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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 10-Q

 

 

(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, 2011

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: 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  x    NO  ¨

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  x    NO  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company:

 

Large accelerated filer   ¨    Accelerated Filer   ¨
Non-accelerated filer   ¨    Smaller reporting company   x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  x

Registrant has 100,000 shares of common stock outstanding, all of which are held by an affiliate of the Registrant.

 

 

 


Table of Contents

INDEX

 

     Page  

PART I – FINANCIAL INFORMATION

  

Item 1. Financial Statements

  

Saddlebrook Resorts, Inc.

  

Balance Sheets at June 30, 2011 and December 31, 2010

     3   

Statements of Operations and Accumulated Earnings for the three months and six months ended June  30,2011 and 2010

     4   

Statements of Cash Flows for the six months ended June 30, 2011 and 2010

     5   

Notes to Financial Statements

     6   

Saddlebrook Rental Pool Operation

  

Balance Sheets at June 30, 2011 and December 31, 2010

     9   

Statements of Operations for the three months and six months ended June 30, 2011 and 2010

     10   

Statements of Changes in Participants’ Fund Balance for the six months ended June  30, 2011 and 2010

     11   

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     12   

Item 3. Quantitative and Qualitative Disclosures about Market Risk

     14   

Item 4. Controls and Procedures

     14   

PART II – OTHER INFORMATION

  

Item 1. Legal Proceedings

     14   

Item 6. Exhibits

     15   

Signature

     15   

 

- 2 -


Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SADDLEBROOK RESORTS, INC.

BALANCE SHEETS

 

     June 30,
2011
(Unaudited)
    December 31,
2010
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 815,982      $ 1,038,368   

Escrowed cash

     654,642        611,012   

Accounts receivable, net

     963,188        1,521,404   

Due from related parties

     464,969        373,254   

Inventory and supplies

     1,559,538        1,625,960   

Prepaid expenses and other current assets

     853,694        707,043   
  

 

 

   

 

 

 

Total current assets

     5,312,013        5,877,041   

Property, buildings and equipment, net

     21,117,424        21,930,690   

Deferred charges, net

     30,723        36,309   
  

 

 

   

 

 

 

Total assets

   $ 26,460,160      $ 27,844,040   
  

 

 

   

 

 

 

Liabilities and Shareholder’s Equity

    

Current liabilities:

    

Current portion of long-term debt

   $ 1,060,000      $ 1,060,000   

Current portion of capital lease obligation

     97,018        94,512   

Escrowed deposits

     654,642        611,012   

Accounts payable

     502,647        791,674   

Accrued rental distribution

     616,146        549,951   

Accrued expenses and other liabilities

     2,037,512        1,884,865   

Current portion of deferred income

     793,535        851,791   

Guest deposits

     965,705        827,741   

Due to related parties

     126,561        133,660   
  

 

 

   

 

 

 

Total current liabilities

     6,853,766        6,805,206   

Long-term debt

     7,155,000        7,685,000   

Long-term capital lease obligation

     58,990        108,134   

Deferred income

     1,139,516        1,197,866   

Other liabilities

     —          149,000   
  

 

 

   

 

 

 

Total liabilities

     15,207,272        15,945,206   
  

 

 

   

 

 

 

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   

Retained earnings

     11,015,900        11,625,169   

Due from related parties

     (876,139     (839,462
  

 

 

   

 

 

 

Total shareholder’s equity

     11,252,888        11,898,834   
  

 

 

   

 

 

 
   $ 26,460,160      $ 27,844,040   
  

 

 

   

 

 

 

The accompanying Notes to Financial Statements are

an integral part of these financial statements

 

- 3 -


Table of Contents

SADDLEBROOK RESORTS, INC.

STATEMENTS OF OPERATIONS

AND ACCUMULATED EARNINGS

(Unaudited)

 

     Three months ended
June 30,
    Six months ended
June 30,
 
     2011     2010     2011     2010  

Revenues

   $ 6,101,004      $ 7,653,977      $ 13,893,337      $ 16,719,868   
  

 

 

   

 

 

   

 

 

   

 

 

 

Costs and expenses:

        

Operating costs

     5,332,199        6,446,607        11,255,407        13,000,015   

Sales and marketing

     359,864        409,835        664,392        814,144   

General and administrative

     791,562        743,547        1,533,179        1,466,609   

Depreciation

     477,855        483,842        955,713        979,429   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total costs and expenses

     6,961,480        8,083,831        14,408,691        16,260,197   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net operating (loss) income before other income (expenses)

     (860,476     (429,854     (515,354     459,671   
  

 

 

   

 

 

   

 

 

   

 

 

 

Other income (expenses)

        

Interest income

     93        1,089        97        1,292   

Other income

     32,060        6,346        36,469        13,213   

Interest expense

     (64,666     (74,936     (130,481     (149,444
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other (expenses) income

     (32,513     (67,501     (93,915     (134,939

Net (loss) income

     (892,989     (497,355     (609,269     324,732   

Accumulated earnings at beginning of period

     11,908,889        15,411,351        11,625,169        14,589,264   
  

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated earnings at end of period

   $ 11,015,900      $ 14,913,996      $ 11,015,900      $ 14,913,996   
  

 

 

   

 

 

   

 

 

   

 

 

 

The accompanying Notes to Financial Statements are

an integral part of these financial statements

 

- 4 -


Table of Contents

SADDLEBROOK RESORTS, INC.

STATEMENTS OF CASH FLOWS

(Unaudited)

 

     Six months ended
June 30,
 
     2011     2010  

Operating activities:

    

Net (loss) income

   $ (609,269   $ 324,732   

Non-cash items included in net income:

    

Provision for doubtful accounts

     (2,729     (60

Depreciation

     955,713        979,429   

Amortization of debt financing costs

     5,586        5,587   

Gain on sale of assets

     (428     —     

Decrease (increase) in:

    

Accounts receivable

     560,945        (434,519

Inventory and supplies

     66,422        (38,120

Prepaid expenses and other assets

     (146,651     (132,676

(Decrease) increase in:

    

Accounts payable

     (289,027     (127,806

Accrued rental distribution

     66,195        215,154   

Guest deposits

     137,964        (467,578

Accrued expenses and other liabilities

     3,647        765,161   

Deferred income

     (116,606     (50,334
  

 

 

   

 

 

 

Cash flow provided by operating activities

     631,762        1,038,970   
  

 

 

   

 

 

 

Investing activities:

    

Capital expenditures

     (143,819     (107,384

Proceeds from the sale of property and equipment

     1,800        —     
  

 

 

   

 

 

 

Cash flow used in investing activities

     (142,019     (107,384
  

 

 

   

 

 

 

Financing activities:

    

Payments on long-term debt

     (530,000     (530,000

Payments on capital lease obligations

     (46,638     (44,264

Net (advances to) collections from related parties

     (135,491     588,143   
  

 

 

   

 

 

 

Cash flow (used in) provided by financing activities

     (712,129     13,879   
  

 

 

   

 

 

 

Net (decrease) increase in cash and cash equivalents

     (222,386     945,465   

Cash and cash equivalents at beginning of period

     1,038,368        1,044,573   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 815,982      $ 1,990,038   
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information:

    

Cash paid for interest

   $ 125,688      $ 150,515   
  

 

 

   

 

 

 

The accompanying Notes to Financial Statements are

an integral part of these financial statements.

 

- 5 -


Table of Contents

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 June 30, 2011, and its statements of operations and accumulated earnings and cash flows for the periods ended June 30, 2011 and 2010, 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, 2010.

Note 2. Accounts Receivable

 

     June 30,
2011
(Unaudited)
    December 31,
2010
 

Trade accounts receivable

   $ 999,814      $ 1,560,759   

Less allowance for bad debts

     (36,626     (39,355
  

 

 

   

 

 

 
   $ 963,188      $ 1,521,404   
  

 

 

   

 

 

 

 

- 6 -


Table of Contents

Note 3. Property, Buildings and Equipment

 

     June 30,
2011
(Unaudited)
    December 31,
2010
 

Land and land improvements

   $ 6,802,067      $ 6,802,067   

Buildings and recreational facilities

     29,770,911        29,738,834   

Machinery and equipment

     17,507,347        17,463,682   

Construction in progress

     505,237        447,964   
  

 

 

   

 

 

 
     54,585,562        54,452,547   

Less accumulated depreciation

     (33,468,138     (32,521,857
  

 

 

   

 

 

 
   $ 21,117,424      $ 21,930,690   
  

 

 

   

 

 

 

The Company’s property, buildings and equipment are pledged as security for its debt (see Note 5).

Note 4. Deferred Charges

 

     June 30,
2011
(Unaudited)
    December 31,
2010
 

Debt issue costs

   $ 55,895      $ 55,895   

Less accumulated amortization

     (25,172     (19,586
  

 

 

   

 

 

 
   $ 30,723      $ 36,309   
  

 

 

   

 

 

 

 

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Table of Contents

Note 5. Long-term debt and Capital Lease Obligation

The 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 June 30, 2011 was 2.70%. The note is collateralized by all current and subsequently acquired real and personal property. At June 30, 2011, the outstanding balance on this term note was $8,215,000.

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%. At June 30, 2011, the amount due on the capital lease obligation was $156,008.

Note 6. Related Party Receivables

Related party receivables and payables at June 30, 2011 and December 31, 2010 are the result of net intercompany transactions and cash transfers between the Company and its shareholder and affiliated companies. Related party receivables and payables are unsecured and non-interest bearing.

The Company currently funds expenditures for its parent company, Saddlebrook Holdings, Inc. (“SHI”). SHI’s expenditures include dividends to its shareholders, which are primarily income taxes related to the operations of SHI and its subsidiaries. Until such time as definitive repayment terms are established and collectability of the amounts due can be assessed, the Company has reclassified the amounts due from SHI as a component of shareholders’s equity in the accompanying balance sheets.

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.

 

- 8 -


Table of Contents

SADDLEBROOK RENTAL POOL OPERATION

BALANCE SHEETS

DISTRIBUTION FUND

 

     June 30,
2011
(Unaudited)
     December 31,
2010
 

Assets

     

Receivable from Saddlebrook Resorts, Inc.

   $ 616,146       $ 549,951   
  

 

 

    

 

 

 

Liabilities and Participants’ Fund Balance

     

Due to participants for rental pool distribution

   $ 526,017       $ 472,237   

Due to maintenance escrow fund

     90,129         77,714   
  

 

 

    

 

 

 
   $ 616,146       $ 549,951   
  

 

 

    

 

 

 

MAINTENANCE ESCROW FUND

 

     June 30,
2011
(Unaudited)
     December 31,
2010
 

Assets

     

Cash and cash equivalents

   $ 639,942       $ 599,712   

Receivables:

     

Distribution fund

     90,129         77,714   

Owner payments

     —           8,124   

Furniture Inventory

     49,055         48,619   

Prepaid expenses and other assets

     9,758         12,580   
  

 

 

    

 

 

 
   $ 788,884       $ 746,749   
  

 

 

    

 

 

 

Liabilities and Participants’ Fund Balance

     

Accounts payable

   $ 63,688       $ 89,250   

Participants’ fund balance

     725,196         657,499   
  

 

 

    

 

 

 
   $ 788,884       $ 746,749   
  

 

 

    

 

 

 

 

- 9 -


Table of Contents

SADDLEBROOK RENTAL POOL OPERATION

STATEMENTS OF OPERATIONS

(Unaudited)

 

     Three months ended
June 30,
    Six months ended
June 30,
 
     2011     2010     2011     2010  

Rental pool revenues

   $ 1,575,226      $ 1,947,069      $ 3,886,211      $ 4,836,021   
  

 

 

   

 

 

   

 

 

   

 

 

 

Deductions:

        

Marketing fee

     118,142        146,030        291,466        362,701   

Management fee

     196,903        243,384        485,776        604,503   

Travel agent commissions

     43,987        57,958        101,392        151,326   

Credit card expense

     44,267        46,518        96,295        108,378   

Provision for bad debts

     3,000        —          3,000        —     
  

 

 

   

 

 

   

 

 

   

 

 

 
     406,299        493,890        977,929        1,226,908   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net rental income

     1,168,927        1,453,179        2,908,282        3,609,113   

Less operator share of net rental income

     (526,017     (653,931     (1,308,727     (1,624,101

Other revenues (expenses):

        

Complimentary room revenues

     5,993        6,207        12,623        12,368   

Minor repairs and replacements

     (32,757     (46,211     (63,341     (80,442
  

 

 

   

 

 

   

 

 

   

 

 

 

Amount available for distribution

   $ 616,146      $ 759,244      $ 1,548,837      $ 1,916,938   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

- 10 -


Table of Contents

SADDLEBROOK RENTAL POOL OPERATION

STATEMENTS OF CHANGES IN PARTICIPANTS’ FUND BALANCES

(Unaudited)

DISTRIBUTION FUND

 

     Six months ended
June 30,
 
     2011     2010  

Balance at beginning of period

   $ —        $ —     

Additions:

    

Amount available for distribution

     1,548,837        1,916,938   

Reductions:

    

Amount withheld for maintenance escrow fund

     (240,110     (292,837

Amount accrued or paid to participants

     (1,308,727     (1,624,101
  

 

 

   

 

 

 

Balance at end of period

   $ —        $ —     
  

 

 

   

 

 

 

MAINTENANCE ESCROW FUND

 

     Six months ended
June 30,
 
     2011     2010  

Balance at beginning of period

   $ 657,499        804,460   

Additions:

    

Amount withheld from distribution fund

     240,110        292,837   

Unit owner payments

     35,630        14,015   

Interest earned

     778        2,165   

Reductions:

    

Escrow account refunds

     (16,940     (25,555

Maintenance charges

     (137,933     (142,435

Unit renovations

     4,625        —     

Linen replacement

     (58,573     (60,403
  

 

 

   

 

 

 

Balance at end of period

   $ 725,196      $ 885,084   
  

 

 

   

 

 

 

 

- 11 -


Table of Contents

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.

Results of Operations

Second quarter 2011 compared to second quarter 2010

The Company’s total revenues decreased approximately $1,553,000, or about 20%, for the three months ended June 30, 2011 compared to the same period in the prior year. Total revenues for the Rental Pool decreased approximately $372,000, or about 20%. These changes are directly related to a decrease in occupancy of approximately 24% over the prior period.

Total costs and expenses decreased approximately $1,122,000, or about 14%, for the Company, and $88,000 for the Rental Pool Operation.

The Company experienced a net loss for the quarter of approximately $893,000. Amounts available for distribution for the Rental Pool Operation decreased approximately $143,000 from the comparable period last year.

 

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Table of Contents

First six months 2011 compared to first six months 2010

The Company’s total revenues decreased approximately $2,827,000, about 17%, for the six months ended June 30, 2011 compared to the same period in the prior year. The total revenues for the Rental Pool decreased approximately $950,000, or about 20%. Both of these decreases are directly related to the decrease in occupancy of approximately 21% when comparing the two periods.

Total costs and expenses for the Company decreased approximately $1,852,000 or 12%. Total costs and expenses for the Rental Pool Operation decreased by about $249,000.

The Company experienced a loss for the period of approximately $609,000, compared with a net income of approximately $325,000 in the comparable period. Amounts available for distribution for the Rental Pool Operation decreased approximately $368,000 over the same period in the prior year.

Impact of Current Economic Conditions

The Company believes that the reduced occupancy rates continue as a result of the current state of the United States’ economy, and the fact that businesses have altered their spending patterns in response. This has resulted in fewer group (corporate) bookings.

In response to this trend 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. Additionally, management has implemented programs and measures to help the Company get back to positive operating income for the year ending December 31, 2011. These programs and measures include cost control programs, consolidation of restaurant operations and efforts to increase brand awareness and recognition of the Golf Academy. Additionally, the Company has increased its group (corporate meeting) sales staff in response to a recent growth trend in meeting and group sales for the second half of 2011 and for 2012.

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 term note obtained from a third-party lender bears interest at 2.5% over the one month LIBOR index (2.70% at June 30, 2011) and matures in March 2014.

Off-Balance Sheet Arrangements

The Company has not entered into any off-balance sheet arrangements as it is not the Company’s business practice to do so.

 

- 13 -


Table of Contents

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.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company’s invested cash and cash equivalents, including cash escrowed on behalf of the condominium unit owners in the Rental Pool’s Maintenance Escrow Fund, are 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.T. 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 June 30, 2011, 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 June 30, 2011 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 June 30, 2011 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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Table of Contents

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

101 – Interactive Data File

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: August 12, 2011    

/s/    Donald L. Allen        

    Donald L. Allen
    Vice President and Treasurer
    (Principal Financial and
    Accounting Officer)

 

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