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SECURITIES AND EXCHANGE
COMMISSION 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 September 30, 2000OR|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Transition Period From __________ To __________Commission File Number 1-6802Liberté Investors Inc. |
Delaware (State or other jurisdiction of incorporation or organization) |
75-1328153 (I.R.S. Employer Identification No.) |
200 Crescent Court, Suite 1365 Dallas, Texas (Address of principal executive offices) |
75201 (Zip Code) |
Registrants telephone number, including area code (214) 871-5935 (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 _____ Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date: 20,256,097 shares of Libertés Common Stock, $.01 Par Value, were outstanding as of November 13, 2000. |
LIBERTE INVESTORS INC. INDEX |
PART I - FINANCIAL INFORMATION Item 1. Financial Statements LIBERTÉ INVESTORS
INC. |
September 30, 2000 |
June 30, 2000 | ||||
---|---|---|---|---|---|
Assets | |||||
Cash and cash equivalents | $ 56,701,651 | $ 55,887,941 | |||
Foreclosed real estate held for sale | 2,394,283 | 2,462,445 | |||
Accrued interest and other receivables | 10,164 | 5,128 | |||
Other assets, net | 100,469 | 119,790 | |||
Total assets | $ 59,206,567 | $ 58,475,304 | |||
Liabilities and Stockholders Equity | |||||
Liabilities-accrued and other liabilities | $ 451,649 | $ 427,044 | |||
Stockholders Equity | |||||
Common stock, $.01 par value, | |||||
50,000,000 shares authorized, | |||||
20,256,097 shares issued and outstanding | 202,561 | 202,561 | |||
Additional paid-in capital | 309,392,399 | 309,392,399 | |||
Accumulated deficit | (250,840,042 | ) | (251,546,700 | ) | |
Total stockholders equity | 58,754,918 | 58,048,260 | |||
Commitments and contingencies | |||||
Total liabilities and stockholders equity | $ 59,206,567 | $ 58,475,304 | |||
See notes to consolidated financial statements.
LIBERTÉ INVESTORS
INC. |
Three Months Ended September 30, | |||||
---|---|---|---|---|---|
2000 |
1999 | ||||
Income | |||||
Interest on deposits in banks | $ 817,406 | $ 639,058 | |||
Gain on sale of foreclosed real estate | 44,632 | | |||
Other | 20,000 | | |||
Total income | 882,038 | 639,058 | |||
Expenses | |||||
Insurance | 30,454 | 30,499 | |||
Compensation and employee benefits | 21,530 | 21,303 | |||
Legal, audit and advisory fees | 23,598 | 59,200 | |||
Franchise taxes | 8,775 | 9,575 | |||
Foreclosed real estate operations | 30,237 | 39,332 | |||
General and administrative | 60,786 | 60,213 | |||
Total expenses | 175,380 | 220,122 | |||
Net Income | $ 706,658 | $ 418,936 | |||
Basic and diluted net income per share of common stock | $ 0.03 | $ 0.02 | |||
Weighted average number of shares of | |||||
common stock | 20,256,097 | 20,256,097 | |||
See notes to consolidated financial statements.
LIBERTÉINVESTORS
INC. |
Three Months Ended September 30, | |||||
---|---|---|---|---|---|
2000 |
1999 | ||||
Cash flows from operating activities: | |||||
Net income | $ 706,658 | $ 418,936 | |||
Adjustments to reconcile net income | |||||
to net cash provided by operating activities: | |||||
Depreciation and amortization | 2,605 | 3,377 | |||
Gain on sale of foreclosed real estate | (44,632 | ) | | ||
Increase in accrued interest and other receivables | (5,036 | ) | (497 | ) | |
Decrease in other assets | 16,716 | 17,282 | |||
Increase in accrued and other liabilities | 25,265 | 32,771 | |||
Net cash provided by operating activities | 701,576 | 471,869 | |||
Cash flows from investing activities: | |||||
Net proceeds from sales of foreclosed real estate | 112,134 | | |||
Additions to fixed assets | | (11,507 | ) | ||
Net cash provided (used in) by investing activities | 112,134 | (11,507 | ) | ||
Net increase in cash and cash equivalents | 813,710 | 460,362 | |||
Cash and cash equivalents at beginning of period | 55,887,941 | 55,280,342 | |||
Cash and cash equivalents at end of period | $ 56,701,651 | $ 55,740,704 | |||
See notes to consolidated financial statements.
Note D - Commitments and Contingencies The Companys wholly-owned subsidiary, LNC Holdings, Inc., owns approximately 40 acres of land located in Arlington, Texas which is encumbered by property tax liens totaling $1,301,000, including penalties and interest. There is no carrying value of the property due to the encumbrances. On April 16, 1997, LNC Holdings, Inc. received a notice of final judgment from the City of Arlington with regard to the delinquent taxes. On May 27, 1997, LNC Holdings, Inc. notified the City of Arlington that it would execute a deed without warranty to allow the taxing authorities to obtain title to the property. No response has yet been received. LNC Holdings, Inc. has accrued property taxes for calendar years 1996 through 1999 and for the nine month period ended September 30, 2000 totaling $175,000. Management believes that resolution of the delinquent tax issue with the taxing authorities will not result in a material adverse impact on the consolidated financial statements. The Company is from time to time involved in routine litigation arising in the normal course of business, which, in the opinion of management, will not result in a material adverse impact on the Companys consolidated financial condition or results of operations. Note E - Federal Income Taxes Although the Company had taxable income for the three months ended September 30, 2000 and 1999, no tax liability has been recognized due to a reduction in the valuation allowance related to its net operating loss carryforwards. Based on current business activity, management believes it is more likely than not that the Company will not realize the benefits of the loss carryforwards. Therefore, a full valuation allowance has been established. In the event the Company expands its business operations through an acquisition, the ability to use the loss carryforwards may change. Note F - Concentrations of Credit Risk At September 30, 2000, the Company had certain concentrations of credit risk with two financial institutions in the form of cash, which amounted to approximately $57 million. For purposes of evaluating credit risk, the stability of financial institutions conducting business with the Company is periodically reviewed. If the financial institutions failed to completely perform under the terms of the financial instruments, the exposure for credit loss would be the amount of the financial instruments less amounts covered by regulatory insurance. |
PART II. - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K |
(a) | Exhibits: |
27.1 | Financial Data Schedule (included only in the EDGAR filing). |
(b) | Reports on Form 8-K: |
None |
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 thereunder duly authorized. |
LIBERTÉ INVESTORS INC. |
November 13, 2000 | By: /s/ Gerald J. Ford Gerald J. Ford Chief Executive Officer and Chairman of the Board |
November 13, 2000 | By: /s/ Samuel C. Perry Samuel C. Perry Controller and Principal Accounting Officer |
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