Filed under: Investing
*Brazil Fast Food Announces First-Quarter 2013 Results*
RIO DE JANEIRO--(BUSINESS WIRE)-- *Brazil Fast Food Corp.* (OTC Markets: BOBS) ("Brazil Fast Food", or the "the Company"), the second largest fast-food restaurant chain in Brazil with 1,049 points of sale, operating under (i) the Bob's brand, (ii) the Yoggi brand, (iii) KFC and Pizza Hut São Paulo as franchisee of Yum! Brands, and (iv) Doggis as master franchisee of Gastronomia & Negocios S.A. (former Grupo de Empresas Doggis S.A.), today announced financial results for the first quarter ended March 31, 2013.
*First-Quarter 2013 Highlights*
· System-wide sales totaled R$ 297.5 million, up 17.0% from the first quarter of 2012
· Revenue totaled R$ 58.3 million, up 8.7% from the first quarter of 2012
· EBITDA was R$ 12.0 million compared to R$ 7.1 million in the first quarter of 2012
· Operating income was R$ 10.2 million compared to R$ 5.5 million in the first quarter of 2012
· Net income was R$ 7.1 million, or R$ 0.83 per basic and diluted share
· In the first quarter of 2013, the Company recorded a R$ 3.0 million gain on the sale of two stores which were sold to third parties and converted into franchisees
"In the first quarter of 2013, we experienced solid revenue growth and a substantial increase in profitability. This growth primarily derived from higher revenues from own-operated stores, particularly at our Pizza Hut and KFC restaurants. Same-store sales followed the same trend, where we experienced solid increases among our KFC and Pizza Hut brands," said Mr. Ricardo Bomeny, President and CEO of Brazil Fast Food.
"Same-store sales were slightly lower at our Bob's restaurants due to a long period of inclement weather and a more competitive business environment; however this was partially offset by an increase in the number of franchised points of sale. Same-store sales at our KFC restaurants benefited from actions we took to boost evening and afternoon sales in addition to an increase in points of sale, and Pizza Hut sales responded well to radio and Internet promotions, the introduction of a new take-out system at selected restaurants, and the number of Pizza Hut points of sale increased as well."
*First Quarter 2013 Results*
System-wide sales grew 17.0% in the first quarter to R$ 297,5 million, driven by an increase in the number of franchised points of sale.
Total revenue for the first quarter of 2013 was R$ 58.3 million, an 8.7% increase versus R$ 53.6 million in the year-ago quarter, due to higher revenues from own-operated restaurants and franchisees.
Net restaurant sales for company-owned restaurants increased 6.4% year-over-year to R$ 6.4 million in the first quarter of 2013, driven by higher sales Pizza Hut and KFC restaurants.
Net revenue from franchisees increased 18.5% year-over-year to R$ 11.9 million, driven primarily by an increase in number of franchised retail outlets to 972, as compared to 916 a year ago.
Operating expenses decreased 0.1% to R$ 48.0 million in the first quarter of 2013 from R$ 48.1 million in the year-ago quarter. As a percentage of revenue, operating costs declined to 82.4% of total revenue in the first quarter of 2013 from 89.7% of total revenue in the year-ago quarter. During the first quarter of 2013, the Company recorded a R $3.0 million gain on the sale of two stores which were sold to third parties and converted into franchisees. The Company had no such gain in the year ago period.
Operating income for the first quarter of 2013 was R$ 10.2 million, an increase of 84.7% from R$ 5.5 million in the year-ago quarter. Operating margin in the first quarter of 2013 improved to 17.6%, as compared to 10.3% in the year-ago quarter.
EBITDA in the first quarter of 2013 was R$ 12.0 million, up 68.2% from R$ 7.1 million in the year-ago quarter. EBITDA margin was 20.6%, as compared to 13.3% in the year-ago quarter. Please refer Table No. 5 in this press release for a reconciliation of EBITDA to its nearest IFRS equivalent. Interest expense was R$ 0.1 million in the first quarter of 2013, as compared to R$ 0.1 million in the year-ago quarter.
Net income attributable to Brazil Fast Food Corp. in the first quarter of 2013 was R$ 6.7 million, or R$ 0.83 per basic and diluted share, as compared to R$ 3.4 million, or R$ 0.42 per basic and diluted share in the year-ago quarter.
Eliminating the impact of the R$ 3.0 million gain on the sale of assets, adjusted operating income was R$ 7.2 million, up 30.0% from the first quarter of 2012; adjusted EBITDA was R$ 9.0 million, up 25.7% from the first quarter of 2012; and adjusted net income attributable to Brazil Fast Food Corp. was R$ 3.7 million, or R$ 0.46 per basic and diluted share, up 9.3% from the first quarter of 2012. Please refer to Table No. 5 in this press release for a reconciliation of each of these measures to the nearest IFRS equivalent.
*Financial Condition*
As of March 31, 2013, the Company had R$ 38.6 million in cash, up from R$ 32.1 million as of December 31, 2012. Working capital was R$ 19.2 million as of March 31, 2013, as compared to R$ 24.6 million as of December 31, 2012. Total shareholders' equity was R$ 68.3 million as of March 31, 2013, 12 compared to R$ 61.5 million at the end of 2012.
*Business Outlook*
In 2013, the Company will continue to implement its multi-brand strategy and plans to add 150 points of sale in its system, of which 75 will be kiosks, despite a more aggressive competitive landscape including international brands.
"We continue to strengthen our balance sheet to support our future expansion," said Mr. Bomeny.
"We continue to add new stores to increase the market penetration of our Bob's brand, especially in the interior of Brazil, while enhancing brand awareness and continuously improving operations. While we are continuing our work with Yum! Restaurants International, we are now focusing on increasing the profitability of our own KFC and Pizza Hut stores in Rio de Janeiro and São Paulo metropolitan areas. For Doggis, we are also exploring new store formats and distribution channels to improve penetration of the brand throughout Brazil. In our Yoggi brand stores, we have had good success implementing a self-service concept for our Yoggi brand stores and we look forward to developing a stronger presence in the frozen yogurt segment," Mr. Bomeny concluded.
*Other Developments*
The Company has recently updated its bylaws. A copy of the bylaws showing such revisions is available on the Company's website.
*About Brazil Fast Food Corp.*
Brazil Fast Food Corp. , through its holding company in Brazil, BFFC do Brasil Participações Ltda. ("BFFC do Brasil", formerly 22N Participações Ltda.), and its subsidiaries, manage one of the largest food service groups in Brazil and franchise units in Angola and Chile. Our subsidiaries are Venbo Comércio de Alimentos Ltda. ("Venbo"), LM Comércio de Alimentos Ltda. ("LM"), PCN Comércio de Alimentos Ltda. ("PCN"), CFK Comércio de Alimentos Ltda. ("CFK", former Clematis Indústria e Comércio de Alimentos e Participações Ltda.), CFK São Paulo Comércio de Alimentos Ltda. ("CFK SP"), MPSC Comércio de Alimentos Ltda. ("MPSC"). FCK Comércio de Alimentos Ltda. ("FCK", former Suprilog Logística Ltda.), DGS Comércio de Alimentos S.A. ("DGS"), Yoggi do Brasil Ltda ("Yoggi") and Internacional Restaurantes do Brasil S.A. ("IRB"). IRB has 40% of its capital held by Mascali Participações Ltda., another Brazilian limited liability company, whose main partner is the CEO of IRB.
*Safe Harbor Statement*
This press release contains forward-looking statements within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known or unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those expressed or implied by such forward looking statements. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the disclosures in the Company's financial reports, including the risk factors contained in the Company's most recent annual report and quarterly reports available on its website www.bffc.com.br .
*Table 1*
*BRAZIL FAST FOOD CORP. AND SUBSIDIARIES*
*CONSOLIDATED INCOME STATEMENTS*
*(in thousands of Brazilian Reais, except share amounts)*
*Three Months Ended*
*March 31,*
*2013* *2012*
REVENUES FROM RESTAURANTS AND FRANCHISEES
Net revenues from own-operated restaurants R$
46,419
R$
43,617
Net revenues from franchisees 11,860 10,011
TOTAL REVENUES FROM RESTAURANTS AND FRANCHISEES 58,279 53,628
Store Costs and Expenses (45,511 ) (41,871 )
Franchise Costs and Expenses (3,584 ) (3,489 )
Administrative Expenses (7,552 ) (8,192 )
Income from supply agreements 6,446 6,591
Other income 147 320
Other Operating Expenses (1,012 ) (1,398 )
Net result of assets sold and impairment of assets 3,030 (44 )
OPERATING INCOME 10,243 5,545
Interest Expense, net (83 ) (139 )
NET INCOME BEFORE INCOME TAX 10,160 5,406
Income taxes (3,086 ) (1,824 )
NET INCOME BEFORE NON-CONTROLLING INTEREST 7,074 3,582
Net loss attributable to non-controlling interest (328 ) (182 )
NET INCOME ATTRIBUTABLE TO BRAZIL FAST FOOD CORP. R$
6,746
R$
3,400
NET INCOME PER COMMON SHARE
BASIC AND DILUTED R$
0.83
R$
0.42
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING: BASIC AND DILUTED 8,129,437 8,129,437
*Table 2*
*BRAZIL FAST FOOD CORP. AND SUBSIDIARIES*
*CONSOLIDATED BALANCE SHEETS - ASSETS*
*(In thousands of Brazilian Reais, except share amounts)*
*March 31,*
*2013* *December 31,*
*2012*
(unaudited)
*ASSETS*
CURRENT ASSETS:
Cash and cash equivalents R$
38,614
R$
32,062
Inventories 3,513 3,228
Accounts receivable
Clients - food sales 8,491 8,748
Franchisees 18,269 17,226
Allowance for doubtful accounts (221 ) (220 )
Prepaid expenses 1,656 892
Advances to suppliers 2,242 2,092
Other current assets 5,114 6,601
TOTAL CURRENT ASSETS 77,677 70,629
NON-CURRENT ASSETS
Other receivables and other assets 13,308 13,667
Deferred tax asset, net 8,461 8,565
Goodwill 1,121 1,121
Property and equipment, net 39,509 39,414
Intangible assets, net 8,100 8,280
TOTAL NON-CURRENT ASSETS 70,499 71,047
TOTAL ASSETS R$
148,176
R$
141,676
*Table 3*
*BRAZIL FAST FOOD CORP. AND SUBSIDIARIES*
*CONSOLIDATED BALANCE SHEETS - LIABILITIES AND STOCKHOLDERS' EQUITY*
*(In thousands of Brazilian Reais, except share amounts)*
*March 31,*
*2013* *December 31,*
*2012*
(unaudited)
*LIABILITIES AND SHAREHOLDERS' EQUITY*
CURRENT LIABILITIES:
Notes payable R$
12,695
R$
14,523
Accounts payable and accrued expenses 17,795 13,834
Payroll and related accruals 6,005 4,782
Taxes 6,365 7,848
Current portion of deferred income 6,560 3,398
Current portion of contingencies and reassessed taxes 2,070 2,090
TOTAL CURRENT LIABILITIES 51,490 46,475
Deferred income, less current portion 271 1,608
NOTES PAYABLE, less current portion 3,621 6,397
CONTINGENCIES AND REASSESSED TAXES, less
current portion 17,674 18,472
Other liabilities 2,396 3,093
TOTAL NON-CURRENT LIABILITIES 23,962 29,570
TOTAL LIABILITIES 75,452 76,045
SHAREHOLDERS' EQUITY:
Preferred stock, $.01 par value, 5,000 shares authorized; no shares issued - -
Common stock, $.0001 par value, 12,500,000 shares authorized; 8,472,927 shares issued for both 2013 and 2012; and 8,129,437 shares outstanding for both 2013 and 2012 1 1
Additional paid-in capital 61,148 61,148
Treasury Stock (343,490 shares) (2,060 ) (2,060 )
Accumulated deficit 10,273 3,527
Accumulated comprehensive loss (1,096 ) (1,115 )
TOTAL SHAREHOLDERS' EQUITY 68,266 61,501
Non-Controlling Interest 4,458 4,130
TOTAL EQUITY 72,724 65,631
TOTAL LIABILITIES AND EQUITY R$
148,176
R$
141,676
*Table 4*
*BRAZIL FAST FOOD CORP. AND SUBSIDIARIES*
*CONSOLIDATED STATEMENTS OF CASH FLOWS*
*(In thousands of Brazilian Reais)*
*Three Months Ended*
*March 31,*
*2013* *2013*
CASH FLOW FROM OPERATING ACTIVITIES:
NET INCOME BEFORE NON-CONTROLLING INTEREST R$
7,074
R$
3,582
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization 2,076 1,768
(Gain) Loss on assets sold, net (3,030 ) 44
Deferred income tax 104 387
Changes in assets and liabilities:
(Increase) decrease in:
Accounts receivable (785 ) (408 )
Inventories (284 ) 846
Prepaid expenses, advances to suppliers and other current assets 573 (198 )
Other assets 359 (920 )
(Decrease) increase in:
Accounts payable and accrued expenses 3,961 (343 )
Payroll and related accruals 1,223 (198 )
Taxes (1,483 ) (1,089 )
Deferred income 1,825 3,498
Contingencies and reassessed taxes (818 ) 312
Other liabilities (697 ) -
Read | Permalink | Email this | Linking Blogs | Comments Reported by DailyFinance 6 hours ago.
*Brazil Fast Food Announces First-Quarter 2013 Results*
RIO DE JANEIRO--(BUSINESS WIRE)-- *Brazil Fast Food Corp.* (OTC Markets: BOBS) ("Brazil Fast Food", or the "the Company"), the second largest fast-food restaurant chain in Brazil with 1,049 points of sale, operating under (i) the Bob's brand, (ii) the Yoggi brand, (iii) KFC and Pizza Hut São Paulo as franchisee of Yum! Brands, and (iv) Doggis as master franchisee of Gastronomia & Negocios S.A. (former Grupo de Empresas Doggis S.A.), today announced financial results for the first quarter ended March 31, 2013.
*First-Quarter 2013 Highlights*
· System-wide sales totaled R$ 297.5 million, up 17.0% from the first quarter of 2012
· Revenue totaled R$ 58.3 million, up 8.7% from the first quarter of 2012
· EBITDA was R$ 12.0 million compared to R$ 7.1 million in the first quarter of 2012
· Operating income was R$ 10.2 million compared to R$ 5.5 million in the first quarter of 2012
· Net income was R$ 7.1 million, or R$ 0.83 per basic and diluted share
· In the first quarter of 2013, the Company recorded a R$ 3.0 million gain on the sale of two stores which were sold to third parties and converted into franchisees
"In the first quarter of 2013, we experienced solid revenue growth and a substantial increase in profitability. This growth primarily derived from higher revenues from own-operated stores, particularly at our Pizza Hut and KFC restaurants. Same-store sales followed the same trend, where we experienced solid increases among our KFC and Pizza Hut brands," said Mr. Ricardo Bomeny, President and CEO of Brazil Fast Food.
"Same-store sales were slightly lower at our Bob's restaurants due to a long period of inclement weather and a more competitive business environment; however this was partially offset by an increase in the number of franchised points of sale. Same-store sales at our KFC restaurants benefited from actions we took to boost evening and afternoon sales in addition to an increase in points of sale, and Pizza Hut sales responded well to radio and Internet promotions, the introduction of a new take-out system at selected restaurants, and the number of Pizza Hut points of sale increased as well."
*First Quarter 2013 Results*
System-wide sales grew 17.0% in the first quarter to R$ 297,5 million, driven by an increase in the number of franchised points of sale.
Total revenue for the first quarter of 2013 was R$ 58.3 million, an 8.7% increase versus R$ 53.6 million in the year-ago quarter, due to higher revenues from own-operated restaurants and franchisees.
Net restaurant sales for company-owned restaurants increased 6.4% year-over-year to R$ 6.4 million in the first quarter of 2013, driven by higher sales Pizza Hut and KFC restaurants.
Net revenue from franchisees increased 18.5% year-over-year to R$ 11.9 million, driven primarily by an increase in number of franchised retail outlets to 972, as compared to 916 a year ago.
Operating expenses decreased 0.1% to R$ 48.0 million in the first quarter of 2013 from R$ 48.1 million in the year-ago quarter. As a percentage of revenue, operating costs declined to 82.4% of total revenue in the first quarter of 2013 from 89.7% of total revenue in the year-ago quarter. During the first quarter of 2013, the Company recorded a R $3.0 million gain on the sale of two stores which were sold to third parties and converted into franchisees. The Company had no such gain in the year ago period.
Operating income for the first quarter of 2013 was R$ 10.2 million, an increase of 84.7% from R$ 5.5 million in the year-ago quarter. Operating margin in the first quarter of 2013 improved to 17.6%, as compared to 10.3% in the year-ago quarter.
EBITDA in the first quarter of 2013 was R$ 12.0 million, up 68.2% from R$ 7.1 million in the year-ago quarter. EBITDA margin was 20.6%, as compared to 13.3% in the year-ago quarter. Please refer Table No. 5 in this press release for a reconciliation of EBITDA to its nearest IFRS equivalent. Interest expense was R$ 0.1 million in the first quarter of 2013, as compared to R$ 0.1 million in the year-ago quarter.
Net income attributable to Brazil Fast Food Corp. in the first quarter of 2013 was R$ 6.7 million, or R$ 0.83 per basic and diluted share, as compared to R$ 3.4 million, or R$ 0.42 per basic and diluted share in the year-ago quarter.
Eliminating the impact of the R$ 3.0 million gain on the sale of assets, adjusted operating income was R$ 7.2 million, up 30.0% from the first quarter of 2012; adjusted EBITDA was R$ 9.0 million, up 25.7% from the first quarter of 2012; and adjusted net income attributable to Brazil Fast Food Corp. was R$ 3.7 million, or R$ 0.46 per basic and diluted share, up 9.3% from the first quarter of 2012. Please refer to Table No. 5 in this press release for a reconciliation of each of these measures to the nearest IFRS equivalent.
*Financial Condition*
As of March 31, 2013, the Company had R$ 38.6 million in cash, up from R$ 32.1 million as of December 31, 2012. Working capital was R$ 19.2 million as of March 31, 2013, as compared to R$ 24.6 million as of December 31, 2012. Total shareholders' equity was R$ 68.3 million as of March 31, 2013, 12 compared to R$ 61.5 million at the end of 2012.
*Business Outlook*
In 2013, the Company will continue to implement its multi-brand strategy and plans to add 150 points of sale in its system, of which 75 will be kiosks, despite a more aggressive competitive landscape including international brands.
"We continue to strengthen our balance sheet to support our future expansion," said Mr. Bomeny.
"We continue to add new stores to increase the market penetration of our Bob's brand, especially in the interior of Brazil, while enhancing brand awareness and continuously improving operations. While we are continuing our work with Yum! Restaurants International, we are now focusing on increasing the profitability of our own KFC and Pizza Hut stores in Rio de Janeiro and São Paulo metropolitan areas. For Doggis, we are also exploring new store formats and distribution channels to improve penetration of the brand throughout Brazil. In our Yoggi brand stores, we have had good success implementing a self-service concept for our Yoggi brand stores and we look forward to developing a stronger presence in the frozen yogurt segment," Mr. Bomeny concluded.
*Other Developments*
The Company has recently updated its bylaws. A copy of the bylaws showing such revisions is available on the Company's website.
*About Brazil Fast Food Corp.*
Brazil Fast Food Corp. , through its holding company in Brazil, BFFC do Brasil Participações Ltda. ("BFFC do Brasil", formerly 22N Participações Ltda.), and its subsidiaries, manage one of the largest food service groups in Brazil and franchise units in Angola and Chile. Our subsidiaries are Venbo Comércio de Alimentos Ltda. ("Venbo"), LM Comércio de Alimentos Ltda. ("LM"), PCN Comércio de Alimentos Ltda. ("PCN"), CFK Comércio de Alimentos Ltda. ("CFK", former Clematis Indústria e Comércio de Alimentos e Participações Ltda.), CFK São Paulo Comércio de Alimentos Ltda. ("CFK SP"), MPSC Comércio de Alimentos Ltda. ("MPSC"). FCK Comércio de Alimentos Ltda. ("FCK", former Suprilog Logística Ltda.), DGS Comércio de Alimentos S.A. ("DGS"), Yoggi do Brasil Ltda ("Yoggi") and Internacional Restaurantes do Brasil S.A. ("IRB"). IRB has 40% of its capital held by Mascali Participações Ltda., another Brazilian limited liability company, whose main partner is the CEO of IRB.
*Safe Harbor Statement*
This press release contains forward-looking statements within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known or unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those expressed or implied by such forward looking statements. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the disclosures in the Company's financial reports, including the risk factors contained in the Company's most recent annual report and quarterly reports available on its website www.bffc.com.br .
*Table 1*
*BRAZIL FAST FOOD CORP. AND SUBSIDIARIES*
*CONSOLIDATED INCOME STATEMENTS*
*(in thousands of Brazilian Reais, except share amounts)*
*Three Months Ended*
*March 31,*
*2013* *2012*
REVENUES FROM RESTAURANTS AND FRANCHISEES
Net revenues from own-operated restaurants R$
46,419
R$
43,617
Net revenues from franchisees 11,860 10,011
TOTAL REVENUES FROM RESTAURANTS AND FRANCHISEES 58,279 53,628
Store Costs and Expenses (45,511 ) (41,871 )
Franchise Costs and Expenses (3,584 ) (3,489 )
Administrative Expenses (7,552 ) (8,192 )
Income from supply agreements 6,446 6,591
Other income 147 320
Other Operating Expenses (1,012 ) (1,398 )
Net result of assets sold and impairment of assets 3,030 (44 )
OPERATING INCOME 10,243 5,545
Interest Expense, net (83 ) (139 )
NET INCOME BEFORE INCOME TAX 10,160 5,406
Income taxes (3,086 ) (1,824 )
NET INCOME BEFORE NON-CONTROLLING INTEREST 7,074 3,582
Net loss attributable to non-controlling interest (328 ) (182 )
NET INCOME ATTRIBUTABLE TO BRAZIL FAST FOOD CORP. R$
6,746
R$
3,400
NET INCOME PER COMMON SHARE
BASIC AND DILUTED R$
0.83
R$
0.42
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING: BASIC AND DILUTED 8,129,437 8,129,437
*Table 2*
*BRAZIL FAST FOOD CORP. AND SUBSIDIARIES*
*CONSOLIDATED BALANCE SHEETS - ASSETS*
*(In thousands of Brazilian Reais, except share amounts)*
*March 31,*
*2013* *December 31,*
*2012*
(unaudited)
*ASSETS*
CURRENT ASSETS:
Cash and cash equivalents R$
38,614
R$
32,062
Inventories 3,513 3,228
Accounts receivable
Clients - food sales 8,491 8,748
Franchisees 18,269 17,226
Allowance for doubtful accounts (221 ) (220 )
Prepaid expenses 1,656 892
Advances to suppliers 2,242 2,092
Other current assets 5,114 6,601
TOTAL CURRENT ASSETS 77,677 70,629
NON-CURRENT ASSETS
Other receivables and other assets 13,308 13,667
Deferred tax asset, net 8,461 8,565
Goodwill 1,121 1,121
Property and equipment, net 39,509 39,414
Intangible assets, net 8,100 8,280
TOTAL NON-CURRENT ASSETS 70,499 71,047
TOTAL ASSETS R$
148,176
R$
141,676
*Table 3*
*BRAZIL FAST FOOD CORP. AND SUBSIDIARIES*
*CONSOLIDATED BALANCE SHEETS - LIABILITIES AND STOCKHOLDERS' EQUITY*
*(In thousands of Brazilian Reais, except share amounts)*
*March 31,*
*2013* *December 31,*
*2012*
(unaudited)
*LIABILITIES AND SHAREHOLDERS' EQUITY*
CURRENT LIABILITIES:
Notes payable R$
12,695
R$
14,523
Accounts payable and accrued expenses 17,795 13,834
Payroll and related accruals 6,005 4,782
Taxes 6,365 7,848
Current portion of deferred income 6,560 3,398
Current portion of contingencies and reassessed taxes 2,070 2,090
TOTAL CURRENT LIABILITIES 51,490 46,475
Deferred income, less current portion 271 1,608
NOTES PAYABLE, less current portion 3,621 6,397
CONTINGENCIES AND REASSESSED TAXES, less
current portion 17,674 18,472
Other liabilities 2,396 3,093
TOTAL NON-CURRENT LIABILITIES 23,962 29,570
TOTAL LIABILITIES 75,452 76,045
SHAREHOLDERS' EQUITY:
Preferred stock, $.01 par value, 5,000 shares authorized; no shares issued - -
Common stock, $.0001 par value, 12,500,000 shares authorized; 8,472,927 shares issued for both 2013 and 2012; and 8,129,437 shares outstanding for both 2013 and 2012 1 1
Additional paid-in capital 61,148 61,148
Treasury Stock (343,490 shares) (2,060 ) (2,060 )
Accumulated deficit 10,273 3,527
Accumulated comprehensive loss (1,096 ) (1,115 )
TOTAL SHAREHOLDERS' EQUITY 68,266 61,501
Non-Controlling Interest 4,458 4,130
TOTAL EQUITY 72,724 65,631
TOTAL LIABILITIES AND EQUITY R$
148,176
R$
141,676
*Table 4*
*BRAZIL FAST FOOD CORP. AND SUBSIDIARIES*
*CONSOLIDATED STATEMENTS OF CASH FLOWS*
*(In thousands of Brazilian Reais)*
*Three Months Ended*
*March 31,*
*2013* *2013*
CASH FLOW FROM OPERATING ACTIVITIES:
NET INCOME BEFORE NON-CONTROLLING INTEREST R$
7,074
R$
3,582
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization 2,076 1,768
(Gain) Loss on assets sold, net (3,030 ) 44
Deferred income tax 104 387
Changes in assets and liabilities:
(Increase) decrease in:
Accounts receivable (785 ) (408 )
Inventories (284 ) 846
Prepaid expenses, advances to suppliers and other current assets 573 (198 )
Other assets 359 (920 )
(Decrease) increase in:
Accounts payable and accrued expenses 3,961 (343 )
Payroll and related accruals 1,223 (198 )
Taxes (1,483 ) (1,089 )
Deferred income 1,825 3,498
Contingencies and reassessed taxes (818 ) 312
Other liabilities (697 ) -
Read | Permalink | Email this | Linking Blogs | Comments Reported by DailyFinance 6 hours ago.