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 March 28, 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 May 14, 1999: 20,235,047
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NEW WORLD COFFEE - MANHATTAN BAGEL, INC.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 28, December 27,
1999 1998
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ASSETS (Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents................................... $4,494,785 $5,269,627
Franchise and other receivables, net........................ 1,662,340 964,609
Current maturities of notes receivables..................... 1,917,296 2,103,079
Inventories................................................. 1,480,019 1,355,730
Prepaid expenses and other current assets................... 154,409 206,073
Assets held for resale...................................... 1,633,053 1,633,053
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Total current assets..................................... 11,341,902 11,532,171
Property, plant and equipment, net.............................. 6,738,078 6,889,876
Notes and other receivables, net................................ 1,464,117 1,391,929
Trademarks, net................................................. 15,866,667 9,966,667
Goodwill, net................................................... 1,047,670 7,097,670
Deposits and other assets....................................... 1,021,618 1,215,124
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Total Assets $37,480,052 $38,093,437
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities:
Accounts payable............................................ $1,992,926 $1,750,647
Accrued expenses............................................ 5,920,914 7,279,646
Current portion of long-term debt........................... 2,545,986 1,633,624
Current portion of obligations under capital leases......... 365,054 398,764
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Total current liabilities................................ 10,824,880 11,062,681
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Long-term debt.................................................. 12,593,686 13,530,749
Obligations under capital leases................................ - 115,591
Deferred rent................................................... 269,151 261,638
Other liabilities............................................... 4,171,246 4,179,635
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $.001 par value; 2,000,000
shares authorized; 0 issued and outstanding.............. - -
Series B convertible preferred stock, $.001 par value;
225 Shares Authorized, 43.5 shares outstanding........... - -
Common stock, $.001 par value; 50,000,000 shares
authorized; 20,058,831 and 19,442,644 shares
issued and outstanding................................... 20,059 19,443
Additional paid-in capital.................................. 34,028,643 33,694,196
Accumulated deficit......................................... (24,427,613) (24,770,496)
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Total stockholders' equity............................... 9,621,089 8,943,143
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Total liabilities and stockholders' equity............... $37,480,052 $38,093,437
=========== ===========
</TABLE>
The accompany notes are an integral part of these consolidated balance
sheets.
<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: June 21, 1999 By: /s/R. Ramin Kamfar
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R. Ramin Kamfar
Chairman and Chief Executive Officer
Date: June 21, 1999 By: /s/Jerold E. Novack
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Jerold E. Novack
Chief Financial Officer
