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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 2
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1998
--- 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. 0-4678
PANCHO'S MEXICAN BUFFET, INC.
(Exact name of registrant as specified in its Charter)
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<S> <C>
DELAWARE 75-1292166
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
3500 NOBLE AVENUE, FORT WORTH, TEXAS 76111
(Address of principal executive offices) (Zip Code)
(817) 831-0081
(Registrant's telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the Act:
NONE
Securities registered pursuant to Section 12(g) of the Act:
COMMON STOCK, PAR VALUE $0.10 PER SHARE
(Title of Class)
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 BY CHECK MARK IF DISCLOSURE OF DELINQUENT FILERS PURSUANT TO ITEM
405 OF REGULATION S-K IS NOT CONTAINED HEREIN, AND WILL NOT BE CONTAINED, TO THE
BEST OF THE REGISTRANT'S KNOWLEDGE, IN DEFINITIVE PROXY OR INFORMATION
STATEMENTS INCORPORATED BY REFERENCE IN PART III OF THIS FORM 10-K OR ANY
AMENDMENT TO THIS FORM 10-K [ ].
THE AGGREGATE MARKET VALUE OF THE VOTING STOCK HELD BY NON-AFFILIATES OF THE
REGISTRANT ON NOVEMBER 30, 1998, BASED ON THE ACTUAL STOCK PRICE ON SUCH DATE
WAS $3,317,384.
NUMBER OF SHARES OF COMMON STOCK OUTSTANDING AS OF NOVEMBER 30,
1998:..................................................................4,358,723
DOCUMENTS INCORPORATED BY REFERENCE
THE COMPANY'S DEFINITIVE PROXY STATEMENT FOR THE ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD JANUARY 27, 1998, IS INCORPORATED BY REFERENCE IN PART III HEREOF.
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The Consolidated Statements of Cash Flows (page F-4) inadvertently included an
incorrect amount for fiscal year 1998 net cash used in financing activities.
Therefore, page F-4 is hereby amended to reflect the correct amount for that
line.
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PANCHO'S MEXICAN BUFFET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
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<CAPTION>
YEARS ENDED SEPTEMBER 30,
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1998 1997 1996
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Cash Flows From Operating Activities:
Net earnings (loss).............................. $(12,518,000) $ (4,716,000) $ (415,000)
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Adjustments to reconcile net earnings (loss) to
net cash provided by operating activities:
Depreciation and amortization................. 2,808,000 3,426,000 3,949,000
Provision (benefit) for deferred income
taxes....................................... 4,305,000 (1,288,000) 186,000
Impairment of long-lived assets............... 5,681,000 3,033,000
Provision for restructuring reserves.......... 920,000 1,538,000
Realization of foreign currency translation
adjustment.................................. 455,000
Loss on writeoff of stock notes receivable.... 83,000
Gain on sale of assets........................ (153,000) (256,000) (141,000)
Stock compensation to outside directors....... 29,000
Changes in operating assets and liabilities:
Accounts and notes receivable............... (6,000) 9,000 216,000
Income taxes receivable..................... 538,000 (352,000) 1,041,000
Inventories, prepaid expenses and other
assets................................... (231,000) 181,000 389,000
Accounts payable and accrued expenses....... 79,000 (272,000) (353,000)
Restructuring reserves...................... (658,000) (959,000) (349,000)
Other......................................... 134,000
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Net cash provided by operating
activities............................. 794,000 882,000 4,657,000
Cash Flows From Investing Activities:
Property additions............................... (697,000) (459,000) (689,000)
Proceeds from sale of assets..................... 261,000 1,081,000 278,000
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Net cash provided by (used in) investing
activities............................. (436,000) 622,000 (411,000)
Cash Flows From Financing Activities:
Short-term borrowings, net....................... 298,000 40,000 (10,000)
Long-term borrowings............................. 19,706,000 28,583,000 28,676,000
Repayments of long-term borrowings............... (20,232,000) (29,785,000) (33,892,000)
Dividends paid................................... (66,000) (132,000) (132,000)
Payments on officer stock notes receivable....... 53,000 77,000 67,000
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Net cash used in financing activities.... (241,000) (1,217,000) (5,291,000)
Effect of Foreign Exchange Rate Change on Cash..... (3,000) (9,000)
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Net Increase (Decrease) in Cash and Cash
Equivalents...................................... 117,000 284,000 (1,054,000)
Cash and Cash Equivalents at Beginning of Year..... 429,000 145,000 1,199,000
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Cash and Cash Equivalents at End of Year........... $ 546,000 $ 429,000 $ 145,000
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Supplemental Information:
Income taxes paid and (refunds received), net.... $ (541,000) $ (170,000) $ (1,348,000)
Interest paid, net of capitalized amounts........ 206,000 306,000 533,000
Treasury stock acquired as reduction of
receivables................................... 55,000 13,000
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See notes to consolidated financial statements.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
PANCHO'S MEXICAN BUFFET, INC.
By /s/ W. BRAD FAGAN
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Brad, Fagan, Vice President, Treasurer, Chief Financial
Officer and Assistant Secretary (Principal Financial and
Accounting Officer)
January 6, 1999
