SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment No. 1
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 1996
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 0-14019
Ridgewood Properties, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 58-1656330
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2859 Paces Ferry Road, Suite 700
Atlanta, Georgia
30339
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(Address of principal executive offices)
(Zip Code)
(770) 434-3670
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(Registrant's telephone number, including area code)
N/A
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(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 (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 _____
Common stock, par value $.01 per share - 1,088,480 shares
outstanding at May 31, 1996.
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RIDGEWOOD PROPERTIES, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENT OF CASH FLOWS
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FOR THE NINE MONTHS ENDED MAY 31, 1996 AND MAY 31, 1995
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Decrease in Cash and Cash Equivalents
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($000's Omitted)
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<CAPTION>
1996 1995
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<S> <C> <C>
Cash flows from operating activities:
Net loss ...................................................... $ (1,090) $ (1,185)
Adjustments to reconcile net loss to net
cash used by operating activities:
Depreciation and amortization ............................. 133 348
Increase in allowance for possible losses ................. -- 50
Gain from sales of real estate property ................... (138) (246)
Increase in escrowed funds ................................ (46) --
Decrease (increase) in other assets ....................... (127) 335
Increase in accounts payable and
accrued liabilities ..................................... 96 114
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Total adjustments ......................................... (82) 601
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Net cash used by operating activities ..................... (1,172) (584)
Cash flows from investing activities:
Principal payments received on mortgage loans ............... 39 30
Proceeds from sales of real estate .......................... 481 3,043
Additions to real estate properties ......................... (292) (823)
Investment in limited partnership ........................... (539) --
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Net cash received (used) from investing activities ........ (311) 2,250
Cash flows from financing activities:
Repayments of notes payable ................................. (31) (3,964)
Payment of dividends on preferred stock ..................... (90) (126)
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Net cash used by financing activities ..................... (121) (4,090)
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Net decrease in cash and cash equivalents ....................... $ (1,604) $ (2,424)
Cash and cash equivalents at beginning of period ................ 1,880 2,804
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Cash and cash equivalents at end of period ...................... $ 276 $ 380
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The accompanying notes are an integral part of these consolidated financial statements.
Supplemental disclosure of noncash activity in fiscal year 1996:
Issuance of 125,000 shares of common stock
at $.01 par value in conjunction with purchase
of hotel management company .............................. $ 1,250
Assumption of notes payable in conjunction with ==========
purchase of hotel management company ..................... $ 106,000
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