<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------------------
FORM 10-K/A-1
Annual Report pursuant to Section 13 of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1997
File No. 1-6963
ORIOLE HOMES CORP.
------------------------------------------------------------------
1690 South Congress Avenue, Suite 200, Delray Beach, Florida 33445
(561) 274-2000
FLORIDA 59-1228702
------------------------ ---------------------
(State of Incorporation) (I.R.S. Employer I.D.)
Securities registered pursuant of Section 12(b) of the act:
NAME OF EACH EXCHANGE ON
TITLE OF EACH CLASS WHICH REGISTERED
------------------------------------ ------------------------
Class A Common Stock, $.10 par Value American Stock Exchange
Class B Common Stock, $.10 par Value American Stock Exchange
12 1/2% Senior Notes due 2003
------------------------------------
The Registrant (1) HAS filed all reports required to be filed by
Section 13 of the Securities Exchange Act of 1934 during the preceding twelve
months; and (2) HAS been subject to the filing requirements for at least the
past 90 days.
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K [ X ].
As of March 23, 1998, the Company had outstanding 1,863,349 shares of
its Class A Common Stock and 2,762,175 shares of its Class B Common Stock.
The aggregate market value of voting stock held by non-affiliates of
the Registrant is $14,780,397 as of March 23, 1998.
Part II is partially incorporated by reference from the Registrant's
Annual Report to Shareholders for the year ended December 31, 1997, and Part III
is incorporated by reference from the Registrant's Proxy Statement for the 1998
Annual Meeting.
<PAGE> 2
SIGNATURES
Pursuant to the requirements of Section 13 of the Securities Exchange
Act of 1934, the Registrant has duly caused this Annual Report to be Signed on
its behalf by the undersigned, thereunto duly authorized.
ORIOLE HOMES CORP.
DATE 4/29/98 /s/ J. Pivinski
-------- ---------------------------------------
J. Pivinski, Vice President - Finance,
Treasurer, Chief Financial Officer
<PAGE> 3
EXHIBIT INDEX
- -------------
Exhibit Page
Number Number
------- ------
99.1 Market For Registrant's Common Equity and
Related Shareholder Matters* E-2
99.2 Selected Financial Data* E-3
----------------
(*) Incorporated by reference to Registrant's 1997 Annual Report
to Shareholders.
E-1
<PAGE> 1
Exhibit 99.1
Market For Registrant's Common Equity And Related Shareholder Matters
- -------------------------------------------------------------------------------
SHAREHOLDER INFORMATION
- -------------------------------------------------------------------------------
COMMON STOCK
The Company has two classes of common stock, A and B, which, at
December 31, 1997, were held by approximately 260 and 217 shareholders
respectively. These are traded on the American Stock Exchange under
the symbols OHC-A and OHC-B. The following sets the range of high and
low quotations:
<TABLE>
<CAPTION>
CLASS A CLASS B
------------------- ----------------
QUARTER 1997 HIGH LOW HIGH LOW
------------ ------ ------ ------ ------
<S> <C> <C> <C> <C>
First $9 $7 1/4 $8 3/4 $7 1/8
Second 9 1/4 7 9 1/4 7
Third 8 1/4 6 1/4 8 1/4 6 1/4
Fourth 6 3/8 4 1/8 6 5/8 4 1/8
</TABLE>
<TABLE>
<CAPTION>
CLASS A CLASS B
------------------- ----------------
QUARTER 1996 HIGH LOW HIGH LOW
------------ ------ ------ ------ ------
<S> <C> <C> <C> <C>
First $8 $6 1/4 $7 1/4 $6 1/8
Second 8 1/8 7 1/2 8 1/4 7 1/2
Third 8 1/4 7 8 6 5/8
Fourth 7 3/4 7 7 7/8 6 7/8
</TABLE>
On March 23, 1998, the last reported sales prices of the Class A
Common Stock and Class B Common Stock were $5 1/4 and $4 1/2 per
share, respectively. On the same date, there were 258 shareholders of
record of Class A Common Stock and 215 shareholders of record of Class
B Common Stock.
E-2
<PAGE> 1
Exhibit 99.2
Selected Financial Data
- -------------------------------------------------------------------------------
FIVE-YEAR HIGHLIGHTS AND COMPARISONS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
IN THOUSANDS (EXCEPT PER SHARE DATA) 1993 1994 1995 1996 1997
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Revenues $ 106,096 $ 119,977 $ 82,236 $ 111,619 $ 116,190
Net Income (Loss) 2,641 4,137 (11,762) 85 (20,850)
Shareholders' Equity - End of Year 77,042 79,423 67,661 67,747 46,897
Average Shareholders' Return on Equity 3.42% 5.21% (14.80%) 13% (44.46%)
Total Assets 181,743 184,010 179,478 175,546 145,060
Net Income (Loss) per Share (Class A and B) .57 .89 (2.54) .02 (4.51)
Dividends - Class A .55 .35 -- -- --
Dividends - Class B .60 .40 -- -- --
Average Shares Outstanding 4,626 4,626 4,626 4,626 4,626
</TABLE>
E-3
<PAGE> 2
Exhibit 99.2
Selected Financial Data
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
QUATERLY FINANCIAL INFORMATION (UNAUDITED)
- -------------------------------------------------------------------------------------------------------------------
1997-QUARTER ENDED MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
Revenues.......................................... $ 21,423,044 $ 27,787,249 $ 24,432,559 $42,547,643
============ ============ ============ ===========
Income (loss) before income taxes................. $(10,344,496) $(13,464,281) $ (954,283) $ 1,760,387(*)
Provision (benefit from) for income taxes......... 649,580) 342,319 (824,098) (1,021,551)
------------ ------------ ------------ -----------
Net income (loss)................................. $ (9,694,916) $(13,806,600) $ (130,185) $ 2,781,938
============ ============ ============ ===========
Net income (loss) per share....................... $ (2.10) $ (2.98) $ (.03) $ .60
============ ============ ============ ===========
Dividends......................................... -- -- -- --
Per Class A Common Share.......................... -- -- -- --
Per Class B Common Share.......................... -- -- -- --
</TABLE>
<TABLE>
<CAPTION>
1997-QUARTER ENDED MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
Revenues.......................................... $19,058,554 $ 27,118,436 $ 25,177,290 $40,265,015
============ ============ ============ ===========
Income (loss) before income taxes................. $(1,056,009) $ 971,152 $ 1,035,026 $(1,417,946)(**)
Provision (benefit from) for income taxes......... (397,557) 365,625 389,298 (910,432)
------------ ------------ ------------ -----------
Net income (loss)................................. $ (658,452) $ (605,527) $ (645,728) $ (507,514)
============ ============ ============ ===========
Net income (loss) per share....................... $ (.14) $ .13 $ .14 $ (.11)
============ ============ ============ ===========
Dividends......................................... -- -- -- --
Per Class A Common Share.......................... -- -- -- --
Per Class B Common Share.......................... -- -- -- --
</TABLE>
- ----------------
(*) Includes a non-recurring pre-tax charge of $21,575,000 related to the
write-down of certain fixed asset and land inventory (see note C)
(**) Includes a non-recurring pre-tax charge of $1,723,130 related to the
write-down of certain land inventory (see note C)
E-4