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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 16, 1996
BUFFETS, INC.
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(Exact name of registrant as specified in its charter)
Minnesota 0-14370 41-1462294
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(State of Incorporation) (Commission file number) (I.R.S. Employer
Identification No.)
10260 Viking Drive, Suite 100
Eden Prairie, Minnesota 55344
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(Address of principal executive offices) (Zip Code)
(612) 942-9760
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(Registrant's telephone number)
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ITEM 5. OTHER EVENTS
On September 16, 1996, Buffets, Inc. (the "Company") issued a
Press Release containing certain information regarding financial performance.
The Press Release of the Company dated September 16, 1996 is incorporated
by reference and filed as an Exhibit to this Report.
ITEM 7. EXHIBITS
99.1 Press release dated September 16, 1996.
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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.
BUFFETS, INC.
Date: September 16, 1996 By: /s/ Clark C. Grant
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Clark C. Grant, Executive Vice
President, Chief Financial
Officer and Treasurer
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Exhibit Index
EXHIBIT
99.1 Press release dated September 16, 1996
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[LETTERHEAD]
Contact: Clark C. Grant For Immediate Release
Executive VP of Finance, Treasurer ----------------------
September 16, 1996
Buffets, Inc. today announced that, based upon a preliminary review of
results for the first eight weeks of the twelve-week fiscal third quarter
ending October 9, 1996, the Company expects that net earnings for the
fiscal third quarter, excluding expenses and other costs associated with
the planned merger with HomeTown Buffet, Inc., will be below the $6,715,000
net earnings reported for the same period in fiscal 1995. Although four
weeks remain in the third quarter, the soft sales reported in Buffets,
Inc.'s August 7, 1996 press release have continued during the quarter
throughout much of the country. The company believes that this could be
due at least in part to the hurricanes in the East and the recent Olympic
Games. In addition, as previously reported, the Company expects that a
large percentage of the new restaurants planned to open in fiscal 1996 will
open in the fourth quarter. Fewer openings during the first three quarters
of 1996 will negatively impact third quarter results.
Final results for the fiscal third quarter will be announced on or
about October 30, 1996.
The statement set forth above concerning the Company's expectations
regarding fiscal third quarter net earnings is forward-looking. During the
remaining four weeks of the fiscal third quarter, a number of factors could
cause actual results to differ from current expectations, including weather
conditions, the success of the Company's advertising program, changes in
food supply costs and general economic conditions. In addition, the
ability of the company to open new restaurants depends on a number of
factors, including its ability to find suitable locations and negotiate
acceptable leases and land purchases, its ability to attract and retain
qualified restaurant managers and the availability of capital.
