SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended March 31, 1999
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
Commission file number 001-13559
Restaurant Teams International, Inc.
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(Name of small business issuer in its charter)
Texas 75-2337102
(State of other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization
1705 E. Whaley, Longview, Texas 75605
(Address of principal executive offices) (Zip Code)
Issuer's telephone number (903) 758-2811
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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[ ]
Number of shares outstanding of each of the issuer's classes of common stock, as
of May 18, 1999: 7,936,966 shares of common stock, par value $.01.
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RESTAURANT TEAMS INTERNATIONAL, INC.
Page No.
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PART I FINANCIAL INFORMATION........................................................ 2
Item 1. Financial Statements......................................................... 2
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Condensed Balance Sheet for the Three Month Period
Ended March 31, 1999......................................................... 2
Condensed Income Statement For the Three Month Periods
Ended March 31, 1998 and March 31, 1999...................................... 4
Condensed Statement of Cash Flows for the Three Month
Periods Ended March 31, 1998 and March 31, 1999.............................. 5
Notes to Interim Condensed Financial Statements (Unaudited).................. 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations................................ 8
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PART II OTHER INFORMATION............................................................ 14
Item 6. Exhibits and Reports on Form 8-K............................................. 14
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Signatures ............................................................................. 15
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PART I - FINANCIAL INFORMATION
Item 1: FINANCIAL STATEMENTS
Restaurant Teams International, Inc.
Condensed Balance Sheet
For the Three Month Period Ending
March 31, 1999
December 31, March 31,
1999 1999
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(Unaudited)
ASSETS
Current Assets
Cash 1,606,245 350,947
Inventory 43,035 34,551
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Total Current Assets 1,649,280 385,498
PROPERTY AND EQUIPMENT (Pledged)
Buildings 4,084,554 4,161,224
Land 135,000
135,000
Leasehold Improvements 30,113 30,113
Vehicles and Equipment 938,636 980,443
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Total Property and Equipment 5,198,303 5,306,780
Accumulated Depreciation (350,505) (381,192)
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Property and Equipment - Net 4,847,798 4,925,588
OTHER ASSETS
Assets held for sale Net of Accumulated Depreciation 1,073,240 1,073,240
Note Receivable - Related Party 1,087,243 925,243
Deferred Income Tax 223,155 223,155
Debenture Issuance Costs 194,798 194,798
Fatburger Acquisitions Deposit 0 1,125,000
Other Assets 95,971 145,183
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Total Other Assets 2,674,407 3,686,619
TOTAL ASSETS 9,171,485 8,997,705
2
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Restaurant Teams International, Inc.
Condensed Balance Sheet
for the Three Month Period Ending
March 31, 1998
(Continued)
December 31, March 31,
1998 1999
LIABILITIES AND SHARESHOLDERS EQUITY (unaudited)
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CURRENT LIABILITIES
Accrued Expenses . 317,021 211,610
Accounts Payable . 89,835 64,424
Income Taxes Payable 10,000 10,000
Current Portion of Notes Payable - Long Terms 121,862 121,862
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Total Current Liabilities 538,718 407,896
OTHER LIABILITIES
Notes Payable - Long Term, Net of Current Portion 2,043,961 2,040,779
Deferred Income Taxes 269,945 269,945
Deferred Lease Liability 63,141 63,141
Deferred Gain on Sale of Assets 193,502 0
Convertable Debenture 2,102,698 2,102,698
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Total Other Liabilities 5,211,965 4,476,563
SHAREHOLDERS EQUITY
Common Stock, $.01 par value, 50,000,000 Shares 68,334 79,370
Authorized: 6,833,328 shares issued and outstanding in December
and 7,936,966 shars issued and outstanding in March
Additional Paid in Capital 5,718,252 5,707,216
Retained Earnings (1,065,916) 153,726
Retained Earnings - (Prior) 0 (1,065,916)
Less Treasury Stock, 280,440 shares at Cost (761,150) (761,150)
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Total Shareholders Equity 3,959,520 4,113,246
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 9,171,485 8,997,705
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