[ X ] |
QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE
|
ACT OF 1934 |
[
]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES
|
EXCHANGE
ACT OF 1934
|
HMG/COURTLAND PROPERTIES,
INC.
|
|||
(Exact
name of small business issuer as specified in its
charter)
|
|||
Delaware
|
59-1914299 | ||
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
No.)
|
||
|
|||
1870 S. Bayshore Drive, Coconut Grove, Florida | 33133 | ||
(Address
of principal executive offices)
|
(Zip Code) | ||
305-854-6803
|
|||
|
(Registrant's
telephone number, including area code)
|
||
Not Applicable | |||
(Former
name, former address and former fiscal year, if changed since last
report)
|
|
PAGE | ||
NUMBER
|
|||
PART I. |
Financial
Information
|
|
|
Item
1. Financial Statements
|
|||
Condensed
Consolidated Balance Sheets as of
|
|||
September
30, 2009 (Unaudited) and December 31, 2008
|
|||
Condensed
Consolidated Statements of Comprehensive Income for the
|
|||
Three
and Nine Months Ended September 30, 2009 and 2008
(Unaudited)
|
|||
|
|||
Condensed
Consolidated Statements of Cash Flows for the
|
|||
Nine
Months Ended September 30, 2009 and 2008 (Unaudited)
|
|||
Notes
to Condensed Consolidated Financial Statements (Unaudited)
|
|||
Item
2. Management's Discussion and Analysis of
Financial
|
|||
Condition
and Results of Operations
|
|||
Item 3. Quantitative and Qualitative Disclosures About Market Risks | |||
Item 4. Controls and Procedures | |||
PART II. |
Other
Information
|
||
Item
1. Legal Proceedings
|
|||
Item
2. Unregistered Sales of Equity Securities and Use
of Proceeds
|
20 | ||
Item
3. Defaults Upon Senior Securities
|
|||
Item
4. Submission of Matters to a Vote of Security
Holders
|
|||
Item
5. Other Information
|
|||
Item
6. Exhibits
|
|||
Signatures
|
21 |
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
September
30,
|
December
31,
|
||||||
2009
|
2008
|
|||||||
ASSETS
|
(UNAUDITED)
|
|||||||
Investment
properties, net of accumulated depreciation:
|
||||||||
Commercial
properties
|
$ | 7,654,146 | $ | 7,961,765 | ||||
Hotel,
club and spa facility
|
3,971,692 | 4,338,826 | ||||||
Marina
properties
|
2,387,836 | 2,566,063 | ||||||
Land
held for development
|
27,689 | 27,689 | ||||||
Total
investment properties, net
|
14,041,363 | 14,894,343 | ||||||
Cash
and cash equivalents
|
2,286,863 | 3,369,577 | ||||||
Cash
and cash equivalents-restricted
|
2,398,432 | 2,390,430 | ||||||
Investments
in marketable securities
|
4,540,111 | 3,295,391 | ||||||
Other
investments
|
3,584,678 | 3,733,101 | ||||||
Investment
in affiliate
|
2,996,285 | 2,947,758 | ||||||
Loans,
notes and other receivables
|
874,151 | 621,630 | ||||||
Notes
and advances due from related parties
|
578,569 | 587,683 | ||||||
Deferred
taxes
|
325,000 | 366,000 | ||||||
Goodwill
|
7,728,627 | 7,728,627 | ||||||
Other
assets
|
868,348 | 888,535 | ||||||
TOTAL
ASSETS
|
$ | 40,222,427 | $ | 40,823,075 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Mortgages
and notes payable
|
$ | 18,758,444 | $ | 19,297,560 | ||||
Accounts
payable and accrued expenses
|
1,575,116 | 1,577,115 | ||||||
Interest
rate swap contract payable
|
1,453,000 | 2,156,000 | ||||||
Total
Liabilities
|
21,786,560 | 23,030,675 | ||||||
Preferred
stock, $1 par value; 2,000,000 shares
|
||||||||
authorized;
none issued
|
- | - | ||||||
Excess
common stock, $1 par value; 500,000 shares authorized;
|
||||||||
none
issued
|
- | - | ||||||
Common
stock, $1 par value; 1,500,000 shares authorized;
|
||||||||
1,317,535
shares issued as of September 30, 2009 and
|
||||||||
December
31, 2008
|
1,317,535 | 1,317,535 | ||||||
Additional
paid-in capital
|
26,585,595 | 26,585,595 | ||||||
Less: Treasury
stock, at cost (296,152 and 294,952 shares as of
|
||||||||
September
30, 2009 and December 31, 2008, respectively)
|
(2,574,715 | ) | (2,570,635 | ) | ||||
Undistributed
gains from sales of properties, net of losses
|
41,572,120 | 41,572,120 | ||||||
Undistributed
losses from operations
|
(52,033,629 | ) | (52,023,776 | ) | ||||
Accumulated
other comprehensive loss
|
(726,500 | ) | (1,078,000 | ) | ||||
Total
stockholders’ equity
|
14,140,406 | 13,802,839 | ||||||
Non
controlling interests
|
4,295,461 | 3,989,561 | ||||||
Total
Equity
|
18,435,867 | 17,792,400 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 40,222,427 | $ | 40,823,075 | ||||
See
notes to the condensed consolidated financial statements
|
CONDENSED
CONSOLIDATED STATEMENTS
OF
COMPREHENSIVE INCOME (UNAUDITED)
|
||||||||||||||||
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
REVENUES
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Real
estate rentals and related revenue
|
$ | 449,477 | $ | 436,401 | $ | 1,341,221 | $ | 1,242,281 | ||||||||
Food
& beverage sales
|
1,238,438 | 1,350,509 | 4,862,365 | 5,206,324 | ||||||||||||
Marina
revenues
|
403,794 | 447,032 | 1,253,988 | 1,327,045 | ||||||||||||
Spa
revenues
|
153,934 | 227,991 | 394,117 | 652,063 | ||||||||||||
Total
revenues
|
2,245,643 | 2,461,933 | 7,851,691 | 8,427,713 | ||||||||||||
EXPENSES
|
||||||||||||||||
Operating
expenses:
|
||||||||||||||||
Rental
and other properties
|
275,061 | 209,237 | 659,222 | 478,813 | ||||||||||||
Food
and beverage cost of sales
|
329,156 | 370,329 | 1,236,349 | 1,390,691 | ||||||||||||
Food
and beverage labor and related costs
|
351,184 | 377,900 | 1,141,722 | 1,184,991 | ||||||||||||
Food
and beverage other operating costs
|
477,759 | 524,415 | 1,630,949 | 1,654,115 | ||||||||||||
Marina
expenses
|
245,257 | 243,845 | 738,240 | 733,529 | ||||||||||||
Spa
expenses
|
148,514 | 236,928 | 425,831 | 604,891 | ||||||||||||
Depreciation
and amortization
|
338,671 | 345,779 | 1,020,855 | 1,019,927 | ||||||||||||
Adviser's
base fee
|
255,000 | 255,000 | 765,000 | 765,000 | ||||||||||||
General
and administrative
|
79,336 | 85,760 | 211,376 | 246,987 | ||||||||||||
Professional
fees and expenses
|
95,912 | 102,331 | 215,296 | 231,476 | ||||||||||||
Directors'
fees and expenses
|
34,782 | 30,959 | 84,037 | 83,988 | ||||||||||||
Total
operating expenses
|
2,630,632 | 2,782,483 | 8,128,877 | 8,394,408 | ||||||||||||
Interest
expense
|
278,407 | 329,299 | 840,364 | 1,018,403 | ||||||||||||
Total
expenses
|
2,909,039 | 3,111,782 | 8,969,241 | 9,412,811 | ||||||||||||
Loss
before other income and income taxes
|
(663,396 | ) | (649,849 | ) | (1,117,550 | ) | (985,098 | ) | ||||||||
Net
realized and unrealized gain (losses)from investments in marketable
securities
|
539,792 | (689,073 | ) | 959,092 | (903,723 | ) | ||||||||||
Net
(loss) income from other investments
|
(248,638 | ) | 6,969 | (200,496 | ) | 165,000 | ||||||||||
Interest,
dividend and other income
|
147,024 | 72,639 | 327,563 | 409,231 | ||||||||||||
Total
other income (loss)
|
438,178 | (609,465 | ) | 1,086,159 | (329,492 | ) | ||||||||||
(Loss)
income before income taxes
|
(225,218 | ) | (1,259,314 | ) | (31,391 | ) | (1,314,590 | ) | ||||||||
(Benefit
from) provision for income taxes
|
(77,000 | ) | (322,000 | ) | 41,000 | (280,000 | ) | |||||||||
Net
loss
|
(148,218 | ) | (937,314 | ) | (72,391 | ) | (1,034,590 | ) | ||||||||
Less:
Net (loss) income attributable to non controlling
interests
|
(144,342 | ) | 174,946 | 62,538 | 4,904 | |||||||||||
Net
loss attributable to the Company
|
(3,876 | ) | (762,368 | ) | (9,853 | ) | (1,029,686 | ) | ||||||||
Other comprehensive income
(loss):
|
||||||||||||||||
Unrealized
(loss) gain on interest rate swap agreement
|
$ | (85,000 | ) | $ | (61,000 | ) | $ | 351,500 | $ | (76,000 | ) | |||||
Total
other comprehensive income (loss)
|
(85,000 | ) | (61,000 | ) | 351,500 | (76,000 | ) | |||||||||
Comprehensive
income (loss)
|
$ | (88,876 | ) | $ | (823,368 | ) | $ | 341,647 | $ | (1,105,686 | ) | |||||
Net Income (loss) Per Common
Share:
|
||||||||||||||||
Basic
and diluted
|
$ | (.01 | ) | $ | (.74 | ) | $ | (.01 | ) | $ | (1.01 | ) | ||||
Weighted
average common shares outstanding-basic and diluted
|
1,021,408 | 1,023,955 | 1,021,408 | 1,023,955 |
See
notes to the condensed consolidated financial
statements
|
HMG/COURTLAND PROPERTIES, INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
Nine
months ended September 30,
|
||||||||
2009
|
2008
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
loss attributable to the Company
|
$ | (9,853 | ) | $ | (1,029,686 | ) | ||
Adjustments
to reconcile net loss attributable to the Company to net cash provided
by
operating activities:
|
||||||||
Depreciation
and amortization
|
1,020,855 | 1,019,927 | ||||||
Net
loss (income) from other investments
|
200,496 | (165,000 | ) | |||||
Net
(gain) loss from investments in marketable securities
|
(959,092 | ) | 903,723 | |||||
Net
income attributable to non controlling interests
|
(62,538 | ) | (4,904 | ) | ||||
Deferred
income tax benefit (provision)
|
41,000 | (280,000 | ) | |||||
Changes
in assets and liabilities:
|
||||||||
(Increase)
decrease in other assets and other receivables
|
(115,454 | ) | 6,820 | |||||
(Decrease)
increase in accounts payable, accrued expenses and other
liabilities
|
(1,999 | ) | 386,380 | |||||
Total
adjustments
|
123,268 | 1,866,946 | ||||||
Net
cash provided by operating activities
|
113,415 | 837,260 | ||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases
and improvements of properties
|
(143,756 | ) | (553,851 | ) | ||||
Decrease
in notes and advances from related parties
|
9,114 | 39,142 | ||||||
Increase
in mortgage loans and notes receivables
|
(150,000 | ) | (100,000 | ) | ||||
Collections
of mortgage loans and notes receivables
|
9,000 | 509,025 | ||||||
Distributions
from other investments
|
330,085 | 252,235 | ||||||
Contributions
to other investments
|
(430,686 | ) | (495,298 | ) | ||||
Net
proceeds from sales and redemptions of securities
|
1,487,868 | 3,092,459 | ||||||
Increase
in investments in marketable securities
|
(1,773,496 | ) | (2,265,429 | ) | ||||
Net
cash (used in) provided by investing activities
|
(661,871 | ) | 478,283 | |||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Repayment
of mortgages and notes payables
|
(539,116 | ) | (507,780 | ) | ||||
Deposits
to restricted cash
|
(8,002 | ) | (2,011,113 | ) | ||||
Contributions
from non controlling interests
|
16,940 | 1,050,000 | ||||||
Purchase
of treasury stock
|
(4,080 | ) | - | |||||
Net
cash used in financing activities
|
(534,258 | ) | (1,468,893 | ) | ||||
Net
decrease in cash and cash equivalents
|
(1,082,714 | ) | (153,350 | ) | ||||
Cash
and cash equivalents at beginning of the period
|
3,369,577 | 2,599,734 | ||||||
Cash
and cash equivalents at end of the period
|
$ | 2,286,863 | $ | 2,446,384 | ||||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash
paid during the period for interest
|
$ | 840,000 | $ | 1,018,000 | ||||
Cash
paid during the period for income taxes
|
$ | 0 | $ | 0 | ||||
See
notes to the condensed consolidated financial statements
|
Summarized
Combined statements of income
Bayshore
Landing, LLC and
Bayshore
Rawbar, LLC
|
For
the three
months ended
September
30, 2009
|
For
the three
months ended
September
30, 2008
|
For
the nine
months ended
September
30, 2009
|
For
the nine
months ended
September
30, 2008
|
||||||||||||
Revenues:
|
||||||||||||||||
Food
and Beverage Sales
|
$ | 1,238,000 | $ | 1,350,000 | $ | 4,862,000 | $ | 5,206,000 | ||||||||
Marina
dockage and related
|
278,000 | 310,000 | 873,000 | 949,000 | ||||||||||||
Retail/mall
rental and related
|
138,000 | 135,000 | 408,000 | 341,000 | ||||||||||||
Total
Revenues
|
1,654,000 | 1,795,000 | 6,143,000 | 6,496,000 | ||||||||||||
Expenses:
|
||||||||||||||||
Cost
of food and beverage sold
|
329,000 | 371,000 | 1,236,000 | 1,391,000 | ||||||||||||
Labor
and related costs
|
303,000 | 324,000 | 988,000 | 1,020,000 | ||||||||||||
Entertainers
|
49,000 | 53,000 | 154,000 | 164,000 | ||||||||||||
Other
food and beverage related costs
|
104,000 | 130,000 | 443,000 | 435,000 | ||||||||||||
Other
operating costs
|
86,000 | 72,000 | 219,000 | 200,000 | ||||||||||||
Repairs
and maintenance
|
96,000 | 115,000 | 317,000 | 317,000 | ||||||||||||
Insurance
|
142,000 | 159,000 | 442,000 | 465,000 | ||||||||||||
Management
fees
|
76,000 | 79,000 | 199,000 | 216,000 | ||||||||||||
Utilities
|
87,000 | 86,000 | 224,000 | 234,000 | ||||||||||||
Ground
rent
|
234,000 | 207,000 | 676,000 | 617,000 | ||||||||||||
Interest
|
221,000 | 234,000 | 668,000 | 706,000 | ||||||||||||
Depreciation
|
194,000 | 198,000 | 581,000 | 578,000 | ||||||||||||
Total
Expenses
|
1,921,000 | 2,028,000 | 6,147,000 | 6,343,000 | ||||||||||||
Net
Income before non controlling interest
|
$ | (267,000 | ) | $ | (233,000 | ) | $ | (4,000 | ) | $ | 153,000 |
Three
months ended
September
30,
|
Nine
months ended
September
30,
|
|||||||||||||||
Description
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Net
realized (loss) gain from sales of securities
|
$ | (56,000 | ) | $ | 48,000 | $ | (59,000 | ) | $ | (46,000 | ) | |||||
Unrealized
net gain (loss) in trading securities
|
596,000 | (737,000 | ) | 1,018,000 | (858,000 | ) | ||||||||||
Total
net (loss) gain from investments in marketable securities
|
$ | 540,000 | $ | (689,000 | ) | $ | 959,000 | $ | (904,000 | ) |
Three
months ended September
30,
|
Nine
months ended September
30,
|
|||||||||||||||
Description
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Technology-related
venture fund
|
$ | (150,000 | ) | $ | -- | $ | (137,000 | ) | $ | 22,000 | ||||||
Partnership
owning diversified businesses & distressed debt
|
(130,000 | ) | -- | (127,000 | ) | 7,000 | ||||||||||
Income
from investment in 49% owned affiliate (T.G.I.F. Texas,
Inc.)
|
16,000 | 7,000 | 49,000 | 42,000 | ||||||||||||
Others,
net
|
15,000 | -- | 15,000 | 94,000 | ||||||||||||
Total
net gain from other investments
|
$ | (249,000 | ) | $ | 7,000 | $ | (200,000 | ) | $ | 165,000 |
|
As
of December 31, 2008
|
|||||||||||||||||||
|
Less than 12
Months
|
Greater
than 12 Months
|
Total
|
|||||||||||||||||
Investment Description
|
|
Fair Value
|
|
Unrealized
Loss
|
Fair Value
|
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
|||||||||||
Partnerships
owning investments in technology related industries
|
|
$
|
109,000
|
|
$
|
(51,000
|
)
|
$
|
275,000
|
|
$
|
(86,000
|
)
|
$
|
384,000
|
$
|
(137,000)
|
|||
Partnerships
owning diversified businesses
|
|
112,000
|
|
(4,000
|
)
|
366,000
|
|
(147,000
|
)
|
478,000
|
(151,000)
|
|||||||||
|
|
|
||||||||||||||||||
Total
|
|
$
|
221,000
|
|
$
|
(55,000
|
)
|
$
|
641,000
|
|
$
|
(233,000
|
)
|
$
|
862,000
|
$
|
(288,000)
|
|||
|
|
|
||||||||||||||||||
|
As
of September 30, 2009
(unaudited)
|
|||||||||||||||||||
|
Less than 12
Months
|
Greater
than 12 Months
|
Total
|
|||||||||||||||||
Investment Description
|
|
Fair Value
|
|
Unrealized
Loss
|
Fair Value
|
|
Unrealized
Loss
|
Fair Value
|
Unrealized
Loss
|
|||||||||||
Partnerships
owning investments in technology related
industries
|
|
$
|
92,000
|
|
$
|
(12,000
|
)
|
$
|
403,000
|
|
$
|
(18,000
|
)
|
$
|
496,000
|
$
|
(30,000)
|
|||
Partnerships
owning diversified businesses
|
|
442,000
|
|
(208,000
|
)
|
357,000
|
|
(6,000
|
)
|
799,000
|
(214,000)
|
|||||||||
Partnerships
owning real estate and related investments
|
|
320,000
|
|
(119,000
|
)
|
0
|
|
0
|
320,000
|
(119,000)
|
||||||||||
|
|
|
||||||||||||||||||
Total
|
|
$
|
854,000
|
|
$
|
(339,000
|
)
|
$
|
760,000
|
|
$
|
(24,000
|
)
|
$
|
1,615,000
|
$
|
(363,000)
|
|||
|
|
|
Fair Values of Derivative
Instruments:
|
Liability Derivative
|
|||
September 30, 2009 | December 31, 2008 | |||
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Derivatives
designated as hedging instruments under
Statement
133:
|
|
|
|
|
Interest
rate swap contract
|
Liabilities
|
$1,453,000
|
Liabilities
|
$2,156,000
|
Total
derivatives designated as hedging instruments under
ASC
Topic 815 (formerly SFAS 133)
|
|
$1,453,000
|
|
$2,156,000
|
Derivatives in ASC Topic 815 Cash Flow Hedging
Relationships
|
Amount
of Gain or (Loss)
Recognized
in OCI on
Derivative
(Effective
Portion)
|
|
For
the three
Months
ended
September 30,
2009
|
For
the three
Months
ended
September 30,
2008
|
For
the nine
Months
ended
September 30,
2009
|
For
the nine
Months
ended
September 30,
2008
|
||||||||
Interest
rate swap contracts
|
($85,000)
|
($61,000)
|
$351,500
|
($76,000)
|
||||||||
Total
|
($85,000)
|
($61,000)
|
$351,500
|
($76,000)
|
Fair value measurement at reporting date using
|
||||||||||||||||
Description
|
September 30,
2009
|
Quoted Prices in Active
Markets for Identical Assets
(Level
1)
|
Significant Other
Observable Inputs
(Level
2)
|
Significant
Unobservable Inputs
(Level
3)
|
||||||||||||
Assets
|
||||||||||||||||
Cash
equivalents:
|
||||||||||||||||
Time
deposits
|
$ | 52,000 | — | $ | 52,000 | — | ||||||||||
Money
market mutual
funds
|
979,000 | 979,000 | — | — | ||||||||||||
Cash
equivalents – restricted
|
||||||||||||||||
Money
market mutual
funds
|
2,398,000 | 2,398,000 | — | — | ||||||||||||
Marketable
securities:
|
||||||||||||||||
Corporate
debt
securities
|
2,125,000 | — | 2,125,000 | — | ||||||||||||
Marketable
equity
securities
|
2,416,000 | 2,416,000 | — | — | ||||||||||||
Total
assets
|
$ | 7,970,000 | $ | 5,793,000 | $ | 2,177,000 | $ | — | ||||||||
Liabilities
|
||||||||||||||||
Interest
rate swap contract
|
$ | 1,453,000 | $ | — | $ | 1,453,000 | $ | — | ||||||||
Total
liabilities
|
$ | 1,453,000 | $ | — | $ | 1,453,000 | $ | — | ||||||||
Description
|
September 30,
2009
|
Quoted Prices in Active
Markets for Identical Assets
(Level
1)
|
Significant Other
Observable Inputs
(Level
2)
|
Significant
Unobservable Inputs
(Level
3)
|
||||||||||||
Technology-related
venture
fund
|
$ | 526,000 | $ | — | $ | — | $ | 526,000 | ||||||||
Partnership
owning
diversified
businesses
&
distressed
debt
|
$ | 493,000 | $ | — | $ | — | $ | 493,000 |
Three
months ended
|
Nine
months ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
Revenues:
|
||||||||||||||||
Real
estate and marina rentals
|
$ | 854,000 | $ | 883,000 | $ | 2,595,000 | $ | 2,569,000 | ||||||||
Food
and beverage sales
|
1,238,000 | 1,351,000 | 4,862,000 | 5,207,000 | ||||||||||||
Spa
revenues
|
154,000 | 228,000 | 394,000 | 652,000 | ||||||||||||
Total
Net Revenues
|
$ | 2,246,000 | $ | 2,462,000 | $ | 7,851,000 | $ | 8,428,000 | ||||||||
Income
(loss) before income taxes:
|
||||||||||||||||
Real
estate and marina rentals
|
$ | 105,000 | $ | 118,000 | $ | 282,000 | $ | 365,000 | ||||||||
Food
and beverage sales
|
(110,000 | ) | (97,000 | ) | 40,000 | 85,000 | ||||||||||
Other
investments and related income
|
(76,000 | ) | (1,105,000 | ) | (291,000 | ) | (1,760,000 | ) | ||||||||
Total
net income (loss) before income taxes attributable to the
Company
|
$ | (81,000 | ) | $ | (1,084,000 | ) | $ | 31,000 | $ | (1,310,000 | ) |
For
the three months
|
For
the nine months
|
|||||||||||||||
ended
September 30,
|
ended
September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Revenues:
|
||||||||||||||||
Food
and Beverage Sales
|
$ | 1,238,000 | $ | 1,350,000 | $ | 4,862,000 | $ | 5,206,000 | ||||||||
Expenses:
|
||||||||||||||||
Cost
of food and beverage sold
|
329,000 | 371,000 | 1,236,000 | 1,391,000 | ||||||||||||
Labor
and related costs
|
303,000 | 324,000 | 988,000 | 1,020,000 | ||||||||||||
Entertainers
|
49,000 | 54,000 | 154,000 | 165,000 | ||||||||||||
Other
food and beverage direct costs
|
54,000 | 64,000 | 209,000 | 213,000 | ||||||||||||
Other
operating costs
|
60,000 | 66,000 | 244,000 | 222,000 | ||||||||||||
Repairs
and maintenance
|
49,000 | 60,000 | 174,000 | 158,000 | ||||||||||||
Insurance
|
71,000 | 77,000 | 224,000 | 232,000 | ||||||||||||
Management
and accounting fees
|
47,000 | 47,000 | 104,000 | 104,000 | ||||||||||||
Utilities
|
65,000 | 66,000 | 182,000 | 194,000 | ||||||||||||
Rent
(as allocated)
|
131,000 | 143,000 | 494,000 | 530,000 | ||||||||||||
Total
Expenses
|
1,158,000 | 1,272,000 | 4,009,000 | 4,229,000 | ||||||||||||
Income
before depreciation and non controlling interest
|
$ | 80,000 | $ | 78,000 | $ | 853,000 | $ | 977,000 | ||||||||
All
amounts above presented as a percentage of sales
|
For
the three months
|
For
the nine months
|
||||||||||||||
ended
September 30,
|
ended
September 30,
|
|||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Revenues:
|
||||||||||||||||
Food
and Beverage Sales
|
100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Expenses:
|
||||||||||||||||
Cost
of food and beverage sold
|
27 | % | 27 | % | 25 | % | 27 | % | ||||||||
Labor
and related costs
|
24 | % | 24 | % | 20 | % | 20 | % | ||||||||
Entertainers
|
4 | % | 4 | % | 3 | % | 3 | % | ||||||||
Other
food and beverage direct costs
|
4 | % | 5 | % | 4 | % | 4 | % | ||||||||
Other
operating costs
|
5 | % | 5 | % | 5 | % | 4 | % | ||||||||
Repairs
and maintenance
|
4 | % | 4 | % | 4 | % | 3 | % | ||||||||
Insurance
|
6 | % | 6 | % | 5 | % | 4 | % | ||||||||
Management
fees
|
4 | % | 3 | % | 2 | % | 2 | % | ||||||||
Utilities
|
5 | % | 5 | % | 4 | % | 4 | % | ||||||||
Rent
(as allocated)
|
11 | % | 11 | % | 10 | % | 10 | % | ||||||||
Total
Expenses
|
94 | % | 94 | % | 82 | % | 81 | % | ||||||||
Income
before depreciation and non controlling interest
|
6 | % | 6 | % | 18 | % | 19 | % |
For
the three months
|
For
the nine months
|
|||||||||||||||
ended
September 30,
|
ended
September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Revenues:
|
||||||||||||||||
Monty's
dockage fees and related income
|
$ | 278,000 | $ | 310,000 | $ | 873,000 | $ | 949,000 | ||||||||
Grove
Isle marina slip owners dues and dockage fees
|
126,000 | 137,000 | 381,000 | 378,000 | ||||||||||||
Total
marina revenues
|
404,000 | 447,000 | 1,254,000 | 1,327,000 | ||||||||||||
Expenses:
|
||||||||||||||||
Labor
and related costs
|
61,000 | 57,000 | 188,000 | 177,000 | ||||||||||||
Insurance
|
47,000 | 51,000 | 139,000 | 148,000 | ||||||||||||
Management
fees
|
18,000 | 19,000 | 56,000 | 58,000 | ||||||||||||
Utilities,
net of tenant reimbursement
|
16,000 | 9,000 | 21,000 | 3,000 | ||||||||||||
Rent
and bay bottom lease expense
|
54,000 | 59,000 | 169,000 | 181,000 | ||||||||||||
Repairs
and maintenance
|
26,000 | 24,000 | 90,000 | 94,000 | ||||||||||||
Other
|
23,000 | 25,000 | 75,000 | 73,000 | ||||||||||||
Total
marina expenses
|
245,000 | 244,000 | 738,000 | 734,000 | ||||||||||||
Income
before depreciation and non controlling interest
|
$ | 159,000 | $ | 203,000 | $ | 516,000 | $ | 593,000 |
Three
months
ended
September
30,
2009
|
Three
months
ended
September 30,
2008
|
Nine
months
ended
September
30,
2009
|
Nine
months
ended
September
30,
2008
|
|||||||||||||
Revenues:
|
||||||||||||||||
Services
provided
|
$ | 138,000 | $ | 215,000 | $ | 340,000 | $ | 612,000 | ||||||||
Membership
and other
|
16,000 | 13,000 | 54,000 | 40,000 | ||||||||||||
Total
spa revenues
|
154,000 | 228,000 | 394,000 | 652,000 | ||||||||||||
Expenses:
|
||||||||||||||||
Cost
of sales (commissions and other)
|
26,000 | 86,000 | 92,000 | 201,000 | ||||||||||||
Salaries,
wages and related
|
46,000 | 64,000 | 140,000 | 185,000 | ||||||||||||
Other
operating expenses
|
73,000 | 91,000 | 161,000 | 179,000 | ||||||||||||
Management
and administrative fees
|
8,000 | 11,000 | 24,000 | 31,000 | ||||||||||||
Other
non-operating expenses
|
(5,000 | ) | (15,000 | ) | 9,000 | 9,000 | ||||||||||
Total
spa expenses
|
148,000 | 237,000 | 426,000 | 605,000 | ||||||||||||
Income
(loss) before interest, depreciation and non
controlling
interest
|
$ | 6,000 | $ | (9,000 | ) | $ | (32,000 | ) | $ | 47,000 |
(a)
|
Evaluation
of Disclosure Controls and
Procedures.
|
(b)
|
Changes
in Internal Control Over Financial
Reporting.
|
(c)
|
The
following table presents information regarding the shares of our common
stock we purchased during each of the nine calendar months ended September
30, 2009.
|
Period
|
Total
Number
of
Shares
Purchased
|
Average
Price
Paid per
Share
|
Total
Number of
Shares
Purchased
as
Part of
Publicly
Announced
Plan
(1)
|
Maximum
Dollar
Value
of Shares
That
May Yet Be
Purchased
Under
the Plan (1)
|
||||||||||||
January
1 – 31 2009
|
1,200
|
$
|
3.40
|
4,080
|
$
|
291,115
|
||||||||||
Feb.
1 – 28 2009
|
-
|
$
|
-
|
-
|
$
|
291,115
|
||||||||||
March
1 – 31 2009
|
-
|
$
|
-
|
-
|
$
|
291,115
|
||||||||||
April
1 – 30 2009
|
-
|
$
|
-
|
-
|
$
|
291,115
|
||||||||||
May
1 – 31 2009
|
-
|
$
|
-
|
-
|
$
|
291,115
|
||||||||||
June
1 – 30 2009
|
-
|
$
|
-
|
-
|
$
|
291,115
|
||||||||||
July
1 – 31 2009
|
-
|
$
|
-
|
-
|
$
|
291,115
|
||||||||||
August
1 – 31 2009
|
-
|
$
|
-
|
-
|
$
|
291,115
|
||||||||||
Sept. 1 - 30 2009 | $ | - | - | $ |
291,115
|
1.
|
We
have one program, which was announced in November 2008 after approval by
our Board of Directors, to purchase up to $300,000 of outstanding shares
of our common stock from time to time in the open market at prevailing
market prices or in privately negotiated transactions. All of
the shares we purchased during these periods were purchased on the open
market pursuant to this program. The repurchased shares of
common stock will be held in treasury and used for general corporate
purposes. This program has no expiration
date.
|
HMG/COURTLAND PROPERTIES,
INC.
|
||
Dated: November
10, 2009
|
/s/
Lawrence Rothstein
|
|
|
President,
Treasurer and Secretary
|
|
|
Principal
Financial Officer
|
|
|
||
Dated: November
10, 2009
|
/s/Carlos
Camarotti
|
|
|
Vice
President- Finance and Controller
|
|
|
Principal
Accounting Officer
|