| (in thousands except number of shares and par
value per share) |
December 31,
|
|
 |
| (Notes 2 and 3)
|
|
|
|
| |
|
|
| |
2000
|
1999
|
| Assets |
|
|
|
|
| Cash and cash equivalents |
$
|
14,711
|
$
|
2,154
|
| Receivables - Note 5 |
|
18,538
|
|
12,063
|
| Real estate inventories - Notes 1 and 6
|
|
214,418
|
|
184,271
|
| Investments in and advances to unconsolidated joint |
|
|
|
|
| ventures - Note 7 |
|
49,966
|
|
50,282
|
| Property and equipment, less accumulated depreciation |
|
|
|
|
| of $3,112 and $4,167 at December 31, 2000 and
|
|
|
|
|
| 1999, respectively |
|
2,818
|
|
2,183
|
| Deferred loan costs - Note 1 |
|
754
|
|
1,726
|
| Goodwill - Note 2 |
|
7,138
|
|
8,382
|
| Other assets |
|
21,937
|
|
17,422
|
|
|
|
| |
$
|
330,280
|
$
|
278,483
|
|
|
|
| Liabilities and Stockholders' Equity |
|
|
|
|
| Accounts payable |
$
|
25,762
|
$
|
15,653
|
| Accrued expenses |
|
35,096
|
|
32,899
|
| Notes payable - Note 8 |
|
89,709
|
|
76,630
|
| 12 1/2% Senior Notes Due 2001 - Note 8 |
|
77,201
|
|
100,000
|
|
|
|
| |
|
227,768
|
|
225,182
|
|
|
|
| Commitments and contingencies - Note 13 |
|
|
|
|
| Stockholders' equity - Notes 3 and
10 |
|
|
|
|
| Common stock, par value $.01 per share; 30,000,000
shares |
|
|
|
|
| authorized; 10,570,223 and
10,439,135 shares issued and |
|
|
|
|
| outstanding at December 31,
2000 and 1999, respectively |
|
106
|
|
104
|
| Additional paid-in capital |
|
126,608
|
|
116,667
|
| Accumulated deficit from January 1, 1994 |
|
(24,202)
|
|
(63,470)
|
|
|
|
| |
|
102,512
|
|
53,301
|
|
|
|
| |
$
|
330,280
|
$
|
278,483
|
|
|
|
| |
|
|
|
|
See accompanying notes.
|
