EARNINGS
NEWS RELEASE
|
|||||||||||||
QUARTER
ENDED
|
|||||||||||||
|
MARCH 31,
|
MARCH
31,
|
|||||||||||
2007
|
2006
(1)
|
|
|||||||||||
REVENUES
|
$
|
8,589,011
|
$
|
8,388,718
|
|||||||||
NET
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS AND
|
(583,812
|
)
|
2,352,503
|
||||||||||
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
|
|||||||||||||
DISCONTINUED
OPERATIONS (NET OF INCOME TAX)
|
--
|
(7,978
|
)
|
||||||||||
CUMULATIVE
EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
|
|||||||||||||
(NET
OF INCOME
TAX)
|
--
|
(216,093
|
)
|
(2)
|
|
||||||||
NET
INCOME (LOSS)
|
($583,812
|
)
|
$
|
2,128,432
|
|||||||||
BASIC
EARNINGS PER SHARE:
|
|||||||||||||
NET
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS AND
|
|||||||||||||
CUMULATIVE
EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE
|
($0.10
|
)
|
$
|
0.41
|
|||||||||
DISCONTINUED
OPERATIONS (NET OF INCOME TAX)
|
--
|
--
|
|||||||||||
CUMULATIVE
EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
|
|||||||||||||
(NET OF INCOME TAX)
|
--
|
(0.04
|
)
|
(2)
|
|
||||||||
NET
INCOME (LOSS)
|
($0.10
|
)
|
$
|
0.37
|
|||||||||
DILUTED
EARNINGS PER SHARE:
|
|||||||||||||
NET
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS AND
|
|||||||||||||
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
|
($0.10
|
)
|
$
|
0.41
|
|||||||||
DISCONTINUED
OPERATIONS (NET OF INCOME TAX)
|
--
|
--
|
|||||||||||
CUMULATIVE
EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
|
|||||||||||||
(NET OF INCOME TAX)
|
--
|
($0.04
|
)
|
(2)
|
|
||||||||
NET
INCOME (LOSS)
|
($0.10
|
)
|
$
|
0.37
|
|||||||||
(1)
THE
FIRST QUARTER OF 2006 HAS BEEN ADJUSTED TO REFLECT THE QUARTERLY IMPACT
OF
THE SAB 108 ADJUSTMENT MADE IN
THE FOURTH QUARTER OF 2006. THE ADJUSTMENT WAS CONSIDERED
IMMATERIAL FOR EACH OF THE
QUARTERS OF
2006.
(2) THE
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE REPRESENTS
THE CHANGE
IN ACCOUNTING FOR STOCK
OPTIONS WITH THE ADOPTION OF FINANCIAL ACCOUNTING
STANDARDS STATEMENT NO. 123 (REVISED 2004).
|
RECONCILIATION
OF NET INCOME (LOSS) TO EARNINGS BEFORE
DEPRECIATION,
AMORTIZATION AND DEFERRED TAXES
|
|||||||||||||
|
|||||||||||||
QUARTER
ENDED
|
|||||||||||||
|
|||||||||||||
|
MARCH
31,
|
MARCH
31,
|
|||||||||||
2007
|
2006
(1)
|
|
|||||||||||
NET
INCOME (LOSS)
|
($583,812
|
)
|
$
|
2,128,432
|
|||||||||
ADD
BACK:
|
|||||||||||||
|
|||||||||||||
DEPRECIATION & AMORTIZATION
|
609,793
|
510,947
|
|||||||||||
DEFERRED TAXES
|
307,229
|
1,179,210
|
|||||||||||
EARNINGS
(LOSS) BEFORE DEPRECIATION, AMORTIZATION
|
|||||||||||||
AND DEFERRED TAXES
|
$
|
333,210
|
$
|
3,818,589
|
|||||||||
BASIC
& DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING
|
5,704,068
|
5,670,400
|
|||||||||||
BASIC
& DILUTED EBDDT PER SHARE
|
$
|
0.06
|
$
|
0.67
|
|||||||||
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 DEFERRED INCOME
TAXES
TO
NET INCOME AS THEY REPRESENT NON-CASH CHARGES.
(1) THE FIRST QUARTER OF 2006 HAS BEEN ADJUSTED TO REFLECT THE QUARTERLY IMPACT OF THE SAB 108 ADJUSTMENT MADE IN
THE FOURTH QUARTER OF 2006. THE ADJUSTMENT WAS CONSIDERED
IMMATERIAL FOR EACH OF THE
QUARTERS OF
2006.
|
CONSOLIDATED
BALANCE SHEETS
|
|||||||||||||
|
|
|
|
|
|
MARCH
31,
|
DECEMBER
31,
|
||||||
2007
|
2006
|
||||||||||||
ASSETS
|
$
|
$
|
|||||||||||
Cash
|
829,136
|
738,264
|
|||||||||||
Restricted Cash
|
1,918,927
|
1,185,962
|
|||||||||||
Investment Securities
|
12,286,113
|
11,780,205
|
|||||||||||
Notes Receivable
|
700,000
|
700,000
|
|||||||||||
Refundable Income Taxes
|
1,011,626
|
--
|
|||||||||||
Land and Development Costs
|
14,436,276
|
15,058,340
|
|||||||||||
Intangible Assets
|
5,007,160
|
5,103,649
|
|||||||||||
Other Assets
|
5,248,059
|
5,569,605
|
|||||||||||
41,437,297
|
40,136,025
|
||||||||||||
Property,
Plant & Equipment:
|
|||||||||||||
Land, Timber and Subsurface Interests
|
3,431,213
|
3,012,623
|
|||||||||||
Golf Buildings, Improvements & Equipment
|
11,471,043
|
11,442,492
|
|||||||||||
Income Properties Land, Buildings & Improvements
|
104,819,695
|
104,819,695
|
|||||||||||
Other Building, Equipment and Land Improvements
|
2,676,170
|
2,584,467
|
|||||||||||
Total Property, Plant and Equipment
|
122,398,121
|
121,859,277
|
|||||||||||
Less,
Accumulated Depreciation and Amortization
|
(8,716,945
|
)
|
(8,221,138
|
)
|
|||||||||
Net - Property, Plant and Equipment
|
113,681,176
|
113,638,139
|
|||||||||||
TOTAL
ASSETS
|
155,118,473
|
153,774,164
|
|||||||||||
LIABILITIES
|
|||||||||||||
Accounts Payable
|
588,536
|
167,378
|
|||||||||||
Accrued Liabilities
|
7,979,547
|
7,749,121
|
|||||||||||
Accrued Stock Based Compensation
|
5,613,190
|
5,743,773
|
|||||||||||
Deferred Profit
|
427,628
|
563,467
|
|||||||||||
Deferred Income Taxes
|
29,798,816
|
29,491,587
|
|||||||||||
Notes Payable
|
6,999,764
|
7,061,531
|
|||||||||||
TOTAL
LIABILITIES
|
51,407,481
|
50,776,857
|
|||||||||||
SHAREHOLDERS'
EQUITY
|
|||||||||||||
Common Stock
|
5,715,885
|
5,693,007
|
|||||||||||
Additional Paid in Capital
|
4,428,362
|
2,630,748
|
|||||||||||
Retained Earnings
|
94,553,987
|
95,650,170
|
|||||||||||
Accumulated Other Comprehensive Loss
|
(987,242
|
)
|
(976,618
|
)
|
|||||||||
TOTAL
SHAREHOLDERS' EQUITY
|
103,710,992
|
102,997,307
|
|||||||||||
TOTAL
LIABILITIES AND
|
|||||||||||||
SHAREHOLDERS' EQUITY
|
155,118,473
|
153,774,164
|
|||||||||||