SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT
under SECTION 13 OR 15(d) of the SECURITIES
EXCHANGE ACT OF 1934
For the quarter ended June 16, 2002
OR
o 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 0-20792
FRESH CHOICE, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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77-0130849 |
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(State or other jurisdiction of |
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(I.R.S. Employee |
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incorporation or organization) |
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Identification No.) |
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485 Cochrane Circle, Morgan Hill, California |
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95037 |
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(Address of principal executives offices) |
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(Zip Code) |
Registrant's telephone number, including area code: (408) 776-0799
Former name, former address and former fiscal year, if changed since last report.
Indicate by 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 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.
ý Yes o No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
o Yes o No
APPLICABLE ONLY TO CORPORATE ISSUERS:
The number of shares of Common Stock, $.001 par value, outstanding as of July 17, 2002 was 5,939,146.
FRESH CHOICE, INC.
INDEX
2
FRESH CHOICE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
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June 16, |
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December
30, |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
4,952 |
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$ |
4,368 |
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Receivables |
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196 |
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224 |
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Inventories |
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426 |
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404 |
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Prepaid expenses and other current assets |
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384 |
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1,202 |
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Total current assets |
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5,958 |
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6,198 |
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PROPERTY AND EQUIPMENT, net |
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28,911 |
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27,717 |
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LEASE ACQUISITION COSTS, net |
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257 |
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286 |
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DEPOSITS AND OTHER ASSETS |
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676 |
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639 |
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TOTAL ASSETS |
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$ |
35,802 |
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$ |
34,840 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
1,895 |
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$ |
2,434 |
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Accrued salaries and wages |
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1,678 |
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1,523 |
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Sales tax payable |
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860 |
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582 |
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Other accrued expenses |
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1,792 |
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1,808 |
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Current portion of long-term obligations |
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611 |
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567 |
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Total current liabilities |
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6,836 |
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6,914 |
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CAPITAL LEASE OBLIGATIONS |
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1,153 |
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484 |
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LONG-TERM DEBT |
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2,113 |
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2,173 |
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OTHER LONG-TERM LIABILITIES |
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1,794 |
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2,010 |
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Total liabilities |
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11,896 |
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11,581 |
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STOCKHOLDERS' EQUITY: |
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Convertible preferred stock, $.001 par value; 3.5 million shares authorized; shares outstanding: 2002 and 2001 - 1,187,906; liquidation preference of $6.57 per share |
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5,175 |
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5,175 |
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Common stock -
$.001 par value; 15 million shares authorized; shares outstanding: |
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42,598 |
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42,538 |
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Accumulated deficit |
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(23,867 |
) |
(24,454 |
) |
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Total stockholders' equity |
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23,906 |
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23,259 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
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$ |
35,802 |
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$ |
34,840 |
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The December 30, 2001 amounts are derived from the Company's audited financial statements.
See accompanying notes to condensed consolidated financial statements.
3
FRESH CHOICE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
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Twelve Weeks Ended |
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Twenty-Four Weeks Ended |
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June 16, 2002 |
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June 17, 2001 |
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June 16, 2002 |
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June 17, 2001 |
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NET SALES |
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$ |
17,708 |
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$ |
18,215 |
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$ |
34,955 |
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$ |
35,800 |
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COSTS AND EXPENSES: |
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Cost of sales |
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3,931 |
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4,151 |
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7,775 |
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8,268 |
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Restaurant operating expenses: |
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Labor |
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5,670 |
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5,695 |
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11,433 |
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11,349 |
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Occupancy and other |
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5,437 |
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5,169 |
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10,723 |
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10,385 |
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Depreciation and amortization |
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760 |
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810 |
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1,538 |
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1,588 |
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General and administrative expenses |
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1,349 |
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1,615 |
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2,711 |
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3,068 |
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