AMBASSADOR FOOD SERVICES CORPORATION
3269 Roanoke Road
Kansas City, Missouri 64111
August 28, 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 March 2, 2000
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 3/02/00.
AMBASSADOR FOOD SERVICES CORPORATION AND SUBSIDIARIES
INDEX
Part 1. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
March 2, 2000 (Unaudited) and June 3, 1999 4
Consolidated Statements of Income
Nine Months ended March 2, 2000 (Unaudited)
And February 25, 1999 (Unaudited) 5
Condensed Consolidated Statements of Cash Flows
Nine months March 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 3/2/00 6/3/99
Cash 280,029 238,410
Accounts & Notes Receivable 1,125,136 958,549
Inventories 544,476 583,978
Other current 193,480 90,288
Total Current Assets 2,143,120 1,826,225
Property Plant and Equip - Net 1,646,254 1,824,128
Location Contracts 251,472 242,482
Other Long Term Assets 454,467 549,698
Total Assets 4,495,314 4,442,533
LIABILITIES AND STOCKHOLDERS' EQUITY
Trade Accounts Payable 1,509,616 1,819,354
Accrued Expenses 481,614 665,348
Current Maturities
Of Long term debt 702,438 480,554
Line of Credit 592,907 417,490
Total Current Liabilities 3,286,575 3,382,746
Long-Term Debt 1,385,580 1,114,798
Other Long-Term Liabilities 169,895 347,933
Stockholders' Equity:
Common Stock 1,009,230 1,009,230
Additional Paid-In Capital 718,291 718,291
Retained Earnings (1,744,802) (1,801,010)
(17,281) (73,489)
Less Treasury Stock (329,455) (329,455)
(346,737) (402,944)
Total Liabilities
& Stockholders' Equity 4,495,314 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)
3/2/00
Net Cash provided (used)
By continuing operations ($317,669)
Net Cash provided (used)
By investing activities (146,351)
Net Cash provided (used)
By financing activities 505,639
Net Increase (Decrease) in Cash $ 41,619
Cash:
Beginning of period (June) 238,410
End of period (February) 280,029
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
39 Weeks Ended 39 Weeks Ended
3/2/00 2/25/99
Total Revenue: $12,892,606 $13,174,003
Costs of Products Sold 5,928,312 5,591,388
Payroll Expense 3,302,964 3,612,341
Operating 1,583,096 1,632,995
Administrative 1,531,218 1,900,813
Depreciation and Amortization 356,505 350,677
Interest 218,808 224,030
Total Expenses $12,920,903 $13,312,244
Income from Cont. Ops. (BIT) (28,297) (138,241)
Provision for Income Taxes 0 0
Net (Loss) Earnings $(28,297) (138,241)
Earnings per common share $(0.04) ($0.19)
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 March 2, 2000,
the consolidated statements of income for the nine month periods
ended March 2, 2000, and February 25, 1999, and the condensed
consolidated statements of cash flows for the nine 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 March 2, 2000 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 March 2, 2000 and February 25, 1999 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 nine months ended March 2, 2000 showed
a decrease of $191,397 or 1.5% compared to the same period for 1999.
Lower sales in the Company's Kansas City operations due to
accounts lost to competitors and the expiration of short-term
contracts in the maintenance service in the first quarter of fiscal
1999 in the New York/New Jersey area. Sales for the company's other
branches were up 6.2% for the nine-month period.
Cost of product sold increased as a percentage of sales
from prior year levels due an unfavorable change in sales product
mix and decrease in sales of maintenance services. Product cost
is not incurred in maintenance service, only labor and operating costs.
Labor, operating, administrative, and interest costs for the nine-month
period are $734,000 or 10% less than the same period for 1999. Management
continues to reduce operating costs, improve purchasing and increase
selling prices.
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 has converted some of the current debt
to long-term debt. Working capital has improved by $413,000
since June 3, 1999.
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
