Silverleaf Resorts, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(unaudited)
3-31-99 12-31-98
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ASSETS
Cash and equivalents $ 13,240 $ 11,355
Restricted cash 873 873
Notes receivable, net 198,082 173,959
Amounts due from affiliates 5,036 4,115
Inventories 82,708 71,694
Land, equipment, buildings, and
utilities, net 40,490 34,025
Prepaid and other assets 14,794 16,899
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Total Assets $ 355,223 $ 312,920
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable and
accrued expenses $ 14,813 $ 8,144
Unearned revenues 4,138 4,082
Deferred and current income taxes,
net 24,039 25,660
Notes payable and capital lease
obligations 90,458 58,108
Senior subordinated notes 75,000 75,000
----------- -----------
Total Liabilities $ 208,448 $ 170,994
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SHAREHOLDERS' EQUITY
Total Shareholders' Equity $ 146,775 $ 141,926
----------- -----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 355,223 $ 312,920
=========== ===========
Weighted average number of
diluted shares outstanding 12,889,417 11,537,446
(1) In reading the annual report it sounds like they finance the
notes receivable on a recourse basis. Anything over 60 days
are not eligible as collateral and the company "must repay".
Reserve has decreased over past 2 years to 12% of sales.
(2) Would that lower the net receivable, raise cash and the
liability not shown on bal sheet?
(3) All industry observers mention that default loss risk is
quite low because defaulters cannot drive away with
or trash the asset. They go back into inventory.
(4) Equity of over $11 per share.
(5) From prior posting -- 4.5% of the loans 61 to 120 days past due,
and 9.0% more than 120 days past due. 13.5% with a reserve of 12%.
(6) Risk on a default is that -- 10% down and a few payments do
not cover the high variable costs of marketing and sales.
(7) Sunterra's financing is non-recourse, so no off bal sheet
risks with that company. I think. |
