LANDMARK LAND CO INC/DE Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview The company, through subsidiaries, owns and manages for others, interests in real estate and golf oriented real estate developments. After a long period of relative dormancy, the company acquired its first operating companies in 2003 and has continued to rebuild its business through acquisitions and expansion. The company's current operating results are largely dependent on real estate sales in its developments in Texas and Barbados. The general economic recession in the US that began in late 2007 has hit the real estate market particularly hard. The company's properties are suffering along with most other real estate developments in the US and abroad. Sales contracts already in the pipeline at the end of 2007, particularly in the Apes Hill development in Barbados, generated profitable sales for the company in 2008. However, new contracts in 2008 and 2009 have been minimal. Although prospective purchaser traffic has increased in our Texas development over the last few months, most shoppers are still looking to find bargains at the bottom of the market. We continue to liquidate existing inventories of lots and houses at reduced profit margins and to defer any significant additional development until the market improves. During the second half of 2008 and the first three quarters of 2009 the company has taken various actions to reduce expenses and minimize operating losses. Recognizing that, historically, personnel costs have accounted for more than half of the company's operating costs (excluding the cost of real estate and merchandise sold), management has reduced the number of employees by approximately 37% from 132 employees at June 30, 2008 to 83 employees at September 30, 2009. In the second quarter of 2009, the company grounded its airplane and terminated employment of its pilots. To further conserve cash, a portion of the salaries of certain offi...
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LANDMARK LAND CO INC/DE Financials

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Oak Tree National to host 2014 US Senior Open

EDMOND, Okla. (AP) -- Oak Tree National will host the 2014 U.S. Senior Open, officials said Thursday, weeks after the completion of a $6 million renovation to restore and improve aspects of the golf course. The par-71, 7,410-yard course, designed by Pete Dye, opened in 1976 under the name Oak Tree Golf Club and has hosted the 1984 U.S. Amateur, the 1988 PGA Championship and the 2006 Senior PGA Championship.It went 18 years between hosting top-level events, partly because a previous owner declared bankruptcy and there were problems with the course. So a group of investors who bought the course last year poured money into renovating it in the hopes of bringing back a major championship."We look for the best courses and there's no doubt in my mind that Oak Tree falls into that category," U.S. Golf Association executive director David Fay said."For a golf course that is relatively young, it has already built up quite a resume of significant events," he said.Ed Evans, the chief executive of Oklahoma City-based Stelera Wireless and leader of the Oak Tree ownership group, said hosting another successful Champions Tour major would be a big step toward turning the course into a regular stop for major events."I think we were given the chance to get back on the national map," Evans said. "What we've been given by the USGA is an opportunity and it's incumbent upon us to go execute on that opportunity.Jeff Sluman won the 1988 PGA title at Oak Tree, and the course was set to host the 1994 PGA Championship when its owner, Landmark Land Co. Inc., filed for Chapter 11 bankruptcy in October 1991. A group of Oak Tree members bought the course in 1994 and it was later sold to Evans.The 1994 PGA eventually was moved to Southern Hills Country Club in Tulsa, about 90 miles to the northeast. Southern Hills has continued to host...
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LANDMARK LAND CO INC/DE Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview The company, through subsidiaries, owns and manages for others, interests in real estate and golf oriented real estate developments. After a long period of relative dormancy, the company acquired its first operating companies in 2003 and has continued to rebuild its business through acquisitions and expansion. The company's current operating results are largely dependent on real estate sales in its developments in Texas and Barbados. The general economic recession in the US that began in late 2007 has hit the real estate market particularly hard. The company's properties are suffering along with most other real estate developments in the US and abroad. Sales contracts already in the pipeline at the end of 2007, particularly in the Apes Hill development in Barbados, generated profitable sales for the company in 2008. However, new contracts in 2008 and in the first six months of 2009 were minimal. Although prospective purchaser traffic has increased in our Texas development over the last three months, most shoppers are still looking to find bargains at the bottom of the market. We continue to liquidate existing inventories of lots and houses at reduced profit margins and defer any significant additional development until the market improves. During the second half of 2008 and the first half of 2009 the company has taken various actions to reduce expenses and minimize operating losses. Recognizing that, historically, personnel costs have accounted for more than half of the company's operating costs (excluding the cost of real estate and merchandise sold), management has reduced the number of employees by approximately 37% from 132 employees at June 30, 2008 to 83 employees at June 30, 2009. In the second quarter of 2009, the company grounded its airplane and terminated employment of its pilots. To further conserve cash, a portion of the salaries of...
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LANDMARK LAND CO INC/DE Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhib

Show all filings for LANDMARK LAND CO INC/DE | Request a Trial to NEW EDGAR Online Pro Form 8-K for LANDMARK LAND CO INC/DE 27-May-2009Change in Directors or Principal Officers, Financial Statements and Exhib 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 p...
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Landmark Land Company, Inc.: Landmark Restructuring

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LANDMARK LAND CO INC/DE Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview The company, through subsidiaries, owns and manages for others, interests in real estate and golf oriented real estate developments. After a long period of relative dormancy, the company acquired its first operating companies in 2003 and has continued to rebuild its business through acquisitions and expansion. The company's consolidated statements of operations and cash flows for the three months ended March 31, 2009 and 2008 include the operations of the company and its subsidiaries identified in Note 1 to the Condensed Consolidated Financial Statements. Year to year comparisons should be analyzed carefully and historical results should not be assumed to be indicative of the company's future operations. Management's analysis of the company's operations during the first quarters of 2009 and 2008 and comments on its current financial condition are as follows: Liquidity and capital resources Liquidity needs for the final three quarters of 2009 are expected to exceed amounts available or committed to be available at March 31, 2009. The company's Condensed Consolidated Balance Sheet at March 31, 2009 reports current assets totaling $1.8 million and current liabilities totaling $18.2 million for a $16.4 million excess of current liabilities over current assets. Approximately $13.2 million of the current liabilities is due to two Texas banks that have funded the company's South Padre real estate development for the last ten years. Both banks have agreed to renew the company's lines of credit into 2010 on substantially the same terms, except for a $1 million reduction in the maximum amount, reducing the total lines available to $13.4 million. We do not expect the change to have any significant impact on the company's real estate operations. Additionally, approximately $2.2 million of the current liabilities is owed to affiliates who have previ...
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LANDMARK LAND CO INC/DE Files SEC form 10-K, Annual Report

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation Overview The company, through subsidiaries, owns and manages for others, interests in real estate and golf oriented real estate developments. After a long period of relative dormancy, the company acquired the first of its operating companies in 2003 and has continued to rebuild its business through acquisitions and expansion as discussed in Item 1. Year to year comparisons should be analyzed carefully and historical results should not be assumed to be indicative of the company's future operations. Management's analysis of the company's operations and comments on its current financial condition are as follows: Liquidity and capital resources Liquidity needs in 2009 are expected to exceed amounts available or committed to be available at December 31, 2008. The company's Consolidated Balance Sheet at December 31, 2008 reports current assets totaling $2.2 million and current liabilities totaling $17.9 million for a $15.7 million excess of current liabilities over current assets. Approximately $12.7 million of the current liabilities is due to two Texas banks that have funded the company's South Padre real estate development for the last ten years. Subsequent to December 31, 2008, both banks have agreed to renew the company's lines of credit into 2010 on substantially the same terms, except for a $1 million reduction in the maximum amount, reducing the total lines available to $13.4 million. We do not expect the change to have any significant impact on our real estate operations. Additionally, approximately $2.2 million of the current liabilities is owed to affiliates who have previously advanced funds for working capital and are not expected to demand repayment until the company's liquidity position improves. One of those affiliates has committed up to $1.1 million additional funds in 2009 to fund anticipated operating shortfalls. The company expects profits from...
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LANDMARK LAND CO INC/DE Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview The company, through subsidiaries, owns and manages for others, interests in real estate and golf oriented real estate developments. After a long period of relative dormancy, the company acquired its first operating companies, DPMG, Inc. and its affiliates, on August 31, 2003 and subsequently, South Padre Island Development, L.P. on October 1, 2004. In subsequent years, the company expanded into Europe and the Caribbean. The company's consolidated statements of operations and cash flows for the nine months ended September 30, 2008 and 2007 include the operations of the company and its subsidiaries identified in Note 1 to the financial statements. Year to year comparisons should be analyzed carefully and historical results should not be assumed to be indicative of the company's future operations. Management's analysis of the company's operations during the three and nine month periods ended September 30, 2008 and 2007 and comments on its current financial condition are as follows: Revenue Real estate sales at South Padre totaled 4 lots and 19 houses during the nine months ended September 30, 2008, generating $4,460,000 in revenue, including 2 lots and 5 houses sold in the three months ended September 30, 2008 for total sales of $1,208,000. In the first nine months of 2007, South Padre reported 30 lot sales and 81 house sales generating $17,490,000 in revenue, including 2 lots and 17 houses closed in the third quarter for total sales of $4,150,000. The dramatic decrease in real estate sales appears to reflect apprehension about the continuing fallout from the current credit crisis, reaction to record high fuel prices, and fear of a possible recession. On July 23, 2008, Hurricane Dolly made landfall in the immediate vicinity of South Padre, causing minor damage to South Padre's golf facilities and to a number of the residential uni...
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