-----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, MtZi54YMDV4+FBVB4VjbKj/Z2IXTtD0lvFnWCfY1y6mpqBdj6YFsV0Dxb0ePLT/o Y9BLalRXsuwsUHuVsMmPAA== 0000783728-97-000012.txt : 19970415 0000783728-97-000012.hdr.sgml : 19970415 ACCESSION NUMBER: 0000783728-97-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970228 FILED AS OF DATE: 19970414 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: RIDGEWOOD PROPERTIES INC CENTRAL INDEX KEY: 0000783728 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE DEALERS (FOR THEIR OWN ACCOUNT) [6532] IRS NUMBER: 581656330 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14019 FILM NUMBER: 97579591 BUSINESS ADDRESS: STREET 1: 2859 PACES FERRY RD STE 700 CITY: ATLANTA STATE: GA ZIP: 30339 BUSINESS PHONE: 4044343670 MAIL ADDRESS: STREET 1: 2859 PACES FERRY ROAD STREET 2: SUITE 700 CITY: ATLANTA STATE: GA ZIP: 30339 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission file number 0-14019 Ridgewood Hotels, Inc. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 58-1656330 - ------------------------------- ------------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2859 Paces Ferry Road, Suite 700 Atlanta, Georgia 30339 - ------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (770) 434-3670 ---------------------------------------------------- (Registrant's telephone number, including area code) Ridgewood Properties, Inc. ---------------------------------------------------- (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 required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 _____ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes _____ No _____ PART I. FINANCIAL INFORMATION ------------------------------ ITEM 1. FINANCIAL STATEMENTS ----------------------------- RIDGEWOOD HOTELS, INC. AND SUBSIDIARIES --------------------------------------- CONSOLIDATED BALANCE SHEETS --------------------------- FEBRUARY 28, 1997 AND AUGUST 31, 1996 ------------------------------------- ($000'S omitted, except per share data) ---------------------------------------
(Unaudited) February 28, August 31, ASSETS 1997 1996 ------ ----------- ----------- Real Estate Investments: Real Estate Properties Operating Properties $ 1,351 $ 1,383 Land Held for Sale or Future Development 8,044 9,769 ------------ ------------ 9,395 11,152 Mortgage Loans 4 5 ------------ ------------ Total real estate investments 9,399 11,157 Allowance for Possible Losses (3,544) (4,700) ------------ ------------ Net real estate investments 5,855 6,457 Investment in Limited Partnership 881 957 Cash and Cash Equivalents 690 298 Deposits on Future Hotel Acquisitions 700 -- Other Assets 1,736 1,012 ------------ ------------ $ 9,862 $ 8,724 ============ ============ The accompanying notes are an integral part of these consolidated financial statements.
RIDGEWOOD HOTELS, INC. AND SUBSIDIARIES --------------------------------------- CONSOLIDATED BALANCE SHEETS --------------------------- FEBRUARY 28, 1997 AND AUGUST 31, 1996 ------------------------------------- ($000's omitted, except per share data) ---------------------------------------
(Unaudited) February 28, August 31, LIABILITIES AND SHAREHOLDERS' INVESTMENT 1997 1996 ---------------------------------------- ------------ ------------ Accounts Payable $ 102 $ 103 Accrued Salaries, Bonuses and Other Compensation 823 782 Accrued Property Tax Expense 48 151 Accrued Interest and Other Liabilities 415 389 Term Loans 2,835 2,858 ------------ ------------ Total Liabilities 4,223 4,283 ------------ ------------ Commitments and Contingencies Shareholders' Investment Series A Convertible Preferred Stock, $1 par value, 1,000,000 shares authorized, 450,000 shares issued and outstanding at February 28, 1997 and August 31, 1996, liquidation preference and callable at $3,600,000. 450 450 Common Stock, $.01 par value, 5,000,000 shares authorized, 1,538,480 and 1,088,480 shares issued and outstanding at February 28, 1997 and August 31, 1996, respectively. 15 11 Paid-in Surplus 16,513 16,202 Accumulated Deficit since December 30, 1985 (11,339) (12,222) ------------ ------------ 5,639 4,441 ------------ ------------ $ 9,862 $ 8,724 ============ ============ The accompanying notes are an integral part of these consolidated financial statements.
RIDGEWOOD HOTELS, INC. AND SUBSIDIARIES ----------------------------------------- STATEMENTS OF CONSOLIDATED INCOME (LOSS) --------------------------------------- FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 1997 AND FEBRUARY 29, 1996 -------------------------------------------------------------------------- ($000's omitted, except per share data) ---------------------------------------
For the Three Months Ended For the Six Months Ended ----------------------------- ----------------------------- February 28, February 29, February 28, February 29, 1997 1996 1997 1996 ------------ ------------ ------------ ------------ REVENUES: Operating revenues ................................ $ 857 $ 730 $ 1,493 $ 1,250 Revenues from hotel management .................... 243 173 498 232 Sales of real estate properties ................... 66 184 2,011 419 Equity in net loss of partnership ................. (55) -- (52) -- Income from loans and temporary investments ....... 11 13 11 36 Consulting fee .................................... 398 -- 398 -- ------------- ------------- ------------- ------------- 1,520 1,100 4,359 1,937 ------------- ------------- ------------- ------------- COSTS AND EXPENSES: Operating expenses ................................ 596 564 1,161 1,113 Expenses of hotel management ...................... 196 216 386 260 Expenses of real estate sales ..................... 13 110 880 290 Depreciation and amortization ..................... 64 39 127 78 Interest expense .................................. 86 85 171 169 General, administration and other ................. 372 376 681 671 Business development .............................. 38 43 70 83 ------------- ------------- ------------- ------------- 1,365 1,433 3,476 2,664 ------------- ------------- ------------- ------------- NET INCOME (LOSS) ..................................... $ 155 $ (333) $ 883 $ (727) ============= ============= ============= ============= EARNINGS (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE ............................. $ 0.05 $ (0.35) $ 0.65 $ (0.80) ============= ============= ============= ============= The accompanying notes are an integral part of these consolidated financial statements.
RIDGEWOOD HOTELS, INC. AND SUBSIDIARIES --------------------------------------- CONSOLIDATED STATEMENT OF CASH FLOWS ------------------------------------ FOR THE SIX MONTHS ENDED FEBRUARY 28, 1997 AND FEBRUARY 29, 1996 --------------------------------------------------------------- Decrease in Cash and Cash Equivalents ------------------------------------- ($000's Omitted) ----------------
1997 1996 ------------- ------------- Cash flows from operating activities: Net income (loss) ............................................. $ 883 $ (727) Adjustments to reconcile net income (loss) to net cash used by operating activities: Depreciation and amortization ............................. 127 82 Gain from sales of real estate property ................... (1,131) (129) Increase in other assets .................................. (439) (319) Decrease in accounts payable and accrued liabilities ..................................... (37) (48) ------------- ------------- Total adjustments ......................................... (1,480) (414) ------------- ------------- Net cash used by operating activities ..................... (597) (1,141) Cash flows from investing activities: Principal payments received on mortgage loans ............... 1 38 Proceeds from sales of real estate .......................... 1,701 444 Additions to real estate properties ......................... (31) (138) Investment in limited partnership ........................... 76 (539) Deposits on future hotel acquisitions ....................... (700) -- ------------- ------------- Net cash received (used) from investing activities ........ 1,047 (195) Cash flows from financing activities: Repayments of notes payable ................................. (23) (18) Payment of dividends on preferred stock ..................... (135) (90) Issuance of common stock .................................... 100 -- ------------- ------------- Net cash used by financing activities ..................... (58) (108) ------------- ------------- Net increase (decrease) in cash and cash equivalents ............ $ 392 $ (1,444) Cash and cash equivalents at beginning of period ................ 298 1,880 ------------- ------------- Cash and cash equivalents at end of period ...................... $ 690 $ 436 ============= ============= The accompanying notes are an integral part of these consolidated financial statements.
RIDGEWOOD HOTELS, INC. AND SUBSIDIARIES --------------------------------------- CONSOLIDATED STATEMENT OF CASH FLOWS ------------------------------------ FOR THE SIX MONTHS ENDED FEBRUARY 28, 1997 AND FEBRUARY 29, 1996 --------------------------------------------------------------- Decrease in Cash and Cash Equivalents ------------------------------------- ($000's Omitted) ----------------
1997 1996 ------------- ---------- Supplemental disclosure of cash flow information and non-cash activity: Issuance of 125,000 shares of common stock at $.01 par value in conjunction with purchase of hotel management company ... $ -- $ 1,250 Assumption of notes payable in conjunction with purchase of hotel management company ....................... $ -- $ 106,000 Decrease in allowance for possible losses due to sale of parcel of land ............................. $ 1,156,000 -- During the second quarter of fiscal year 1997, the Company's President and Chief Financial Officer exercised their stock options for 450,000 shares of the Company's common stock. In conjunction with the exercise, promissory notes and cash were received by the Company and common stock issued as follows: Cash received from Company's President ................... $ 100,000 -- Promissory notes received from President and Chief Financial Officer ............................ $ 350,000 -- Issuance of 450,000 shares of common stock at $.01 par value ...................................... $ 4,500 --
RIDGEWOOD HOTELS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FEBRUARY 28, 1997 AND FEBRUARY 29, 1996 (Unaudited) 1. GENERAL: Ridgewood Hotels, Inc. (the "Company") is primarily engaged in the business of acquiring, developing, operating and selling real estate property in the Southeast and "Sunbelt" areas. Additionally, the Company, through its investment in a limited partnership, is engaged in acquiring and managing hotel properties in the Southeast, as well as managing other hotels throughout the country. The Company also owns and operates a hotel in Longwood, Florida. All of the Company's other properties are land properties held for sale, and no additional development is currently anticipated for the land. The Company was incorporated under the laws of the State of Delaware on October 29, 1985. In January 1997, the Company changed its name from Ridgewood Properties, Inc. to Ridgewood Hotels, Inc. Prior to December 31, 1985, the Company operated under the name CMEI, Inc. The Company's common stock is currently listed in the broker-dealer "Pink Sheets" and trades in the over-the-counter market. Of the Company's issued and outstanding shares of common stock, 51% of the common stock is owned by the Company's President, N. Russell Walden. All of the Company's issued and outstanding shares of preferred stock are owned by Triton Group, Ltd. The accompanying financial statements of the Company present the historical cost basis amount of assets, liabilities and shareholders' investment of the real estate business for the periods presented. The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its joint venture investments after the elimination of all intercompany amounts. 2. BASIS OF PRESENTATION: The accompanying consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the financial position, results of operations and changes in cash flow for the interim periods covered by this report. Although certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, management believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's annual report for the fiscal year ended August 31, 1996. The results of operations for the six months ended February 28, 1997 are not necessarily indicative of the results to be expected for the fiscal year ending August 31, 1997. The Company has net operating loss carryforwards for both book and tax purposes which may be used to offset future taxable income. In September 1993, the Company adopted SFAS 109. The adoption of SFAS 109 did not have a material effect on the Company's consolidated financial position or results of operations. The Company accounts for its investment in the limited partnership under the Equity Method of Accounting after the elimination of all intercompany transactions, including management fees. For the purpose of the Statement of Cash Flows, cash includes cash equivalents which are highly liquid investments with maturity of three months or less. Certain prior year amounts have been reclassified to conform with the current presentation. 3. ALLOWANCE FOR POSSIBLE LOSSES: The allowance for possible losses decreased by $1,156,000 during the six months ended February 28, 1997 due to the sale of a portion of the land in Dallas, Texas, for which a reserve had previously been established. 4. DEPOSITS ON FUTURE HOTEL ACQUISITIONS: As of February 28, 1997, the Company has paid $700,000 of cash as deposits on the purchase of four hotels. Of this amount, $550,000 pertains to non-refundable deposits on the purchase of a hotel and the underlying land in Atlanta, Georgia. Subsequent to February 28, 1997, the Company paid an additional $125,000 of non-refundable deposits on this hotel as well as a $100,000 good faith deposit to a potential lender for financing of the hotel. The Company must purchase the hotel by April 30, 1997 in order not to forfeit the total deposits of $775,000. 5. INCOME TAXES: The Company's income tax provision for the three and six months ended February 28, 1997 and February 29, 1996 is as follows: For the Three For the Six Months Ended Months Ended ------------- ------------ Feb. 28, Feb. 29, Feb. 28, Feb. 29, 1997 1996 1997 1996 -------- -------- -------- -------- Income tax provision $ 62,000 -- $353,000 -- Utilization of net operating loss carryforwards (62,000) -- (353,000) -- -------- -------- -------- -------- Net income tax provision -- -- -- -- ======== ======== ======== ======== 6. SHAREHOLDERS' INVESTMENT: Gain (Loss) Per Common Share -- Gain (loss) per common share is calculated based upon the weighted average number of shares outstanding of approximately 1,228,000 and 1,158,000 for the three and six months ended February 28, 1997, respectively, and 1,079,000 and 1,021,000 for the three and six months ended February 29, 1996, respectively. Dividends paid on preferred stock were $45,000 and $135,000, respectively, for the three and six months ended February 28, 1997; and $45,000 and $90,000, respectively, for the three and six months ended February 29, 1996. These dividends were deducted from the net income (and added to the net loss) for purposes of computing the earnings (loss) per common share. Stock Option Plan -- On March 30, 1993, the Company granted options to purchase 378,000 shares of common stock at a price of $1.83 per share to its key employees and one director under the Ridgewood Properties, Inc. Stock Option Plan (the "Plan"). The options vested over a four year period in 25% increments. All options expire ten years from the date of grant, unless earlier on account of death, disability, termination of employment, or for other reasons outlined in the Plan. As of February 28, 1997, all of the options are exercisable. On January 28, 1994, the Company granted options to purchase 375,000 and 75,000 shares of common stock at a price of $1.00 per share to its President and Chief Financial Officer, respectively, under the Plan. On January 31, 1997, all of the options were exercised. In conjunction with the exercise, promissory notes totalling $350,000 and $100,000 cash was received in exchange for the Company's common stock. Subsequent to February 28, 1997, the President paid off his promissory note in the amount of $275,000. The $75,000 promissory note due from the Chief Financial Officer is payable in full on January 31, 1998 and accrues interest at a rate per annum of 8.25%. Warrants -- On December 16, 1996, 75,000 warrants were issued to Hugh Jones, a hotel acquisitions consultant for the Company. Each warrant represents the right to purchase from the Company one share of common stock at the exercise price of $3.50 per share. The warrants may be exercised at any time within five years from the date of issuance. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 28, 1997 COMPARED TO THE THREE AND SIX MONTHS ENDED FEBRUARY 29, 1996 LIQUIDITY AND CAPITAL RESOURCES -- In June 1995, the Company entered into a loan with a commercial lender to refinance the Ramada Inn in Longwood, Florida. The loan proceeds are $2,800,000. The loan is for a term of 20 years with an amortization period of 25 years, at the rate of 10.35%. Principal and interest payments are approximately $26,000 per month beginning August 1, 1995. In addition, the Company is required to make a repair escrow payment comprised of 4% of estimated revenues, as well as real estate tax and insurance escrow payments. The total amount for these items will be a payment of approximately $20,000 per month and can be adjusted annually. The escrow funds will be used as tax, insurance and repair needs arise. As of February 28, 1997, there was approximately $159,000 of escrowed funds related to this loan agreement. During the first six months of fiscal year 1997, the Company sold land in Florida, Texas and Georgia for net proceeds of approximately $1,220,000, $432,000 and $57,000, respectively. The Company signed a contract for the sale of its land in Maitland, Florida for net proceeds of approximately $1,300,000. The sale is scheduled to close in April 1997, but the contract has several contingencies which allow the buyer to withdraw at any time. In January 1997, the Company's President and Chief Financial Officer exercised their stock options for 450,000 shares of the Company's common stock. In conjunction with the exercise, $350,000 of promissory notes and $100,000 cash was received in exchange for the Company's common stock. Subsequent to February 28, 1997, the President paid off his promissory note in the amount of $275,000. As of February 28, 1997, the Company has paid $700,000 of cash as deposits on the purchase of four hotels. Of this amount, $550,000 pertains to non-refundable deposits on the purchase of a hotel in Atlanta, Georgia. Subsequent to February 28, 1997, the Company paid an additional $125,000 of non-refundable deposits on this hotel as well as a $100,000 good faith deposit to a potential lender for financing of the hotel. The Company must purchase the hotel by April 30, 1997 in order not to forfeit the total deposits of $775,000. On August 16, 1995, RW Hotel Partners, L.P. was organized as a limited partnership (the "Partnership") under the laws of the State of Delaware. Concurrently, the Company formed Ridgewood Georgia, Inc. (formerly Ridgewood Hotels, Inc.), a Georgia corporation ("Ridgewood Georgia") which became the sole general partner in the Partnership with RW Hotel Investments Associates, L.L.C. ("Investor") as the limited partner. Ridgewood Georgia has a 1% base distribution percentage versus 99% for the Investor. However, distribution percentages do vary depending on certain defined preferences and priorities pursuant to the Partnership Agreement ("Agreement") which are discussed below. The partnership was originally formed to acquire a hotel property in Louisville, Kentucky. The partnership consists of six hotel properties at February 28, 1997. The terms of this partnership will serve as a guideline for other potential acquisitions with the Investor or other investors. Income and loss are allocated to the Company and the limited partner based upon the formula for allocating distributable cash as described below but subject to an annual limitation which would result in no more than 88% of partnership income or loss (as defined) being allocated to the limited partner. Distributable Cash is defined as the net income from the property before depreciation plus any net sale proceeds and net financing proceeds less capital costs. Distributions of Distributable Cash shall be made as follows: - First, to the Investor until there has been distributed to the Investor an amount equal to a 15% cumulative internal rate of return on the Investor's investment. - Second, to Ridgewood Georgia until the aggregate amount received by Ridgewood Georgia equals the aggregate cash contributions made by Ridgewood Georgia to the Partnership (as of February 28, 1997, Ridgewood Georgia had contributed approximately $748,000). - Third, 12% to Ridgewood Georgia and 88% to the Investor until there has been distributed to the Investor an amount equal to a 25% cumulative internal rate of return on Investor's investment. - Fourth, 75% of the residual to the Investor and 25% to Ridgewood Georgia. A Management Agreement exists between the Partnership and the Company as Manager ("Manager") for the purpose of managing hotels in Kentucky, Georgia and South Carolina. The Manager shall be entitled to the following property management fees: (1) 2.5% of the gross revenues from the hotel property. (2) 1% of the gross revenues from the hotel property as an incentive fee if distributable cash equals or exceeds 13.5% of certain aggregate acquisition costs. No management fees were payable with respect to the first 12-month period of management of the hotel in Kentucky. A Construction Management Agreement exists between the Partnership and the Manager for the purpose of managing future improvements to the properties. The Company currently has approximately $748,000 invested in the Partnership. Also, at February 28, 1997, the Company recorded approximately $157,000 equity in the income of the Partnership, bringing the total investment in the limited Partnership to approximately $881,000. The Partnership purchased a hotel in Louisville, Kentucky for approximately $16,000,000. In December 1995 and January 1996, the Partnership purchased four hotel properties in Georgia for approximately $15,000,000 and a hotel in South Carolina for $4,000,000, respectively. The Company may make future capital contributions to the Partnership. Management expects to fund such capital contributions through available cash or from loans from the Partnership. Additionally, the Company may invest in other partnerships to acquire hotels in the future. Since the Company is not currently generating sufficient operating cash to cover overhead and debt service, the Company must continue to sell real estate, seek alternative financing or otherwise recapitalize the Company. The Company also intends to aggressively pursue the acquisition of hotels and hotel management contracts which would provide additional cash flow. RESULTS OF OPERATIONS -- The Company had gains from real estate sales of approximately $53,000 and $1,131,000 for the three and six months ended February 28, 1997. During the three and six months ended February 29, 1996, the Company had gains from real estate sales of approximately $74,000 and $129,000. Gains or losses on sales are dependent upon the specific assets sold in a particular period and the terms of each sale. Operating revenues increased approximately $127,000, or 17%, and $243,000, or 19%, for the three and six months ended February 28, 1997, respectively, compared to the three and six months ended February 29, 1996 due to increased revenues at the Company's hotel in Longwood, Florida. Revenues from hotel management increased approximately $70,000, or 40%, and $266,000, or 115%, for the three and six months ended February 28, 1997, respectively, compared to the three and six months ended February 29, 1996. The increase is due to the acquisition of hotels and a hotel management company. In turn, expenses of hotel management increased approximately $126,000, or 48%, for the six months ended February 28, 1997 compared to the six months ended February 29, 1996. Expenses of hotel management decreased by approximately $20,000, or 9%, for the three months ended February 28, 1997 compared to February 29, 1996 due to less hotel management staff than in the prior year's quarter ending February 29, 1996. Due to the Company's investment in a limited partnership during fiscal year 1996, the Company recognized equity in the loss of the partnership of approximately $55,000 and $52,000 for the three and six months ended February 28, 1997, respectively. The Company received approximately $398,000 as a consulting fee during the three and six months ended February 28, 1997. This consulting fee was earned by the Company for its involvement in the negotiations and purchase of a large PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K: A. Exhibits: 27 Financial Data Schedule B. Reports on Form 8-K: One report on Form 8-K was filed on February 5, 1997 to disclose the following: 1) The election by the Company's President and Chief Financial Officer to exercise their stock options with respect to 375,000 and 75,000 shares of common stock, respectively, at a price of $1.00 per share. 2) The name of the corporation was changed to Ridgewood Hotels, Inc. 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. RIDGEWOOD PROPERTIES, INC. By: /s/ N. R. Walden N. Russell Walden President By: /s/ Karen S. Hughes Karen S. Hughes Vice President, Chief Accounting Officer Date: April 14, 1997 EX-27 2
5 The Schedule contains summary financial information extracted from the Consolidated Balance Sheets, Statements of Consolidated Loss and Consolidated Statement of Cash Flows and is qualified in its entirety by reference to such financial statements. 6-MOS AUG-31-1997 FEB-28-1997 690,000 0 525,000 3,544,000 14,000 0 3,052,000 1,602,000 9,862,000 0 0 0 450,000 15,000 5,174,000 9,862,000 2,011,000 4,359,000 880,000 2,554,000 751,000 0 171,000 883,000 0 883,000 0 0 0 883,000 0.65 0.65
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