UNITED STATES SECURITIES
AND
EXCHANGE COMMISSION
Washington, DC
20549
FORM 10-Q
ý QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
for the quarterly period ended September 30, 2004
OR
o 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: 333-118185
LAZY DAYS’ R.V. CENTER, INC.
(Exact name of registrant as specified in its charter)
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Florida |
59-1764794 |
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(State of incorporation) |
(I.R.S. Employer Identification No.) |
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6130 Lazy Days Boulevard |
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Seffner, Florida 33584-2968. |
(800) 626-7800 |
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(Address of Principal Executive Offices, including Zip Code) |
(Registrant’s Telephone Number, Including Area Code) |
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. Yeso No ý
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes o No ý
As of September 30, 2004, the registrant had 100 of shares of common stock outstanding.
TABLE OF CONTENTS
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Lazy Days’ R.V. Center, Inc., a wholly owned
subsidiary of LD Holdings, Inc.
Condensed Balance Sheets
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September 30, |
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December 31, |
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2004 |
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2003 |
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ASSETS |
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(Unaudited) |
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Current assets |
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Cash |
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$ |
5,772,846 |
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$ |
8,575,911 |
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Receivables, net |
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8,949,330 |
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15,079,603 |
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Inventories |
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78,506,861 |
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69,872,724 |
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Refundable income taxes |
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4,563,496 |
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— |
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Other current assets |
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3,932,086 |
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4,122,969 |
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Total current assets |
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101,724,619 |
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97,651,207 |
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Property and equipment, net |
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33,861,619 |
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23,938,987 |
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Loan and other costs, net |
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6,934,217 |
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3,121,872 |
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Goodwill |
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105,338,631 |
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— |
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Intangible assets, net |
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83,024,688 |
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— |
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Other assets |
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4,269,178 |
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6,800,031 |
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Total assets |
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$ |
335,152,952 |
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$ |
131,512,097 |
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LIABILITIES AND STOCKHOLDER’S EQUITY (DEFICIENCY) |
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Current liabilities |
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Floor plan notes payable |
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$ |
61,893,737 |
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$ |
52,045,981 |
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Current maturities of long-term debt |
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— |
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18,018,916 |
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Accounts payable |
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6,496,229 |
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14,805,504 |
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Income taxes payable |
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— |
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1,632,557 |
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Accrued interest payable |
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6,796,722 |
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291,176 |
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Other current liabilities |
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3,324,846 |
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1,845,844 |
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Total current liabilities |
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78,511,534 |
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88,639,978 |
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Long-term debt, less current maturities |
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150,167,331 |
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39,796,635 |
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Deferred compensation |
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— |
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3,622,929 |
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Deferred income taxes |
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35,599,570 |
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— |
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Other |
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2,854,787 |
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3,398,196 |
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Total liabilities |
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267,133,222 |
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135,457,738 |
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ESOP guarantee purchase obligation of parent |
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— |
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18,606,448 |
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Redeemable preferred stock of parent — Class A, $.01 par value, redemption value $1 per share: 81,013,368 shares issued and outstanding in 2003 |
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— |
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81,013,368 |
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Stockholder’s equity (deficiency): |
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Common stock, $.01 par value: 100 shares issued and outstanding |
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1 |
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1 |
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Unearned ESOP shares of parent |
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— |
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(114,129,813 |
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Paid-in capital |
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67,000,000 |
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(16,823,287 |
) |
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Retained earnings |
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1,019,729 |
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27,387,642 |
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Total stockholder’s equity (deficiency) |
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68,019,730 |
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(103,565,457 |
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Total liabilities and stockholder’s equity (deficiency) |
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$ |
335,152,952 |
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$ |
131,512,097 |
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See accompanying notes to condensed financial statements
1
Lazy Days’ R.V. Center, Inc., a wholly owned
subsidiary of LD Holdings, Inc.
Condensed Statements of Operations (Unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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September 30, |
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September 30, |
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2004 |
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2003 |
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2004 |
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2003 |
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Revenues |
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New vehicle |
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$ |
90,277,420 |
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$ |
85,043,840 |
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$ |
365,877,978 |
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$ |
317,889,657 |
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Pre-owned vehicle |
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52,004,073 |
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62,718,056 |
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202,915,427 |
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218,066,104 |
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Parts, service and other |
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8,114,585 |
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8,264,078 |
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30,463,078 |
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29,476,715 |
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Finance and insurance |
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4,088,037 |
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4,370,270 |
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17,253,306 |
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17,404,641 |
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154,484,115 |
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160,396,244 |
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616,509,789 |
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582,837,117 |
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