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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED JUNE 30, 1998
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Commission File Number 1-9240
TRANSCONTINENTAL REALTY INVESTORS, INC.
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(Exact Name of Registrant as Specified in Its Charter)
Nevada 94-6565852
-------------------------------- -----------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
10670 North Central Expressway, Suite 300, Dallas, Texas 75231
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(Address of Principal Executive Office) (Zip Code)
(214) 692-4700
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(Registrant's Telephone Number,
Including Area Code)
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 [ ].
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock, as of the latest practicable date.
Common Stock, $.01 par value 3,872,505
- ---------------------------- ------------------------------
(Class) (Outstanding at July 31, 1998)
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This Form 10-Q/A Amendment No. 1 amends the Registrant's quarterly report on
Form 10-Q for the quarter ended June 30, 1998 as follows:
ITEM 1. FINANCIAL STATEMENTS - Consolidated Balance Sheet - page 2 and
Consolidated Statement of Stockholders' Equity - page 4.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - Exhibit 27.0 - page 24.
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The accompanying Consolidated Financial Statements have not been audited by
independent certified public accountants, but in the opinion of the management
of Transcontinental Realty Investors, Inc. (the "Company"), all adjustments
(consisting of normal recurring accruals) necessary for a fair presentation of
the Company's consolidated financial position, consolidated results of
operations and consolidated cash flows at the dates and for the periods
indicated, have been included.
<TABLE>
TRANSCONTINENTAL REALTY INVESTORS, INC.
CONSOLIDATED BALANCE SHEETS
<CAPTION>
June 30, December 31,
1998 1997
Assets ----------- -----------
------ (dollars in thousands)
<S> <C> <C>
Notes and interest receivable
Performing ................................................ $ 4,370 $ 4,388
Nonperforming, nonaccruing ................................ 416 450
------------ ------------
4,786 4,838
Less - allowance for estimated losses ...................... (891) (891)
------------ ------------
3,895 3,947
Foreclosed real estate held for sale ....................... 1,356 1,356
Real estate held for sale, net of accumulated depreciation
($4,790 in 1998 and $1,350 in 1997) ....................... 21,571 3,630
------------ ------------
22,927 4,986
Real estate held for investment, net of accumulated
depreciation ($55,770 in 1998 and $55,487 in 1997) ........ 301,004 269,845
Investment in real estate entities ......................... 4,011 4,333
Cash and cash equivalents .................................. 7,093 24,733
Other assets (including $438 in 1998 and $497 in 1997 from
affiliates) ............................................... 15,058 11,291
------------ ------------
$ 353,988 $ 319,135
============ ============
Liabilities and Stockholders' Equity
------------------------------------
Liabilities
Notes and interest payable ................................. $ 261,440 $ 222,029
Other liabilities (including $115 in 1998 and $1,157
in 1997 to affiliates) .................................... 7,199 10,973
------------ ------------
268,639 233,002
Stockholders' equity
Common stock, $.01 par value, authorized, 10,000,000 shares;
issued and outstanding, 3,872,505 shares in 1998 and
3,889,200 shares in 1997 .................................. 39 39
Paid-in capital ............................................ 217,431 217,688
Accumulated distributions in excess of accumulated
earnings .................................................. (132,121) (131,594)
------------ ------------
85,349 86,133
------------ ------------
$ 353,988 $ 319,135
============ ============
</TABLE>
The accompanying notes are an integral part of these Consolidated
Financial Statements.
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TRANSCONTINENTAL REALTY INVESTORS, INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
For the Six Months Ended June 30, 1998
<TABLE>
<CAPTION>
Accumulated
Distributions
Common Stock in Excess of
----------------------------- Paid-in Accumulated Stockholders'
Shares Amount Capital Earnings Equity
------------ ------------ ------------ ------------ ------------
(dollars in thousands, except per share)
<S> <C> <C> <C> <C> <C>
Balance, January 1, 1998 ............... 3,889,200 $ 39 $ 217,688 $ (131,594) $ 86,133
Repurchase of Common Stock ............. (21,950) -- (336) -- (336)
Sale of Common Stock under dividend
reinvestment plan ..................... 5,255 -- 79 -- 79
Dividends ($.30 per share) ............ -- -- -- (1,153) (1,153)
Net income ............................. -- -- -- 626 626
------------ ------------ ------------ ------------ ------------
Balance, June 30, 1998 ................. 3,872,505 $ 39 $ 217,431 $ (132,121) $ 85,349
============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these Consolidated
Financial Statements.
4
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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.
TRANSCONTINENTAL REALTY
INVESTORS, INC.
Date: February 16, 1999 By: /s/ Randall M. Paulson
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Randall M. Paulson
President
Date: February 16, 1999 By: /s/ Thomas A. Holland
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Thomas A. Holland
Executive Vice President and
Chief Financial Officer
(Principal Financial and
Accounting Officer)
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INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------- -----------
<S> <C>
27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<CASH> 7,093
<SECURITIES> 0
<RECEIVABLES> 4,786
<ALLOWANCES> 891
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 384,491
<DEPRECIATION> 60,560
<TOTAL-ASSETS> 353,988
<CURRENT-LIABILITIES> 0
<BONDS> 261,440
0
0
<COMMON> 39
<OTHER-SE> 85,310
<TOTAL-LIABILITY-AND-EQUITY> 354,388
<SALES> 0
<TOTAL-REVENUES> 33,393
<CGS> 0
<TOTAL-COSTS> 17,283
<OTHER-EXPENSES> 5,129
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 10,944
<INCOME-PRETAX> 626
<INCOME-TAX> 0
<INCOME-CONTINUING> 626
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 626
<EPS-PRIMARY> .16
<EPS-DILUTED> .16
</TABLE>
