___________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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 0-24502
ROCK BOTTOM RESTAURANTS, INC.
(Exact name of the registrant as specified in its charter)
DELAWARE 84-1265838
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) identification Number)
1050 WALNUT STREET
SUITE # 402
BOULDER, COLORADO 80302
(Address of principal executive offices) (Zip Code)
(303) 417-4000
(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 twelve 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 ninety days.
Yes X No
------ -----
As of May 13,1996, the Registrant had outstanding 7,372,815 shares of
common stock, par value $.01 per share.
___________________________________________________________________________
EXHIBIT INDEX IS ON PAGE 14
PAGE 1 OF 15 PAGES
<PAGE>
ROCK BOTTOM RESTAURANTS, INC., AND SUBSIDIARIES
-----------------------------------------------
INDEX TO FORM 10-Q
------------------
THREE MONTHS ENDED MARCH 31, 1996
----------------------------------
Page
----
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Condensed Consolidated Balance Sheets-
March 31, 1996 and March 26, 1995 3-4
Condensed Consolidated Statements of
Operations-Three Months Ended March 31,
1996 and March 26, 1995 5
Condensed Consolidated Statements of Cash
Flows-Three Months Ended March 31, 1996
and March 26, 1995 6
Notes to Condensed Consolidated
Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 8-12
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 12
Signature page 13
PAGE 2 OF 15 PAGES<PAGE>
ROCK BOTTOM RESTAURANTS, INC., AND SUBSIDIARIES
-----------------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
<TABLE>
<CAPTION>
March 31, December 31,
ASSETS 1996 1995
------ --------------- ---------------
(Unaudited)
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 1,251,354 $ 3,555,341
Short-term investments 5,721,246 7,790,442
Accounts receivable 406,418 481,458
Accounts receivable--affiliates 37,484 36,608
Preopening costs, net 1,825,323 2,019,284
Inventories 1,553,977 1,478,573
Prepaids and other current assets 581,876 818,752
------------ ------------
Total current assets 11,377,678 16,180,458
------------ ------------
PROPERTY AND EQUIPMENT:
Land 4,692,557 4,598,414
Buildings 3,628,660 3,144,716
Leasehold improvements 26,372,875 23,420,443
Furniture, fixtures and equipment 21,771,723 20,055,537
Construction in progress 1,525,746 1,601,059
Accumulated depreciation and amortization (6,202,017) (5,228,274)
------------ ------------
Total property and equipment, net 51,789,544 47,591,895
------------ ------------
OTHER ASSETS 389,188 396,438
------------ ------------
TOTAL ASSETS $ 63,556,410 $ 64,168,791
============ ============
</TABLE>
See accompanying notes.
PAGE 3 OF 15 PAGES<PAGE>
ROCK BOTTOM RESTAURANTS, INC., AND SUBSIDIARIES
-----------------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
<TABLE>
<CAPTION>
March 31, December 31,
LIABILITIES 1996 1995
----------- --------------- ---------------
(Unaudited)
<S> <C> <C>
CURRENT LIABILITIES:
Accounts payable-
Trade $ 1,582,226 $ 1,965,035
Construction projects 313,195 1,038,148
Affiliates 18,917 22,105
Accrued payroll and payroll taxes 1,402,895 1,078,194
Accrued sales taxes 445,817 1,105,076
Other accrued expenses 1,132,597 942,613
Current portion of long-term debt 46,365 43,921
Current portion of obligations under capital leases 629,601 650,833
------------ ------------
Total current liabilities 5,571,613 6,845,925
LONG-TERM DEBT 583,788 596,793
OBLIGATIONS UNDER CAPITAL LEASES 865,617 1,016,482
DEFERRED INCOME TAXES 393,547 368,547
------------ ------------
Total liabilities 7,414,565 8,827,747
------------ ------------
STOCKHOLDERS' EQUITY:
Preferred stock - $.01 par value, 5,000,000 shares
authorized, none issued and outstanding - -
Common stock - $.01 par value, 15,000,000 shares
authorized, 7,372,815 and 7,345,482 issued
and outstanding 73,728 73,455
Additional paid-in capital 51,028,133 50,809,742
Retained earnings 5,039,984 4,457,847
------------ ------------
Total stockholders' equity 56,141,845 55,341,044
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 63,556,410 $ 64,168,791
============ ============
</TABLE>
See accompanying notes.
PAGE 4 OF 15 PAGES<PAGE>
ROCK BOTTOM RESTAURANTS, INC., AND SUBSIDIARIES
-----------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
-----------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
-------------------------------
March 31, March 26,
1996 1995
---- ----
<S> <C> <C>
REVENUES:
Old Chicago restaurants $12,340,022 $ 8,563,753
Rock Bottom Restaurant & Brewery restaurants 11,172,005 5,924,836
----------- -----------
Total revenues 23,512,027 14,488,589
----------- -----------
OPERATING EXPENSES:
Cost of sales 5,757,453 3,532,292
Restaurant salaries and benefits 7,875,655 4,797,314
Operating expenses 5,020,854 2,971,757
Selling expenses 959,268 511,549
General and administrative 1,392,306 1,000,992
Depreciation and amortization 1,723,033 738,332
----------- -----------
Total operating expenses 22,728,569 13,552,236
----------- -----------
INCOME FROM OPERATIONS 783,458 936,353
Interest income (133,142) (106,208)
Interest expense 72,781 69,941
Other (income) expense, net 144 (14,016)
----------- -----------
INCOME BEFORE TAXES 843,675 986,636
PROVISION FOR INCOME TAXES 261,539 369,002
----------- -----------
NET INCOME $ 582,136 $ 617,634
=========== ===========
NET INCOME PER SHARE $.08 $.10
=== ===
WEIGHTED AVERAGE SHARES OUTSTANDING 7,450,000 5,996,000
=========== ===========
</TABLE>
See accompanying notes.
PAGE 5 OF 15 PAGES<PAGE>
ROCK BOTTOM RESTAURANTS, INC., AND SUBSIDIARIES
-----------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND MARCH 26, 1995
-------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 582,136 $ 617,634
Adjustments to reconcile net income to net cash
provided by operating activities-
Depreciation and amortization 1,723,033 738,332
Loss on disposition of assets - 2,501
Deferred income taxes 25,000 170,000
Decrease (increase) in accounts receivable 75,040 (35,589)
Increase in inventories (75,404) (104,020)
Decrease in prepaids and other assets 244,126 207,534
Expenditures for preopening costs (555,328) (467,617)
Decrease in accounts payable (1,107,762) (694,285)
Decrease in accrued expenses (144,574) (357,994)
----------- -----------
Net cash provided by operating activities 766,267 76,496
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment (5,171,392) (5,889,174)
Advances to officers and affiliates, net (4,064) 2,398
(Purchase) sale of short-term investments, net 2,069,196 (2,000,000)
----------- -----------
Net cash used in investing activities (3,106,260) (7,886,776)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt (10,561) (35,177)
Issuance of common stock, net of offering costs 218,664 34,118,509
Repayments of capital lease obligations (172,097) (132,804)
----------- -----------
Net cash provided by financing activities 36,006 33,950,528
----------- -----------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,303,987) 26,140,248
CASH AND CASH EQUIVALENTS, beginning of period 3,555,341 5,113,675
----------- -----------
CASH AND CASH EQUIVALENTS, end of period $ 1,251,354 $31,253,923
=========== ===========
</TABLE>
See accompanying notes.
PAGE 6 OF 15 PAGES
<PAGE>
ROCK BOTTOM RESTAURANTS, INC., AND SUBSIDIARIES
-----------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------
MARCH 31, 1996
--------------
(Unaudited)
(1) UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
-----------------------------------------------------
The financial statements included herein have been prepared by
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 rules
and regulations, although the Company believes that the
disclosures included herein are adequate to make the information
presented not misleading. A description of the Company's
accounting policies and other financial information is included
in the audited consolidated financial statements as filed with
the Securities and Exchange Commission in the Company's Form 10-K
for the year ended December 31, 1995.
In the opinion of management, the accompanying unaudited
consolidated condensed financial statements contain all
adjustments necessary to present fairly the financial position of
the Company as of March 31, 1996 and the results of operations
and cash flows for the periods presented. All such adjustments
are of a normal recurring nature. The results of operations for
the quarter ended March 31, 1996 are not necessarily indicative
of the results that may be achieved for a full fiscal year and
cannot be used to indicate financial performance for the entire
year.
(2) BANK FINANCING COMMITMENTS
--------------------------
In February, 1996, the Company received a commitment for a two
year, $20 million revolving credit facility. Interest will
accrue on the average outstanding balance at either the prime
rate or LIBOR plus 1.5%, and is payable quarterly. At the end of
the revolving period, the Bank may extend the commitment for an
additional one year or the outstanding principal is convertible
to a three year fully amortizing term loan. As of March 31,
1996, the documentation for the revolving credit agreement was
being finalized, therefore no amounts were outstanding under this
facility.
On May 1, 1996, the Company obtained a commitment for a $2.5
million first mortgage on real property located in Chicago,
Illinois. Interest will accrue at 9% with outstanding principal
and interest due five years from the date of closing. Principal
and interest payments will be due monthly based on a fifteen year
amortization.
PAGE 7 OF 15 PAGES<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
The Company began operations in 1976 with the opening of an Old
Chicago restaurant in Boulder, Colorado, and as of March 31, 1996
operates ten Rock Bottom Restaurant & Brewery restaurants and twenty-
seven Old Chicago restaurants. The Company's plans include opening a
total of four Rock Bottom Restaurant & Brewery restaurants and ten Old
Chicago restaurants in 1996. New restaurants planned for 1996 are
scheduled to open as follows:
<TABLE>
<CAPTION>
PROPOSED NEW RESTAURANT OPENING SCHEDULE
(Actual)
Qtr ended Qtr ended Qtr ended Qtr ended
3/31/96 6/30/96 9/29/96 12/29/96
--------- --------- ---------- ---------
<S> <C> <C> <C> <C>
Old Chicago restaurants 4 3 1 2
Rock Bottom Restaurant & Brewery restaurants 0 1 2 1
-- -- -- --
Total restaurants 4 4 3 3
== == == ==
</TABLE>
Old Chicago restaurants opened in the first quarter of 1996 are
located in Madison, Wisconsin; Silverthorne and Grand Junction,
Colorado and Apple Valley, Minnesota. During the second quarter, two
Old Chicago restaurants have opened in Salem, Oregon and Minnetonka,
Minnesota. The four remaining Old Chicago restaurants planned for
1996 are scheduled to open in Nebraska (two) and in two other
locations that will enhance the Company's presence in the Midwest.
Rock Bottom Restaurant & Brewery restaurants will be located in
Indianapolis, Cincinnati, Seattle, and Bethesda, Maryland. The
company has historically leased its facilities and plans to lease
sites for a majority of its future restaurant locations. There can be
no assurance, however, that the Company will be able to identify
suitable restaurant sites, purchase sites or obtain leases on
acceptable terms, or open new restaurants on anticipated dates.
Future operating results may be adversely affected by costs
associated with developing a significant number of new restaurants
over a relatively short period of time. New restaurants initially
operate with below normal revenues and incur certain increased costs
in the process of achieving operational efficiencies.
PAGE 8 OF 15 PAGES<PAGE>
RESULTS OF OPERATIONS
The following table sets forth for the periods indicated the
percentage relationship to restaurant revenues of certain income
statement and restaurant data:
<TABLE>
<CAPTION>
Percentage of Revenues
----------------------
Three Months Ended
------------------
March 31, March 26,
1996 1995
---- ----
<S> <C> <C>
INCOME STATEMENT DATA:
REVENUES:
Old Chicago restaurants. . . . . . . . . . . . . . . . . . . . . . . . . 52.5% 59.1%
Rock Bottom Restaurant & Brewery restaurants . . . . . . . . . . . . . . 47.5 40.9
----- -----
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 100.0
----- -----
OPERATING EXPENSES:
Cost of sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.5 24.4
Restaurant salaries and benefits . . . . . . . . . . . . . . . . . . . . 33.5 33.1
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.4 20.5
Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1 3.5
General and administrative . . . . . . . . . . . . . . . . . . . . . . . 5.9 6.9
Depreciation and amortization. . . . . . . . . . . . . . . . . . . . . . 7.3 5.1
----- -----
Total operating expenses . . . . . . . . . . . . . . . . . . . . 96.7 93.5
----- -----
INCOME FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 6.5
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.6) (0.7)
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.5
Other (income) expense, net. . . . . . . . . . . . . . . . . . . . . . . 0.0 (0.1)
----- -----
INCOME BEFORE TAXES. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6 6.8
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . 1.1 2.5
----- -----
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5% 4.3%
===== =====
RESTAURANT DATA:
Restaurants open (end of period):
Old Chicago restaurants. . . . . . . . . . . . . . . . . . . . . . . . . 27 16
Rock Bottom Restaurant & Brewery restaurants . . . . . . . . . . . . . . 10 6
----- -----
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 22
===== =====
Restaurant operating weeks:
Old Chicago restaurants. . . . . . . . . . . . . . . . . . . . . . . . . 327 200
Rock Bottom Restaurant & Brewery restaurants . . . . . . . . . . . . . . 130 65
----- -----
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 457 265
===== =====
</TABLE>
PAGE 9 OF 15 PAGES<PAGE>
QUARTER ENDED MARCH 31, 1996 AS COMPARED TO QUARTER ENDED MARCH 26,
1995
Revenues. Revenues increased 62.3% to $23.5 million in the
quarter ended March 31, 1996 from $14.5 million for the comparable
quarter in 1995. This increase is due primarily to revenues generated
by the eleven new Old Chicago restaurants and four new Rock Bottom
Restaurant & Brewery restaurants that have opened since the end of the
first quarter of 1995. Revenue increases were partially offset by a
4.4% decrease in comparable restaurant sales due primarily to harsher
winter weather conditions in Colorado and Minnesota where all
comparable sales were generated. Revenues from the Company's Rock
Bottom Restaurant & Brewery restaurants have also increased as a
percentage of total revenues from 40.9% in the first quarter ended
March 26, 1995 to 47.5% in the first quarter ended March 31, 1996 due
to the pro rata increase in the number of restaurant weeks generated
by the brewery restaurants.
Cost of Sales. Cost of sales, which consists of food, beverage,
and supply costs, increased 63.0% to $5.8 million in the first quarter
of 1996 from $3.5 million in the first quarter of 1995, and remained
relatively stable as a percentage of revenues at 24.5% in the first
quarter of 1996 as compared to 24.4% in the first quarter of 1995.
Slight increases in the cost of the Company's key inventory items
experienced in the first quarter of 1996 were partially offset by the
increase in the percentage of sales contributed by the brewery
restaurants. These restaurants generally experience a lower cost of
sales due to the production of beer on premises which has a lower cost
of sales than purchased beverages.
Restaurant Salaries and Benefits. Restaurant salaries and
benefits, which consist of restaurant management and hourly employee
wages, payroll taxes, workers' compensation insurance and group health
insurance, increased 64.2% to $7.9 million in the first quarter of
1996 from $4.8 million in the first quarter of 1995. Restaurant
salaries and benefits remained relatively constant as a percentage of
revenues at 33.5% in 1996 compared to 33.1% in 1995. This anticipated
change is primarily due to the increase in the number of new
restaurants operating in the first quarter of 1996, which initially
experience higher labor costs.
Operating Expenses. Operating expenses, which include occupancy
costs, utilities, repairs, maintenance and linen, increased 69.0% to
$5.0 million in the first quarter of 1996 from $3.0 million for the
same period in 1995. As a percentage of revenues, such expenses
increased to 21.4% in 1996 from 20.5% for the same period in 1995.
Similar to Restaurant Salaries and Benefits, this increase also
resulted from the greater number of new restaurants which initially
experience higher operating expenses.
Selling Expenses. Selling expenses increased 87.5% to $1.0
million in the first quarter of 1996 from $.5 million for the same
period in 1995. As a percentage of revenues, such expenses increased
to 4.1% in 1996 from 3.5% for the same period in 1995. This increase
is due largely to expanded marketing support for both restaurant
concepts which included the first phase of a television advertising
campaign in the last two weeks of first quarter 1996 for the Old
Chicago restaurants operating in the Colorado front range market.
General and Administrative ("G&A"). General and administrative
expenses increased 39.1% to $1.4 million in the first quarter of 1996
compared to $1.0 million in the first quarter of 1995 due to the
Company's continuing expansion program. However, G&A decreased as a
percentage of revenues to 5.9% in the first quarter 1996 from 6.9% for
the same quarter in 1995 due to efficiencies gained in administering a
larger number of restaurants. Also in the first quarter of 1996, a
successful cost containment program was initiated that reduced
administrative costs, particularly in the areas of travel, supplies,
phone and overnight shipping expense.
PAGE 10 OF 15 PAGES<PAGE>
Depreciation and Amortization ("D&A"). D&A, including
amortization of preopening expenses, increased to $1.7 million in the
first quarter of 1996 from $.7 million for the comparable period in
1995. As a percentage of revenues, such expenses increased from 5.1%
to 7.3%. The increase in the amount is attributable primarily to
opening 15 new restaurants after the end of the first quarter of 1995
and through the first quarter of 1996, and incurring the related
expenses for depreciation and preopening expense amortization. The
increase in the percentage is primarily due to restaurants that opened
since the first quarter of 1995. These restaurants experienced
greater D&A costs as a percentage of revenues due to higher total
investment costs and preopening expenses not yet fully amortized.
Interest Income. Interest income primarily represents amounts
earned from the temporary investment of proceeds from the Company's
follow-on offering. Cash proceeds from this offering, received late
in the first quarter of 1995, resulted in this increase.
Provision for Income Taxes. The estimated tax rate for the first
quarter of 1996 has decreased to 31% from 37.4% in the first quarter
of 1995, and 32% for fiscal 1995. This change is primarily due to
increased FICA tax credits that are estimated to be available for
1996.
LIQUIDITY AND CAPITAL RESOURCES
At March 31, 1996, the Company had approximately $1.3 million in
cash and cash equivalents, $5.7 million in short term investments
available for sale, and long term debt, including capital lease
obligations, of $2.1 million. In 1996, the Company has received
financing commitments for a two year, $20 million revolving line of
credit facility and a $2.5 million first mortgage on real property
located in Chicago. No amounts are outstanding under either facility
as of May 13, 1996. The Company may also seek additional sources of
debt or equity capital including equipment financing, although there
can be no assurance that such funds will be available on favorable
terms, if at all. Although the Company believes that its existing
cash balances, cash flow generated from operations, revolving credit
proceeds, mortgage financing and other potential financing sources
will be sufficient to satisfy its cash needs through 1997, results of
operations may be affected by decreased interest income and increased
interest expense. The Company does not have significant receivables
or inventory and receives trade credit based upon negotiated terms in
purchasing food and supplies.
The Company requires capital principally for the development and
construction of new restaurants and for capital expenditures at
existing restaurants. The Company has financed its recent expansion
through cash flow from operations, proceeds from its public offerings
and capital lease obligations. Net cash flow from operations has
increased to $766,267 for the quarter ended March 31, 1996 as compared
to $76,496 for the quarter ended March 26, 1995, primarily due to an
increase in net income before depreciation and amortization.
The Company estimates that the total capital expenditures for
1996, excluding preopening costs, will be approximately $21 million,
of which the cost of new restaurants will be approximately $19
million. Of the $21 million budgeted for capital expenditures in
1996, $5.2 million was spent in the quarter ended March 31, 1996,
which included the cost of opening four new Old Chicago restaurants
and approximately $700,000 for the Old Chicago site purchased in
Salem, Oregon. There can be no assurance that these budgeted capital
expenditures will be sufficient for current development plans or that
the costs of acquiring sites and opening new restaurants will not
increase in the future.
PAGE 11 OF 15 PAGES<PAGE>
SEASONALITY AND QUARTERLY RESULTS
The Company's sales and earnings fluctuate seasonally.
Historically, the Company's highest earnings have occurred in the
second and third quarters. In addition, quarterly results have been,
and in the future are likely to be, substantially affected by the
timing of new restaurant openings. Because of the seasonality of the
Company's business and the impact of new restaurant openings, results
in any quarter are not necessarily indicative of the results that may
be achieved for a full fiscal year and cannot be used to indicate
financial performance for the entire year.
IMPACT OF INFLATION
Substantial increases in costs and expenses, particularly food,
supplies, labor (including potential changes in minimum wage rates)
and operating expenses, could have a significant impact on the
Company's operating results to the extent that such increases cannot
be passed along to customers. The Company does not believe that
inflation has materially affected operating results during the past
three years.
CAUTIONARY STATEMENT UNDER THE SAFE HARBOR PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
Statements which are not historical facts contained in this
report are forward looking statements that involve risks and
uncertainties that could cause actual results to differ from projected
results. Factors that could cause actual results to differ materially
include, among others: general economic conditions, the cost and
availability of suitable restaurant locations, cost effective and
timely construction of new restaurants, regulatory limitations,
fluctuations in consumer demand, competitive factors, the Company's
ability to address adequately all of the changing demands that its
planned expansion will impose, the results of financing efforts and
other risk factors detailed in the Company's Securities and Exchange
Commission filings.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27 Financial Data Schedule
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the period covered
by this report.
PAGE 12 OF 15 PAGES<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.
ROCK BOTTOM RESTAURANTS, INC.
(Registrant)
May 13, 1996 By:THOMAS A. MOXCEY
-------------------------------------
Thomas A. Moxcey
President and Chief Executive Officer
and Director
(Principal Executive Officer)
May 13, 1996 By:THERESA D. SHELTON
-------------------------------------
Theresa D. Shelton
Controller and Treasurer
(Chief Accounting Officer)
PAGE 13 OF 15 PAGES<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page
- ----------- ----------- ----
27 Financial Data Schedule 15
PAGE 14 OF 15 PAGES
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE COMPANY'S INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE
THREE MONTHS ENDED MARCH 31, 1996, AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-29-1996
<PERIOD-END> MAR-31-1996
<CASH> 1,251,354
<SECURITIES> 5,721,246
<RECEIVABLES> 443,902
<ALLOWANCES> 0
<INVENTORY> 1,553,977
<CURRENT-ASSETS> 11,377,678
<PP&E> 57,991,561
<DEPRECIATION> (6,202,017)
<TOTAL-ASSETS> 63,556,410
<CURRENT-LIABILITIES> 5,571,613
<BONDS> 0
0
0
<COMMON> 73,728
<OTHER-SE> 56,068,117
<TOTAL-LIABILITY-AND-EQUITY> 63,556,410
<SALES> 23,512,027
<TOTAL-REVENUES> 23,512,027
<CGS> 5,757,453
<TOTAL-COSTS> 22,728,569
<OTHER-EXPENSES> 144
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 72,781
<INCOME-PRETAX> 843,675
<INCOME-TAX> 261,539
<INCOME-CONTINUING> 582,136
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 582,136
<EPS-PRIMARY> .08
<EPS-DILUTED> 0
</TABLE>
