United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended June 30, 1996
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission File Number: 0-23278
Brazil Fast Food Corp.
(Exact name of registrant as specified in its charter)
Delaware 13-3688737
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Praia do Flamengo, 200-22o. Andar, CEP 22210-030, Rio de Janeiro, Brazil
(Address of principal executive offices)
011-55-21-285-2424
(Registrant's telephone number, including area code)
(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 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. [X] Yes [ ] No
Applicable Only to Issuers Involved in Bankruptcy
Proceeding During the Preceding Five Years:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. [ ] Yes [ ] No
Applicable Only to Corporate Issuers:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
9,172,025 shares of Common Stock at August 12, 1996
<PAGE>
Part I - Financial Information
Item 1. Financial Statements
The condensed financial statements included herein have been prepared by
Brazil Fast Food Corp., formerly Trinity Americas Inc., (the "Company"), without
audit, pursuant to the rules and regulations of the Securities and Exchange
Commission. While 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 rules and
regulations, the Company believes that the disclosures made herein are adequate
to make the information presented not misleading.
<PAGE>
BRAZIL FAST FOOD CORP.
BALANCE SHEETS
AS OF JUNE 30, 1996 AND AUGUST 31, 1995
<TABLE>
<CAPTION>
June 30, 1996 August 31, 1995
------------- ---------------
(Unaudited)
ASSETS
<S> <C> <C>
Cash and cash equivalents R$ 1,264,000 R$ 228,000
Restricted cash and investments -- 9,041,000
Customer accounts receivable, net 735,000 --
Inventories 513,000 --
Other current assets 1,513,000 22,000
------------ ------------
Total current assets 4,025,000 9,291,000
Property and equipment, net 9,035,000 --
Deferred charges 1,185,000 --
Purchase price in excess of net assets acquired, net 22,141,000 --
------------ ------------
Total assets R$36,386,000 R$ 9,291,000
------------ ------------
</TABLE>
See selected notes to financial statements.
<PAGE>
BRAZIL FAST FOOD CORP.
BALANCE SHEETS
AS OF JUNE 30, 1996 AND AUGUST 31, 1995
<TABLE>
<CAPTION>
June 30, 1996 August 31, 1995
------------- ---------------
(Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
<S> <C> <C>
CURRENT LIABILITIES:
Note payable R$ 1,324,000 R$ --
Accounts payable and accrued liabilities 1,942,000 125,000
Payroll and related accruals 2,200,000 --
Taxes other than income taxes 397,000 --
Deferred income 625,000 --
Other current liabilities 1,711,000 --
------------ -----------
Total current liabilities 8,199,000 125,000
----------- -----------
LOANS AND FINANCING 2,765,000 --
----------- -----------
DEFERRED INCOME 3,164,000 --
----------- -----------
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred stock, $.01 par value, 5,000 shares
authorized; no shares issued -- --
Common stock, $.0001 par value, 20,000,000 shares
authorized; 7,642,000 and 2,965,000 shares issued
and outstanding at June 30, 1996 and August 31,
1995, respectively 1,000 --
Additional paid-in capital 24,385,000 9,082,000
Retained earnings (2,128,000) 84,000
------------ ------------
Total shareholders' equity 22,258,000 9,166,000
------------ ------------
Total liabilities and shareholders' equity R$36,386,000 R$ 9,291,000
------------ ------------
</TABLE>
See selected notes to financial statements.
<PAGE>
BRAZIL FAST FOOD CORP.
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND MAY 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
June 30, 1996 May 31, 1995
------------- ------------
<S> <C> <C>
NET OPERATING REVENUES:
Restaurant sales R $13,464,000 R$ --
Franchise income 99,000 --
Other income 286,000 --
------------- ------------
Total net operating revenues 13,849,000 --
------------- ------------
COSTS AND EXPENSES:
Cost of restaurant sales 5,189,000 --
Restaurant payroll and other employee benefits 3,250,000 --
Restaurant occupancy and other expenses 1,122,000 --
Depreciation and amortization 936,000 --
Other operating expenses 2,514,000 --
Selling expenses 636,000 --
General and administrative expenses 2,438,000 54,000
------------- ------------
Total costs and expenses 16,085,000 54,000
------------- ------------
LOSS FROM OPERATIONS (2,236,000) (54,000)
Interest income 262,000 141,000
Interest expense (134,000) --
------------- ------------
Income (loss) before provision for (benefit from)
income taxes (2,108,000) 87,000
Provision for (benefit from) income taxes (9,000) 35,000
------------- ------------
NET INCOME (LOSS) R$ (2,099,000) R$ 52,000
------------- ------------
NET INCOME (LOSS) PER COMMON SHARE R$ (.29) R$ .02
------------- ------------
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING 7,245,000 2,965,000
------------- ------------
</TABLE>
See selected notes to financial statements.
<PAGE>
BRAZIL FAST FOOD CORP.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND MAY 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
June 30, 1996 May 31, 1995
------------- ------------
<S> <C> <C>
NET OPERATING REVENUES:
Restaurant sales R$15,541,000 R$ --
Franchise income 151,000 --
Other income 321,000 --
------------ -----------
Total net operating revenues 16,013,000 --
------------ -----------
COSTS AND EXPENSES:
Cost of restaurant sales 6,056,000 --
Restaurant payroll and other employee benefits 3,660,000 --
Restaurant occupancy and other expenses 1,279,000 --
Depreciation and amortization 1,062,000 --
Other operating expenses 3,020,000 --
Selling expenses 730,000 --
General and administrative expenses 2,644,000 129,000
------------ -----------
Total costs and expenses 18,451,000 129,000
------------ -----------
LOSS FROM OPERATIONS (2,438,000) (129,000)
------------ -----------
Interest income 369,000 289,000
Interest expense (142,000) --
Other expense (31,000) --
------------ -----------
Income (loss) before provision for income taxes (2,242,000) 160,000
Provision for income taxes 13,000 64,000
------------ -----------
NET INCOME (LOSS) R$(2,255,000) R$ 96,000
------------ -----------
NET INCOME (LOSS) PER COMMON SHARE R$ (.42) R$ .03
------------ -----------
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING 5,359,000 2,965,000
------------ -----------
</TABLE>
See selected notes to financial statements.
<PAGE>
BRAZIL FAST FOOD CORP.
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND MAY 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) R$ (2,255,000) R$ 96,000
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 1,062,000 --
Changes in operating assets and liabilities, net of
effects from acquisitions of businesses:
Customer accounts receivable, net 69,000 --
Inventories 13,000 --
Other current assets (479,000) --
Deferred charges (79,000) --
Accounts payable and accrued liabilities (12,000) 65,000
Payroll and related accruals 241,000 --
Taxes other than income taxes (49,000) --
Deferred income 3,789,000 --
Other current liabilities (708,000) --
------------- -------------
Net cash provided by operating activities 1,592,000 161,000
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,223,000) --
Increase in restricted cash and investments (102,000) (272,000)
Release of restricted cash and investments 9,573,000 --
Acquisitions of businesses (17,879,000) --
------------- -------------
Net cash (used in) investing activities (9,631,000) (272,000)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from private placement 9,717,000 --
Paydown of note payable (440,000) --
------------- -------------
Net cash provided by financing activities 9,277,000 --
------------- -------------
Net increase (decrease) in cash and cash equivalents 1,238,000 (111,000)
CASH AND CASH EQUIVALENTS, beginning of period 26,000 441,000
------------- -------------
CASH AND CASH EQUIVALENTS, end of period R$ 1,264,000 R$ 330,000
------------- -------------
</TABLE>
See selected notes to financial statements.
<PAGE>
BRAZIL FAST FOOD CORP.
SELECTED NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996
(UNAUDITED)
NOTE 1 - FINANCIAL STATEMENT PRESENTATION
The accompanying financial statements have been prepared by Brazil Fast Food
Corp. (previously known as Trinity Americas Inc.) ("the Company"), without
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 June 30, 1996 and for all periods
presented have been made. The results of operations for the period ended June
30, 1996 are not necessarily indicative of the operating results for a full
year.
Certain information and footnote disclosures prepared in accordance with general
accepted accounting principles and normally included in the financial statements
have been condensed or omitted. It is suggested that these financial statements
be read in conjunction with the financial statements and notes included in the
Company's Annual Report on Form 10-K for the year ended August 31, 1995, as well
as the Company's proxy statement dated February 12, 1996, for further discussion
and background of the acquisition of Venbo Comercio Alimentos Ltda. ("Venbo")
discussed below.
The accompanying financial statements have been presented in Brazilian reais, in
accordance with generally accepted accounting principles in the United States.
In the accompanying financial statements, U.S. dollar amounts have been
translated into reais using the conversion rate as of June 30, 1996 and August
31, 1995 for the respective balance sheets. For the statements of operations
presented, the U.S. dollar activities of the Company (primarily the interest
income and general and administrative expenses of Trinity Americas Inc. prior to
the Venbo acquisition) were converted into reais on a monthly basis, based on
the average conversion rate for each month, and then adjusted to consider the
effect of inflation experienced in Brazil for the period presented. This
methodology has been employed to reflect the fact that Venbo will be operating
exclusively in Brazil for the near term. Management believes that this
presentation will provide readers a better understanding of performance. In
addition, all future reporting will continue to be in reais if and until such
time another currency is deemed more appropriate.
Prior to the acquisition of Venbo discussed in Note 2, the Company reported on
an August 31 fiscal year. Subsequent to the acquisition, the Company changed its
fiscal year to December 31 and filed a transition report on Form 10-Q for the
period from September 1, 1995 through December 31, 1995. It is expected that the
Company's 1996 Form 10-Q filings will be made in comparison to the nearest
comparable quarter for the prior period. Management believes this presentation
to be adequate due to the inherent lack of comparability of quarterly
information due to the Company's acquisition of an operating entity in 1996,
while the Company existed as a "blind pool" for all prior periods. Accordingly,
the accompanying balance sheet as of June 30, 1996 is compared to the latest
audited balance sheet of August 31, 1995 and statements of operations and cash
flows for the three and six month periods ended June 30, 1996 are compared to
the previously filed three and six month periods ended May 31, 1995.
<PAGE>
NOTE 2 - ORGANIZATION AND OPERATIONS
The Company was incorporated in the State of Delaware on September 16, 1992 to
serve as a vehicle to effect a merger, exchange of capital stock, assets
acquisition or other similar business combination (a "Business Combination").
All activity of the Company through March 19, 1996 related to its formation,
fund-raising and search to effect a Business Combination.
On March 19, 1996 (the "Closing"), the Company acquired all of the outstanding
quotas (shares of capital stock) of Venbo from Bob's Industria e Comercio Ltda.
("BIEC") and Arnaldo Bisoni ("Bisoni" and with BIEC, collectively, the
"Sellers") for $19,200,000 (the "Purchase Price"), of which $16,700,000 was paid
in cash at the Closing (inclusive of $100,000 which had been previously paid in
October 1995 upon the parties' execution of the Heads of Agreement), with the
balance of $2,500,000 payable with interest at the rate of 1 - 1/2% per annum
over LIBOR due 720 days from the Closing. In addition, the Company acquired all
of the trademarks relating to Venbo's business from Vendex International N.V.,
an affiliate of the Sellers, for $1,800,000, payable to BIEC with interest at
the rate of 6-1/2% per annum in monthly installments equal to 4% of Venbo's net
sales for each immediately preceding month. The Company's acquisition of the
quotas and trademarks is hereinafter referred to as the "Acquisition".
At the date of Acquisition, Venbo, a Brazilian limited liability company which
conducts business under the tradename "Bob's", owned and, directly and through
franchisees, operated the second largest chain of hamburger fast food
restaurants in Brazil, including 46 units in the State of Rio de Janeiro, 22
units in the State of Sao Paulo and 10 units in the capital cities of the States
of Brazil.
In order to raise sufficient cash to complete the Acquisition and to fund the
Company's subsequent expansion strategy, the Company sold 3,115,701 shares of
its Common Stock to new investors in a private transaction (the "Private
Placement") at $3.20 per share, resulting in net proceeds to the Company of
approximately $10,000,000.
Funding of the cash portion of the Purchase Price was derived from the following
sources; (i) approximately $9,900,000 from the Company's own funds; (ii)
$4,000,000 from a Brazilian subsidiary of Coca-Cola, which was paid to the
Company concurrently with the consummation of the Acquisition, in consideration
for Coca-Cola products being designated the exclusive soft drink products for
all of the Company's restaurants for a ten-year term and for the Company's
agreement to participate at its own expense in joint promotions and marketing
programs with Coca-Cola during such term; and (iii) the balance of $2,800,000
from the proceeds of the Private Placement.
At the Closing, the Company issued 1,046,422 shares of its Common Stock to
Shampi Investments A.E.C. ("Shampi") in exchange for the assignment by Shampi to
the Company of Shampi's right to acquire the outstanding quotas of Venbo.
As a result of the Acquisition and the Private Placement: (i) Venbo became a
wholly-owned subsidiary of the Company, (ii) Shampi and the investors in the
Private Placement, collectively, acquired approximately 58.4% of the outstanding
Common Stock of the Company, (iii) designees of Shampi, being respectively,
Peter Van Voorst Vader, Omar Carneiro da Cunha and Bisoni, became three of the
five members of the Company's Board of Directors, and (iv) the Company's name
was changed to "Brazil Fast Food Corp.". Reference is made to the Company's
proxy statement dated February 12, 1996, for a discussion of Venbo's business
and the background of the Acquisition.
<PAGE>
NOTE 3 - RESTRICTED CASH AND CASH EQUIVALENTS
The Company, pursuant to the terms of its initial public offering ("the
Offering"), held approximately R$ 9.6 million as of March 19, 1996, which
includes interest income, in a trust account which was primarily invested in a
short term U.S. Government Security. These funds were released, in connection
with the terms of the Offering, upon the consummation of the Acquisition
described above.
NOTE 4 - ACCOUNTING FOR ACQUISITION OF VENBO
On March 19, 1996, the Company acquired all of the outstanding quotas (shares of
capital stock) of Venbo, as described in Note 2. The acquisition has been
accounted for as a purchase by the Company. The results of operations of Venbo
are included in the accompanying financial statements for the period from the
acquisition date, March 19, 1996, through June 30, 1996. In connection with the
acquisition, the Company has recorded approximately R$ 20 million of excess
purchase price over net assets acquired. This reflects a preliminary allocation
of purchase price and is subject to final determination. Goodwill resulting from
the acquisition will be amortized over a 20-year period.
The following represents selected pro forma results of operations information as
though the companies had been combined at the beginning of the six month periods
ended June 30, 1996, and 1995:
June 30, 1996 June 30, 1995
------------- -------------
Revenues R$29,532,000 R$30,552,000
Net loss R$(4,713,000) R$(4,135,000)
Net loss per share R$ (.66) R$ (.58)
NOTE 5 - OTHER ACQUISITIONS
On June 10, 1996, the Company acquired all of the outstanding quotas (capital
shares) of, respectively, BigBurger Sao Paulo Lanchonetes Ltda. and BigBurger
Goiania Lanchonetes Ltda., each a Brazilian corporation (collectively, the
"Acquired Companies"), from Rucker Holding Corporation, a non-affiliated British
Virgin Islands corporation ("Rucker"), for (i) $250,000 (paid in Brazilian
reais) and (ii) 510,000 shares of the Company's Common Stock. The Acquired
Companies owned and operated 7 "Mr. Theo" hamburger fast food restaurants in Sao
Paulo and Goiania, Brazil. All of these restaurants have been rebranded and are
now operating under the Company's "Bob's" tradename. In connection with the
acquisition, the Company has recorded approximately R$ 2.1 million of excess
purchase price over net assets acquired. This reflects a preliminary allocation
of purchase price and is subject to final determination. Goodwill resulting from
the acquisition will be amortized over a 20-year period.
On July 24, 1996, the Company acquired all of the assets (the "Acquisition") of
each of BigBurger Ltda. ("BigBurger") and five of its affiliates, all Brazilian
corporations (collectively, the "BigBurger Companies"), for 1,520,000 shares of
the Company's Common Stock (the "Shares") pursuant to the terms and conditions
of an Exchange Agreement dated July 24, 1996. The BigBurger Companies own and
operate 27 hamburger fast food restaurants, inclusive of outlets operated by
franchisees (collectively, the "BigBurger Stores"), in 9 Brazilian states. Of
the 27 BigBurger stores, 9 are expected to be rebranded and in operation under
the "Bob's" tradename by mid-August 1996, while the balance are scheduled to be
rebranded and in operation by mid-October 1996.
<PAGE>
Item 2: Management's Discussion and Analysis of Financial Condition and Results
of Operations
Brazil Fast Food Corp. (previously know as Trinity Americas Inc.) (the
"Company") was incorporated in September 1992 to serve as a vehicle to effect a
Business Combination with an operating business. On February 9, 1994, the
Company's Registration Statement covering 1,700,000 Units was declared effective
by the Securities and Exchange Commission, generating net proceeds of
approximately US $9.6 million.
On March 19, 1996 (the "Closing"), the Company acquired all of the outstanding
quotas (shares of capital stock) of Venbo from Bob's Industria a Comercio Ltda.
("BIEC") and Arnaldo Bisoni ("Bisoni" and with BIEC, collectively, the
"Sellers") for $19,200,000 (the "Purchase Price"), of which $16,700,000 was paid
in cash at the Closing (inclusive of $100,000 which had been previously paid in
October 1995 upon the parties' execution of the Heads of Agreement), with the
balance of $2,500,000 payable with interest at the rate of 1-1/8% per annum over
LIBOR due 720 days from the Closing. In addition, the Company acquired all of
the trademarks relating to Venbo's business from Vendex International N.V., an
affiliate of the Sellers, for $1,800,000, payable to BIEC with interest at the
rate of 6-7/8% per annum in monthly installments equal to 4% of Venbo's net
sales for each immediately preceding month. The Company's acquisition of the
quotas and trademarks in hereinafter referred to as the "Acquisition".
At the date of Acquisition, Venbo, a Brazilian limited liability company which
conducts business under the tradename "Bob's", owned and, directly and through
franchisees, operated the second largest chain of hamburger fast food
restaurants in Brazil, including 46 units in the State of Rio de Janeiro, 22
units in the State of Sao Paulo and 10 units in the capital cities of other
States of Brazil.
In order to raise sufficient cash to complete the Acquisition and to fund the
Company's subsequent expansion strategy, the Company sold 3,115,701 shares of
its Common Stock to new investors in a private transaction (the "Private
Placement") at $3.20 per share, resulting in net proceeds to the Company of
approximately $10,000,000.
Funding of the cash portion of the Purchase Price was derived from the following
sources: (i) approximately $9,900,000 from the Company's own funds; (ii)
$4,000,000 from a Brazilian subsidiary of Coca-Cola, which was paid to the
Company concurrently with the consummation of the Acquisition, in consideration
for Coca-Cola products being designated the exclusive soft drink products for
all of the Company's restaurants for a ten-year term and for the Company's
agreement to participate at its own expense in joint promotions and marketing
programs with Coca-Cola during such term; and (iii) the balance of $2,800,000
from the proceeds of the Private Placement.
At the Closing, the Company issued 1,046,422 shares of its Common Stock to
Shampi Investments A.E.C. ("Shampi") in exchange for the assignment by Shampi to
the Company of Shampi's right to acquire the outstanding quotas of Venbo.
As a result of the Acquisition and the Private Placement; (i) Venbo became a
wholly-owned subsidiary of the Company, (ii) Shampi and the investors in the
Private Placement, collectively, acquired approximately 58.4% of the outstanding
Common Stock of the Company, (iii) designees of Shampi, being respectively,
Peter van Voorst Vader, Omar Carneiro de Cunha and Bisoni, became three of the
five members of the Company's Board of Directors, and (iv) the Company's name
was changed to "Brazil Fast Food Corp.". Reference is made to the Company's
proxy statement dated February 12, 1996, for a discussion of Venbo's business
and the background of the Acquisition.
<PAGE>
Results of Operations
At June 30, 1996, there were 79 Bob's restaurants in operation in Brazil. Of
these restaurants, 51 were operated by Venbo, three were operated by BigBurger
Sao Paulo Lanchonetes, three were operated by BigBurger Goiania Lanchonetes and
22 were operated by Venbo's franchisees. In addition, Venbo had five permanent
kiosks and four Company trailers, as well as one franchisee trailer, which are
used at different locations for special events. Of the 89 units currently in
operation (including the kiosks and trailers) 47 were located in the State of
Rio de Janeiro, 29 were in the State of Sao Paulo and 13 were in the capital
cities of the other States of Brazil.
For the three and six months ended June 30, 1996 the Company had a net loss of
R$ 2,099,000 and R$ 2,255,000, respectively, as compared to net income of R$
52,000 and R$ 96,000 for the three and six months ended May 31, 1995. For the
three and six months ended June 30, 1996, the net loss was primarily
attributable to the loss from operations of R$ 2,236,000 and R$ 2,438,000,
respectively, resulting from the operations of Venbo since its acquisition on
March 19, 1996. Prior to the acquisition, the Company operated as a "blind pool"
and, accordingly, results of operations for periods prior to the acquisition
relate to interest and dividend income, offset by general and administrative
expenses and income taxes.
Liquidity and Capital Resources
At June 30, 1996, the Company had cash and cash equivalents of R$ 1,264,000 and
a working capital deficit of R$ 4,174,000. The cash available at June 30, 1996
was the result of the Acquisition described above, along with cash generated
from the Private Placement and agreement with Coca-Cola described above.
Subsequent to June 30, 1996, the Company, consistent with its growth plan,
expended a substantial portion of its cash reserves primarily for the
refurbishment and rebranding of units acquired in the Mr. Theo and BigBurger
acquisitions (discussed in Note 5 to the unaudited condensed financial
statements). The Company is currently seeking private equity and/or debt
financing for its working capital and growth needs. However, there can be no
assurance that such financing will be secured. The Company believes that its
available liquid assets on hand, along with anticipated financing and future
cash flows from operations, should be sufficient for its presently contemplated
operations and growth.
<PAGE>
Part II - Other Information
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibit 27 - Financial Data Schedule
(b) Item 5; June 18, 1996
<PAGE>
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.
Brazil Fast Food Corp.
(registrant)
Dated: August 13, 1996
By: /s/ Peter van Voorst Vader
----------------------------------
Peter van Voorst Vader
Chief Executive Officer
By: /s/ Marcos Bastos Rocha
----------------------------------
Marcos Bastos Rocha
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE>5
<MULTIPLIER>1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 1264
<SECURITIES> 0
<RECEIVABLES> 735
<ALLOWANCES> 0
<INVENTORY> 513
<CURRENT-ASSETS> 4025
<PP&E> 9035
<DEPRECIATION> 0
<TOTAL-ASSETS> 36,386
<CURRENT-LIABILITIES> 8199
<BONDS> 0
0
0
<COMMON> 1
<OTHER-SE> 22,257
<TOTAL-LIABILITY-AND-EQUITY> 36,386
<SALES> 15,541
<TOTAL-REVENUES> 16,013
<CGS> 6056
<TOTAL-COSTS> 18,451
<OTHER-EXPENSES> 31
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 142
<INCOME-PRETAX> (2242)
<INCOME-TAX> 13
<INCOME-CONTINUING> (2255)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2255)
<EPS-PRIMARY> (0.42)
<EPS-DILUTED> (0.42)
</TABLE>
