-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BdlmLcOsaSsJjNGbtI66DhoZ5SNtvH+al0CAfKGOTKRDQegTyCztcfT8jnH0IsRZ vMCyHEJpgBkVp9xkk5mNQw== 0001008878-96-000074.txt : 19961118 0001008878-96-000074.hdr.sgml : 19961118 ACCESSION NUMBER: 0001008878-96-000074 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTLAND DEVELOPMENT CO INC CENTRAL INDEX KEY: 0000106423 STANDARD INDUSTRIAL CLASSIFICATION: LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552] IRS NUMBER: 850165021 STATE OF INCORPORATION: NM FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-07775 FILM NUMBER: 96662661 BUSINESS ADDRESS: STREET 1: 401 COORS BOULEVARD NW CITY: ALBUQUERQUE STATE: NM ZIP: 87121 BUSINESS PHONE: 5058319600 MAIL ADDRESS: STREET 1: 401 COORS BLVD NW CITY: ALBUQUERQUE STATE: NM ZIP: 87121 10QSB 1 Form 10-QSB U.S. Securities and Exchange Commission Washington, D.C. 20549 (Mark One) [XX]QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended September 30, 1996 [ ]TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from to Commission File Number: 0-7775 WESTLAND DEVELOPMENT CO., INC. ------------------------------ (Exact name of small business issuer as specified in its charter) NEW MEXICO 85-0165021 - --------------------------------- ------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 401 Coors Blvd., N.W., Albuquerque, New Mexico 87121 - ------------------------------------------------------------------------------- (Address of principal executive offices) (505)831-9600 - ------------------------------------------------------------------------------- (Issuer's telephone number) N/A - ------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [ X ] No [ ] State the number of shares outstanding of each of the issuer's classes of common equity as of November 11, 1996: No Par Value Common: 716,608 Class A $1.00 Par Value Common: NONE Class B $1.00 Par Value Common: 86,100 Transitional Small Business Format (check one) Yes [ ] No [ X ] PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS WESTLAND DEVELOPMENT CO., INC. BALANCE SHEET (unaudited) September 30, 1996 ASSETS Cash and cash equivalents ........................ $ 1,133,095 Receivables: Real estate contracts ......................... $ 125,685 Less related deferred profit ............. 89,656 ------------ 36,029 Note receivable - related party ............... 69,653 Other receivables ............................. 104,784 Accrued interest .............................. 1,797 212,263 ------------ Land and improvements held for future development ............................ 5,185,555 Income producing properties, net ................. 7,223,704 Property and equipment, net of accumulated depreciation of $363,554 ...................... 400,580 Investment in Partnerships and joint ventures .... 507,529 Other ............................................ 492,017 ------------ $ 15,154,743 ============ LIABILITIES AND STOCKHOLDER'S EQUITY Accounts payable, accrued expenses and other liabilities ......................... $ 49,912 Accrued interest payable ......................... 33,103 Deferred income taxes ............................ 3,233,000 Notes, bonds, mortgages and assessments payable .. 7,342,746 ------------ Total liabilities ............... 10,658,761 Stockholders' equity Common stock - no par value; authorized, 736,668 shares; issued and outstanding, 716,608 shares ............................. 8,500 Class A common stock - $1.00 par value; authorized, 736,668 shares; issued, none ....................... -- Class B common stock - $1.00 par value; authorized, 491,112 shares; issued and outstanding, 86,100 shares .............................. 86,100 Additional paid-in capital .................... 581,527 Retained earnings ............................. 3,819,855 4,495,982 ------------ ------------ $ 15,154,743 ============ WESTLAND DEVELOPMENT CO., INC. STATEMENTS OF OPERATIONS (unaudited) For the 3 months ended September 30, 1996 1995 ----------- ----------- Revenues Land ...................................... $ 218,233 $ 788,323 Deferred profit recognized on installment sales .................... 6,911 7,051 Rentals ................................... 93,755 71,060 --------- --------- 318,899 866,434 Costs and expenses Cost of land revenues ..................... 102,693 295,060 Cost of rentals ........................... 19,476 33,533 Other general and administrative .......... 516,581 413,890 Legal ..................................... 818 37,274 --------- --------- 639,568 779,757 --------- --------- Income(loss)from operations ............ (320,669) 86,677 Other (income) expense Interest income ........................... (28,129) (44,008) Gain on sale of property and equipment ............................ (1,612) (100) Other income .............................. -- (14,612) Interest expense .......................... 110,445 74,656 Equity in losses of partnerships .......... 36,705 -- --------- --------- 117,409 15,936 Earnings (loss) before income .......... -- -- taxes ............................... (438,078) 70,741 Income tax expense (benefit) ................. (175,231) 28,700 --------- --------- NET EARNINGS(LOSS) ..................... $(262,847) $ 42,041 ========= ========= Weighted average common and common equivalent shares outstanding ............................... 800,670 786,893 ========= ========= Net earnings (loss) per common and common equivalent share ................... $ (.33) $ .05 ========= ========= WESTLAND DEVELOPMENT CO., INC. STATEMENTS OF CASH FLOWS (unaudited) For the three months ended September 30, 1996 1995 ------------- ------------- Cash flows from operating activities Cash received from land sales and collections on real estate contracts receivable ................. $ 424,302 $ 1,406,436 Cash paid to develop real estate .............. (171,040) (87,463) Cash received from rental operations .......... 88,640 85,611 Cash paid for rental operations ............... (1,350) (1,466) Cash received for property taxes and maintenance ............................ 8,892 1,590 Interest received ............................. 56,022 39,455 Interest paid ................................. (138,874) (98,463) Income taxes paid ............................. (262,000) (160,050) Legal and other general and administrative costs paid ................... (544,265) (672,931) Other ......................................... (90,638) 19,712 ------------ ------------ Net cash provided (used) by operating activities ........................ (630,311) 532,431 ------------ ------------ Cash flows from investing activities Capital expenditures for income producing and other properties .............. (874,414) (85,278) ------------ ------------ Net cash used by investing activities ........ (874,414) (85,278) ------------ ------------ Cash flows from financing activities Borrowing on notes, mortgages and assessments payable ........................ 936,484 -- Repayments of bonds, mortgages, notes and assessments payable ............... (27,605) (53,233) Exercise of stock options ..................... 41,325 82,650 Payment of dividends .......................... (480,125) (475,625) ------------ ------------ Net cash provided by (used) in financing activities ..................... 470,079 (446,208) ------------ ------------ NET INCREASE (DECREASE)IN CASH AND CASH EQUIVALENTS ......................... (1,034,646) 945 Cash and cash equivalents at beginning of period .......................... 2,167,741 1,917,803 ------------ ------------ Cash and cash equivalents at end of period ................................ $ 1,133,095 $ 1,918,748 ============ ============ Reconciliation of net earnings (loss) to net cash used in operating activities Net earnings (loss) ............................ $ (262,847) $ 42,041 Adjustments to reconcile net earnings(loss)to net cash used in operating activities Depreciation .............................. 31,911 42,470 Collection on real estate contracts receivable .................... 237,976 442,400 Profit recognized on prior years' installment sales ................ (6,911) (7,051) Change in Rents receivable, accrued interest, property tax and other .................. (34,391) 109,391 Land and improvements held for future development and income producing properties .................... (69,134) 329,817 Other assets .............................. 13,741 (24,886) Accounts and retainages payable, accrued interest and other liabilities ............................ (540,656) (401,751) ------------ ------------ Net cash provided (used) by operating activities ......................... $ (630,311) $ 532,431 ============ ============ WESTLAND DEVELOPMENT CO., INC. NOTES TO THE FINANCIAL STATEMENTS (unaudited) September 30, 1996 1. The balance sheet at September 30, 1996, statements of cash flows and statements of operations for the three months ended September 30, 1996 and September 30, 1995 have been prepared by the Company, without audit. In the opinion of management, all adjustments, including normal recurring adjustments necessary to present fairly the financial position, results of operations and cash flows, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principals have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the Company's audited financial statements at June 30, 1996. The results of operations for the three months ended September 30, 1996 are not necessarily indicative of operating results for the full year. 2. The computation of net earnings (loss) per common and common equivalent share has been based upon the weighted average number of shares of outstanding common stock and common stock issuable without further consideration (referred to as equivalents), which for the three month period ended September 30, 1996 was 800,670 and for the three month period ended September 30, 1995 was 786,893. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS During the three months ended September 30, 1996, the Company's cash and cash equivalents decreased by $1,034,646. During this period, operations used $630,311, received $41,325 from the sale of stock, invested $874,414 in fixed and other assets, retired $27,605 of debt, borrowed $936,484 and paid dividends in the amount of $480,125. During the first quarter of the current fiscal year, the Company had revenue of $318,899 compared to $866,434 during the same period in the prior fiscal year. Operating expenses during the three months ended September 30, 1996, were $639,568 compared to $779,757 during the comparable period in 1995. In April 1995, the Company began selling small improved residential lots in addition to the large tracts it had sold in the past. These sales amounted to $145,600 in the first quarter and added $86,213 to the cost of sales for the period. The Company may expend approximately $900,000 or more to acquire replacement lands and property for the land sold to the National Park Service under threat of condemnation. In the event the Company does not replace the property sold to the National Park Service, it may need to utilize a substantial portion of its liquid investments for federal and state income taxes. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Other than the ordinary routine litigation incidental to the Company's business, neither the Company nor any member of management is the subject of any pending or threatened legal proceeding. ITEM 2. CHANGES IN SECURITIES NONE ITEM 3. DEFAULTS IN SENIOR SECURITIES NONE ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS NONE ITEM 5. OTHER INFORMATION NONE ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) There are no exhibits required by Item 601 of Regulation S-K. (b) Reports on Form 8-K. State whether any reports on Form 8-K have been filed during the quarter for which this report is filed, listing the items reported, any financial statements filed, and the dates of any such reports. NONE SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. WESTLAND DEVELOPMENT CO., INC. DATE: November 12, 1996 By: Barbara Page --------------------------- Barbara Page, President, Chief Executive Officer and Chief Accounting Officer EX-27 2
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