U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-QSB/A
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 27, 1999
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Commission File Number 0-27148
New World Coffee - Manhattan Bagel, Inc.
(Name of small business issuer as specified in its charter)
Delaware 13-3690261
(State or other jurisdiction (I.R.S. Employer
of Incorporation or organization) Identification No.)
246 Industrial Way West
Eatontown, NJ 07724
(Address of principal executive offices, including zip code)
(732) 544-0155
(Issuer's telephone number)
Check 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 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 ___
Transitional small business disclosure format (check one): Yes ____No X
Number of shares of common stock, $.001 par value per share, outstanding:
As of August 4, 1999: 20,485,047
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NEW WORLD COFFEE - MANHATTAN BAGEL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SECOND QUARTER ENDED JUNE 27, 1999 AND JUNE 28, 1998
AND YEAR TO DATE PERIOD ENDED JUNE 27, 1999 AND JUNE 28, 1998
UNAUDITED
<TABLE>
<CAPTION>
Second Quarter Ended Year To Date Ended
June 27,1999 June 28, 1998 June 27, 1999 June 28, 1998
<S> <C> <C> <C> <C>
Revenues:
Manufacturing revenues......................................$6,152,254 $ 112,402 $12,196,461 $ 231,484
Retail sales.................................................2,399,425 3,041,595 4,729,427 6,150,640
Franchise related revenues...................................1,236,461 861,197 2,442,089 1,418,290
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Total Revenues...................................................9,788,140 4,015,194 19,367,977 7,800,414
Cost of sales................................................6,907,008 2,843,891 13,799,188 5,458,013
General and administrative expenses..........................1,476,447 728,013 2,987,618 1,433,103
Depreciation and amortization..................................531,954 315,336 1,074,668 684,384
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Operating Income...................................................872,731 127,954 1,506,503 215,192
Other Expenses:
Interest expense, net..........................................322,877 56,350 613,766 81,244
------- ------ ------- ------
Net Income........................................................$549,854 $71,604 $892,737 $133,948
======== ======= ======== ========
Basic Net Income Per Common Share.....................................$.03 $.01 $.05 $.01
==== ==== ==== ====
Basic Weighted Average Number of Common Shares
Outstanding.................................................19,849,440 12,168,587 19,713,321 11,976,494
========== ========== ========== ==========
Diluted Net Income Per Common Share...................................$.03 $.01 $.04 $.01
==== ==== ==== ====
Diluted Weighted Average Number of Common Shares
Outstanding.................................................20,361,205 12,168,587 20,225,086 11,976,494
========== ========== ========== ==========
</TABLE>
The accompanying notes are an integral part of these consolidated
statements.
<PAGE>
NEW WORLD COFFEE - MANHATTAN BAGEL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEAR TO DATE PERIOD ENDED JUNE 27, 1999 AND JUNE 28, 1998
UNAUDITED
<TABLE>
<CAPTION>
June 27, June 28,
1999 1998
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income...................................................................... $892,737 $ 133,948
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization............................................... 1,074,668 684,384
Gain on sale of fixed assets................................................ (219,829) (1,128,458)
Increase/(decrease) in cash as a result of changes in operating assets and
liabilities:
Receivables (808,409) 205,742
Inventories (136,413) 33,839
Prepaid expenses and other current assets................................... (46,596) (25,092)
Deposits and other assets................................................... 246,021 (42,739)
Accounts payable (99,183) (106,938)
Accrued expenses (563,259) (793,022)
Deferred rent............................................................... 15,028 26,473
Other liabilities........................................................... (159,658) -
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Net cash provided by/(used in) operating activities................................ 195,107 (1,011,863)
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CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures............................................................ (568,352) (292,490)
Proceeds from the sale of fixed assets ......................................... 452,935 -
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Net cash provided by/(used in) investing activities.................. (115,417) (292,490)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock, net of issuance costs................................. 335,064 1,590,187
Proceeds from long term borrowings.............................................. 77,826 -
Receipts on notes receivable.................................................... 295,195 -
Additions to notes receivable................................................... (294,156) -
Payment of liabilities in connection with acquired assets (1,842,197) -
Repayments of capital leases.................................................... (318,542) (120,815)
Repayment of notes payable...................................................... (448,776) (26,250)
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Net cash provided by/(used in) financing activities.................. (2,195,586) 1,443,122
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Net increase(decrease) in cash....................................... (2,117,416) 138,769
CASH, Beginning of Period........................................................... 5,269,627 1,149,013
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CASH, End of Period................................................................. 3,152,211 1,287,782
========= =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest..................................................................... 718,121 53,334
Non-cash investing and financing activities:
Equipment purchased under capital leases..................................... 359,657 15,332
Issuance of Common Stock as repayment of promissory note..................... - 1,100,000
Notes received from sale of fixed assets..................................... - 2,373,750
</TABLE>
<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.
NEW WORLD COFFEE - MANHATTAN BAGEL, INC.
Date: August 19, 1999 By: /s/R. Ramin Kamfar
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R. Ramin Kamfar
Chairman and Chief Executive Officer
Date: August 19, 1999 By: /s/Jerold E. Novack
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Jerold E. Novack
Chief Financial Officer
