanding.
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Explanatory Note:
The purpose of this amendment is to correct the accumulated
depreciation in the November 5, 1995 balance sheet. The amount shown in the
original filing was $8,868,000. The corrected amount is $8,968,000.
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MORGAN'S FOODS, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
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NOVEMBER 5, 1995 FEBRUARY 26, 1995
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ASSETS
Current assets:
Cash and equivalents .................................................................. $ 2,703,000 $ 1,993,000
Marketable securities ................................................................. 313,000 359,000
Receivables ........................................................................... 86,000 105,000
Inventories ........................................................................... 357,000 298,000
Prepaid expenses ...................................................................... 215,000 299,000
Assets held for sale, net (note 2) .................................................... -- 8,354,000
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3,674,000 11,408,000
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Property and equipment:
Land .................................................................................. 1,464,000 1,464,000
Buildings and improvements ............................................................ 5,268,000 5,224,000
Property under capital leases ......................................................... 6,152,000 4,605,000
Leasehold improvements ................................................................ 3,952,000 3,809,000
Equipment, furniture and fixtures ..................................................... 8,010,000 7,433,000
Construction in progress .............................................................. 35,000 465,000
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24,881,000 23,000,000
Less accumulated depreciation and amortization ........................................ 8,968,000 7,886,000
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15,913,000 15,114,000
Other assets ............................................................................ 1,093,000 990,000
Deferred taxes .......................................................................... 600,000 600,000
Excess of cost over amounts assigned
to net assets of acquired businesses .................................................. 1,292,000 1,320,000
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$ 22,572,000 $ 29,432,000
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt .................................................. $ 254,000 $ 10,600,000
Current maturities of capital lease obligations ....................................... 337,000 263,000
Accounts payable ...................................................................... 1,663,000 2,680,000
Accrued liabilities ................................................................... 1,803,000 1,593,000
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4,057,000 15,136,000
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Long-term debt ........................................................................ 5,602,000 4,151,000
Long-term capital lease obligations ................................................... 5,099,000 3,896,000
SHAREHOLDERS' EQUITY
Preferred shares, 1,000,000 shares authorized,
no shares outstanding
Common Stock
Authorized shares - 25,000,000
Issued shares - 17,816,430 .............................................................. 17,817,000 17,817,000
Treasury shares - 1,502 as of February 26, 1995 ......................................... -- (3,000)
Capital in excess of stated value ......................................................... 11,088,000 11,088,000
Accumulated deficit ....................................................................... (21,091,000) (22,653,000)
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Total shareholders' equity ................................................................ 7,814,000 6,249,000
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$ 22,572,000 $ 29,432,000
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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
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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.
Morgan's Foods, Inc.
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(Registrant)
Dated: December 29, 1995 By: /s/ Kenneth L. Hignett
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Kenneth L. Hignett
Senior Vice President,
Chief Financial Officer & Secretary
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