-----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, MkCj0hygPEchswdBxFTirvVhLpUKGXU3uJKkEzaq/uv9/mNdx8Uq15hHT9EfCDAz 2Mg+Qj2mw+ZNwMjjeJBMaA== 0001010192-98-000024.txt : 19980512 0001010192-98-000024.hdr.sgml : 19980512 ACCESSION NUMBER: 0001010192-98-000024 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980331 ITEM INFORMATION: FILED AS OF DATE: 19980511 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOCKHART CARIBBEAN CORP CENTRAL INDEX KEY: 0001041128 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 660491618 STATE OF INCORPORATION: VI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 333-35105 FILM NUMBER: 98615568 BUSINESS ADDRESS: STREET 1: #44 ESTATE THOMAS CITY: CHARLOTTE AMALIE STATE: VI ZIP: 00802 BUSINESS PHONE: 8097761900 MAIL ADDRESS: STREET 1: P O BOX 7020 CITY: ST THOMAS STATE: VI ZIP: 00801 FORMER COMPANY: FORMER CONFORMED NAME: LOCKHART COMPANIES INC DATE OF NAME CHANGE: 19970617 8-K/A 1 AMENDMENT TO 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A (Amendment No.1) Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 31, 1998 LOCKHART CARIBBEAN CORPOARTION - ------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) U.S. Virgin Islands - ------------------------------------------------------------------------------- (State or other jurisdiction of incorporation or organization) 333-35105 65-0491618 - ----------------------------------- -------------------------------------- (Commission File Number) (I.R.S. Employer Identification Number) No. 44 Estate Thomas St. Thomas,U.S. Virgin Islands 00812 - ------------------------------------------------------------------------------- (Address of principal (Zip Code) executive offices) (340) 776-1900 - ------------------------------------------------------------------------------- Registrant's telephone number, including area code Item 7. Financial Statements and Exhibits. (a) Financial statements of business acquired. Not required. (b) Pro forma financial information. Amended Pro forma financial statements reflecting the disposition of the Parcel are included in this report beginning on page F-1. (c) Exhibits. *10.1 Purchase and Sale Agreement, dated as of January 8, 1998, between Sugar Estate Park, Inc. and Fortress Self Storage, Inc. ------- *Incorporated by refernce to the Registrant's current report on Form 8-K dated March 31, 1998, as filed with the Securities and Exchange Commission on April 14, 1998. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this amended report to be signed on its behalf by the undersigned hereunto duly authorized. LOCKHART CARIBBEAN CORPOARTION Dated: May 8, 1998 By: /s/ John P. deJongh, Jr. ------------------------- John P. deJongh, Jr. President and Chief Operating Officer INDEX TO PRO FORMA FINANCIAL STATEMENTS UNAUDITED Pro Forma Condensed Financial Statements-- Disposition of Assets ................................ F-2 Pro Forma Condensed Balance Sheet as of December 31, 1997 .................................... F-3 Notes to Pro Forma Condensed Balance Sheet ............................. F-4 Pro Forma Condensed Statement of Operations for the Year Ended December 31, 1997 ................. F-5 Notes to Pro Forma Condensed Statement of Operations ........................................ F-6 LOCKHART CARIBBEAN CORPORATION AND SUBSIDIARIES PRO FORMA CONDENSED FINANCIAL STATEMENTS DISPOSITION OF ASSETS (Unaudited) The following unaudited pro forma condensed financial statements of Lockhart Caribbean Corporation (the "Company") reflect the following transactions: (i) the sale of a portion of the Company's Sugar Estate Park development (3.684 acres of land) to the land lessee, Fortress Self Storage, Inc., for $2.8 million, and (ii) repayment of all outstanding debt on the Sugar Estate business park with a portion of the proceeds from the sale. The unaudited pro forma balance sheet as of December 31, 1997 shows the effects of these transactions as if they had occurred at the date of the balance sheet. The unaudited condensed statement of operations for the year ended December 31, 1997 shows the effects of these transactions as if they had occurred on January 1, 1997. Only items with a continuing impact and of a nonrecurring nature are presented as adjustments in the preparation of the pro forma statement of operations. However, there are certain nonrecurring items resulting directly from the transactions that are material and, therefore, separately disclosed. These nonrecurring items are presented as adjustments on the pro forma balance sheet. The pro forma condensed financial statements were prepared by the management of the Company. These pro forma condensed financial statements may not be indicative of the results that actually would have occurred if the transactions had been effected on the dates indicated or which may be obtained in the future. F-2 LOCKHART CARIBBEAN CORPORATION AND SUBSIDIARIES Pro Forma Condensed Balance Sheet (Unaudited) As of December 31, 1997
Historical Adjustments Pro Forma -------------------------------------------------------------- Assets Operating property, net of accumulated depreciation $32,881,963 $ (350,841)(1) $32,531,122 Cash and cash equivalents 376,930 2,077,642 (2) 2,454,572 Accounts and note receivable 771,992 (30,365)(3) 741,627 Prepaid expenses 353,975 353,975 Other assets 1,318,720 1,318,720 -------------------------------------------------------------- Total assets $35,703,580 $1,696,436 $37,400,016 ============================================================== Liabilities and Stockholders' Equity Liabilities: Notes payable $25,953,806 $ (737,723)(4) $25,216,083 Property taxes 844,460 844,460 Tenant security deposits 388,902 (15,000)(5) 373,902 Deferred income taxes 648,892 918,435 (6) 1,567,327 Accounts payable and other accrued expenses 1,127,498 1,127,498 -------------------------------------------------------------- Total liabilities 28,963,558 165,712 29,129,270 Stockholders' Equity: Preferred stock, par value $0.01: Authorized shares 1,000,000, none issued Class A common stock, par value $0.01: Authorized shares 40,000,000, Issued and outstanding 6,560 656 656 Class B common stock, par value $0.01: Authorized shares 9,000,000, Issued and outstanding 8,663,867 86,639 86,639 Additional paid-in capital 6,776,404 6,776,404 Retained earnings (123,677) 1,530,724 (7) 1,407,047 -------------------------------------------------------------- Total stockholders equity 6,740,022 1,530,724 8,270,746 -------------------------------------------------------------- Total Liabilities and stockholders' equity $35,703,580 $1,696,436 $37,400,016 ==============================================================
F-3 LOCKHART CARIBBEAN CORPORATION AND SUBSIDIARIES Notes to Pro Forma Condensed Balance Sheet (Unaudited) For purposes of determining the effect of the transactions on the Company's Condensed Balance Sheet as of December 31, 1997, the following pro forma adjustments have been made. As of December 31, 1997 ----------------- (1) Book value of disposed property $ (350,841) (2) Net cash proceeds from sale of property ($2,800,000 plus receivable of $30,365, and less tenant security deposit of $15,000 and debt retirement of $737,723) 2,077,642 (3) Settlement of accounts receivable from buyer (30,365) (4) Debt retirement from proceeds of sale of property (737,723) (5) Return of security deposit to buyer (15,000) (6) Tax impact of nonrecurring gain on sale of property 918,435 (7) Nonrecurring gain on sale of property ($2,800,000 less book value of $350,841 and income 1,530,724 taxes at 37.5%) F-4 LOCKHART CARIBBEAN CORPORATION AND SUBSIDIARIES Pro Forma Condensed Statement of Operations (Unaudited) For the Year Ended December 31, 1997
Historical Adjustments Pro Forma -------------------------------------------------------------------- Revenues: Rental $4,465,945 ($242,414)(1) $4,223,531 Tenant reimbursements 476,769 (26,684)(1) 450,085 Other operating income 164,066 164,066 ------------------------------------------------------------------- Total revenue 5,106,780 (269,098) 4,837,682 Depreciation & amortization 1,447,484 (10,700)(2) 1,436,784 Other operating expenses 3,232,688 (24,198)(3) 3,208,490 ------------------------------------------------------------------- Total operating expenses 4,680,172 (34,898) 4,645,274 Operating income 426,608 (234,200) 192,408 Interest expense (2,248,943) 77,835 (4) (2,171,108) Other income & expense (321,582) (321,582) ------------------------------------------------------------------- Income (loss) before taxes (2,143,917) (156,365) (2,300,282) Income taxes (benefit) (774,452) (58,637)(5) (833,089) ------------------------------------------------------------------- Net income (loss) $(1,369,465) $ (97,728) $(1,467,193) ====================================================================
F-5 LOCKHART CARIBBEAN CORPORATION AND SUBSIDIARIES Notes to Pro Forma Condensed Statement of Operations (Unaudited) For purposes of determining the effect of the transactions on the Company's Condensed Statement of Operations for the year ended December 31, 1997, the following pro forma adjustments have been made. Year Ended December 31, 1997 ----------------- (1) Loss of revenue from the property sold: Rental $(242,414) Tenant reimbursements (26,684) (2) Depreciation on land improvements allocated to disposed property (10,700) (3) Property taxes and other general maintenance expenses on disposed property (24,198) (4) Interest expense reduction from repayment of debt on Sugar Estate Park development out of proceeds of land sale 77,835 (5) Income tax benefit on cummulative effect of adjustments (37.5%) (58,637) F-6 LOCKHART CARIBBEAN CORPORATION AND SUBSIDIARIES Non-recurring Charges or Credits Sale price of operating property $2,800,000 Book value of operating property sold 350,841 ---------- Gain on sale of operating property 2,449,159 Income taxes - 37.5% (1) 918,435 ---------- Income from sale of operating property $1,530,724 ========== Notes: - ------------ (1) With a tax loss carryforward of approximately $3.4 million as of December 31, 1997, the income tax provision is charged against deferred taxes rather than income tax payable and is, therefore, not a payable to the government. F-7 -----END PRIVACY-ENHANCED MESSAGE-----