UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
ý |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarter ended March 30, 2003
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 0-21423
|
CHICAGO PIZZA & BREWERY, INC. |
||
|
(Exact name of registrant as specified in its charter) |
||
|
|
|
|
|
California |
|
33-0485615 |
|
(State or other
jurisdiction of |
|
(I.R.S. Employer |
|
|
|
|
|
16162 Beach Boulevard |
||
|
(Address and zip code of principal executive offices) |
||
|
|
|
|
|
(714) 848-3747 |
||
|
(Registrants telephone number, including area code) |
||
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 ý NO o.
Indicate by check mark if the filer is an accelerated filer (as defined in Rule 12B-2 of the Act). YES o NO ý
As of April 14, 2003, there were 19,329,715 shares of Common Stock of the Registrant outstanding.
CHICAGO PIZZA & BREWERY, INC.
Item 1. CONSOLIDATED FINANCIAL STATEMENTS
CHICAGO
PIZZA & BREWERY, INC.
CONSOLIDATED BALANCE SHEETS
|
|
|
March 30, |
|
December 29, |
|
||
|
|
|
(Unaudited) |
|
|
|
||
|
Assets |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
19,894,000 |
|
$ |
29,053,000 |
|
|
Investments |
|
9,519,000 |
|
3,681,000 |
|
||
|
Accounts and other receivables |
|
724,000 |
|
691,000 |
|
||
|
Inventories |
|
800,000 |
|
780,000 |
|
||
|
Prepaid expenses and other current assets |
|
1,097,000 |
|
1,322,000 |
|
||
|
Deferred taxes |
|
391,000 |
|
384,000 |
|
||
|
Total current assets |
|
32,425,000 |
|
35,911,000 |
|
||
|
|
|
|
|
|
|
||
|
Property and equipment, net |
|
38,572,000 |
|
36,177,000 |
|
||
|
Deferred income taxes |
|
110,000 |
|
170,000 |
|
||
|
Goodwill |
|
4,762,000 |
|
4,762,000 |
|
||
|
Other assets, net |
|
753,000 |
|
829,000 |
|
||
|
|
|
|
|
|
|
||
|
Total assets |
|
$ |
76,622,000 |
|
$ |
77,849,000 |
|
|
|
|
|
|
|
|
||
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
2,900,000 |
|
$ |
4,868,000 |
|
|
Accrued expenses |
|
4,781,000 |
|
4,709,000 |
|
||
|
Current portion of notes payable to related parties |
|
399,000 |
|
399,000 |
|
||
|
Current portion of long-term debt |
|
8,000 |
|
9,000 |
|
||
|
Total current liabilities |
|
8,088,000 |
|
9,985,000 |
|
||
|
|
|
|
|
|
|
||
|
Notes payable to related parties |
|
44,000 |
|
151,000 |
|
||
|
Long-term debt |
|
— |
|
2,000 |
|
||
|
Reserve for store closures |
|
200,000 |
|
185,000 |
|
||
|
Other liabilities |
|
764,000 |
|
910,000 |
|
||
|
|
|
|
|
|
|
||
|
Total liabilities |
|
9,096,000 |
|
11,233,000 |
|
||
|
Commitments and contingencies |
|
|
|
|
|
||
|
Shareholders’ equity: |
|
|
|
|
|
||
|
Preferred stock, 5,000,000 shares authorized, none issued or outstanding |
|
— |
|
— |
|
||
|
Common stock, no par value, 60,000,000 shares authorized and 19,330,000 and 19,305,000 shares issued and outstanding as of March 30, 2003 and December 29, 2002 |
|
62,128,000 |
|
62,085,000 |
|
||
|
Capital surplus |
|
1,734,000 |
|
1,695,000 |
|
||
|
Retained earnings |
|
3,664,000 |
|
2,836,000 |
|
||
|
|
|
|
|
|
|
||
|
Total shareholders’ equity |
|
67,526,000 |
|
66,616,000 |
|
||
|
|
|
|
|
|
|
||
|
Total liabilities and shareholders’ equity |
|
$ |
76,622,000 |
|
$ |
77,849,000 |
|
See accompanying notes to unaudited consolidated financial statements.
1
CHICAGO
PIZZA & BREWERY, INC.
UNAUDITED CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
For The Quarter Ended |
|
||||
|
|
|
March 30, |
|
March 31, |
|
||
|
Revenues |
|
$ |
23,795,000 |
|
$ |
17,369,000 |
|
|
Costs and expenses: |
|
|
|
|
|
||
|
Cost of sales |
|
6,290,000 |
|
4,468,000 |
|
||
|
Labor and benefits |
|
8,644,000 |
|
6,341,000 |
|
||
|
Occupancy |
|
1,759,000 |
|
1,383,000 |
|
||
|
Operating expenses |
|
2,660,000 |
|
1,851,000 |
|
||
|
General and administrative |
|
2,104,000 |
|
1,609,000 |
|
||
|
Depreciation and amortization |
|
913,000 |
|
582,000 |
|
||
|
Restaurant opening expenses |
|
412,000 |
|
12,000 |
|
||
|
Total costs and expenses |
|
22,782,000 |
|
16,246,000 |
|
||
|
Income from operations |
|
1,013,000 |
|
1,123,000 |
|
||
|
|
|
|
|
|
|
||
|
Other income (expense): |
|
|
|
|
|
||
|
Interest income |
|
105,000 |
|
31,000 |
|
||
|
Interest expense |
|
(8,000 |
) |
(79,000 |
) |
||
|
Other income, net |
|
162,000 |
|
59,000 |
|
||
|
Total other income |
|
259,000 |
|
11,000 |
|
||
|
Income before income taxes |
|
1,272,000 |
|
1,134,000 |
|
||
|
|
|
|
|
|
|
||
|
Income tax expense |
|
444,000 |
|
398,000 |
|
||
|
|
|||||||