Florida
(State
or other jurisdiction of incorporation)
|
0-5556
(Commission
File Number)
|
59-0483700
(IRS
Employer Identification No.)
|
||
1530
Cornerstone Boulevard, Suite 100
Daytona
Beach, Florida
(Address
of principal executive offices)
|
32117
(Zip
Code)
|
|||
Registrant’s
telephone number, including area code: (386)
274-2202
|
||||
Not
Applicable
(Former
name or former address, if changed since last report.)
|
||||
Date:
|
April
17, 2008
|
Contact:
|
Bruce
W. Teeters, Sr. Vice President
|
Phone:
|
(386)
274-2202
|
Facsimile:
|
(386)
274-1223
|
EARNINGS NEWS RELEASE | |||||||||
QUARTER
ENDED
|
|||||||||
MARCH
31,
|
MARCH
31,
|
||||||||
2008
|
2007
|
||||||||
REVENUES
|
$ | 3,938,496 | $ | 8,589,011 | |||||
NET
INCOME (LOSS)
|
$ | 156,124 | $ | (583,812 | ) | ||||
BASIC
& DILUTED EARNINGS PER SHARE:
|
|||||||||
NET
INCOME (LOSS)
|
$ | 0.03 | $ | (0.10 | ) | ||||
RECONCILIATION OF NET INCOME TO EARNINGS BEFORE | |||||||||
DEPRECIATION, AMORTIZATION AND DEFERRED TAXES | |||||||||
QUARTER
ENDED
|
|||||||||
MARCH
31,
|
MARCH
31,
|
||||||||
2008
|
2007
|
||||||||
NET
INCOME (LOSS)
|
$ | 156,124 | $ | (583,812 | ) | ||||
ADD
BACK:
|
|||||||||
DEPRECIATION
& AMORTIZATION
|
624,930 | 609,793 | |||||||
DEFERRED
TAXES
|
(433,017 | ) | 307,229 | ||||||
EARNINGS
BEFORE DEPRECIATION, AMORTIZATION
|
|||||||||
AND
DEFERRED TAXES
|
$ | 348,037 | $ | 333,210 | |||||
BASIC
WEIGHTED AVERAGE SHARES OUTSTANDING
|
5,726,182 | 5,704,068 | |||||||
BASIC
EBDDT PER SHARE
|
$ | 0.06 | $ | 0.06 | |||||
EBDDT
- EARNINGS BEFORE DEPRECIATION, AMORTIZATION, AND DEFERRED
TAXES. EBDDT IS NOT A MEASURE OF
|
|||||||||
OPERATING
RESULTS OR CASH FLOWS FROM OPERATING ACTIVITIES AS DEFINED BY U.S.
GENERALLY
|
|||||||||
ACCEPTED
ACCOUNTING PRINCIPLES. FURTHER, EBDDT IS NOT NECESSARILY INDICATIVE
OF CASH
|
|||||||||
AVAILABILITY
TO FUND CASH NEEDS AND SHOULD NOT BE CONSIDERED AS AN ALTERNATIVE
TO
|
|||||||||
CASH
FLOW AS A MEASURE OF LIQUIDITY. THE COMPANY BELIEVES, HOWEVER, THAT
EBDDT PROVIDES
|
|||||||||
RELEVANT
INFORMATION ABOUT OPERATIONS AND IS USEFUL, ALONG WITH NET INCOME, FOR
AN
|
|||||||||
UNDERSTANDING
OF THE COMPANY'S OPERATING RESULTS.
|
|||||||||
EBDDT
IS CALCULATED BY ADDING DEPRECIATION, AMORTIZATION AND THE CHANGE IN
DEFERRED INCOME TAXES
|
|||||||||
TO
NET INCOME (LOSS) AS THEY REPRESENT NON-CASH CHARGES.
|
CONSOLIDATED
BALANCE SHEETS
|
|||||
MARCH
31,
|
DECEMBER
31,
|
||||
2008
|
2007
|
||||
ASSETS
|
$
|
$
|
|||
Cash
|
164,547
|
863,826
|
|||
Restricted
Cash
|
9,510,980
|
10,387,550
|
|||
Investment
Securities
|
6,590,756
|
10,193,094
|
|||
Notes
Receivable
|
4,703,693
|
5,164,421
|
|||
Land
and Development Costs
|
15,249,071
|
15,654,456
|
|||
Intangible
Assets
|
4,621,213
|
4,717,699
|
|||
Other
Assets
|
8,240,955
|
7,899,810
|
|||
49,081,215
|
54,880,856
|
||||
Property,
Plant & Equipment:
|
|||||
Land,
Timber and Subsurface Interests
|
8,660,652
|
7,793,594
|
|||
Golf
Buildings, Improvements & Equipment
|
11,718,993
|
11,713,046
|
|||
Income
Properties Land, Buildings & Improvements
|
104,819,695
|
104,820,647
|
|||
Other
Building, Equipment and Land Improvements
|
3,081,596
|
2,909,057
|
|||
Construction
in Process
|
2,059,089
|
--
|
|||
Total
Property, Plant and Equipment
|
130,340,025
|
127,236,344
|
|||
Less,
Accumulated Depreciation and Amortization
|
(10,813,114)
|
(10,284,670)
|
|||
Net
- Property, Plant and Equipment
|
119,526,911
|
116,951,674
|
|||
TOTAL
ASSETS
|
168,608,126
|
171,832,530
|
|||
LIABILITIES
|
|||||
Accounts
Payable
|
268,201
|
452,090
|
|||
Accrued
Liabilities
|
8,678,323
|
8,684,175
|
|||
Accrued
Stock Based Compensation
|
3,011,753
|
3,277,821
|
|||
Income
Taxes Payable
|
1,083,131
|
3,058,049
|
|||
Deferred
Income Taxes
|
32,449,382
|
32,882,399
|
|||
Notes
Payable
|
6,926,375
|
6,807,388
|
|||
TOTAL
LIABILITIES
|
52,417,165
|
55,161,922
|
|||
SHAREHOLDERS'
EQUITY
|
|||||
Common
Stock
|
5,727,515
|
5,725,806
|
|||
Additional
Paid in Capital
|
5,217,955
|
5,130,574
|
|||
Retained
Earnings
|
106,595,582
|
107,012,038
|
|||
Accumulated
Other Comprehensive Loss
|
(1,350,091)
|
(1,197,810)
|
|||
TOTAL
SHAREHOLDERS' EQUITY
|
116,190,961
|
116,670,608
|
|||
TOTAL
LIABILITIES AND
|
|||||
SHAREHOLDERS'
EQUITY
|
168,608,126
|
171,832,530
|
|||