UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

 

 

[x] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Act of 1934 forthe Quarterly Period ended

     June 29, 2003.

| Commission File Number:    0-14968                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **EATERIES, INC.
(Exact    name of registrant as specified in its charter)
Oklahoma
73-1230348
(State    or other jurisdiction of

incorporation or organization)
(I.R.S.    Employer

Identification No.)
1220 S. Santa Fe Ave.

Edmond, Oklahoma
 

73003
(Address    of principal executive offices)
(Zip    Code)
(405) 705-5000
(Registrant’s    telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reportsrequired to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months, and (2) has been subject to such filing requirements for the past90 days. **Yes X No____
Indicate by check mark whether the registrant is an acceleratedfiler (as defined in Rule 12b-2 of the Act). Yes ___ No _X__

As of July 24, 2003, 2,822,417 common shares, $.002par value, were outstanding. 
 
**EATERIES,    INC. AND SUBSIDIARIES

FORM 10-Q**
INDEX
PagePart I. FINANCIAL    INFORMATION        Item 1. Financial Statements             Condensed Consolidated Balance Sheets (unaudited)                  June 29, 2003 and December 29, 2002 
4             Condensed Consolidated Statements of                  Operations (unaudited)                       Thirteen weeks ended June 29, 2003                       and June 30, 2002 
5                       Twenty-six weeks ended June 29, 2003                       and June 30, 2002 
6             Condensed Consolidated Statements of                  Cash Flows (unaudited)                       Twenty-six weeks ended June 29, 2003                       and June 30, 2002 
7             Notes to Condensed Consolidated Financial                  Statements (unaudited) 
8        Item 2. Management's Discussion and Analysis of             Financial Condition and Results of             Operations 
13        Item 4. Controls and Procedures 
20Part II. OTHER INFORMATION        Item 6. Exhibits and Reports on Form 8-K 
22
 

 

PART I

 

FINANCIAL INFORMATION

 

 
**Item 1. Financial Statements****EATERIES,    INC. AND SUBSIDIARIES**CONDENSED    CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 29,
December    29,
2003
2002**ASSETS**
Current    assets:
     Cash    and cash equivalents
$ 628,854    
$ 794,675    
     Receivables
718,736
4,110,230
     Inventories
665,596
716,077
     Prepaid    expenses and other
1,571,246
1,066,417
          Total    current assets
3,584,432
6,687,399Property and equipment, at    cost
44,856,420
44,907,512Less: Landlord finish-out    allowances
(15,148,866)
(15,543,866)Less: Accumulated    depreciation and amortization
(16,961,572)
(16,312,585)        Net property and equipment
12,745,982
13,051,061Goodwill, net
370,191
370,191Other assets
1,113,621
1,060,403        Total assets
$ 17,814,226 
$ 21,169,054**LIABILITIES AND    STOCKHOLDERS’ EQUITY**Current liabilities:        Accounts payable
$    3,963,291 
$    5,503,040         Accrued liabilities
2,884,549
3,934,978             Total current liabilities
6,847,840
9,438,018Deferred credit
790,915
1,077,190Other liabilities
443,541
528,870Long-term obligations, net    of current portion
10,440,000
9,164,641Commitments and    contingencies
---
---        Total liabilities
18,522,296
20,208,719Stockholders’ equity:        Preferred stock, none issued
---
---        Common stock
9,044
9,044        Additional paid-in capital
10,370,359
10,370,359        Accumulated deficit
(3,223,624)
(1,996,727)        Treasury stock, at cost
(7,863,849)
(7,422,341)             Total stockholders’ equity
(708,070)
960,335        Total liabilities and stockholders’ equity
$ 17,814,226 
$ 21,169,054See notes to condensed    consolidated financial statements.**EATERIES,    INC. AND SUBSIDIARIES**CONDENSED    CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Thirteen Weeks Ended
June 29,
June 30,
2003
2002**REVENUES**
        Food and beverage sales
$    17,849,591 
$    23,640,297
        Franchise fees and royalties
183,112
166,808
        Other income
162,221
121,951
             Total revenues
18,194,924
23,929,056**COSTS    AND EXPENSES
        Costs of sales
4,949,252
6,254,237        Operating expenses
11,677,140
15,048,058        Pre-opening costs
60,000
---        Restaurant closure expenses
160,000
---        (Gain) loss on disposal of assets
11,325
(356,429)        General and administrative
1,404,645
1,401,579        Depreciation and amortization
627,607
1,028,620        Interest expense
141,075
180,365             Total costs and expenses
19,031,044
23,556,430**INCOME (LOSS) BEFORE    INCOME TAXES**
(836,120)
372,626**PROVISION FOR INCOME    TAXES**
54,672
106,500**NET INCOME (LOSS)**
$ (890,792) 
$ 266,126**BASIC INCOME (LOSS) PER    COMMON SHARE**
$ (0.31) 
$ 0.09**DILUTED INCOME (LOSS)    PER COMMON SHARE**
$ (0.31) 
$ 0.09See notes to condensed    consolidated financial statements.**EATERIES,    INC. AND SUBSIDIARIES**CONDENSED    CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Twenty-six Weeks Ended
June 29,
June 30,
2003
2002**REVENUES**
        Food and beverage sales
$    36,930,533 
$    49,218,938
        Franchise fees and royalties
402,132
259,717
        Other income
275,129
258,741
             Total revenues
37,607,794
49,737,396**COSTS    AND EXPENSES
        Costs of sales
10,293,641
13,267,223        Operating expenses
23,845,565
30,603,020        Pre-opening costs
60,000
---        Restaurant closure expenses
160,000
---        (Gain) loss on disposal of assets
11,325
(135,236)        General and administrative
2,830,265
2,835,049        Depreciation and amortization
1,252,024
2,074,908        Interest expense
267,142
376,842             Total costs and expenses
38,719,962
49,021,806**INCOME (LOSS) BEFORE    INCOME TAXES**
(1,112,168)
715,590**PROVISION FOR INCOME    TAXES**
114,730
207,500**NET INCOME (LOSS)**
$ (1,226,897) 
$ 508,090**BASIC INCOME (LOSS) PER    COMMON SHARE**
$ (0.42) 
$ 0.17**DILUTED INCOME (LOSS)    PER COMMON SHARE**
$ (0.42) 
$ 0.17See notes to condensed    consolidated financial statements.**EATERIES,    INC. AND SUBSIDIARIES**CONDENSED    CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Twenty-sixWeeks Ended
June 29,
June 30,
2003
2002Cash flows from operating    activities:
        Net income (loss)
$    (1,226,897) 
$ 508,090    
        Adjustments to reconcile net income (loss) to net cash 
        used in operating activities:
             Depreciation and amortization
1,252,024
2,074,908
             Provision for income taxes
---
207,500
             Deferred income taxes
---
(103,301)
             (Gain) loss on disposal of assets
---
(135,236)
             (Increase) decrease in operating assets:
                  Receivables
304,564
250,029                  Inventories
50,481
87,124                  Prepaids and other current
(504,829)
(1,005,419)                  Other
(53,618)
8,144             Increase (decrease) in operating liabilities:                  Accounts payable
(1,539,749)
(2,258,948)                  Accrued liabilities
(1,050,429)
(655,365)                  Other liabilities
(371,604)
438,937             Total adjustments
(1,913,160)
(1,091,627)             Net cash used in operating activities
(3,140,057)
(583,537)Cash flows from investing    activities:        Capital expenditures
(1,086,546)
(1,178,566)        Landlord allowances
140,000
129,700        Proceeds from sale of restaurants
3,020,000
500,000        Payments received on notes receivable
66,931
(150,000)             Net cash provided by (used in) investing activities
2,140,385
(698,866)Cash flows from financing    activities:        Borrowings under long-term obligations
10,440,000
---        Payments on long-term obligations
(3,583,489)
(616,256)        Borrowings under revolving credit agreements
---
17,897,000        Payments under revolving credit agreements
(5,581,152)
(16,150,000)        Purchase of treasury stock
(441,508)
(39,075)             Net cash provided by financing activities
833,851
1,091,669Decrease in cash and cash    equivalents
(165,821)
(190,734)Cash and cash equivalents    at beginning of period
794,675
999,533Cash and cash equivalents    at end of period
$ 628,854 
$ 808,799 See notes to condensed    consolidated financial statements.
**EATERIES, INC. AND SUBSIDIARIES**

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1 - Organization

Eateries, Inc. (the "Company") was incorporated under thelaws of the State of Oklahoma on June 1, 1984. The Company is engaged in the creation,design, management and operations of restaurants through Company-owned and franchisedrestaurants. The Company’s restaurants are located primarily in the East, Southwest,Midwest and Southeast regions of the United States. The Company’s restaurants operateunder the name Garfield’s Restaurant & Pub ("Garfield’s"),Pepperoni Grill andGarcia’s Mexican Restaurants("Garcia’s"). An analysis of Company-owned and franchised restaurants forthe trailing twelve months in the period ended June 29, 2003, is as follows:
Company    Units
Franchised    Units
Total    UnitsAt June 30, 2002 
65
11
76        Units opened 
---
---
---        Units closed 
2
1
3        Units sold 
12
---
12At June 29, 2003 
51
10
61
Note 2 – Significant Accounting Policies

BASIS OF PREPARATION

The accompanying unaudited condensed consolidated financial statementshave been prepared in accordance with generally accepted accounting principles for interimfinancial information and with the instructions to Form 10-Q and Article 10 of RegulationS-X. Accordingly, they do not include all of the information and footnotes required bygenerally accepted accounting principles for complete financial statements. In the opinionof management, all adjustments (consisting of normal recurring accruals) considerednecessary for a fair presentation have been included. Operating results for the thirteenweek period ended June 29, 2003, are not necessarily indicative of the results that may beexpected for the year ending December 28, 2003. For further information, refer to theconsolidated financial statements and footnotes thereto included in the Company's AnnualReport on Form 10-K for the year ended December 29, 2002.

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of Eateries,Inc. and its wholly owned subsidiaries, Fiesta Restaurants, Inc. and Roma Foods, Inc. Allsignificant intercompany transactions and balances have been eliminated.

FISCAL YEAR

The Company’s fiscal year is a 52/53-week year ending on the lastSunday in December. The Company will operate a 52-week fiscal year for the year endedDecember 28, 2003. The Company operated a 52-week fiscal year for the year ended December29, 2002.

REVENUE

Revenue from food and beverage sales is recorded at the date servicesare provided. Typically all customers pay at the time the service is provided.

PROVISION FOR IMPAIRMENT OF LONG-LIVED ASSETS

The Company’s restaurants are reviewed on an individual restaurantbasis for indicators of impairment whenever events or circumstance indicate that thecarrying value of its restaurants may not be recoverable. The Company’s primary testfor an indicator of potential impairment is operating losses. In order to determinewhether an impairment has occurred, the Company estimates the future net cash flowsexpected to be generated from the use of its restaurants and the eventual disposition, asof the date of determination, and compares such estimated future cash flows to therespective carrying amounts. Those restaurants, which have carrying amounts in excess ofestimated future cash flows, are deemed impaired. The carrying value of these restaurantsis adjusted to an estimated fair value by discounting the estimated future cash flowsattributable to such restaurants using a discount rate equivalent to the rate of returnthe Company expects to achieve from its investment in newly-constructed restaurants. Theexcess is charged to expense and cannot be reinstated (See Note 8).

Considerable management judgment and certain significant assumptionsare necessary to estimate future cash flows. Significant judgments and assumptions used bythe Company in evaluating its assets for impairment include, but may not be limited to:estimations of future sales levels, cost of sales, direct and indirect costs of operatingthe assets, the length of time the assets will be utilized and the Company’s abilityto utilize equipment, fixtures and other moveable long-lived assets in other existing orfuture locations. In addition, such estimates and assumptions include anticipatedoperating results related to certain profit improvement programs implemented by theCompany during 2003 and 2002 as well as the continuation of certain rent reductions,deferrals, and other negotiated concessions from certain landlords. Actual results couldvary significantly from management’s estimates and assumptions and such variancecould result in a change in the estimated recoverability of the Company’s long-livedassets. Accordingly, the results of the changes in those estimates could have a materialimpact on the Company’s future results of operations and financial position.

INCOME TAXES

The Company is subject to Federal, state and local income taxes.Deferred income taxes are provided on the tax effect of presently existing temporarydifferences, existing net operating loss and tax credit carryforwards. The tax effect ismeasured using the enacted marginal tax rates and laws that will be in effect when thedifferences and carryforwards are expected to be reversed or utilized. Temporarydifferences consist principally of depreciation caused by using different lives forfinancial and tax reporting, the expensing of smallwares when incurred for tax purposeswhile such costs are capitalized for financial purposes and the expensing of costs relatedto restaurant closures and other disposals for financial purposes prior to being deductedfor tax purposes. The Company has fully reserved for its deferred income taxes, thus netdeferred tax assets at June 29, 2003 and December 29, 2002 are zero. Due to the deferredincome tax reserve, it is possible that the Company could have future income withoutrecognizing income tax expense. Additionally, the Company could have charges to income taxexpense during periods of net losses.

STOCK-BASED COMPENSATION

As permitted by SFAS 123, "Accounting for Stock-BasedCompensation," the Company has elected to follow Accounting Principles Board OpinionNo. 25, "Accounting for Stock Issued to Employees" ("APB 25"), andrelated interpretations in accounting for its employee stock options because thealternative fair value accounting provided for under SFAS 123, requires use of optionvaluation models that were not developed for use in valuing employee stock options. UnderAPB 25, because the exercise price of the Company’s employee stock options equals themarket price of the underlying stock on the date of grant, no compensation expense isrecognized.

Following are pro forma net income and earnings per share as if theCompany has accounted for its employee stock options granted subsequent to December 31,1994, under the fair value method. The fair value for these options was estimated at thedate of grant using a Black-Scholes option pricing model with the following weightedaverage assumptions for 2002, 2001 and 2000, respectively: risk-free interest rates of4.29%, 4.72% and 4.85% a dividend yield of 0%; volatility factors of the expected marketprice of the Company’s common stock of .45%, .45% and .90 and a weighted averageexpected life of the options of 7.5 years. The weighted average grant date fair value ofoptions issued in 2002, 2001 and 2000 was $1.27, $1.49 and $2.12, respectively.

The Black-Scholes option valuation model was developed for use inestimating the fair value of traded options, which have no vesting restrictions and arefully transferable. In addition, option valuation models require the input of highlysubjective assumptions including the expected stock price volatility. Because theCompany’s employee stock options and stock purchase plan have characteristicssignificantly different from those of traded options, and because changes in thesubjective input assumptions can materially affect the fair value estimate, inmanagement’s opinion, the existing models do not necessarily provide a reliablesingle measure of the fair value of its employee stock options and stock purchase plan.

For purposes of pro forma disclosures, the estimated fair value of theoptions is amortized to expense over the options’ vesting period. The Company’spro forma information follows:

Thirteen Weeks Ended
June    29, 
June    30,
2003
2002Net income (loss), as    reported 
$    (890,792)
$    266,126Deduct: Total    stock-based employee compensation 
     expense determined under    fair value based method for 

     all awards, net of related tax effects 
$    (2,340)
$    (114,902) Pro forma net income    (loss) 
$    (893,132)
$    151,224Earnings    (loss) per share        Basic – as reported 
$ (0.31)
$ 0.09        Basic – pro forma 
$ (0.31) 
$ 0.05         Diluted – as reported 
$    (0.31) 
$     0.09        Diluted – pro forma 
$    (0.31) 
$ 0.05    
 

Twenty-six Weeks Ended
June    29, 
June    30,
2003
2002Net income (loss), as    reported 
$    (1,226,897)
$    508,090Deduct: Total    stock-based employee compensation 
     expense determined under    fair value based method for 

     all awards, net of related tax effects 
$    (2,880)
$    (170,239) Pro forma net income    (loss) 
$    (1,229,777)
$    337,851Earnings    (loss) per share        Basic – as reported 
$ (0.42)
$ 0.17        Basic – pro forma 
$ (0.42) 
$ 0.11         Diluted – as reported 
$    (0.42) 
$     0.17        Diluted – pro forma 
$    (0.42) 
$ 0.11    
EARNINGS PER SHARE

Basic Earnings Per Share ("EPS") includes no dilution and iscomputed by dividing income available to common stockholders by the weighted averagenumber of common shares outstanding for the period. Diluted EPS is computed by dividingnet income available to common stockholders by the sum of the weighted average number ofcommon shares outstanding for the period plus common stock equivalents.

The following tables set forth the computation of basic and diluted EPSfor the twenty-six week periods ended June 29, 2003, and June 30, 2002:

Thirteen Weeks Ended
June 29,
June 30,
2003
2002Numerator:                             Net income (loss) 
$ (890,792) 
$ 266,126 Denominator:
Denominator for basic EPS - weighted average shares        outstanding 

2,881,043
2,997,169
Dilutive effect of nonqualified        stock options 

---
108,061
                                              Denominator for diluted EPS 
2,881,043
3,105,230
Basic    EPS 
$ (0.31) 
$ 0.09 
Diluted    EPS 
$ (0.31) 
$ 0.09 
Twenty-six Weeks Ended
June 29,
June 30,
2003
2002Numerator:                             Net income (loss) 
$ (1,226,897) 
$ 508,090 Denominator:
Denominator for basic EPS - weighted average shares        outstanding 

2,924,230
2,998,743
Dilutive effect of nonqualified        stock options 

---
64,231
                                              Denominator for diluted EPS 
2,924,230
3,062,974
Basic    EPS 
$ (0.42) 
$ 0.17 
Diluted    EPS 
$ (0.42)
$ 0.17
Note 3 - Balance Sheet Information
Receivables are comprised    of the following:
June 29,    2003
December 29,    2002General 
$ 107,000    
$ 68,000 Vendor rebates 
426,000
437,000Franchisees 
109,000
111,000Banquets 
---
129,000Notes receivable 
77,000
219,000Notes receivable from    Fiesta, L.L.C. 
---
3,146,000
$ 719,000 
$ 4,110,000 Accrued liabilities are    comprised of the following:
June 29,

2003
December 29,

2002
Compensation    
$    1,560,000 
$    1,880,000 
Taxes,    other than income 
523,000
695,000
Other 
802,000
1,360,000
$ 2,885,000 
$ 3,935,000 
Note 4 - Supplemental Cash Flow Information

Interest of $260,286 and $375,556 was paid for the thirteen weeks endedJune 29, 2003 and June 30, 2002, respectively.

For the twenty-six week periods ended June 29, 2003 and June 30, 2002,the Company had the following non-cash investing and financing activities:

Twenty-six Weeks Ended
June 29,

2003
June 30,

2002
Decrease    in accumulated other comprehensive income 
$ ---
$111,000 
Gross    asset retirements related to restaurant closures 
602,637
408,048
Decrease    in goodwill from sale of restaurant 
---
101,000
Increase    in notes receivable from finance of sale of restaurant 
---
73,720
Note 5 - Stock Repurchases

In April 1997, the Company’s Board of Directors authorized therepurchase of up to 200,000 shares of the Company’s common stock. In September 1997,an additional 200,000 shares were authorized for repurchase. In March 2003, an additional330,000 shares were authorized for repurchase, bringing the total amount authorized forrepurchase to 730,000 shares. During the second quarter, the Company purchased a total of145,000 shares for $441,508. As of June 29, 2003, 375,662 shares have been repurchasedunder this plan for a total purchase price of approximately $1,236,000. 

Note 6 - Restaurant Acquisitions and Dispositions

In March 2002, the Company terminated the lease on one Garfield’slocated in North Riverside, IL. As part of the agreement, the Company agreed to pay$210,000 in lieu of future rent to the landlord. This amount has been accrued for andcharged to restaurant closure expense, which is included in operating expenses on theconsolidated statements of income for the twenty-six weeks ended June 30, 2002. 

In June 2002, the Company sold one Garcia’s Mexican Restaurantlocated in Denver, CO, to the local operator who signed a franchise agreement for thislocation and a development agreement for two future locations in the Denver area. A gainof approximately $357,000 ($250,000 net of tax) is included in gain on disposal of assetson the consolidated statements of income, which included a goodwill write-off of $101,000.The amount of goodwill written off in the gain calculation was determined by comparing theCompany’s estimate of the fair value of the sold location to the fair value of theconcept to which the goodwill relates. 

In August 2002, the Company sold one Garcia’s located inCarmichael, CA, and one located in Idaho Falls, ID. In November 2002, the Company sole oneGarcia’s located in Layton, UT. In December 2002, the Company sold nine Garcia’slocated in Arizona for $3,020,000. In conjunction with the sale, the Company retained ashort-term note receivable from Fiesta, L.L.C. for the proceeds. During the first quarter,the Company was paid in full for the note.

In January 2003, the Company’s lease expired on oneGarfield’s location in Savannah, GA. In June 2003, the Company’s lease expiredon one Garfield’s location in Mobile, AL. No gain or loss was associated with thesedispositions. In June 2003, the Company paid $160,000 for the future lease termination ofone of its locations. This amount was recorded to restaurant closure expense and isincluded on the consolidated statements of operations for the thirteen week ended June 29,2003.

Note 7 – Contingencies

In the ordinary course of business, the Company is subject to legalactions and complaints. In the opinion of management, based in part on the advice of legalcounsel, and based on available facts and proceedings to date, the ultimate liability, ifany, arising from such legal actions currently pending will not have a material adverseeffect on the Company’s financial position or future results of operations.

In the course of disposing of eleven Garcia’s restaurants in 2002, the Company wasrequired by the landlord to remain as guarantor of the tenant lease in order to completethe assignments to the purchasers. The Company was released from its liabilities andcommitments, however is contingently liable in the event of default of the Assignees.However, the Company has retained the right to control the operations of the locations ifthe party should default and recover any amounts paid under the guaranty. TheCompany’s guarantees will expire at the expiration of the assigned lease terms. AtJune 29, 2003, the remaining minimum base rental commitments under these noncancellablelease commitments by the assignees, excluding amounts related to taxes, insurance,maintenance and percentage rent, are approximately $9,201,000.

Note 8 – Long-term Obligations

In February 1999, the Company entered into a credit facility with abank in the aggregate amount of $14,600,000, of which a maximum of $6,000,000 is availableto the Company under a revolving line of credit and $8,600,000 was available to theCompany under a term loan. Certain proceeds from the term loan (approximately $5.4million) were used to repurchase $1,056,200 shares of the Company’s common stock. Thebalance of the proceeds under the term loan (approximately $3.2 million) and the proceedsunder the revolving line of credit were used to retire indebtedness under theCompany’s existing loan agreement. The revolving line of credit initially bearsinterest at the greater of a floating rate of three month LIBOR plus 2.50% or 5.00%, whichis reset quarterly. The term loan also provides for an initial floating rate of interestequal to three month LIBOR plus 2.50% and requires quarterly installments of principal andinterest in the amount necessary to fully amortize the outstanding principal balance overa seven-year period, with a final maturity on the fifth anniversary of the note. The termloan converts to a five-year amortization schedule if the Company’s debt coverageratio, as defined in the loan agreement, exceeds a certain level. Additionally, thefloating interest rate on both facilities is subject to changes in the Company’sratio of total loans and capital leases to net worth. Under the terms of these notes, theCompany’s minimum floating rate is LIBOR plus 1.25% and the maximum floating rate isLIBOR plus 2.50%. Borrowings under this loan agreement are unsecured. The loan agreementdoes contain certain financial covenants and restrictions. These notes were paid in fullon December 30, 2002 and the related loan agreements were cancelled. 

On December 30, 2002, the Company entered into a new credit facilitywith GE Capital Franchise Finance in the aggregate amount of $15,000,000. $10,000,000 wasdrawn initially for the purposes of retiring the current credit facility. Another$5,000,000 is restricted and available under this facility for use upon notice to GECapital for certain specified purposes. Borrowings are at a rate of 30-day LIBOR plus3.50%, which is reset monthly. The Company is required to make debt payments annually toreduce the amount outstanding to specific maximum balances. The debt under this agreementis secured by the Company’s furniture, fixtures and equipment. The loan agreementdoes contain certain financial covenants and restrictions and retirement of the loan issubject to certain prepayment penalties. The Company is in compliance with these covenantsas of the date of this report. As of June 29, 2003, $10,440,000 was outstanding under thisagreement at a rate of 4.8%.

In November 1997, the Company entered into an interest rate swapagreement with a bank to hedge its risk exposure to potential increases in LIBOR. Thisagreement had a term of five years and an initial notional amount of $9,500,000. Thenotional amount declines quarterly over the life of the agreement on a seven-yearamortization schedule assuming a fixed interest rate of 7.68%. Under the terms of theinterest rate swap agreement, the Company pays interest quarterly on the notional amountat a fixed rate of 7.68% and receives interest quarterly on the notional amount at afloating rate of three-month LIBOR plus 1.25%. The notional amount expired on November 21,2002, thus there was no unrealized gain or loss as of December 29, 2002 or March 30, 2003.The unrealized loss as of June 30, 2002 was $60,000 and is included in Other ComprehensiveIncome according to the provisions of SFAS No. 133.

Note 9 – Accounting Pronouncements

In January 2003, the FASB issued Interpretation No. 46,"Consolidation of Variable Interest Entities, an interpretation of AccountingResearch Bulletin No. 51."**Interpretation No. 46 requires the consolidation ofentities in which an enterprise absorbs a majority of the entity’s expected losses,receives a majority of the entity’s expected residual returns, or both, as a resultof ownership, contractual or other financial interests in the entity. Currently, entitiesare generally consolidated by an enterprise when it has a controlling financial interestthrough ownership of a majority voting interest in the entity. 

Interpretation No. 46 applies immediately to variable interest entities created afterJanuary 31, 2003, and to variable interest entities in which an enterprise obtains aninterest after that date. It applies in the first fiscal year or interim period beginningafter June 15, 2003, to variable interest entities in which an enterprise holds a variableinterest that it acquired before February 1, 2003. Interpretation No. 46 may be appliedprospectively with a cumulative-effect adjustment as of the date on which it is firstapplied or by restating previously issued financial statements for one or more years witha cumulative-effect adjustment as of the beginning of the first year restated. The Companydoes not believe the issuance of Interpretation No. 46 will impact the accounting for itsfranchisees and/or its guarantee of the remaining lease payments on previously soldGarcia’s locations.
**Item 2.Management's Discussion and Analysis of FinancialCondition and Results of Operations
From time to time, the Company may publish forward-looking statementsrelating to certain matters including anticipated financial performance, businessprospects, the future opening of Company-owned and franchised restaurants, anticipatedcapital expenditures, and other matters. All statements other than statements ofhistorical fact contained in this Form 10-Q or in any other report of the Company areforward-looking statements. The Private Securities Litigation Reform Act of 1995 providesa safe harbor for forward-looking statements. In order to comply with the terms of thatsafe harbor, the Company notes that a variety of factors, individually or in theaggregate, could cause the Company’s actual results and experience to differmaterially from the anticipated results or other expectations expressed in theCompany’s forward-looking statements including, without limitation, the following:consumer spending trends and habits; competition in the casual dining restaurant segment;weather conditions in the Company’s operating regions; laws and governmentregulations; general business and economic conditions; availability of capital; success ofoperating initiatives and marketing and promotional efforts; and changes in accountingpolicies. In addition, the Company disclaims any intent or obligation to update thoseforward-looking statements.
**Introduction**
As of June 29, 2003, the Company owned and operated 51 locations (45Garfield’s, 4 Garcia’s, 2 Pepperoni Grills), franchised 10 Garfield’s. Asof June 30, 2002, the Company owned and operated 65 locations (47 Garfield’s, 16Garcia’s, 2 Pepperoni Grills), franchised 9 Garfield’s and one Garcia’s andlicensed one Garcia’s. The Company is working with franchisees on the development ofrestaurants located in Arkansas, Indiana, Florida, Maryland, Michigan, Mississippi, andNevada. The Company sold 13 of its 17 Garcia’s during 2002. As of the date of thisreport, the entire system includes 61 restaurants of which 51 are Company-owned. TheCompany expects that at least 1 company-owned and 1 franchised-owned locations will openin 2003.

The Company has successfully initiated an advertising campaign to seekprospective franchisees. The intention is to find candidates or organizations that have asubstantial net worth, a proven track record in multi-unit food service, retail orhospitality, and an interest in developing and operating multiple casual diningrestaurants. During the first quarter of 2003, the Company sold two Designated MarketAreas ("DMA") to one new franchisee in Mississippi for a total of six futurelocations. Subsequent to quarter end, the Company sold one DMA to a new franchisee inArkansas for a total of three future locations. During the second quarter of 2003, theCompany sold one DMA to one new franchisee in Maryland for a total of 5 future locationsand one DMA to one new franchisee in Michigan for a total of two future locations. As thedate of this report, seventy-one new franchise restaurants are under commitment.

The Company’s uniform franchise offering circular (called the UFOCthat contains the franchise and development agreement) is registered nationally.

The Company’s marketing strategies are focused around one centraltheme, enhancing the guest experience in all the Company concepts. Each program isdesigned with the guest in mind, to develop concept marketing plans to improve guestsatisfaction in the areas of food, value, and service. The Company continues to offer abroad range of products that guests’ desire while striving to deliver the food in afast and friendly manner. Utilizing multiple mediums such as television, local cable,radio, outdoor and print, the Company is able to deliver messages to the guest in the mostefficient way. The restaurant managers are also encouraged to be involved in the communityand to use proven local store marketing programs to drive their business. Key prioritiesfor the remainder of 2003 include enhancing brand image along with developing menus thatplease the customer and improve the company bottom line at the same time.
**Seasonality**
With 49 of the 51 Company-owned restaurants located in regional mallsas of June 29, 2003, the resulting higher pedestrian traffic during the Thanksgiving toNew Year holiday season has caused the Company to experience a substantial increase infood and beverage sales, cash flow from operations and profits in the Company’sfourth and first fiscal quarters. 
**Legal Proceedings**
In 1999 the Company filed suit against one of its food purveyors, J.R.Simplot Co. in federal court. This suit stems from the receipt of contaminated foodproduct that caused a food borne illness outbreak at the Company's Garcia's Mexicanrestaurants in the Phoenix, Arizona area in July 1998. In 2001, Simplot admitted that itdid in fact ship contaminated product to Company-owned Garcia’s in July 1998. Thesuit was litigated in August 2001 in order to determine the amount of damages to beawarded the Company. Initially, the Company was awarded approximately $6,551,000 indamages plus attorney’s fees and costs. The Company filed a motion to reconsider,based on a technical error in the calculation of damages and was awarded an additionalamount, bringing the total to approximately $8,405,000 plus attorney’s fees andcosts. In 2002, the Company was awarded an additional $516,000 for attorney’s feesand costs, bringing the total to approximately $8,921,000. Both the Company and Simplothave appealed the award. Oral arguments were heard in the Federal Court of Appeals inNovember 2002. No amounts related to actual damages have been included in ConsolidatedStatements of Income. As of the date of this report, the case is on appeal by bothparties.

The Company has other lawsuits pending but does not believe the outcomeof the lawsuits, individually or collectively will materially impair the Company’sfinancial and operational condition. 
**Percentage Results of Operations and Restaurant Data**
The following table sets forth, for the periods indicated, (i) thepercentages that certain items of income and expense bear to total revenues, unlessotherwise indicated, and (ii) selected operating data:

THIRTEEN WEEKS

ENDED
TWENTY-SIX WEEKS

ENDED
June 29,

2003
June 30,

2002
June 29,

2003
June 30,

2002
Statements    of Operations Data:
Revenues:
        Food and beverage sales 
98.1%
98.8%
98.2%
99.0%
        Franchise fees and royalties 
1.0%
0.7%
1.1%
0.5%
     Other income 
0.9%
0.5%
0.7%
0.5%
100.0%
100.0%
100.0%
100.0%
Costs    and Expenses:
        Costs of sales (1) 
27.7%
26.5%
27.9%
27.0%
        Operating expenses (1) 
65.4%
63.7%
64.5%
62.2%
        Restaurant pre-opening expenses (1) 
0.3%
0.0%
0.2%
0.0%
        Restaurant closure expense (1) 
0.9%
---
0.4%
---
        (Gain) loss on disposal of assets 
0.1%
(1.5)%
0.0%
(0.3)%
        General and administrative 
7.7%
5.9%
7.5%
5.7%
        Depreciation and amortization (1) 
3.5%
4.4%
3.4%
4.2%
        Interest expense 
0.8%
0.8%
0.7%
0.8%
Income    (loss) before income taxes 
(4.6)%
1.6%
(3.0)%
1.4%
Provision    for income taxes 
0.3%
0.4%
0.3%
0.4%
Net    income (loss) 
(4.9)%
1.2%
(3.3)%
1.0%
Selected    Operating Data:
System-wide    sales (in thousands)(2):
        Company restaurants 
$17,850
$23,640
$36,930
$49,219
        Franchise restaurants 
3,550
3,716
7,449
6,149
             Total 
$21,400
$27,356
$44,379
$55,368
Number    of restaurants
(at end    of period):
        Company restaurants 
51
65
51
65
     Franchise restaurants 
10
11
10
11
             Total 
61
76
61
76
(1) As a percentage of food and beverage sales.

(2) System-wide sales are calculated by adding Company and franchisesales together. However, franchise sales are not included in food and beverage sales onthe Consolidated Statements of Operations.
**Results of Operations**
For the quarter ended June 29, 2003, the Company recorded a net loss of$(890,792) (($0.31) per common share) on revenues of $18,194,924. This compares to netincome of $266,126 ($0.09 per common share) for the quarter ended June 30, 2002, onrevenues of $23,929,056. 

For the twenty-six weeks ended June 29, 2003, the Company recorded anet loss of $(1,226,897) (($0.42) per common share) on revenues of $37,607,794. Thiscompares to net income of $508,090 ($0.17 per common share) for the twenty-six weeks endedJune 30, 2002, on revenues of $49,737,396. 

 
**Revenues**
Company revenues for the thirteen and twenty-six week periods endedJune 29, 2003, decreased 24.0% over the revenues reported for the same periods in 2002.The revenue decrease relates primarily to the sale of thirteen Garcia’s in 2002 aswell as negative economic trends in the first half of 2003. The number of Companyrestaurants operating at the end of each respective period and the number of operatingweeks during each period were as follows:

Number of Operating Weeks
Average Weekly Sales Per Unit
Period

Ended
Number of

Units Open
Thirteen

Weeks
Twenty-

six Weeks
Thirteen Weeks
Twenty-

six WeeksGarfield’s:June 29, 2003
45
596
1207
$27,197
$27,769June 30, 2002
48
624
1248
$26,761
$28,024Garcia's: June 29, 2003
4
52
104
$15,612
$16,685June 30, 2002
15
206
414
$29,338
$30,088Pepperoni Grill:June 29, 2003
2
26
52
$31,850
$32,261June 30, 2002
2
26
52
$32,884
$33,107
For the thirteen weeks ended June 29, 2003, average weekly sales perunit for Garfield's increased $436 or 1.6% versus the quarter ended June 30, 2002. Averageweekly sales per unit for Garfield’s decreased by $(255) or 0.9% for the twenty-sixweeks ended June 29, 2003, versus the previous year’s results. 

For the thirteen weeks ended June 29, 2003, average weekly sales perunit for Garcia’s decreased $(13,726) or 46.8% versus the quarter ended June 30,2002. Average weekly sales per unit for Garcia’s decreased by $(13,403) or 44.5% forthe twenty-six weeks ended June 29, 2003, versus the previous year. This decrease isprimarily due to the sale of thirteen higher volume units in 2002.

For the thirteen weeks ended June 29, 2003, average weekly sales perunit for Pepperoni Grill decreased $(1,034) or 3.1% versus the same period in 2002.Average weekly sales per unit for Pepperoni Grill decreased by $(846) or 2.6% fortwenty-six weeks ended June 29, 2003, versus the previous year. This decrease is primarilydue to adverse economic conditions.

Franchise fees and continuing royalties increased to $402,132 duringthe twenty-six weeks ended June 29, 2003 versus $259,717 during the twenty-six weeks endedJune 30, 2002. This increase is due to the opening of five new franchise locations in 2002as well as the execution of three new development agreements during 2003.
**Costs and Expenses**
The following is a comparison of costs of sales and labor costs(excluding payroll taxes and fringe benefits) as a percentage of food and beverage salesat Company-owned restaurants:

Thirteen Weeks Ended
Twenty-six Weeks Ended
June 29,

2003
June 30,

2002
June 29,

2003
June 30,

2002
Garfield's:        Costs of sales .
27.6%
26.8%
27.8%
27.5%        Labor costs 
28.3%
29.1%
27.8%
28.1%
             Total 
55.9%
55.9%
55.6%
55.6%
Garcia's:        Cost of sales 
29.9%
25.6%
29.9%
25.7%        Labor costs 
41.3%
30.5%
39.0%
29.8%             Total 
70.4%
56.1%
68.9%
55.5%
Pepperoni    Grill:        Cost of sales 
26.8%
25.4%
27.5%
25.7%        Labor costs 
30.9%
29.3%
30.7%
29.4%
             Total 
57.7%
54.7%
58.2%
55.1%
Total    Company:        Cost of sales 
27.7%
26.5%
27.9%
27.0%        Labor costs 
29.0%
29.5%
28.5%
28.6%             Total 
56.7%
56.0%
56.4%
55.6%
 

Costs of sales as a percentage of food and beverage sales forGarfield’s in the quarters ended June 29, 2003 and June 30, 2002 was 27.6% and 26.8%respectively. Costs of sales for the twenty-six weeks ended June 29, 2003 and June 30,2002 were 27.8% and 27.5%, respectively. The increase is primarily due to new higher costitems on the menu. 

Garcia’s costs of sales as a percentage of food and beverage saleswas 29.9% in the quarter ended June 29, 2003 versus 25.6% in the quarter ended June 30,2002, and 29.9% and 25.7% for the twenty-six weeks ended June 29, 2003 and June 30, 2002,respectively. This increase is primarily due to the sale of 13 Garcia’s locations in2002 which had lower cost of sales than the mall-based units. 

Costs of sales as a percentage of food and beverage revenue forPepperoni Grill was 26.8% for the quarter ended June 29, 2003 compared to 25.4% for thequarter ended June 30, 2002, and 27.5% and 25.7% for the twenty-six weeks ended June 29,2002 and June 30, 2002, respectively. This increase is primarily due to the addition ofseveral new seafood items. 

Labor costs for Garfield’s decreased to 28.3% of food and beveragesales during the quarter ended June 29, 2003, versus 29.1% during the 2002 comparableperiod due to better management labor control. 

Garcia’s labor costs increased to 41.3% of food and beverage salesduring the quarter ended June 29, 2003, versus 30.5% in the quarter ended June 30, 2002.This increase is due to the sale of thirteen locations with overall higher sales volumesand lower labor costs.

Labor cost in Pepperoni Grill was 30.9% during the quarter ended June29, 2003 versus 29.3% during the 2002 comparable period. This increase is due to lowersales compared with its consistent fixed labor costs for kitchen labor and management.

For the thirteen weeks ended June 29, 2003, operating expenses as apercentage of food and beverage sales increased to 65.4% from 63.7% in the thirteen weeksended June 30, 2002. For the twenty-six weeks ended June 29, 2003, operatingexpenses increased to 64.6% of food and beverage sales versus 62.2% in the 2002 period.Thisincrease is primarily related to constant fixed costs compared to lower revenues andhigher promotional costs.
During the thirteen and twenty-six week periods ended June 29, 2003 andJune 30, 2002, general and administrative costs as a percentage of total revenues changedto 7.7% and 7.5% from 5.9% and 5.7%respectively. The increase is primarily due to amanagement agreement to provide general and administrative services to the buyers ofGarcia’s through July, 2003. 

For the thirteen weeks ended June 29, 2003, depreciation andamortization expense was $627,607 (3.5% of food and beverage sales) compared to $1,028,620(4.4% of food and beverage sales) in the thirteen weeks ended June 30, 2002. For thetwenty-six weeks ended June 29, 2003, depreciation and amortization expense was $1,252,024(3.4% of food and beverage sales) compared to $2,074,908 (4.2% of food and beverage salesin the twenty-six weeks ended June 30, 2002. This decrease is due to the sale of thirteenGarcia’s in 2002 which had higher depreciation charges per location than otherCompany locations and the write down in 2002 on the remaining Garcia’s assets.

For the thirteen weeks ended June 29, 2003 interest expense decreasedto $141,075 (0.8% of total revenues) from $180,365 (0.8% of total revenues) for thethirteen weeks ended June 30, 2002. For the twenty-six week period ended June 29, 2003,interest expense decreased to $267,142 (0.7% of total revenues) from $376,842 (0.8% oftotal revenues) in the comparable 2002 period. The decrease primarily related to lowerinterest rates, average debt balance and the expiration of the swap agreement in 2002which was fixed at 7.65%. 
**Income Taxes**
The Company's provision for income taxes was $54,672 and $114,730 forthe thirteen and twenty-six weeks ended June 29, 2003, versus $106,500 and $207,500,respectively, for the 2002 comparable period. The effective tax rates for the periodsended June 29, 2003 and June 30, 2002, are as follows:

 

Thirteen Weeks
Twenty-six Weeks
June    29,
June    30
June    29,
June    30
2003
2002
2003
2002
Effective    income tax rates 
6.5%
28.6%
10.3%
29.0%
Effective income tax rates are lower during periods with net income dueto the large amount of FICA tax credits on tipped employees that the Company is allowed asa reduction of its calculated income tax liability.
**Earnings Per Share ("EPS")**
Basic EPS includes no dilution and is computed by dividing incomeavailable to common stockholders by the weighted-average number of common sharesoutstanding for the period. The weighted-average common shares outstanding for the basicEPS calculation were 2,881,043 and 2,997,169 in the quarters ended June 29, 2003 and June30, 2002, respectively and 2,924,230 and 2,998,743 in the twenty-six weeks ended June 29,2003 and June 30, 2002, respectively. Diluted EPS is computed by dividing net incomeavailable to common stockholders by the sum of the weighted-average number of commonshares outstanding for the period plus dilutive common stock equivalents. The sum of theweighted-average common shares and common share equivalents for the diluted EPScalculation was 2,949,056 and 3,105,230 in the quarters ended June 29, 2003 and June 30,2002, respectively, and 2,959,288 and 3,062,974 in the twenty-six weeks ended June 29,2003 and June 30, 2002, respectively. Diluted EPS is not calculated for periods where theCompany had a net loss as the result would be antidilutive.
**Impact of Inflation**
The impact of inflation on the costs of food and beverage products,labor and real estate can affect the Company's operations. Over the past few years,inflation has had a lesser impact on the Company's operations due to the lower rates ofinflation in the nation's economy and the economic conditions in the Company's marketareas.

Management believes the Company has historically been able to pass onincreased costs through certain selected menu price increases and increased productivityand purchasing efficiencies, however there can be no assurance that the Company will beable to do so in the future. Market conditions will determine the Company's ability topass through such additional costs and expenses. Management anticipates that the averagecost of restaurant real estate leases and construction costs could increase in the futurewhich could affect the Company's ability to expand. In addition, mandated health care andan increase in the Federal or state minimum wages could significantly increase theCompany's costs of doing business. Due to accounting standards requiring expensingpre-opening costs as incurred, income from operations, on an annual and quarterly basis,could be adversely affected during periods of restaurant development; however, the Companybelieves that its initial investment in the restaurant pre-opening costs yields along-term benefit of increased operating income in subsequent periods.
**Liquidity and Capital Resources**
At June 29, 2003, the Company’s current ratio was 0.52 to 1compared to 0.71 to 1 at December 29, 2002. The Company’s working capital deficit was$(3,263,408) at June 29, 2003 versus $(2,750,619) at December 29, 2002. As is customary inthe restaurant industry, the Company has operated with negative working capital and hasnot required large amounts of working capital. Historically, the Company has leased themajority of its restaurant locations and through a strategy of controlled growth, financedits expansion from operating cash flow, proceeds from the sale of common stock andutilizing the Company’s credit facility.

Although the Company has sustained losses in each of the first twoquarters of 2003, management believes the cash generated from its operations and borrowingavailability under its credit facility (described below), will be sufficient to satisfythe Company’s net capital expenditures and working capital requirements during 2003.Additionally, management believes that the decision to sell Garcia’s enhanced itsliquid resources. In 2003, management began certain transitional steps to reduce generaland administrative costs, associated with the operations of Garcia’s, which should becompleted and positively affect earnings by year-end. Additionally, sales trends haverecently returned to better than historical levels. Should this continue, theCompany’s financial condition should continue to strengthen. At June 29, 2003, theCompany has $4,560,000 available for use under its credit facility with GE Capital.

In February 1999, the Company entered into a credit facility with abank in the aggregate amount of $14,600,000, of which a maximum of $6,000,000 is availableto the Company under a revolving line of credit and $8,600,000 was available to theCompany under a term loan. The revolving line of credit initially bears interest at thegreater of a floating rate of three month LIBOR plus 2.50% or 5.00%, which is resetquarterly. The term loan also provides for an initial floating rate of interest equal tothree month LIBOR plus 2.50% and requires quarterly installments of principal and interestin the amount necessary to fully amortize the outstanding principal balance over aseven-year period, with a final maturity on the fifth anniversary of the note. The termloan converts to a five-year amortization schedule if the Company’s debt coverageratio, as defined in the loan agreement, exceeds a certain level. Additionally, thefloating interest rate on both facilities is subject to changes in the Company’sratio of total loans and capital leases to net worth. Under the terms of these notes, theCompany’s minimum floating rate is LIBOR plus 1.25% and the maximum floating rate isLIBOR plus 2.50%. Borrowings under this loan agreement are unsecured. The loan agreementdoes contain certain financial covenants and restrictions. These notes were paid in fullon December 30, 2002 and the related loan agreements were cancelled. 

On December 30, 2002, the Company entered into a new credit facilitywith GE Capital Franchise Finance in the aggregate amount of $15,000,000. $10,000,000 wasdrawn initially for the purposes of retiring its current credit facility. Another$5,000,000 was restricted and available under this facility for use upon notice to GECapital for certain specified purposes. Borrowings are at a rate of 30-day LIBOR plus3.50%, which is reset monthly. The Company is required to make debt payments annually toreduce the amount outstanding to specific maximum balances. The debt under this agreementis secured by the Company’s furniture, fixtures and equipment. The loan agreementdoes contain certain financial covenants and restrictions and retirement of the loan issubject to certain prepayment penalties. The Company is in compliance with these covenantsas of the date of this report. Non-compliance with these covenants could affect theCompany’s ability to borrow under the terms of the credit facility. As of June 29,2003, $10,440,000 was outstanding under this agreement at a rate of 4.8%.

In November 1997, the Company entered into an interest rate swapagreement with a bank to hedge its risk exposure to potential increases in LIBOR. Thisagreement had a term of five years and an initial notional amount of $9,500,000. Thenotional amount declines quarterly over the life of the agreement on a seven-yearamortization schedule assuming a fixed interest rate of 7.68%. Under the terms of theinterest rate swap agreement, the Company pays interest quarterly on the notional amountat a fixed rate of 7.68% and receives interest quarterly on the notional amount at afloating rate of three-month LIBOR plus 1.25%. The notional amount expired on November 21,2002, thus there was no unrealized gain or loss as of December 29, 2002 or June 29, 2003.The unrealized loss as of March 31, 2002 was $84,000 and is included in OtherComprehensive Income according to the provisions of SFAS No. 133.

In April 1997, the Company’s Board of Directors authorized therepurchase of up to 200,000 shares of the Company’s common stock. In September 1997,an additional 200,000 shares were authorized for repurchase. In March 2003, an additional330,000 shares were authorized for repurchase, bringing the total amount authorized forrepurchase to 730,000 shares. During the second quarter, the Company purchased a total of145,000 shares for $441,508. As of June 29, 2003, 375,662 shares have been repurchasedunder this plan for a total purchase price of approximately $1,236,000. 
**Contingencies**
In the ordinary course of business, the Company is subject to legalactions and complaints. In the opinion of management, based in part on the advice of legalcounsel, and based on available facts and proceedings to date, the ultimate liability, ifany, arising from such legal actions currently pending will not have a material adverseeffect on the Company’s financial position or future results of operations.

 
**Item 4.**Controls and Procedures
Evaluation of Disclosure controls and Procedures**
We maintain disclosure controls and procedures designed to providereasonable assurance that information required to be disclosed in the reports we file withthe SEC is recorded, processed, summarized and reported within the time periods specifiedin the rules of the SEC. Within 90 days prior to the filing of this Quarterly Report onForm 10-Q, we carried out an evaluation, under the supervision and the participation ofour management, including our Chief Executive Officer and Chief Financial Officer, of thedesign and operation of these disclosure controls and procedures pursuant to Exchange ActRule 13a-14. Based upon that evaluation, our Chief Executive Officer and Chief FinancialOfficer concluded that our disclosure controls and procedures are effective in timelyalerting them to material information relating to the Company (including our consolidatedsubsidiaries) required to be included in our periodic SEC filings.
**Changes in Internal controls**
There were no significant changes in internal controls or other factorsthat could significantly affect our internal controls subsequent to the date of ourevaluation.

 

 

PART II

OTHER INFORMATION

 

 

Item 6.Exhibits and Reports on Form 8-K.

 

(a)  Exhibits:

(1) Officer certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(b)  During the twenty-six weeks ended June 29, 2003, the following reports on    Form 8-K were filed:

(a)   On January 7, 2003, a report on Form 8-K was filed, reporting the        Company’s     disposition of most of its Garcia’s        restaurants. On March 29, 2003, an amendment to this report on Form 8-K was filed which        contained pro forma financial information for the Company as of December 29, 2002.

(b)   On March 21, 2003, a report on Form 8-K was filed, setting forth a        press release issued by the Company regarding financial results for the year ended        December 29, 2002.

(c)   On April 17, 2003, a report on Form 8-K was filed, setting forth a        press release issued by the Company regarding delisting from Nasdaq Small Cap Market.

(d)   On April 29, 2003, a report on Form 8-K was filed, setting forth a        press release issued by the Company regarding listing on the OTC Bulletin Board.

(e)   On May 6, 2003, a report on Form 8-K was filed, setting forth a press        release issued by the Company regarding financial results for the quarter ended March 30,        2003.

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 undersignedthereunto duly authorized.
**EATERIES, INC.
Registrant
Date:    July 30, 2003
By: /s/    BRADLEY L. GROW
Bradley    L. Grow 
Vice    President
Chief    Financial Officer
 

CERTIFICATION

 

I, Vincent F. Orza, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Eateries, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statementof a material fact or omit to state a material fact necessary to make the statements made,in light of the circumstances under which such statements were made, not misleading withrespect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial informationincluded in this quarterly report, fairly present in all material respects the financialcondition, results of operations and cash flows of the registrant as of, and for, theperiods presented in this quarterly report;

4. The registrant’s other certifying officers and I are responsible forestablishing and maintaining disclosure controls and procedures (as defined in ExchangeAct Rules 13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material informationrelating to the registrant, including its consolidated subsidiaries, is made known to usby others within those entities, particularly during the period in which this quarterlyreport is being prepared;

b) evaluated the effectiveness of the registrant’s disclosure controls andprocedures as of a date within 90 days prior to the filing date of this quarterly report(the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of thedisclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant’s other certifying officers and I have disclosed, based on ourmost recent evaluation, to the registrant’s auditors and the audit committee ofregistrant’s board of directors:

a) all significant deficiencies in the design or operation of internal controls whichcould adversely affect the registrant’s ability to record, process, summarize andreport financial data and have identified for the registrant’s auditors any materialweaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees whohave a significant role in the registrant’s internal controls; and

6. The registrant’s other certifying officers and I have indicated in thisquarterly report whether there were significant changes in internal controls or in otherfactors that could significantly affect internal controls subsequent to the date of ourmost recent evaluation, including any corrective actions with regard to significantdeficiencies and material weaknesses.

 

Date:    July 30, 2003
By: /s/    VINCENT F. ORZA, JR. 
Vincent    F. Orza, Jr. 
Chief    Executive Officer
CERTIFICATION

 

I, Bradley L. Grow, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Eateries, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statementof a material fact or omit to state a material fact necessary to make the statements made,in light of the circumstances under which such statements were made, not misleading withrespect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial informationincluded in this quarterly report, fairly present in all material respects the financialcondition, results of operations and cash flows of the registrant as of, and for, theperiods presented in this quarterly report;

4. The registrant’s other certifying officers and I are responsible forestablishing and maintaining disclosure controls and procedures (as defined in ExchangeAct Rules 13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material informationrelating to the registrant, including its consolidated subsidiaries, is made known to usby others within those entities, particularly during the period in which this quarterlyreport is being prepared;

b) evaluated the effectiveness of the registrant’s disclosure controls andprocedures as of a date within 90 days prior to the filing date of this quarterly report(the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of thedisclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant’s other certifying officers and I have disclosed, based on ourmost recent evaluation, to the registrant’s auditors and the audit committee ofregistrant’s board of directors:

a) all significant deficiencies in the design or operation of internal controls whichcould adversely affect the registrant’s ability to record, process, summarize andreport financial data and have identified for the registrant’s auditors any materialweaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees whohave a significant role in the registrant’s internal controls; and

6. The registrant’s other certifying officers and I have indicated in thisquarterly report whether there were significant changes in internal controls or in otherfactors that could significantly affect internal controls subsequent to the date of ourmost recent evaluation, including any corrective actions with regard to significantdeficiencies and material weaknesses.

 

Date:    July 30, 2003
By: /s/    BRADLEY L. GROW 
Bradley    L. Grow 
Chief    Financial Officer
Exhibit (a)(1)

OFFICER CERTIFICATIONS

 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, theundersigned, being the duly elected and appointed chief executive officer and chieffinancial officer of Eateries, Inc., an Oklahoma corporation (the "Company"),hereby certify that to the best of their knowledge and belief:

1. The Company’s quarterly report on Form 10-Q for the quarter        ended June 29, 2003 fully complies with the requirements of section 13(a) or 15(d) of the        Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d); and

2. That information contained in such periodic report fairly presents,        in all material respect, the financial condition and results of operations of the Company.

 

 

Date:    July 30, 2003
By: /s/    VINCENT F. ORZA, JR. 
Vincent    F. Orza, Jr. 
Chief    Executive Officer
Date:    July 30, 2003
By: /s/    BRADLEY L. GROW 
Bradley    L. Grow 
Chief    Financial Officer****************************** |