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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Peak Resorts Inc    SKIS

PEAK RESORTS INC

(SKIS)
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PEAK RESORTS : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

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09/13/2019 | 05:09pm EDT

The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included in this Quarterly Report on Form 10-Q (the "Report") and with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2019 filed with the Securities and Exchange Commission. In addition to historical financial information, the following discussion contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Unless the context suggests otherwise, references in this Report to the "Company", "Peak", "our", "us", or "we" refer to Peak Resorts, Inc. and its consolidated subsidiaries.




Forward-Looking Statements

Except for any historical information contained herein, the matters discussed in this Report contain certain "forward-looking statements'' within the meaning of the federal securities laws. This includes statements regarding our future financial position, economic performance, results of operations, business strategy, budgets, projected costs, plans and objectives of management for future operations, and the information referred to under "Management's Discussion and Analysis of Financial Condition and Results of Operations."

These forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may,'' "will,'' "expect,'' "intend,'' "estimate,'' "anticipate,'' "believe,'' "continue'' or similar terminology, although not all forward-looking statements contain these words. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, you are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Unless otherwise required by law, we also disclaim any obligation to update our view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made in this Report. Important factors that could cause actual results to differ materially from our expectations include, among others:

· the occurrence of any event, change or other circumstances that could give rise

to the termination of the Merger Agreement;

· the failure to obtain Peak Resorts shareholder approval of the proposed Merger

or the failure to satisfy the closing conditions in the Merger Agreement;

· risks related to disruption of management's attention from the Company's

ongoing business operations due to the proposed Merger;

· the effect of the announcement of the proposed Merger on the ability of the

Company to retain and hire key personnel and maintain relationships with its

customers, suppliers, operating results and business generally;

· unexpected costs, liabilities or delays involving the proposed Merger;

· uncertainty surrounding the proposed Merger, including the timing of the

consummation of the Merger;

· the outcome of any legal proceeding relating to the proposed Merger;

· weather, including climate change;


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 ·  seasonality;

· availability of funds for capital expenditures and operations;

· competition with other indoor and outdoor winter leisure activities and ski

resorts;

· the leases and permits for property underlying certain of our ski resorts;

· ability to integrate new acquisitions and transition acquired operations,

systems and personnel;

· environmental laws and regulations;

· our dependence on key personnel;

· the effect of declining revenues on margins;

· the future development and continued success of our Mount Snow and Hunter

Mountain ski resorts;

· our reliance on information technology;

· our current dependence on our primary lender and the lender's option to

purchase certain of our ski resorts;

· our dependence on a seasonal workforce;

· our ability to avoid or recover from cyber and other security breaches and

other disruptions; and

· the securities market.

You should also refer to Part I, Item 1A, "Risk Factors," of our Annual Report on Form 10-K, and Part II, Item 1A, "Risk Factors" of this Report, for a discussion of factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this Report will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may prove to be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time-frame, or at all.


Recent Events



Merger Agreement and Proposed Merger

On July 20, 2019, we entered into an Agreement and Plan of Merger (the "Merger Agreement") with Vail Holdings, Inc., a Colorado corporation ("Parent"), VRAD Holdings, Inc., a Missouri corporation and direct, wholly-owned subsidiary of Parent ("Merger Sub"), and, solely for the purposes stated in Section 9.14 of the Merger Agreement, Vail Resorts, Inc., a Delaware corporation ("Vail Resorts"), relating to the proposed acquisition of the Company by Parent. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will be merged with and into the Company (the "Merger") with the Company continuing as the surviving corporation in the Merger as a direct, wholly-owned subsidiary of Parent and an indirect, wholly-owned subsidiary of Vail Resorts. Upon completion of the Merger, the Company will cease to be a publicly traded company and: (i) each share of the Company's common stock issued and outstanding immediately prior to the Merger (other than Excluded Shares, as the term is defined in the Merger Agreement) will cease to be outstanding and will be converted into the right to receive $11.00 in cash, without interest and less any applicable withholding taxes; and (ii) each share of Series A Cumulative Convertible Preferred Stock (the "Series A Preferred Stock") that is outstanding immediately prior to the Merger, other than Excluded Shares, will be converted into the right to receive an amount equal to the sum of: (A) $1,748.81, the product of $11.00 multiplied by the amount equal to the quotient of $1,000 divided by $6.29; plus (B) the aggregate amount of all accrued and unpaid dividends on the applicable issuance of Series A Preferred Stock as of the Merger, in cash without interest.


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The closing of the Merger is subject to various closing conditions, each of which is more fully described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 22, 2019 and the Proxy Statement (as defined below). See Note 2 to the unaudited condensed consolidated financial statements included with this report, "Merger Agreement and Proposed Merger," for additional information.

On August 6, 2019, the Company received a letter from the United States Forest Service (the "USFS") confirming that renewal, issuance or reissuance of the Company's USFS permits is not required as a consequence of consummation of the Merger. On August 28, 2019, the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired with respect to the proposed acquisition of the Company by Parent. These events satisfied two of the applicable conditions to closing of the acquisition set forth in the Merger Agreement.

The closing of the Merger is also subject to adoption of the Merger Agreement and approval of the Merger and other transactions by the affirmative vote of the holders of at least two-thirds of the outstanding shares of common stock and Series A Preferred Stock entitled to vote at a special meeting of shareholders (the "Special Meeting") as of the August 19, 2019 record date for the Special Meeting, voting together as a single class on an as-converted basis. On August 20, 2019, the Company filed a definitive proxy statement on Schedule 14A relating to the Merger (the "Proxy Statement"), which the Company intends to hold on September 20, 2019.

Our board of directors adopted and approved the Merger Agreement and declared advisable the Merger Agreement and the completion by the Company of the Merger and the other transactions contemplated thereby, and has recommended that our shareholders vote in favor of the adoption of the Merger Agreement and approve the Merger and the other transactions contemplated thereby at the Special Meeting. Certain of the Company's largest shareholders, including Timothy Boyd, our President, Chief Executive Officer and Chairman of the Board, and Cap 1 LLC ("Cap 1"), have entered into voting and support agreements pursuant to which they have agreed to, among other things, and subject to certain conditions, vote shares representing approximately 45.0% of the total shares entitled to notice of, and to vote at, the Special Meeting, as of the date of the Merger Agreement, in favor of the proposal to the adopt the Merger Agreement and approve the Merger and the other transactions contemplated thereby. See Note 2 to the unaudited condensed consolidated financial statements included with this report, "Merger Agreement and Proposed Merger," for additional information. The acquisition is expected to be completed in fall 2019, however, consummation of the Merger is subject to the satisfaction or (to the extent permitted by applicable law) waiver of the conditions to the completion of the Merger more fully described in the Proxy Statement.

We have incurred merger-related costs of approximately $2.3 million, which are included in general and administrative expenses in our condensed consolidated statement of operations for the three months ended July 31, 2019.

Company Overview

We are a leading owner and operator of high-quality, individually branded ski resorts in the U.S. With the acquisition of Snow Time, Inc. ("Snow Time") we operate 17 ski resorts primarily located in the Northeast, Mid-Atlantic and Midwest, 16 of which we own. The majority of our resorts are located within 100 miles of major metropolitan markets, including New York City, Boston, Philadelphia, Baltimore, Washington D.C., Cleveland, Kansas City and St. Louis, enabling day and overnight drive accessibility. Our resorts are comprised of nearly 2,200 acres of skiable terrain that appeal to a wide range of ages and abilities. We offer a breadth of activities, services and amenities, including skiing, snowboarding, terrain parks, tubing, dining, lodging, equipment rentals and sales, ski and snowboard instruction and zip lines, mountain biking and other summer activities. We believe that both the day and overnight drive segments of the ski industry are appealing given their stable revenue base, high margins and attractive risk-adjusted returns. We have maintained our targeted


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acquisition growth strategy and successfully acquired 14 ski resorts since our incorporation in 1997. We and our subsidiaries operate in a single business segment-resort operations.


Business Overview

Capital Projects

As part of our mission to build value by investing in our current properties through expansions, new products and amenities that will elevate our customers' skiing and off-season experiences, during the first three months of fiscal 2020 we completed capital improvement projects at our Hidden Valley resort, and initiated capital improvement projects at our Liberty Mountain, Roundtop Mountain and Whitetail Mountain resorts.

· At Hidden Valley, we completed the construction of a zip line tour which opened

in May 2019.

· At Liberty Mountain Resort, Roundtop Mountain Resort and Whitetail Mountain we

    initiated projects to improve snowmaking capabilities which we plan to complete
    in advance of the 2019/2020 ski season.




Seasonality of Business

Our resort operations are seasonal in nature and revenue and profits from operations are substantially lower and have historically resulted in losses from late spring to late fall, which occur during our first and second fiscal quarters. Revenue and profits generated by our summer operations have historically not been sufficient to fully offset our operating expenses during the same timeframe. Therefore, our operating results for any interim period are not necessarily indicative of the results that may be achieved for any subsequent quarter or for a full year.

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Results of Operations


Three Months ended July 31, 2019, Compared with the Three Months ended July 31, 2018




The following table presents our condensed unaudited consolidated statements of
operations for the three months ended July 31, 2019 and 2018 (dollars in
thousands):




                                                  Three months ended
                                                      July 31,
                                                  2019          2018       $ change       % change
Revenues:
Food and beverage                                   3,543         2,745          798         29.1%
Hotel/lodging                                       1,983         1,444          539         37.3%
Retail                                                245           212           33         15.6%
Summer activities                                   3,100         1,909        1,191         62.4%
Other                                                 791           697           94         13.5%
                                                    9,662         7,007        2,655         37.9%
Costs and Expenses:
Resort operating costs:
Labor and labor related expenses                   11,501         8,388        3,113         37.1%
Retail and food and beverage cost of sales          1,131           894          237         26.5%
Power and utilities                                 1,126           967          159         16.4%
Other                                               6,112         4,022        2,090         52.0%
                                                   19,870        14,271        5,599         39.2%

Depreciation and amortization                       6,493         3,298        3,195         96.9%
General and administrative expenses                 3,636         1,256        2,380        189.5%
Real estate and other non-income taxes                895           687          208         30.3%
Land and building rent                                342           336            6          1.8%
Restructuring charges                                   -           177        (177)       -100.0%
                                                   31,236        20,025       11,211         56.0%
Loss from operations                             (21,574)      (13,018)      (8,556)         65.7%

Other (expense) income:
Interest, net of interest capitalized of $0
and $173 in 2019 and 2018, respectively           (4,632)       (3,479)      (1,153)         33.1%
Gain on sale/leaseback                                 83            83            -          0.0%
Other income                                           60            32           28         87.5%
                                                  (4,489)       (3,364)      (1,125)         33.4%

Loss before income taxes                         (26,063)      (16,382)      (9,681)         59.1%
Income tax benefit                                (6,454)       (4,587)      (1,867)         40.7%
Net loss                                       $ (19,609)$ (11,795)$ (7,814)         66.2%
Reported EBITDA                                $ (12,773)$  (9,543)$ (3,230)         33.8%





Net Revenue. Net revenue increased by $2.7 million, or 37.9%, for the three months ended July 31, 2019, compared with the three months ended July 31, 2018. The increase is primarily attributable to i) $3.7 million of revenue associated with the resort properties acquired in the Snow Time Acquisition and ii) a $1.0 million decrease in revenues at legacy Peak Resorts properties. The decreased revenues at legacy Peak Resorts properties are primarily attributable to a decline in the volume of summer festivals, which negatively impacted summer activities, food and beverage and lodging revenue.

Resort Operating Costs. Resort operating costs increased $5.6 million, or 39.2%, for the three months ended July 31, 2019, compared with the same period in the prior year. The increase is primarily attributable to i) $5.9


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million of resort operating costs associated with the resort properties acquired in the Snow Time Acquisition and ii) a $0.3 million decrease in resort operating costs at legacy Peak Resorts properties.

Depreciation and Amortization. Depreciation and amortization expense increased by approximately $3.2 million, or 96.9%, to $6.5 million for the three months ended July 31, 2019, primarily as a result of i) additional depreciable assets added during the last three quarters of fiscal 2019, including $70.4 million of property and equipment acquired from Snow Time and the Hunter Mountain expansion project and Carinthia Ski Lodge project assets, and ii) additional amortizing intangible assets added during the third quarter of fiscal 2019 as a result of the Snow Time Acquisition.

General and Administrative Costs. General and administrative expenses of approximately $3.6 million for the three months ended July 31, 2019, increased by approximately $2.4 million, or 189.5%, primarily as a result of $2.3 million of professional fees and other costs associated with the Merger.

Real Estate and Other Non-Income Taxes. Real estate and other non-income taxes of $0.9 million for the three months ended July 31, 2019, increased by approximately $0.2 million, or 30.3%, as compared to the $0.7 million of real estate and other non-income taxes for the same period in fiscal 2019. The increase is a primarily a result of real estate taxes associated with the resort properties acquired in the Snow Time Acquisition.

Restructuring Charges. During the first quarter of fiscal 2019, we recognized $0.2 million of restructuring charges related to the closure of the hotel facility at our Attitash resort.

Interest, Net. Net interest expense of $4.6 million for the three months ended July 31, 2019, increased by $1.2 million, or 33.1%, as compared to the $3.5 million of net interest expense for the three months ended July 31, 2018. The increase in net interest expense relates primarily to i) approximately $0.9 million of interest on the $50 million Term Loan due 2020 which began accruing during the third quarter of fiscal 2019, ii) a $0.2 million decrease in the amount of capitalized interest during the first quarter of fiscal 2020, as compared to the same quarter in fiscal 2019, and iii) an increase in interest rates on variable rate debt.

Income Taxes. Income tax benefit increased $1.9 million, or 40.7%, to $6.5 million for the three months ended July 31, 2019 as compared with the three months ended July 31, 2018. As compared to the first quarter of fiscal 2019, the increase is primarily attributable to a larger pretax net loss in the first quarter of fiscal 2020 as compared with the first quarter of fiscal 2019.

Reported EBITDA. We have specifically chosen to include "Reported EBITDA" (which we define as net income (loss) before interest, income taxes, depreciation, amortization, gain on sale/leaseback, other income and expense and other non-recurring items) as a measurement of our results of operations because we consider this measurement to be a significant indication of our financial performance and available capital resources. Because of large depreciation and other charges relating to our ski resorts operations, it is difficult for management to fully and accurately evaluate our financial results and available capital resources using net income alone. In addition, the use of this non-U.S. GAAP measure provides an indication of our ability to service debt, and we consider it an appropriate measure to use because of our highly leveraged position.

We believe that by providing investors with Reported EBITDA, they will have a clearer understanding of our financial performance and cash flows because Reported EBITDA i) is widely used in the ski industry to measure a company's operating performance without regard to items excluded from the calculation of such measure; ii) helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital structure and asset base from our operating results; and iii) is used by our


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board of directors, management and our lenders for various purposes, including as a measure of our operating performance and as a basis for planning.

The items we exclude from net income (loss) to arrive at Reported EBITDA are significant components for understanding and assessing our financial performance and liquidity. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income (loss), net change in cash and cash equivalents or other financial statement data presented in our condensed consolidated financial statements as indicators of financial performance or liquidity. Because Reported EBITDA is not a measurement determined in accordance with U. S. GAAP and is susceptible to varying calculations, Reported EBITDA, as presented, may not be comparable to other similarly titled measures of other companies, limiting its usefulness as a comparative measure.

Reconciliations of net income to EBITDA for the three months ended July 31, 2019 and 2018, were as follows (dollars in thousands):




                                     Three months ended July 31,
                                       2019                2018

Net loss                          $      (19,609)$      (11,795)
Income tax benefit                        (6,454)             (4,587)
Interest expense, net                       4,632               3,479
Depreciation and amortization               6,493               3,298
Merger Agreement related costs              2,308                   -
Restructuring charges                           -                 177
Other income                                 (60)                (32)
Gain on sale/leaseback                       (83)                (83)
Reported EBITDA                   $      (12,773)$       (9,543)

Reported EBITDA decreased by $3.2 million, or 33.8%, for the three months ended July 31, 2019, as compared with the same period in the prior year, primarily as a result of i) approximately $2.5 million of Reported EBITDA loss associated with the resort properties acquired in the Snow Time Acquisition, and ii) lower revenue and increased operating expenses at legacy Peak Resorts operations.

Liquidity and Capital Resources



Significant Sources of Cash


Our available cash is consistently highest in our fourth quarter primarily due to the seasonality of our resort business. We had $14.5 million of cash and cash equivalents as of July 31, 2019, compared with $30.2 million at April 30, 2019. Cash of $10.0 million and $6.2 million was used in operating activities during the three months ended July 31, 2019 and 2018, respectively. We generate the majority of our cash from operations during the ski season, which occurs during our third and fourth quarters. We currently anticipate cash flow from operations will continue to provide a significant source of our future cash flows. We expect our liquidity needs for the near term and the next fiscal year will be met by operating cash flows (primarily those generated in our third and fourth fiscal quarters) and additional borrowings under our various credit agreements, as needed.



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Long-term debt at July 31, 2019 and April 30, 2019 consisted primarily of borrowings pursuant to the loans and other credit facilities with EPR Properties, our primary lender, Royal Banks of Missouri, our primary banking partner, Cap 1 and our EB-5 partnerships. We have presented in the table below the composition of our long-term debt as of July 31, 2019 and April 30, 2019 (dollars in thousands):






                                         July 31,      April 30,
                                           2019         2019
EPR Secured Notes due 2034               $  93,162$    93,162
EPR Secured Notes due 2036                  21,000        21,000
EB-5 Development Notes due 2021             52,000        52,000

Term Loan due 2020, related party debt 50,049 50,058 Wildcat Mountain Note due 2020

               2,978         3,030
Capital Leases                               1,565         1,746
Other borrowings                               459           514

Less: Unamortized debt issuance costs (3,778) (4,128)

                                           217,435       217,382
Less: Current maturities                   (1,214)       (1,513)
                                         $ 216,221$   215,869

In addition to the credit facilities listed above, the Company maintains a $10.0 million working capital line of credit and a $15.0 million acquisition line of credit with Royal Banks of Missouri. As of July 31, 2019, nothing was outstanding under the working capital line of credit, and $12.4 million was outstanding under the acquisition line of credit, and $10.0 million and $2.6 million was unused and available under the lines of credit, respectively.

As of July 31, 2019, we were in compliance will all debt covenants under our various credit facilities and debt agreements.

Cash Flow

Three Months ended July 31, 2019 Compared with the Three Months ended July 31, 2018

Cash of $10.0 million was used in operating activities in the first quarter of fiscal 2020, a $3.8 million increase when compared with the $6.2 million of cash used in the first quarter of fiscal 2019. The increased use of cash was primarily a result of changes in working capital items. As compared to the first quarter of fiscal 2019, changes in working capital balances during the first quarter of fiscal 2020 included i) the impact of incentive compensation payments of amounts accrued at April 30, 2019 and ii) the impact of cash losses during the first quarter of fiscal 2020 at resorts acquired in the Snow Time Acquisition.

Cash of $5.1 million was used by investing activities in the first three months of fiscal 2020, a decrease of $3.1 million when compared with the $8.2 million used in the first three months of fiscal 2019. Investing cash flows in fiscal 2020 related primarily to additions to property and equipment associated with the completion of Hidden Valley Zip Tour project, snow making improvement projects at the resorts we acquired in the Snow Time Acquisition and maintenance capital expenditures. Additions to property and equipment during the first three months of fiscal 2019 related primarily to the construction of the Carinthia Ski Lodge, Hunter North expansion and Hidden Valley Zip Tour projects.

Cash of $1.8 million was used by financing activities in the first three months of fiscal 2020, a decrease of $0.1 million when compared with the $1.9 million used in the first three months of fiscal 2019. Financing cash flows in the first quarter of fiscal 2020 included $0.3 million of debt repayments and $1.5 million of


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distributions to stockholders. Financing cash flows in the first quarter of fiscal 2019 included $0.5 million of debt repayments and $1.4 million of distributions to stockholders.

Significant Uses of Cash

As of July 31, 2019, our cash uses are currently expected to include i) operating expenditures, ii) capital expenditures, and iii) debt service. We have historically invested significant cash in capital expenditures for our resort operations and expect to continue to invest in the future.

Capital expenditures, including capital lease agreements, during the first three months of fiscal 2020 were $5.1 million and included $1.1 million to complete the Hidden Valley Zip Tour project, $0.8 million on snow making improvement projects at the resorts we acquired in the Snow Time Acquisition and $3.2 million to maintain and enhance our resort properties. We currently anticipate that for the full 2020 fiscal year, we will spend between approximately $11.0 million to $13.0 million on capital expenditures.

As of July 31, 2019, 40,000 shares of our Series A Preferred Stock were outstanding, 20,000 of which were issued to Cap 1 in connection with the Snow Time Acquisition which closed in November 2018. The terms of the Series A Preferred Stock provide that cumulative dividends accrue on a daily basis in arrears at the rate of 8.0% per annum on the liquidation value of $1,000 per share, beginning nine months from the date of issuance. Accordingly, during August of 2019, dividends began accruing on the 20,000 shares of Series A Preferred Stock issued in November 2018. All accrued and accumulated dividends on the Series A Preferred Stock must be paid prior and in preference to any cash dividend on our common stock. In addition, until the earlier of i) such date as no Series A Preferred Stock remains outstanding and ii) January 1, 2027, we are prohibited from paying any dividend on common stock when there are accrued or unpaid dividends with respect to the Series A Preferred Stock. Series A Preferred Stock dividends equate to approximately $0.8 million per quarter.

During the first three months of fiscal 2020, we paid common stock dividends of $1.1 million ($0.07 per share of common stock on May 10, 2019), and declared a cash dividend of $1.1 million ($0.07 per share of common stock to common stockholders of record on July 25, 2019), which we paid on August 9, 2019. The declaration and payment of future dividends will be at the sole discretion of our board of directors, and will depend on many factors, including our actual results of operations, financial condition, capital requirements, contractual restrictions, restrictions in our debt agreements, preference of our Series A Preferred Stock, economic conditions and other factors that could differ materially from our current expectations.

The Company agreed in the Merger Agreement to suspend the payment of any future dividends, other than the quarterly cash dividend declared on July 2, 2019 of $0.07 per outstanding share of its common stock, which was paid on August 9, 2019 to common shareholders of record as of July 25, 2019, and the Series A Preferred Stock dividend of $0.4 million, which was paid on August 9, 2019 to the holder of the Company's Series A Preferred Stock. Dividends on the Series A Preferred Stock will continue to accrue.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.


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Managers
NameTitle
Timothy D. Boyd Chairman, President & Chief Executive Officer
Jesse K. Boyd Senior Vice President-Operations
Christopher J. Bub CFO, Secretary & Vice President
Stephen J. Mueller Director & Executive Vice President
Richard K. Deutsch Director, VP-Business & Real Estate Development
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