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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
(Mark One
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended JUNE 30, 1995
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 0-17338
HOMEOWNERS GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 65-0033743
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
6365 TAFT STREET, HOLLYWOOD, FLORIDA 33024
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (305) 983-0350
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____
On July 31, 1995, there were 5,558,350 shares of the registrant's common stock
issued and outstanding.
1
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
HOMEOWNERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 30, DECEMBER 31,
1995 1994
----------- ------------
(UNAUDITED) (AUDITED)
<S> <C> <C>
ASSETS:
Current assets:
Cash and cash equivalents $4,243,120 $5,875,844
Trading securities 9,139,077 8,261,915
Miscellaneous receivables 1,049,235 1,153,188
Deferred home warranty acquisition costs 4,977,772 5,677,322
Refundable income taxes 1,277,449 1,816,149
Current portion of deferred income taxes 4,173,743 4,880,781
Prepaid expenses and other current assets 1,208,577 1,281,693
----------- -----------
Total current assets 26,068,973 28,946,892
Restricted cash 1,907,851 1,407,851
Non-current securities available for sale 2,984,092 4,078,966
Property and equipment - net 2,448,154 2,009,165
Other assets 1,217,382 1,177,026
Deferred and refundable income taxes - net of current portion 2,382,847 1,579,345
----------- -----------
TOTAL $37,009,299 $39,199,245
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts and accrued expenses payable $9,643,484 $10,296,813
Current maturities of long term debt 1,357,078 1,065,487
Deferred home warranty revenue 13,868,602 16,118,752
----------- -----------
Total current liabilities 24,869,164 27,481,052
Long term debt - net of current portion 2,936,697 3,316,845
Commitments and contingencies
Stockholders' equity:
Common stock - $0.01 par value; 45,000,000 shares authorized; 5,558,350
shares issued and outstanding
at June 30, 1995 and December 31, 1994 55,584 55,584
Additional paid-in capital 7,458,288 7,458,288
Retained earnings 1,631,270 902,289
Unrealized holding gain (loss) on securities available for sale 58,296 (14,813)
----------- -----------
Total stockholders' equity 9,203,438 8,401,348
----------- -----------
TOTAL $37,009,299 $39,199,245
=========== ===========
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
2
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 4,243,120
<SECURITIES> 9,139,077
<RECEIVABLES> 1,049,235
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 26,068,973
<PP&E> 2,448,154
<DEPRECIATION> 0
<TOTAL-ASSETS> 37,009,299
<CURRENT-LIABILITIES> 24,869,164
<BONDS> 0
<COMMON> 55,584
0
0
<OTHER-SE> 9,147,854
<TOTAL-LIABILITY-AND-EQUITY> 37,009,299
<SALES> 0
<TOTAL-REVENUES> 22,052,792
<CGS> 0
<TOTAL-COSTS> 16,631,558
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,189,981
<INCOME-TAX> 461,000
<INCOME-CONTINUING> 728,981
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 728,981
<EPS-PRIMARY> 0.13
<EPS-DILUTED> 0.13
</TABLE>
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