SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended September 26, 2000 Commission file number 1-9606
AMERICAN RESTAURANT PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
Delaware 48-1037438
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification)
555 North Woodlawn, Suite 3102
Wichita, Kansas 67208
(Address of principal executive offices) (Zip-Code)
Registrant's telephone number, including area code (316) 684-5119
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 [ ]
AMERICAN RESTAURANT PARTNERS, L.P.
INDEX
Page
Number
------
Part I. Financial Information
-------------------------------
Item 1. Financial Statements
Consolidated Condensed Balance Sheets at
September 26, 2000 and December 28, 1999 1
Consolidated Condensed Statements of Income
for the Three and Nine Periods Ended
September 26, 2000 and September 28, 1999 2
Consolidated Condensed Statements of Cash
Flows for the Nine Periods Ended
September 26, 2000 and September 28, 1999 3
Notes to Consolidated Condensed Financial Statements 4-5
Item 2. Management's Discussion and Analysis of Consolidated
Financial Condition and Results of Operations 6-10
Part II. Other Information
---------------------------
Item 6. Exhibits and Reports on Form 8-K 11
AMERICAN RESTAURANT PARTNERS, L.P.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
September 26, December 28,
ASSETS 2000 1999
---------------------------- ------------- ------------
Current assets:
Cash and cash equivalents $ 291,038 $ 742,452
Accounts receivable 358,768 258,388
Due from affiliates 83,392 69,948
Notes receivable from
affiliates - current portion 20,450 19,531
Inventories 400,781 410,997
Prepaid expenses 332,157 270,300
---------- ----------
Total current assets 1,486,586 1,771,616
Net property and equipment 20,751,411 19,330,304
Other assets:
Franchise rights, net 5,302,988 5,510,611
Notes receivable from affiliates 64,073 75,952
Deposit with affiliate 485,000 485,000
Goodwill 2,083,743 694,391
Other 1,185,491 1,328,781
---------- ----------
$31,359,292 $29,196,655
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIENCY)
----------------------------------------------
Current liabilities:
Accounts payable $ 2,034,802 $ 2,818,985
Due to affiliates 108,843 111,988
Accrued payroll and other taxes 668,953 750,474
Accrued liabilities 1,396,825 1,177,506
Current portion of long-term debt 3,648,569 2,396,678
Current portion of obligations
under capital leases 529,340 59,124
---------- ----------
Total current liabilities 8,387,332 7,314,755
Long-term liabilities less current maturities:
Obligations under capital leases 2,170,128 1,436,375
Long-term debt 26,397,886 25,252,712
Other noncurrent liabilities 1,034,188 787,208
---------- ----------
29,602,202 27,476,295
Minority interests in Operating
Partnerships 138,222 551,541
Partners' capital (deficiency):
General Partners (8,516) (8,585)
Limited Partners:
Class A Income Preference 5,141,664 5,394,796
Classes B and C (9,255,213) (9,252,030)
Notes receivable employees - sale
of partnership units (787,756) (956,436)
Cost in excess of carrying value
of assets acquired (1,858,643) (1,323,681)
---------- ----------
Total partners' deficiency (6,768,464) (6,145,936)
---------- ----------
$31,359,292 $29,196,655
========== ==========
See accompanying notes.
<TABLE>
AMERICAN RESTAURANT PARTNERS, L.P.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
<CAPTION>
September 26, September 28, September 26, September 28,
2000 1999 2000 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net sales $15,088,559 $14,602,367 $44,578,612 $43,378,237
Operating costs and expenses:
Cost of sales 3,780,232 3,955,343 10,965,307 11,620,571
Restaurant labor and benefits 4,312,478 4,175,191 12,869,371 12,677,941
Advertising 980,175 920,733 2,944,176 2,809,654
Other restaurant operating
expenses exclusive of
depreciation and amortization 2,960,974 2,820,253 8,430,594 8,117,026
General and administrative:
Management fees - related party 934,724 907,148 2,757,566 2,692,950
Other 239,522 215,350 785,810 578,079
Depreciation and amortization 729,563 669,793 2,056,545 1,872,441
---------- ---------- ---------- ----------
Income from operations 1,150,891 938,556 3,769,243 3,009,575
Equity in loss of investment
in unconsolidated affiliates 30,000 - 146,896 -
Interest income (9,449) (8,428) (30,445) (13,645)
Interest expense 790,643 771,659 2,242,862 2,316,843
Loss on sale of investments held for sale - 122,155 - 122,155
---------- ---------- ---------- ----------
Income before minority interest 339,697 53,170 1,409,930 584,222
Minority interests in income of
Operating Partnerships 20,192 100 208,675 24,959
---------- ---------- ---------- ----------
Net income $ 319,505 $ 53,070 $ 1,201,255 $ 559,263
========== ========== ========== ==========
Net income allocated to Partners:
Class A Income Preference $ 61,382 $ 11,766 $ 239,693 $ 130,021
Class B 93,898 15,000 349,818 155,454
Class C 164,225 26,304 611,744 273,788
Weighted average number of Partnership
units outstanding during period:
Class A Income Preference 715,772 813,907 752,249 813,964
Class B 1,094,936 1,037,666 1,097,861 973,178
Class C 1,915,010 1,819,561 1,919,887 1,713,979
Basic and diluted income
before minority interest
per Partnership unit $ 0.09 $ 0.01 $ 0.37 $ 0.17
Basic and diluted minority interest
per Partnership unit $ 0.01 $ 0.00 $ 0.06 $ 0.01
Basic and diluted net income
per Partnership unit $ 0.09 $ 0.01 $ 0.32 $ 0.16
Distributions per Partnership interest $ 0.10 $ 0.10 $ 0.30 $ 0.30
<FN>
See accompanying notes.
</FN>
</TABLE>
<TABLE>
AMERICAN RESTAURANT PARTNERS, L.P.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
(Unaudited)
<CAPTION>
September 26, September 28,
2000 1999
------------- -------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 1,201,255 $ 559,263
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization 2,056,545 1,872,441
Loss on disposition of assets 6,574 24,437
Equity in loss of investment in
unconsolidated affiliates 146,896 -
Minority interests in income
of Operating Partnerships 208,675 24,957
Compensation expense - reduction of notes receivable 41,056 -
Loss on sale of investments held for sale - 122,155
Net change in operating assets and liabilities:
Accounts receivable (98,985) 16,146
Due from affiliates (13,444) (157,022)
Inventories 10,216 (16,498)
Prepaid expenses (61,857) (67,066)
Accounts payable (784,183) 819,467
Due to affiliates (3,145) (139,957)
Accrued payroll and other taxes (81,521) (98,726)
Accrued liabilities 219,319 16,363
Other, net 197,577 224,255
---------- ----------
Net cash provided by operating activities 3,044,978 3,200,215
Cash flows from investing activities:
Proceeds from sale of investments held for sale - 40,002
Purchase of minority interest in Oklahoma Magic, L.P. (2,500,000) -
Additions to property and equipment (1,677,812) (901,149)
Proceeds from sale of property and equipment 2,720 108,559
Purchase of franchise rights - (15,000)
Collections of notes receivable from affiliates 10,960 23,726
Other (75,902) (35,610)
---------- ----------
Net cash used in investing activities (4,240,034) (779,472)
Cash flows from financing activities:
Payments on long-term borrowings (3,751,727) (3,303,752)
Proceeds from long-term borrowings 6,148,792 2,272,000
Payments on capital lease obligations (257,182) (33,982)
Distributions to Partners (1,042,962) (1,028,583)
Proceeds from issuance of Class B and C units - 68,213
Repurchase of units (288,310) (69,708)
General Partners' distributions
from Operating Partnerships (11,469) (10,603)
Minority interests' distributions
from Operating Partnerships (53,500) -
---------- ----------
Net cash provided by (used in) financing activities 743,642 (2,106,415)
---------- ----------
Net (decrease) increase in cash and cash equivalents (451,414) 314,328
Cash and cash equivalents at beginning of period 742,452 329,946
---------- ----------
Cash and cash equivalents at end of period $ 291,038 $ 644,274
========== ==========
Noncash investing and financing activities: During the first nine periods of 2000, notes
receivable from employees resulting from the issuance of stock during 1999 were reduced by
distributions of $92,473 paid on these units, and by $41,056 charged to compensation expense.
Notes receivable from employees were also reduced by $47,706 as a result of the Partnership
buying back the units of employees who terminated their employment. The terminated employees'
stock proceeds were reduced by their notes receivable balance. In addition, the Partnership
entered into $1,461,151 in capital leases for point-of-sale terminals.
<FN>
See accompanying notes.
</FN>
</TABLE>
AMERICAN RESTAURANT PARTNERS, L.P.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
Nine Periods Ended September 26, 2000 and September 28, 1999
1. General
-------
The accompanying consolidated condensed financial statements include the
accounts of American Restaurant Partners, L.P. and its majority owned
subsidiaries, American Pizza Partners, L.P. (APP), APP Concepts, LLC and
Oklahoma Magic, L.P. (Magic). American Restaurant Partners, L.P., APP,
APP Concepts, LLC and Magic are hereinafter collectively referred to as
the Partnership. All significant intercompany balances and transactions
have been eliminated. The consolidated condensed financial statements
have been prepared without audit. The Balance Sheet at December 28, 1999
has been derived from the Partnership's audited financial statements.
In the opinion of management, all adjustments of a normal and recurring
nature which are necessary for a fair presentation of such financial
statements have been included. These statements should be read in
conjunction with the consolidated financial statements and notes
contained in the Partnership's Annual Report filed on Form 10-K for the
fiscal year ended December 28, 1999.
The results of operations for interim periods are not necessarily
indicative of the results for the full year. The Partnership does not
experience significant seasonality but sales continue to be largely
driven through advertising and promotion.
2. Subsequent Events
-----------------
On October 2, 2000 the Partnership declared a distribution of $0.10 per
unit to all unitholders of record as of October 12, 2000. The
distribution is not reflected in the September 26, 2000 consolidated
condensed financial statements.
3. Purchase of Partnership Interest
--------------------------------
On July 26, 2000, American Pizza Partners, L.P. purchased 39% of
Oklahoma Magic, L.P. from Restaurant Management Company of Wichita, Inc.
(RMC) for $2,500,000 cash and contingent consideration of $700,000. The
$2,500,000 cash payment was financed by INTRUST Bank over five years at
9.5%. The contingent consideration will become due in the event that
Magic's cash flow (determined on a 12 month trailing basis) exceeds
$2.6 million at any time between January 1, 2001 and December 31, 2005.
Payment of the remaining balance shall be made in Class B and Class C
AMERICAN RESTAURANT PARTNERS, L.P.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (continued)
Nine Periods Ended September 26, 2000 and September 28, 1999
3. Purchase of Partnership Interest (continued)
--------------------------------------------
Units of the Partnership. In the event that Magic's cash flow does not
reach this cash flow goal on or prior to December 31, 2005, APP shall
owe no additional consideration. Upon completion of this purchase, the
Partnership owns 99% of Magic.
RMC is considered a related party in that one individual has controlling
interest in both RMC and the Partnership's general partner. To the
extent that the Partnership and RMC have common ownership, the
transaction was recorded at RMC's historical cost. As a result of the
transaction, the Partnership recorded goodwill of $1,407,997 and cost in
excess of carrying value of assets acquired of $534,962.
4. Comprehensive Income
--------------------
Comprehensive income is comprised of the following:
Three periods ended Nine periods ended
Sept. 26, Sept. 28, Sept. 26, Sept. 28,
2000 1999 2000 1999
--------- --------- --------- ---------
Net income $ 319,505 $ 53,070 $1,201,255 $ 559,263
Change in unrealized
loss in investment
securities - 118,983 - 96,483
-------- -------- --------- --------
$ 319,505 $ 172,053 $1,201,255 $ 655,746
======== ======== ========= ========
5. Reclassifications
-----------------
Certain amounts shown in the 1999 consolidated condensed financial
statements have been reclassified to conform with the 2000 presentation.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
---------------------
As of September 26, 2000, the Partnership operated 70 traditional Pizza
Hut red roof restaurants, 13 delivery/carryout units and three dualbrand
locations.
Three Periods Ended September 26, 2000 Compared to
--------------------------------------------------
Three Periods Ended September 28, 1999
--------------------------------------
NET SALES. Net sales for the three periods ended September 26, 2000
increased $487,000 from net sales of $14,602,000 in 1999 to net sales of
$15,089,000 for 2000, a 3.3% increase. Comparable restaurant sales
increased 5.0%. The stronger than expected sales results in 2000 were
achieved primarily through continued improvement in restaurant
operations.
INCOME FROM OPERATIONS. Income from operations for the three periods
ended September 26, 2000 increased $212,000 from $939,000 to $1,151,000,
a 22.6% increase over the same three periods of 1999. As a percentage
of net sales, income from operations increased from 6.4% for the three
periods ended September 28, 1999 to 7.6% for the three periods ended
September 26, 2000. Cost of sales decreased from 27.1% of net sales for
the three periods ended September 28, 1999 to 25.1% of net sales for the
three periods ended September 26, 2000 primarily due to a 27% reduction
in cheese costs. This decrease was partially offset by increases in
meat ingredient costs. Labor and benefits expense amounted to 28.6% of
net sales in 1999 and 2000. Advertising increased slightly as a
percentage of net sales from 6.3% of net sales in 1999 to 6.5% of net
sales in 2000. Other restaurant operating expenses increased from 19.3%
of net sales in 1999 to 19.6% of net sales in 2000 primarily due to
increased delivery driver reimbursements as a result of higher gas
prices and increased competition for drivers. General and administrative
expenses increased slightly from 7.7% of net sales in 1999 to 7.8% of
net sales in 2000. Depreciation and amortization expense increased from
4.6% of net sales in 1999 to 4.8% of net sales in 2000 primarily due to
the addition of point-of-sale terminals under capital leases.
NET INCOME. Net income increased $267,000 to $320,000 for the three
periods ended September 26, 2000 compared to $53,000 for the three
periods ended September 28, 1999. This increase is primarily
attributable to the increase in income from operations noted above. The
increase was partially offset by a $30,000 loss from investment in
unconsolidated affiliates and an $18,000 increase in net interest
expense primarily due to the addition of point-of-sale terminals under
capital leases. The 1999 net income included a $122,000 loss on the
sale of investments held for sale.
Nine Periods Ended September 26, 2000 Compared to
-------------------------------------------------
Nine Periods Ended September 28, 1999
-------------------------------------
NET SALES. Net sales for the nine periods ended September 26, 2000
increased $1,201,000 from net sales of $43,378,000 in 1999 to net sales
of $44,579,000 for 2000, a 2.8% increase. Comparable restaurant sales
increased 4.4% over the prior year. During 1999, the Partnership
experienced an 8.1% increase in comparable restaurant sales primarily
due to the success of the Big New Yorker pizza which was introduced in
early 1999. The stronger than expected sales results in 2000 were
achieved primarily through continued improvement in restaurant
operations.
INCOME FROM OPERATIONS. Income from operations for the nine periods
ended September 26, 2000 increased $759,000 from $3,010,000 to
$3,769,000, a 25.2% increase over the same nine periods of 1999. As a
percentage of net sales, income from operations increased from 6.9% for
the nine periods ended September 28, 1999 to 8.5% for the nine periods
ended September 26, 2000. Cost of sales decreased as a percentage of
net sales from 26.8% for the nine periods ended September 28, 1999 to
24.6% for the nine periods ended June 26, 2000 due to significantly
lower cheese costs. Labor and benefits expense decreased as a
percentage of net sales from 29.2% in 1999 to 28.9% in 2000.
Advertising increased slightly as a percentage of net sales from 6.5% of
net sales in 1999 to 6.6% of net sales in 2000. Other restaurant
operating expenses amounted to 18.9% of net sales in 2000 compared to
18.7% of net sales in 1999. General and administrative expenses
increased from 7.5% of net sales in 1999 to 7.9% of net sales in 2000
reflecting increased bonuses paid on improved operating results.
Depreciation and amortization expense increased from 4.3% of net sales
in 1999 compared to 4.6% of net sales primarily due to the addition of
point-of-sale terminals under capital leases.
NET INCOME. Net income increased $642,000 to $1,201,000 for the nine
periods ended September 26, 2000 compared to $559,000 for the nine
periods ended September 28, 1999. This increase is primarily
attributable to the increase in income from operations noted above and a
$91,000 decrease in net interest expense due to an overall reduction of
debt. The increase was partially offset by a $147,000 loss from
investment in unconsolidated affiliates and a $184,000 increase in
minority interest in income of Operating Partnerships. The 1999 amount
includes a $122,000 loss on sale of investments held for sale.
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
At September 26, 2000 the Partnership had a working capital deficiency
of $6,901,000 compared to a working capital deficiency of $5,543,000 at
December 28, 1999. This increase in working capital deficiency is
primarily a result of a $1,252,000 increase in current portion of long-
term debt due to the short-term financing of the purchase of previously
leased restaurants and a $470,000 increase in current portion of
obligations under capital leases related to point-of-sale terminals.
The Partnership routinely operates with a negative working capital
position which is common in the restaurant industry and which results
from the cash sales nature of the restaurant business and payment terms
with vendors.
The Partnership generates its principal source of funds from net cash
provided by operating activities. Management believes net cash provided
by operating activities and various other sources of income will provide
sufficient funds to meet planned capital expenditures for recurring
replacement of equipment in existing restaurants and to service debt
obligations.
NET CASH PROVIDED BY OPERATING ACTIVITIES. For the nine periods ended
September 26, 2000, net cash provided by operating activities amounted
to $3,045,000 compared to $3,200,000 for the nine periods ended
September 28, 1999. The 2000 increases in net income, depreciation and
amortization, equity in loss of investment in unconsolidated affiliates
and minority interests in income of Operating Partnerships were
partially offset by a $784,000 decrease in accounts payable.
INVESTING ACTIVITIES. Capital expenditures for the nine periods ended
September 26, 2000 were $1,678,000 of which $608,000 was for replacement
of equipment in existing restaurants and $1,070,000 was for the purchase
of previously leased restaurants. The Partnership also entered into
capital leases of $1,461,000 for point-of-sale terminals. In addition,
the Partnership purchased a minority interest in Oklahoma Magic, L.P.
for $2,500,000.
FINANCING ACTIVITIES. Cash distributions declared during the nine
periods ended September 26, 2000 were $1,043,000 amounting to $0.30 per
unit. The Partnership's distribution objective, generally, is to
distribute all operating revenues less operating expenses (excluding
noncash items such as depreciation and amortization), capital
expenditures for existing restaurants, interest and principal payments
on Partnership debt, and such cash reserves as the managing General
Partner may deem appropriate.
During the nine periods ended September 26, 2000, the Partnership's
proceeds from borrowings amounted to $6,149,000 of which $2,500,000 was
used to purchase a 39% interest in Magic from an affiliate and
$1,025,000 was used to purchase previously leased restaurants. The
remainder was used to refinance existing debt. The financing costs
related to this refinancing are being amortized over the terms of the
loan agreements. Management anticipates spending an additional $200,000
during the remainder of 2000 for recurring replacement of equipment in
existing restaurants which will be financed from net cash provided by
operating activities. The actual level of capital expenditures may be
higher in the event of unforeseen breakdowns of equipment or lower in
the event of inadequate net cash flow from operating activities.
YEAR 2000 COMPLIANCE
--------------------
The Partnership did not incur any problems with Year 2000 compliance.
Management is continuing to monitor Year 2000 issues. The Partnership
does not anticipate any problems with Year 2000 compliance in the
future.
OTHER MATTERS
-------------
On July 26, 2000, American Pizza Partners, L.P. purchased 39% of
Oklahoma Magic, L.P. from Restaurant Management Company of Wichita, Inc.
(RMC) for $2,500,000 cash and contingent consideration of $700,000. The
$2,500,000 cash payment was financed by INTRUST Bank over five years at
9.5%. The contingent consideration will become due in the event that
Magic's cash flow (determined on a 12 month trailing basis) exceeds
$2.6 million at any time between January 1, 2001 and December 31, 2005.
Payment of the remaining balance shall be made in Class B and Class C
Units of the Partnership. In the event that Magic's cash flow does not
reach this cash flow goal on or prior to December 31, 2005, APP shall
owe no additional consideration. Upon completion of this purchase, the
Partnership owns 99% of Magic. RMC is considered a related party in
that one individual has controlling interest in both RMC and the
Partnership's general partner. To the extent that the Partnership and
RMC have common ownership, the transaction was recorded at RMC's
historical cost. As a result of the transaction, the Partnership
recorded goodwill of $1,407,997 and cost in excess of carrying value of
assets acquired of $534,962.
The Partnership's major distributor, AmeriServe, has reached an
agreement to sell its U.S. distribution business to McLane Company,
Inc., a subsidiary of Wal-Mart Stores, Inc. As part of the sale, the
Partnership agreed to a two-year contract extension and will incur a 5%
increase in distribution fees along with a reduction of payable terms
for supplies from 30 to 15 days. The overall impact of the increased
distribution fees on cost of sales will be approximately 0.1%. The sale
is anticipated to be completed during the fourth quarter, however, no
assurances can be given that this sale will be completed.
The Partnership delisted from the American Stock Exchange effective
November 13, 1997 and limited trading of its units. As a result, the
Partnership will continue to be taxed as a partnership rather than being
taxed as a corporation. The Partnership does offer a Qualified Matching
Service, whereby the Partnership will match persons desiring to buy
units with persons desiring to sell units.
EFFECTS OF INFLATION AND FUTURE OUTLOOK
---------------------------------------
Inflationary factors such as increases in food and labor costs directly
affect the Partnership's operations. Because most of the Partnership's
employees are paid on an hourly basis, changes in rates related to
federal and state minimum wage and tip credit laws will affect the
Partnership's labor costs. The Partnership cannot always effect
immediate price increases to offset higher costs and no assurance can be
given the Partnership will be able to do so in the future. Congress is
currently considering legislation which could increase the minimum wage
by up to as much as $1 per hour over a two-year period. The effective
date of such legislation could be as early as January 1, 2001. While an
increase in the minimum wage would increase the Partnership's labor
costs, due to the uncertainty regarding legislation on the matter,
management cannot reliably estimate the potential impact on labor costs
at this time.
The Partnership's earnings are affected by changes in interest rates
primarily from its long-term debt arrangements. Under its current
policies, the Partnership does not use interest rate derivative
instruments to manage exposure to interest rate changes. A hypothetical
100 basis point adverse move (increase) in interest rates along the
entire interest rate yield curve would increase the Partnership's
interest expense and decrease net income by $3,500 over the term of the
related debt. This amount was determined by considering the impact of
the hypothetical interest rates on the Partnership's borrowing cost.
These analyses do not consider the effects of the reduced level of
overall economic activity that could exist in such an environment.
This report contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act, and Section 21E of the
Exchange Act which are intended to be covered by the safe harbors
created thereby. Although the Partnership believes that the assumptions
underlying the forward-looking statements contained herein are
reasonable, any of the assumptions could be inaccurate, and therefore,
there can be no assurance that the forward-looking statements included
in this report will prove to be accurate. Factors that could cause
actual results to differ from the results discussed in the forward-
looking statements include, but are not limited to, consumer demand and
market acceptance risk, the effect of economic conditions, including
interest rate fluctuations, the impact of competing restaurants and
concepts, the cost of commodities and other food products, labor
shortages and costs and other risks detailed in the Partnership's
Securities and Exchange Commission filings.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) Exhibits
None
(b) Reports on Form 8-K
During the fiscal period covered by this Form 10-Q, no
reports on Form 8-K were filed.
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.
AMERICAN RESTAURANT PARTNERS, L.P.
(Registrant)
By: RMC AMERICAN MANAGEMENT, INC.
Managing General Partner
Date: 11/16/00 By: /s/Hal W. McCoy
-------- ---------------
Hal W. McCoy
Chairman and Chief Executive Officer
Date: 11/16/00 By: /s/Terry Freund
-------- ---------------
Terry Freund
Chief Financial Officer
