UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
(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
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Commission file number 0-13800
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International American Homes, Inc.
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Delaware 22-2472608
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(State or other jurisdiction of (IRS employer identification no.)
incorporation or organization)
9950 Princess Palm Ave., Suite 112, Tampa, FL 33619
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(Address of principal executive offices) (Zip Code)
(813) 664-1100
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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
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Number of shares of common stock, par value $0.01 per share outstanding as of
October 31, 1998 was 2,780,895.
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2
Part I. FINANCIAL
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Item 2 is hereby amended by adding the following language to the end
thereof:
Year 2000
The Company believes that Year 2000 issues are not material to
its business and that the consequences of such issues would not have a
material effect on the Company's business, results of operations or
financial condition without taking into account the Company's efforts
to avoid those consequences. Nevertheless the Company is taking what it
believes to be all necessary steps to become Year 2000 compliant.
Substantially all of the Company's computer equipment is
relatively new and, when purchased, was and is Year 2000 compliant. The
Company's mainframe computer is not yet Year 2000 compliant, but the
Company intends to take all steps necessary to bring it into compliance
during the first half of calendar year 1999. Only limited testing of
the Company's computer systems is expected to be necessary.
The costs of purchasing the Company's existing Year 2000
compliant computer equipment was approximately $10,000, all of which
was financed from working capital and capitalized with provision for
amortization over a period of two years. The anticipated costs of
bringing its mainframe computer into compliance is not yet known but is
not expected to be material.
The Company believes that its existing software programs are
capable of being modified to conform to Year 2000 requirements. The
estimated costs of remediation of the Company's software programs
and/or the purchase of comparable Year 2000 compliant software will not
exceed $5,000. Costs of modifying and/or purchasing needed software
will be capitalized as incurred.
Most of the materials used by the Company in connection with
its home-building activities are purchased from local suppliers for
whom Year 2000 issues as they relate to the Company are either
non-existent or immaterial. The Company has made inquiries of its
principal suppliers, i.e., those firms from whom it purchases
appliances, concrete, lumber and windows, but as yet is not in a
position to assess the Year 2000 readiness of such suppliers. Because
the Company is a relatively modest customer of the suppliers of certain
of those items, the Company believes that it will have only limited
opportunities to engage in interactive testing with such suppliers for
the purpose of determining Year 2000 readiness for transactions with
them.
Because of the nature of the Company's relationship with its
home-buyer customers, Year 2000 issues are not directly relevant to
such relationships.
The Company has not formulated any contingency plan with
respect to its failure or the failure of any of its suppliers to be
Year 2000 compliant prior to December 31, 1999. The Company does not
believe that a failure by the Company or any of its suppliers to be
Year 2000 compliant by that date will have a material adverse effect on
the Company's business.
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3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
International American Homes, Inc.
By: /s/ Robert J. Suarez
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Robert J. Suarez
Chairman of the Board of Directors and President
By: /s/ Robert I. Antle
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Robert I. Antle
Executive Vice President, Secretary, Treasurer
and Chief Financial Officer
DATE: February 18, 1999
