-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, kiu3E7l2qzo64CD2n967BhHvb11IZxw0IszpCoBkEN17vXEbMKVtWWsHV+bDln5Y 009CRdLmbQKN3E/euWHskw== 0000071478-95-000006.txt : 19950501 0000071478-95-000006.hdr.sgml : 19950501 ACCESSION NUMBER: 0000071478-95-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950428 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW MEXICO & ARIZONA LAND CO CENTRAL INDEX KEY: 0000071478 STANDARD INDUSTRIAL CLASSIFICATION: LESSORS OF REAL PROPERTY, NEC [6519] IRS NUMBER: 430433090 STATE OF INCORPORATION: AZ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-00497 FILM NUMBER: 95532291 BUSINESS ADDRESS: STREET 1: 3033 NORTH 44TH STREET STREET 2: STE 203 CITY: PHOENIX STATE: AZ ZIP: 85018 BUSINESS PHONE: 6022665455 MAIL ADDRESS: STREET 1: 2810 N 3RD STREET STREET 2: SUITE 203 CITY: PHOENIX STATE: AZ ZIP: 85004 10-Q 1 10-Q FOR MARCH 31, 1995 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q /X/ Quarterly Report Under Section 13 or 15(d)of the Securities Exchange Act of 1934. For the quarterly period ended March 31, 1995. / / Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from n/a to n/a. Commission File Number: 0-497 NEW MEXICO AND ARIZONA LAND COMPANY (Exact name of registrant as specified in its charter) Arizona 43-0433090 (State or other jurisdiction of ( I.R.S. Employer incorporation or organization) Identification No.) 3030 North 44th Street, Suite 270, Phoenix, Arizona 850018-7228 (Address of principal executive offices) (Zip Code) 602/952-8836 (Registrant's telephone number,including area code) 2810 North 3rd Street, Phoenix, AZ 85004 (Former name, former address and former fiscal year if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve 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 / / Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, no par value 2,727,517 Class Outstanding at April 24, 1995* *Adjusted for 10% stock dividend declared March 4, 1995. 2 NEW MEXICO AND ARIZONA LAND COMPANY AND SUBSIDIARIES For the Quarter Ended March 31, 1995 INDEX Page Number PART I - FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statements of Operations for the three months ended March 31, 1995 and 1994 3 Consolidated Balance Sheets as of March 31, 1995 and December 31, 1994 4 Consolidated Statements of Cash Flows for the three months ended March 31,1995 and 1994 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7 PART II - OTHER INFORMATION 8 SIGNATURES 8 3 NEW MEXICO AND ARIZONA LAND COMPANY AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited)
Three Months ended March 31, (In thousands, except per share data) 1995 1994 - --------------------------------------------------------------- Revenues: Property sales $2,769 $2,144 Property rentals 754 772 Investment income 529 440 Other 43 50 ------ ------ 4,095 3,406 Expenses: Cost of property sales 1,421 1,286 Rental property 255 283 General and administrative 289 362 Interest 244 276 Depreciation, depletion & amortization 122 138 Other 2 2 ------ ------ 2,333 2,347 ------ ------ Income Before Joint Ventures, Minority Interests and Income Taxes 1,762 1,059 Gain (loss) from joint ventures 893 4 Minority interests (255) (56) ------ ------ Income Before Income Taxes 2,400 1,007 Provision for income taxes 954 412 ------ ------ Net Income $1,446 $595 ====== ====== Net Income Per Share of Common Stock $0.53 $0.22 ====== ====== Average Number of Common Shares 2,728 2,728 ====== ====== See accompanying Notes to Consolidated Financial Statements. Shares and earnings per share have been restated to reflect a 10% stock dividend declared March 4, 1995.
4 NEW MEXICO AND ARIZONA LAND COMPANY AND SUBSIDIARIES Consolidated Balance Sheets
Unaudited (Dollars in thousands) March 1995 December 1994 - ----------------------------------------------------------------- Assets Properties, net $35,599 $35,432 Receivables, net 10,032 10,224 Cash and cash equivalents 7,519 5,111 Other 1,509 1,540 ------- ------- Total Assets $54,659 $52,307 ======= ======= Liabilities and Shareholders' Equity Notes payable and lines of credit $14,949 $14,546 Accounts payable & accrued liabilities 3,826 3,417 Deferred revenue and commissions 5,540 5,494 Deferred income taxes 3,767 3,723 ------- ------- Total liabilities 28,082 27,180 Shareholders' Equity: Common stock, no par value; 30,000,000 shares authorized; 2,739,425 shares issued; 2,727,517 shares outstanding 10,051 7,812 Additional paid-in capital 937 929 Retained earnings 15,681 16,478 Treasury stock, at cost, 10,826 shares (92) (92) ------- ------- Total shareholders' equity 26,577 25,127 ------- ------- Total Liabilities and Shareholders' Equity $54,659 $52,307 ======= ======= See Accompanying Notes to Consolidated Financial Statements. All shares of common stock have been restated to reflect a 10% stock dividend declared March 4, 1995.
5 NEW MEXICO AND ARIZONA LAND COMPANY AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited)
Three Months ended March 31, 1995 1994 (Dollars in thousands) - --------------------------------------------------------------- CASH FLOW FROM OPERATING ACTIVITIES: Net income $1,446 $595 Non-cash items included above: Depreciation, depletion & amortization 122 138 Deferred revenue (117) (291) Deferred income taxes 44 (5) (Gain) loss from joint ventures (893) (4) Minority interests 255 56 Employee restricted stock plan 8 10 Net change in: Receivables 105 (83) Land held for sale (365) 68 Other assets 6 (95) Accounts payable & accrued liabilities 288 (49) ------ ------ Net cash flow from operating activities 899 340 CASH FLOW FROM INVESTING ACTIVITIES: Additions to properties (123) (47) Proceeds from sale of properties 198 0 Proceeds from notes receivable 250 314 Distribution to minority interest partners (137) 0 Distributions from joint ventures 918 0 ------ ------ Net cash flow from investing activities 1,106 267 CASH FLOW FROM FINANCING ACTIVITIES: Proceeds from debt 923 839 Payment of debt (520) (980) Capital contribution from minority interest partners 0 6 ------ ------ Net cash flow from financing activities 403 (135) ------ ------ Net increase (decrease) in cash and cash equivalents 2,408 472 Cash and cash equivalents at beginning of period 5,111 534 ------ ------ Cash and cash equivalents at end of period $7,519 $1,006 ====== ====== See accompanying Notes to Consolidated Financial Statements.
6 NEW MEXICO AND ARIZONA LAND COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, the results of operations and cash flows for the periods presented. The accompanying statements do not include all disclosures considered necessary for a fair presentation in conformity with generally accepted accounting principles. Therefore, it is recommended that these accompanying statements be read in conjunction with the consolidated financial statements appearing in the Company's 1994 annual report on Form 10-K. 2. The results of operations for the three months ended March 31, 1995 and 1994, are not necessarily indicative of the results to be expected for the full year. 3. During the three months ended March 31, 1995 and 1994, the Company sold land in exchange for notes receivable in the amount of $178,000 and $255,000 respectively, all of which was deferred. 4. The Company's consolidated financial statements include those of its wholly-owned subsidiaries, NZ Properties, Inc., NZ Development Corporation and NZU Inc., along with three joint ventures in which the Company holds a majority ownership. 5. Certain amounts have been reclassified for comparative purposes. 6. Earnings per share are based on 2,727,517 shares in 1995 and 1994, which represents the weighted average number of shares outstanding and which have been restated to reflect a 10% stock dividend declared March 4,1995. 7 NEW MEXICO AND ARIZONA LAND COMPANY AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES Cash flow from sales of land, single-family and recreational lots, distributions from its joint ventures and other ongoing operations, along with unused borrowing capacity, should be adequate for continuing operations and considerable future investments. Financing, at the joint venture level, is being utilized to develop single-family lots. This loan is secured by the property involved, along with guarantees from the Company and its partner. At March 31, 1995, there was $923,000 borrowed against the $2,800,000 development loan. The Company has a line of credit, which converted to a reducing revolving term loan, with a commitment base of $1,250,000. The line, which is expected to be extended, matures June 30, 1995, is secured by various real estate holdings and notes receivable. At March 31, 1995 the Company had no borrowings against this line. RESULTS OF OPERATIONS For the three months ended March 31, 1995 net income was $1,446,000 ($0.53 per share) compared to $595,000 ($0.22 per share) for the same period of 1994. The 1995 increased earnings are a result of the sale of a 12-acre school site and continued strong sales of single-family lots in our Seven Bar and WillowWood subdivisions in Albuquerque. The first quarter also included a cash distribution from a joint venture property located in Tempe, Arizona. This distribution resulted from the sale of the office building and adjoining vacant 8-acre parcel that was the only asset of the joint venture. NZ's investment in this joint venture had been written off in 1991 due to the soft real estate market at that time. With the resurgence of the real estate market, the sale of this property was possible and NZ will receive cash of approximately $1,600,000 in total. $900,000 of this amount was received and recorded as income in this reporting period. NOTE: Earnings per share have been restated to reflect a 10% stock dividend declared March 4, 1995. 8 NEW MEXICO AND ARIZONA LAND COMPANY AND SUBSIDIARIES PART II - OTHER INFORMATION There were no proceedings, changes, occurrences or other matters occurring during the three month period ended March 31, 1995, requiring a response to Items 1 through 6. 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. New Mexico and Arizona Land Company s/E.M.Bedewi E. M. Bedewi, Sr. Vice President and Treasurer s/William A. Pope William A. Pope, President and Chief Executive Officer Date: April 25, 1995 EX-27 2 ART. 5 FDS FOR MARCH 31. 1995 FORM 10-Q
5 1,000 3-MOS DEC-31-1995 MAR-31-1995 7,519 0 10,032 0 0 0 40,156 4,557 54,659 0 0 10,051 0 0 16,526 54,659 2,769 4,095 1,421 546 0 0 244 2,400 954 1,446 0 0 0 1,446 0.53 0.53
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