AMBASSADOR FOOD SERVICES CORPORATION
3269 Roanoke Road
Kansas City, Missouri 64111
March 9, 2000
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
Pursuant to the requirements of the Securities Exchange Act of 1934,
we are transmitting herewith the attached Form 10QSB Amended.
Sincerely,
Daryl Roecker
Daryl Roecker
Controller
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Form 10QSB
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarter ended September 2, 1999
Commission File Number 0-1744
Ambassador Food Services Corporation
Delaware 244-0656199
(State or other jurisdiction of (IRS Employer Identification #)
incorporation or organization)
3269 Roanoke Road
Kansas City, Missouri 64111
(Address of principal executive offices)
816-561-6474
(Registrant's Telephone Number, Including Area Code)
No Changes
(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 twelve
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 ninety days.
YES______ NO____X____
Indicate the number of shares outstanding of each of the
issuer's classes of common stock as of the close of the
period covered by this report:
Common stock ($1.00 par value) 737,556 shares
outstanding as of 9/02/99.
AMBASSADOR FOOD SERVICES CORPORATION AND SUBSIDIARIES
INDEX
Part 1. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
September 2, 1999 (Unaudited) and June 3, 1999 4
Consolidated Statements of Income
Three Months ended September 2, 1999 (Unaudited)
And August 27, 1998 (Unaudited) 5
Condensed Consolidated Statements of Cash Flows
Three months September 2, 1999 (Unaudited) 5
Notes to Condensed Consolidated Financial
Statements (Unaudited) 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 6-7
Signatures 7
AMBASSADOR FOOD SERVICES CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS 9/2/99 6/3/99
Cash 159,789 238,410
Accounts & Notes Receivable 1,092,621 958,549
Inventories 532,818 583,978
Other current 129,702 90,288
Total Current Assets 1,914,930 1,826,225
Property Plant and Equip - Net 1,765,180 1,824,128
Location Contracts 238,742 242,482
Other Long Term Assets 595,586 549,698
Total Assets 4,514,438 4,442,533
LIABILITIES AND STOCKHOLDERS' EQUITY
Trade Accounts Payable 1,827,023 1,819,354
Accrued Expensed and Other 504,974 665,348
Current Maturities
Of Long term debt 599,368 480,554
Line of Credit 559,219 417,490
Total Current Liabilities 3,490,584 3,382,746
Long-Term Debt 893,130 1,114,798
Other Long-Term Liabilities 349,322 347,933
Stockholders' Equity:
Common Stock 1,009,230 1,009,230
Additional Paid-In Capital 718,291 718,291
Retained Earnings (1,616,664) (1,801,010)
110,857 (73,489)
Less Treasury Stock (329,455) (329,455)
(218,598) (402,944
Total Liabilities
& Stockholders' Equity 4,514,438 4,442,533
Note: The balance sheet at June 3, 1999 has been taken from
the audited financial statements at that date, and condensed.
See accompanying notes to consolidated condensed financial statements.
AMBASSADOR FOOD SERVICES CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
9/2/99
Net Cash provided (used)
By continuing operations 159,975
Net Cash provided (used)
By investing activities (390,165)
Net Cash provided (used)
By financing activities 151,569
Net Increase (Decrease) in Cash (78,621)
Cash:
Beginning of period (June) 238,410
End of period (November) 159,789
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
13 Weeks Ended 13 Weeks Ended
9/2/99 8/27/98
Total Revenue: $4,486,901 $4,466,971
Costs of Products Sold 2,000,661 1,887,928
Payroll Expense 1,153,377 1,232,242
Operating 565,401 566,868
Administrative 544,535 649,418
Depreciation and Amortization 116,214 114,863
Interest 62,952 75,530
Total Expenses $4,443,140 $4,526,849
Income from Cont. Ops. (BIT) $43,761 ($59,878)
Provision for Income Taxes 0 0
Net (Loss) Earnings $43,761 ($59,878)
Earnings per common share $0.06 ($0.08)
AMBASSADOR FOOD SERVICES CORPORATION
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANACIAL STATEMENTS
(Unaudited)
1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The condensed consolidated balance sheet as of September 2, 1999,
the consolidated statements of income for the three month periods
ended September 2, 1999, and August 27, 1998, and the condensed
consolidated statements of cash flows for the three month periods
then ended have been prepared by the company without any 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
September 2, 1999 and for all period 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 omitted. It is
suggested that these condensed consolidated financial statements
and notes thereto included in the Company's June 3, 1999 annual
report to shareholders. The results of operations for the periods
ended September 2, 1999 and August 27, 1998 are not necessarily
indicative of the operating results for the full year.
2. INVENTORIES
Inventories consist of raw materials and supplies.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULT OF OPERATION
Revenues for the three months ended September 2, 1999
Increased $19,930 or 4% over the same period for 1998. The
increase in sales in the Des Moines, IA and Lawton OK, locations
offset the substantial decrease in sales in the Kansas City
location due to accounts lost to competition and the expiration
of short term food and maintenance contracts in the New York
division.
Costs of products sold and operating costs increased as a
percentage of sales from prior year levels due to a decline in
margins in the Company's East Coast operations. Labor costs have
decreased through staff reductions.
Financing continues to be available for necessary capital
investment through the Company's equipment suppliers. The
Company's debt service obligations and required payments on
accrued expenses exceed cash flow from operations. Because
of this, management continues to reduce operating costs and
improve purchasing.
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,
there-unto duly authorized.
AMBASSADOR FOOD SERVICES CORPORATION
(Registrant)
By_________________________
Robert A. Laudicina Date
President
By_________________________
Daryl Roecker Date
Controller
