SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ending June 30, 1997
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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 1-4719
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THE DELTONA CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 59-0997584
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(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
999 BRICKELL AVENUE, SUITE 700, MIAMI, FLORIDA 33131
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (305) 579-0999
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Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of 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 the issuer's classes of
common stock, as of the latest practicable date: 6,734,939 shares of common
stock, $1 par value, excluding treasury stock, as of June 30, 1997.
<PAGE>
PART I FINANCIAL INFORMATION
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ITEM I. FINANCIAL STATEMENTS
THE DELTONA CORPORATION AND SUBSIDIARIES
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UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
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JUNE 30, 1997 AND DECEMBER 31, 1996
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($000 Omitted)
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
-------- ------------
<S> <C> <C>
Cash and temporary cash investments,
including escrow deposits and restricted
cash of $600 in 1997 and $845 in 1996............... $ 672 $ 907
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Contracts receivable for land sales - net............ 8,006 6,965
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Mortgages and other receivables - net................ 315 384
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Inventories (b):
Land and land improvements.......................... 9,953 10,287
Other............................................... 99 99
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Total inventories........................... 10,052 10,386
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Property, plant, and equipment at cost - net......... 393 413
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Prepaid expenses and other........................... 273 367
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Total....................................... $ 19,711 $ 19,422
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
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Mortgages and similar debt(c):
Mortgage notes payable.............................. $ 18,707 $ 18,707
Other loans ........................................ 3,661 3,661
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Total mortgages and similar debt.................. 22,368 22,368
Accounts payable, accrued expenses,
customers' deposits................................. 8,877 7,169
Allowance for Marco permit costs (d)................. 0 0
Deferred revenue..................................... 6,946 7,764
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Total liabilities........................... 38,191 37,301
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Commitments and contingencies (d):
Stockholders' equity (deficiency):
Common stock, $1 par value -
authorized 15,000,000 shares;
outstanding: 1997 and 1996 -
6,734,939 shares and 6,734,572
shares (excluding 12,228 shares
held in treasury in 1997 and 1996)................. 6,735 6,734
Capital surplus..................................... 44,715 44,714
Accumulated deficit................................. (69,930) (69,327)
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Total stockholders' (deficiency)............ (18,480) (17,879)
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Total.............................. $ 19,711 $ 19,422
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</TABLE>
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<PAGE>
THE DELTONA CORPORATION AND SUBSIDIARIES
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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS
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FOR THE PERIODS INDICATED
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($000 Omitted Except Per Share Amounts)
<TABLE>
<CAPTION>
Six Months Ended Three Months Ended
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June 30, June 30, June 30, June 30,
1997 1996 1997 1996
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenues (a):
Net land sales....................... $ 2,091 $ 2,121 $ 962 $ 1,073
House and apartment sales............ 562 607 241 243
Recognized improvement
revenue/ prior period
sales............................... 761 647 577 516
Interest income...................... 679 537 349 293
Other revenues....................... 270 356 162 126
-------- -------- -------- --------
Total............................ 4,363 4,268 2,291 2,251
-------- -------- -------- --------
Costs and expenses (a):
Cost of sales and
improvements........................ 1,265 1,352 636 684
Selling, general and
administrative and other
expenses............................ 2,783 2,636 1,368 1,305
Interest expense (c)(e).............. 918 863 461 441
-------- -------- -------- --------
Total............................ 4,966 4,851 2,465 2,430
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Loss from operations ................. (603) (583) (174) (179)
-------- -------- -------- --------
Net Income (Loss)..................... $ (603) $ (583) $ (174) $ (179)
======== ======== ======== ========
Earning (Loss) per share:
From operations...................... $ (.09) $ (.09) $ (.03) $ (.03)
-------- -------- -------- --------
Net Income (Loss)..................... $ (.09) $ (.09) $ (.03) $ (.03)
======== ======== ======== ========
Number of common and common
equivalent shares.................... 6,734,932 6,726,042 6,734,939 6,729,142
========= ========= ========= =========
<FN>
No dividends have been paid on Common Stock.
Results of operations for the first six months may not be indicative of results
which may be expected for the full year. See Notes to Unaudited Condensed
Consolidated Financial Statements.
See Management's Analysis of Quarterly Statements of Operations included herein.
Certain amounts have been reclassified for comparative purposes.
</FN>
</TABLE>
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<PAGE>
SIGNATURE
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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.
THE DELTONA CORPORATION
Date: August 7, 1997 By: /s/Donald O. McNelley
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Donald O. McNelley
Treasurer
(Principal Financial Officer)
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