-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E0ARTe0FNiUZp5LFatELBTQ0XHIFIBoBM5IIB8EDLnoYfSXWGkNg87LKGDHmTsj8 qxnYHnnidbYCgDFGy6ULYg== 0000912057-00-016557.txt : 20000407 0000912057-00-016557.hdr.sgml : 20000407 ACCESSION NUMBER: 0000912057-00-016557 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000406 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLF TRUST OF AMERICA INC CENTRAL INDEX KEY: 0001024126 STANDARD INDUSTRIAL CLASSIFICATION: LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552] IRS NUMBER: 330724736 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 001-14494 FILM NUMBER: 595221 BUSINESS ADDRESS: STREET 1: 14 NORTH ADGER'S WHARF CITY: CHARLESTON STATE: SC ZIP: 29401 BUSINESS PHONE: 7147234653 MAIL ADDRESS: STREET 1: 14 NORTH ADGER'S WHARF CITY: CHARLESTON STATE: SC ZIP: 29401 10-K/A 1 FORM 10-K/A ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------- FORM 10-K/A FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) /x/ Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 1999 / / Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ________ to ________. GOLF TRUST OF AMERICA, INC. ------------------------------------------------------------- (Exact name of registrant as specified in its charter) Maryland 33-0724736 --------------------------- -------------------------- (State or Other Jurisdiction (I.R.S. Employer of Incorporation) Identification Number) 14 North Adger's Wharf, Charleston, SC 29401 ---------------------------------------------------- (Address of principal executive offices) (Zip Code) (843) 723-4653 ---------------------------------------------------- (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name Of Each Exchange On Which Registered ------------------- ----------------------------------------- Common Stock, $0.01 par value American Stock Exchange Preferred Stock Purchase Rights American Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None. 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. / / On March 22, 2000 there were 8,118,147 common shares outstanding of the registrant's only class of common stock. Based on the March 22, 2000 closing price of $17.938 per share, the aggregate market value of the voting stock held by nonaffiliates of the registrant was $145,623,320.89. On March 22, 2000, there were 800,000 shares outstanding of the registrant's 9.25% Series A Cumulative Convertible Preferred Stock which is the registrant's only class of preferred stock. DOCUMENTS INCORPORATED BY REFERENCE Certain portions of the Registrant's definitive Proxy Statement, to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the close of the Registrant's 1999 fiscal year, are incorporated by reference in Part III of this Form 10-K; and certain exhibits to the Company's prior reports on Forms 10-Q and 8-K, Registration Statements of Employee Stock Purchase Plan and Employee Stock Option Plans on Forms S-8 (nos. 333-46659 and 333-46657), and Registration Statements on Form S-11 (nos. 333-15965 and 333-36847) are incorporated by reference in Part IV hereof. =============================================================================== EXPLANATORY NOTE This amendment is filed to correct a column alignment error caused by our filing agent in the conversion to the Edgar format on one of the Company's financial statements included in the original filing. Only the corrected financial statement is included herein. Because the column alignment error appeared only in the original Edgar filing and not in the actual financial statements on which the filing was based, the corrected financial statement included herein is covered by the report of BDO Seidman LLP dated February 4, 2000 and their related consent, each which was included in the original filing. In addition, the cover page of GTA's original 10K filing incorrectly indicated that disclosure of delinquent filers pursuant to Item 405 of Regulation 5-K was not contained therein. Such disclosure was included in the original filing as required. GOLF TRUST OF AMERICA, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (IN THOUSANDS)
ACCUMULATED EARNINGS (DIVIDENDS IN UNEARNED PREFERRED SHARES COMMON STOCK ADDITIONAL EXCESS OF RESTRICTED PAID-IN ACCUMULATED STOCK SHARES AMOUNT SHARES AMOUNT CAPITAL EARNINGS) COMPENSATION --------------------------------------------------------------------------------- BALANCE, February 12, 1997 ........... - $ - - $ - $ - $ - $ - Proceeds from Initial Public Offering ............................. - - 3,910 39 82,071 - - Payment of underwriters discount and initial offering costs ........... - - - - (9,055) - - Issuance of shares in exchange for note .................... - - 159 2 3,296 - - Issuance of shares for acquistion .... - - 22 - 600 - - Issuance of restricted stock ......... - - 70 1 1,827 - (1,828) Proceeds from follow-on offering ..... - - 3,450 34 88,372 - - Payment of underwriters discount and costs ................... - - - - (5,741) - - Amortization of restricted stock Compensation ......................... - - - - - - 115 Adjustment for minority interest in operating partnership ................ - - - - (33,882) - - Dividends ............................ - - - - - (4,195) - Net income ........................... - - - - - 5,969 - --------------------------------------------------------------------------------- BALANCE, December 31, 1997 ........... - $ - 7,611 $ 76 $127,488 $ 1,774 $(1,713) Issuance of restricted stock ......... - - 21 - 607 - (607) Issuance of shares for option exercise and employee stock purchase plans ....................... - - 5 - 159 - - Amortization of restricted stock compensation ................... - - - - - - 787 Loans to officers .................... - - - - - - - Adjustment for minority interest in operating partnership ................ - - - - (8,001) - - Dividends ............................ - - - - - (16,338) - Net income ........................... - - - - - 10,606 - --------------------------------------------------------------------------------- BALANCE, December 31, 1998 ........... - $ - 7,637 $ 76 $120,253 $ (3,958) $(1,533) NOTE RECEIVABLE LOANS TOTAL FROM STOCK TO STOCKHOLDERS' SALE OFFICERS EQUITY ------------------------------------------ BALANCE, February 12, 1997 ........... $ - $ - $ - Proceeds from Initial Public Offering ............................. - - 82,110 Payment of underwriters discount and initial offering costs ........... - - (9,055) Issuance of shares in exchange for note .................... (3,298) - - Issuance of shares for acquistion .... - - 600 Issuance of restricted stock ......... - - - Proceeds from follow-on offering ..... - - 88,406 Payment of underwriters discount and costs ................... - - (5,741) Amortization of restricted stock Compensation ......................... - - 115 Adjustment for minority interest in operating partnership ................ - - (33,882) Dividends ............................ - - (4,195) Net income ........................... - - 5,969 -------- -------- -------- BALANCE, December 31, 1997 ........... $(3,298) $ - $124,327 Issuance of restricted stock ......... - - - Issuance of shares for option exercise and employee stock purchase plans ....................... - - 159 Amortization of restricted stock compensation ................... - - 787 Loans to officers .................... - (1,893) (1,893) Adjustment for minority interest in operating partnership ................ - - (8,001) Dividends ............................ - - (16,338) Net income ........................... - - 10,606 -------- -------- -------- BALANCE, December 31, 1998 ........... $(3,298) $ (1,893) $109,647
See accompanying notes to financial statements F-6 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in Charleston, South Carolina, on April 6, 2000. GOLF TRUST OF AMERICA, INC. By: /s/ W. Bradley Blair, II -------------------------------------- W. Bradley Blair, II PRESIDENT AND CHIEF EXECUTIVE OFFICER Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons in the capacities and on the dates indicated:
SIGNATURE TITLE DATE - ---------------------------------------- -------------------------------------- --------------- /s/ W. Bradley Blair, II President, Chief Executive Officer - ---------------------------------------- and Chairman of the Board of W. Bradley Blair, II Directors April 6, 2000 /s/ Scott D. Peters - ---------------------------------------- Senior Vice President, Chief Scott D. Peters Financial Officer and Director April 6, 2000 * - ---------------------------------------- Roy C. Chapman Director April 6, 2000 * - ---------------------------------------- Raymond V. Jones Director April 6, 2000 * - ---------------------------------------- Fred W. Reams Director April 6, 2000 * - ---------------------------------------- Edward L. Wax Director April 6, 2000 * - ---------------------------------------- Larry D. Young Director April 6, 2000 * POWER OF ATTORNEY By: /s/ W. Bradley Blair, II - ---------------------------------------- W. Bradley Blair, II
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