<PAGE> 1
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
/X/ Quarterly Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
or
/ / Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended July 9, 1995 Commission file number 0-7961
TPI ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
New Jersey 22-1899681
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3950 RCA Boulevard
Suite 5001
Palm Beach Gardens, Florida
(Address of principal executive 33410
office) (Zip Code)
Registrant's telephone number, including area code: (407) 691-8800
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Shares, Par Value $.01 per Share
-----------------------------------------
(Title of Class)
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 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
------ ------
The number of shares outstanding of the registrant's common stock is
20,463,117 (as of August 6, 1995).
================================================================================
<PAGE> 2
PART I - FINANCIAL INFORMATION
Companies for which information is furnished:
TPI Enterprises, Inc.
Telecom Plus Shared Tenants Services, Inc.
Maxcell Telecom Plus, Inc.
Maxcell Telecom Plus of Rhode Island, Inc. (2)
TPI Restaurants, Inc.
Danver's International, Inc.
The Insurex Agency, Inc. (1)
Insurex Benefit Administrators, Inc. (1)
TPI Entertainment, Inc.
TPI West Palm, Inc.
TPI Commissary, Inc. (1)
TPI Transportation, Inc. (1)
TPI Insurance Corporation
(1) Wholly-owned subsidiaries of TPI Restaurants, Inc.
(2) Wholly-owned subsidiary of Maxcell Telecom Plus, Inc.
2
<PAGE> 3
ITEM 1. FINANCIAL STATEMENTS
TPI ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
July 9, December 25,
1995 1995
------- ------------
ASSETS (Dollars in thousands)
<S> <C> <C>
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . $ 10,674 $ 17,228
Accounts receivable-trade (net of allowance for
doubtful accounts of $59 in 1995) . . . . . . . . . . . 1,198 806
Inventories . . . . . . . . . . . . . . . . . . . . . . 11,177 11,969
Deferred tax benefit . . . . . . . . . . . . . . . . . 5,566 5,666
Other current assets . . . . . . . . . . . . . . . . . 3,357 3,256
-------- ---------
Total current assets . . . . . . . . . . . . . . . . 31,972 38,925
-------- ---------
Property and equipment (at cost) . . . . . . . . . . . . 240,807 240,394
Less accumulated depreciation and amortization . . . . 76,497 70,401
Less allowance for unit closings . . . . . . . . . . . 11,328 12,430
-------- ---------
Net property and equipment . . . . . . . . . . . . . . 152,982 157,563
-------- ---------
Other assets:
Goodwill (net of accumulated amortization of $8,840 in
1995 and $8,152 in 1994) . . . . . . . . . . . . . . . 36,986 37,675
Other intangible assets (net of accumulated
amortization of $5,472 in 1995 and $5,157 in 1994) . . 19,148 19,726
Other . . . . . . . . . . . . . . . . . . . . . . . . . 582 607
-------- ---------
Total other assets . . . . . . . . . . . . . . . . . 56,716 58,008
-------- ---------
$241,670 $ 254,496
======== =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt . . . . . . . . . . . $ 17,316 $ 3,725
Accounts payable-trade . . . . . . . . . . . . . . . . 15,698 15,565
Accrued expenses and other current liabilities . . . . 37,466 36,889
Income taxes currently payable . . . . . . . . . . . . 584 718
-------- --------
Total current liabilities . . . . . . . . . . . . . . 71,064 56,897
-------- --------
Long-term debt . . . . . . . . . . . . . . . . . . . . . 83,675 107,721
-------- --------
Reserve for restructuring, net of current portion . . . . 13,989 14,735
-------- --------
Deferred income taxes . . . . . . . . . . . . . . . . . . 5,563 5,663
-------- --------
Other liabilities . . . . . . . . . . . . . . . . . . . . 1,800 1,910
-------- --------
Commitments and contingencies
Shareholders' equity:
Preferred shares - no par value - authorized -
20,000,000 shares;
none issued and outstanding . . . . . . . . . . . . . --- ---
Common shares - $.01 par value - authorized -
100,000,000 shares;
issued - 33,288,719 shares in 1995 and 33,241,118 in
1994. . . . . . . . . . . . . . . . . . . . . . . . . 333 332
Additional paid-in capital . . . . . . . . . . . . . . 226,336 226,144
Deficit . . . . . . . . . . . . . . . . . . . . . . . . (91,226) (88,961)
-------- --------
135,443 137,515
Less treasury stock, at cost, 12,831,048 common shares
in 1995 and
12,846,094 common shares in 1994 . . . . . . . . . . . 69,864 69,945
-------- --------
Total shareholders' equity . . . . . . . . . . . . . . 65,579 67,570
-------- --------
$241,670 $254,496
======== ========
</TABLE>
See notes to consolidated financial statements.
3
<PAGE> 4
TPI ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Twelve weeks ended Twenty-eight weeks
------------------ ------------------
ended
-----
July 9, July 10, July 9, July 10,
------- -------- ------- --------
1995 1994 1995 1994
---- ---- ---- ----
(Dollars in thousands)
<S> <C> <C> <C> <C>
Restaurant revenues . . . . . . . . . . . . . . . $ 67,241 $ 69,529 $150,985 $157,952
-------- -------- -------- --------
Costs and expenses:
Food, supplies and uniforms . . . . . . . . . . 24,318 24,165 54,723 55,532
Restaurant labor and benefits . . . . . . . . . 20,799 20,988 46,333 47,321
Restaurant depreciation and
amortization . . . . . . . . . . . . . . . . . 2,597 3,294 6,919 7,685
Other restaurant operating
expenses . . . . . . . . . . . . . . . . . . . 12,487 12,608 27,608 28,225
General and administrative
expenses . . . . . . . . . . . . . . . . . . . 5,227 5,600 11,677 12,518
Restructuring . . . . . . . . . . . . . . . . . ---- 32 ---- 72
Other . . . . . . . . . . . . . . . . . . . . . 259 274 573 200
-------- -------- -------- --------
65,687 66,961 147,833 151,553
-------- -------- -------- --------
Operating income . . . . . . . . . . . . . . . . 1,554 2,568 3,152 6,399
-------- -------- -------- --------
Other income and expenses:
Interest income . . . . . . . . . . . . . . . . (44) (76) (174) (153)
Interest expense . . . . . . . . . . . . . . . 2,357 2,308 5,590 5,369
-------- -------- -------- --------
2,313 2,232 5,416 5,216
-------- -------- -------- --------
Income (loss) for continuing
operations before provision for
income taxes . . . . . . . . . . . . . . . . . . (759) 336 (2,264) 1,183
Provision for income taxes . . . . . . . . . . . ---- ---- ---- ----
-------- -------- -------- --------
Net income (loss) . . . . . . . . . . . . . . . . $ (759) $ 336 $ (2,264) $ 1,183
======== ======== ======== ========
Net income (loss) per common
share . . . . . . . . . . . . . . . . . . . . . . ($.04) $.02 ($.11) $.06
======== ======== ========= ========
Primary and fully diluted:
Weighted average number of
common and common equivalent
shares used in per share
calculation . . . . . . . . . . . . . . . . . . 20,437 20,465 20,422 20,445
======== ======== ======== ========
</TABLE>
See notes to consolidated financial statements.
4
<PAGE> 5
TPI ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Twenty-eight weeks ended
-------------------------------
July 9, 1995 July 10, 1994
------------ -------------
(Dollars in thousands)
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ($2,264) $ 1,183
------- -------
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . 9,660 10,495
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . --- (100)
Gain on disposal of assets . . . . . . . . . . . . . . . . . . . . . . . . . --- (433)
Changes in assets and liabilities:
Accounts receivable-trade . . . . . . . . . . . . . . . . . . . . . . . . . (392) 22
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 792 (2,295)
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . (132) 2,493
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (440) (508)
Accounts payable-trade . . . . . . . . . . . . . . . . . . . . . . . . . . 133 (2,502)
Accrued expenses and other current liabilities . . . . . . . . . . . . . . 2,224 2,825
Income taxes currently payable . . . . . . . . . . . . . . . . . . . . . . (134) (168)
Reserve for restructuring . . . . . . . . . . . . . . . . . . . . . . . . . (2,431) (2,343)
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (110) (108)
------- -------
Total adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,170 7,378
------- -------
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . 6,906 8,561
------- -------
Cash flows from investing activities:
Acquisition of property and equipment . . . . . . . . . . . . . . . . . . . . . (4,943) (13,242)
Disposition of property and equipment . . . . . . . . . . . . . . . . . . . . . 662 4,289
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (30) 210
------- -------
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . (4,311) (8,743)
------- -------
Cash flows from financing activities:
Net borrowings (payments) on Credit Facilities . . . . . . . . . . . . . . . . (8,400) 3,000
Other long-term debt payments . . . . . . . . . . . . . . . . . . . . . . . . . (941) (977)
Common shares issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 359
------- -------
Net cash provided by (used in) financing
activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,149) 2,382
------- -------
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . (6,554) 2,200
Cash and cash equivalents, beginning of year . . . . . . . . . . . . . . . . . . 17,228 16,664
------- -------
Cash and cash equivalents, end of quarter . . . . . . . . . . . . . . . . . . . . $10,674 $18,864
======= =======
Non-cash transactions:
Capitalized lease obligations
entered into . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 78 --
Cash payments (refunds) during the year for:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,818 $ 4,614
Interest capitalized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 (77)
Income taxes paid (refunded) . . . . . . . . . . . . . . . . . . . . . . . . . 134 (2,232)
</TABLE>
See notes to consolidated financial statements.
5
<PAGE> 6
TPI ENTERPRISES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - CONSOLIDATED FINANCIAL STATEMENTS
The consolidated balance sheet as of July 9, 1995 and the consolidated
statements of operations and cash flows for the periods ended July 9, 1995 and
July 10, 1994 have been prepared by the Company without audit. Certain amounts
appearing for the period ended July 10, 1994 have been reclassified to conform
to the presentation for the period ended July 9, 1995. In the opinion of
management, all adjustments (which include only normal recurring adjustments)
necessary to present fairly the consolidated financial position at July 9, 1995
and the consolidated results of operations and consolidated cash flows for the
periods ended July 9, 1995 and July 10, 1994 have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. These financial statements should
be read in conjunction with the 1994 audited financial statements of the
Company included in its Annual Report on Form 10-K for the year ended December
25, 1994. The results of operations for the twelve and twenty-eight week
periods ended July 9, 1995 and July 10, 1994 are not necessarily indicative of
the operating results for the full year.
NOTE 2 - NET INCOME (LOSS) PER COMMON SHARE
Primary earnings per share amounts are computed by dividing net income by
the weighted average number of common and common equivalent shares (dilutive
options and warrants) outstanding during the period. Reported primary share
amounts include common equivalents relating to dilutive stock options of
152,126 at July 10, 1994. There were no dilutive stock options in the 1995
period.
Fully diluted earnings per share amounts are similarly computed, but also
include the effect, when dilutive, of the Company's 8 1/4% Convertible
Subordinated Debentures and 5% Convertible Senior Subordinated Debentures,
after the elimination of the related interest requirements, net of income
taxes. The Company's options, warrants and convertible debentures are excluded
from the July 9, 1995 and July 10, 1994 computation due to their antidilutive
effect during these periods.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
GENERAL
Continuing operations primarily include the results of TPI Restaurants,
Inc. ("Restaurants"), whose revenues are derived from restaurant sales. The
first quarterly reporting period consists of 16 weeks, the second and third
quarters are 12 weeks each, and the fourth quarter consists of 13 weeks in
1995. The restaurant business is seasonal in nature with the second and third
fiscal quarters (Spring and Summer) having higher weekly sales volumes than the
first and fourth quarters.
6
<PAGE> 7
RESULTS OF OPERATIONS
Revenues
Restaurant revenues were $67.2 million and $151.0 million for the twelve
and twenty-eight week periods ended July 9, 1995, respectively. This
represents a 3.3% and 4.4% decrease versus the same periods for 1994. This
decrease was driven primarily by the decrease in the Company's Shoney's concept
sales which were down 4.2% and 5.5% versus last year, while the Captain D's
concept sales showed a modest increase of 1.5% and 1.2% for the quarter and the
year-to-date, respectively.
Comparable store sales also suffered a decline of 3.4% to $66.3 million
and 4.2% to $146.3 million for the quarter and the twenty-eight weeks. This
decline was led by decreased comparable store sales at the Shoney's concept of
4.3% and 5.2% for the quarter and year-to-date which was somewhat offset by the
1.2% and .7% increases in quarter and year-to-date comparable store sales at
Captain D's.
New restaurant operations are included in the comparable store sales
computation after they have been operational for sixteen periods. New
restaurant sales were $.6 million and $1.2 million for the quarter and the
year-to-date. The Company's operating results include 188 Shoney's and 69
Captain D's units operating at the end of the first twenty-eight weeks of 1995
compared to 182 Shoney's and 66 Captain D's operating at the end of the same
period in 1994.
The Company believes that it will continue to experience softness in its
Shoney's concept for the remainder of 1995. However, the Company is currently
working with the Franchisor to address the weakness in same store sales.
Costs and Expenses
Cost of sales include food, supplies and uniforms, restaurant labor and
benefits, restaurant depreciation and amortization, and other restaurant
operating expense. A summary of costs and expenses as a percentage of revenues
for 1995 and 1994 is shown below:
7
<PAGE> 8
<TABLE>
<CAPTION>
=================================================================================
Twelve weeks ended Twenty-eight weeks ended
---------------------------------------------------------------------------------
July 9, July 10, July 9, July 10,
1995 1994 1995 1994
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Food, supplies and
uniforms . . . . . . . . . . 36.2% 34.8% 36.2% 35.2%
Restaurant labor and
benefits . . . . . . . . . . 30.9 30.2 30.7 30.0
Restaurant depreciation
and amortization . . . . . . 3.9 4.7 4.6 4.9
Other restaurant operating
expenses . . . . . . . . . . 18.6 18.1 18.3 17.9
General and administrative . 7.8 8.1 7.7 7.9
---------------------------------------------------------------------------------
97.4% 95.9% 97.5% 95.9%
---------------------------------------------------------------------------------
=================================================================================
</TABLE>
The Company's food costs as a percentage of revenues increased 1.4% in the
quarter and 1.0% in the year-to-date period due to price increases in several
high volume commodities (primarily shrimp and produce). Additionally, the
margin has been negatively impacted due to the fixed nature of distribution
costs at the Company's commissaries in a declining sales environment. Food
costs have also been negatively impacted by the restaurants' inability to vary
their sales mix to higher margin items when price increases occur.
Restaurant labor and benefits increased both for the quarter and
year-to-date as a result of lower sales volumes pushing up the average labor
costs for restaurant staff and the inability to reduce labor hours in direct
proportion to declining sales. This was somewhat offset by a reduction in
workers' compensation expense. The restaurant depreciation and amortization
margin decrease is due to the complete amortization of the Company's asset
revaluation incurred in connection with its acquisition of Shoney's South in
1988. Other restaurant operating expenses which includes repairs and
maintenance, utilities, franchise fees, and property taxes are relatively
fixed, and accordingly, a decrease in same store sales results in an
unfavorable margin impact.
General and administrative expenses improved moderately due to the
Company's cost cutting efforts and the physical consolidation of its corporate
headquarters. The Company will continue to experience some costs related to
the consolidation over the next several quarters.
Other Income and Expense
Interest income decreased $.03 million in the quarter and increased $.02
million year-to-date primarily due to a greater average balance of cash being
available for investment in the year-to-date. For the quarter, excess cash
balances were used to pay down revolving credit facility borrowings thereby
lowering our available investment balance. Interest expense increased $.05
million as a result of slightly higher interest rates and amortization of
deferred debt cost being somewhat offset by lower borrowing levels.
Restructuring Charges
The Company adopted a restructuring plan at the end of the fourth quarter
of 1993 which included closing or relocating 31 of its restaurants by the end
of 1994, not exercising options to renew leases with respect to an additional
19 of its restaurants upon expiration of the current lease terms, and the
restructuring of divisional management as well as consolidating the Company's
two corporate offices. With respect to the restaurants to be closed or
relocated, the Company
8
<PAGE> 9
has closed 22 restaurants with plans to close an additional four restaurants.
Management is still evaluating the timing for the closing of these remaining
restaurants. During the fourth quarter of 1994, management determined that
improved operations at five of the restaurants, previously included in the
restructure plan, indicated that the locations should not be closed.
During the second quarter of 1995, the restructure was charged $206,000
for expenditures and asset write-offs related to the other 26 units and for the
units closed prior to 1993 and $527,000 year-to-date. With respect to the 19
restaurants projected to be closed no later than the expiration of their
current lease terms, the Company recorded charges to the reserve of $26,000 for
the write-down of assets for the quarter and $89,000 for the year-to-date.
With respect to the Company's restructuring of its divisional management and
consolidation of its corporate offices, the Company paid out approximately
$1.3 million and $1.6 million related to the restructure of which $.5 million
and $.6 million was for severance, for the quarter and year-to-date,
respectively. The Company expects to pay the majority of the remaining
relocation obligations during 1995 as the consolidation of the corporate
offices is completed.
Liquidity and Capital Resources
The Company has a working capital deficiency of $24.6 million at July 9,
1995 compared to a working capital deficiency at December 25, 1994 of $18.0
million. The $6.7 million or 37%, increase in the working capital deficit is
primarily due to the cash paydown of a portion of the Company's revolving
credit facility.
Approximately 88% of the Company's restaurant sales are for cash and the
remainder are for credit card receivables which are generally collected within
three days. Because the Company's payables, including amounts for inventory
and other operating expenses, are paid over a long period of time, it is not
unusual for the Company, like many others in the restaurant industry, to
operate with a working capital deficit. Furthermore, the Company uses
available cash for repayment of advances under its revolving credit facility or
capital spending.
Operating Activities
Net cash provided by continuing operations decreased 19.3% from $8.6
million to $6.9 million due primarily to the decrease in overall sales in the
twenty-eight week period of 1995 compared to 1994.
9
<PAGE> 10
Investing Activities
Net cash used in investing activities decreased 49.8% from $8.7 million to
$4.4 million due to the lower level of capital expenditures made in the 1995
period.
Financing Activities
Net cash provided by financing activities decreased $11.5 million due to
the $8.4 million paydown of the Company's revolving credit facility and lower
borrowing requirements. As of July 9, 1995, the Company had borrowings of
$14.0 million and standby letters of credit of $11.0 million outstanding on its
$40.0 million credit facility.
Reserved Area and License Agreements
The Company has various reserved areas with minimum development
requirements with respect to Shoney's restaurants. Aggregate commitments
beyond 1994 require 36 restaurants to be constructed in the Company's reserved
areas in Phoenix, West Palm Beach, Michigan, Houston, and certain other
counties in Texas prior to October 6, 2004 in accordance with a specified
schedule. The Company delayed any further building of Shoney's restaurants
during 1995 as Shoney's Inc. continues its evaluation of the Shoney's concept
and how best to target its customer demographic.
The Company has the right to develop Captain D's restaurants in 124
counties in seven Southeastern states (Alabama, Arkansas, Georgia, Mississippi,
North Carolina, South Carolina and Tennessee). To avoid termination of the
reserved area agreement, the Company is required to open 30 additional Captain
D's by July 11, 2011 in accordance with a specified schedule. The Company does
not intend to build any Captain D's restaurants during 1995.
The Company believes that there are several alternatives available when
the current Credit Facility matures, including a new Credit Facility, mortgage
financing, sale/leaseback financing, and/or securitization. These
alternatives, in addition to cash on hand and cash flow from operations will
provide sufficient funds to meet its debt service requirements, as well as its
capital expenditure and working capital requirements in the foreseeable future.
There can be no assurance that any of such alternatives will be available when
the current credit facility matures in June, 1996.
10
<PAGE> 11
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
Maxcell Telecom Plus, Inc., et al., v. McCaw Cellular Communications, Inc.,
et al.
On November 1, 1993, the Company and its wholly-owned subsidiary, Maxcell
Telecom Plus, Inc. ("Maxcell"), filed a complaint in the Circuit Court of the
Fifteenth Judicial Circuit in and for Palm Beach County, Florida. The
complaint against McCaw Cellular Communications, Inc. ("McCaw"), Charisma
Communications Corp. ("Charisma") and various related parties relates to the
defendants' failure to disclose the existence of a side agreement between McCaw
and Charisma to share in the net profits from the resale of certain cellular
properties which were sold by the Company to McCaw. The Company seeks recision
of the sales contract and damages based upon the defendants' alleged fraudulent
misrepresentation, breach of fiduciary duty, conspiracies and tortious
interference with contracts. The Company's attorneys are unable at this time
to state the likelihood of a favorable outcome. The lawsuit is scheduled for
trial some time during the six week period of January 8, 1996 and February 16,
1996.
Reading Company and James J. Cotter v. TPI Enterprises, Inc.
On March 7, 1995, a civil action captioned Reading Company and James J.
Cotter v. TPI Enterprises, Inc. 95 Civ. 1579 was filed in the United States
District Court for the Southern District of New York. The plaintiffs allege
inter alia breach of contract and seek damages of $1,250,000 plus interest,
punitive damages and attorney's fees in connection with the sale to a
subsidiary of American Multi-Cinema, Inc. of TPI Entertainment, Inc.'s
interest in Exhibition Enterprises Partnership in April 1991. The Company's
attorneys are unable at this time to state the likelihood of an unfavorable
outcome.
Other Proceedings
The Company and its subsidiaries are defendants in various lawsuits
arising in the ordinary course of business. It is the opinion of the
management of the Company that the outcome of such litigation will not have a
significant adverse effect on the consolidated financial statements.
Item 6 - Exhibits and Reports on Form 8-K:
(a) Exhibits:
27 - Financial Data Schedule (for SEC use only)
(b) Reports on Form 8-K.
None
11
<PAGE> 12
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.
TPI Enterprises, Inc.
(Registrant)
/s/ J. Gary Sharp
Date: August 23, 1995 -----------------------------
J. Gary Sharp
President & Chief Executive
Officer
/s/ Frederick W. Burford
Date: August 23, 1995 -----------------------------
Frederick W. Burford
Executive Vice President &
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED THE THE FINANCIAL
STATEMENTS FOR THE OTHER ENDED JULY 9, 1995, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> DEC-26-1994
<PERIOD-END> JUL-09-1995
<EXCHANGE-RATE> 1,000
<CASH> 10,674
<SECURITIES> 0
<RECEIVABLES> 1,257
<ALLOWANCES> 59
<INVENTORY> 11,177
<CURRENT-ASSETS> 31,972
<PP&E> 229,479
<DEPRECIATION> 76,497
<TOTAL-ASSETS> 241,670
<CURRENT-LIABILITIES> 71,064
<BONDS> 83,675
<COMMON> 333
0
0
<OTHER-SE> 65,246
<TOTAL-LIABILITY-AND-EQUITY> 241,670
<SALES> 150,985
<TOTAL-REVENUES> 150,985
<CGS> 135,583
<TOTAL-COSTS> 147,833
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,590
<INCOME-PRETAX> (2,264)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,264)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,264)
<EPS-PRIMARY> (.11)
<EPS-DILUTED> (.11)
</TABLE>
