UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
(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, 1998
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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 1-7865
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
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(Address of principal executive offices) (Zip Code)
305-854-6803
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(Registrant's telephone number, including area code)
Not Applicable
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(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.
1,100,235 Common shares were outstanding as of January 31, 1999.
<PAGE>
HMG/COURTLAND PROPERTIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Amendment
HMG/Courtland Properties, Inc. (the "Company") hereby amends Item 1 of Part I of
its quarterly report on Form 10QSB for the quarter ended September 30, 1998 by
inserting the following note in its Notes To Condensed Consolidated Financial
Statements:
7. 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 just 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 is not material to the Company's financial condition or
results of operations, nor does the Company anticipate any material disruption
in its operations with respect thereto. The Company's computer system is small,
consisting of only six 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.
( 3 )
<PAGE>
HMG/COURTLAND PROPERTIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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
Readers are cautioned that forward-looking statements contained in the Year 2000
discussion should be read in conjunction with the Company's disclosures
regarding forward-looking statements contained in its Form 10-KSB.
( 4 )
<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.
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/s/ Lawrence Rothstein
Dated: February 3, 1999 --------------------------------------
Lawrence Rothstein
President, Treasurer & Secretary
/s/ Carlos Camarotti
Dated: February 3, 1999 --------------------------------------
Carlos Camarotti
Vice President - Finance and Controller
( 5 )
