SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to .
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Commission File Number 33-8964
CAPTAIN TONY'S PIZZA, INC.
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(Exact name of registrant as specified in its charter)
New York 16-1260971
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
P. O. Box 82, Deland, Florida 32721-0082
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(Address of principal executive offices)
(800) 332-8669
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(Issuer's telephone number)
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(Former name, former address and former fiscal year, if changed since last
report)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 31, 1995, 8,131,661 shares of common stock of the issuer were
outstanding.
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CAPTAIN TONY'S PIZZA, INC.
INDEX
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<CAPTION>
Page
Number
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PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Balance Sheets as of December 31, 1995
(Unaudited) and June 30, 1995..................................1
Consolidated Statements of Operations for the Six Months
Ended December 31, 1995 and 1994 (Unaudited)...................2
Consolidated Statements of Cash Flows for the Six Months
Ended December 31, 1995 and 1994 (Unaudited)...................3
Notes to Consolidated Financial Statements (Unaudited).........4
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations........................5
PART II. OTHER INFORMATION..............................................6
SIGNATURES...............................................................7
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CAPTAIN TONY'S PIZZA, INC.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
December 31, June 30,
1995 1995
(Unaudited) (Note)
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<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 33,840 $ 36,644
Accounts receivable, net of allowance 1,022 2,138
Inventories - 2,772
Prepaid expenses - 1,014
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TOTAL CURRENT ASSETS 34,862 42,568
EQUIPMENT - 13,051
Less accumulated depreciation - 2,760
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- 291
OTHER ASSET
Security deposit - 375
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$ 34,862 $ 43,234
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 1,500 $ 7,622
Other liabilities 16 1,215
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TOTAL CURRENT LIABILITIES 1,516 8,837
SHAREHOLDERS' EQUITY (NOTE B)
Common stock 8,131 8,121
Additional paid-in capital 938,781 937,791
Accumulated deficit (913,566) (911,515)
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33,346 34,397
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$ 34,862 $ 43,234
========= =========
</TABLE>
Note: The balance sheet at June 30, 1995 has been taken from the audited
financial statements at that date and condensed.
See notes to consolidated financial statements.
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<PAGE>
CAPTAIN TONY'S PIZZA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three months ended Six months ended
December 31, December 31,
1995 1994 1995 1994
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<S> <C> <C> <C> <C>
Revenues:
Franchise royalty fees $14,129 $28,598 $29,015 $50,191
Other franchise fees - 2,500 2,500 2,500
Institutional food sales - 12,213 - 24,634
Other sales - 7,060 3,793 14,935
Other income 250 946 6,207 946
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14,379 51,317 41,515 93,206
Costs and expenses:
Cost of institutional food sales - 11,572 - 23,359
Cost of other sales - 5,307 4,441 10,744
Operating, general and
administrative expenses 13,012 26,759 39,131 63,434
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13,012 43,638 43,572 97,537
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INCOME (LOSS) FROM OPERATIONS 1,367 7,679 (2,057) (4,331)
Interest income, net 6 (50) 6 3,073
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NET INCOME (LOSS) $ 1,373 $ 7,629 $(2,051) $(1,258)
======= ======= ======= =======
Net income (loss) per share $ - $ - $ - $ -
======= ======= ======= =======
</TABLE>
See notes to consolidated financial statements.
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<PAGE>
CAPTAIN TONY'S PIZZA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Six months ended December 31,
1995 1994
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<S> <C> <C>
CASH FLOWS - OPERATING ACTIVITIES
Net (loss) for the period $ (2,051) $ (1,258)
Adjustments to reconcile net (loss) to net
cash provided by (used for) operating
activities:
Depreciation and amortization 291 531
Changes in certain assets and liabilities
affecting operations:
Accounts receivable 1,116 1,895
Inventories 2,772 (825)
Prepaid expenses 1,014 814
Accounts payable (6,122) 5,638
Deposits 375 9,942
Due to officer/shareholder - (4,970)
Other liabilities (1,199) (1,769)
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NET CASH PROVIDED BY (USED FOR)
OPERATING ACTIVITIES (3,804) 9,998
CASH FLOWS - INVESTING ACTIVITIES
Issuance of common stock 1,000 -
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NET INCREASE (DECREASE) IN CASH (2,804) 9,998
Cash at beginning of period 36,644 101,893
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CASH AT END OF PERIOD $ 33,840 $111,891
======== ========
</TABLE>
See notes to consolidated financial statements.
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<PAGE>
CAPTAIN TONY'S PIZZA, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE A: CONDENSED FINANCIAL STATEMENTS
The accompanying consolidated financial statements include the accounts of the
Company and its wholly-owned subsidiary, CTP Equipment, Inc. ("CTP").
Intercompany transactions and balances have been eliminated in consolidation.
The condensed consolidated balance sheet as of December 31, 1995, the
consolidated statements of operations for the six-month periods ended December
31, 1995 and 1994, and the consolidated statements of cash flows for the six-
month periods then ended have been prepared by the Company without audit. In
the opinion of management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position, results of
operations and cash flows at December 31, 1995 and for all periods presented
have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or are omitted. It is suggested that these condensed
financial statements be read in conjunction with financial statements and notes
thereto included in the Company's form 10-K, Annual Report, under Section 13 or
15(d) of the Securities Exchange Act of 1934 for the fiscal year ended June 30,
1995. The results of operations for the period ended December 31, 1995 are not
necessarily indicative of operating results for the full year.
NOTE B: ISSUANCE OF COMMON STOCK
In September 1995, the Board of Directors approved the issuance of 10,000
shares of common stock to a Director for services rendered. The stock was
valued at $.01 per share based on an independent appraisal.
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<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
N/A
Item 3. Defaults Upon Senior Securities
N/A
Item 4. Submission of Matters to a Vote of Security Holders
N/A
Item 5. Other Information
N/A
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits - None
b. Reports on Form 8-K -
There were no reports on Form 8-K filed for the six months
ended December 31, 1995.
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<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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(REGISTRANT) CAPTAIN TONY'S PIZZA, INC.
BY (SIGNATURE) /s/ Michael J. Martella
(NAME AND TITLE) Michael J. Martella, President,
Treasurer, Chief Executive Officer and
Director
(DATE) February 6, 1996
BY (SIGNATURE) /s/ Robert J. Wood
(NAME AND TITLE) Robert J. Wood, Secretary and Director
(DATE) February 6, 1996
</TABLE>
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<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> DEC-31-1995
<CASH> 33,840
<SECURITIES> 0
<RECEIVABLES> 1,022
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 34,862
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 34,862
<CURRENT-LIABILITIES> 1,516
<BONDS> 0
0
0
<COMMON> 8,131
<OTHER-SE> 25,215
<TOTAL-LIABILITY-AND-EQUITY> 34,862
<SALES> 41,515
<TOTAL-REVENUES> 41,521
<CGS> 4,441
<TOTAL-COSTS> 4,441
<OTHER-EXPENSES> 39,131
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (2,051)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,051)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,051)
<EPS-PRIMARY> .00
<EPS-DILUTED> .00
</TABLE>
