1
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
__________________________________________________
[X] Quarterly report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 1994
or
[ ] Transition Report Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934
For the transition period from
________ to ________
________________________________________
Commission file number 0-7616
I.R.S. Employer Identification Number 23-1739078
Avatar Holdings Inc.
(a Delaware Corporation)
255 Alhambra Circle
Coral Gables, Florida 33134
(305) 442-7000
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 the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date: 9,095,102
shares of the Company's common stock ($1.00 par value) were
outstanding as of July 29, 1994.
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AVATAR HOLDINGS INC. AND SUBSIDIARIES
INDEX
PAGE
PART I. Financial Information
Item 1. Financial Statements (Unaudited):
Consolidated Balance Sheets --
June 30, 1994 and December 31, 1993.............. 3
Consolidated Statements of Operations --
Six months and three months ended June 30, 1994
and 1993.......................................... 4
Consolidated Statements of Cash Flows --
Six months ended June 30, 1994 and 1993.......... 5
Notes to Consolidated Financial Statements......... 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations................................ 13
PART II. Other Information
Item 1. Legal Proceedings........................... 15
Item 4. Submission of Matters to a Vote of
Security Holders.................................... 15
Item 6. Exhibits and Reports on Form 8-K.......... 15
Exhibit Index........................................ 17
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3
PART I -- FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AVATAR HOLDINGS INC. AND SUBSIDIARIES
Consolidated Balance Sheets
Unaudited
(Dollars in thousands)
June 30, December 31,
1994 1993
-------- --------
Assets
Cash $5,510 $7,178
Restricted cash 1,375 1,442
Investments 52,796 51,184
Contracts, mortgage notes and other receivables, net 75,986 82,996
Land and other inventories 119,520 117,557
Property, plant and equipment, net 181,622 178,940
Other assets 16,433 15,460
Regulatory assets 7,437 7,437
-------- --------
Total assets $460,679 $462,194
======== ========
Liabilities and Stockholders' Equity
Notes, mortgage notes and other debt:
Real estate and corporate $96,468 $96,768
Utilities 38,013 38,789
Estimated development liability for sold land 19,193 19,331
Accrued and other liabilities 31,723 27,558
Deferred customer betterment fees 19,379 19,537
Minority interest in consolidated subsidiaries 9,061 9,058
Regulatory liabilities 4,377 4,447
-------- --------
Total liabilities 218,214 215,488
Commitments and contingent liabilities
Contributions in aid of construction 62,930 63,334
Stockholders' equity, net 179,535 183,372
-------- --------
Total liabilities and stockholders' equity $460,679 $462,194
======== ========
See notes to consolidated financial statements.
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4
AVATAR HOLDINGS INC. AND SUBSIDIARIES
Consolidated Statements of Operations
For the Six Months and Three Months Ended June 30, 1994 and 1993
(Unaudited)
(Dollars in thousands except per share data)
Six Months Three Months
---------- ------------
1994 1993 1994 1993
------ ------ ------ ------
Revenues:
Real estate sales $22,362 $21,374 $10,836 $9,999
Deferred gross profit (1,229) (1,241) (425) (475)
Utility revenues 14,850 27,795 7,562 13,972
Interest income 5,693 6,866 2,857 3,350
Trading account profit, net 1,161 - 684 -
Other 318 507 194 462
------ ------ ------ ------
Total revenues 43,155 55,301 21,708 27,308
Expenses:
Real estate expenses 23,021 21,852 11,318 10,757
Utility expenses 11,543 19,612 5,884 9,927
General and administrative expenses 5,447 4,424 3,129 2,342
Interest expense 6,319 8,550 3,164 4,098
Other 407 720 203 361
------ ------ ------ ------
Total expenses 46,737 55,158 23,698 27,485
------ ------ ------ ------
(Loss) income before income taxes and
cumulative effect of change in method
of accounting for income taxes (3,582) 143 (1,990) (177)
Provision for income taxes 255 674 - 278
------ ------ ------ ------
Loss before cumulative effect
of change in method of accounting for
income taxes (3,837) (531) (1,990) (455)
Cumulative effect of change in method of
accounting for income taxes - (964) - -
-------- -------- -------- ------
Net loss ($3,837) ($1,495) ($1,990) ($455)
======== ======== ======== ======
Per share amounts:
Primary
Loss before cumulative effect of change
in method of accounting for income taxes ($.42) ($.07) ($.22) ($.06)
Cumulative effect of change in method
of accounting for income taxes - (.13) - -
------ ------ ------ ------
Net loss ($.42) ($.20) ($.22) ($.06)
====== ====== ====== ======
Fully Diluted
Loss before cumulative effect of change
in method of accounting for income taxes ($.42) ($.05) ($.22) ($.05)
Cumulative effect of change in method
of accounting for income taxes - (.10) - -
------ ------ ------ ------
Net loss ($.42) ($.15) ($.22) ($.05)
====== ====== ====== ======
See notes to consolidated financial statements.
4
5
AVATAR HOLDINGS INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in Thousands)
For the six months ended
June 30,
------------------------
1994 1993
---- ----
OPERATING ACTIVITIES
Net loss ($3,837) ($1,495)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Depreciation and amortization 4,010 3,720
Deferred gross profit 1,229 1,241
Provision for income taxes 255 674
Cost of sales not requiring cash 1,306 1,044
Cumulative effect of change in method of accounting
for income taxes - 964
Trading account profit, net (1,161) -
Changes in operating assets and liabilities:
Decrease in restricted cash 67 54
Principal payments on contracts receivable 10,547 9,408
Increase in receivables (5,000) (3,863)
Decrease in other receivables 234 965
Increase in inventories (3,407) (2,727)
Increase in other assets (973) (2,849)
Increase in accounts payable and accrued
and other liabilities 3,231 268
------ ------
NET CASH PROVIDED BY OPERATING ACTIVITIES 6,501 7,404
INVESTING ACTIVITIES
Investment in property, plant, and equipment (7,096) (4,777)
Investment in marketable securities - (126)
Proceeds from the sale of marketable securities - 17,444
------ ------
NET CASH (USED IN) PROVIDED BY
INVESTING ACTIVITIES (7,096) 12,541
FINANCING ACTIVITIES
Net proceeds from revolving lines of credit
and long-term borrowings 9,145 12,724
Principal payments on revolving lines of credit and
long-term borrowings (10,218) (29,180)
Purchase of 8% debentures - (29)
Purchase of 9% debentures - (49)
Net proceeds from issuance of common stock in conjunction
with the redemption/conversion of 5 1/4% debentures - 30,860
------ ------
NET CASH (USED IN) PROVIDED BY
FINANCING ACTIVITIES (1,073) 14,326
------- ------
(DECREASE) INCREASE IN CASH (1,668) 34,271
Cash at beginning of period 7,178 2,644
------- ------
CASH AT END OF PERIOD $5,510 $36,915
======= =======
See notes to consolidated financial statements.
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AVATAR HOLDINGS INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows -- continued
(Unaudited)
(Dollars in thousands)
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
For the six months ended
June 30,
------------------------
Cash paid during the period for: 1994 1993
---- ----
Interest $4,788 $9,442
====== ======
Income taxes (1) $276 $317
====== ======
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES
1994 1993
---- ----
Contributions in aid of construction $500 $1,342
====== ======
(1) Consists of Federal and State income taxes, inclusive of
alternative minimum taxes.
See notes to consolidated financial statements.
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AVATAR HOLDINGS INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
(Dollars in thousands)
Basis of Statement Presentation and Summary of Significant Accounting
Policies
The consolidated balance sheet as of June 30, 1994 and the related
consolidated statements of operations for the six month and three
month periods ended June 30, 1994 and 1993 and the consolidated
statements of cash flows for the six months ended June 30, 1994 and
1993 have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete
financial statement presentation. In the opinion of management, all
adjustments necessary for a fair presentation of such financial
statements have been included. Such adjustments consisted only of
normal recurring items. Interim results are not necessarily indicative
of results for a full year.
For a complete description of the Company's other accounting
policies, refer to Avatar Holdings Inc.'s 1993 Annual Report on Form
10-K and the notes to Avatar's consolidated financial statements
included therein.
Reclassifications
Certain amounts presented for 1993 have been reclassified in the
financial statements for comparative purposes.
Net Loss Per Common Share
For the six and three months ended June 30, 1994, net loss per
common share is computed on the basis of the weighted average number
of shares outstanding.
For the six and three months ended June 30, 1993, net loss per
common share is computed on the basis of the weighted average number
of shares outstanding plus common stock equivalents, if any, that
would result from the dilutive effect of the assumed conversion (and
associated purchase) of the 5 1/4% convertible-purchase subordinated
debentures. On June 29, 1993, the Company redeemed and converted all
of the 5 1/4% convertible-purchase subordinated debentures into
2,688,276 shares of common stock. The result of this redemption and
conversion was dilutive for the six months and three months ended June
30, 1993. The fully diluted computation assumes the actual conversion
occurred at the beginning of the period.
Regulatory Assets and Regulatory Liabilities
The cumulative effect of adopting FASB Statement No. 109 --
"Accounting for Income Taxes" , and FASB Statement No. 106 --
"Employers' Accounting for Postretirement Benefits Other Than
Pensions" for Avatar Utilities' subsidiaries was recorded as a
regulatory liability or regulatory asset in accordance with accounting
procedures applicable to regulated enterprises.
7
8
Notes to Consolidated Financial Statements (Unaudited) -- continued
Investments
The Company classified all of its investment portfolio as trading.
This category is defined as including debt and marketable equity
securities held for resale in anticipation of earning profits from
short-term movements in market prices. Trading account securities are
carried at fair market value and both realized and unrealized gains
and losses are included in net trading account profit.
Investments at June 30, 1994 consist of $20,564 invested in
corporate bonds rated B- or above by Moody's and/or Standard and
Poor's and $12,899 invested in non-rated bonds of companies which are
in bankruptcy and have defaulted as to payments of principal and
interest on such bonds. These bonds are thinly traded and may require
sixty to ninety days to liquidate. The portfolio also includes an
unsecured claim on a company in bankruptcy of $6,290 which is
not readily marketable, $1,629 of equity securities, $7,401 of money
market accounts and $4,013 of U.S. Government and Agency securities.
Avatar's investment portfolio at December 31, 1993 includes $20,045
invested in corporate bonds rated B- or above by Moody's and/or
Standard and Poor's and $12,775 invested in non-rated bonds of
companies which are in bankruptcy and have defaulted as to payments of
principal and interest on such bonds. These bonds are thinly traded
and may require sixty to ninety days to liquidate. The portfolio also
includes an unsecured claim on a company in bankruptcy of $5,689 which
is not readily marketable, $7,020 of equity securities, $1,661 of
money market accounts and $3,994 of U.S. Government and Agency
securities.
Fair values for actively traded debt securities and equity
securities are based on quoted market prices on national markets.
Fair values for thinly traded investment securities are generally
based on prices quoted by investment brokerage companies.
Contracts, Mortgage Notes, and Other Receivables
Contracts, mortgage notes, and other receivables are summarized as
follows:
June 30, December 31,
1994 1993
-------- --------
Contracts and mortgage notes receivable $108,597 $117,249
Notes and other receivables 5,284 5,639
-------- --------
113,881 122,888
-------- --------
Less:
Allowance for doubtful accounts 1,759 2,631
Market valuation reserve 1,618 2,082
Deferred gross profit 31,040 31,969
Other 3,478 3,210
------ ------
37,895 39,892
------ ------
$75,986 $82,996
======= =======
Notes to Consolidated Financial Statements (Unaudited) -- continued
8
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Land and Other Inventories
Inventories consist of the following:
June 30, December 31,
1994 1993
--------- ------------
Land developed and in process of development $77,895 $76,145
Land held for future development or sale 37,440 37,478
Dwelling units completed or under construction 2,784 2,407
Other 1,401 1,527
----- -----
$119,520 $117,557
======== ========
Minority Interest in Consolidated Subsidiaries
Minority interest in consolidated subsidiaries is represented by
preferred stock of Avatar Utilities' subsidiaries. Total preferred
stock outstanding is as follows:
June 30, December 31,
1994 1993
-------- ------------
9% Cumulative preferred stock $9,000 $9,000
Other 61 58
------ ------
$9,061 $9,058
====== ======
Avatar's utility subsidiary's 9% cumulative preferred stock issue
provides for redemption to occur no earlier than March 1, 1997, in
whole or in part; however, a minimum of $1,800 of the preferred
stock must be redeemed per annum beginning in 1997. A redemption of
all outstanding shares shall occur no later than March 1, 2001.
Charges to operations recorded as "Other expenses" relating to
preferred stock dividends of subsidiaries for the six months ended
June 30, 1994 and 1993 amounted to $407 and $720, respectively, and
for the three months ended June 30, 1994 and 1993 amounted to $203 and
$361, respectively.
9
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Notes to Consolidated Financial Statements (Unaudited) -- continued
Income Taxes
Deferred income taxes reflect the net tax effect of temporary
differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for income tax
purposes. Significant components of the Company's deferred income tax
assets and liabilities as of June 30, 1994 are as follows:
Deferred income tax assets
Net operating loss carryover $7,000
Tax over book basis of land inventory 22,000
Unrecoverable land development costs 5,000
Tax over book basis of depreciable assets 5,000
Alternative minimum tax and investment tax credit carryforward 5,000
Other 3,000
-------
Total deferred income taxes 47,000
Valuation allowance for deferred income tax assets (34,000)
--------
Deferred income tax assets after valuation allowance 13,000
Deferred income tax liabilities
Book over tax income recognized on land sales (3,000)
Deferred carrying charges on utility plant (3,000)
Other (7,000)
--------
Total deferred income tax liabilities (13,000)
--------
Net deferred income taxes $0
========
The provision for income taxes for the six months and three months
ended June 30, 1994 consists of the following:
Six Three
Months Months
------ ------
Federal:
Current $255 -
Deferred - -
------ ------
255 -
State:
Current - -
Deferred - -
------ ------
Total $255 -
====== ======
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11
Notes to Consolidated Financial Statements (Unaudited) -- continued
A reconciliation of income tax expense to the expected income tax
expense at the federal rate of 34% is as follows:
1994 1993
-------- -------
Income tax expense ( credit) computed
at statutory rate ($1,218) $49
Income tax effect of non-deductible dividends
on preferred stock of subsidiary 139 245
State income tax (credit), net of federal effect (120) 34
Gross up tax received on contributions
in aid of construction 54 -
Federal and state taxes of unconsolidated
subsidiary in excess of amount computed
at statutory rate - 346
Change in valuation allowance on deferred tax assets 1,400 -
----- -----
Provision for income taxes $255 $674
===== =====
Contingencies
Avatar is involved in various pending litigation matters primarily
arising in the normal course of its business. Although the outcome of
these and the following matters cannot be determined, it is the
opinion of management that the resolution of these matters will not
have a material effect on Avatar's business or financial position.
On October 1, 1993, the United States, on behalf of the U.S.
Environmental Protection Agency, filed a civil action against a
utility subsidiary of Avatar in the U.S. District Court for the Middle
District of Florida. (United States vs. Florida Cities Water Company,
Civil Action No. 93-281-C1) The complaint alleges that the
subsidiary's wastewater treatment plant in North Fort Myers, Florida,
committed various violations of the Clean Water Act, 33 U.S.C. S1251
et seq., including (1) discharge of pollutants without an operating
permit from October 1, 1988 to October 31, 1989; (2) discharging
from an unpermitted discharge location from November 1, 1989 until
July 14, 1992; and (3) discharging pollutants in excess of permit
limitations at various times from July 1991 to June of 1992. The
government is seeking the statutory maximum civil penalties of $25 per
day, per violation based upon the allegations. The subsidiary
strongly believes that there are mitigating facts as well as
valid legal defenses that could reduce or eliminate the imposition
of monetary sanctions.
On March 1, 1994, the Wisconsin Department of Natural Resources
(the "Department") sent Avatar notice that the Department had
recently issued a second Record of Decision ("ROD") in connection
with the Edgerton Sand & Gravel Landfill site (the "Site"). The ROD
calls for the City of Edgerton's public water supply system to be
extended to the owners of private wells in the vicinity of the Site.
The ROD also states that other work related to soil and groundwater
remedial action would be required at the Site. The Department
demanded that all potentially responsible parties ("PRPs")
associated with the Site organize into a PRP group to undertake the
implementation of the ROD. Avatar was previously identified as a PRP
by the Department.
11
12
Notes to Consolidated Financial Statements (Unaudited) -- continued
Avatar believes that it is not liable for any claims by any
governmental or private party in connection with the Site.
On July 22, 1994, the Company's pending litigation with Lawrence
Wilkov, its former President and Chief Executive Officer, was settled.
Pursuant to the settlement agreement, among other things, the
litigation was dismissed with prejudice, the Company paid Mr. Wilkov
$1,000 (less required tax withholding), and his employment
relationship with the Company has ended. The settlement resulted in a
charge to operations in the amount of $486 for the six and three
months ended June 30, 1994 and is included in general and
administrative expenses.
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Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (dollars in thousands except per share data)
RESULTS OF OPERATIONS
Operations for the six and three month periods ended June 30, 1994
resulted in a loss before cumulative effect of change in method of
accounting for income taxes of $3,837 and $1,990 or $.42 and $.22 per
share (primary) compared to a loss before cumulative effect of change
in method of accounting for income taxes of $531 and $455 or $.07 and
$.06 per share (primary) for the same period of 1993. The net loss
for the six and three months ended June 30, 1994 totaled $3,837 and
$1,990 or $.42 and $.22 per share (primary), compared to a net loss of
$1,495 and $455 or $.20 and $.06 per share (primary), for the same
periods of 1993. The decline in operating results for the six and
three month periods ended June 30, 1994 is primarily a result of the
decrease in utility revenues in comparison to the same period for 1993
due to the sale of the Midwest Water Utilities which occurred on
August 31, 1993. During the first quarter of 1993, Avatar adopted
FASB Statement No. 109, "Accounting for Income Taxes" which resulted
in a cumulative effect loss adjustment based on the change in method
of accounting for income taxes of $964 or $.13 per share (primary).
Avatar's real estate revenues for the six and three months ended
June 30, 1994 increased $988 or 4.6% and $837 or 8.4%, respectively,
while real estate expenses increased $1,169 or 5.3% and $561 or 5.2%,
respectively, when compared to the same periods of 1993. The increase
in real estate revenues for the six and three month periods ended June
30, 1994 is primarily a result of a bulk land sale. The increase in
real estate expenses for the six and three months periods ended June
30, 1994, when compared to the same period of 1993, is primarily a
result of the overall increase in real estate revenues.
Utility revenues for the six and three months ended June 30, 1994
decreased $12,945 or 46.6% and $6,410 or 45.9%, respectively, when
compared to the same periods of 1993 which includes revenues of the
subsidiaries sold on August 31, 1993. Utility expenses for the six and
three months ended June 30, 1994 decreased $8,069 or 41.1% and $4,043
or 40.7%, respectively, when compared to the same period of 1993 which
includes expenses of the subsidiaries sold on August 31, 1993. As a
result of such sale, utility revenues and expenses decreased, however,
continuing utility revenues and expenses for the six months and three
months ended June 30, 1994, were comparable to the same period for
1993.
Interest income for the six and three months ended June 30, 1994
decreased $1,173 or 17.1% and $493 or 14.7%, respectively, when
compared to the same period for 1993. The decline in interest income
is primarily attributable to lower average aggregate amounts
outstanding in the Company's contract and mortgage notes receivable
portfolio. Avatar's contracts and mortgage notes receivable portfolio
amounted to $108,597 at June 30, 1994 compared to $128,005 at June 30,
1993.
Trading account profit for the six and three months ended June 30,
1994 of $1,161 and $684, respectively, represents interest income and
realized and unrealized gains and losses related to the investment
portfolio, net of commissions payable to brokers. These investments
were acquired during the fourth quarter of 1993.
13
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Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (dollars in thousands except per share data)
--continued
General and administrative expenses for the six and three months
ended June 30, 1994 increased $1,023 or 23.1% and $787 or 33.6%,
respectively, compared to the same periods of 1993. These increases
are primarily attributable to an increase in professional fees, an
increase in the accrual for incentive compensation and the financial
settlement of a lawsuit. Refer to the Notes to Consolidated Financial
Statements (Unaudited).
Interest expense for the six and three months ended June 30, 1994
decreased $2,231 or 26.1% and $934 or 22.8%, respectively, compared to
the same period of 1993. The decrease is primarily attributable to an
overall decrease in the outstanding balance of notes, mortgage notes
and other debt as a result of the sale of the Midwest Water Utilities.
LIQUIDITY AND CAPITAL RESOURCES
Avatar's primary business activities, which include retail land
sales, land development and utility services, are capital intensive in
nature. Avatar expects to fund its operations and capital requirements
through a combination of cash and investment securities on hand,
operating cash flows and external borrowings.
Avatar has approximately $52,796 in investments which are
classified as trading. The Company intends to continue to actively
trade such securities in an effort to generate profits and will
reinvest such profits until such time as the Company's cash
requirements necessitate the use or partial use of the portfolio
proceeds.
A portion of the investment portfolio collateralizes a $30,000 line
of credit which had an outstanding balance at June 30, 1994 of $19,500
and will mature during the fourth quarter of 1994. Avatar is in the
process of securing an extension or refinancing, of its maturing bank
and credit lines; however, there can be no assurance that Avatar will
be able to do so.
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PART II -- OTHER INFORMATION
Item 1. Legal Proceedings
The information, which is set forth in the last paragraph to the
Notes to Consolidated Financial Statements (Unaudited) under the
caption "Contingencies" in Item 1 of Part 1 of this Report,
relating to the Company's settlement of pending litigation with its
former President and Chief Executive Officer, is incorporated herein
by reference.
Item 4. Submission of Matters to a Vote of Security Holders
The Company's Annual Meeting of Stockholders was held on May 26,
1994, in Coral Gables, Florida, for the purpose of electing eight
directors and approving the appointment of Ernst & Young,
independent accountants, as auditors for the year ending December
31, 1994. Proxies were solicited from holders of 9,095,102
outstanding shares of Common Stock as of the close of business of
March 31, 1994, as described in Registrant's Proxy Statement dated
April 26, 1994. All of management's nominees for directors were re-
elected and the appointment of Ernst & Young was approved by the
following votes:
ELECTION OF DIRECTORS
Shares Shares
Name Voted FOR WITHHELD
------- --------- --------
Leon Levy 6,702,879 26,509
J. Edward Houston 6,700,884 28,504
Edwin Jacobson 6,700,622 28,766
Leon T. Kendall 6,702,669 26,719
Martin Meyerson 6,702,531 26,857
William M. Porter 6,701,269 28,119
Fred Stanton Smith 6,700,916 28,472
Henry King Stanford 6,700,953 28,435
APPOINTMENT OF AUDITORS
Shares Voted Shares
Shares Voted FOR AGAINST ABSTAINED
------------ ---------
6,712,377 4,498 12,513
Item 6. Exhibits and Reports on Form 8-K
Exhibits
10(l) Settlement Agreement dated July 22, 1994, between Lawrence Wilkov
and Avatar Holdings Inc., et al (Filed Herewith).
11 Statement Re: Computation of per share earnings (Filed Herewith).
15
16
Reports on Form 8-K
No reports on Form 8-K were filed during the quarter ended June
30, 1994.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
AVATAR HOLDINGS INC.
Date: ___________ By: /s/Jeffrey A. Sopshin
---------------------
Jeffrey A. Sopshin
Assistant Vice President and Controller
Date: ___________ By: /s/Charles. L. McNairy
----------------------
Charles L. McNairy
Executive Vice President, Treasurer and
Chief Financial Officer
16
17
Exhibits Index
Exhibits
10(1) Settlement Agreement dated July 22, 1994, between
Lawrence Wilkov and Avatar Holdings Inc., et al 18
11 Statement Re: Computation of per share earnings 38
17