Blue Ridge Real Estate Company and Big Boulder Corporation Report Financial Results for the Fiscal Year 2004.BLAKESLEE Blakeslee is a surname which may refer to: People
Boulder, city (1990 pop. 83,312), seat of Boulder co., N central Colo.; inc. 1871. A Rocky Mountain resort and a suburb of Denver, it is the seat of the Univ. of Colorado (1876). Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BLRGZ) today announced that revenues for its fiscal year ended October October: see month. 31, 2004 were $18,095,471, down 9%, compared to $19,861,618 in the comparable period in 2003. The change is primarily related to reduced revenues in ski (down approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $528,000), timber timber: see lumber; wood. (down approximately $895,000) and land sales (down approximately $404,000). Ski revenue decreased due to adverse weather conditions. Timber and land sales are dependent upon the timing of when management enters into contracts. Net income was $6,246,107 or $3.26 basic earnings per share. For the comparable 2003 period, the company reported a net loss of $879,137 or $.45 basic loss per share. The change is primarily attributed to the sale of the Dreshertown Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into resulting in a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern gain of $12,026,867 and the sale of four communication towers resulting in a pretax gain of $1,086,356. These gains were offset by an accounting principle change regarding deferred ski operating costs operating costs npl → gastos mpl operacionales which are no longer being deferred and are expensed as incurred. The proceeds from the sale of the Dreshertown Shopping Center were used to purchase two new properties valued at approximately $20,000,000 completing a 1031 tax deferred exchange. The new properties are Oxbridge Ox·bridge n. Chiefly British Oxford and Cambridge universities, especially when regarded as the seat of traditional academic excellence, privilege, and exclusiveness. adj. Square Shopping Center, located in Richmond Richmond, cities, United States Richmond. 1 City (1990 pop. 87,425), Contra Costa co., W Calif., on San Pablo Bay, an inlet of San Francisco Bay; inc. 1905. , VA and Coursey Cour´sey n. 1. (Naut.) A space in the galley; a part of the hatches. 2. The pursuit or running game with dogs that follow by sight instead of by scent. In coursing of a deer, or hart, with greyhounds. - Bacon Commons Shopping Center, located in Baton Rouge Baton Rouge (băt`ən r  zh) [Fr.,=red stick], city (1990 pop. 219,531), state capital and seat of East Baton Rouge parish, SE La. , LA.Blue Ridge Real Estate Company, incorporated in Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York in 1911, is believed to be one of the largest owners of investment property in Northeastern Pennsylvania This mountainous area of Pennsylvania includes the Pocono Mountains, the Endless Mountains and former anthracite coal mining cities and towns, including Carbondale, Scranton, Pittston, Wilkes-Barre, Nanticoke and Hazleton. U.S. Presidents Harry Truman and George W. . Blue Ridge owns 18,690 acres of land predominately located in the Pocono Mountains Pocono Mountains (pō`kənō), range of the Appalachian system, c.2,000 ft (610 m) high, NE Pa. Forested and having many lakes and streams, the Poconos are a major resort area. . Of this acreage, 13,952 acres are held for investment and 4,738 are held for development. Income is derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from these lands through leases, selective timbering tim·ber·ing n. Timber or objects and structures made of it. by others, condemnation Condemnation bell, book, and candle symbols of Catholic excommunication rite. [Christianity: Brewer Note-Book, 85] Bridge of Sighs passage from Doge’s court to execution chamber in Renaissance Venice. [Ital. Hist. , sales and other dispositions. Blue Ridge also owns the Jack Frost Jack Frost personification of winter. [Pop. Culture: Misc.] See : Winter Mountain Ski Area, which is leased to Jack Frost Mountain Company, a retail store leased to Wal-Mart  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. , two shopping centers and 11
residential investment properties.Big Boulder Corporation was incorporated in Pennsylvania in 1949. Big Boulder's major assets are 925 acres of land, which includes a 175-acre lake, the Big Boulder Ski Area, and the Mountain's Edge Restaurant. Of the 925 acres, 539 acres are held for investment and 386 acres are held for development. The principal source of revenue for Big Boulder is derived from the Big Boulder Ski Area which is leased to Lake Mountain Company.
BLUE RIDGE REAL ESTATE COMPANY and SUBSIDIARIES
AND
BIG BOULDER CORPORATION and SUBSIDIARIES
COMBINED STATEMENTS OF OPERATIONS
AND EARNINGS RETAINED IN THE BUSINESS
for the years ended October 31, 2004, 2003 and 2002 and
the seven months ended October 31, 2001
10/31/04 10/31/03 10/31/02
----------------------------------------------------------------------
Revenues:
Ski operations $9,742,230 $10,269,984 $10,015,075
Real estate management 3,236,598 3,129,394 3,029,396
Summer recreation
operations 1,944,023 1,876,724 2,439,963
Land resource management 1,321,443 2,620,907 1,280,021
Rental income 1,851,177 1,964,609 1,871,456
--------------------------------------
18,095,471 19,861,618 18,635,911
--------------------------------------
Costs and expenses:
Ski operations 12,454,119 10,669,427 10,108,567
Real estate management 2,986,785 2,750,152 2,585,552
Summer recreation
operations 1,660,939 1,738,786 2,250,002
Land resource management 1,125,127 585,137 523,542
Rental income 981,635 3,256,216 968,084
General and administration 898,315 1,055,746 703,976
Asset impairment loss 1,021,034 0 0
--------------------------------------
21,127,954 20,055,464 17,139,723
--------------------------------------
(Loss) income from
operations (3,032,483) (193,846) 1,496,188
--------------------------------------
Other income (expense):
Interest and other income 13,103,831 22,475 18,066
Interest expense (661,241) (424,766) (374,905)
--------------------------------------
12,442,590 (402,291) (356,839)
--------------------------------------
(Loss) income before income
taxes 9,410,107 (596,137) 1,139,349
--------------------------------------
Provision (credit) for income
taxes:
Current 18,000 (14,000) 14,000
Deferred 3,146,000 297,000 438,591
--------------------------------------
3,164,000 283,000 452,591
--------------------------------------
Net (loss) income 6,246,107 (879,137) 686,758
Earnings retained in business:
Beginning of year 9,287,074 10,166,211 9,479,453
--------------------------------------
End of year $15,533,181 $9,287,074 $10,166,211
======================================
Basic earnings (loss) per
weighted average combined
share $3.26 ($0.45) $0.36
Basic and diluted (loss)
earnings per weighted average
combined share $3.19 ($0.45) $0.36
BLUE RIDGE REAL ESTATE COMPANY and SUBSIDIARIES
AND
BIG BOULDER CORPORATION and SUBSIDIARIES
COMBINED BALANCE SHEETS
October 31, 2004 and 2003
ASSETS 10/31/04 10/31/03
----------------------------------------------------------------------
Current Assets:
Cash and cash equivalents (all funds
are interest bearing) $89,739 $178,315
Accounts receivable and notes
receivable 506,993 705,408
Inventories 246,394 295,828
Prepaid expenses and other current
assets 833,658 822,537
Deferred operating costs 0 2,509,778
Deferred tax asset 85,000 0
---------------------------
Total current assets 1,761,784 4,511,866
---------------------------
Cash held in escrow 134,907 309,308
---------------------------
Notes receivable noncurrent 299,986 353,238
---------------------------
Land and land development costs (5,124
acres per land ledger) 4,527,937 918,860
---------------------------
Properties:
Land held for investment, principally
unimproved (14,615 and 14,389,
respectively, acres per land ledger) 6,366,791 1,791,594
Land improvements, buildings and
equipment 71,363,736 53,309,527
---------------------------
77,730,527 55,101,121
Less accumulated depreciation and
amortization 38,993,172 35,944,275
---------------------------
38,737,355 19,156,846
---------------------------
Assets held for sale 0 2,710,292
---------------------------
$45,461,969 $27,960,410
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LIABILITIES AND SHAREHOLDERS' EQUITY 10/31/04 10/31/03
----------------------------------------------------------------------
Current Liabilities:
Notes payable - line of credit $1,493,000 $1,188,000
Current installments of long-term debt
and capital lease obligations 3,510,746 7,101,661
Accounts and other payables 1,708,615 979,509
Accrued claims 99,282 250,942
Deferred revenue 747,638 737,533
Accrued pension expense 615,198 733,710
Accrued liabilities 691,167 824,998
Deferred income taxes 0 832,000
---------------------------
Total current liabilities 8,865,646 12,648,353
---------------------------
Long-term debt and capital lease
obligations, less current installments 14,871,062 3,889,095
---------------------------
Deferred income non-current 515,631 515,631
---------------------------
Other non-current liabilities 5,764 12,572
---------------------------
Deferred income taxes 5,434,000 1,371,000
---------------------------
Commitments and contingencies
Combined shareholders' equity:
Capital stock, without par value,
stated value $.30 per combined share,
Blue Ridge and Big Boulder each
authorized 3,000,000 shares, each
issued 2,198,148 shares 659,444 659,444
Capital in excess of stated value 1,461,748 1,461,748
Compensation recognized under employee
stock plans 200,900 200,900
Earnings retained in the business 15,533,181 9,287,074
---------------------------
17,855,273 11,609,166
Less cost of 282,018 shares of capital
stock in treasury as of October 31,
2004 and 2003, respectively. 2,085,407 2,085,407
---------------------------
15,769,866 9,523,759
---------------------------
$45,461,969 $27,960,410
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