<PAGE> 1
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 THE QUARTERLY PERIOD ENDED COMMISSION FILE NUMBER
JUNE 30, 1996 0-19810
BACK BAY RESTAURANT GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 04-2812651
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
284 NEWBURY STREET, BOSTON, MASSACHUSETTS 02115
(Address of principal executive offices)
(617) 536-2800
(Registrant's telephone number, including area code)
---------------------------
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
--- ---
On July 29, 1996, there were 3,434,032 shares of the registrant's Common Stock
outstanding.
<PAGE> 2
BACK BAY RESTAURANT GROUP, INC. AND SUBSIDIARIES
<TABLE>
CONSOLIDATED BALANCE SHEETS
(in thousands)
<CAPTION>
JUNE 30, 1996 DECEMBER 31, 1995
------------- -----------------
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 865 $ 3,326
Accounts receivable (net of allowance for
doubtful accounts of $970 in both 1996
and 1995) 319 355
Inventories 670 689
Prepaid expenses and other current assets 695 612
Prepaid taxes 339 13
Deferred income taxes 241 241
------- -------
Total current assets 3,129 5,236
------- -------
Buildings and improvements 4,303 4,303
Furniture, fixtures and equipment 15,620 15,262
Leasehold improvements 30,473 28,984
Lease rights 2,826 2,826
------- -------
53,222 51,375
Less: accumulated depreciation and amortization 21,568 19,792
------- -------
Net property, plant and equipment 31,654 31,583
------- -------
Other assets:
Goodwill, net of accumulated amortization 5,136 5,221
Tradenames and trademarks net of
accumulated amortization 1,308 1,330
Deferred income taxes 1,908 1,908
Investment in partnership 251 316
Other assets, net of accumulated amortization 471 506
------- -------
Total other assets 9,074 9,281
------- -------
Total assets $43,857 $46,100
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,332 $ 2,768
Accrued expenses 7,458 8,095
Current maturities of long-term debt 2,000 2,500
------- -------
Total current liabilities 11,790 13,363
------- -------
Deferred rent 462 485
Notes payable 7,025 7,525
Stockholders' equity:
Common stock, $.01 par value; authorized
20,000 shares; 3,434 shares issued and
outstanding in both 1996 and 1995 36 36
Additional paid-in capital 23,035 23,031
Retained earnings 3,308 3,459
------- -------
26,379 26,526
Less treasury stock, 208 shares at cost in
both 1996 and 1995 1,799 1,799
------- -------
Total stockholders' equity 24,580 24,727
------- -------
Total liabilities and stockholders' equity $43,857 $46,100
======= =======
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
2
<PAGE> 3
BACK BAY RESTAURANT GROUP, INC. AND SUBSIDIARIES
<TABLE>
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
<CAPTION>
13 WEEKS ENDED
JUNE 30, 1996 JUNE 25, 1995
------------- -------------
<S> <C> <C>
Sales $22,165 $22,891
Costs and expenses:
Cost of sales 6,306 6,426
Payroll and related costs 7,059 7,515
Operating expenses 5,063 5,319
Depreciation and amortization 934 1,267
------- -------
Total restaurant operating expenses 19,362 20,527
------- -------
Income from restaurant operations 2,803 2,364
General and administrative expenses 2,348 2,420
------- -------
Operating income/(loss) 455 (56)
Interest expense net 181 207
------- -------
Income/(loss) before income taxes 274 (263)
Income taxes 101 (98)
------- -------
Net income/(loss) $ 173 $ (165)
======= =======
Net income/(loss) per share $ .05 $ (.05)
======= =======
Weighted average common and common 3,436 3,429
equivalent shares outstanding
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
3
<PAGE> 4
BACK BAY RESTAURANT GROUP, INC. AND SUBSIDIARIES
<TABLE>
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
<CAPTION>
26 WEEKS ENDED
JUNE 30, 1996 JUNE 25, 1995
------------- -------------
<S> <C> <C>
Sales $42,648 $45,013
Costs and expenses:
Cost of sales 12,127 12,516
Payroll and related costs 13,860 15,082
Operating expenses 10,028 10,357
Depreciation and amortization 1,890 2,493
------- -------
Total restaurant operating expenses 37,905 40,448
------- -------
Income from restaurant operations 4,743 4,565
General and administrative expenses 4,594 4,765
------- -------
Operating income/(loss) 149 (200)
Interest expense net 389 362
------- -------
Income/(loss) before income taxes (240) (562)
Income taxes (89) (208)
------- -------
Net income/(loss) $ (151) $ (354)
======= =======
Net income/(loss) per share $ (.04) $ (.10)
======= =======
Weighted average common and common 3,436 3,431
equivalent shares outstanding
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
4
<PAGE> 5
BACK BAY RESTAURANT GROUP, INC. AND SUBSIDIARIES
<TABLE>
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(in thousands)
<CAPTION>
Additional Total
Common Paid-in Retained Treasury Stockholders'
Stock Capital Earnings Stock Equity
-------- -------- -------- -------- -------------
<S> <C> <C> <C> <C> <C>
Balance, December 26, 1993 $36 $23,027 $ 5,768 - $28,831
Net income - - 501 - 501
Exercise of stock option - 4 - - 4
Purchase of 208 shares of
treasury stock - - - ($1,799) (1,799)
--- ------- ------- ------ -------
Balance, December 25, 1994 36 23,031 6,269 (1,799) 27,537
Net loss - - (2,810) - (2,810)
--- ------- ------- ------ -------
Balance, December 31, 1995 36 23,031 3,459 (1,799) 24,727
Net loss - - (151) - (151)
Restricted stock compensation - 4 - - 4
--- ------- ------- ------ -------
Balance, June 30, 1996 $36 $23,035 $ 3,308 ($1,799) $24,580
=== ======= ======= ====== =======
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
5
<PAGE> 6
BACK BAY RESTAURANT GROUP, INC. AND SUBSIDIARIES
<TABLE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
<CAPTION>
26 WEEKS ENDED
JUNE 30, 1996 JUNE 25, 1995
------------- -------------
<S> <C> <C>
Cash flows from operating activities:
Net income/(loss) $ (151) $ (354)
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 1,932 2,499
Loss on equity investment 160 -
Changes in operating assets and liabilities:
(Increase)/decrease in accounts receivable 36 (15)
Decrease in inventories 19 20
(Increase) in prepaid expenses and
other current assets (117) (60)
(Increase) in prepaid income taxes (326) (265)
(Increase)/decrease in other assets 24 (15)
(Decrease) in accounts payable and
accrued expenses (1,073) (1,140)
(Decrease) in deferred rent (23) (22)
------- -------
Net cash provided by operating activities 481 648
------- -------
Cash flows from investing activities:
Investment in partnership (95) -
Capital expenditures (1,847) (1,997)
------- -------
Net cash used for investing activities (1,942) (1,997)
------- -------
Cash flows from financing activities:
Proceeds from debt - 1,925
Principal payments of debt (1,000) (10)
------- -------
Net cash provided by (used for) financing (1,000) 1,915
------- -------
Net increase/(decrease) in cash and cash equivalents (2,461) 566
Cash and cash equivalents at beginning of period 3,326 137
------- -------
Cash and cash equivalents at end of period $ 865 $ 703
======= =======
Supplemental disclosures of cash flow information:
Interest paid $ 428 $ 303
======= =======
Income taxes paid $ 255 $ 380
======= =======
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
6
<PAGE> 7
BACK BAY RESTAURANT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE TWENTY SIX WEEKS ENDED
JUNE 30, 1996 AND JUNE 25, 1995
NOTE 1 -- BASIS OF PRESENTATION
The preceding data is unaudited but, in the opinion of management,
includes all adjustments (consisting of normal recurring accruals and
deferrals) that management considers necessary for a fair presentation
of the financial position and results of operations for the interim
periods presented in accordance with generally accepted accounting
principles and practices consistently applied.
The results of operations for the twenty six weeks ended June 30, 1996
and June 25, 1995 are not necessarily indicative of the results that
may be expected for the entire year, because the Company's business is
subject to seasonal influences.
7
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
THIRTEEN WEEKS ENDED JUNE 30, 1996 COMPARED TO THIRTEEN WEEKS ENDED
JUNE 25, 1995
<TABLE>
The following table sets forth the percentage of net sales represented by
certain items included in the Company's income statements for the periods
indicated:
<CAPTION>
13 WEEKS ENDED
JUNE 30, 1996 JUNE 25, 1995
------------- -------------
<S> <C> <C>
Sales 100.0% 100.0%
Costs and expenses:
Cost of sales 28.5 28.1
Payroll and related costs 31.9 32.8
Operating expenses 22.8 23.2
Depreciation and amortization 4.2 5.5
Total restaurant operating expenses 87.4 89.6
Income from restaurant operations 12.6 10.4
General and administrative expenses 10.6 10.6
Operating income/(loss) 2.0 (0.2)
Interest expense net 0.8 0.9
Income/(loss) before income taxes 1.2 (1.1)
Income taxes 0.4 (0.4)
Net income/(loss) 0.8 (0.7)
Number of restaurants:
Restaurants open at beginning of period 33 37
Restaurants open at end of period 33 36
</TABLE>
8
<PAGE> 9
SALES
Sales decreased by $726,000, or 3.2%, to $22,165,000 in the thirteen week
period ended June 30, 1996, from $22,891,000 in the same period in 1995. Same
store sales increased $457,000, or 2.1%, in the thirteen week period ended June
30, 1996, compared to the same period in 1995.
The overall decrease in sales in the thirteen weeks ended June 30, 1996
compared to the same period in 1995 was principally due to the closure of four
restaurants that operated in the second quarter of 1995. The decrease in sales
from closed stores was approximately $1,169,000.
The Company operated 33 restaurants at June 30, 1996, down from 36
restaurants at June 25, 1995. Total restaurant customer count for the thirteen
weeks ended June 30, 1996 decreased 9.8% to 1,286,000 from 1,425,000 in the
comparable period in 1995, of which 76,000 is attributable to the closed
locations.
COST OF SALES
Cost of sales as a percentage of sales increased to 28.5% in the thirteen
week period ended June 30, 1996, from 28.1% in the same period in 1995. This
increase was attributable to a 0.5% increase in food cost as a percentage of
food revenue (30.3% in the 1996 period versus 29.8% in the 1995 period), and a
0.1% decrease in beverage cost as a percentage of beverage revenue (23.6% in the
1996 period versus 23.7% in the 1995 period). The food cost increases were due
principally to price increases in some food items.
PAYROLL AND RELATED COSTS
Payroll and related costs as a percentage of sales decreased to 31.9% in
the thirteen weeks ended June 30, 1996, from 32.8% in the same period in 1995.
Payroll and related costs decreased by $456,000 in the thirteen weeks ended June
30, 1996, to $7,059,000 from $7,515,000 in the same period in 1995. The
decrease, both in percentage and dollars, is the result of the Company closing
four underperforming restaurants in 1995.
OPERATING EXPENSES
Operating expenses decreased by $256,000 in the thirteen weeks ended June
30, 1996 to $5,063,000 from $5,319,000 in the same period in 1995. The decrease
in operating expenses is attributable to the Company closing four
underperforming restaurants in 1995. The decrease in operating expenses from
closed stores was partially offset by increases in various general operating
expenses.
9
<PAGE> 10
DEPRECIATION AND AMORTIZATION
Depreciation and amortization decreased by $333,000 in the thirteen weeks
ended June 30, 1996 to $934,000 from $1,267,000 in the same period in 1995. The
decrease is principally attributable to the closing of four underperforming
restaurants in 1995 and a lower amount of pre-opening cost amortization in the
thirteen weeks ended June 30, 1996 as compared to the same period in 1995.
Included in the 1995 amortization is the amortization of pre-opening costs of
new restaurants opened during the prior 12-month period. The Company amortizes
such pre-opening costs over the 12-month period immediately following an opening
or conversion.
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses decreased by $72,000 in the thirteen
weeks ended June 30, 1996 to $2,348,000 from $2,420,000 in the same period in
1995. The decrease is primarily attributable to a decrease in insurance expense.
INTEREST EXPENSE
Interest expense decreased by $26,000 in the thirteen weeks ended June 30,
1996 to $181,000 from $207,000 in the same period in 1995. This decrease was
attributable to the Company having less borrowings at June 30, 1996 compared to
the same period in 1995.
INCOME TAXES
Income taxes increased by $199,000 in the thirteen weeks ended June 30,
1996 to an expense of $101,000 from a benefit of $98,000 in the same period in
1995. The increased expense in the thirteen weeks ended June 30, 1996 reflects
the pre-tax income of $274,000 as compared to the pre-tax loss of $263,000 for
the same period in 1995. The estimated effective tax rate was 37% for both
periods.
10
<PAGE> 11
TWENTY SIX WEEKS ENDED JUNE 30, 1996 COMPARED TO TWENTY SIX WEEKS ENDED
JUNE 25, 1995
<TABLE>
The following table sets forth the percentage of net sales represented by
certain items included in the Company's income statements for the periods
indicated:
<CAPTION>
26 WEEKS ENDED
JUNE 30, 1996 JUNE 25, 1995
------------- -------------
<S> <C> <C>
Sales 100.0% 100.0%
Costs and expenses:
Cost of sales 28.4 27.8
Payroll and related costs 32.6 33.5
Operating expenses 23.5 23.0
Depreciation and amortization 4.4 5.5
Total restaurant operating expenses 88.9 89.8
Income from restaurant operations 11.1 10.2
General and administrative expenses 10.8 10.6
Operating income/(loss) 0.3 (0.4)
Interest expense net 0.9 0.8
Income/(loss) before income taxes (0.6) (1.2)
Income taxes (0.2) (0.4)
Net income/(loss) (0.4) (0.8)
Number of restaurants:
Restaurants open at beginning of period 33 37
Restaurants open at end of period 33 36
</TABLE>
11
<PAGE> 12
SALES
Sales decreased by $2,365,000, or 5.3%, to $42,648,000 in the twenty six
week period ended June 30, 1996, from $45,013,000 in the same period in 1995.
Same store sales increased $243,000, or 0.6%, in the twenty six week period
ended June 30, 1996, compared to the same period in 1995.
The overall decrease in sales in the twenty six weeks ended June 30, 1996,
compared to the same period in 1995 was principally due to the closure of five
restaurants in 1995. The $2,925,000 of decreased sales from closed stores was
partially offset by an increase in new store sales, which contributed $296,000.
The Company operated 33 restaurants at June 30, 1996, down from 36
restaurants at June 25, 1995. Total restaurant customer count for the twenty six
weeks ended June 30, 1996 decreased 12.5% to 2,465,000 from 2,817,000 in the
comparable period in 1995, of which 188,000 is attributable to closed locations.
COST OF SALES
Cost of sales as a percentage of sales increased to 28.4% in the twenty six
week period ended June 30, 1996, from 27.8% in the same period in 1995. This
increase was attributable to a 0.8% increase in food cost as a percentage of
food revenue (30.2% in the 1996 period versus 29.4% in the 1995 period). The
food cost increases were due principally to price increases in some food items.
Beverage cost as a percentage of beverage sales was 23.7% for both the twenty
six weeks ended June 30, 1996 and the twenty six weeks ended June 25, 1995.
PAYROLL AND RELATED COSTS
Payroll and related costs as a percentage of sales decreased to 32.6% in
the twenty six weeks ended June 30, 1996, from 33.5% in the same period in 1995.
Payroll and related costs decreased by $1,222,000 in the twenty six weeks ended
June 30, 1996, to $13,860,000 from $15,082,000 in the same period in 1995. The
decrease, both in percentage and dollars, is the result of the Company closing
four underperforming restaurants in 1995.
OPERATING EXPENSES
Operating expenses decreased by $329,000 in the twenty six weeks ended June
30, 1996 to $10,028,000 from $10,357,000 in the same period in 1995. The
decrease in operating expenses is attributable to the Company closing four
underperforming restaurants in 1995. The decrease in operating expenses from
closed stores was partially offset by increases in various general operating
expenses.
12
<PAGE> 13
DEPRECIATION AND AMORTIZATION
Depreciation and amortization decreased by $603,000 in the twenty six weeks
ended June 30, 1996 to $1,890,000 from $2,493,000 in the same period in 1995.
The decrease is principally attributable to the closing of four underperforming
restaurants in 1995 and a lower amount of pre-opening cost amortization in the
twenty six weeks ended June 30, 1996 as compared to the same period in 1995.
Included in the 1996 and 1995 amortization is the amortization of pre-opening
costs of new restaurants opened during the prior 12-month period. The Company
amortizes such pre-opening costs over the 12-month period immediately following
an opening or conversion.
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses decreased by $171,000 in the twenty six
weeks ended June 30, 1996 to $4,594,000 from $4,765,000 in the same period in
1995. The decrease is primarily attributable to a decrease in insurance expense.
INTEREST EXPENSE
Interest expense increased by $27,000 in the twenty six weeks ended June
30, 1996 to $389,000 from $362,000 in the same period in 1995. This increase was
attributable to the fact no interest was capitalized in conjunction with
construction in process as it had been in the comparable period in 1995.
INCOME TAXES
Income taxes increased by $119,000 in the twenty six weeks ended June 30,
1996 to a benefit of $89,000 from a benefit of $208,000 in the same period in
1995. The decreased benefit in the twenty six weeks ended June 30, 1996 reflects
the pre-tax loss of $240,000 as compared to the pre-tax loss of $562,000 for the
same period in 1995. The estimated effective tax rate was 37% for both periods.
LIQUIDITY AND CAPITAL RESOURCES
The Company, similar to many restaurant businesses, requires little or no
working capital because it does not have significant inventory or trade
receivables and receives several weeks of trade credit in purchasing food and
supplies. At June 30, 1996, the Company's cash position was $865,000 and the
Company had a net working capital deficit of $8,661,000.
The Company has a revolving credit and term loan agreement (the "Loan
Agreement") with The First National Bank of Boston (the "Bank"). At June 30,
1996, the Company had an outstanding balance of $9,025,000 under the Loan
Agreement. In March of 1996, the Company reached an agreement with the Bank on
the amendment of its Loan Agreement. The Amendment provides that the Loan
Agreement is converted to a three-year term note and amends certain covenants
going forward.
13
<PAGE> 14
The Company requires capital primarily for the development and construction
of new restaurants and the conversion of existing restaurants. In recent years,
the Company's primary sources of capital have been cash flow from its
operations, borrowing and landlord contributions to restaurant construction
costs. The Company intends to be very selective in its approval of sites for new
units and will be limiting the number of restaurant openings in 1996. The
Company expects to fund any capital expenditures for the remainder of 1996 from
internally generated cash. The Company believes that cash flow from operations
will be sufficient to meet future needs.
14
<PAGE> 15
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Company's 1996 Annual Meeting of Stockholders was held on June 4,
1996. Present or represented at the meeting by proxy were 2,952,725 of
the 3,434,032 shares eligible to vote at the meeting. At the meeting,
Francis P. Bissaillon and Richard K. Howe were reelected as Class II
directors to serve for a three year term. There were 2,944,741 votes
cast for Mr. Bissaillon and 7,984 votes withheld. There were 2,944,991
votes cast for Mr. Howe and 7,734 votes withheld.
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
--------
Exhibit 11 Computation of Earnings Per Share
Exhibit 27 Financial Data Schedule
(b) Reports on Form 8-K
-------------------
None
15
<PAGE> 16
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 thereunto duly authorized.
BACK BAY RESTAURANT GROUP, INC.
August 1, 1996 /s/ Francis P. Bissaillon
----------------------------------
Francis P. Bissaillon
Director, Executive Vice President
and Chief Financial Officer
August 1, 1996 /s/ Robert J. Ciampa
----------------------------------
Robert J. Ciampa
Vice President, Chief Accounting
Officer and Treasurer
16
<PAGE> 17
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- - ----------- -----------
11 Computation of Earnings Per Share
27 Financial Data Schedule
17
<PAGE> 18
EXHIBIT 11
<TABLE>
BACK BAY RESTAURANT GROUP, INC.
AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(in thousands, except per share data)
<CAPTION>
13 WEEKS ENDED
JUNE 30, 1996 JUNE 25, 1995
------------- -------------
<S> <C> <C>
Net income/loss $ 173 $(165)
===== =====
Weighted average number of common
shares outstanding 3,434 3,429
Add
Weighted average number of common
equivalent shares outstanding 2 --
----- -----
Weighted average number of common
and common equivalent shares
outstanding 3,436 3,429
===== =====
Net income/loss per share $ .05 $(.05)
===== =====
</TABLE>
<PAGE> 19
EXHIBIT 11
<TABLE>
BACK BAY RESTAURANT GROUP, INC.
AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(in thousands, except per share data)
<CAPTION>
26 WEEKS ENDED
JUNE 30, 1996 JUNE 25, 1995
------------- -------------
<S> <C> <C>
Net income/loss $(151) $(354)
===== =====
Weighted average number of common
shares outstanding 3,434 3,429
===== =====
Add
Weighted average number of common
equivalent shares outstanding 2 2
----- -----
Weighted average number of common
and common equivalent shares
outstanding 3,436 3,431
===== =====
Net income/loss per share $(.04) $(.10)
===== =====
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF BACK BAY RESTAURANT GROUP, INC. FOR THE QUARTER ENDED
JUNE 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-29-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 865,000
<SECURITIES> 0
<RECEIVABLES> 319,000
<ALLOWANCES> 0
<INVENTORY> 670,000
<CURRENT-ASSETS> 3,129,000
<PP&E> 53,222,000
<DEPRECIATION> 21,568,000
<TOTAL-ASSETS> 43,857,000
<CURRENT-LIABILITIES> 11,790,000
<BONDS> 7,487,000
<COMMON> 3,434,032
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 43,857,000
<SALES> 22,165,000
<TOTAL-REVENUES> 22,165,000
<CGS> 6,306,000
<TOTAL-COSTS> 19,362,000
<OTHER-EXPENSES> 2,348,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 181,000
<INCOME-PRETAX> 274,000
<INCOME-TAX> 101,000
<INCOME-CONTINUING> 173,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 173,000
<EPS-PRIMARY> .05
<EPS-DILUTED> .05
</TABLE>
