SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) June 12, 1998
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Boston Restaurant Associates, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 333-43999 61-1162263
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
999 Broadway, Suite 400, Saugus, MA 01906
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (781) 231-7575
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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In order to evidence compliance with the Nasdaq Stock Market, Inc.'s
amended listing requirements for the Nasdaq SmallCap Market, Boston Restaurant
Associates, Inc. (the "Company") is filing the attached preliminary, unaudited
balance sheet of the Company for fiscal year ended April 26, 1998 (the "Balance
Sheet"). While audit of the Company's financial statements for the year then
ended is not yet complete, the Balance Sheet reflects substantially all of the
normal year-end adjustments anticipated by the Company. The balance sheet
indicates that the Company has a net tangible assets of $2,172,363. The increase
in net tangible assets from the amount reported by the Company in its Form 10-Q
for the quarter ended January 31, 1998 is primarily attributable to the sale of
2,006,277 shares of the Company's Common Stock at a price of $1.00 per share
pursuant to a Rights Offering to existing shareholders which was completed in
March 1998 and previously reported on a Form 8-K. There have been no significant
events or transactions between the date of the Balance Sheet and the date of
this filing which would require proforma adjustment to the Balance Sheet.
Item 7. Financial Statements, Proforma Financial Information and Exhibits.
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(c) Exhibits.
(99) Preliminary, unaudited balance sheet of the Company as of
April 26, 1998.
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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.
BOSTON RESTAURANT ASSOCIATES, INC.
Date: June 12, 1998 By: /s/ George R. Chapdelaine
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George R. Chapdelaine, President
BOSTON RESTAURANT ASSOCIATES, INC. AND SUBSIDIARIES
PART 1 - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
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APRIL 26 April 27
1998 1997
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ASSETS
Current:
Cash and cash equivalents $1,788,361 $726,054
Accounts receivable $46,958 $69,729
Inventories $212,072 $209,295
Prepaid expenses and other $49,152 $27,532
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Total current assets $2,096,543 $1,032,610
Net property and equipment $3,345,273 $2,656,328
Other assets $1,323,159 $944,180
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Total assets $6,764,975 $4,633,118
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $314,122 $382,294
Accrued liabilities $484,525 $628,277
Current maturities:
Notes payable-stockholder $4,496 $4,261
Long-term debt $200,000 $200,000
Obligations under capital leases $74,205 $30,850
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Total current liabilities $1,077,348 $1,245,682
Long-term obligations:
Notes payable-stockholder, less current maturities $121,336 $125,810
Long-term debt, less current maturities $425,000 $625,000
Obligations under capital leases, less current maturities $361,547 $138,850
Subordinated debentures $1,500,000 $1,118,750
Deferred rent $85,662 $67,024
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Total liabilities $3,570,893 $3,321,116
Stockholders' equity
Common stock, $.01 par value, 25,000,000
shares authorized, 7,021,970 shares issued $70,213 $50,157
Additional paid in capital $10,852,340 $9,043,199
Accumulated deficit ($7,728,471) ($7,781,354)
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Total stockholders' equity $3,194,082 $1,312,002
Total liabilities and stockholders' equity $6,764,975 $4,633,118
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