-----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, Dbi4Z4bcs95KMmL076/SblxaDSCwFSv1e6k53PB8XyOc4pMjCRx5u795VMTry7OL JkDQkfm8xaIESa+92ZALEA== /in/edgar/work/20000811/0000783728-00-000026/0000783728-00-000026.txt : 20000921 0000783728-00-000026.hdr.sgml : 20000921 ACCESSION NUMBER: 0000783728-00-000026 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RIDGEWOOD HOTELS INC CENTRAL INDEX KEY: 0000783728 STANDARD INDUSTRIAL CLASSIFICATION: [6532 ] IRS NUMBER: 581656330 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-14019 FILM NUMBER: 694178 BUSINESS ADDRESS: STREET 1: 2859 PACES FERRY RD STE 700 CITY: ATLANTA STATE: GA ZIP: 30339 BUSINESS PHONE: 7704343670 MAIL ADDRESS: STREET 1: 2859 PACES FERRY ROAD STREET 2: SUITE 700 CITY: ATLANTA STATE: GA ZIP: 30339 FORMER COMPANY: FORMER CONFORMED NAME: RIDGEWOOD PROPERTIES INC DATE OF NAME CHANGE: 19920703 10-Q 1 0001.txt 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 June 30, 2000 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) ---------------------------------------------------- (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 _____ Common stock, par value $.01 per share - 2,513,480 shares outstanding at June 30, 2000. PART I. FINANCIAL INFORMATION ------------------------------ ITEM 1. FINANCIAL STATEMENTS ----------------------------- RIDGEWOOD HOTELS, INC. AND SUBSIDIARIES --------------------------------------- CONSOLIDATED BALANCE SHEETS --------------------------- JUNE 30, 2000 AND MARCH 31, 2000 -------------------------------- ($000'S omitted, except share and per share data) ------------------------------------------------
(Unaudited) June 30, March 31, ASSETS 2000 2000 ------ ----------- ----------- Current Assets: Cash and Cash Equivalents $ 1,927 $ 258 Receivables 611 394 Other Current Assets 56 320 ------------ ------------ Total Current Assets 2,594 972 Real Estate Investments: Real Estate Properties Operating Properties, net -- 1,106 Land Held for Sale, net 1,416 1,806 Investment in Unconsolidated Hotel Entities, net 2,000 2,000 ----------- ----------- Total Real Estate Investments 3,416 4,912 Management Contracts, net 2,066 2,192 Other Assets, net 47 167 ------------ ------------ $ 8,123 $ 8,243 ============ ============ The accompanying notes are an integral part of these consolidated balance sheets.
RIDGEWOOD HOTELS, INC. AND SUBSIDIARIES --------------------------------------- CONSOLIDATED BALANCE SHEETS --------------------------- JUNE 30, 2000 AND MARCH 31, 2000 -------------------------------- ($000's omitted, except share and per share data) -------------------------------------------------
(Unaudited) June 30, March 31, LIABILITIES: 2000 2000 ----------- ------------ ------------ Current Liabilities: Current Maturities of Long-Term Debt $ -- $ 37 Accounts Payable 281 284 Accrued Salaries, Bonuses and Other Compensation 271 172 Accrued Property Tax Expense 24 39 Accrued Interest and Other Liabilities 510 524 ------------ ------------ Total Current Liabilities 1,086 1,056 Accrued Pension Liability 520 520 Deferred Curtailment Gain on Pension Liability 374 374 Long-Term Debt 1,933 4,553 ------------ ------------ Total Liabilities 3,913 6,503 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' INVESTMENT: Series A Convertible Cumulative Preferred Stock, $1 par value, 1,000,000 shares authorized, 450,000 shares issued and outstanding 450 450 Common Stock, $.01 par value, 5,000,000 shares authorized, 2,513,480 shares issued and outstanding 25 25 Paid-in surplus 17,671 17,671 Accumulated deficit (13,936) (16,406) ------------ ------------ Total Shareholders' Investment 4,210 1,740 ------------ ------------ $ 8,123 $ 8,243 ============ ============ The accompanying notes are an integral part of these consolidated balance sheets.
RIDGEWOOD HOTELS, INC. AND SUBSIDIARIES --------------------------------------- CONSOLIDATED STATEMENTS OF OPERATIONS ------------------------------------- ($000's omitted, except per share data) --------------------------------------- Unaudited ---------
For the Three Months Ended --------------------- June 30, June 30, 2000 1999 -------- -------- REVENUES: Revenues from hotel operations ........... $ 771 $ 685 Revenues from hotel management ........... 670 275 Sales of real estate properties .......... 5,525 76 Equity in net income of unconsolidated entities ............................... 63 43 Interest income .......................... 1 4 Other .................................... 3 -- --------- --------- 7,033 1,083 --------- --------- COSTS AND EXPENSES: Expenses of real estate properties ....... 822 589 Costs of real estate sold ................ 2,879 76 Depreciation and amortization ............ 153 90 Interest expense ......................... 83 85 General, administration and other ........ 626 611 --------- --------- 4,563 1,451 --------- --------- NET PROFIT (LOSS) ........................... $ 2,470 $ (368) PREFERRED DIVIDENDS ......................... $ (90) $ (90) --------- --------- NET PROFIT (LOSS) APPLICABLE TO $ 2,380 $ (458) COMMON SHAREHOLDERS ...................... --------- --------- EARNINGS (LOSS) PER COMMON SHARE: Basic .................................... $ 0.95 $ (0.30) Diluted .................................. 0.61 (0.30) ========= ========= The accompanying notes are an integral part of these consolidated financial statements.
RIDGEWOOD HOTELS, INC. AND SUBSIDIARIES --------------------------------------- CONSOLIDATED STATEMENTS OF CASH FLOWS ------------------------------------- ($000's Omitted) ---------------- Unaudited ---------
For the Three Months Ended -------------------------- June 30, June 30, 2000 1999 ------------- ------------- Cash flows from operating activities: Net profit (loss) ............................................. $ 2,470 $ (368) Adjustments to reconcile net income (loss) to net cash used by operating activities: Depreciation and amortization ............................. 153 90 Gain from sales of real estate property ................... (2,646) -- (Increase) decrease in other assets ....................... (110) 129 Increase (decrease) in accounts payable and accrued liabilities ..................................... 67 (15) ------------- ------------- Total adjustments ......................................... (2,536) 204 ------------- ------------- Net cash used by operating activities ..................... (66) (164) Cash flows from investing activities: Proceeds from sales of real estate .......................... 4,392 65 Additions to real estate properties ......................... -- (17) Investment in unconsolidated entity ......................... -- -- ------------- ------------- Net cash received by investing activities ................. 4,392 48 Cash flows from financing activities: Repayments of notes payable ................................. (2,657) (17) Payment of dividends on preferred stock ..................... -- -- Payment received from officer for purchase of common stock .. -- 75 ------------- ------------- Net cash (used) received in financing activities .......... (2,657) 58 ------------- ------------- Net increase (decrease) in cash and cash equivalents ............ $ 1,669 $ (58) Cash and cash equivalents at beginning of period ................ 258 639 ------------- ------------- Cash and cash equivalents at end of period ...................... $ 1,927 $ 581 ============= ============= Supplemental disclosure of cash flow information and 2000 1999 non-cash activity: ------------ ------------ Interest paid ............................................... 83,000 85,000 The accompanying notes are an integral part of these consolidated financial statements.
RIDGEWOOD HOTELS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2000 AND JUNE 30, 1999 (Unaudited) 1. GENERAL: Ridgewood Hotels, Inc. (the "Company") is primarily engaged in the business of acquiring, developing, operating and managing hotel properties in the Southeast and "Sunbelt" areas. Additionally, the Company owns several land parcels which are held for sale. The Company's common stock is listed in the National Association of Securities Dealers (NASDAQ) over-the-counter bulletin board service. On January 10, 2000, the Company entered into a management agreement ("Management Agreement") with Fountainhead Development Corp., a Georgia corporation ("Fountainhead"), to perform management services at Chateau Elan Winery and Resort, one of Fountainhead's properties, for a period of five years beginning on March 24, 2000. In consideration of the Management Agreement, the Company issued to Fountainhead 1,000,000 shares of common stock ("Fountainhead Shares"). The determined market value of the management contract was $2,000,000 at the time of the transaction. In connection with the issuance of the Fountainhead Shares, the number of directors constituting the full Board of Directors of the Company was increased from three to seven members, effective on February 3, 2000. See also note 6. On January 11, 2000, one of the principal stockholders and President of the Company, N. Russell Walden ("Walden"), sold 650,000 shares of the common stock to Fountainhead and a new President of the Company was elected. Another principal shareholder, ADT Securitiy Services, Inc. ("ADT"), sold 450,000 shares of preferred stock of the Company to Fountainhead. Through the issuance of the common stock pursuant to the Management Agreement and the acquisitions of the Walden common stock and ADT preferred stock, Fountainhead has obtained beneficial ownership of approximately 79% of the common stock. Fountainhead is engaged principally in the business of owning and operating hotel, resort, and other real estate properties. See also note 6. 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 March 31, 2000. The results of operations for the three months ended June 30, 2000 are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2001. 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 investments in unconsolidated entities after the elimination of all intercompany amounts. 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. The Company accounts for its investments in unconsolidated entities under the equity method of accounting after the elimination of all intercompany transactions. In February 2000, the Company began leasing a hotel in Lubbock, Texas. All revenues and expenses of the hotel are included in the Consolidated Statements of Operations. On March 28, 2000, the Company changed its fiscal year from August 31 to March 31. Certain prior year amounts have been reclassified to conform with the current presentation. In June 1998, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 133 "Accounting for Derivative and Hedging Activities" ("SFAS No. 133"). SFAS No. 133 requires companies to record derivatives on the balance sheet as assets or liabilities at fair value. It is effective for financial statements for fiscal years beginning after June 15, 2000, as amended by SFAS No. 137. In June 2000, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 138, "Accounting for Certain Derivative Instruments and Certain Hedging Activities" ("SFAS No. 138"). This Statement establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts and for hedging activities. SFAS No. 138 also addresses issues when implementing SFAS No. 133. This Statement should be adopted concurrently with SFAS 133 and is effective beginning after June 15, 2000. Management is evaluating the impact of SFAS No. 133 and SFAS No. 138 on the Company's future earnings and financial position, but does not expect it to be material. 3. INCOME TAXES: The Company has net operating loss carryforwards for both book and tax purposes which may be used to offset future taxable income. However, due to the change of control of the Company discussed in note 1 above, there are limitations on the amount of net operating loss carryforwards that may be utilized each year to offset taxable income. The Company's income tax provision for the three months ended June 30, 2000 and June 30, 1999 is as follows:
For the Three Months Ended -------------------------- June 30, June 30, 2000 1999 -------- -------- Income Tax Provision $ 894 $ -- Utilization of Net Operating Loss Carryforwards $ (894) $ -- -------- -------- Regular Income Tax Provision -- -- Alternative Minimum Income Tax Provision $ 70 $ -- Deferred Income Tax Benefit from AMT Tax Credit $ (70) $ -- -------- -------- Net Income Tax Provision -- -- ======== ========
A taxable gain resulted from the sale of the Ramada property. Net operating losses generated in prior years were sufficient to offset this gain for regular Federal and state tax purposes. However, the Company is subject to Federal alternative minimum tax resulting from this sale. 4. SHAREHOLDERS' INVESTMENT: Earnings Per Share -- The following table sets forth the computation of basic and diluted profit (loss) per share:
For the Three Months Ended -------------------------- June 30, June 30, 2000 1999 -------- -------- Net profit (loss) $2,470,000 $ (368,000) Less undeclared preferred dividends (90,000) (90,000) ---------- ---------- Net profit (loss) applicable to common shareholders $2,380,000 $ (458,000) Weighted average shares outstanding -- basic 2,513,000 1,513,000 -- diluted 3,883,000 1,513,000 ========== ========== Net profit (loss) per share -- -- basic $ 0.95 $ (0.30) -- diluted 0.61 (0.30) ========== ==========
As of June 30, 2000, there are $480,000 of dividends in arrears. The effect of the Company's stock options and convertible securities was excluded from the computations for June 30, 1999 as it is antidilutive. Options Granted -- On June 13, 2000, the Company granted options to purchase 25,000 shares of Common Stock at a price of $2.25 per share to one of its directors. The options expire in five years. 5. INVESTMENT IN UNCONSOLIDATED ENTITY On September 30, 1999, the Company purchased additional equity in Louisville Hotel, LLC. The Company increased its ownership from 10% to 80%. The consideration issued to acquire the increased ownership was $2,500,000. In March 2000, the Company recognized a writedown of $1,200,000 on its investment in Louisville Hotel, LLC. This writedown was due to the anticipated shortfall of the Company's return of equity as a result of the decreased operating performance of the hotel. Per the hotel's franchise agreement, the franchisor of the hotel determined that an ownership change occurred in conjunction with Fountainhead's purchase of the majority shares of the Company. In turn, a Property Improvement Plan (the "Plan") was developed by the franchisor. Under the Plan, the hotel would be required to make approximately $1,858,000 of improvements by year end of 2002. The proposal by the franchisor has not been accepted at this time and will be negotiated by Louisville Hotel, LLC. 6. MANAGEMENT AGREEMENT On January 10, 2000, the Company entered into the Management Agreement with Fountainhead (see note 1), pursuant to which Fountainhead retained the Company to perform management services at Chateau Elan Winery and Resort, one of Fountainhead's properties, for a period of five years beginning on March 24, 2000. In consideration of Fountainhead's agreement to enter into the Management Agreement and a payment of $10,000 by Fountainhead to the Company, the Company issued to Fountainhead 1,000,000 shares of common stock at a fair market value of $2.00 per share. In the Management Agreement, Fountainhead agreed to pay the Company a base management fee equal to 2% of the gross revenues of the properties being managed, plus an annual incentive management fee to be determined each year based on the profitability of the properties being managed during that year. The Management Agreement has a term of five years but is terminable upon the transfer by Fountainhead of all or a material portion of the properties covered by the Management Agreement. If the Management Agreement is terminated upon such a transfer or upon the occurrence of an event of default by Fountainhead, Fountainhead shall pay to the Company a portion of the projected fees owed to the Company under the agreement, with adjustments based on the term of the Management Agreement remaining. In such event, Fountainhead may elect to surrender to the Company shares of common stock in lieu of a cash payment. 7. SALE OF OPERATING PROPERTY -- On May 31, 2000, the Company sold its hotel in Longwood, Florida for $5,100,000. Approximately $3,500,000 of the sales proceeds were used to pay off the mortgage and defeasance penalty on the hotel. The Company recognized approximately $2,634,000 in profit on the sale before tax. 8. SUBSEQUENT EVENTS The Compensation Committee has authorized the Company to grant options to purchase 250,000 shares of common stock at a price of $2.00 per share to its key employees under the Ridgewood Hotels, Inc. 1993 Stock Option Plan. Certain employees' options vest over a four-year period in 25% increments while certain others vest over a four-year period with 10% the first year, 25% the second year, 50% the third year and 100% the fourth year. All options expire ten years from the date of grant, unless earlier by reason of death, disability, termination of employment, or for other reasons outlined in the Plan. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 1999 The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of the consolidated results of operations and financial condition of Ridgewood Hotels, Inc. and its subsidiaries (collectively, the "Company"). The discussion should be read in conjunction with the Company's consolidated financial statements for the three months ending June 30, 2000. Certain statements included in this document are forward-looking, such as statements relating to estimates of operating and capital expenditure requirements, future revenue and operating income, and cash flow and liquidity. Such forward-looking statements are based on the Company's current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by the Company, and are subject to a number of risks and uncertainties that could cause actual results in the future to differ significantly from results expressed or implied in any such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties relating to economic and business conditions, governmental and regulatory policies, and the competitive environment in which the Company operates. Words such as "anticipates," "expects," "intends," "plans," "believes," "may," "will," or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Such statements are not guarantees of future performance and are subject to the risks and uncertainties referred to above. Therefore, the Company's actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason. The information contained in this document is not a complete description of the Company's business or the risks associated with an investment in the Company's common stock. The Company urges you to carefully review and consider the various disclosures made in this report and in the Company's other reports filed with the Securities and Exchange Commission. RESULTS OF OPERATIONS -- Revenues from hotel operations increased approximately $86,000, or 13%, for the three months ended June 30, 2000 compared to the three months ended June 30, 1999 due to revenues received from the hotel in Texas the Company leased beginning February 1, 2000. Revenues from hotel management increased approximately $395,000, or 144% for the three months ended June 30, 2000 compared to the three months ended June 30, 1999 due to overall increased revenues at the hotels managed by the Company and a larger number of hotels under management. Equity in net income of unconsolidated entities was $63,000 and $43,000, respectively, during the three months ended June 30, 2000 compared to the three months ended June 30, 1999. The equity for the three months ended June 30, 2000 was received from Louisville Hotel, LLC. During the three months ended June 30, 2000, the Company had gains from real estate sales of approximately $2,646,000. Approximately $2,634,000 of the gain was due to the sale of the Company's hotel in Longwood, Florida and $12,000 due to the sale of a parcel of land in Phoenix, Arizona. Gains or losses on sales are dependent upon the specific assets sold in a particular period and the terms of each sale. Expenses of real estate properties increased $233,000, or 40%, for the three months ended June 30, 2000 compared to the three months ended June 30, 1999. The increase was due to the expenses associated with the leased hotel in Texas. Depreciation and amortization expense increased approximately $63,000, or 70%, for the three months ended June 30, 2000 compared to the three months ended June 30, 1999. The increase is due to the amortization of the $2,000,000 Management Agreement with Fountainhead Development Corp. General, administration and other expenses increased approximately $15,000, or 2% for the three months ended June 30, 2000 compared to the three months ended June 30, 1999 due primarily to increased payroll expenses. LIQUIDITY AND CAPITAL RESOURCES -- On May 31, 2000, the Company sold its hotel in Longwood, Florida for $5,100,000. Approximately $3,500,000 of the sales proceeds were used to pay off the mortgage and defeasance penalty on the hotel. The Company recognized approximately $2,634,000 in profit on the sale before tax. In May 2000, the Company sold a parcel of land in Phoenix, Arizona for net proceeds of approximately $381,000. On January 10, 2000, the Company entered into the Management Agreement with Fountainhead, pursuant to which Fountainhead retained the Company to perform management services at Chateau Elan Winery and Resort, one of Fountainhead's properties, for a period of five years. In consideration of Fountainhead's agreement to enter into the Management Agreement and a payment of $10,000 by Fountainhead to the Company, the Company issued to Fountainhead 1,000,000 shares of common stock at a fair market value of $2.00 per share. In the Management Agreement, Fountainhead agreed to pay the Company a base management fee equal to 2% of the gross revenues of the properties being managed, plus an annual incentive management fee to be determined each year based on the profitability of the properties being managed during that year. The Management Agreement has a term of five years but is terminable upon the transfer by Fountainhead of all or a material portion of the properties covered by the Management Agreement. If the Management Agreement is terminated upon such a transfer or upon the occurrence of an event of default by Fountainhead, Fountainhead shall pay to the Company a portion of the projected fees owed to the Company under the agreement, with adjustments based on the term of the Management Agreement remaining. In such event, Fountainhead may elect to surrender to the Company shares of common stock in lieu of a cash payment. The Company's new management continues to seek new hotel management opportunities, including possible opportunities to manage other properties being developed by Fountainhead. In addition to Chateau Elan Georgia, the Company manages the Chateau Elan Sebring which is a Fountainhead property located in Sebring, Florida. While the Company intends to seek management opportunities with other Fountainhead properties, Fountainhead has no obligation to enter into further management relationships with the Company, and there can be no assurance that the Company will manage any Fountainhead properties in the future. The Company has an 80% economic interest in a hotel in Louisville, Kentucky. The Company also currently has 15 other hotels which it manages but has no ownership interest. Under the terms of franchise agreements, the Company is required to comply with standards established by franchisors, including property renovations and upgrades. The success of the Company's operations continues to be dependent upon such unpredictable factors as the general and local economic conditions to which the real estate and hotel industry is particularly sensitive: labor, environmental issues, weather conditions, consumer spending or general business conditions and the availability of satisfactory financing. 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: No reports on Form 8-K were filed during the three months ended June 30, 2000. 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 HOTELS, INC. By: /s/ Henk H. Evers Henk H. Evers President By: /s/ David Chiodi David Chiodi Director of Finance & Accounting Date: August 11, 2000 EX-27 2 0002.txt
5 The Schedule contains summary financial information extracted from the Consolidated Balance Sheets, Statements of Operations and Consolidated Statement of Cash Flows and is qualified in its entirety by reference to such financial statements. 3-MOS MAR-31-2001 JUN-30-2000 1,927,000 0 611,000 4,605,000 8,000 2,594,000 127,000 80,000 8,123,000 1,086,000 0 0 450,000 25,000 3,735,000 8,123,000 5,525,000 7,033,000 2,879,000 3,854,000 626,000 0 83,000 2,470,000 0 2,470,000 0 0 0 2,470,000 0.95 .61
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