UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q/A
AMENDMENT NO. 1
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 24, 1996 or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____to_____
Commission File Number: 0-22402
HOMETOWN BUFFET, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 33-0463002
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation of organization)
9171 TOWNE CENTRE DRIVE, SUITE 575
SAN DIEGO, CALIFORNIA 92122
(Address of principal executive offices) (Zip Code)
(619) 546-9096
(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) had been subject to
such filing requirements for the past 90 days.
Yes [X] No [ ]
Number of shares of Common Stock outstanding as of May 29, 1996: 11,615,304
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TABLE OF CONTENTS
Item in
Form 10-Q Page No.
--------- --------
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets-
April 24, 1996 and January 3, 1996..................................3
Consolidated Income Statements-
Sixteen Weeks Ended April 24, 1996 and
April 19, 1995 .....................................................4
Consolidated Statements of Cash Flows-
Sixteen Weeks Ended April 24, 1996 and
April 19, 1995......................................................5
Notes to Consolidated Financial Statements..........................6
Signature...........................................................7
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PART I FINANCIAL INFORMATION
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<CAPTION>
HOMETOWN BUFFET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
April 24, January 3,
ASSETS 1996 1996
------------ --------
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents........................................ $ 2,420 $ 1,155
Short-term investments........................................... 20,834 27,828
Receivables...................................................... 2,707 2,830
Inventories...................................................... 1,162 1,094
Prepaid expenses................................................. 1,018 865
Pre-opening costs................................................ 1,689 1,784
------- -------
Total current assets........................................... 29,830 35,556
Property and equipment, net........................................ 112,353 107,946
Other assets....................................................... 3,323 2,355
------- -------
$ 145,506 $ 45,857
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable, trade.......................................... $ 7,963 $ 12,357
Accrued expenses................................................. 8,193 5,453
Deferred income taxes............................................. 553 542
Current portion of capital leases................................ 2,062 2,012
Short-term debt.................................................. 1,000 2,000
------- --------
Total current liabilities...................................... 19,771 22,364
Deferred income taxes.............................................. 1,916 1,530
Long-term portion of capital leases................................ 6,592 7,143
Other liabilities.................................................. 1,697 1,102
Long term debt..................................................... 41,500 41,500
Stockholders' equity:
Common stock, $.01 par value. Authorized
20,000,000 shares; issued and outstanding
11,604,904 shares and 11,581,779 shares
at the end of first quarter 1996 and
fiscal 1995, respectively........................................ 116 116
Additional paid-in capital....................................... 62,122 62,065
Retained earnings................................................ 11,792 10,037
------- --------
Total stockholders' equity..................................... 74,030 72,218
------- --------
$ 145,506 $ 145,857
======== ========
See accompanying notes to consolidated financial statements.
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<TABLE>
<CAPTION>
HOMETOWN BUFFET, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(In thousands, except per share data)
(Unaudited)
Sixteen Weeks
Ended
-----
April 24, April 19,
1996 1995
------- -------
<S> <C> <C>
Revenues:
Net restaurant sales................................................... $61,403 $38,334
Franchise income, net (primarily related party)........................ 344 281
------- -------
Total revenues.................................................... 61,747 38,615
------- -------
Costs and expenses:
Cost of restaurant sales............................................... 21,974 14,029
Restaurant operating expenses:
Labor................................................................ 17,972 11,286
Occupancy and other.................................................. 9,831 5,800
General and administrative expenses.................................... 4,050 2,605
Depreciation and amortization.......................................... 4,204 2,607
------- -------
Total costs and expenses.......................................... 58,031 36,327
------- -------
Income from operations............................................ 3,716 2,288
Interest expense....................................................... (1,214) (180)
Interest income........................................................ 399 109
Other income, net...................................................... 24 1
------- -------
Net income before taxes 2,925 2,218
Income taxes........................................................... 1,170 821
------- ------
Net income $ 1,755 $ 1,397
====== ======
Net income per common and
common equivalent share........................................... $ 0.15 $ 0.12
====== ======
Weighted average common and common
equivalent shares outstanding........................................ 12,051 11,935
======= =======
See accompanying notes to consolidated financial statements.
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<TABLE>
<CAPTION>
HOMETOWN BUFFET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Sixteen
Weeks Ended
-----------
April 24, April 19,
1996 1995
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net income..................................................................... $ 1,755 $ 1,397
Adjustments to reconcile net income to cash provided (used)
by operating activities:
Depreciation and amortization.............................................. 4,204 2,607
Amortization of premium/discount on investments............................ -- (71)
Changes in assets and liabilities:
Receivables............................................................. 123 1,901
Inventories............................................................. (68) (133)
Prepaid expenses........................................................ (153) (249)
Pre-opening costs....................................................... (615) (533)
Other assets............................................................ (1,009) 132
Accounts payable, trade................................................. (4,394) (3,907)
Accrued expenses........................................................ 2,740 184
Deferred taxes.......................................................... 397 411
Other Liabilities....................................................... 595 72
---------- -----------
Net cash provided by operating activities............................ 3,575 1,811
--------- -----------
Cash flows from (used in) investing activities:
Purchase of investments........................................................ (57,583) (3,673)
Proceeds from sale of investments.............................................. 64,577 6,178
Purchase of property and equipment............................................. (7,860) (12,689)
-------- ---------
Net cash used in investing activities................................ (866) (10,184)
----- --------
Cash flows from (used in) financing activities:
Sale of common stock........................................................... 57 25
Proceeds on borrowings......................................................... 2,500 14,366
Payments on borrowings......................................................... (3,500) (5,475)
Payments on capital leases..................................................... (501) (297)
---------- -----------
Net cash provided by (used in) financing activities.................. (1,444) 8,619
---------- ---------
Increase in cash and cash equivalents......................................... 1,265 246
Cash and cash equivalents at beginning of period............................... 1,155 85
-------- -------
Cash and cash equivalents at end of period..................................... $ 2,420 $ 331
========= =======
Supplemental disclosure of cash flow information: Cash paid for:
Interest..................................................................... $ 237 $ 180
========= ==========
Income taxes................................................................. $ 805 $ 890
========= =========
See accompanying notes to consolidated financial statements.
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5
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HOMETOWN BUFFET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. In the opinion of Management, the accompanying unaudited
consolidated Financial Statements contain all adjustments, which
are of a normal recurring nature, necessary to present fairly the
financial position as of April 24, 1996 and the results of
operations and cash flows for the sixteen weeks ended April 24,
1996 and April 19, 1995. The results of operations for the sixteen
weeks are not necessarily indicative of the results for the entire
fiscal year ending January 1, 1997.
These financial statements have been prepared by HomeTown Buffet,
Inc. (the "Company") pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and
footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such
regulations, although the Company believes the disclosures
provided are adequate to prevent the information presented from
being misleading.
These financial statements should be read in conjunction with the
financial statements and notes thereto included in the Company's
Annual Report for the fiscal year ended January 3, 1996.
2. Primary and fully diluted net income per share are computed using
the weighted average number of common and dilutive common
equivalent shares assumed to be outstanding during the period.
Common equivalent shares consist of options to purchase common
shares. The treasury stock method was used to calculate the common
equivalent number of shares from options.
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SIGNATURE
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.
HomeTown Buffet, Inc.
(Registrant)
Date: June 19, 1996 GLENN E. GLASSHAGEL
----------------------------------
Chief Financial and
Accounting Officer and Authorized Officer
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