UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q/A

Amendment No. 1

 

[X] Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended

September 30, 2003

 

[ ] 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:

1-11754

 

Piccadilly Cafeterias, Inc.

(Exact name of registrant as specified in its charter)

 

Louisiana

 

72-0604977

(state or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

3232 Sherwood Forest Blvd., Baton Rouge, Louisiana                                             70816

                (Address of principal executive offices)                                                      (Zip Code)

 

Registrant's telephone number, including area code

(225) 293-9440

 

 

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

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 [ ]

 

Indicate by checkmark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

 

Yes [ ] No [X ]

 

 

The number of shares outstanding of Common Stock, without par value, as of November 10, 2003, was 10,910,221.

 

 

 

 

Explanatory Note

Piccadilly Cafeterias, Inc. is filing this Amendment No. 1 to Form 10-Q solely to correct a typographical error contained in Part I, Item 1 of the Company's quarterly report on Form 10-Q filed for the quarterly period ended September 30, 2003, as originally filed with the Securities and Exchange Commission on November 14, 2003.  Specifically, the amount recorded in the line item "Change in operating assets and liabilities" in the Company's Statements of Cash Flows for the quarter ended September 30, 2003, was intended to read "$1,096", but was mistyped "$1,896".  The correct amount of $1,096 was used in calculating the amount of the Company's "Net Cash Provided by Operating Activities".  The Company has not been requested to, and we are not restating our financial results.

 

 

PART I -- Financial Information

Item 1.     Financial Statements (Unaudited)

CONDENSED BALANCE SHEETS (Unaudited)

 

(Amounts in thousands except share data)

Balances at

 September 30

 July 1

 

 2003

 2003

ASSETS

 

 

Current Assets

 

 

Cash

$           3,313 

$         3,157 

Accounts and other receivables

449 

834 

Inventories

9,155 

9,419 

Other current assets

1,207 

1,806 

Total Current Assets

14,124 

15,216 

Property, Plant and Equipment

206,329 

212,771 

Less allowances for depreciation

131,152 

129,199 

Net Property, Plant and Equipment

75,177 

83,572 

Goodwill

3,159 

3,159 

Other Assets

8,317 

8,926 

Total Assets

$       100,777 

$     110,873 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

 

 

Current Liabilities

 

 

Current portion of long-term debt, net of $2,338,000 and $295,000 unamortized discount at
    September 30, 2003 and July 1, 2003, respectively

$         36,879 

$         4,377 

Accounts payable

5,113 

6,099 

Accrued interest

2,147 

890 

Accrued salaries, benefits and related taxes

9,182 

9,879 

Accrued rent

4,602 

3,525 

Other accrued expenses

4,741 

4,686 

Total Current Liabilities

62,664 

29,456 

 

 

  

Notes Payable, net of $2,184,000 unamortized discount at July 1, 2003

--- 

34,313 

Reserve for Cafeteria Closings

5,776 

5,843 

Other Noncurrent Liabilities, less current portion

7,441 

7,671 

Minimum Pension Liability

41,657 

41,657 

 

 

 

Shareholders' Equity (Deficit)

 

 

Preferred Stock, no par value; authorized 50,000,000 shares; issued and outstanding: none

--- 

--- 

Common Stock, no par value, stated value $1.82 per share; authorized 100,000,000 shares;
    issued and outstanding: 10,910,221 shares at September 30, 2003 and July 1, 2003

19,836 

19,836 

Additional paid-in capital

18,486 

18,486 

Retained earnings (deficit)

(13,629)

(4,935)

 

24,693 

33,387 

Less accumulated other comprehensive loss

41,454 

41,454 

Total Shareholders' Equity (Deficit)

(16,761)

(8,067)

Total Liabilities and Shareholders' Equity (Deficit)

$       100,777 

$     110,873 

See Notes to Condensed Financial Statements (Unaudited)

 

 

 

 

STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in thousands - except per share data)

 

 

Quarter Ended

 

 

 

 September 30,  2003

 October 1,  2002

Net sales

 

 

$           74,886 

$    80,466 

Cost and expenses:

 

 

 

 

Cost of sales

 

 

42,534 

46,597 

Other operating expense

 

 

28,562 

30,219 

General and administrative expense

 

 

3,212 

2,899 

Interest expense

 

 

1,697 

1,897 

Other expense (income)

 

 

(108)

(545)

Provision for cafeteria impairments

 

 

5,792 

--- 

 

 

 

81,689 

81,067 

Loss from continuing operations before income taxes

 

 

(6,803)

(601)

Provision for income taxes

 

 

--- 

---  

Loss from continuing operations

 

 

(6,803)

(601)

Discontinued operations:

 

 

    

Loss from operations

   

(284)

(1,284)

Loss on disposal

   

(1,607)

(15)

Net loss from discontinued operations

   

(1,891)

(1,299)

Net loss

 

 

$          (8,694)

$    (1,900)

Weighted average number of shares outstanding - basic and
    assuming dilution

 

 

10,910 

10,875 

Loss per share from continuing operations - basic and
    assuming dilution

 

 

$              (.62)

$        (.06)

Loss per share from discontinued operations - basic and
    assuming dilution

 

 

$              (.18)

$        (.12)

Net loss per share - basic and assuming dilution

 

 

$              (.80)

$        (.17)

See Notes to Condensed Financial Statements (Unaudited)

 

 

 

STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in thousands)

Quarter Ended

   September 30,    2003

October 1,   2002

Operating Activities

 

 

Net loss

$         (8,694)

$      (1,900)

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Depreciation of property, plant, and equipment and amortization of deferred
    financing costs and note discount

2,952 

3,866 

Expenditures associated with closed cafeterias

(817)

(1,180)

Provision for cafeteria impairments

5,792 

--- 

Non-cash changes relating to discontinued operations

1,045 

--- 

Gain on disposition of assets

(18)

(442)

Pension expense, net of contributions

1,019 

527 

Change in operating assets and liabilities

1,096 

(196)

Net Cash Provided by Operating Activities

2,375 

675 

 

 

 

Investing Activities

 

 

Purchases of property, plant and equipment

(495)

(1,544)

Proceeds from sales of property, plant and equipment

228 

2,164 

Cash Provided (Used) by Investing Activities

(267)

620 

 

 

 

Financing Activities

 

 

Payments on long-term debt

(1,952)

--- 

Net Cash Used in Financing Activities

(1,952)

--- 

 

 

 

Net change in cash and cash equivalents

156 

1,295 

Cash and cash equivalents at beginning of period

3,157 

5,661 

Cash and cash equivalents at end of period

$           3,313 

   $       6,956 

Supplemental Cash Flow Disclosures:

 

 

Income taxes paid (net of refunds received)

$                  2 

$          (36)

Interest paid

$              207 

$          255 

See Notes to Condensed Financial Statements (Unaudited)

 

 

PART II -- Other Information

Item 6.    Exhibits and Reports on Form 8-K
(a)
 		 Exhibits
 31.1 Certification by John G. McGregor pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
 31.2 Certification by W. Scott Bozzell pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
 32 Certification by John G. McGregor and W. Scott Bozzell pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
 (b) Reports on Form 8-K - None.
 

 

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

PICCADILLY CAFETERIAS, INC.      

(Registrant)

 

 

By:   /s/ John G. McGregor                   

        John G. McGregor

        Chief Executive Officer
/s/ John G. McGregor   1/6/04
John G. McGregor, Chief Executive Officer   Date
     
     
/s/ W. Scott Bozzell   1/6/04
W. Scott Bozzell, Executive Vice President, Controller & Secretary   Date
(Principal Accounting Officer)