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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 September 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 September 30, 2011 and December 31, 2010

     3   

Statements of Operations and Accumulated Earnings for the three months and nine months ended September  30,2011 and 2010

     4   

Statements of Cash Flows for the nine months ended September 30, 2011 and 2010

     5   

Notes to Financial Statements

     6   

Saddlebrook Rental Pool Operation

  

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

     9   

Statements of Operations for the three months and nine months ended September 30, 2011 and 2010

     10   

Statements of Changes in Participants’ Fund Balance for the nine months ended September  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

     16   

 

- 2 -


Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

SADDLEBROOK RESORTS, INC.

BALANCE SHEETS

 

     September 30,
2011
(Unaudited)
     December 31,
2010
 

Assets

     

Current assets:

     

Cash and cash equivalents

   $ 714,582       $ 1,038,368   

Escrowed cash

     547,210         611,012   

Accounts receivable, net

     646,998         1,521,404   

Due from related parties

     623,481         373,254   

Inventory and supplies

     1,549,994         1,625,960   

Prepaid expenses and other current assets

     791,680         707,043   
  

 

 

    

 

 

 

Total current assets

     4,873,945         5,877,041   

Property, buildings and equipment, net

     21,009,701         21,930,690   

Deferred charges, net

     27,930         36,309   
  

 

 

    

 

 

 

Total assets

   $ 25,911,576       $ 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

     98,295         94,512   

Escrowed deposits

     547,210         611,012   

Accounts payable

     480,010         791,674   

Accrued rental distribution

     302,022         549,951   

Accrued expenses and other liabilities

     2,122,077         1,884,865   

Current portion of deferred income

     733,935         851,791   

Guest deposits

     657,689         827,741   

Due to related parties

     —           133,660   
  

 

 

    

 

 

 

Total current liabilities

     6,001,238         6,805,206   

Long-term debt

     6,890,000         7,685,000   

Capital lease obligation

     33,930         108,134   

Deferred income

     1,078,157         1,197,866   

Due to related parties

     1,412,279         —     

Other liabilities

     —           149,000   
  

 

 

    

 

 

 

Total liabilities

     15,415,604         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   

Accumulated earnings

     9,382,845         11,625,169   

Due from related parties

     —           (839,462
  

 

 

    

 

 

 

Total shareholder’s equity

     10,495,972         11,898,834   
  

 

 

    

 

 

 
   $ 25,911,576       $ 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
September 30,
    Nine months ended
September 30,
 
     2011     2010     2011     2010  

Revenues

   $ 3,817,967      $ 3,824,289      $ 17,711,304      $ 20,544,157   
  

 

 

   

 

 

   

 

 

   

 

 

 

Costs and expenses:

        

Operating costs

     3,967,502        4,337,760        15,222,909        17,337,775   

Sales and marketing

     332,346        355,452        996,738        1,169,596   

General and administrative

     607,704        763,889        2,140,883        2,230,498   

Depreciation

     487,096        480,614        1,442,809        1,460,043   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total costs and expenses

     5,394,648        5,937,715        19,803,339        22,197,912   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net operating loss before other (income) expenses

     (1,576,681     (2,113,426     (2,092,035     (1,653,755
  

 

 

   

 

 

   

 

 

   

 

 

 

Other (income) expenses

        

Interest income

     (659     (960     (756     (2,252

Other (income) expense

     (5,221     4,234        (41,690     (8,979

Interest expense

     62,254        73,463        192,735        222,907   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other (income) expenses

     56,374        76,737        150,289        211,676   

Net loss

     (1,633,055     (2,190,163     (2,242,324     (1,865,431

Accumulated earnings at beginning of period

     11,015,900        14,913,996        11,625,169        14,589,264   
  

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated earnings at end of period

   $ 9,382,845      $ 12,723,833      $ 9,382,845      $ 12,723,833   
  

 

 

   

 

 

   

 

 

   

 

 

 

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)

 

     Nine months ended
September 30,
 
     2011     2010  

Operating activities:

    

Net loss

   $ (2,242,324   $ (1,865,431

Non-cash items included in net loss:

    

Provision for doubtful accounts

     (2,729     (14,492

Depreciation

     1,442,809        1,460,043   

Amortization of deferred charges

     8,379        8,380   

Gain on sale of assets

     (428     —     

Decrease (increase) in:

    

Accounts receivable

     877,135        986,865   

Inventory and supplies

     75,966        (33,603

Prepaid expenses and other current assets

     (84,636     (81,005

(Decrease) increase in:

    

Accounts payable

     (311,665     (211,528

Accrued rental distribution

     (247,929     (291,652

Guest deposits

     (170,052     (424,350

Accrued expenses and other liabilities

     88,212        619,656   

Deferred income

     (237,565     (133,105
  

 

 

   

 

 

 

Cash flow (used in) provided by operating activities

     (804,827     19,778   
  

 

 

   

 

 

 

Investing activities:

    

Capital expenditures

     (523,192     (167,160

Proceeds from the sale of property and equipment

     1,800        —     
  

 

 

   

 

 

 

Cash flow used in investing activities

     (521,392     (167,160
  

 

 

   

 

 

 

Financing activities:

    

Payments on long-term debt

     (795,000     (795,000

Payments on capital lease obligations

     (70,421     (66,832

Net repayments from related parties

     1,867,854        539,702   
  

 

 

   

 

 

 

Cash flow provided by (used in) financing activities

     1,002,433        (322,130
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (323,786     (469,512

Cash and cash equivalents at beginning of period

     1,038,368        1,044,573   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 714,582      $ 575,061   
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information:

    

Cash paid for interest

   $ 184,356      $ 216,280   
  

 

 

   

 

 

 

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

 

     September 30,
2011
(Unaudited)
    December 31,
2010
 

Trade accounts receivable

   $ 683,624      $ 1,560,759   

Less allowance for bad debts

     (36,626     (39,355
  

 

 

   

 

 

 
   $ 646,998      $ 1,521,404   
  

 

 

   

 

 

 

 

- 6 -


Table of Contents

Note 3. Property, Buildings and Equipment

 

$21,009,701 $21,009,701
     September 30,
2011
(Unaudited)
    December 31,
2010
 

Land and land improvements

   $ 6,802,067      $ 6,802,067   

Buildings and recreational facilities

     30,005,637        29,738,834   

Machinery and equipment

     17,656,270        17,463,682   

Construction in progress

     499,384        447,964   
  

 

 

   

 

 

 
     54,963,358        54,452,547   

Less accumulated depreciation

     (33,953,657     (32,521,857
  

 

 

   

 

 

 
   $ 21,009,701      $ 21,930,690   
  

 

 

   

 

 

 

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

Note 4. Deferred Charges

 

$21,009,701 $21,009,701
     September 30,
2011
(Unaudited)
    December 31,
2010
 

Debt issue costs

   $ 55,895      $ 55,895   

Less accumulated amortization

     (27,965     (19,586
  

 

 

   

 

 

 
   $ 27,930      $ 36,309   
  

 

 

   

 

 

 

 

- 7 -


Table of Contents

Note 5. Long-Term Debt and Capital Lease Obligation

Long-term debt is a bank note payable which 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, 2011 was 2.71%. The note is collateralized by all current and subsequently acquired real and personal property. At September 30, 2011, the outstanding balance on this term note was $6,890,000.

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%. Total depreciation expense on the assets under the lease was approximately $14,000 and $42,000 for the three and nine months ended September 30, 2011, respectively.

Note 6. Due from (to) Related Parties

Due from (to) related parties at September 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, which are unsecured and non-interest bearing.

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

 

     September 30,
2011
(Unaudited)
     December 31,
2010
 

Assets

     

Receivable from Saddlebrook Resorts, Inc.

   $ 302,022       $ 549,951   
  

 

 

    

 

 

 

Liabilities

     

Due to participants for rental pool distribution

   $ 259,628       $ 472,237   

Due to maintenance escrow fund

     42,394         77,714   
  

 

 

    

 

 

 
   $ 302,022       $ 549,951   
  

 

 

    

 

 

 

MAINTENANCE ESCROW FUND

 

     September 30,
2011
(Unaudited)
     December 31,
2010
 

Assets

     

Cash and cash equivalents

   $ 528,528       $ 599,712   

Receivables:

     

Distribution fund

     42,394         77,714   

Owner payments

     —           8,124   

Furniture inventory

     48,986         48,619   

Prepaid expenses and other assets

     3,868         12,580   
  

 

 

    

 

 

 
   $ 623,776       $ 746,749   
  

 

 

    

 

 

 

Liabilities and Participants’ Fund Balance

     

Accounts payable

   $ 28,887       $ 89,250   

Participants’ fund balance

     594,889         657,499   
  

 

 

    

 

 

 
   $ 623,776       $ 746,749   
  

 

 

    

 

 

 

 

- 9 -


Table of Contents

SADDLEBROOK RENTAL POOL OPERATION

STATEMENTS OF OPERATIONS - DISTRIBUTION FUND

(Unaudited)

 

     Three months ended
September 30,
    Nine months ended
September 30,
 
     2011     2010     2011     2010  

Rental pool revenues

   $ 773,085      $ 696,591      $ 4,659,296      $ 5,532,612   
  

 

 

   

 

 

   

 

 

   

 

 

 

Deductions:

        

Marketing fee

     57,981        52,244        349,447        414,945   

Management fee

     96,636        87,074        582,412        691,577   

Travel agent commissions

     22,465        31,424        123,857        182,750   

Credit card expense

     19,052        21,984        115,347        130,362   

Bad debt reserve

     —          —          3,000        —     
  

 

 

   

 

 

   

 

 

   

 

 

 
     196,134        192,726        1,174,063        1,419,634   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net rental income

     576,951        503,865        3,485,233        4,112,978   

Less operator share of net rental income

     (259,628     (226,739     (1,568,355     (1,850,840

Other revenues (expenses):

        

Complimentary room revenues

     9,152        2,639        21,775        15,007   

Minor repairs and replacements

     (24,453     (27,327     (87,794     (107,769
  

 

 

   

 

 

   

 

 

   

 

 

 

Amount available for distribution

   $ 302,022      $ 252,438      $ 1,850,859      $ 2,169,376   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

- 10 -


Table of Contents

SADDLEBROOK RENTAL POOL OPERATION

STATEMENTS OF CHANGES IN PARTICIPANTS’ FUND BALANCES

(Unaudited)

DISTRIBUTION FUND

 

(1,568,355) (1,568,355)
     Nine months ended
September 30,
 
     2011     2010  

Balance at beginning of period

   $ —        $ —     

Additions:

    

Amount available for distribution

     1,850,859        2,169,376   

Reductions:

    

Amount withheld for maintenance escrow fund

     (282,504     (318,536

Amount accrued or paid to participants

     (1,568,355     (1,850,840
  

 

 

   

 

 

 

Balance at end of period

   $ —        $ —     
  

 

 

   

 

 

 

MAINTENANCE ESCROW FUND

 

(1,568,355) (1,568,355)
     Nine months ended
September 30,
 
     2011     2010  

Balance at beginning of period

   $ 657,499        804,460   

Additions:

    

Amount withheld from distribution fund

     282,504        318,536   

Unit owner payments

     192,458        24,311   

Interest earned

     1,121        3,084   

Reductions:

    

Escrow account refunds

     (17,709     (25,555

Maintenance charges

     (169,974     (244,999

Unit renovations

     (262,243     (46,397

Linen replacement

     (88,767     (109,006
  

 

 

   

 

 

 

Balance at end of period

   $ 594,889      $ 724,434   
  

 

 

   

 

 

 

 

- 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

Third quarter 2011 compared to third quarter 2010

The Company’s total revenues decreased approximately $6,000, less than 1%, for the three months ended September 30, 2011 compared to the same period in the prior year. While occupancy remained flat when comparing the two periods, the Company did experience an increase in the average room rate, however experienced slight decreases in the revenue per occupied room for other ancillary income. Total revenues for the Rental Pool Operation increased approximately $76,000, or about 11%. This increase is directly related to the increase in the average room rate when comparing the two periods.

Total costs and expenses for the Company decreased by $543,000 when compared to the same period in the prior year. This decrease is related to cost control programs and measures implemented by management. Total costs and expenses for the Rental Pool Operation increased by about $3,000.

The Company experienced a net loss for the quarter of approximately $1,633,000, compared with a net loss of approximately $2,190,000 in the same period in the prior year. Amounts available for distribution for the Rental Pool Operation increased $50,000 from the comparable period last year.

First nine months 2011 compared to first nine months 2010

The Company’s total revenues decreased approximately $2,833,000, or about 14% for the nine months ended September 30, 2011 compared to the same period in the prior year. The total revenues for the Rental Pool Operation decreased approximately $873,000, or about 16%. Both of these decreases are directly related to a decrease in occupancy of approximately 16% when comparing the two periods.

Total costs and expenses for the Company decreased approximately $2,395,000. This decrease is related to the decrease in revenues, along with cost control programs and measures implemented by management. Costs and expenses for the Rental Pool Operation decreased approximately $246,000. This decrease is consistent with the decrease in Rental Pool Operation revenues.

Net loss for the Company was approximately $2,242,000, compared to an approximate net loss of $1,865,000 in the comparable period last year. Amounts available for distribution for the Rental Pool Operation decreased $319,000 over the same period in the prior year.

 

- 12 -


Table of Contents

Impact of Current Economic Conditions

The Company believes that the reduced occupancy rates, when compared to periods prior to the year 2008, 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. Management has also implemented programs and measures to help the Company get back to positive operating income. 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.

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 (2.71% at September 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, 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.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 September 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 September 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 September 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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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 Files

 

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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 14, 2011    

/s/    Donald L. Allen        

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

 

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