| (in thousands) |
Year Ended December 31,
|
 |
|
| (Notes 2 and 3) |
|
| |
|
2000
|
|
1999
|
|
1998
|
| Operating activities |
|
|
|
|
|
|
| Net income |
$ |
39,268
|
$ |
47,477
|
$ |
9,855
|
| Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
| (used in) provided by operating activities: |
|
|
|
|
|
|
| Depreciation and amortization |
|
2,499
|
|
1,518
|
|
1,059
|
| Equity in income of unconsolidated joint ventures
|
|
(24,416)
|
|
(17,859)
|
|
(3,499)
|
| Extraordinary gain on repurchase of Senior Notes
|
|
(561)
|
|
(4,225)
|
|
(3,200)
|
| Provision for income taxes |
|
12,383
|
|
245
|
|
1,650
|
| Net changes in operating assets and liabilities:
|
|
|
|
|
|
|
| Receivables |
|
(113)
|
|
(6,531)
|
|
(556)
|
| Real estate inventories |
|
(25,255)
|
|
63,191
|
|
41,272
|
| Deferred loan costs |
|
841
|
|
1,280
|
|
(655)
|
| Other assets |
|
(4,515)
|
|
(15,099)
|
|
17
|
| Accounts payable |
|
10,109
|
|
(6,847)
|
|
4,510
|
| Accrued expenses |
|
(899)
|
|
2,704
|
|
4,687
|
|
|
|
|
| Net cash provided by operating activities |
|
9,341
|
|
65,854
|
|
55,140
|
|
|
|
|
| |
|
|
|
|
|
|
| Investing activities |
|
|
|
|
|
|
| Investment in and advances to unconsolidated joint ventures |
|
(20,600)
|
|
(5,494)
|
|
(19,886)
|
| Distributions from unconsolidated joint ventures |
|
45,018
|
|
11,680
|
|
-
|
| Proceeds from contribution of land to joint ventures |
|
-
|
|
3,700
|
|
25,431
|
| Mortgage notes receivable originations/issuances |
|
(116,773)
|
|
(54,965)
|
|
(234)
|
| Mortgage notes receivable sales/repayments |
|
113,474
|
|
58,933
|
|
828
|
| Purchases of property and equipment |
|
(1,890)
|
|
(22)
|
|
(358)
|
|
|
|
|
| Net cash provided by investing activities |
|
19,229
|
|
13,832
|
|
5,781
|
|
|
|
|
| |
|
|
|
|
|
|
| Financing activities |
|
|
|
|
|
|
| Proceeds from borrowings on notes payable |
|
467,446
|
|
198,052
|
|
132,953
|
| Principal payments on notes payable |
(462,008)
|
(264,139)
|
(138,228)
|
| Repurchase of 12 1/2% Senior Notes |
|
(22,107)
|
|
(35,400)
|
|
(36,260)
|
| Common stock issued for exercised options |
|
656
|
|
-
|
|
-
|
|
|
|
|
| Net cash used in financing activities |
|
(16,013)
|
|
(101,487)
|
|
(41,535)
|
|
|
|
|
| Net increase (decrease) in cash and cash equivalents |
|
12,557
|
|
(21,801)
|
|
19,386
|
| Cash and cash equivalents - beginning of year |
|
2,154
|
|
23,955
|
|
4,569
|
|
|
|
|
| Cash and cash equivalents - end of year |
$
|
14,711
|
$
|
2,154
|
$
|
23,955
|
|
|
|
|
| |
|
|
|
|
|
|
| Supplemental disclosures of cash flow and non-cash activities
|
|
|
|
|
|
|
| Cash paid during the period for interest, net of amounts |
|
|
|
|
|
|
| capitalized |
$
|
5,304
|
$
|
7,198
|
$
|
12,025
|
|
|
|
|
| Issuance of notes payable for land acquisitions |
$
|
10,042
|
$
|
22,181
|
$
|
2,748
|
|
|
|
|
| Investment in joint venture in connection with |
|
|
|
|
|
|
| contribution of land to joint venture |
$
|
2,749
|
$
|
1,845
|
$
|
-
|
|
|
|
|
| Debt assumed by joint venture in connection with |
|
|
|
|
|
|
| contribution of land to joint venture |
$
|
2,401
|
$
|
33,662
|
$
|
-
|
|
|
|
|
| Assumption of liabilities related to purchase of |
|
|
|
|
|
|
| substantially all of the assets of William Lyon
Homes, Inc. |
$
|
-
|
$
|
101,058
|
$
|
-
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
See accompanying notes.
|
