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 September 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 October 31, 1994.
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AVATAR HOLDINGS INC. AND SUBSIDIARIES
INDEX
PAGE
PART I. Financial Information
Item 1. Financial Statements (Unaudited):
Consolidated Balance Sheets --
September 30, 1994 and December 31, 1993.......... 3
Consolidated Statements of Operations --
Nine months and three months ended September 30,
1994 and 1993..................................... 4
Consolidated Statements of Cash Flows --
Nine months ended September 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 6. Exhibits and Reports on Form 8-K......... 15
Exhibit Index....................................... 16
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PART I -- FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AVATAR HOLDINGS INC. AND SUBSIDIARIES
Consolidated Balance Sheets
Unaudited
(Dollars in thousands)
September 30, December 31,
1994 1993
Assets
Cash $3,629 $7,178
Restricted cash 1,375 1,442
Investments 53,472 51,184
Contracts, mortgage notes and other receivables, net 73,122 82,996
Land and other inventories 121,896 117,557
Property, plant and equipment, net 183,300 178,940
Other assets 17,096 15,460
Regulatory assets 7,437 7,437
-------- --------
Total assets $461,327 $462,194
======== ========
Liabilities and Stockholders' Equity
Notes, mortgage notes and other debt:
Real estate and corporate $97,945 $96,768
Utilities 37,399 38,789
Estimated development liability for sold land 18,791 19,331
Accrued and other liabilities 34,043 27,558
Deferred customer betterment fees 19,327 19,537
Minority interest in consolidated subsidiaries 9,061 9,058
Regulatory liabilities 4,423 4,447
-------- --------
Total liabilities 220,989 215,488
Commitments and contingent liabilities
Contributions in aid of construction 63,043 63,334
Stockholders' Equity, net 177,295 183,372
-------- --------
Total Liabilities and Stockholders' Equity $461,327 $462,194
======== ========
See notes to consolidated financial statements.
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4
AVATAR HOLDINGS INC. AND SUBSIDIARIES
Consolidated Statements of Operations
For the Nine Months and Three Months Ended September 30, 1994 and 1993
(Unaudited)
(Dollars in thousands except per share data)
Nine months Three Months
1994 1993 1994 1993
Revenues:
Real estate sales $31,955 $30,758 $9,593 $9,384
Deferred gross profit (1,752) (1,609) (523) (368)
Utility revenues 21,593 39,207 6,743 11,412
Interest income 8,477 10,378 2,784 3,512
Gain on sale of subsidiaries - 22,174 - 22,174
Trading account profit, net 1,750 - 589 -
Other 448 728 130 221
------ ------- ------ ------
Total revenues 62,471 101,636 19,316 46,335
Expenses:
Real estate expenses 34,426 33,112 11,405 11,260
Utility expenses 17,186 28,126 5,643 8,514
General and administrative expenses 7,865 6,428 2,418 2,004
Interest expense 8,461 12,303 2,142 3,753
Other 610 1,061 203 341
------ ------- ------ ------
Total expenses 68,548 81,030 21,811 25,872
------ ------- ------ ------
Income (loss) before income taxes and
cumulative effect of change in method
of accounting for income taxes (6,077) 20,606 (2,495) 20,463
Provision (credit) for income taxes - 10,792 (255) 10,118
------ ------- ------ ------
Income (loss) before cumulative effect
of change in method of accounting for
income taxes (6,077) 9,814 (2,240) 10,345
Cumulative effect of change in method of
accounting for income taxes - (964) - -
------ ------- ------ ------
Net income (loss) ($6,077) $8,850 ($2,240) $10,345
======== ======= ======== =======
Per share amounts:
Income (loss) before cumulative effect of change
in method of accounting for income taxes ($.67) $.98 ($.25) $1.03
Cumulative effect of change in method
of accounting for income taxes - (.10) - -
-------- ------- -------- -------
Net income (loss) ($.67) $.88 ($.25) $1.03
======== ======= ======== =======
See notes to consolidated financial statements.
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AVATAR HOLDINGS INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in Thousands)
For the nine months
ended September 30,
1994 1993
OPERATING ACTIVITIES
Net income (loss) ($6,077) $8,850
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Gain on sale of subsidiaries - (22,174)
Depreciation and amortization 5,967 5,319
Deferred gross profit 1,752 1,609
Provision for deferred income taxes - 10,792
Cost of sales not requiring cash 1,627 906
Cumulative effect of change in method of accounting
for income taxes - 964
Trading account profit (2,288) -
Interest capitalization (1,180) -
Changes in operating assets and liabilities:
Decrease in restricted cash 67 397
Principal payments on contracts receivable 15,483 16,426
Increase in receivables (7,664) (10,702)
Decrease in other receivables 303 4,704
Increase in inventories (5,327) (4,231)
Increase in other assets (1,635) (2,536)
Increase in accounts payable and accrued
and other liabilities 6,251 3,853
------- -------
NET CASH PROVIDED BY OPERATING ACTIVITIES 7,279 14,177
INVESTING ACTIVITIES
Investment in property, plant, and equipment (10,618) (7,346)
Proceeds from sale of subsidiaries - 59,723
Investment in marketable securities - (25,131)
Proceeds from the sale of marketable securities - 17,444
-------- --------
NET CASH (USED IN) PROVIDED BY
INVESTING ACTIVITIES (10,618) 44,690
FINANCING ACTIVITIES
Net proceeds from revolving lines of credit
and long-term borrowings 14,463 12,869
Principal payments on revolving lines of credit and
long-term borrowings (14,673) (41,350)
Purchase of 8% debentures - (30)
Purchase of 9% debentures - (1,106)
Net proceeds from issuance of common stock in conjunction
with the redemption/conversion of 5 1/4% debentures - 30,348
Purchase of treasury stock - (27,000)
------- --------
NET CASH USED IN FINANCING ACTIVITIES (210) (26,269)
------- --------
(DECREASE) INCREASE IN CASH (3,549) 32,598
------- --------
Cash at beginning of period 7,178 2,644
------- --------
CASH AT END OF PERIOD $3,629 $35,242
======= ========
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 nine months ended
September 30,
Cash paid during the period for: 1994 1993
Interest $6,041 $11,327
====== =======
Income taxes (1) $276 $705
====== =======
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES
1994 1993
Redemption/conversion of 5 1/4% - $30,917
debentures
====== =======
Contributions in aid of construction $859 $2,258
====== =======
(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 sheets as of September 30, 1994 and
December 31, 1993 and the related consolidated statements of
operations for the nine month and three month periods ended
September 30, 1994 and 1993 and the consolidated statements of
cash flows for the nine months ended September 30, 1994 and 1993
have been prepared in accordance with generally accepted
accounting principles for interim financial information and 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 Income/Loss Per Common Share
For the nine and three months ended September 30, 1994, net
loss per common share is computed on the basis of the weighted
average number of shares outstanding of 9,095,102.
For the nine and three months ended September 30, 1993, net
income per common share is computed on the basis of the weighted
average number of shares outstanding plus common stock
equivalents. 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. As a result of this
redemption and conversion, the weighted average number of shares
outstanding for the nine and three months ended September 30,
1993 of 10,088,688 and 10,081,556, respectively, assumed 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.
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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 September 30, 1994 consist of $21,851 invested
in corporate bonds rated B- or above by Moody's and/or Standard
and Poor's and $17,064 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 non-rated bonds are
thinly traded and may require sixty to ninety days to liquidate.
The portfolio also includes $10,623 of equity securities, $1,994
of money market accounts and $1,940 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 non-
rated 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:
September 30, December 31,
1994 1993
Contracts and mortgage notes receivable $104,823 $117,249
Notes and other receivables 5,181 5,639
-------- --------
110,004 122,888
-------- --------
Less:
Allowance for doubtful accounts 1,374 2,631
Market valuation reserve 1,387 2,082
Deferred gross profit 30,958 31,969
Other 3,163 3,210
-------- --------
36,882 39,892
-------- --------
$73,122 $82,996
======== ========
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Notes to Consolidated Financial Statements (Unaudited) --
continued
Land and Other Inventories
Inventories consist of the following:
September December
1994 1931
Land developed and in process of development $79,518 $76,145
Land held for future development or sale 37,608 37,478
Dwelling units completed or under construction 3,323 2,407
Other 1,447 1,527
-------- --------
$121,896 $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:
September 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 nine months
ended September 30, 1994 and 1993 amounted to $610 and $1,061,
respectively, and for the three months ended September 30, 1994
and 1993 amounted to $203 and $341, respectively.
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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 September 30,
1994 are as follows:
Deferred income tax assets
Net operating loss carryover $9,000
Tax over book basis of land inventory 21,000
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 2,000
-------
Total deferred income taxes 47,000
Valuation allowance for deferred income tax assets (35,000)
-------
Deferred income tax assets after valuation allowance 12,000
Deferred income tax liabilities
Book over tax income recognized on land sales (3,000)
Deferred carrying charges on utility plant (3,000)
Other (6,000)
---------
Total deferred income tax liabilities (12,000)
---------
Net deferred income taxes $0
=========
The provision for income taxes for the nine months and three
months ended September 30, 1994 consists of the following:
Nine Three
Months Months
Federal:
Current - ($255)
Deferred - -
------ -------
- (255)
State:
Current - -
Deferred - -
------ -------
Total - ($255)
====== =======
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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 ($2,066) $7,006
Income tax effect of non-deductible dividends
on preferred stock of subsidiary 207 338
State income tax (credit), net of federal effect (209) 1,090
Gross up tax received on contributions
in aid of construction 68 -
Difference between book and tax basis
of midwest utilities - 2,066
Federal and state taxes of unconsolidated
subsidiary in excess of amount computed
at statutory rate - 292
Change in valuation allowance on deferred tax assets 2,000 -
----- -------
Provision for income taxes $0 $10,792
===== =======
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. Sect. 1251 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 1992. The government is seeking the statutory maximum civil
penalties of $25 per day, per violation based upon the
allegations. Based upon the information currently available to
it, Avatar believes that there are mitigating facts as
well as 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. On November 1, 1994, certain private parties filed a
civil action against Avatar in Rock County
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Notes to Consolidated Financial Statements (Unaudited) --
continued
Circuit Court, Wisconsin. (Alderman, et al vs. Avatar Holdings
Inc., et al, Civil Action Case No. 94 CV 675). The plaintiffs
allege that Avatar and the other named defendants (1) are PRP's
identified by the Department; (2) dumped hazardous substances
which contaminated the groundwater source used by the plaintiffs;
and (3) committed trespass with the contamination. The
plaintiffs are seeking compensatory and punitive damages,
attorney's fees, costs and other disbursements for bringing the
action and other just and equitable relief. Based upon the
information currently available to it, Avatar believes that it is
not liable for any claims by any government or private parties in
connection with the Site and intends to vigorously defend this
action.
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,
and his employment relationship with the Company has ended. The
settlement resulted in a charge to operations in the amount of
$486 for the nine months ended September 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 nine and three month periods ended
September 30, 1994, resulted in a loss before cumulative effect
of change in method of accounting for income taxes of $6,077 and
$2,240 or $.67 and $.25 per share compared to income before
cumulative effect of change in method of accounting for income
taxes of $9,814 and $10,345 or $.98 and $1.03 per share for the
same period of 1993. Operations for the nine and three month
periods ended September 30, 1993 includes the pre-tax gain on the
sale of the Midwest Water Utilities subsidiaries (the
"subsidiaries") of $22,174. Exclusive of the gain on the
subsidiaries sale, income before taxes and the cumulative effect
of change in method of accounting for income taxes resulted in a
loss of $6,077 and $2,240 for the nine and three months ended
September 30, 1994, compared to a loss of $1,568 and $1,711 for
the same periods of 1993. The net loss for the nine and three
months ended September 30, 1994 totaled $6,077 and $2,240 or $.67
and $.25 per share, compared to net income of $8,850 and $10,345
or $.88 and $1.03 per share, for the same periods of 1993. Net
of the subsidiaries sale, the net loss for the nine months and
three months ended September 30, 1993, totaled $2,824 and $1,329,
respectively. The decline in operating results for the nine and
three month periods ended September 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. On January 1, 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 $.10 per share.
Avatar's real estate revenues for the nine and three months
ended September 30, 1994, increased $1,197 or 3.9% and $209 or
2.2%, respectively, while real estate expenses increased $1,314
or 4.0% and $145 or 1.3%, respectively, when compared to the same
periods of 1993. The increase in real estate revenues for the
nine and three month periods ended September 30, 1994, is
primarily a result of a bulk land sale. The increase in real
estate expenses for the nine and three months periods ended
September 30, 1994, when compared to the same period of 1993, is
primarily a result of an increase in cost of sales due to the
increase in real estate sales.
Utility revenues, net of the utilities sale, for the nine and
three months ended September 30, 1994, decreased $17,614 or 44.9%
and $4,669 or 40.9%, respectively, when compared to the same
periods of 1993, which includes revenues of the subsidiaries sold
on August 31, 1993. Utility expenses for the nine and three
months ended September 30, 1994, decreased $10,940 or 38.9% and
$2,871 or 33.7%, 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 nine months and three months ended September 30,
1994, were comparable to the same period for 1993.
Interest income for the nine and three months ended September
30, 1994, decreased $1,901 or 18.3% and $728 or 20.7%,
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 $104,823 at
September 30, 1994, compared to $123,635 at September 30, 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
Trading account profit for the nine and three months ended
September 30, 1994, of $1,750 and $589, 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.
General and administrative expenses for the nine and three
months ended September 30, 1994, increased $1,437 or 22.4% and
$414 or 20.7%, 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.
Interest expense for the nine and three months ended September
30, 1994, decreased $3,842 or 31.2% and $1,611 or 42.9%,
respectively, compared to the same period of 1993. The decrease
is primarily attributable to the capitalization of interest
associated with development and construction costs of an Avatar
project of approximately $1,180 and 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.
Other expense for the nine and three months ended September
30, 1994 decreased $451 or 42.5% and $138 or 40.5%, respectively,
compared to the same period of 1993. This is primarily
attributable to the decrease in preferred stock dividends of
subsidiaries due to the sale of the utilities subsidiaries.
LIQUIDITY AND CAPITAL RESOURCES
Avatar's primary business activities, which include housing,
vacation ownership and retail land sales, land development,
resort operations 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 $53,472 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 September 30,
1994, of $24,500 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 6. Exhibits and Reports on Form 8-K
Exhibits
27 Financial Data Schedule (Filed Herewith).
Reports on Form 8-K
No reports on Form 8-K were filed during the quarter ended
September 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: November 11, 1994 By: /s/ Jeffrey A. Sopshin
------------------------
Jeffrey A. Sopshin
Assistant Vice President and Controller
Date: November 11, 1994 By: /s/ Charles L. McNairy
------------------------
Charles L. McNairy
Executive Vice President, Treasurer and
Chief Financial Officer
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Exhibit Index
EXHIBIT PAGE
27 Financial Data Schedule...................... 17
16