<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
/X/ JOINT QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 TO 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___________________ to _____________________
<TABLE>
<S> <C>
Commission file number 1-9319 Commission file number 1-9320
CALIFORNIA JOCKEY CLUB BAY MEADOWS OPERATING COMPANY
- ------------------------------------------------------ -------------------------------------------------------------
(Exact name of registrant as specified in its charter) (Exact name of registrant as specified in its charter)
Delaware 94-0358820 Delaware 94-2878485
- ----------------------------------------------------- ------------------------------------------------------------
(State or other jurisdiction (I.R.S. Employer (State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.) of incorporation or organization) Identification No.)
2600 S. Delaware Street, San Mateo, California 94402 2600 S. Delaware Street, San Mateo, California 94402
---------------------------------------------------------- ----------------------------------------------------------
(Address of principal executive offices) (Zip Code) (Address of principal executive offices) (Zip Code)
(415) 573-4514 (415) 574-7223
---------------------------------------------------- ------------------------------------------------------------
(Registrant's telephone number, including area code) (Registrant's telephone number, including area code)
Not Applicable Not Applicable
---------------------------------------------------- ------------------------------------------------------------
(Former name, former address and former fiscal year, (Former name, former address and former fiscal year,
if changed since last report) if changed since last report)
</TABLE>
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
---- ----
The number of shares outstanding of each registrant's classes of common stock,
par value $.01 per share, as of the close of business on May 15, 1995, was as
follows:
<TABLE>
<CAPTION>
Registrant Number of Shares
---------- ----------------
<S> <C>
California Jockey Club 5,753,257
Bay Meadows Operating Company 5,753,257
</TABLE>
-1-
<PAGE> 2
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CALIFORNIA JOCKEY CLUB AND BAY MEADOWS
OPERATING COMPANY AND SUBSIDIARY
<TABLE>
<CAPTION>
SEPARATE AND COMBINED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1995
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
- -----------------------------------------------------------------------------------------------------------------------
BAY MEADOWS
CALIFORNIA OPERATING ADJUSTMENTS
JOCKEY COMPANY AND AND
CLUB SUBSIDIARY ELIMINATIONS COMBINED
<S> <C> <C> <C> <C>
REVENUES:
Pari-mutuel revenues $ 7,270 $ 7,270
Producer fees 145 145
Admissions, programs, parking and other racing income 1,184 1,184
Concession sales 457 457
Rental of racing facility $ 800 164 $(800) 164
Interest and dividend income 101 61 162
Other income 2 306 (3) 305
---------- ---------- ----- ----------
903 9,587 (803) 9,687
---------- ---------- ----- ----------
COSTS AND EXPENSES:
Purses and incentive awards 2,889 2,889
Commissions paid to guest tracks 489 489
Direct operating costs 4,150 4,150
Cost of concession sales 158 158
Depreciation and amortization 241 159 400
Racing facility rental 801 (800) 1
General and administrative expense 83 472 (3) 552
Marketing expense 310 310
Card club costs 29 29
Interest expense 4 4
---------- ---------- ----- ----------
324 9,461 (803) 8,982
---------- ---------- ----- ----------
INCOME BEFORE INCOME TAX PROVISION 579 126 705
INCOME TAX PROVISION 58 58
---------- ---------- ----- ----------
NET INCOME $ 579 $ 68 $ - $ 647
========== ========== ===== ==========
NET INCOME PER SHARE $ .10 $ .01 $ .11
========== ========== ==========
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 5,753,257 5,753,257 5,753,257
========== ========== ==========
</TABLE>
See notes to financial statements.
-2-
<PAGE> 3
CALIFORNIA JOCKEY CLUB AND BAY MEADOWS
OPERATING COMPANY AND SUBSIDIARY
<TABLE>
<CAPTION>
SEPARATE AND COMBINED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1994
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
- --------------------------------------------------------------------------------------------------------
BAY MEADOWS
CALIFORNIA OPERATING ADJUSTMENTS
JOCKEY COMPANY AND AND
CLUB SUBSIDIARY ELIMINATIONS COMBINED
<S> <C> <C> <C> <C>
REVENUES:
Pari-mutuel revenues $ 7,692 $ 7,692
Producer fees 99 99
Admissions, programs, parking and other racing income 1,281 1,281
Concession sales 544 544
Rental of racing facility $ 995 150 $ (995) 150
Interest and dividend income 81 14 95
Other income 7 199 (5) 201
--------- ---------- ------- ----------
1,083 9,979 (1,000) 10,062
--------- ---------- ------- ----------
COSTS AND EXPENSES:
Purses and incentive awards 3,153 3,153
Commissions paid to guest tracks 538 538
Direct operating costs 4,035 4,035
Cost of concession sales 153 153
Depreciation and amortization 235 179 414
Racing facility rental 1,018 (995) 23
General and administrative expense 108 543 (5) 646
Marketing expense 151 151
Interest expense 4 4
--------- ---------- ------- ----------
343 9,774 (1,000) 9,117
--------- ---------- ------- ----------
INCOME BEFORE INCOME TAX PROVISION 740 205 945
INCOME TAX PROVISION
--------- ---------- ------- ----------
NET INCOME $ 740 $ 205 $ - $ 945
========= ========== ======= ==========
NET INCOME PER SHARE $ .13 $ .04 $ .16
========= ========== ==========
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 5,753,257 5,753,257 5,753,257
========== ========== ==========
</TABLE>
See notes to financial statements.
-3-
<PAGE> 4
CALIFORNIA JOCKEY CLUB AND BAY MEADOWS
OPERATING COMPANY AND SUBSIDIARY
<TABLE>
<CAPTION>
COMBINED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
- -------------------------------------------------------------------------------------------------------
MARCH 31, DECEMBER 31,
1995 1994
ASSETS
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 2,489 $ 9,356
Securities available for sale (at fair value) 1,550 1,375
Securities held to maturity (at cost) 6,840 6,570
Amounts held on deposit for Thoroughbred horse owners 219 3,003
Accounts receivable (net of allowance for doubtful accounts of
$80 in 1995 and $97 in 1994) 1,731 1,351
Prepaid expenses and other current assets 713 188
-------- --------
Total current assets 13,542 21,843
-------- --------
PROPERTY, PLANT AND EQUIPMENT:
Land 1,182 1,182
Racing plant 24,067 23,812
Tennis facilities 308 308
Equipment and leasehold improvements 8,826 8,454
-------- --------
Total 34,383 33,756
Accumulated depreciation and amortization (19,574) (19,211)
-------- --------
Property, plant and equipment - net 14,809 14,545
-------- --------
INVESTMENTS AND OTHER ASSETS (net of accumulated amortization of
$1,121 in 1995 and $1,083 in 1994) 351 398
-------- --------
TOTAL $ 28,702 $ 36,786
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 1,243 $ 3,163
Accrued liabilities 2,510 3,216
Accrued purses 452 1,850
Due to Thoroughbred horse owners 219 3,003
Income taxes payable 372
Uncashed pari-mutuel tickets and vouchers 695 2,421
-------- --------
Total current liabilities 5,119 14,025
-------- --------
DEFERRED INCOME TAXES 43 43
-------- --------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common Stock (paired shares), $.01 par value - authorized
10,000,000 shares each;
issued and outstanding: 5,753,257 shares each 116 116
Additional paid-in capital 18,262 18,262
Retained earnings 5,010 4,363
Unrealized gain (loss) on securities available for sale 152 (23)
-------- --------
Total stockholders' equity 23,540 22,718
-------- --------
TOTAL $ 28,702 $ 36,786
======== ========
</TABLE>
See notes to financial statements.
-4-
<PAGE> 5
CALIFORNIA JOCKEY CLUB AND BAY MEADOWS
OPERATING COMPANY AND SUBSIDIARY
<TABLE>
<CAPTION>
COMBINED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(IN THOUSANDS)
- ----------------------------------------------------------------------------------------------------------------
1995 1994
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 647 $ 945
Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
Depreciation and amortization 400 416
Changes in operating assets and liabilities:
Accounts receivable (380) 849
Amounts held on deposit for Thoroughbred horse owners 2,784 2,777
Income taxes receivable and payable (372) 9
Prepaid expenses and other assets (516) 151
Accounts payable (1,920) (490)
Accrued liabilities (706) (654)
Accrued purses (1,398) (748)
Due to Thoroughbred horse owners (2,784) (2,777)
Uncashed pari-mutuel tickets and vouchers (1,726) (1)
------- --------
Net cash provided by (used in) operating activities (5,971) 477
------- --------
INVESTING ACTIVITIES:
Purchase of securities held to maturity, net (270) (1,142)
Purchase of property, plant and equipment (626) (103)
------- --------
Net cash used in investing activities (896) (1,245)
------- --------
FINANCING ACTIVITIES - Repayment of note payable - bank - (1,475)
------- --------
DECREASE IN CASH AND CASH EQUIVALENTS (6,867) (2,243)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 9,356 4,909
------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,489 $ 2,666
======= ========
</TABLE>
See notes to financial statements.
-5-
<PAGE> 6
CALIFORNIA JOCKEY CLUB
<TABLE>
<CAPTION>
BALANCE SHEETS
(In thousands, except share amounts)
- ------------------------------------------------------------------------------------------
March 31, December 31,
1995 1994
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 120 $ 412
Securities available for sale (at fair value) 1,550 1,375
Securities held to maturity (at cost) 6,840 6,570
Accounts receivable 15 53
Receivable from Bay Meadows Operating Company 2,580 1,991
Prepaid expenses and other current assets 4 32
-------- --------
Total current assets 11,109 10,433
-------- --------
PROPERTY, PLANT AND EQUIPMENT:
Land 1,182 1,182
Racing plant 24,067 23,812
Tennis facility 308 308
Equipment 456 456
-------- --------
Total 26,013 25,758
Accumulated depreciation (14,304) (14,062)
-------- --------
Property, plant and equipment - net 11,709 11,696
-------- --------
TOTAL ASSETS $ 22,818 $ 22,129
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 14 $ 95
Accrued liabilities 80 64
-------- --------
Total current liabilities 94 159
-------- --------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common Stock, $.01 par value - authorized 10,000,000 shares;
issued and outstanding: 5,753,257 shares 58 58
Additional paid-in capital 17,478 17,478
Retained earnings 5,036 4,457
Unrealized gain (loss) on securities available for sale 152 (23)
-------- --------
Total stockholders' equity 22,724 21,970
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 22,818 $ 22,129
======== ========
</TABLE>
See notes to financial statements.
-6-
<PAGE> 7
CALIFORNIA JOCKEY CLUB
<TABLE>
<CAPTION>
STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(In thousands)
- -------------------------------------------------------------------------------------------------
1995 1994
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 579 $ 740
Adjustments to reconcile net income to net cash provided by (used in)
operating activities:
Depreciation 241 235
Changes in operating assets and liabilities:
Accounts receivable 38 15
Receivable from Bay Meadows Operating Company (589) (1,110)
Prepaid expenses and other assets 28 19
Accounts payable (81) (15)
Accrued liabilities 16 26
------- -------
Net cash provided by (used in) operating activities 232 (90)
------- -------
INVESTING ACTIVITIES:
Purchase of securities held to maturity, net (270) (1,142)
Purchase of property, plant and equipment (254) (38)
------- -------
Net cash used in investing activities (524) (1,180)
------- -------
DECREASE IN CASH AND CASH EQUIVALENTS (292) (1,270)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 412 1,779
------- -------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 120 $ 509
======= =======
</TABLE>
See notes to financial statements.
-7-
<PAGE> 8
BAY MEADOWS OPERATING COMPANY AND SUBSIDIARY
<TABLE>
<CAPTION>
CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
- ---------------------------------------------------------------------------------------
March 31, December 31,
1995 1994
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 2,369 $ 8,944
Amounts held on deposit for Thoroughbred horse owners 219 3,003
Accounts receivable (net of allowance for doubtful accounts
of $80 in 1995 and $97 in 1994) 1,716 1,298
Prepaid expenses and other current assets 709 156
-------- --------
Total current assets 5,013 13,401
-------- --------
PROPERTY, PLANT AND EQUIPMENT:
Equipment and leasehold improvements 8,370 7,988
Accumulated depreciation and amortization (5,270) (5,149)
-------- --------
Property, plant and equipment, net 3,100 2,849
-------- --------
INVESTMENTS AND OTHER ASSETS (net of accumulated
amortization of $1,121 in 1995 and $1,083 in 1994) 351 398
-------- --------
TOTAL ASSETS $ 8,464 $ 16,648
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 1,229 $ 3,068
Accrued liabilities 2,430 3,152
Accrued purses 452 1,850
Due to Thoroughbred horse owners 219 3,003
Payable to California Jockey Club 2,580 1,991
Income taxes payable 372
Uncashed pari-mutuel tickets and vouchers 695 2,421
-------- --------
Total current liabilities 7,605 15,857
-------- --------
DEFERRED INCOME TAXES 43 43
-------- --------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock $.01 par value-authorized 10,000,000 shares;
issued and outstanding 5,753,257 shares 58 58
Additional paid-in capital 784 784
Accumulated deficit (26) (94)
-------- --------
Total stockholders' equity 816 748
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,464 $ 16,648
======== ========
</TABLE>
See notes to financial statements.
-8-
<PAGE> 9
BAY MEADOWS OPERATING COMPANY AND SUBSIDIARY
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(In thousands)
- -------------------------------------------------------------------------------------------------
1995 1994
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 68 $ 205
Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
Depreciation and amortization 159 181
Changes in operating assets and liabilities:
Accounts receivable (418) 834
Amounts held on deposit for Thoroughbred horse owners 2,784 2,777
Income taxes receivable and payable (372) 9
Prepaid expenses and other assets (544) 132
Accounts payable (1,839) (475)
Accrued liabilities (722) (680)
Accrued purses (1,398) (748)
Due to Thoroughbred horse owners (2,784) (2,777)
Payable to California Jockey Club 589 1,110
Uncashed pari-mutuel tickets and vouchers (1,726) (1)
------- -------
Net cash provided by (used in) operating activities (6,203) 567
------- -------
INVESTING ACTIVITIES - Purchase of property, plant and equipment (372) (65)
------- -------
FINANCING ACTIVITIES - Repayment of note payable - bank -- (1,475)
------- -------
DECREASE IN CASH AND CASH EQUIVALENTS (6,575) (973)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 8,944 3,130
------- -------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,369 $ 2,157
======= =======
</TABLE>
See notes to financial statements.
-9-
<PAGE> 10
CALIFORNIA JOCKEY CLUB AND BAY MEADOWS
OPERATING COMPANY AND SUBSIDIARY
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited financial statements include condensed
unaudited financial statements of California Jockey Club ("Cal Jockey")
and Bay Meadows Operating Company ("Bay Meadows") on a combined basis and
for each company individually. All significant affiliate and intercompany
balances and transactions have been eliminated on the combined financial
statements. The accompanying condensed unaudited financial statements
should be read in conjunction with the companies' 1994 Annual Report. Net
income per share is computed as net income divided by weighted average
shares outstanding. Certain prior year amounts have been reclassified to
conform to the 1995 presentation.
In the opinion of management, all adjustments (consisting of only
recurring adjustments) considered necessary for a fair presentation of the
financial condition and results of operations for Cal Jockey and Bay
Meadows individually, have been included in the financial statements. The
results of operations for the three months ended March 31, 1995, are not
indicative of the results that may be expected for the year ending
December 31, 1995, because of the seasonal nature of the operations.
-10-
<PAGE> 11
ITEM 2. MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
California Jockey Club
Results of Operations: Quarter Ended March 31, 1995
Compared with Quarter Ended March 31, 1994
Total revenues for California Jockey Club ("Cal Jockey") decreased $180,000
(17%) for the three months ended March 31, 1995, compared to the same period in
the prior year. Rental income derived from the leasing of its racing facility
is based on Bay Meadows' racing revenues and decreased $195,000 as a result
of Bay Meadows' lower racing revenues.
Expenses for the three months ended March 31, 1995, decreased $19,000 (6%),
primarily as a result of certain professional fees incurred in 1994.
Liquidity and Capital Resources
The liquid assets (cash and marketable securities) of Cal Jockey increased
slightly to $8,510,000 at March 31, 1995, from $8,357,000 at December 31, 1994.
Cal Jockey has guaranteed a $6,000,000 line of credit that Bay Meadows has with
a bank, which expires on May 26, 1996. As of March 31, 1995 there were no
borrowings outstanding on this line of credit.
The City of San Mateo (the "City"), along with the State of California, have
mandated that water runoff from Bay Meadows' barn area be disconnected from the
municipal sewer collection system. Cal Jockey is cooperating with the City and
State Regional Water Quality Control Board to resolve this situation and has
prepared preliminary reports describing the proposed compliance measures. The
estimated costs of $1,500,000 are expected to be capitalized in Property, Plant
and Equipment. Therefore, such costs have not been accrued in the accompanying
financial statements. Final determinations and approvals have not been received
nor has a schedule for implementation been established.
Cal Jockey anticipates that funds generated internally and its cash reserves
will be sufficient to meet its liquidity requirements for the foreseeable
future.
Bay Meadows Operating Company
Results of Operations: Quarter Ended March 31, 1995
Compared with Quarter Ended March 31, 1994
Total revenues decreased $392,000 (4%) for the three months ended March 31, 1995
compared with the same period in 1994. This decline was due to a decrease in
pari-mutuel revenues ($422,000). Pari-mutuel revenues decreased due in part to
there being two less racing days in the first quarter of 1995 than in the same
period in 1994. Bay Meadows began its 1995/1996 racing meet on March 22, 1995
with a 19-day Spring Meet. The full racing meet will begin on August 25, 1995.
As a result of the Spring Meet and the end of the 1994/1995 meet, Bay Meadows
conducted 20 days of racing in the first quarter of 1995. In the first quarter
of 1994, 22 days of racing were conducted which represented the January portion
of the 1993/1994 racing meet. In addition, results for the first quarter 1995
were negatively impacted by poor weather which was not present in the first
quarter of 1994. For instance, there were 27 days of rain in January 1995.
Decreases in wagering on races conducted at Bay Meadows were offset by an
increase in handle on imported races from Southern California as a result of
regulatory changes in the summer of 1994 which permit "Full-card" intrastate
simulcasting.
-11-
<PAGE> 12
Other revenues were negatively impacted by the same factors which affected
pari-mutuel revenues. Admissions, program, parking and other racing income
decreased $97,000, and concession sales decreased $87,000. These decreases were
offset by an increase in interest income due to higher investment balances. In
addition, a settlement with a satellite location regarding producer fees
resulted in higher fees for the first quarter of 1995 and a settlement for prior
years of approximately $92,000 which is included in other income.
Total costs and expenses decreased $313,000 (3%) for the three months ended
March 31, 1995, compared with the same period in the prior year. This was
primarily due to decreases in expenses associated with lower operating revenues,
including (i) purses and incentive awards ($264,000), (ii) commissions paid to
guest locations ($49,000), and racing facility rental ($217,000). In addition,
general and administrative expenses decreased $71,000 primarily as a result of
lower administrative payroll during the quarter. These decreases were offset by
an increase in marketing expense ($159,000) related to costs incurred to promote
the Spring Meet and an increase in direct operating costs ($115,000) incurred to
prepare the facilities and to conduct the Spring Meet.
Bay Meadows recorded an income tax provision of $58,000 (46% of net income
before taxes) for the quarter ended March 31, 1995. No income tax provision was
recorded for the quarter ended March 31, 1994.
Liquidity and Capital Resources
The liquid assets (cash and cash equivalents) of Bay Meadows decreased to
$2,369,000 at March 31, 1995, from $8,944,000 at December 31, 1994. Bay
Meadows is dependent on Cal Jockey's assistance in securing a bank line of
credit for its working capital needs throughout the year. Bay Meadows has a
$6,000,000 bank line of credit that expires on May 26, 1996, for which Cal
Jockey has guaranteed all borrowings. As of March 31, 1995, there were no
borrowings on this line of credit. Management believes that Bay Meadows can
meet its funding needs for the foreseeable future through internally generated
funds and the utilization of the line of credit.
As of March 31, 1995, Bay Meadows' current liabilities exceeded its current
assets by $2,592,000. The current ratio (current assets to current liabilities)
was .66 to 1 at March 31, 1995, compared to .85 to 1 at December 31, 1994.
-12-
<PAGE> 13
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
- None -
ITEM 2. CHANGES IN SECURITIES
- None -
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
- None -
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
- None -
ITEM 5. OTHER INFORMATION
- None -
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
The exhibits listed in the accompanying Exhibit Index are filed
as part of this Quarterly Report on Form 10-Q.
(b) Reports on Form 8-K
- None -
-13-
<PAGE> 14
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrants have duly caused this report to be signed on their
behalf by the undersigned, thereunto duly authorized.
DATED: May 17, 1995
CALIFORNIA JOCKEY CLUB
/s/ James M. Harris
-----------------------------
James M. Harris
President, Treasurer
and Controller
(Principal Executive and
Financial Officer)
BAY MEADOWS OPERATING COMPANY
/s/ F. Jack Liebau
-----------------------------
F. Jack Liebau
President and Chief Executive
Officer
(Principal Executive and
Financial Officer)
-14-
<PAGE> 15
<TABLE>
<CAPTION>
Exhibit
Number Exhibit
------- -------
<S> <C>
27.1 Combined Financial Data Schedule -
California Jockey Club and Bay Meadows
Operating Company
27.2 Financial Data Schedule - California Jockey
Club
27.3 Financial Data Schedule - Bay Meadows
Operating Company
</TABLE>
-15-
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000016343
<NAME> CALIFORNIA JOCKEY CLUB AND BAY MEADOWS OPERATING COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 2,489
<SECURITIES> 8,390
<RECEIVABLES> 1,731
<ALLOWANCES> 80
<INVENTORY> 0
<CURRENT-ASSETS> 13,542
<PP&E> 34,383
<DEPRECIATION> 19,574
<TOTAL-ASSETS> 28,702
<CURRENT-LIABILITIES> 5,119
<BONDS> 0
<COMMON> 116
0
0
<OTHER-SE> 23,424
<TOTAL-LIABILITY-AND-EQUITY> 28,702
<SALES> 457
<TOTAL-REVENUES> 9,687
<CGS> 158
<TOTAL-COSTS> 8,978
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4
<INCOME-PRETAX> 705
<INCOME-TAX> 58
<INCOME-CONTINUING> 647
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 647
<EPS-PRIMARY> .11
<EPS-DILUTED> .11
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000715273
<NAME> BAY MEADOWS OPERATING COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 2,369
<SECURITIES> 0
<RECEIVABLES> 1,716
<ALLOWANCES> 80
<INVENTORY> 0
<CURRENT-ASSETS> 5,013
<PP&E> 8,370
<DEPRECIATION> 5,270
<TOTAL-ASSETS> 8,464
<CURRENT-LIABILITIES> 7,605
<BONDS> 0
<COMMON> 58
0
0
<OTHER-SE> 758
<TOTAL-LIABILITY-AND-EQUITY> 8,464
<SALES> 457
<TOTAL-REVENUES> 9,587
<CGS> 158
<TOTAL-COSTS> 9,457
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4
<INCOME-PRETAX> 126
<INCOME-TAX> 58
<INCOME-CONTINUING> 68
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 68
<EPS-PRIMARY> .01
<EPS-DILUTED> .01
</TABLE>
<TABLE> <S> <C>
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<NAME> CALIFORNIA JOCKEY CLUB
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