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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
 
                             WASHINGTON, D.C. 20549
                            ------------------------
 
                                  FORM 10-K/A
 
  /X/    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
         EXCHANGE ACT OF 1934
 
                  FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998
                                       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: 0-22299
                            ------------------------
 
                              SAXTON INCORPORATED
 
             (Exact name of registrant as specified in its charter)
 
                   NEVADA                              88-0223654
      (State, or other Jurisdiction of        (IRS Employer Identification
      Incorporation, or Organization)                    Number)
 
         5440 WEST SAHARA AVENUE, THIRD FLOOR, LAS VEGAS, NEVADA 89146
                                 (702) 221-1111
 
    (Address, including zip code, and telephone number, including area code,
                  of Registrant's principal executive offices)
                            ------------------------
 
       SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:  NONE
 
          SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
 
                         COMMON STOCK, $.001 PAR VALUE
                                (Title of Class)
 
    Indicate by check mark whether the registrant: (1) has filed reports to be
filed by Section 13 or 15(d) of the Securities Exchange Act 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. /X/
 
    Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.
 
    As of March 12, 1999, 7,732,922 shares of the registrant's common stock were
outstanding. The aggregate market value of common stock held by non-affiliates
of the registrant as of March 12, 1999 was approximately $14,199,245 based on a
closing price of $6.188 for the common stock as reported on the Nasdaq Stock
Market on such date. For purposes of the foregoing computation, all executive
officers, directors and five percent beneficial owners of the registrant are
deemed to be affiliates. Such determination should not be deemed to be an
admission that such executive officers, directors or five percent beneficial
owners are, in fact, affiliates of the registrant.
 
                      DOCUMENTS INCORPORATED BY REFERENCE
                           Exhibit index in Item 14.
 
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                                    PART II
 
ITEM 6. SELECTED FINANCIAL DATA
 
    The following tables set forth selected financial and operating information
for the Company on a historical consolidated basis. The historical consolidated
financial and operating information is comprised of the operations, assets and
liabilities of the Company and certain properties, which were owned and operated
by entities affiliated with and controlled by the Company during the periods
presented. These operations and properties were acquired by the Company in
connection with the consummation of the Reorganization and the Offering. The
following information should be read in conjunction with all of the financial
statements and notes thereto included elsewhere herein.
 
                                       22
<PAGE>
    This table should be read in conjunction with Item 7. "Management's
Discussion and Analysis of Financial Condition and Results of Operations" and
the consolidated financial statements, the notes thereto and other financial
information appearing elsewhere herein.
 
<TABLE>
<CAPTION>
                                                           YEARS ENDED DECEMBER 31,
                                            -------------------------------------------------------  PRO FORMA
                                             1994(3)    1995(3)     1996        1997        1998      1998(4)
                                            ---------  ---------  ---------  ----------  ----------  ----------
                                                    (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
<S>                                         <C>        <C>        <C>        <C>         <C>         <C>
INCOME STATEMENT DATA (1) (2):
Revenue:
  Construction revenue....................  $  10,863  $  22,090  $  41,875  $   31,707  $   51,524  $   51,524
  Sales of homes..........................         --         --     12,963      11,058      27,634      70,443
  Sales of commercial properties..........      8,072      9,850      4,772      11,540       7,823       7,823
  Rental revenue..........................      3,288      3,531      3,922       3,583       3,515       3,515
  Other...................................        137         99        536       1,508       1,676       2,595
                                            ---------  ---------  ---------  ----------  ----------  ----------
    Total revenue.........................     22,360     35,570     64,068      59,396      92,172     135,900
                                            ---------  ---------  ---------  ----------  ----------  ----------
Cost of revenue:
  Cost of construction....................     10,713     18,194     33,078      26,981      40,863      40,863
  Cost of homes sold......................         --         --     10,967      10,139      23,754      61,521
  Cost of commercial properties sold......      6,027      9,373      3,444       7,127       7,710       7,710
  Rental operating cost...................        635        631        784         724         815         815
                                            ---------  ---------  ---------  ----------  ----------  ----------
    Total cost of revenue.................     17,375     28,198     48,273      44,971      73,142     110,909
                                            ---------  ---------  ---------  ----------  ----------  ----------
      Gross profit........................      4,985      7,372     15,795      14,425      19,030      24,991
                                            ---------  ---------  ---------  ----------  ----------  ----------
General and administrative expenses.......      1,736      1,957      3,425       2,746       5,042       7,732
Depreciation and amortization.............        745        722      1,079       1,393       1,687       2,079
                                            ---------  ---------  ---------  ----------  ----------  ----------
Operating income..........................      2,504      4,693     11,291      10,286      12,301      15,180
Other income (expense):
  Joint venture earnings (loss)...........          6      1,131        (43)         16         (25)        (25)
  Interest expense........................     (1,972)    (2,393)    (2,820)     (3,086)     (2,337)     (2,371)
  Interest income.........................        497        266         72         985       1,105       1,147
  Gain on sale of residential building
    lots..................................         --         --         --          --          --         793
                                            ---------  ---------  ---------  ----------  ----------  ----------
    Total other expense...................     (1,469)      (996)    (2,791)     (2,085)     (1,257)       (456)
                                            ---------  ---------  ---------  ----------  ----------  ----------
Income before provision for income
  taxes...................................      1,035      3,697      8,500       8,201      11,044      14,724
Income taxes (3)..........................         --         67      2,517       2,350       3,313       4,553
                                            ---------  ---------  ---------  ----------  ----------  ----------
Net income................................  $   1,035  $   3,630  $   5,983  $    5,851  $    7,731  $   10,171
                                            ---------  ---------  ---------  ----------  ----------  ----------
                                            ---------  ---------  ---------  ----------  ----------  ----------
 
Earnings per share (5):
Basic:
Net income.................................................................  $     0.92  $     1.01  $     1.33
                                                                             ----------  ----------  ----------
                                                                             ----------  ----------  ----------
Weighted-average number of common shares outstanding.......................   6,341,879   7,656,189   7,656,189
                                                                             ----------  ----------  ----------
                                                                             ----------  ----------  ----------
 
Diluted:
Net income.................................................................  $     0.92  $     1.01  $     1.33
                                                                             ----------  ----------  ----------
                                                                             ----------  ----------  ----------
Weighted-average number of common shares outstanding assuming dilution.....
                                                                              6,363,219   7,674,119   7,674,119
                                                                             ----------  ----------  ----------
                                                                             ----------  ----------  ----------
</TABLE>
 
                                       23
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<TABLE>
<CAPTION>
                                                           YEARS ENDED DECEMBER 31,
                                            -------------------------------------------------------  PRO FORMA
                                              1994       1995       1996        1997        1998      1998(4)
                                            ---------  ---------  ---------  ----------  ----------  ----------
                                                                  (DOLLARS IN THOUSANDS,
                                                        EXCEPT AVERAGE SALES PRICE PER HOME CLOSED)
OPERATING DATA (2):
<S>                                         <C>        <C>        <C>        <C>         <C>         <C>
EBITDA (6)................................  $   3,752  $   6,812  $  13,884  $   13,945  $   16,658  $   21,186
  Interest capitalized....................  $     455  $     355  $   1,271  $    1,159  $    4,859  $    7,165
  Interest included as a component of cost
    of sales and construction.............        N/A        N/A  $   1,485  $    1,265  $    1,590  $    2,805
  Interest expense incurred...............  $   2,427  $   2,748  $   4,091  $    4,245  $    7,196  $    9,536
EBITDA to interest expense incurred.......       1.55       2.48       3.39        3.29        2.31        2.22
 
Cash flows:
  Used in operating activities............  $  (1,552) $  (1,465) $  (3,708) $  (12,470) $  (35,874)        N/A
  Provided by (used in) investing
    activities............................  $  (1,420) $  (3,317) $     818  $     (964) $  (19,020)        N/A
  Provided by financing activities........  $   2,680  $   5,221  $   3,988  $   12,954  $   55,115         N/A
Single-family homes:
  Closings................................         --         --        173         134         251         634
  Backlog (at year end) (7)...............         --         --         37          --         184         184
  Homes remaining for sale (at year
    end)..................................         --         --          9           2       1,365       1,365
  Aggregate sales value of backlog........  $      --  $      --  $   2,970  $       --  $   19,730  $   19,730
  Average sales price per home closed.....  $      --  $      --  $  74,930  $   82,521  $  110,096  $  111,109
Design-build projects:
  Number of contracts awarded.............         10          4          6           2           3           3
  Backlog (at year end) (8)...............  $  31,464  $  52,075  $  21,130  $   36,420  $   20,338  $   20,338
Portfolio properties:
  Number of properties developed..........          5          3          5           1           4           4
  Number of properties sold...............          7          3          3           3           4           4
  Number of properties owned (at year
    end)..................................         14         14         16          14          14          14
<CAPTION>
 
                                                                                                     PRO FORMA
                                              1994       1995       1996        1997        1998      1998(4)
                                            ---------  ---------  ---------  ----------  ----------  ----------
                                                                      (IN THOUSANDS)
<S>                                         <C>        <C>        <C>        <C>         <C>         <C>
BALANCE SHEET DATA (2):
  Cash and cash equivalents...............  $      53  $     492  $   1,590  $    1,110  $    1,331  $    1,331
  Real estate properties, net.............     25,154     31,966     38,808      51,298     103,884     103,884
  Total assets............................     35,682     49,580     67,957      90,120     170,995     170,995
  Total debt..............................     31,952     39,969     49,710      44,449     101,440     101,440
  Stockholders' equity....................        908      3,693      6,291      29,644      38,187      38,187
</TABLE>
 
------------------------
 
(1) In accordance with Generally Accepted Accounting Principles ("GAAP"), the
    income statement does not include construction revenue and costs incurred in
    connection with portfolio construction, but does include construction
    revenue and costs incurred in connection with the construction for entities
    which the Company does not control. Costs of portfolio construction are
    capitalized as improvements on the Company's Consolidated Balance Sheets and
    profit, if any, in connection with such activities is recognized only upon
    sale of the property.
 
(2) See Note 1 to the Company's consolidated financial statements regarding the
    Company's organization and basis of presentation prior to the Offering.
 
                                       24
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(3) Prior to October 1, 1995, the Company's predecessor operated as an S
    corporation for income tax purposes and was, therefore, subject to no income
    taxes until October 1, 1995, at which time the Company was taxable as a C
    corporation. In addition, certain of the consolidated entities were
    partnerships for federal income tax purposes until consummation of the
    Offering and were, therefore, not subject to income taxes. The income taxes
    for 1994 and 1995 computed at a marginal effective rate of 34% would have
    been $352,000 and $1,257,000, respectively.
 
(4) Represents certain summary unaudited pro forma information for the year
    ended December 31, 1998, as if the acquisition of Diamond Key
    ("Acquisition") had occurred as of January 1, 1998. The information
    presented reflects increased amortization of goodwill, increased interest
    expense and certain income tax adjustments related to the Acquisition that
    would have been incurred had the Acquisition occurred on such date. The
    unaudited summary pro forma information is not necessarily indicative of the
    results of operations of the Company had the Acquisition occurred on such
    date, nor is it necessarily indicative of future results.
 
(5) On June 24, 1997, the Company completed its initial public offering and
    became a public entity; therefore no earnings per share prior to 1997 are
    presented.
 
(6) Earnings Before Interest Expense, Income Taxes, Depreciation and
    Amortization ("EBITDA") is a supplemental financial measurement used by the
    Company in the evaluation of its business. EBITDA is calculated by adding
    interest expense, interest included as a component of cost of sales and
    construction for such period, income taxes, depreciation and amortization
    expense to net income. EBITDA excludes the gain on sale of residential
    building lots and other non-recurring items. EBITDA should not be construed
    as an alternative to income from operations or cash flows from operating
    activities (as determined in accordance with GAAP). EBITDA as calculated by
    the Company may not be comparable to similarly captioned measures used by
    other companies.
 
(7) Represents the number of homes subject to pending sales contracts which have
    not closed.
 
(8) Represents the uncompleted portion of design-build construction under signed
    fixed-price contracts.
 
                                       25
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                                   SIGNATURES
 
    Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this report to
be on its behalf by the undersigned, there unto duly authorized as of April 30,
1999.
 
<TABLE>
<S>                             <C>  <C>
                                              SAXTON INCORPORATED
                                                 (REGISTRANT)
 
                                By:             /s/ JAMES C. SAXTON
                                     ------------------------------------------
                                                  James C. Saxton
                                        CHAIRMAN OF THE BOARD OF DIRECTORS,
                                       PRESIDENT, CHIEF EXECUTIVE OFFICER AND
                                                      DIRECTOR
</TABLE>
 
    Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, this report has been signed below by the following persons on behalf of
the Registrant and in the capacities and the dates indicated.
 
<TABLE>
<CAPTION>
          NAME                          TITLE                      DATE
-------------------------  -------------------------------  -------------------
 
<C>                        <S>                              <C>
                           Chairman of the Board of
   /s/ JAMES C. SAXTON       Directors, President, Chief
-------------------------    Executive Officer and            April 30, 1999
     James C. Saxton         Director (Principal Executive
                             Officer)
 
 /s/ DOUGLAS W. HENSLEY    Executive Vice President of
-------------------------    Corporate Development and        April 30, 1999
   Douglas W. Hensley        Services and Director
 
                           Executive Vice President of
    /s/ KIRK SCHERER         Finance, Chief Financial
-------------------------    Officer (Principal Financial     April 30, 1999
      Kirk Scherer           Officer)
 
   /s/ MARC S. HECHTER
-------------------------  Senior Vice President of           April 30, 1999
     Marc S. Hechter         Business Affairs and Director
 
  /s/ TIMOTHY J. ADAMS
-------------------------  General Counsel and Director       April 30, 1999
    Timothy J. Adams
 
 /s/ MICHELE SAXTON-PORI
-------------------------  Executive Vice President and       April 30, 1999
   Michele Saxton-Pori       Director
</TABLE>
 
                                       51
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<TABLE>
<CAPTION>
          NAME                          TITLE                      DATE
-------------------------  -------------------------------  -------------------
 
<C>                        <S>                              <C>
 /s/ MELODY J. SULLIVAN    Vice President, Chief
-------------------------    Accounting Officer (Principal    April 30, 1999
   Melody J. Sullivan        Accounting Officer)
 
   /s/ PAUL EISENBERG
-------------------------  Director                           April 30, 1999
     Paul Eisenberg
 
 /s/ BERNARD J. MIKELL,
           JR.
-------------------------  Director                           April 30, 1999
 Bernard J. Mikell, Jr.
 
   /s/ ROBERT L. SEALE
-------------------------  Director                           April 30, 1999
     Robert L. Seale
</TABLE>
 
                                       52