<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
----------------------------------
Washington, D.C. 20549
Form 10Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended: September 30, 2000 Commission File No. 1-6963
ORIOLE HOMES CORP.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-1228702
------------------------------------ --------------------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1690 S. Congress Ave., Suite 200 Delray Beach, FL 33445
---------------------------------------------------------- ----------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (561) 274-2000
--------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed
since last report.
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, and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuers classes of
common stock, as of the close of the period covered by this report.
Class Outstanding at November 3, 2000
------------------------------------- -------------------------------
Common Stock, Class A, par value $.10 1,863,649
Common Stock, Class B, par value $.10 2,761,875
<PAGE> 2
PART 1 - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ORIOLE HOMES CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
September 30, December 31,
2000 1999
------------ ------------
(Unaudited) (Audited)
Cash and cash equivalents $ 10,618,939 $ 18,708,081
------------ ------------
Receivables
Mortgage notes -- 262,240
Inventories
Land 67,310,510 49,170,778
Homes completed or under construction 41,005,558 27,562,235
Model homes 4,566,505 3,856,810
------------ ------------
112,882,573 80,589,823
Less estimated costs of completion
included in inventories 13,393,900 7,574,038
------------ ------------
99,488,673 73,015,785
------------ ------------
Property and equipment, at cost
Land 81,379 152,448
Buildings 1,064,806 2,671,438
Furniture, fixtures and equipment 2,898,106 2,595,802
------------ ------------
4,044,291 5,419,688
Less accumulated depreciation 2,224,181 2,978,526
------------ ------------
1,820,110 2,441,162
------------ ------------
Investments in and advances to joint ventures -- 1,242,240
Land held for investment, at cost 1,857,300 1,857,300
Other
Prepaid expenses 1,818,770 1,075,934
Unamortized debt issuance costs 452,849 661,429
Other assets 1,911,668 2,776,732
------------ ------------
4,183,287 4,514,095
------------ ------------
Total assets $117,968,309 $102,040,903
============ ============
See notes to the consolidated financial statements
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<PAGE> 3
ORIOLE HOMES CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
September 30, December 31,
2000 1999
------------ ------------
(Unaudited) (Audited)
Liabilities
Line of credit $ 10,000 $ 10,000
Mortgage notes payable 21,501,337 4,306,372
Accounts payable and accrued liabilities 9,988,002 8,555,721
Customer deposits 12,430,844 4,583,143
Senior notes 35,981,685 42,648,760
------------ ------------
Total liabilities 79,911,868 60,103,996
Shareholders' equity
Class A common stock, $.10 par value
Authorized - 10,000,000 shares,
issued and outstanding -
1,863,649 in 2000 and 1999,
respectively 186,365 186,365
Class B common stock, $.10 par value
Authorized - 10,000,000 shares,
issued and outstanding -
2,761,875 in 2000 and 1999,
respectively 276,188 276,188
Additional paid-in capital 19,267,327 19,267,327
Retained earnings 18,326,561 22,207,027
------------ ------------
Total shareholders' equity 38,056,441 41,936,907
------------ ------------
Total liabilities and shareholders' equity $117,968,309 $102,040,903
============ ============
See notes to the consolidated financial statements
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<PAGE> 4
ORIOLE HOMES CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
---------------------------- ----------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenues
Sales of homes $ 49,422,164 $ 59,682,424 $ 20,889,618 $ 15,484,339
Sales of land 9,000 -- 9,000 --
Other operating revenues 68,525 1,954,465 11,746 57,780
Gain on sale of property and
equipment held for sale, net -- 3,745,618 -- --
Gain (loss) on sale of land held for
investment and other assets, net 794,034 1,742,782 119,294 (85,971)
Interest, rentals and other income 1,788,882 2,307,039 637,604 715,634
------------ ------------ ------------ ------------
52,082,605 69,432,328 21,667,262 16,171,782
------------ ------------ ------------ ------------
Costs and Expenses
Cost of homes sold 44,877,568 53,852,726 19,173,127 13,861,633
Costs of land sold 10,058 -- 10,058 --
Inventory valuation adjustment -- 2,480,695 -- --
Costs relating to other
operating revenues 162,777 1,790,182 32,415 132,557
Selling, general and
administrative expenses 10,872,438 10,921,530 3,956,978 3,220,430
Interest costs incurred 4,002,372 5,391,830 1,258,103 1,613,008
Interest capitalized (deduct) (3,962,142) (5,063,865) (1,258,103) (1,526,634)
------------ ------------ ------------ ------------
55,963,071 69,373,098 23,172,578 17,300,994
------------ ------------ ------------ ------------
Income (loss) before provision for
(benefit from) income taxes (3,880,466) 59,230 (1,505,316) (1,129,212)
Provision for (benefit from) income taxes -- -- -- --
------------ ------------ ------------ ------------
Net income (loss) $ (3,880,466) $ 59,230 $ (1,505,316) $ (1,129,212)
============ ============ ============ ============
Net income (loss) per Class A and B
common share available for common
stockholders - Basic and Diluted $ (.84) $ .01 $ (.33) $ (.25)
============ ============ ============ ============
Weighted average number of common
stock outstanding - Basic 4,625,524 4,625,524 4,625,524 4,625,524
============ ============ ============ ============
</TABLE>
See notes to consolidated financial statements
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<PAGE> 5
ORIOLE HOMES CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
----------------------------
2000 1999
------------ ------------
<S> <C> <C>
Cash flows from operating activities
Net income (loss) $ (3,880,466) $ 59,230
Adjustments to reconcile net income (loss) to net
cash (used in) provided by operating activities
Depreciation 363,678 726,689
Amortization 390,005 645,565
Gain on sales of property and equipment
and land held for investment, net (794,034) (5,488,400)
(Increase) decrease in operating assets
Receivables 262,240 690,399
Inventories (69,959) 14,385,011
Other assets 323,814 662,479
Increase (decrease) in operating liabilities
Accounts payable and accrued liabilities 329,866 (3,956,871)
Customer deposits 5,155,546 (470,125)
------------ ------------
Total adjustments 5,961,156 7,194,747
------------ ------------
Net cash provided by operating activities 2,080,690 7,253,977
------------ ------------
Cash flows from investing activities
Return on investment in joint ventures 1,242,240 598,173
Acquisition of project, net of cash acquired (22,672,617) --
Capital expenditures (879,284) (531,881)
Proceeds from the sale of property and equipment 1,767,864 19,837,889
------------ ------------
Net cash (used in) provided by investing activities (20,541,797) 19,904,181
------------ ------------
Cash flows from financing activities
Proceeds of mortgage notes 22,305,497 1,000,000
Payment of mortgage notes (5,110,532) (12,908,785)
Repurchase of senior notes (6,823,000) (12,043,000)
------------ ------------
Net cash provided by (used in) financing activities 10,371,965 (23,951,785)
------------ ------------
Net (decrease) increase in cash and cash equivalents (8,089,142) 3,206,373
Cash and cash equivalents at beginning of period 18,708,081 10,557,772
------------ ------------
Cash and cash equivalents at end of period $ 10,618,939 $ 13,764,145
============ ============
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest (net of amount capitalized) $ 1,175,872 $ 2,281,873
Income taxes $ -- $ --
</TABLE>
See notes to consolidated financial statements
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<PAGE> 6
ORIOLE HOMES CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. The consolidated balance sheet as of September 30, 2000 and the related
statements of operations and cash flows for the three months and nine
months ended September 30, 2000 and 1999 of Oriole Homes Corp. (together
with its consolidated subsidiaries, the "Company") have been prepared by
the Company without audit. In the opinion of management of the Company,
all adjustments (consisting of normal recurring accruals) necessary for a
fair presentation of the unaudited interim periods have been reflected
herein.
Certain footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have
been omitted. It is suggested that these consolidated financial
statements be read in conjunction with the financial statements and notes
thereto included in the Company's December 31, 1999 annual report on Form
10K.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the amounts reported in the financial statements
and accompanying notes. Actual results could differ from those estimates.
The Company's consolidated balance sheet at September 30, 2000 reflects
the fair market value of the acquisition of the Vizcaya Project on August
8, 2000 as described in Note 9 below.
2. The results of operations for the three months and the nine months ended
September 30, 2000 are not necessarily indicative of the results for the
entire year. The Company allocates certain costs to units delivered based
upon estimates of the number of units projected to be delivered and the
associated timing of the deliveries. When it becomes apparent that the
number of deliveries in a project will vary significantly from the
estimates, the Company will revise these cost allocations, which will
affect results of operations.
The Company's consolidated statements of operations for the three- and
nine-month periods ended September 30, 2000 include revenues and expenses
from the date of acquisition of the Vizcaya Project. Accordingly, the
results of operations for the three- and nine-month periods ended
September 30, 2000 are not directly comparable to the results of
operations for the three- and nine-month periods ended September 30,
1999. See the discussion of the pro forma effect of the acquisition in
Note 9 below.
3. Backlog of contracts for sales of homes:
September 30, 2000 December 31, 1999
------------------------- -------------------------
Units Amounts Units Amounts
----------- ----------- ----------- -----------
Single-family 295 $60,721,687 122 $21,888,567
Multi-family 232 32,075,373 52 7,292,293
----------- ----------- ----------- -----------
Total 527 $92,797,060 174 $29,180,860
=========== =========== =========== ===========
The Vizcaya Project contributed 135 of the 527 total homes, and $25.5
million of the $92.8 million backlog as at September 30, 2000.
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<PAGE> 7
ORIOLE HOMES CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4. Senior notes
On January 13, 1993, the Company issued 12 1/2% senior notes ("Senior
Notes"), due January 15, 2003. The Senior Notes have a face value of
$70,000,000 and were issued at a discount of $1,930,600. The Senior
Notes are senior unsecured obligations of the Company subject to
redemption at the Company's option on or after January 15, 1998 at 105%
of the principal amount and thereafter at prices declining annually to
100% of the principal amount on or after January 15, 2001.
Under the terms of the indenture ("Indenture"), the Company must make
Senior Notes sinking fund payments of $17,500,000 by January 15, 2001
and January 15, 2002. The Indenture also contains provisions
restricting the amount and type of indebtedness the Company may incur,
the purchase by the Company of its stock and the payment of cash
dividends. At September 30, 2000, the payment of cash dividends is
prohibited and will be restricted until the Company posts cumulative
net income in excess of $80,000,000.
The Company has satisfied the sinking fund requirement of January 15,
2001 through prior year purchases and retirement of Senior Notes.
During the nine months ended September 30, 2000, the Company
repurchased $6,823,000 of Senior Notes to be used as part of the
January 15, 2002 sinking fund requirement and has accumulated
$16,199,000 toward the $17,500,000 payment due January 15, 2002.
5. Line of credit
The Company may borrow up to $10,000,000 at an interest rate of prime
plus 1.5% under a revolving loan agreement (line of credit) with a
bank, secured by a mortgage on certain real property. At September 30,
2000, $9,990,000 was available under this line of credit. The loan
agreement expires July 1, 2001.
The line of credit can be used to finance ongoing development and
construction of residential real estate and short-term capital needs
and only requires monthly interest payments. The loan agreement
contains typical restrictions and covenants, the most restrictive of
which are:
a. the Company shall maintain, at all times through the life of
the loan, a consolidated tangible net worth of not less than
$37,000,000, and;
b. the Company's ability to incur additional debt is restricted.
6. Mortgage Notes
In connection with the Vizcaya Project, a wholly owned subsidiary of
the Company borrowed an aggregate principal amount of $26,787,200, of
which $9,580,430 is for future construction costs (the "Vizcaya Loan").
The Vizcaya Loan is evidenced by a mortgage note, which is due on
February 8, 2003 and bears interest at a floating rate equal to the
Prime Rate, currently 9.5% per annum. The Vizcaya Loan is secured by
real property and other assets acquired in connection with the
acquisition of the Vizcaya Project. The Company has agreed to guarantee
up to an aggregate of $2.0 million of the Vizcaya Loan. Certain
individual guarantors, not related to the Company, have agreed to
jointly and severally guarantee the Vizcaya Loan.
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<PAGE> 8
7. Income taxes
At September 30, 2000, the Company has no deferred tax benefit related
to its net operating loss as the Company's ability to realize these
benefits is not "more likely than not" as defined by SFAS Statement No.
109 "Accounting for Income Taxes".
8. Gain on sale of property and equipment held for sale
On June 30, 1999, the Company sold a 480 unit rental apartment complex
for a gain of $3.75 million. A portion of the gross proceeds of $19.2
million was used to reduce the balance of related long-term debt by
$12.2 million.
9. Acquisition of Vizcaya Project
On August 8, 2000, pursuant to a Purchase and Sale Agreement and a
Builder's Agreement dated as of the same date between a wholly owned
subsidiary of the Company (OH Investments, Inc.) and the Seller, the
Company acquired a real estate project known as Vizcaya. This community
consists of 504 single-family units being marketed to active adults at
least 55 years of age. The Seller is a homebuilder with operations in
Southeast Florida.
The total cost for the acquisition of the Vizcaya Project was
$27,510,034, which consists of amounts paid to Seller, liabilities
assumed and transaction costs paid by the Company. The Company invested
$6,500,000 in cash in OH Investments, Inc. and provided a limited
guaranty of the Vizcaya Loan in an amount not to exceed $2,000,000.
Since the acquisition of the Vizcaya Project consisted of developed and
undeveloped land, no goodwill was recorded in connection with the
acquisition.
Under the terms of the Builder's Agreement, Centerline Homes at Delray,
Inc. ("Centerline-Delray") agreed, among other things, to complete and
manage the Vizcaya Project. The Builder's Agreement provides that
Centerline-Delray will be entitled to receive certain bonus payments
depending upon the performance of the Project after the Company has
been repaid its cash investment of $6.5 million and a preferred return
of 25% per annum on its cash investment.
The accompanying consolidated statement of operations of the Company
includes results of operations relating to the Vizcaya Project from
August 8, 2000, the acquisition date.
Unaudited pro forma consolidated revenues and net income (loss) of the
Company, giving effect to the acquisition of the Vizcaya Project as of
January 1, 2000, equal revenues of $65,122,917 and a loss of $3,486,332
for the nine-month period ended September 30, 2000. These pro forma
results do not include any adjustments and do not purport to be
indicative of the actual results of operations that would have been
reported had the acquisition of the Vizcaya Project occurred on
January 1, 2000.
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<PAGE> 9
10. Segment information
The Company has the following two reportable segments: home building
and rental operations. The home building segment develops and sells
residential properties and planned communities. The rental operations
segment consists of 14 units at September 30, 2000 and 529 units at
September 30, 1999. Selected segment information is set forth below (in
thousands):
Nine Months Ending Three Months Ending
September 30, September 30,
------------------ ------------------
2000 1999 2000 1999
$ $ $ $
------- ------- ------- -------
Revenues
Home Building 51,676 63,293 21,520 16,005
Rental Operations 69 1,954 12 58
Other 338 4,185 135 108
------- ------- ------- -------
Total 52,083 69,432 21,667 16,171
======= ======= ======= =======
Segment net income (loss)
Home Building (3,958) (4,074) (1,562) (1,113)
Rental Operations (94) 164 (21) (74)
Other 172 3,969 78 58
------- ------- ------- -------
Total (3,880) 59 (1,505) (1,129)
======= ======= ======= =======
11. Commitments and contingencies
The Company is involved, from time to time, in litigation arising in
the ordinary course of business, none of which is expected to have a
material adverse effect on the Company's consolidated financial
position or results of operations.
The Company is also subject to the normal obligations associated with
entering into contracts for the purchase, development and sale of real
estate in the routine conduct of its business.
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<PAGE> 10
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
OVERVIEW
GENERAL
The results of operations for interim periods during the year are not
necessarily indicative of results of operations for the fiscal year. The Company
allocates certain costs to units delivered based upon estimates of the number of
annual units projected to be delivered and the associated timing of the
deliveries. In past years, the Company has experienced inventory valuation
adjustments reducing net income when expected deliveries fell short of
expectations. These included adjustments of $13.9 million in 1995, $21.6 million
in 1997 and $4.9 million in 1999.
RESULTS OF OPERATIONS
This discussion reflects the impact on the results of operations of the
acquisition of the Vizcaya Project. Among other things, the acquisition
contributed the delivery of 23 homes producing aggregate revenue of $4.2 million
and net income of $225,000 to results for the three- and nine-month periods
ended September 30, 2000. The Company's backlog at September 30, 2000 related to
the Vizcaya Project is 135 homes having aggregate revenue of $25.5 million.
THREE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THREE MONTHS ENDED
SEPTEMBER 30, 1999
The Company's revenues from home sales increased $5.4 million (34.8%)
to $20.9 million during the third quarter of 2000 as compared to the comparable
quarter of 1999 primarily as a result of an increase in the number of homes
delivered. Oriole delivered 122 homes in the 2000 third quarter compared to 99
in the same period in 1999. The average selling price of homes delivered
increased from $156.4 thousand per home to $171.2 thousand, primarily as the
result of the higher selling prices of homes that were part of the Vizcaya
Project. The number of contracts signed at 318 and the aggregate dollar value of
those contracts at $60.2 million increased in the 2000 third quarter from 99 and
$15.9 million, respectively, from the same period in 1999, primarily due to the
Vizcaya Project and initial sales in a new real estate development.
Non-homebuilding revenues and Interest, rentals and other income
reduced slightly during the third quarter of 2000 as compared to the same period
in 1999.
Cost of home sales increased to $19.2 million (38.3%) from $13.9
million in 1999 primarily as a result of an increase in the number of homes
delivered. As a percentage of home sales, cost of sales increased to 91.8% from
89.5% in the third quarter of 2000 primarily due to the Company's decision to
reduce sales prices on model homes to close out completed communities.
Selling, general and administrative expenses increased $736,000 in
dollar value but decreased as a percentage of revenues to 18.3% from 19.9% as
compared to the same period in 1999 due to the $5.4 million increase in
revenues.
The Company incurred a net loss for the quarter ended September 30,
2000 of $1.5 million or $0.33 per share compared to a net loss of $1.1 million
or $0.25 per share during the same period in 1999. Earnings before interest,
taxes, depreciation and amortization (EBITDA) decreased $.3 million to $.4
million in the third quarter of 2000 as compared to the same period in 1999.
NINE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30,
1999
The Company's revenues from home sales decreased $10.3 million (17.2%)
to $49.4 million during the nine-month period of 2000 as compared to 1999 as a
result of a decrease in the number of homes delivered. Oriole delivered 301
homes in the first nine months of 2000 compared to 388 in the same period in
1999. The average selling price of homes delivered increased from $153.8
thousand per home to $164.2 thousand. The number of contracts signed at 654 and
the aggregate dollar value of those contracts at $113.0 million increased in the
first nine months of 2000 from 354 and $54.9 million,
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<PAGE> 11
respectively, during the same period in 1999, primarily due to the Vizcaya
Project and initial sales in a new real estate development.
Non-homebuilding revenues decreased to $.9 million in the nine month
period of 2000 from $7.4 million primarily due to the 1999 sales of certain
properties which had been held for investment and the related loss of rental
income.
Interest, rentals and other income decreased by $0.5 million primarily
as the result of a greater gain on the purchase of senior notes in 1999 than the
gain realized on senior note purchases in 2000.
Cost of home sales decreased to $44.9 million (16.7%) in 2000 from
$53.9 million in 1999 as a result of the decrease in homes delivered. As a
percentage of home sales, cost of sales increased to 90.8% from 90.2% in the
first nine months of 1999 due to a slight increase in interest expense.
Selling, general and administrative expenses decreased $50,000 in the
first nine months of 2000 when compared to the same period in 1999. These
expenses increased as a percentage of revenues to 20.9 % from 15.7% for the same
period in 1999 due to the decrease in revenues.
The Company's net loss for the nine-month period of 2000 was $3.9
million, or $.84 per share, as compared to a net income of $60,000, or $0.01 per
share in the same period of 1999. Net income during this period in 1999 was
decreased by a non-cash pre-tax charge of $2.5 million to write down the value
of certain inventory to its fair market value less cost to sell and increased by
a gain of $4.8 million due to the one-time sales of certain properties and
equipment. Results for the nine-month period of 1999 also included $1.9 million
in rental income derived from a project subsequently sold.
EBITDA decreased $8.6 million to $.8 million in the first nine months
of 2000 from $9.4 million in 1999 due to the decrease in the gain on one-time
sales of property and equipment during this period.
LIQUIDITY AND CAPITAL RESOURCES
The Company's cash requirements vary from period to period depending
upon changes in inventory, land acquisition and development requirements,
construction in progress and, to a lesser extent, the Company's current net
income. The Company obtains funds for its cash requirements from operations, the
sale of investment property and borrowings. In connection with the Vizcaya
Project, the Company borrowed $26,787,000. In connection with land acquisitions
and development, the Company may borrow money secured by land and improvements.
During the first nine months of 2000, the Company used a portion of
available cash to invest $4.5 million in the Vizcaya Project, to purchase $6.8
million of senior notes and to pay down $1.1 million of mortgage notes. At
September 30, 2000, the Company had approximately $10.6 million in cash and cash
equivalents and the availability of substantially all of its $10.0 million
revolving line of credit. The Company believes that these resources are
sufficient to provide for its cash requirements through September 30, 2001.
FORWARD LOOKING STATEMENTS
Certain statements made in this document, including certain statements
made in Management's Discussion and Analysis, contain "forward looking
statements" within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
regarding the expectations of management with respect to revenues,
profitability, marketplace conditions, adequacy of funds from operations and
regulatory conditions applicable to the Company, among other things.
Management cautions the these statements are qualified by their terms
and/or important factors, many of which are outside the control of the Company,
that could cause actual results and events to differ materially from the
statements made herein, including, but not limited to the following: changes in
consumer preferences, increases in interest rates, a reduction in labor
availability, increases in the cost of labor and materials, changes in the
regulatory environment particularly as relates to zoning and land use,
unseasonable weather trends, competitive pricing pressures and the general state
of the economy, both nationally and in the Company's market.
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<PAGE> 12
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibits and Reports on Form 8K
(a) Exhibits
Exhibit 27-Financial Data Schedule
(b) There were no reports on Form 8-K filed for the three months ended
September 30, 2000.
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<PAGE> 13
SIGNATURES
Pursuant to the requirements of Section 13, 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.
ORIOLE HOMES CORP.
(Registrant)
DATE: , 2000 /s/ R.D. LEVY
-----------------------
R.D. Levy,
Chairman of the Board,
Chief Executive Officer,
Director
DATE: , 2000 /s/ J. PIVINSKI
---------------------------
J. Pivinski, Vice President - Finance,
Treasurer, Chief Financial Officer
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