8-K 1 ryans8k0203.txt U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report August 8, 2003 (Date of earliest event reported) FAMILY STEAK HOUSES OF FLORIDA, INC. (Exact name of registrant as specified in its charter) Florida (State or other jurisdiction of incorporation) 0-14311 59-2597349 (Commission File Number) (IRS Employer Identification No.) 2113 Florida Boulevard, Neptune Beach, FL 32266 (Address principal executive offices) (Zip Code) Registrant's telephone number, including area code (904) 249-4197 Item 5. Other Events On July 6, 2003, Family Steak Houses of Florida, Inc. (the "Company") issued a press release reporting revenues and operating results for the second quarter and year-to-date periods ended July 2, 2003. Item 7. Financial Statements and Exhibits (c) Exhibits. 99.1 Press Release dated July 6, 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 undersigned hereunto duly authorized. FAMILY STEAK HOUSES OF FLORIDA, INC. Date: August 8, 2003 By: /s/ Glen F. Ceiley Glen F. Ceiley, Chief Executive Officer EXHIBIT INDEX Exhibit No. 99.1 Press Release dated July 6, 2003 issued by Family Steak Houses of Florida, Inc. Exhibit 99.1 Edward B. Alexander President (904) 249-4l97 August 6, 2003 FAMILY STEAK HOUSES OF FLORIDA, INC. REPORTS SECOND QUARTER RESULTS ______________________ NEPTUNE BEACH, FLORIDA - Family Steak Houses of Florida, Inc. (OTCBB:RYFL), today reported revenues and operating results for the second quarter and year to date periods ended July 2, 2003. Second quarter 2003 sales decreased to $9,567,400 from $10,794,800 for the same period in 2002. Average sales per store decreased 3.0% in the second quarter of 2003 compared to 2002. Same store sales decreased 5.5% for the second quarter of 2003 compared to the same period in 2002, due primarily to increased competition and a sluggish economy which significantly affected sales. Net loss for the second quarter was $394,500 compared to net loss of $299,300 for the same period in 2002. Net loss per share for the second quarter of 2003 was 11 cents compared to loss per share of 8 cents for the second quarter of 2002. Net loss for the six months ended July 2, 2003 was $449,900 compared to net earnings of $215,100 for the same period in 2002. Loss per share assuming dilution for this period was 12 cents compared to net earnings per share of 6 cents for the same period in 2002. Earnings from operations and net loss for the second quarter of 2002 was impacted by an asset valuation charge of $260,000, or 7 cents per diluted share. The impact of this charge on net earnings for the six months was 8 cents per diluted share. This charge was based on management's review of the estimated disposal value of two closed restaurants held for sale. Family Steak Houses of Florida, Inc. Condensed Consolidated Results of Operations (Unaudited) For The Quarters Ended For The Six Months Ended ------------------------ ---------------------- July 2, July 3, July 2, July 3, 2003 2002 2003 2002 ---------------------- ---------------------- Revenues: Sales $9,567,400 $10,794,800 $20,295,500 $23,329,800 Vending revenue 56,100 54,600 107,200 105,500 ---------- ----------- ----------- ----------- Total revenues 9,623,500 10,849,400 20,402,700 23,435,300 ---------- ----------- ----------- ----------- Cost and expenses: Food and beverage 3,619,200 3,983,700 7,718,500 8,616,200 Payroll and benefits 2,887,700 3,196,200 6,090,000 6,656,300 Depreciation and amortization 508,200 532,400 1,023,600 1,109,000 Other operating expenses 1,569,100 1,598,000 3,072,800 3,309,600 General and administrative expenses 612,500 675,700 1,288,500 1,422,800 Franchise fees 382,500 431,800 811,700 932,800 Asset valuation charge -- 260,000 -- 260,000 Loss on store closings and disposition of equipment 30,000 74,300 64,500 138,500 ---------- ----------- ----------- ----------- 9,609,200 10,752,100 20,069,600 22,445,200 ---------- ----------- ----------- ----------- Earnings from operations 14,300 97,300 333,100 990,100 Investment (loss) gain (19,300) 6,800 (26,500) 24,600 Interest and other income 51,600 19,600 130,700 39,900 Interest expense (441,100) (423,000) (887,200) (839,500) ---------- ----------- ----------- ----------- (Loss) earnings before income taxes (394,500) (299,300) (449,900) 215,100 Provision for income taxes -- -- -- -- ---------- ----------- ----------- ----------- Net (loss) earnings ($394,500) ($299,300) ($449,900) $215,100 ========== =========== =========== =========== Basic (loss) earnings per share ($0.11) ($0.08) ($0.12) $0.06 ========== =========== =========== =========== Basic weighted average common shares outstanding 3,706,200 3,601,100 3,706,200 3,429,500 ========== =========== =========== =========== Diluted (loss) earnings per share ($0.11) ($0.08) ($0.12) $0.06 ========== =========== =========== =========== Diluted weighted average common shares outstanding 3,706,200 3,601,100 3,706,200 3,436,100 ========== =========== =========== ===========