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Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark one)
     
þ   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2009
OR
     
o   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: 2-65481
SADDLEBROOK RESORTS, INC.
(Exact name of registrant as specified in its charter)
     
Florida   59-1917822
     
(State of incorporation)   (IRS employer identification no.)
5700 Saddlebrook Way, Wesley Chapel, Florida 33543-4499
(Address of principal executive offices)
813-973-1111
(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 þ       NO o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
YES o      NO o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “accelerated filer,” “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.:
             
Large accelerated filer o    Accelerated filer o    Non-accelerated filer þ   Smaller Reporting Company o 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES o       NO þ
Registrant has 100,000 shares of common stock outstanding, all of which are held by an affiliate of the Registrant.
 
 

 

 


 

INDEX
         
    Page  
       
 
       
       
 
       
Saddlebrook Resorts, Inc.
       
 
       
    3  
 
       
    4  
 
       
    5  
 
       
    6  
 
       
Saddlebrook Rental Pool Operation
       
 
       
    9  
 
       
    10  
 
       
    11  
 
       
    12  
 
       
    14  
 
       
    14  
 
       
       
 
       
    14  
 
       
    15  
 
       
    16  
 
       
 EX-31.1
 EX-31.2
 EX-32.1
 EX-32.2

 

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PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
SADDLEBROOK RESORTS, INC.
BALANCE SHEETS
                 
    September 30,     December 31,  
    2009     2008  
    (Unaudited)        
Assets
               
Current assets:
               
Cash and cash equivalents
  $ 2,668,618     $ 3,752,278  
Escrowed cash
    767,426       121,801  
Short-term investments
          175,000  
Short-term escrowed investments
          399,205  
Accounts receivable, net
    774,635       1,362,339  
Due from related parties
    2,242,791       2,112,747  
Inventory and supplies
    1,579,433       1,832,820  
Prepaid expenses and other current assets
    542,371       648,660  
 
           
Total current assets
    8,575,274       10,404,850  
Property, buildings and equipment, net
    23,752,930       24,743,737  
Due from related parties, net of current portion
    1,500,000       1,500,000  
Deferred charges, net
    50,274       35,670  
 
           
Total assets
  $ 33,878,478     $ 36,684,257  
 
           
Liabilities and Shareholder’s Equity
               
Current liabilities:
               
Current portion of note payable
  $ 1,059,996     $ 1,361,667  
Current portion of capital leases
    88,532        
Escrowed deposits
    767,426       521,006  
Accounts payable
    397,000       770,811  
Accrued rental distribution
    304,640       674,147  
Accrued expenses and other liabilities
    2,002,129       2,045,784  
Current portion of deferred income
    744,767       823,223  
Guest deposits
    1,127,246       2,453,431  
 
           
Total current liabilities
    6,491,736       8,650,069  
Note payable due after one year
    9,010,006       9,804,983  
Capital lease obligation
    225,510        
Other liabilities
    149,000        
Long-term portion of deferred income
    1,366,626       1,512,483  
 
           
Total liabilities
    17,242,878       19,967,535  
 
           
Shareholder’s equity:
               
Common stock, $1.00 par value, 100,000 shares authorized and outstanding
    100,000       100,000  
Additional paid-in capital
    1,013,127       1,013,127  
Accumulated earnings
    15,522,473       15,603,595  
 
           
Total shareholder’s equity
    16,635,600       16,716,722  
 
           
 
  $ 33,878,478     $ 36,684,257  
 
           
The accompanying Notes to Financial Statements are
an integral part of these financial statements.

 

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SADDLEBROOK RESORTS, INC.
STATEMENTS OF OPERATIONS
AND ACCUMULATED EARNINGS
(Unaudited)
                                 
    Three months ended     Nine months ended  
    September 30,     September 30,  
    2009     2008     2009     2008  
 
Revenues
  $ 4,291,516     $ 5,594,686     $ 21,040,715     $ 38,596,767  
 
                       
 
                               
Costs and expenses:
                               
Operating costs
    4,074,870       5,710,973       16,513,618       27,443,049  
Sales and marketing
    291,486       509,048       1,151,525       2,385,878  
General and administrative
    625,988       963,995       2,235,021       3,068,878  
Net gain on assets sold
    (404,416 )     (4,486 )     (403,009 )     (2,665 )
Depreciation
    502,413       528,058       1,540,319       1,587,037  
 
                       
Total costs and expenses
    5,090,341       7,707,588       21,037,474       34,482,177  
 
                       
 
                               
Net operating (loss) income before other (income) expenses
    (798,825 )     (2,112,902 )     3,241       4,114,590  
 
                       
 
                               
Other (income) expenses
                               
Interest income
    (1,440 )     (16,252 )     (8,083 )     (28,909 )
Other income
    (15,484 )     (254,362 )     (189,595 )     (232,632 )
Interest expense
    83,213       136,054       282,041       449,664  
 
                       
Total other (income) expenses
    66,289       (134,560 )     84,363       188,123  
 
                               
Net (loss) income
    (865,114 )     (1,978,342 )     (81,122 )     3,926,467  
 
                               
Accumulated earnings at beginning of period
    16,387,587       18,937,868       15,603,595       13,033,059  
 
                       
 
                               
Accumulated earnings at end of period
  $ 15,522,473     $ 16,959,526     $ 15,522,473     $ 16,959,526  
 
                       
The accompanying Notes to Financial Statements are
an integral part of these financial statements.

 

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SADDLEBROOK RESORTS, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
                 
    Nine months ended  
    September 30,  
    2009     2008  
Operating activities:
               
Net (loss) income
  $ (81,122 )   $ 3,926,467  
Non-cash items included in net (loss) income:
               
Provision for doubtful accounts
    (759 )     3,300  
Depreciation
    1,540,319       1,587,037  
Amortization of debt financing costs
    41,290       12,231  
Gain on sale of assets
    (403,009 )     (2,665 )
Decrease (increase) in:
               
Accounts receivable
    588,464       1,674,295  
Inventory and supplies
    253,387       (79,561 )
Prepaid expenses and other assets
    106,289       (119,632 )
(Decrease) increase in:
               
Accounts payable
    (373,811 )     (868,186 )
Accrued rental distribution
    (369,507 )     (433,126 )
Guest deposits
    (1,326,185 )     (81,981 )
Accrued expenses and other liabilities
    105,344       20,462  
Deferred income
    (224,313 )     (92,526 )
 
           
Cash flow (used in) provided by operating activities
    (143,613 )     5,546,115  
 
           
Investing activities:
               
Proceeds from sale of property and equipment
    505,528       9,396  
Proceeds from maturity of short term investment
    175,000        
Capital expenditures
    (281,490 )     (1,126,525 )
 
           
Cash flow provided by (used in) investing activities
    399,038       (1,117,129 )
 
           
Financing activities:
               
Proceeds from line of credit
          750,000  
Payments on notes payable
    (1,096,649 )     (600,003 )
Payments on capital lease obligations
    (56,500 )     (98,154 )
Debt costs to be amortized
    (55,895 )        
Net advances to related parties
    (130,044 )     (942,485 )
 
           
Cash flow used in financing activities
    (1,339,088 )     (890,642 )
 
           
Net (decrease) increase in cash
    (1,083,663 )     3,538,344  
Cash at beginning of period
    3,752,278       991,320  
 
           
 
               
Cash at end of period
  $ 2,668,618     $ 4,529,664  
 
           
 
               
Supplemental disclosure of cash flow information:
               
Cash paid for interest
  $ 224,976     $ 437,433  
 
           
Non-Cash Investing Activities
In February 2009, the Company acquired $370,542 of vehicles through a capital lease obligation.
The accompanying Notes to Financial Statements are
an integral part of these financial statements.

 

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SADDLEBROOK RESORTS, INC.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
Saddlebrook Resorts, Inc. (the “Company”) developed and operates Saddlebrook Resort, which is a condominium hotel and resort located in Wesley Chapel, Florida.
The Company’s accompanying balance sheet for September 30, 2009, and its statements of operations and accumulated earnings and cash flows for the periods ended September 30, 2009 and 2008, are unaudited but reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature.
The Company’s business is seasonal. Therefore, the results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the full fiscal year.
These financial statements and related notes are presented for interim periods in accordance with the requirements of Form 10-Q and, consequently, do not include all disclosures normally provided in the Company’s Annual Report on Form 10-K. Accordingly, these financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2008.
Recent Accounting Pronouncements
The Financial Accounting Standards Board (“FASB”) issued SFAS No. 168, “The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles” (“SFAS No. 168”), on June 29, 2009 and, in doing so, authorized the Codification as the sole source for authoritative U.S. GAAP. SFAS No. 168 was effective for financial statements issued for reporting periods that ended after September 15, 2009. Upon effectiveness, it superseded all accounting standards in U.S. GAAP, aside from those issued by the SEC.
In June 2009, the FASB issued Accounting Standards Update No. 2009-01 (“ASU 2009-01”), which establishes the FASB Accounting Standards Codification™ as the source of authoritative U.S. GAAP recognized by the FASB to be applied by nongovernmental entities. The Company adopted ASU 2009-01 during the three months ended September 30, 2009 and its adoption did not have any impact on the Company’s consolidated financial statements.
Management, in accordance with guidance regarding subsequent events, has considered subsequent events through November 13, 2009 in connection with the preparation of these financial statements.
The fair value of the Company’s financial assets and liabilities approximate their carrying value due to their short-term nature or market rates of interest associated with long-term obligations.
Note 2. Accounts Receivable
                 
    September 30,     December 31,  
    2009     2008  
    (Unaudited)        
Trade accounts receivable
  $ 818,667     $ 1,407,130  
Less allowance for bad debts
    (44,032 )     (44,791 )
 
           
 
               
 
  $ 774,635     $ 1,362,339  
 
           

 

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Note 3. Property, Buildings and Equipment
                 
    September 30,     December 31,  
    2009     2008  
    (Unaudited)        
Land and land improvements
  $ 6,802,067     $ 6,809,179  
Buildings and recreational facilities
    29,655,329       29,475,098  
Machinery and equipment
    17,300,415       16,967,184  
Construction in progress
    88,734       350,737  
 
           
 
    53,846,545       53,602,198  
Less accumulated depreciation
    (30,093,615 )     (28,858,461 )
 
           
 
               
 
  $ 23,752,930     $ 24,743,737  
 
           
The Company’s property, buildings and equipment are pledged as security for its debt (see Note 5).
Note 4. Deferred Charges
                 
    September 30,     December 31,  
    2009     2008  
    (Unaudited)        
Debt issue costs
  $ 55,895     $ 107,676  
Less accumulated amortization
    (5,621 )     (72,006 )
 
           
 
               
 
  $ 50,274     $ 35,670  
 
           

 

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Note 5. Notes Payable and Capital Lease Obligation
On March 12, 2009 the Company refinanced $10,600,000 (the remaining principal balance of the term note along with the outstanding balance of the additional line of credit financing). The new term note is due March 12, 2014, and requires monthly principal payments of $88,333, plus monthly payments of all accrued interest. The term note bears interest at 2.5% over the one month LIBOR index. The rate as of September 30, 2009 was 2.82%. The note is collateralized by all current and subsequently acquired real and personal property. At September 30, 2009, the outstanding balance on this term note was $10,070,002.
The Company has the ability to obtain an additional $2,500,000 under a line of credit facility from the same lender, with the same rate of interest, subject to meeting certain financial covenants on an annual basis. The line of credit expires in March 2011. At September 30, 2009, the Company has no borrowings on the line of credit.
On February 11, 2009, the Company entered into a capital lease for the purchase of vehicles in the amount of $370,542. The capital lease is secured by the vehicles purchased, matures in January 2013 and requires monthly payments of $8,574, including interest at 5.24%.
Note 6. Related Party Receivables
Related party receivables at September 30, 2009 and December 31, 2008 are the result of net intercompany transactions and cash transfers between the Company and its shareholder and affiliated companies. Related party receivables are unsecured and non-interest bearing. Approximately $2.2 million of the total $3.7 million due from related parties is expected to be repaid/collected within 1 year and therefore has been classified as a current asset in the accompanying September 30, 2009 balance sheet.
Note 7. Income Taxes
The Company is currently a member of a Qualified Subchapter S Subsidiary Group. Accordingly, no income tax expense was reflected in the Company’s operating results as the tax is assessed to the shareholders of its parent company.

 

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SADDLEBROOK RENTAL POOL OPERATION
BALANCE SHEETS
DISTRIBUTION FUND
                 
    September 30,     December 31,  
    2009     2008  
    (Unaudited)        
Assets
               
Receivable from Saddlebrook Resorts, Inc.
  $ 304,640     $ 674,147  
 
           
 
               
Liabilities and Participants’ Fund Balance
               
Due to participants for rental pool distribution
  $ 273,344     $ 568,641  
Due to maintenance escrow fund
    31,296       105,506  
 
           
 
               
 
  $ 304,640     $ 674,147  
 
           
MAINTENANCE ESCROW FUND
                 
    September 30,     December 31,  
    2009     2008  
    (Unaudited)        
Assets
               
Cash and cash equivalents
  $ 753,126     $ 503,806  
Receivables:
               
Distribution fund
    31,296       105,506  
Interest
          762  
Prepaid expenses and other assets
    876       2,301  
 
           
 
               
 
  $ 785,298     $ 612,375  
 
           
 
               
Liabilities and Participants’ Fund Balance
               
Accounts payable
  $ 66,018     $ 56,695  
Participants’ fund balance
    719,280       555,680  
 
           
 
               
 
  $ 785,298     $ 612,375  
 
           

 

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SADDLEBROOK RENTAL POOL OPERATION
STATEMENTS OF OPERATIONS
(Unaudited)
                                 
    Three months ended     Nine months ended  
    September 30,     September 30,  
    2009     2008     2009     2008  
 
Rental pool revenues
  $ 818,833     $ 1,210,015     $ 5,736,574     $ 11,803,836  
 
                       
 
                               
Deductions:
                               
Marketing fee
    61,412       90,751       430,243       885,288  
Management fee
    102,354       151,252       717,071       1,475,480  
Travel agent commissions
    29,282       46,901       203,512       574,046  
Credit card expense
    18,354       33,982       129,602       223,231  
 
                       
 
    211,402       322,886       1,480,428       3,158,045  
 
                       
 
                               
Net rental income
    607,431       887,129       4,256,146       8,645,791  
Less operator share of net rental income
    (273,344 )     (399,208 )     (1,915,265 )     (3,890,606 )
Other revenues (expenses):
                               
Complimentary room revenues
    6,466       8,350       30,846       48,113  
Minor repairs and replacements
    (35,913 )     (24,163 )     (91,969 )     (130,698 )
 
                       
 
                               
Amount available for distribution
  $ 304,640     $ 472,108     $ 2,279,758     $ 4,672,600  
 
                       

 

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SADDLEBROOK RENTAL POOL OPERATION
STATEMENTS OF CHANGES IN PARTICIPANTS’ FUND BALANCES
(Unaudited)
DISTRIBUTION FUND
                 
    Nine months ended  
    September 30,  
    2009     2008  
Balance at beginning of period
  $     $  
 
               
Additions:
               
Amount available for distribution
    2,279,758       4,672,600  
 
               
Reductions:
               
Amount withheld for maintenance escrow fund
    (364,493 )     (781,994 )
Amount accrued or paid to participants
    (1,915,265 )     (3,890,606 )
 
           
 
               
Balance at end of period
  $     $  
 
           
MAINTENANCE ESCROW FUND
                 
    Nine months ended  
    September 30,  
    2009     2008  
Balance at beginning of period
  $ 555,680       981,674  
 
               
Additions:
               
Amount withheld from distribution fund
    364,493       781,994  
Unit owner payments
    23,370       306,155  
Interest earned
    2,668       10,604  
 
               
Reductions:
               
Escrow account refunds
    (3,390 )     (35,885 )
Maintenance charges
    11,866       (256,965 )
Unit renovations
    (212,580 )     (1,050,827 )
Linen replacement
    (22,827 )     (150,136 )
 
           
 
               
Balance at end of period
  $ 719,280     $ 586,614  
 
           

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
General
The Company operates Saddlebrook Resort (the “Resort”) in Wesley Chapel, Florida, which contains condominium units that have been sold to third parties or to affiliates of the Company. The majority of the condominium units are hotel accommodations that participate in a rental-pooling program (the “Rental Pool”) that provides its owners with a percentage distribution of related room revenues minus certain fees and expenses. The remainder of the condominium units participate in a non-pooling rental program, are owner-occupied or are designated as hospitality suites or housing for young athletes independent of the rental programs. Other resort property owned by the Company and its affiliates include golf courses, tennis courts, a spa, restaurants and conference center facilities.
Impact of Current Economic Conditions
The Company believes that the reduced occupancy rates are due to the current state of the United States’ economy, and the fact that businesses appear to have altered their spending patterns in response. This has resulted in fewer group (corporate) bookings.
In response to this trend, although overall marketing expenses have decreased, the Company has increased its marketing efforts toward the social clientele by developing packages designed to target more social guests, including families. These social packages are being promoted through the Company’s website as well as through travel wholesalers and with emphasis on e-commerce sites.
Liquidity and Capital Resources
Future operating costs and planned expenditures for minor capital additions and improvements are expected to be adequately funded by the Company’s and its affiliates’ current cash reserves and cash generated by resort operations. The Company’s current debt agreement also allows for the Company to borrow an additional $2,500,000, provided the Company is in compliance with certain financial covenants. The Company’s financing from a third-party lender bears interest at 2.5% over the one month LIBOR index (2.82% at September 30, 2009) and matures in March 2014.

 

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Results of Operations
Third quarter 2009 compared to third quarter 2008
The Company’s total revenues decreased approximately $1,303,000, or about 23%, for the three months ended September 30, 2009 compared to the same period in the prior year. This decrease is directly related to a 29% decrease in occupancy as well as an 11% decrease in the average room rate over the prior period. Total revenues for the Rental Pool decreased approximately $391,000, or about 32%. This decrease is directly related to the decrease in occupancy, along with the decrease in the average room rate.
The decreases of $2,617,000 in total costs and expenses for the Company, and $111,000 in total costs and expenses for the Rental Pool Operation, are consistent with the decreases in revenues.
The Company experienced a net loss for the quarter of approximately $865,000, compared with a net loss of approximately $1,978,000 in the same period in the prior year. Amounts available for distribution for the Rental Pool Operation decreased $167,000 from the comparable period last year.
On August 12, 2007 the Company experienced lightning damage that impacted our fire alarm, electrical and HVAC systems. The damage to the fire alarm system not only affected the Company’s property but also resulted in the need to replace and upgrade the fire alarm system for the condominium units which are governed by Saddlebrook Resorts Condominium Association, Inc., (the “Association”). This event resulted in the filing of an insurance claim for a total of $901,000 in damages, to be reduced by a $100,000 deductible. As of this filing, the Company and the Association have received a total of $801,000 in settlement on this claim. The Association received approximately $271,000 of such amount. The Company received approximately $150,000 in the fourth quarter of 2007, approximately $215,000 in the third quarter of 2008, and the remaining $165,000 in the second quarter of 2009. Such amounts, net of non-capital expenses have been recorded as a component of Other Income for the Company in such quarters.
In August 2009, the Company recorded a gain of approximately $404,000 in connection with the transfer of a strip of land at the entrance to the resort property to the county in connection with a planned road widening project by the county. It is anticipated that the total settlement will be approximately $607,000, which includes proceeds for the land, land improvements and net damages and/or cost to cure such damages. Approximately $348,000 of the settlement has been received by the Company.
First nine months 2009 compared to first nine months 2008
The Company’s total revenues decreased approximately $17,556,000, or about 45% for the nine months ended September 30, 2009 compared to the same period in the prior year. This decrease is directly related to a 47% decrease in occupancy as well as a 9% decrease in the average room rate over the prior year. The total revenues for the Rental Pool decreased approximately $6,067,000, or about 51%. This decrease is directly related to the decrease in occupancy, along with the decrease in the average room rate.
The decreases of $13,444,000 in total costs and expenses for the Company, and $1,678,000 in total costs and expenses for the Rental Pool Operation, are related with the decreases in revenues.
Net income for the Company decreased $4,008,000 over the comparable period last year. Amounts available for distribution for the Rental Pool Operation decreased $2,392,000 over the same period in the prior year.
Seasonality
The Company’s operations are seasonal with the highest volume of revenues generally occurring in the first quarter of each calendar year.
Due to the seasonal business of the Company, the results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the full fiscal year.

 

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Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Company’s invested cash, including investments escrowed on behalf of the condominium unit owners in the Rental Pool’s Maintenance Escrow Fund, is subject to changes in market interest rates. Otherwise, the Company does not have significant market risk with respect to foreign currency exchanges or other market rates.
The Company’s term note bears interest at 2.5% over the one month LIBOR index and matures on March 12, 2014.
Item 4. Controls and Procedures
The Company’s management, including the Chief Executive Officer and the Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of the disclosure controls and procedures as of September 30, 2009, pursuant to Exchange Act Rule 15d-15. Based upon that evaluation, the Company’s Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2009 in timely alerting them to material information required to be included in the Company’s periodic SEC filings.
The Company’s management, including its Chief Executive Officer and Chief Financial Officer, does not expect that its disclosure controls and procedures over internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must be considered relative to their costs. Because of the inherent limitation in all control systems, no evaluation of controls can provide absolute assurance that all control issues within the Company have been detected.
There were no changes in the Company’s internal controls over financial reporting during the quarter ended September 30, 2009 that materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.
PART II — OTHER INFORMATION
Item 1. Legal Proceedings
The Company is from time to time involved in litigation in the ordinary course of business. In the opinion of the Company’s management, insurance or indemnification from other third parties adequately covers these matters. Accordingly, the effect, if any, of these claims is considered immaterial to the Company’s financial condition and results of operations.

 

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Item 6. Exhibits
The following exhibits are included in this Form 10-Q:
                 
 
    31.1       Chief Executive Officer Rule 15d-14(a) Certification
 
               
 
    31.2       Chief Financial Officer Rule 15d-14(a) Certification
 
               
 
    32.1       Chief Executive Officer Section 1350 Certification
 
               
 
    32.2       Chief Financial Officer Section 1350 Certification

 

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SIGNATURE
Pursuant to the requirements 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.
         
 
  SADDLEBROOK RESORTS, INC.    
 
  (Registrant)    
 
       
Date: November 13, 2009
  /s/ Donald L. Allen
 
Donald L. Allen
   
 
  Vice President and Treasurer
(Principal Financial and Accounting Officer)
   

 

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