UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly period ended September 30, 1999
-------------------------
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 1-7865
HMG/COURTLAND PROPERTIES, INC.
- -------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Delaware 59-1914299
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2701 S. Bayshore Drive, Coconut Grove, Florida 33133
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
305-854-6803
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(Registrant's telephone number, including area code)
Not Applicable
- -------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) has filed all reports required to be filed
by Sections 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 __
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Check whether the registrant filed all documents and reports required
to be filed by Sections 12, 13, or 15 (d) of the Exchange Act after the
distribution of securities under a plan confirmed by court.
Yes ___ No ___
APPLICABLE ONLY TO CORPORATE ISSUERS:
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date.
1,082,935 Common shares were outstanding as of October 31, 1999.
<PAGE>
HMG/COURTLAND PROPERTIES, INC.
Index
<TABLE>
<CAPTION>
<S> <C>
PAGE
NUMBER
PART I. Financial Information
Item 1. Financial Statements
Condensed Consolidated Balance Sheets as of
September 30, 1999 (Unaudited) and December 31, 1998........................................ 1
Condensed Consolidated Statements of Operations for the
Three and nine Months Ended September 30, 1999 and 1998 (Unaudited)......................... 2
Condensed Consolidated Statements of Cash Flows for the
Three and nine Months Ended September 30, 1999 and 1998 (Unaudited)......................... 3
Notes to Condensed Consolidated Financial Statements (Unaudited)............................ 4
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations............................................ 6
PART II. Other Information
Item 1. Legal Proceedings................................................................. 9
Item 6. Reports on Form 8-K............................................................... 9
</TABLE>
Cautionary Statement. This Form 10-QSB contains certain statements relating to
future results of the Company that are considered "forward-looking statements"
within the meaning of the Private Litigation Reform Act of 1995. Actual results
may differ materially from those expressed or implied as a result of certain
risks and uncertainties, including, but not limited to, changes in political and
economic conditions; interest rate fluctuation; competitive pricing pressures
within the Company's market; equity and fixed income market fluctuation;
technological change; changes in law; changes in fiscal, monetary, regulatory
and tax policies; monetary fluctuations as well as other risks and uncertainties
detailed elsewhere in this Form 10- QSB or from time-to-time in the filings of
the Company with the Securities and Exchange Commission. Such forward-looking
statements speak only as of the date on which such statements are made, and the
Company undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which such statement is made
or to reflect the occurrence of unanticipated events.
<PAGE>
HMG/COURTLAND PROPERTIES, INC. AND SUBSIDIARIES
Part I Financial Information
Item I Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
<S> <C> <C>
(UNAUDITED)
September 30, December 31,
1999 1998
------------ ------------
ASSETS
Investment Properties, net of accumulated depreciation:
Commercial and Industrial $ 3,134,508 $ 3,267,582
Hotel and Club Facility 6,049,126 6,521,428
Yacht Slips 1,596,726 1,508,291
Land Held for Development 2,451,404 3,013,272
------------ ------------
Total investment properties, net 13,231,764 14,310,573
Investments In and Receivables From Unconsolidated Entities 5,700,778 4,603,047
Notes and Advances Due From Related Parties 950,876 719,937
Loans, Notes and Other Receivables 865,681 875,614
Cash and Cash Equivalents 4,922,064 1,834,365
Investments in marketable securities 2,902,211 1,621,488
Other Assets 506,377 402,674
------------ ------------
TOTAL ASSETS $ 29,079,751 $ 24,367,698
============ ============
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts Payable and Accrued Expenses 1,910,573 1,058,959
Mortgages and Notes payable 9,669,095 9,555,129
Other Liabilities 261,167 349,767
------------ ------------
TOTAL LIABILITIES 11,840,835 10,963,855
Minority interests 515,236 424,925
------------ ------------
STOCKHOLDERS' EQUITY
Preferred Stock, no par value; 2,000,000 shares
authorized; none issued
Common Stock, $1 par value; 1,500,000 shares authorized;
1,245,635 shares issued 1,245,635 1,245,635
Additional Paid-in Capital 26,283,222 26,283,222
Undistributed Gains From Sales of Real Estate, net of losses 37,314,271 36,670,311
Undistributed Losses From Operations (47,660,893) (50,015,668)
Accumulated other comprehensive income 862,582 116,555
------------ ------------
18,044,817 14,300,055
Less: Treasury Stock, at cost (145,400 shares) (1,321,137) (1,321,137)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 16,723,680 12,978,918
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 29,079,751 $ 24,367,698
============ ============
</TABLE>
See notes to condensed consolidated financial statements
(1)
<PAGE>
HMG/COURTLAND PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
(UNAUDITED)
Three months ended Nine months ended
REVENUES September 30, September 30,
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Rentals and related revenue $ 409,141 $ 428,660 $ 1,248,698 $ 1,283,229
Marina revenues 114,612 117,734 388,919 382,574
Net gain from sale of marketable securities 940,130 71,314 1,166,748 274,053
Gain from unconsolidated investments 40,969 12,276 184,648 77,361
Other income 3,439,970 57,508 3,547,835 166,639
----------- ----------- ----------- -----------
Total revenues 4,944,822 687,492 6,536,848 2,183,856
----------- ----------- ----------- -----------
EXPENSES
Operating expenses:
Rental Properties and other 139,201 161,081 439,935 501,044
Marina 94,062 122,917 330,994 381,016
Advisor's fee 165,000 165,000 495,000 495,000
General and administrative 51,720 79,806 171,866 320,803
Professional fees and expenses 289,757 305,825 1,439,696 756,947
Directors' fees and expenses 12,846 12,006 33,301 27,006
Depreciation and amortization 220,502 278,071 672,804 779,444
----------- ----------- ----------- -----------
Total operating expenses 973,088 1,124,706 3,583,596 3,261,260
Interest expense 210,866 218,230 597,904 657,682
Minority partners' interests in operating
gains (losses) of consolidated entities 3,325 (5,151) 573 (14,188)
----------- ----------- ----------- -----------
Total expenses 1,187,279 1,337,785 4,182,073 3,904,754
----------- ----------- ----------- -----------
Income (loss) before sales of real estate 3,757,543 (650,293) 2,354,775 (1,720,898)
Gain on sales of real estate, net 276,582 643,960 1,518,757
----------- ----------- ----------- -----------
Net Income (loss) $ 4,034,125 ($ 650,293) $ 2,998,735 ($ 202,141)
=========== =========== =========== ===========
Net Income (Loss) Per Common Share, Basic and Diluted
(Based on weighted average shares outstanding of
1,100,235 for the three and nine months ended
September 30, 1999, and 1,100,235 and 1,140,976
for the three and nine months ended
September 30, 1998, respectively) $3.67 ($0.59) $2.73 ($0.18)
===== ======= ===== =======
</TABLE>
See notes to condensed consolidated financial statements
(2)
<PAGE>
HMG/COURTLAND PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
<S> <C> <C>
(UNAUDITED)
Nine months ended
September 30,
1999 1998
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 2,998,735 ($ 202,141)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization 672,804 779,444
Gain from unconsolidated investments (184,648) (77,361)
Gain on sales of real estate, net (643,960) (1,518,757)
Net gain from sales of marketable securities (1,166,748) (274,053)
Minority partners' interest in operating gains (losses) 573 (14,188)
Changes in assets and liabilities:
(Increase) decrease in other assets (124,812) 187,989
Increase in due from affiliates (230,939) (49,316)
Increase in accounts payable and accrued expenses 851,614 158,928
Decrease in other liabilities (88,600) (151,345)
----------- -----------
Total adjustments (914,716) (958,659)
----------- -----------
Net cash provided by (used in) operating activities 2,084,019 (1,160,800)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Aquisitions and improvements of properties (152,049) (366,722)
Net proceeds from disposals of properties 1,315,158 3,388,498
Increase in mortgage loans, notes and other loans receivable (50,469) (46,681)
Decrease in mortgage loans, notes and other loans receivable 60,402 62,372
Net contributions to investments (913,083) (206,130)
Net proceeds from sales and redemptions of securities 1,770,071 1,132,065
Increased investments in marketable securities (1,138,019) (2,253,128)
----------- -----------
Net cash provided by investing activities 892,011 1,710,274
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of mortgages and notes payables (461,034) (5,225,406)
Additions to mortgages and notes payables 575,000 4,621,782
Purchase of treasury stock (324,675)
Net (distributions to) contributions from minority partners (2,297) 17,527
----------- -----------
Net cash provided by (used in) financing activities 111,669 (910,772)
----------- -----------
Net increase in cash and cash equivalents 3,087,699 (361,298)
Cash and cash equivalents at beginning of the period 1,834,365 2,492,059
----------- -----------
Cash and cash equivalents at end of the period $ 4,922,064 $ 2,130,761
=========== ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest $ 409,000 $ 459,000
=========== ===========
</TABLE>
See notes to condensed consolidated financial statements
(3)
<PAGE>
HMG/COURTLAND PROPERTIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
In the opinion of the Company, the accompanying unaudited condensed
consolidated financial statements include all adjustments (consisting only of
normal recurring accruals) which are necessary for a fair presentation of the
results for the periods presented. Certain information and footnote disclosures
normally included in the financial statements prepared in accordance with
generally accepted accounting principles have been condensed or omitted. It is
suggested that these condensed consolidated financial statements be read in
conjunction with the Company's Annual Report for the year ended December 31,
1998. The balance sheet as of December 31, 1998 was derived from audited
financial statements as of that date. The results of operations for the three
and nine months ended September 30, 1999 are not necessarily indicative of the
results to be expected for the full year.
2. GAIN ON SALES OF REAL ESTATE
In March 1999, The Grove Towne Center-Texas, Ltd. sold
approximately 2.3 acres of vacant land located in Houston, Texas for
approximately $557,000. The Company recognized a net gain of approximately
$199,000.
In June 1999, The Grove Towne Center-Texas, Ltd. sold approximately
.8 acres of vacant land located in Houston, Texas for approximately $350,000.
The Company recognized a net gain of approximately $168,000.
In August 1999, The Grove Towne Center-Texas, Ltd. sold
approximately 1.2 acres of vacant land located in Houston, Texas for
approximately $528,000. The Company recognized a net gain of approximately
$251,000.
In September 1999, HMG Fieber Associates sold its store located in
Houlton, Maine for $65,000. The Company recognized a net gain of approximately
$26,000.
3. INVESTMENTS IN MARKETABLE SECURITIES
Investments in marketable securities are composed primarily of
corporate equity securities. These securities are classified as
available-for-sale and carried at fair value, based on quoted market prices. The
net unrealized gains or losses on these investments are reported as a separate
component of stockholders' equity. Gross unrealized gains on available-for-sale
securities as of September 30, 1999 were approximately $1,100,000. Gross
unrealized losses as of September 30, 1999 were approximately $237,000.
Gross gains on sales of marketable securities of approximately
$942,000 and $1,174,000 were realized during the three and nine months ended
September 30, 1999, respectively. Gross losses of approximately $2,000 and
$7,000 were realized during the three and nine months ended September 30, 1999,
respectively. Gross gains and losses are based on the average cost method of
determining cost.
( 4 )
<PAGE>
HMG/COURTLAND PROPERTIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Continued)
4. COMPREHENSIVE INCOME
The Company has elected to report comprehensive income in
stockholders' equity. Comprehensive income is the change in equity from
transactions and other events from non-owner sources. Comprehensive income
includes net income and other comprehensive income. The components and related
activity of accumulated other comprehensive income, resulting from net
unrealized gain on available-for-sale investments, are as follows:
Accumulated Other Comprehensive Income
- --------------------------------------
Balance as of January 1, 1999 $116,555
Changes in First Quarter 148,381
Changes in Second Quarter 202,284
Changes in Third Quarter 395,362
---------
Balance as of September 30, 1999 $ 862,582
=========
( 5 )
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The Company reported net income of approximately $4,034,000 (or $3.67
per share) and $2,999,000 (or $2.73 per share) for the three and nine months
ended September 30, 1999, respectively. This is as compared with net losses of
approximately $650,000 (or $.59 per share) and $202,000 (or $.18 per share) for
the three and nine months ended September 30, 1998, respectively. Total revenues
for the three and nine months ended September 30, 1999, as compared with the
same periods in 1998, increased by approximately $4,257,000 (or 619%) and
$4,353,000 (or 199%), respectively. Total expenses for the three and nine months
ended September 30, 1999, as compared with the same periods in 1998, decreased
by approximately $151,000 (or 11%) and increased $277,000 (or 7%), respectively.
Gain on sales of real estate for the three and nine months ended September 30,
1999 was approximately $277,000 and $644,000, respectively, as compared with
approximately $0 and $1,519,000 for the three and nine months ended September
30, 1998, respectively.
REVENUES
Rentals and related revenues for the three and nine months ended
September 30, 1999 were approximately $409,000 and $1,249,000, respectively.
This is as compared with approximately $429,000 and $1,283,000, respectively,
for the same periods in 1998. These decreases of approximately $20,000 (or 5%)
and $34,000 (or 3%), respectively, for the three and nine month comparable
periods were not significant.
Marina revenues for the three and nine months ended September 30, 1999
were approximately $115,000 and $389,000, respectively. This is as compared with
approximately $118,000 and $383,000, respectively, for the same periods in 1998.
These fluctuations between the comparable periods in 1999 and 1998 were not
significant.
Net gain from the sale of marketable securities for the three and nine
months ended September 30, 1999 was approximately $940,000 and $1,167,000,
respectively. This is as compared with approximately $71,000 and $274,000 for
the same comparable periods in 1998. These increases of approximately $869,000
(or 1,218%) and $893,000 (or 326%), respectively, for the three and nine month
comparable periods were primarily the result of the sale of one security which
was distributed to the Company from one of its venture capital investments.
Gain from unconsolidated investments for the three and nine months
ended September 30, 1999 was approximately $41,000 and $185,000, respectively.
This is as compared with approximately $12,000 and $77,000, respectively, for
the same periods in 1998. These increases of approximately $29,000 (or 234%) and
$108,000 (or 139%) for the three and nine month comparable periods were
primarily attributable to increased gains from the Company's investment in
T.G.I.F. Texas, Inc. as a result of increased interest income earned by T.G.I.F.
Other income for the three and nine months ended September 30,1999 was
approximately $3,440,000 and $3,548,000, respectively. This is as compared with
approximately $58,000 and $167,000, respectively, for the same comparable
periods in 1998. These increases of approximately $3,382,000 and $3,381,000,
respectively for the three and nine month comparable periods were the result of
the collection of approximately $3,367,000 received pursuant to the previously
reported award from the litigation with two former directors of the Company.
( 6 )
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(Continued)
Reference is made to Part II. Other Information, Item 1. Legal Proceedings for
further information regarding this award.
EXPENSES
Operating expenses of rental properties and other for the three and
nine months ended September 30, 1999 were approximately $139,000 and $440,000
respectively. This is as compared with approximately $161,000 and $501,000,
respectively, for the same periods in 1998. These decreases of approximately
$22,000 (or 14%) and $61,000 (or 12%), respectively, for the three and nine
month comparable periods were primarily the result of lower insurance costs
relating to the Grove Isle property and lower real estate taxes relating to the
Grove Towne Center-Texas, Ltd. land.
Marina related expenses for the three and nine months ended September
30, 1999 were approximately $94,000 and $331,000, respectively. This is as
compared with approximately $123,000 and $381,000, respectively, for the same
periods in 1998. These decrease of approximately $29,000 (or 23%) and $50,000
(or 13%), respectively, for the three and nine month comparable periods were
primarily attributable to lower operating costs due in part to the closing of
the marina store in March 1999.
General and administrative expenses for the three and nine months
ended September 30, 1999 were approximately $52,000 and $172,000, respectively.
This is as compared with approximately $80,000 and $321,000, respectively, for
the same periods in 1998. These decreases of approximately $28,000 (or 35%) and
$149,000 (or 46%), respectively, for the three and nine month comparable periods
were attributable to decreased general and administrative expenses of Courtland
Investments, Inc. primarily relating to decreased other taxes.
Professional fees for the three and nine months ended September 30,
1999 were approximately $290,000 and $1,440,000, respectively. This is as
compared with approximately $306,000 and $757,000, respectively, for the same
periods in 1998. The increase of approximately $683,000 (or 90%) for the nine
month comparable periods was the result of increased legal fees relating to
ongoing litigation, as previously reported.
Depreciation and amortization expense for the three and nine months
ended September 30, 1999 was approximately $221,000 and $673,000, respectively.
This is as compared with approximately $278,000 and $779,000, respectively, for
the same periods in 1998. These decreases of approximately $57,000 (or 21%) and
$106,000 (or 14%), respectively, for the three and nine month comparable periods
were primarily due to decreased depreciation of furniture and fixtures owned by
Grove Isle Club, Inc. ("GICI"). The majority of GICI's fixed assets have reached
their useful life and are fully depreciated.
Interest expense for the three and nine months ended September 30,
1999 was approximately $211,000 and $598,000, respectively. This is as compared
with approximately $218,000 and $658,000, respectively, for the same periods in
1998. The decrease of approximately $60,000 (or 9%) for the nine month
comparable periods was primarily due to decreased interest expense from Grove
Isle Associates, Ltd. as the result of the refinancing of debt in September
1998, as previously reported.
( 7 )
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
The Company's material commitments primarily consist of maturities of
debt obligations. The funds necessary to meet these obligations are expected
from the proceeds of sales of properties, refinancing, distributions from
investments and available cash. In addition, the Company intends to continue to
seek opportunities for investment in income producing properties.
MATERIAL COMPONENTS OF CASH FLOWS
For the nine months ended September 30, 1999, net cash provided by
investing activities was approximately $892,000. This was comprised primarily of
net proceeds from disposal of properties of approximately $1,315,000 and net
proceeds from the sales and redemptions of securities of approximately
$1,770,000. These increases were partially offset by uses of cash resulting from
increased investments in marketable securities of approximately $1,138,000 and
increased net contributions to investments of approximately $913,000.
For the nine months ended September 30, 1999, net cash provided by
financing activities was approximately $112,000. This consisted primarily of
additions to mortgages and notes payable of $575,000 less repayment of mortgages
payable of $461,000.
YEAR 2000
Background
In the past, many computer software programs were written using two
digits rather than four to define the applicable year. As a result,
date-sensitive computer software may recognize a date using "00" as the year
1900 rather than the year 2000. This is generally referred to as the Year 2000
issue. If this situation occurs, the potential exists for computer system
failures or miscalculations by computer programs, which could disrupt
operations.
State of Readiness, Costs and Risks
The Company has completed the conversion of its computer system to use
4-digit year fields and is therefore believed to be "Year 2000" compliant. The
cost of such conversion was not material to the Company's financial condition or
results of operations, nor did the Company experience any material disruption in
its operations with respect thereto. The Company's computer system is small,
consisting of only nine personal computers connected via one local area network
server located in one facility. The Company utilizes its computer system to
perform accounting and word processing functions only. The Company has no other
operations which rely on computers or other equipment that would be affected by
the Year 2000 issue.
The Company is exposed to the risk that one or more of its tenants
could experience Year 2000 problems that impact their ability to meet lease
obligations to the Company. To date, the Company is not aware of any tenant Year
2000 issue that would have a material adverse impact on the Company's
operations. The Company has received an interim status report from its primary
tenant at its Grove Isle property in Florida that this tenant is addressing its
Year 2000 readiness. The Company has no means of ensuring that this or any other
tenant will be Year 2000 ready. The inability of tenants to complete their Year
2000 resolution process in a timely fashion could have an adverse impact on the
Company. The effect of non-compliance by tenants is not determinable at this
time.
The Company's Year 2000 risks are considered minimal and no continency
plans are believed to be necessary.
( 8 )
<PAGE>
Widespread disruptions in the national or international economy,
including disruptions affecting the financial markets, resulting from Year 2000
issues, or in certain industries, such as commercial or investment banks, could
also have an adverse impact on the Company. The likelihood and effect of such
disruptions is not determinable at this time
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
As previously reported, HMG has been involved in litigation in the
Delaware Court of Chancery with two former directors of the Company, Norman A.
Fieber and Lee Gray. On July 12, 1999 the Court found that Fieber and Gray
breached their fiduciary duties of loyalty and care and defrauded the Company.
On August 31, 1999 the court issued a final order and judgement. The
monetary award to HMG is $4,538,294 of which Mr. Lee Gray and Mr. Norman Fieber
are joint and severally liable for $3,340,776. Mr. Gee Gray is also liable for
the balance of the award in the amount of $1,197,518.
Of the total amount of the award, $3,340,776 (plus post judgement
interest of $35,071) was collected on September 20, 1999. On October 25, 1999 an
additional $483,682 (plus post judgment interest of $16,314) was collected. HMG
is continuing in its efforts to collect the remaining balance of $713,832(plus
post judgement interest) pursuant to the court's order.
Item 6. Exhibits and Reports on Form 8-K
(a) There were no reports on Form 8-K filed for the quarter ended
September 30, 1999. On October 8, 1999 the Company filed a report of Form 8-K
relating to the above-mentioned legal proceedings and the announcement that the
Company will invest up to $500,000 in HMG's common stock through stock
repurchases.
( 9 )
<PAGE>
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 thereunto duly authorized.
HMG/COURTLAND PROPERTIES, INC.
Dated: November 10, 1999 /s/ Lawrence Rothstein
Lawrence Rothstein
Director, President, Treasurer &
Secretary
Dated: November 10, 1999 /s/ Carlos Camarotti
Carlos Camarotti
Vice President - Finance and Controller
( 10 )
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000311817
<NAME> HMG/COURTLAND PROPERTIES, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1999
<CASH> 4,922,064
<SECURITIES> 2,902,211
<RECEIVABLES> 1,816,557
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 19,406,934
<DEPRECIATION> 6,175,170
<TOTAL-ASSETS> 29,079,751
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 1,245,635
<OTHER-SE> 15,478,045
<TOTAL-LIABILITY-AND-EQUITY> 29,079,751
<SALES> 6,536,848
<TOTAL-REVENUES> 6,536,848
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,584,169
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 597,904
<INCOME-PRETAX> 2,998,735
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,998,735
<EPS-BASIC> 2.73
<EPS-DILUTED> 0.00
</TABLE>
