<PAGE>


                                      FORM 10-Q

                          SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C.  20549


(Mark One)

/X/            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                           SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended October 27, 1996

                                          OR

/ /           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 0-12145


                           MAVERICK RESTAURANT CORPORATION
                Exact name of registrant as specified in its charter)

              Kansas                                         48-0936946
  (State or other jurisdiction                             (I.R.S. Employer
of incorporation or organization)                         Identification No.)


                                      Suite 200
                                 302 North Rock Road
                                Wichita, Kansas  67206
                       (Address of principal executive offices)
                                      (Zip Code)


                                    (316) 685-8281
                 (Registrant's 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       No  X  .
   -----    ----- 

     As of October 27, 1996, 7,081,458 shares of common stock $.01 par value
were outstanding.

<PAGE>

                          PART 1 - FINANCIAL INFORMATION

Item 1.  Financial Statements

                         MAVERICK RESTAURANT CORPORATION
                                  BALANCE SHEETS
                                   (Unaudited)

                                      ASSETS

<TABLE>
<CAPTION>
                                                               October 27,       January 28,
                                                                  1996              1996   
                                                               -----------       -----------
<S>                                                          <C>               <C>
Current assets:
   Cash and cash equivalents                                    $  289,658        $  195,365
   Accounts receivable - trade                                      11,867            13,006
   Inventories                                                     156,456           109,074
   Prepaid expenses                                                318,713           103,246
                                                               -----------       -----------
      Total current assets                                         776,694           420,691
                                                               -----------       -----------
Property and equipment:
   Land                                                               -              168,800
   Buildings                                                       163,731           288,449
   Leasehold improvements                                        1,347,780         1,333,727
   Equipment and fixtures                                        3,542,157         3,488,869
   Leased property under capital lease                           1,903,191         1,832,176
                                                               -----------       -----------
                                                                 6,956,859         7,112,021
   Less: accumulated depreciation and amortization               2,736,982         3,070,944
                                                               -----------       -----------
                                                                 4,219,877         4,041,077
                                                               -----------       -----------
Other assets:
   Cost in excess of net tangible assets of purchased
    business, net of amortization of $409,939 and $412,040       1,007,666           209,462
   License fees, net of amortization of $53,088 and $60,067         80,600            92,996
   Deposits                                                         25,154             7,554
                                                               -----------       -----------
                                                                 1,113,420           310,012
                                                               -----------       -----------
                                                                $6,109,991        $4,771,780
                                                               -----------       -----------
                                                               -----------       -----------

                         LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Current portion of long term debt                            $  382,955        $  234,729
   Current portion of obligation under capital lease                58,154            63,540
   Accounts payable                                                841,544           533,304
   Accrued payroll                                                 206,732           137,589
   Other accrued liabilities                                       407,854           259,747
                                                               -----------       -----------
      Total current liabilities                                  1,897,239         1,228,909
                                                               -----------       -----------
Long-term debt, less current portion                             1,550,257           332,475
Obligation under capital lease, less current portion             1,552,876         1,457,062
Deferred credits                                                     6,939            24,204
Reserve for future losses                                          178,836              -

Stockholders' equity:
   Preferred stock, $.01 par value, authorized 10,000,000
    shares, none issued                                               -                 -
   Common stock, $.01 par value, authorized 20,000,000 shares,
    issued 7,141,458, outstanding 7,081,458                         71,414            61,414
   Additional paid-in capital                                    6,421,984         6,131,984
   Accumulated deficit                                          (5,299,554)       (4,194,268)
   Treasury stock, 60,000 shares of common stock                  (270,000)         (270,000)
                                                               -----------       -----------
      Total stockholders' equity                                   923,844         1,729,130
                                                               -----------       -----------
                                                                $6,109,991        $4,771,780
                                                               -----------       -----------
                                                               -----------       -----------
</TABLE>

                     See notes to financial statements


                                    2

<PAGE>

                      MAVERICK RESTAURANT CORPORATION
                          STATEMENT OF OPERATIONS
                                (Unaudited)

<TABLE>
<CAPTION>
                                                  Three Months Ended                        Nine Months Ended
                                              October 27,      October 31,            October 27,      October 31,
                                                  1996             1995                  1996              1995
                                              -----------      -----------            -----------      -----------
<S>                                        <C>               <C>                    <C>               <C>
Net sales                                      $3,793,810       $2,696,893            $ 9,871,010        $8,266,312
                                              -----------      -----------            -----------       -----------
Costs and expenses:
   Cost of goods sold                           1,294,704          860,024              3,267,891         2,594,566
   Operating expenses                           2,194,375        1,669,656              5,836,460         4,799,321
   Depreciation and amortization                  159,883          120,564                439,149           349,436
   General and administrative                     260,998          118,750                568,376           351,196
                                              -----------      -----------            -----------       -----------
                                                3,909,960        2,768,994             10,111,876         8,094,519
                                              -----------      -----------            -----------       -----------
Operating income (loss)                          (116,150)         (72,101)              (240,866)          171,793
                                              -----------      -----------            -----------       -----------
Other income (expense)
  Interest expense                                (86,549)         (55,875)              (216,554)         (169,750)
  Interest income                                    -               1,401                   -               18,575
  Loss on sale of asset                              -                -                   (52,268)             -
  Provision for restaurant closings 
   and dispositions                                  -                                   (595,598)               
                                              -----------      -----------            -----------       -----------
                                                  (86,549)         (54,474)              (864,420)         (151,175)
                                              -----------      -----------            -----------       -----------
Earnings (loss) before income taxes              (202,699)      $ (126,575)           $(1,105,286)       $   20,618
Provision for income taxes                           -                -                      -                 -
                                              -----------      -----------            -----------       -----------
Net earnings (loss)                            $ (202,699)      $ (126,575)           $(1,105,286)       $   20,618
                                              -----------      -----------            -----------       -----------
                                              -----------      -----------            -----------       -----------
Net earnings(loss) per common share            $     (.03)      $     (.02)           $      (.17)       $     -
                                              -----------      -----------            -----------       -----------
                                              -----------      -----------            -----------       -----------
Average shares outstanding                      7,081,458        6,081,458              6,524,758         6,081,458
                                              -----------      -----------            -----------       -----------
                                              -----------      -----------            -----------       -----------
</TABLE>

                     See notes to financial statements.


                                    3

<PAGE>

                      MAVERICK RESTAURANT CORPORATION
                          STATEMENTS OF CASH FLOW
                               (Unaudited)

<TABLE>
<CAPTION>
                                                                   Nine Months Ended
                                                              October 27,      October 31,
                                                                 1996              1995  
                                                              -----------      -----------
<S>                                                         <C>               <C>
Operating Activities
   Net earnings (loss)                                        $(1,105,286)      $   20,618
   Adjustments to reconcile net earnings
    to net cash provided by operations:
      Depreciation and amortization                               439,149          349,436
      Changes in assets and liabilities 
      (Increase) decrease in accounts receivable                    1,139           (3,196)
      (Increase) decrease in inventories                          (47,382)           4,940
      (Increase) decrease in prepaid expenses                    (215,467)        (106,163)
      Increase (decrease) in accounts payable                     308,240          186,988
      Increase (decrease) in accrued expenses                     217,250           48,428
      Loss on sale of asset                                        52,268             -
      Provision for restaurant closings and dispositions          534,434 
      Other - net                                                 (17,600)            (270)
                                                             ------------       ----------
Net cash provided (used) by operating activities                  166,745          500,781
                                                             ------------       ----------
Investing activities
   Proceeds from sale of asset                                    235,747             -
   Purchase of property and equipment                          (1,000,683)        (969,527)
   Purchase of other assets                                      (624,811)         (18,000)
                                                             ------------       ----------
Net cash provided (used) by investing activities               (1,389,747)        (987,527)
                                                             ------------       ----------
Financing activities
  Long term borrowing                                           1,775,000             -
  Repayment of long-term borrowing and capital 
   lease obligations                                             (457,705)        (135,962)
                                                             ------------       ----------
Net cash provided (used) by financing activities                1,317,295         (135,962)
                                                             ------------       ----------
Net increase (decrease) in cash and cash equivalents               94,293         (622,708)
Cash and cash equivalents at beginning of period                  195,365          801,429
                                                             ------------       ----------
Cash and cash equivalents at the end of period                 $  289,658       $  178,721
                                                             ------------       ----------
                                                             ------------       ----------
</TABLE>

                     See notes to financial statements.


                                    4

<PAGE>

                      MAVERICK RESTAURANT CORPORATION
                       Notes to Financial Statements
                                (Unaudited)

                             October 27, 1996


(1)  BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in 
accordance with generally accepted accounting principles for interim 
financial information and with the instructions to Form 10-Q and Rule 10-01 
of Regulation S-X.  Accordingly, they do not include all of the information 
and footnotes required by generally accepted accounting principles for 
complete financial statements.  In the opinion of management, all adjustments 
(consisting of normal recurring accruals) considered necessary for a fair 
presentation have been included.  Operating results for the nine month period 
ended October 27, 1996, are not necessarily indicative of the results that 
may be expected for the year ended January 26, 1997.  For further 
information, refer to the financial statements and footnotes thereto included 
in the Company's 10-K and Annual Report to Stockholders as filed on April 24, 
1996.








                                    5

<PAGE>

Item 2.  Management's Discussion and Analysis of Financial Condition and 
         Results of Operation.

RESULTS OF OPERATIONS

THREE MONTHS ENDED OCTOBER 27, 1996, COMPARED TO THREE MONTHS ENDED 
OCTOBER 31, 1995.

     For the three months ended October 27, 1996, sales increased 40.7% to 
$3,793,810 as compared to 2,696,893 for the third quarter of the prior year. 
All of the sales increase can be attributed to the acquisition of four 
Amarillo Mesquite Grill restaurants during the second quarter of this year.  
The Company operated sixteen restaurants as of October 27, 1996, as compared 
to fifteen restaurants as of October 31, 1995.  During the quarter the 
Company closed one Cotton Patch Cafe which is being converted to an Amarillo 
Grill.

     Cost of sales, as a percentage of total sales, was 34.1% and 31.9% for 
the 1996 and 1995 period respectively.  The increase in cost of sales, as a 
percentage of total sales, can be attributed to the acquisition of the four 
Amarillo Mesquite Grills which run a higher cost of sales percentage than do 
the Grandy's or Cotton Patch Cafes.

     Operating expenses, as a percentage of total sales, was 57.8% and 61.9% 
for the 1996 and 1995 period respectively.  The decrease in operating 
expense, as a percentage of total sales, can be attributed to the acquisition 
of the four Amarillo Mesquite Grill's which run substantially lower operating 
costs than do the Grandy's and Cotton Patch Cafes.

     Depreciation and amortization has increased from the 1995 period to 1996 
as a result of operating more restaurants and amortization of costs 
associated with the acquisition of the four Amarillo Mesquite Grills.

     General and administrative expense, as a percentage of total sales, was 
6.9% and 4.4% for the 1996 and 1995 periods respectively.  The increase in 
general and administrative expenses, as a percentage of total sales, can be 
attributed to an increase in management and supervisory personnel in 
anticipation of growth and expansion of the Amarillo Mesquite Grill concept.

NINE MONTHS ENDED OCTOBER 27, 1996, COMPARED TO NINE MONTHS OCTOBER 31, 1995.

     For the nine months ended October 27, 1996, sales increased 19.4% to 
$9,871,010 as compared to $8,266,312 for the first nine months of the prior 
year.  All of the sales increase can be attributed to the acquisition of four 
Amarillo Mesquite Grill restaurants during the second quarter of this year.

     Cost of sales, as a percentage of total sales, was 33.1% and 31.4% for 
the 1996 and 1995 periods respectively.  The increase in cost of sales, as a 
percentage of total sales, can be attributed to the acquisition of the four 
Amarillo Mesquite Grills which run a higher cost of sales percentage than do 
the Grandy's or Cotton Patch Cafes.

     Operating expenses as a percentage of total sales, was 59.1% and 58.1% 
for the 1996 and 1995 period respectively.

     Depreciation and amortization has increased from the 1995 period to 1996 
as a result of operating more restaurants and amortization of costs 
associated with the acquisition of four Amarillo Mesquite Grill restaurants. 

     General and administrative expenses, as a percentage of sales, was 5.8% 
and 4.3% for the 1996 and 1995 periods respectively.   The increase is 
general and administrative expense can be attributed to an increase in 
management and supervisory personnel in anticipation of growth and expansion 
of the Amarillo Mesquite Grill concept.

     During the nine months ending October 27, 1996, the Company took some 
major steps toward reorganizing which will change the direction of the 
Company in the future.  Effective June 17, 1996, the Company purchased four 
Amarillo Mesquite Grill restaurants.  The purchase price was $1,500,000 cash 
and 1,000,000 shares of the Company's common stock valued at $.30 per share.  
Amarillo Mesquite Grill is a casual - dining restaurant concept that 
specializes in


                                    6

<PAGE>

aged prime rib and steaks along with chicken and seafood all uniquely grilled 
over an open flame of mesquite wood.  The Company plans to expand the 
Amarillo concept.

     In preparation for this expansion the Company has identified several 
existing restaurants which have been or will be closed.  During the second 
quarter the Company sold the real estate of a closed Grandy's restaurant 
which has been held as rental property.  The Company incurred a loss of 
$52,268 from the sale of this property.  In addition the Company closed one 
Cotton Patch Cafe and identified two Grandy's restaurants to be closed.  With 
respect to these three restaurants the Company incurred a write off in the 
amount of $595,598 which consists of a non-cash write-off of book value of 
assets in the amount of $355,598 and $240,000 representing estimated future 
costs to be incurred prior to disposing of the restaurants.

LIQUIDITY AND CAPITAL RESOURCES

     The Company's primary sources of funds to finance its business have been 
its cash flow from operations, and proceeds from bank borrowings.  At 
October 27, 1996, the Company had a working capital deficit of $1,120,545 
compared to working capital deficit of $632,118 as of October 31, 1995.

     Substantially, all of the Company's revenues are derived from cash 
sales. The Company does not maintain significant receivables and inventories; 
therefore, working capital requirements for continuing operations are not 
significant.

     Additions to property and equipment represent the single largest use of 
funds by the Company.  These expenditures are primarily made for the purchase 
and development of new restaurants.  Capital expenditures were $1,000,683 for 
nine months ended October 27, 1996, compared to $987,527 for the nine months 
ended October 31, 1995.  These capital expenditures have resulted in an 
increase in property and equipment and a decrease in working capital.

     The Company will actively pursue the sale of its six store Grandy's 
division.  The Company intends to expand the Amarillo Grill concept.  Each 
new unit will require approximately $1,500,000 for land, building and 
equipment. The Company intends to sale-leaseback the real estate cost.  The 
Company has obtained a two million bank credit line for development of the 
Amarillo Grill restaurants.                                                   

     The Company does not expect to pay dividends in the foreseeable future, 
but rather intends to retain all available funds for the development of the 
business.

INFLATION

     The Company is constantly evaluating ways to improve efficiency, 
productivity and operational standards to increase its return on investment. 
Management believes it has done an effective job of countering the effects of 
inflation on operating costs.

     The Company's food costs are closely tied to market conditions.  The 
Company has been able to maintain its cost of sales percentages by refining 
cost controls, directing marketing activities to reemphasize low-cost menu 
items and selectively increasing menu prices.


                                    7

<PAGE>

                      PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

         Not applicable.

Item 2.  Changes in Securities.

         Not applicable.

Item 3.  Defaults Upon Senior Securities.

         Not applicable.

Item 4.  Submission of Matters to a Vote of Security Holders.

         Not applicable.

Item 5.  Other Information.

         Not applicable.

Item 6.  Exhibits and Reports on Form 8-K

         (a)  Not applicable.

         (b)  No reports on Form 8-K have been filed during the quarter for
              which this report is filed.


                                    8


<PAGE>

                               SIGNATURES

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

     MAVERICK RESTAURANT CORPORATION
             (Registrant)


Date  December 9, 1996                             /s/ LINN F. HOHL
      ---------------------                -----------------------------------
                                           Linn F. Hohl - Vice President of 
                                           Finance, Secretary and Treasurer






                                    9