SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT under SECTION 13 OR 15(d) of the SECURITIES EXCHANGE ACT OF 1934 |
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For the quarter ended June 15, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to . |
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Commission file number 0-20792 |
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FRESH CHOICE, INC. |
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(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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485 Cochrane Circle, Morgan Hill, California 95037 |
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(Address of principal executives offices) (Zip Code) |
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Registrant’s telephone number, including area code: (408) 776-0799 |
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Former name, former address and former fiscal year, if changed since last report. |
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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.
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Yes |
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Indicate by check mark whether the registrant is an accelerated filer (as defined in rule 12B-2 of the Exchange Act).
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Yes |
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APPLICABLE ONLY TO CORPORATE ISSUERS:
The number of shares of Common Stock, $.001 par value, outstanding as of July 14, 2003 was 5,990,523.
FRESH CHOICE, INC.
INDEX
2
FRESH CHOICE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
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June 15, |
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December 29, |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
1,195 |
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$ |
2,994 |
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Receivables |
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881 |
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165 |
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Inventories |
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518 |
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467 |
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Prepaid expenses and other current assets |
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419 |
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359 |
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Total current assets |
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3,013 |
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3,985 |
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PROPERTY AND EQUIPMENT, net |
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31,865 |
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31,475 |
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DEPOSITS AND OTHER ASSETS |
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836 |
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869 |
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TOTAL ASSETS |
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$ |
35,714 |
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$ |
36,329 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
2,393 |
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$ |
2,825 |
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Other accrued expenses |
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2,205 |
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2,331 |
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Accrued salaries and wages |
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1,633 |
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1,582 |
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Sales tax payable |
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911 |
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614 |
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Current portion of long-term obligations |
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902 |
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737 |
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Total current liabilities |
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8,044 |
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8,089 |
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CAPITAL LEASE OBLIGATIONS |
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2,514 |
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2,132 |
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LONG-TERM DEBT |
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1,976 |
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2,047 |
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OTHER LONG-TERM LIABILITIES |
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2,275 |
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2,429 |
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Total liabilities |
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14,809 |
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14,697 |
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STOCKHOLDERS’ EQUITY: |
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Convertible preferred stock, $.001 par value; 3.5 million shares authorized; shares outstanding: 2003 and 2002 - 1,187,906; liquidation preference; 2003-$8,468; 2002-$8,161 |
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5,175 |
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5,175 |
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Common stock - $.001 par value; 15 million shares authorized; shares outstanding: 2003 - 5,990,523; 2002 - 5,964,068 |
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42,675 |
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42,630 |
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Accumulated deficit |
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(26,945 |
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(26,173 |
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Total stockholders’ equity |
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20,905 |
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21,632 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
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$ |
35,714 |
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$ |
36,329 |
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The December 29, 2002 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 OPERATIONS
(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 15, 2003 |
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June 16, 2002 |
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June 15, 2003 |
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June 16, 2002 |
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NET SALES |
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$ |
18,879 |
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$ |
17,487 |
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$ |
36,563 |
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$ |
34,516 |
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COSTS AND EXPENSES: |
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Cost of sales |
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4,385 |
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3,879 |
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8,400 |
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7,671 |
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Restaurant operating expenses: |
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Labor |
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