AMBASSADOR FOOD SERVICES CORPORATION
3269 Roanoke Road
Kansas City, Missouri 64111
March 10, 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 December 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 12/02/99.
AMBASSADOR FOOD SERVICES CORPORATION AND SUBSIDIARIES
INDEX
Part 1. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
December 2, 1999 (Unaudited) and June 3, 1999 4
Consolidated Statements of Income
Six Months ended December 2, 1999 (Unaudited)
And November 26, 1998 (Unaudited) 5
Condensed Consolidated Statements of Cash Flows
Six months December 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 12/2/99 6/3/99
Cash 41,798 238,410
Accounts & Notes Receivable 1,105,967 958,549
Inventories 557,778 583,978
Other current 152,001 90,288
Total Current Assets 1,857,544 1,826,225
Property Plant and Equip - Net 1,721,823 1,824,128
Location Contracts 235,001 242,482
Other Long Term Assets 565,650 549,698
Total Assets 4,380,018 4,442,533
LIABILITIES AND STOCKHOLDERS' EQUITY
Trade Accounts Payable 1,477,544 1,819,354
Accrued Expensed and Other 413,595 665,348
Current Maturities
Of Long term debt 526,508 480,554
Line of Credit 260,551 417,490
Total Current Liabilities 2,678,198 3,382,746
Long-Term Debt 1,701,935 1,114,798
Other Long-Term Liabilities 331,587 347,933
Stockholders' Equity:
Common Stock 1,009,230 1,009,230
Additional Paid-In Capital 718,291 718,291
Retained Earnings (1,729,767 (1,801,010)
(1,801,010)
(2,246) (73,489)
Less Treasury Stock (329,456) (329,455)
(331,702) (402,944
Total Liabilities
& Stockholders' Equity 4,380,018 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)
12/2/99
Net Cash provided (used)
By continuing operations ($55,224)
Net Cash provided (used)
By investing activities (128,383)
Net Cash provided (used)
By financing activities (13,005)
Net Increase (Decrease) in Cash ($196,612)
Cash:
Beginning of period (June) 238,410
End of period (November) $41,798
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
26 Weeks Ended 26 Weeks Ended
12/2/99 11/26/98
Total Revenue: $8,817,594 $8,907,453
Costs of Products Sold 4,008,647 3,735,657
Payroll Expense 2,240,728 2,457,941
Operating 1,081,595 1,140,678
Administrative 1,053,079 1,280,944
Depreciation and Amortization 230,688 232,040
Interest 131,609 157,748
Total Expenses $8,746,346 $9,005,008
Income from Cont. Ops. (BIT) 71,248 (97,555)
Provision for Income Taxes 0 0
Net (Loss) Earnings $71,248 (97,555)
Earnings per common share $0.10 ($0.13)
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 December 2, 1999,
the consolidated statements of income for the six month periods
ended December 2, 1999, and November 28, 1998, and the condensed
consolidated statements of cash flows for the six 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 December 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 December 2, 1999 and November 28, 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 six months ended December 2, 1999 showed
a decrease of $89,859 or 1% compared to the same period for 1998.
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 late part of fiscal
1998 in the New York/New Jersey area wasn't fully offset by the
increase in sales in the food and vending service in Lawton, OK,
Des Moines, IA and the New York food service operations.
Costs of products 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 which doesn't
have a product cost, just labor and operating costs. Labor,
operating, administrative, and interest costs are $259,000 or
3% less than the same period for 1998. 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.
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
