-----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, BVOsmANTO2pAGDGcrfSdHTWpUJjQii/DiN9bu85dUnqQ6qKRV2W8ABmNvo9M+U6C pZRNbL8uVX+5Hqr+WhmR8w== 0000055742-98-000011.txt : 19980406 0000055742-98-000011.hdr.sgml : 19980406 ACCESSION NUMBER: 0000055742-98-000011 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980403 ITEM INFORMATION: FILED AS OF DATE: 19980403 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: KILLEARN PROPERTIES INC CENTRAL INDEX KEY: 0000055742 STANDARD INDUSTRIAL CLASSIFICATION: LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552] IRS NUMBER: 591095497 STATE OF INCORPORATION: FL FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 001-06762 FILM NUMBER: 98587408 BUSINESS ADDRESS: STREET 1: 100 EAGLES LANDING WAY CITY: STOCKBRIDGE STATE: GA ZIP: 30281 BUSINESS PHONE: 4043892020 MAIL ADDRESS: STREET 1: 100 EAGLES LANDING WAY CITY: STOCKBRIDGE STATE: GA ZIP: 30281 FORMER COMPANY: FORMER CONFORMED NAME: KILLEARN ESTATES INC DATE OF NAME CHANGE: 19730911 8-K/A 1 U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A (Amendment No. 1) Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Date of Report 2/2/98 Commission File Number: 1-6762 KILLEARN PROPERTIES, INC. (Exact name of registrant as specified in its charter) Florida 59-1095497 (State of Incorporation) (IRS Employer Identification No.) 385 Country Club Drive Stockbridge, GA 30281 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (770) 389-2020 Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (b) Proforma Financial Information. Pursuant to Paragraph (b)(2) of Item 7, Pro Forma financial information is provided in accordance with Article 11 of Regulation S-X. The following unaudited pro forma condensed balance sheet as of January 31, 1998, April 30, 1997 and the pro forma condensed statements of earnings for the year ended January 31, 1998 and April 30,1997 have been prepared by adjusting the Company's historical condensed balance sheet as of January 31, 1998 and April 30, 1997. The historical financial statements have been adjusted to give effect to the Disposition of Assets as if the Disposition of Assets had occurred as of April 30, 1997 for the Pro Forma Condensed Balance Sheet. Such pro forma adjustments are described in the accompanying Notes to the pro forma financial statements which should be read in conjunction with the pro forma financial statements. Such pro forma financial statements should also be read in conjunction with the Company's historical financial statements and notes thereto appearing elsewhere herein. The pro forma financial statements presented herein do not purport to be indicative of the actual financial position or results of operations of the Company had the Disposition of Assets actually been consummated on the dates indicated or of the future financial position or future results of operations of the Company which will result from the consummation of the Disposition of Assets. KILLEARN PROPERTIES & SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
Unaudited Historical ProForma Historical ProForma 1/31/98 Adjustments 1/31/98 4/30/97 Adjustments 4/30/97 _________________________________________________________________________________ ASSETS Cash $ 261,897 $ (121,474)(3) $ 140,423 $ 269,194 $ 0 $ 269,194 Accounts and notes receivable 6,666,200 (150,000)(3) 6,516,200 6,551,732 0 6,551,732 Land contracts receivable 557,428 0 557,428 832,822 0 832,822 ___________ ___________ ___________ ___________ __________ ___________ Receivable subtotal $ 7,223,628 $ (150,000) $ 7,073,628 $ 7,384,554 $ 0 $ 7,384,554 Real estate held for development and sale 25,395,125 (4,261,229) 21,133,896 24,433,912 (869,013)(3) 23,564,899 Property under contract for sale 141,196 0 141,196 181,580 0 181,580 Property and equipment, net 485,393 0 485,393 525,142 0 525,142 Other assets 3,410 0 3,410 17,135 0 17,135 Construction under development 0 0 0 0 0 0 ___________ ___________ ___________ ___________ __________ ___________ Total assets $33,510,649 $(4,532,703) $28,977,946 $32,811,517 $ (869,013) $31,942,504 =========== =========== =========== =========== ========== ===========
[FN] See Notes to Pro Forma Consolidated Financial Statements KILLEARN PROPERTIES & SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
Unaudited Historical ProForma Historical ProForma 1/31/98 Adjustments 1/31/98 4/30/97 Adjustments 4/30/97 _________________________________________________________________________________ LIABILITIES AND STOCKHOLDERS EQUITY Liabilities: Accounts payable and other accrued expenses $ 1,885,629 $ (150,000)(3) $ 1,735,629 $ 2,059,685 $ 0 $ 2,059,685 Income taxes payable 2,197,718 0 2,197,718 2,539,347 0 2,539,347 Debt 21,372,079 (4,382,703)(3) 16,989,376 19,948,364 (869,013)(3) 19,079,351 Deferred liabilities 116,000 0 116,000 1,823,823 0 1,823,823 Deferred income taxes 3,313,236 0 3,313,236 3,313,236 0 3,313,236 Deferred profit 1 089,050 0 1,089,050 0 0 0 ___________ ___________ ___________ ___________ __________ ___________ 29,973,712 (4,532,703) 25,441,009 29,684,455 (869,013) 28,815,442 Stockholder equity: Common stock 88,741 0 88,741 88,741 0 88,741 Additional paid-in capital 1,942,998 0 1,942,998 1,942,998 0 1,942,998 Retained earnings Beginning of period (deficit) 1,095,324 0 1,095,324 794,101 0 794,101 Current period income (loss) 409,874 0 409,874 301,222 0 301,222 ___________ ___________ ___________ ___________ __________ ___________ Less treasury stock 0 0 0 0 0 0 Net stockholders' equity 3,536,937 0 4,222,386 3,127,062 0 3,127,062 ___________ ___________ ___________ ___________ __________ ___________ Total liabilities and stockholders equity $33,510,649 $(4,532,703) $28,977,946 $32,811,517 $ (869,013) $31,942,504 =========== =========== =========== =========== ========== ===========
[FN] See Notes to Pro Forma Consolidated Financial Statements KILLEARN PROPERTIES, INC. & SUBSIDIARIES - CONSOLIDATED CONSOLIDATED STATEMENT OF EARNINGS Unaudited Audited 1/31/98 4/30/97 Net sales of lots land $11,266,734 $13,194,358 Sales of residential Construction 0 155,000 Commission income 58,383 189,555 Interest income 429,705 626,071 Equity in income from joint Venture 0 55,232 Other income 111,618 26,958 ___________ ___________ Total revenues $11,866,440 $14,247,174 Cost and expenses: Cost of lots sold 2,990,782 3,635,661 Cost of other land sold 5,386,470 4,603,253 Cost of residential construction sold 0 179,879 Commissions and selling expenses 1,331,345 1,663,933 Interest expense 396,478 710,413 Depreciation 58,328 93,823 Property taxes 287,075 153,237 General and administrative Expense 758,796 1,372,656 ___________ ___________ Total cost and expenses 11,209,274 12,412,855 ___________ ___________ Earnings before income taxes 657,166 1,834,319 Income taxes 247,291 738,996 ___________ ___________ Net income before discontinued operations 409,875 1,095,323 Discontinued operations 0 0 Net Income $ 409,875 $ 1,095,323 =========== =========== Earnings per share before discontinued operations $ 0.46 $ 1.23 Discontinued operations 0 0 Earnings per share $ 0.46 $ 1.23 =========== =========== Weighted average number of common shares 887,412 887,412
KILLEARN PROPERTIES, INC. AND SUBSIDIARIES NOTES TO PRO FORMA FINANCIAL STATEMENTS (UNAUDITED) (1)The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with the instructions for Form 10-QSB and, therefore, do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and changes in financial position in conformity with generally accepted accounting principles. (2)The information furnished reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim period covered. For further information, refer to the complete consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-KSB for the year ended April 30, 1997. (3) Adjusted Proformas statement reflect the reduction of the basis of the Land account as well as the reduction for the loan and cash used to purchase the asset. There is no effect to the Profit and Loss Statements, because none of this land was sold in prior periods and the interest as well as other related costs were capitalized. There is no effect to the Balance Sheet prior to April 30, 1996, because these assets were purchased after that date. 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. David K. Williams /s/ David K. Williams April 3, 1998 -----END PRIVACY-ENHANCED MESSAGE-----