HOMEFED CORP Financials

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HOMEFED CORP Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Interim Operations. Liquidity and Capital Resources For the nine month periods ended September 30, 2009 and 2008, net cash was used for operating activities, principally for real estate expenditures at the San Elijo Hills and Otay Ranch projects, general and administrative expenses and farming operations at the Rampage property. The Company's principal sources of funds are proceeds from the sale of real estate, fee income from the San Elijo Hills project, dividends and tax sharing payments from its subsidiaries, borrowings from or repayment of advances by its subsidiaries and cash and cash equivalents and investments. As of September 30, 2009, the Company had aggregate cash, cash equivalents and investments of $62,150,000 to meet its current liquidity needs and for future investment opportunities. As of September 30, 2009, the aggregate balance of deferred revenue for all real estate sales was $1,700,000, which the Company estimates will be substantially recognized as revenue during 2009. The Company estimates that it will spend approximately $500,000 to complete the required improvements, including costs related to common areas. The Company will recognize revenues previously deferred and the related cost of sales in its statements of operations as the improvements are completed under the percentage of completion method of accounting. As of September 30, 2009, the remaining land at the San Elijo Hills project to be developed and sold or leased consisted of the following: As more fully discussed in the 2008 10-K, residential property sales volume, prices and new building starts have declined significantly in many U.S. markets, including California and the greater San Diego region, which have negatively affected sales and profits at the San Elijo Hills project. The slowdown in residential sales has been exacerbated by the turmoil in the mortgage lending...
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HOMEFED CORP Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Interim Operations. Liquidity and Capital Resources For the six month periods ended June 30, 2009 and 2008, net cash was used for operating activities, principally for real estate expenditures at the San Elijo Hills and Otay Ranch projects, general and administrative expenses and farming operations at the Rampage property. The Company's principal sources of funds are proceeds from the sale of real estate, fee income from the San Elijo Hills project, dividends and tax sharing payments from its subsidiaries, borrowings from or repayment of advances by its subsidiaries and cash and cash equivalents and investments. As of June 30, 2009, the Company had aggregate cash, cash equivalents and investments of $63,900,000 to meet its current liquidity needs and for future investment opportunities. As of June 30, 2009, the aggregate balance of deferred revenue for all real estate sales was $2,200,000, which the Company estimates will be substantially recognized as revenue during 2009. The Company estimates that it will spend approximately $600,000 to complete the required improvements, including costs related to common areas. The Company will recognize revenues previously deferred and the related cost of sales in its statements of operations as the improvements are completed under the percentage of completion method of accounting. As of June 30, 2009, the remaining land at the San Elijo Hills project to be developed and sold or leased consisted of the following: As more fully discussed in the 2008 10-K, residential property sales volume, prices and new building starts have declined significantly in many U.S. markets, including California and the greater San Diego region, which have negatively affected sales and profits at the San Elijo Hills project. The slowdown in residential sales has bee...
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HOMEFED CORP Files SEC form 8-K, Regulation FD Disclosure, Financial Statements and Exhibits

Show all filings for HOMEFED CORP | Request a Trial to NEW EDGAR Online Pro Form 8-K for HOMEFED CORP 14-Jul-2009Regulation FD Disclosure, Financial Statements and Exhibits Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational pu...
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HOMEFED CORP Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Interim Operations. Liquidity and Capital Resources For the three month periods ended March 31, 2009 and 2008, net cash was used for operating activities, principally for real estate expenditures at the San Elijo Hills and Otay Ranch projects, general and administrative expenses and farming operations at the Rampage property. The Company's principal sources of funds are proceeds from the sale of real estate, fee income from the San Elijo Hills project, dividends and tax sharing payments from its subsidiaries, borrowings from or repayment of advances by its subsidiaries and cash and cash equivalents and investments. As of March 31, 2009, the Company had aggregate cash, cash equivalents and investments of $68,600,000 to meet its current liquidity needs and for future investment opportunities. As of March 31, 2009, the aggregate balance of deferred revenue for all real estate sales was $3,700,000, which the Company estimates will be substantially recognized as revenue during 2009. The Company estimates that it will spend approximately $1,100,000 to complete the required improvements, including costs related to common areas. The Company will recognize revenues previously deferred and the related cost of sales in its statements of operations as the improvements are completed under the percentage of completion method of accounting. As of March 31, 2009, the remaining land at the San Elijo Hills project to be developed and sold or leased consisted of the following: As more fully discussed in the 2008 10-K, residential property sales volume, prices and new building starts have declined significantly in many U.S. markets, including California and the greater San Diego region, which have negatively affected sales and profits at the San Elijo Hills project. The slowdown in residential sales has bee...
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HOMEFED CORP Files SEC form 10-K, Annual Report

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The purpose of this section is to discuss and analyze the Company's consolidated financial condition, liquidity and capital resources and results of operations. This analysis should be read in conjunction with the consolidated financial statements and related notes which appear elsewhere in this Report. Liquidity and Capital Resources The Company used net cash for operating activities of $27,900,000, $28,000,000 and $50,000,000 for the years ended December 31, 2008, 2007 and 2006, respectively, principally for real estate improvement expenditures at the San Elijo Hills project and for the payment of general and administrative expenses and federal and state income tax payments. The Company's ability to generate positive cash flows from operating activities is dependent upon the amount and timing of real estate sales, principally at the San Elijo Hills project. Sales at the San Elijo Hills project have declined significantly since 2005, principally due to the weak residential housing market, and there have been no residential lot sales at the San Elijo Hills project since June 2006. Information about the remaining real estate to be sold at the San Elijo Hills project is provided below. Because of the nature of its real estate projects, the Company does not expect operating cash flows will be consistent from year to year. Throughout most of the period that the Company has been developing the San Elijo Hills project, the Company's sales efforts have greatly benefited from a strong regional and national residential housing market. However, residential property sales volume, prices and new building starts have declined significantly in many U. S. markets, including California and the greater San Diego region, which has negatively affected sales and profits. The slowdown in residential sales has been exacerbated during the past two years by the turmoil in t...
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HOMEFED CORP Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhibits

Show all filings for HOMEFED CORP | Request a Trial to NEW EDGAR Online Pro Form 8-K for HOMEFED CORP 20-Jan-2009Change in Directors or Principal Officers, Financial Statements and Exhibits Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for ...
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HOMEFED CORP Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Interim Operations. Liquidity and Capital Resources For the nine month periods ended September 30, 2008 and 2007, net cash was used for operating activities, principally for real estate expenditures at the San Elijo Hills project, general and administrative expenses and federal and state tax payments. The Company's principal sources of funds are proceeds from the sale of real estate, fee income from the San Elijo Hills project, dividends and tax sharing payments from its subsidiaries, borrowings from or repayment of advances by its subsidiaries and cash and cash equivalents and investments. As of September 30, 2008, the Company had aggregate cash, cash equivalents and investments of $85,700,000 to meet its current liquidity needs and for future investment opportunities. As of September 30, 2008, the aggregate balance of deferred revenue for all real estate sales was $8,000,000, which the Company estimates will be substantially recognized as revenue by the middle of 2009. The Company estimates that it will spend approximately $2,200,000 to complete the required improvements, including costs related to common areas. The Company will recognize revenues previously deferred and the related cost of sales in its statements of operations as the improvements are completed under the percentage of completion method of accounting. In September 2008, the San Elijo Hills project repurchased a 131 unit multifamily site for $6,000,000 that had previously been sold to a homebuilder in October 2005 for $36,000,000. The acquisition increases the amount of multi-family units available for sale at the project. The Company's obligation to the homebuilder to complete certain improvements was terminated upon acquisition of the property; accordingly, the Company recognized all the remainder of the previously deferred re...
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