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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: June 17, 1997
(Date of earliest event reported)
[LOGO OF KOO KOO ROO, INC.]
KOO KOO ROO, INC.
(Exact name of Registrant as specified in its charter)
DELAWARE 0-19548 22-3132583
(State or other jurisdiction of (Commission (IRS Employer Identification #)
incorporation or organization) File Number)
11075 SANTA MONICA BOULEVARD
SUITE 225
LOS ANGELES, CA 90025
(Address of principal executive office, including zip code)
(310) 479-2080
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On June 17, 1997 Koo Koo Roo, Inc. (the "Registrant") disseminated a
press release relating to its Annual Meeting of Stockholders held on June 17,
1997 which press release is filed herewith as Exhibit 5-1 and incorporated
herein by this reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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EXHIBIT
NO. DESCRIPTION
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5.1 Press Release dated June 17, 1997
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SIGNATURES
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 hereunto duly authorized.
KOO KOO ROO, INC.
By: /s/ Robert F. Kautz
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Robert F. Kautz
President and
Chief Financial Officer
Dated: June 24, 1997
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EXHIBIT 5.1
For Further Information:
KOO KOO ROO, INC. COFFIN COMMUNICATIONS GROUP
11075 Santa Monica Blvd. 15300 Ventura Blvd.
Los Angeles, CA 90025 Sherman Oaks, CA 91403
(310) 479-2080 (818) 789-0100
CONTACT: ROB KAUTZ, PRESIDENT & CFO CONTACT: MICHAEL MANAHAN, PARTNER
FOR IMMEDIATE RELEASE:
June 17, 1997
KOO KOO ROO HOLDS ANNUAL MEETING
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LOS ANGELES, CA, JUNE 17, 1997...KOO KOO ROO, INC. (NASDAQ NATIONAL
MARKET:KKRO), a Los Angeles based operator of restaurants, held its annual
stockholder meeting today at the Century Plaza Hotel in Los Angeles.
The senior executives, Mr. Rob Kautz, President and CFO of Koo Koo Roo,
Inc., Mr. John Kaufman, President and Chief Operating Officer of Koo Koo Roo,
U.S.A., and Mr. Mike Mooslin, President and Chief Operating Officer of Koo Koo
Roo, International and interim CEO of Color Me Mine, lead by Mr. Ken Berg, the
company's Chairman and Chief Executive Officer, provided a review of the
historical results for fiscal 1996, an analysis of certain key business measures
through to the date of the meeting, and the company's expectations for the
remainder of the year.
The company is gaining increasing efficiencies of scale by increasing the
number of units in existing markets, particularly Southern California. At the
end of 1996 the company operated in five geographical markets, with an average
of just over four stores per market. By the end of 1997 the company will be
operating in six markets, including California, Washington D.C. Metroplex, New
Jersey, New York, Colorado and Florida.
The rate of lease signings and store openings has increased significantly
over 1996. The company has signed eleven new leases in the second quarter of
1997 through the date of the meeting, and anticipates entering into a
significant number of additional leases by the end of the year. The company has
opened five new stores in the past five weeks. With twenty-four signed leases
in hand, and thirty-two stores open, Koo Koo Roo, Inc. presently expects to have
a total of approximately sixty-four stores open by the end of the year,
including the fourteen stores acquired in the Hamburger Hamlet acquisition. The
company is actively developing its standard California KitchenTM concept as
well as smaller formats to service alternative venues. The first Koo Koo Roo
2000 prototype will open in Torrance in the third quarter of 1997, a 700 square
foot unit located in the new Washington National Airport, will open next month.
Mr. Rob Kautz, president and CFO of Koo Koo Roo, Inc. stated, "Our strategy
is to grow quickly, sustaining long term competitive advantage through size,
which is important to secure advantages in real estate selection, economics of
scale in advertising and overhead and strong brand identification. We believe
that we are strategically positioned to exploit the expected growth in demand
for our products: healthy home quality meals, reasonably priced and
conveniently located."
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FOR IMMEDIATE RELEASE
KOO KOO ROO, INC.
HOLDS ANNUAL MEETING
JUNE 17, 1997
PAGE 2.
The Company's decision to refocus Color Me Mine on a franchising strategy
is being met with better than expected success. Twenty-four of the twenty-six
franchises signed this year have been signed in the second quarter. Earnings
before interest, tax, depreciation and amortization (EBITDA) for the Color Me
Mine subsidiary are expected to show a significantly reduced loss for the
current quarter, and the company is optimistic that it will achieve positive
EBITDA later in the year.
Mr. Ken Berg, the company's Chairman and Chief Executive Officer, stated,
"I know that many of you think Color Me Mine is a diversion. Our main thrust is
Koo Koo Roo and our efforts really are there. Our new direction with Color Me
Mine is to build the business through selling individual franchises, priming it
for the day when it could be spun off and stand alone from Koo Koo Roo.
The company's overall revenue growth rate for 1997 is presently expected to
be in line with the approximately 100% growth in revenues experienced since
1994. The company predicts that 1997 will be the transition year reversing the
historical trend of cash operating losses. For the current quarter the company
estimates EBITDA will significantly improve versus the first quarter, but will
still be negative. Following the planned increase in the number of operating
units, the company expects EBITDA to turn positive before the end of the year.
Mr. Ken Berg, concluded his comments with, "We are presently in the
strongest position for rapid, long term growth and achieving profitability than
ever before in our history. Our employees are passionate, motivated and caring
about the company, the food they serve, and the people they serve it to. Ours is
a growth story, and my personal commitment to success has never been stronger."
Also at the meeting, the stockholders of the company approved the
appointment of BDO Seidman, LLP as the company's auditors for 1997, and re-
elected the following nine persons as directors of the company: Mr. Kenneth
Berg, Mr. Robert Kautz, Mr. John Kaufman, Mr. Michael Mooslin, Mr. Morton Wall,
Mr. Kory Berg, Mr. Lee Iacocca, Mr. Mel Harris, and Mr. Donald Wohl.
Forward-looking statements and comments in this press release are a summary
of those presented at the Annual Meeting and both are made pursuant to the safe-
harbor provisions of Section 21E of the Securities Exchange Act of 1934. Such
statements relating to, among other things, the prospects for the Company to
maintain the level of new lease signings and store openings, continue to sign
franchises for the Color Me Mine subsidiary, continue to achieve growth in sales
and the ability to achieve positive operating results are necessarily subject to
risks and uncertainties, also mentioned by Mr. Kautz at the meeting, some of
which are significant in scope and nature, including risks related to real
estate, construction, competition, availability of capital and continuation of
sales levels. These risks are further discussed in the periodic reports and
registration statements filed by the Company from time to time with the
Securities and Exchange Commission.
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