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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
 
                            ------------------------
 
                                 FORM 10-QSB/A
 
(MARK ONE)
 
    /X/    QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF
        THE SECURITIES AND EXCHANGE ACT OF 1934
 
               FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1998.
 
    / /    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
        THE SECURITIES AND EXCHANGE ACT OF 1934
 
     FOR THE TRANSITION PERIOD FROM                  TO                  .
 
                        COMMISSION FILE NUMBER: 0-21932
 
                            ------------------------
 
                       CALIFORNIA CULINARY ACADEMY, INC.
              (Exact name of small business issuer in its charter)
 
<TABLE>
<S>                                     <C>
            CALIFORNIA                              94-3042862
  (State or other jurisdiction of         (I.R.S. Employer Identification
  incorporation or organization)                      Number)
 
 625 POLK STREET SAN FRANCISCO, CA                     94102
  (Address of principal executive                   (Zip Code)
             offices)
</TABLE>
 
                   Issuer's Telephone Number: (415) 771-3536
 
                            ------------------------
 
    Indicate by check mark whether the issuer (1) filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act 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 as of
December 31, 1998, was 3,815,431.
 
    Transitional Small Business Disclosure Format.    Yes / /    No /X/.
 
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PART I--FINANCIAL INFORMATION
 
    Item 1 of the Company's Form 10-QSB for the quarter ended December 31, 1998
is amended and restated in its entirety as follows:
 
ITEM 1.  FINANCIAL STATEMENTS
 
                       CALIFORNIA CULINARY ACADEMY, INC.
 
                            CONDENSED BALANCE SHEETS
 
                             (DOLLARS IN THOUSANDS)
 
<TABLE>
<CAPTION>
                                                                            DECEMBER 31   JUNE 30,   DECEMBER 31,
                                                                                1998        1998         1997
                                                                            ------------  ---------  ------------
                                                                            (UNAUDITED)   (NOTE 1)   (UNAUDITED)
<S>                                                                         <C>           <C>        <C>
                                                     ASSETS
 
Current Assets:
  Cash and cash equivalents...............................................   $      770   $   2,533   $    1,293
  Accounts receivable, net of allowance...................................        4,437       3,660        3,397
  Inventories.............................................................          249         227          291
  Prepaid expenses and other assets.......................................          514         379          581
                                                                            ------------  ---------  ------------
    Total Current Assets..................................................        5,970       6,799        5,562
                                                                            ------------  ---------  ------------
Property and equipment, net...............................................        7,938       4,830        7,000
Other assets..............................................................          667         647          646
                                                                            ------------  ---------  ------------
    TOTAL ASSETS..........................................................   $   14,575   $  12,276   $   13,208
                                                                            ------------  ---------  ------------
                                                                            ------------  ---------  ------------
 
                                      LIABILITIES AND SHAREHOLDERS' EQUITY
 
Current Liabilities:
  Accounts payable and accrued liabilities................................   $      923   $   1,383   $    1,056
  Deferred revenue........................................................        4,344       4,737        4,011
  Current portion of long term debt.......................................          166          75           89
  Other current liabilities...............................................          475                      401
                                                                            ------------  ---------  ------------
    Total Current Liabilities.............................................        5,908       6,195        5,557
                                                                            ------------  ---------  ------------
Long Term Debt............................................................        2,244          97        1,324
                                                                            ------------  ---------  ------------
    TOTAL LIABILITIES.....................................................        8,152       6,292        6,881
                                                                            ------------  ---------  ------------
Convertible preferred stock, no par value, 5,000,000 shares authorized,
  1998: 0 and 1997: 254,500 issued and outstanding........................                                    91
Common stock, no par value, 20,000,000 authorized, 1998: 3,814,431 and
  3,795,350; 1997: 3,568,500 issued and outstanding.......................       11,355      11,351       11,165
Note receivable from 1998: shareholder, 1997: shareholders................         (511)       (489)        (530)
Deficit...................................................................       (4,421)     (4,878)      (4,399)
                                                                            ------------  ---------  ------------
    Total Shareholders' Equity............................................        6,423       5,984        6,327
                                                                            ------------  ---------  ------------
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY............................   $   14,575   $  12,276   $   13,208
                                                                            ------------  ---------  ------------
                                                                            ------------  ---------  ------------
</TABLE>
 
                 See notes to consolidated financial statements
 
                                       2
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                       CALIFORNIA CULINARY ACADEMY, INC.
 
                       CONDENSED STATEMENTS OF OPERATIONS
 
                 (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
 
                                  (UNAUDITED)
 
<TABLE>
<CAPTION>
                                                                  THREE MONTHS ENDED       SIX MONTHS ENDED
                                                                     DECEMBER 31             DECEMBER 31
                                                                ----------------------  ----------------------
                                                                   1998        1997        1998        1997
                                                                ----------  ----------  ----------  ----------
<S>                                                             <C>         <C>         <C>         <C>
Revenues:
  Culinary arts education.....................................  $    3,578  $    3,231  $    7,704  $    6,514
  Restaurants & catering and other............................         974         951       1,501       1,603
                                                                ----------  ----------  ----------  ----------
    Total revenues............................................       4,552       4,182       9,205       8,117
 
Cost of sales
  Food & beverage.............................................         721         460       1,108         886
  Other cost of sales.........................................         358         390         755         802
                                                                ----------  ----------  ----------  ----------
                                                                     1,079         850       1,863       1,688
                                                                ----------  ----------  ----------  ----------
Gross Margin..................................................       3,473       3,332       7,342       6,429
 
Operating expenses
  Occupancy...................................................         604         514       1,155         958
  Depreciation & amortization.................................         281         282         550         551
  Compensation & benefits.....................................       1,773       1,684       3,602       3,305
  Outside services............................................         127         181         237         385
  Advertising & promotion.....................................         124         209         273         394
  Legal & other...............................................         466         617       1,008       1,204
                                                                ----------  ----------  ----------  ----------
                                                                     3,375       3,487       6,825       6,797
Interest income (expense).....................................          40         (11)         82           5
                                                                ----------  ----------  ----------  ----------
Income (loss) before provision for income taxes...............         138        (166)        599        (363)
Income tax provision (benefit)................................          30         (34)         60         (70)
                                                                ----------  ----------  ----------  ----------
Net income (loss).............................................  $      108  $     (132) $      539  $     (293)
                                                                ----------  ----------  ----------  ----------
                                                                ----------  ----------  ----------  ----------
Earnings (loss) per share:
  Basic.......................................................  $     0.03  $    (0.04) $     0.14  $    (0.09)
                                                                ----------  ----------  ----------  ----------
                                                                ----------  ----------  ----------  ----------
  Diluted.....................................................  $     0.02  $     0.04) $     0.12  $    (0.09)
                                                                ----------  ----------  ----------  ----------
                                                                ----------  ----------  ----------  ----------
Weighted average shares outstanding:
  Basic.......................................................   3,815,431   3,635,683   3,815,431   3,580,716
  Diluted.....................................................   4,417,551   3,635,683   4,417,551   3,580,716
</TABLE>
 
                 See notes to consolidated financial statements
 
                                       3
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                       CALIFORNIA CULINARY ACADEMY, INC.
 
                       CONDENSED STATEMENTS OF CASH FLOWS
 
                       (DOLLARS IN THOUSANDS, UNAUDITED)
 
<TABLE>
<CAPTION>
                                                                                                 SIX MONTHS ENDED
                                                                                                   DECEMBER 31,
                                                                                               --------------------
                                                                                                 1998       1997
                                                                                               ---------  ---------
<S>                                                                                            <C>        <C>
Cash flows from operating activities:
  Net income (loss)..........................................................................  $     539  $    (293)
  Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
    activities:
    Depreciation and amortization............................................................        550        551
    Tax provision (benefit)..................................................................         60        (70)
    Provision for losses on accounts receivable..............................................         58         54
    Deferred rent............................................................................         73        (82)
    Stock issued for services................................................................                    31
  Changes in assets and liabilities:
    Accounts receivable......................................................................       (818)      (604)
    Inventories..............................................................................        (23)        50
    Prepaid expenses and other assets........................................................       (143)        27
    Notes receivable.........................................................................        (22)
    Accounts payable and accrued and other liabilities.......................................       (484)       (86)
    Deferred revenue.........................................................................        284        799
                                                                                               ---------  ---------
      Net cash provided by (used in) operating activities....................................         74        377
                                                                                               ---------  ---------
 
Cash flows from investing activities:
  Capital expenditures.......................................................................     (4,114)    (2,523)
                                                                                               ---------  ---------
      Net cash used in investing activities..................................................     (4,114)    (2,523)
                                                                                               ---------  ---------
 
Cash flows from financing activities:
  Borrowings under long term debt agreements.................................................      2,325      1,230
  Principal payments on long term debt.......................................................                   (81)
  Principal payments on capital lease obligations............................................        (48)
  Proceeds from exercise of stock options and warrants.......................................                    61
  Payment of preferred stock dividends.......................................................                   (76)
  Cost of offering--preferred stock..........................................................                    (3)
                                                                                               ---------  ---------
      Net cash provided by (used in) financing activities....................................      2,277      1,131
                                                                                               ---------  ---------
Net decrease in cash and cash equivalents....................................................     (1,763)    (1,015)
Cash and cash equivalents, beginning of period...............................................      2,533      2,308
                                                                                               ---------  ---------
Cash and cash equivalents, end of period.....................................................  $     770  $   1,293
                                                                                               ---------  ---------
                                                                                               ---------  ---------
</TABLE>
 
                 See notes to consolidated financial statements
 
                                       4
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                       CALIFORNIA CULINARY ACADEMY, INC.
 
                    NOTES TO CONDENSED FINANCIAL STATEMENTS
 
NOTE 1  BASIS OF PRESENTATION
 
    The accompanying unaudited financial statements have been prepared from the
records of the California Culinary Academy, Inc. (the "Academy") without audit
and, in the opinion of management, include all adjustments (consisting of only
normal recurring accruals) necessary to present fairly the financial position at
December 31, 1998, and the interim results of operations and cash flows for the
six months ended December 31, 1998 and December 31, 1997. The balance sheet at
June 30, 1998, presented herein, has been derived from the audited financial
statements of the Academy for the fiscal year then ended.
 
    Accounting policies followed by the Academy are described in Note 1 to the
audited financial statements for the fiscal year ended June 30, 1998. Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted for the purposes of the interim condensed financial
statements. The interim condensed financial statements should be read in
conjunction with the audited financial statements including notes thereto, for
the year ended June 30, 1998.
 
    The results of operations for the six months presented herein are not
necessarily indicative of the results to be expected for the full year.
 
    Certain prior year amounts have been reclassified to conform to current year
presentation.
 
NOTE 2  LEASE AGREEMENTS
 
    In May 1997, The Academy renegotiated its lease for its core campus in San
Francisco. The new lease runs through March 2013 and provides for three
five-year extensions. Under the lease agreement, the Academy has a right of
first refusal on an additional approximately 12,000 square feet of space when it
becomes available. The Academy currently occupies approximately 65,000 square
feet (75% of the building). The monthly rental obligation is approximately
$95,000 and the Academy is responsible for its pro-rata share of insurance, real
estate taxes and common area maintenance which is approximately $13,000 monthly.
 
    In August 1997, the Academy entered into a master lease of a 68-room hotel
in San Francisco, approximately one block from the main campus, to provide
student housing. The monthly rental obligation is approximately $29,000. The
Academy is also responsible for payment of its pro rata share of insurance and
real property taxes, which were approximately $1,500 per month during fiscal
year 1998. The lease term extends until August 31, 2012, with three five-year
renewal options thereafter.
 
    In October 1997, the Academy purchased for approximately $1,900,000 an
80-room hotel in San Francisco, across the street from its main campus, which it
intends to use for student housing. In June 1998, the Academy sold the hotel for
$2,220,000 and entered into a lease for the property. Under the terms of the
lease, the Landlord will renovate and deliver at least sixty rooms to the
Academy over an eighteen-month period, which began September 1, 1998. The base
monthly rent under the lease is $435 per room delivered to the Academy. In
addition, the Academy is responsible for payment of its pro rata share of
insurance, real property taxes and maintenance which is estimated to be $2,000
per month.
 
    In July 1998, the Academy entered into a lease for a 5,000 square foot
building in La Mesa, California. The monthly rental obligation is approximately
$4,000. The Academy is also responsible for payment of its pro rata share of
insurance, real property taxes and common area maintenance. The Academy
estimates such payments will be approximately $1,000 per month. The lease term
extends until June 30, 2003 and the
 
                                       5
<PAGE>
                       CALIFORNIA CULINARY ACADEMY, INC.
 
              NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)
 
NOTE 2  LEASE AGREEMENTS (CONTINUED)
lease provides for three extension options of five years each. The Academy
developed the building into a College of Food campus which was opened in
December of 1998
 
    In January 1999, the Academy entered into a lease for a 5050 square foot
space in a building complex in Garden Grove, California. The Academy plans to
develop the space into a College of Food campus expected to be opened in June
1999. The monthly rent obligation is approximately $5,050. The Academy is also
responsible for payment of its pro-rata share of insurance, real property taxes
and common area maintenance which the Academy estimates to be approximately
$1,000 per month. The lease term extends until May of 2010 and the lease
provides for two extension options of five years each.
 
    In December 1998, the Academy purchased a six building, 153,000 square foot
building complex in New Orleans, Louisiana. Over the next two years the Academy
plans to develop the buildings into a core campus similar in size and scope to
its San Francisco campus. The Academy plans to open the first phase of the
campus with a capacity of approximately 400 students in the Fall of 1999. To
provide funding for a portion of the approximately $18 million development
budget for the campus, the Academy plans to sell the land and buildings and
lease them back under a long term lease agreement. Management projects that the
annual lease payments for the New Orleans campus will be approximately
$1,350,000.
 
    The Academy management estimates that the capacity of the existing core
campus in San Francisco and the planned campus in New Orleans is approximately
1,200 students. The capacity of the two existing and one planned College of Food
campuses are 150 students. Once full enrollment is achieved in the existing and
planned new campuses, the Academy believes that additional facilities can be
opened.
 
NOTE 3  RELATED PARTY TRANSACTIONS
 
    In December 1997, the Chairman of the Board of Directors exercised stock
options under the Company's 1992 stock option plan. In exchange, he delivered a
promissory note for the value of the stock options of $465,000 bearing an
interest rate of 9.5% and a due date no later than December 31, 1998. Accrued
interest on this note was $46,000 as of December 31, 1998. Payment on this
promissory note is currently delinquent.
 
                                       6
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                                   SIGNATURES
 
    In accordance with the requirements of the Securities Exchange Act of 1934,
as amended, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
 
February 26, 1999               CALIFORNIA CULINARY ACADEMY, INC.
 
                                By:             /s/ CHARLES E. WHITE
                                     -----------------------------------------
                                                  Charles E. White
                                              CHIEF FINANCIAL OFFICER
                                        (PRINCIPAL FINANCIAL AND ACCOUNTING
                                                      OFFICER)
 
                                       7