QUARTERLY REPORT FOR SMALL BUSINESS ISSUERS SUBJECT
TO THE 1934 ACT REPORTING REQUIREMENTS
FORM 10-QSB
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(MARK ONE)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
ACT
For the transition period from ______________ to ______________
Commission file number #0-8463
PISMO COAST VILLAGE, INC.
-------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
California 95-2990441
-----------------------------------------------------------------------------
(State or other jurisdiction of (IRS Employer I.D. Number)
incorporation or organization)
165 South Dolliver Street, Pismo Beach, California 93449
-----------------------------------------------------------------------------
(Address of Principal Executive Offices)
(Issuer's telephone number) (805) 773-5649
--------------
-----------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15 (d) of the Exchange Act during the past 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
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Yes X No
--- ---
Page 1 of 15
<PAGE>
FORM 10-QSB
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: -1800-
Page 2 of 15
<PAGE>
PART I
----------
Financial Information
-------------------------
ITEM 1 - FINANCIAL STATEMENTS
The following financial statements and related information are included in this
Form 10-QSB, Quarterly Report.
1. Accountants Review Report
2. Balance Sheets
3. Statement of Operations and Retained Earnings (Deficit)
4. Statement of Cash Flows
5. Notes to Financial Statements (Unaudited)
The financial information included in Part 1 of this Form 10-QSB has been
reviewed by Glenn, Burdette, Phillips and Bryson, the Company's Certified Public
Accountants, and all adjustments and disclosures proposed by said firm have been
reflected in the data presented. The information furnished reflects all
adjustments which, in the opinion of management, are necessary to a fair
statement of the results for the interim periods.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
- ---------------------
Income from Resort Operations for the three-month period ended March 31, 1996,
increased $70,409, or 25.7%, above the same period in 1995. Resort Income for
the six months ended March 31, 1996, increased $107,671, or 16.4%, from the same
period ended March 31, 1995. These increases are a result of three days of
Spring Break occurring in the second quarter of Fiscal Year 1996. Spring break,
a traditionally high occupancy period, occurred during the third quarter of
Fiscal Year 1995, or April 7-22, 1995. Another factor is that during the period
January - March 1995, rain totaled more than 26 inches compared to approximately
14 inches during the same period in 1996. In addition, growth in site rental
revenue can be attributed to marketing a discount rate reduced below the prior
year. Storage revenue for the period January 1 to March 31, 1996, grew by 10.1%
over the same period in 1995 as a result of increased storage units.
Income from Retail Operations for the three-month period ended March 31, 1996,
increased $16,653, or 29.8%, above the same period in 1995. Income from Retail
Operations for the six month period ending March 31, 1996, increased by $26,031,
or 19.2%, above the same period.
Page 3 of 15
<PAGE>
This increase is a result of increased occupancy and increased in-house
advertising of the General Store and the RV Repair Shop. The Company anticipates
continued moderate growth in both income from resort operations and retail
operations.
Operating expenses for the three month period ending March 31, 1996, were
managed to a reduction of $12,902, or 3.1%, below the same period ended March
31, 1995, and for the six month period ending March 31, 1996, operating expenses
were managed to a reduction of $14,820, or 1.8%, below the same period in 1995.
Insurance costs were reduced by $6,507 as a result of a positive risk management
program. In addition, one time flood damage costs of $6,817 were experienced in
Second Quarter 1995.
Cost of Goods Sold expenses for the three months ended March 31, 1996, are 59.8%
compared to 50.3% for the same period in 1994. Year-to-date Cost of Goods Sold
expenses were 55.9% compared to 52.1% year to date 1995. The increases in
percentage of Costs of Goods Sold are a result of decreased RV service labor and
an increase in General Store revenues created by the sale of a mix of lower mark
up merchandise.
Interest Expense decreased for the quarter ended March 31, 1996, by $2,157, or
22.8%, from the same three-month period ended March 31, 1995, and interest
expense for the six-month period ended March 31, 1996, decreased by $3,616, or
19%, below the same period in 1995 due to the increase of payments to principal
owed.
Loss before provisions for taxes on income for the three-month period ended
March 31, 1996, decreased by $83,971, or 46.4%, and for the loss for the six
months ended March 31, 1996, decreased by $127,844, or 48.8%. The significant
decrease in loss is a reflection of the minimal additional expenses required
above base and fixed costs when additional revenue is created in the off season
posture.
Liquidity
- ---------
The Company has consistently demonstrated an ability to optimize revenues
developed from the resort and retail operations during the summer season.
Historically the Company, because of its seasonal market, has produced 60% to
65% of its revenue during the third and fourth quarters of the fiscal year, with
over 40% being produced during the fourth quarter. The third and fourth
quarters' occupancy are expected to be consistent with that of the past years.
Operating expenditures have been managed to below prior years' operations and
resources are expected to be adequate to meet current and future expected
demands. The decrease in Salaries Payable is a result of paying out bonuses for
Fiscal Year 1995 in Fiscal Year 1995 rather in Fiscal Year 1996. The increase in
Current Accounts Payable and Capital Expenditures are a result of rebuilding the
outfall structure that was rebuilt due to the flood caused by the rains of 1995.
Other accrued expenses have increased over last year due to the increase in
revenue and unpaid taxes, as well as an increase in property taxes over last
year which was due to increased valuation of the property.
The Company's cash and Certificate's of Deposite totaled $369,787 on March 31,
1996, is $84,543, or 29.6%, more than the same period ended March 31, 1995.
Page 4 of 15
<PAGE>
Capital Expenditures increased by $282,258, or 213.9%, over those for the same
period in 1995 as a result of the rebuilding of the outfall structure in the
amount of $420,431. The Company expects the project will require an additional
$20,000 for completion. Further, the Company does not expect it will need to use
the $150,000 Line of Credit it established as a contingency. In addition, the
Company has funded the purchase of one hundered chairs, a Street Sweeper and a
utility golf cart at $10,077. The Company also plans to fund additional capital
projects in the amount of $137,000. These projects include: renovation of 48
sites, renovation of the Restaurant, installation of playground equipment, major
road repair and purchase of a commercial pressure washer for the RV Facility.
Except for replacement of the Outfall Structure, capital expenditures would have
been consistent with prior years' operations. Revenues are expected to provide
adequate resources to support the amounts committed to complete the authorized
capital projects during the fiscal year. Long term expenditures have been
reprioritized due to replacement of the Outfall Structure and management sees no
further short term affects on operations or cash flow. Third and fourth
quarter's site occupancy and storage fill are expected to be consistent with
those of the past year. Capital projects are designed to enhance the
marketability of the camping sites and the support facilities. Capital projects
not completed prior to our busy season will be completed after Labor Day. All
loans are current and portions continue to be paid in advance as planned.
Page 5 of 15
<PAGE>
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
Not Applicable
ITEM 2 - CHANGES IN SECURITIES
Not Applicable
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
Not Applicable
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not Applicable
ITEM 5 - OTHER INFORMATION
The annual meeting of the stockholders of Pismo Coast Village,
Inc., was held on Saturday, January 20, 1996, at 10:00 a.m. at the
South County Regional Center, 800 West Branch Street, Arroyo
Grande, California 93420. Following that meeting, the newly elected
Board held a reorganizational meeting at which the following
officers were elected to serve until the next Annual Stockholders
Meeting:
President Ronald Nunlist
Executive Vice President Kurt Brittain
V. P. Finance/Chief Financial Officer Jerald Pettibone
V. P. Administration Henry Valentia
V. P. - Secretary Edward Hinds, Jr.
Following that, on March 12, 1996, Danny Shaffer, reelected at the
Stockholders Meeting to serve on the Board of Directors for the
ensuing year, submitted his resignation. At the regular Board of
Directors Meeting held on March 16, 1996, the President requested
the Nominating Committee proceed with interviewing applicants to
fill the vacancy. The Nominating Committee will present their
recommendation to the Board for approval.
Page 6 of 15
<PAGE>
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit Index:
Sequential
Exhibit Number Item Description Page Number
-------------- ---------------------- -----------
24 Consent of Accountants *
27 Financial Data Schedule **
28 Accountant's Review
Report 8
--------------------------------------------------
* Contained in Accountant's Review
Report, Exhibit 28.
** Filed electroically only
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned thereunto duly
authorized.
PISMO COAST VILLAGE, INC.
Date: May 13, 1996
----------------------------------------------
Signature: /s/ Ronald Nunlist
-----------------------------------------
Ronald Nunlist, President
Date: May 13, 1996
----------------------------------------------
Signature: /s/ Jerald Pettibone
-----------------------------------------
Jerald Pettibone, Chief Financial Officer
Page 7 of 15
ACCOUNTANTS' REVIEW REPORT
--------------------------
Board of Directors
Pismo Coast Village, Inc.
165 South Dolliver Street
Pismo Beach, California 93449
We have made a review of the balance sheets of Pismo Coast Village, Inc. as of
March 31, 1996 and 1995, and the related statements of operations and retained
earnings (deficit) for the three and six month periods ended March 31, 1996 and
1995, and the statements of cash flows for the six month periods ended March 31,
1996 and 1995, in accordance with Statements on Standards for Accounting and
Review Services issued by the American Institute of Certified Public
Accountants. All information included in these financial statements is the
representation of the management of Pismo Coast Village, Inc.
A review of interim financial information consists principally of obtaining an
understanding of the system for the preparation of interim financial
information, applying analytical review procedures to financial data, and making
inquiries of persons responsible for financial and accounting matters. It is
substantially less in scope than an examination in accordance with generally
accepted auditing standards which will be performed for the full year with the
objective of expressing an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the accompanying interim financial statements referred to above for
them to be in conformity with generally accepted accounting principles.
We previously audited, in accordance with generally accepted auditing standards,
the balance sheet as of September 30, 1995, (presented herein) and the related
statements of operations and retained earnings (deficit) and cash flows for the
year then ended (not presented herein); and in our report dated October 26,
1995, we expressed an unqualified opinion on those financial
statements.
Glenn, Burdette, Phillips & Bryson
Certified Public Accountants
A Professional Corporation
San Luis Obispo, California
April 16, 1996
Page 8 of 15 2
<PAGE>
PISMO COAST VILLAGE, INC
BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, September 30, March 31,
1996 1995 1995
(Unaudited) (Audited) (Unaudited)
----------- ----------- -----------
<S> <C> <C> <C>
ASSETS
------
CURRENT ASSETS
Cash and cash equivalents $ 369,787 $ 529,066 $ 233,820
Certificates of deposit 51,424
Accounts receivable 10,014 10,960 9,437
Inventory 70,521 65,826 72,778
Current deferred taxes 50,000 22,624 105,313
Prepaid income taxes 5,960 2,885
Prepaid expenses 42,280 74,079 39,596
----------- ----------- -----------
Total current assets 548,562 702,555 515,253
PISMO COAST VILLAGE RECREATIONAL
VEHICLE RESORT AND RELATED ASSETS -
Net of accumulated depreciation 5,708,520 5,423,666 5,472,255
OTHER ASSETS 7,592 8,255 8,918
----------- ----------- -----------
Total Assets $ 6,264,674 $ 6,134,476 $ 5,996,426
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
Accounts payable $ 183,893 $ 37,796 $ 50,391
Salaries payable 9,200 5,529
Vacation payable 28,456 28,456 27,577
Other accrued expenses 24,686 32,155 19,508
Rental deposits 337,283 179,300 329,086
Income tax payable 6,498
Current portion of long-term debt 28,718 22,712 17,435
----------- ----------- -----------
Total current liabilities 603,036 316,117 449,526
LONG-TERM LIABILITIES
Long-term deferred taxes 25,000 23,331 1,490
Long-term debt 239,515 287,451 331,857
----------- ----------- -----------
Total liabilities 867,551 626,899 782,873
----------- ----------- -----------
STOCKHOLDERS' EQUITY
Common stock - no par value, issued
and outstanding 1,800 shares 5,647,708 5,647,708 5,647,708
Retained earnings (deficit) (250,585) (140,131) (434,155)
----------- ----------- -----------
Total stockholders' equity 5,397,123 5,213,553 5,507,577
----------- ----------- -----------
Total Liabilities and Stockholders'
Equity $ 6,264,674 $ 6,134,476 $ 5,996,426
=========== =========== ===========
</TABLE>
See accountants' review report.
The accompanying notes are an integral part of these financial statements.
Page 9 of 15
3
<PAGE>
PISMO COAST VILLAGE, INC.
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (DEFICIT)
(UNAUDITED)
FOR THE SIX MONTHS ENDED MARCH 31, 1996 AND 1995
<TABLE>
<CAPTION>
For the Three Months For the Six Months
-------------------- ------------------
Ended March 31, Ended March 31,
--------------- ---------------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
INCOME
Resort operations $ 344,618 $ 274,209 $ 762,267 $ 654,596
Retail operations 72,467 55,814 161,542 135,511
-------------- --------------- -------------- ---------------
Total income
417,085 330,023 923,809 790,107
-------------- --------------- -------------- ---------------
COST AND EXPENSES
Operating expenses 397,723 410,625 824,193 839,013
Cost of goods sold 43,359 28,059 90,348 70,650
Depreciation 65,250 62,400 129,391 124,795
Amortization 332 332 663 663
Interest 7,324 9,481 15,375 18,991
-------------- --------------- -------------- ---------------
513,988 510,897 1,059,970 1,054,112
-------------- --------------- -------------- ---------------
Loss Before Provision
for Taxes on Income (96,903) (180,874) (136,161) (264,005)
Income Tax Expense (Benefit (14,824) (51,065) (25,707) (75,841)
-------------- --------------- -------------- ---------------
Net Loss $ (82,079) $ (129,809) (110,454) (188,164)
============== ===============
RETAINED EARNINGS (DEFICIT)
Beginning of period (140,131) (245,991)
-------------- ---------------
End of period
$ (250,585) $ (434,155)
============== ===============
Net Loss Per
Share $ (45.60) $ (72.12) $ (61.36) $ (104.54)
============== =============== ============== ===============
</TABLE>
See accountants' review report.
The accompanying notes are an integral part of these financial statements.
Page 10 of 15
4
<PAGE>
PISMO COAST VILLAGE, INC.
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED MARCH 31, 1995 AND 1994
<TABLE>
<CAPTION>
1996 1995
----------------------------- ---------------------------
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (110,454) $ (188,164)
Adjustments to reconcile net
loss to net cash provided by
operating activities:
Depreciation $ 129,391 $ 124,795
Amortization 663 663
Increase in certificates
of deposit (1,424)
Decrease in accounts receivable
and prepaid expenses 32,745 51,863
Increase in deferred taxes (25,707) (77,331)
Increase in prepaid income taxes (5,960) (2,885)
Decrease (increase) in inventory (4,695) 205
Decrease in other assets 1,800
Increase in accounts payable 146,097 28,123
Decrease in salaries payable (9,200) (20,656)
Decrease in other accrued expenses (7,469) (11,214)
Decrease in income taxes payable (6,498)
Increase in rental deposit 157,983 157,128
-------------- --------------
Total adjustments 407,350 251,067
--------------- ---------------
Net cash provided by
operating activities 296,896 62,903
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (414,245) (131,987)
-------------- --------------
Net cash used in investing (414,245) (131,987)
activities
CASH FLOWS FROM FINANCING ACTIVITIES
Retirement of debt (41,930) (49,166)
-------------- --------------
Net cash used in financing
activities (41,930) (49,166)
--------------- ---------------
Net decrease in cash and
cash equivalents (159,279) (118,250)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 529,066 352,070
--------------- ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 369,787 $ 233,820
- ------------------------------------------ =============== ===============
SCHEDULE OF PAYMENTS OF INTEREST AND TAXES
Payments for interest $ 15,375 $ 18,991
Payments for income tax $ 12,458 $ 2,260
</TABLE>
See accountants' review report.
The accompanying notes are an integral part of these financial statements.
Page 11 of 15
5
<PAGE>
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF MARCH 31, 1996 AND 1995 AND SEPTEMBER 30, 1995
Note 1 - Summary of Significant Accounting Policies
- ---------------------------------------------------
Nature of Business
- ------------------
Pismo Coast Village, Inc. (Company) is a recreational vehicle camping resort.
Its business is seasonal in nature with the fourth quarter, the summer, being
its busiest and most profitable.
Inventory
- ---------
Inventory has been valued at the lower of cost or market on a first-in,
first-out basis.
Depreciation and Amortization
- -----------------------------
Depreciation of property and equipment is computed using an accelerated method
based on the cost of the assets, less allowance for salvage value, where
appropriate. Depreciation rates are based upon the following estimated useful
lives:
Building and park improvements 5 to 40 years
Furniture, fixtures, equipment and
leasehold improvements 5 to 31.5 years
Transportation equipment 5 to 10 years
Loan fees of $9,292 net of accumulated amortization of $3,316 at March 31, 1996,
$1,990 at March 31, 1995, and $2,653 at September 30, 1995, are included in
other assets. Amortization is computed using the straight-line method over seven
years. The balance of other assets represents deposits of $1,616.
Investment Tax Credits
- ----------------------
Investment tax credits are accounted for by the flow-through method.
Earnings (Loss) Per Share
- -------------------------
The earnings (loss) per share is based on the 1,800 shares issued and
outstanding.
Cash and Cash Equivalents
- -------------------------
For purposes of the statement of cash flows, the Corporation considers all
highly liquid investments including certificates of deposit with a maturity of
three months or less when purchased, to be cash equivalents.
Page 12 of 15
6
<PAGE>
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF MARCH 31, 1996 AND 1995 AND SEPTEMBER 30, 1995
PAGE 2
Note 2 - Pismo Coast Village Recreational Vehicle Resort and Related Assets
- ---------------------------------------------------------------------------
At March 31, 1996, September 30, 1995 and March 31, 1995, property and equipment
included the following:
<TABLE>
<CAPTION>
March 31, 1996 September 30, 1995 March 31, 1995
-------------- ------------------ --------------
<S> <C> <C> <C>
Land $ 2,680,850 $2,680,850 $2,680,850
Building and park improvements 5,021,690 5,020,613 4,980,322
Furniture, fixtures, equipment
and leasehold improvements 1,198,330 1,197,457 1,189,417
Transportation equipment 148,227 139,227 139,227
Construction in progress 420,431 17,136 17,073
-------------- ------------- -------------
9,469,528 9,055,283 9,006,889
Less accumulated depreciation 3,761,008 3,631,617 3,534,634
-------------- ------------- -------------
$ 5,708,520 $5,423,666 $5,472,255
============== ============ =============
</TABLE>
Note 3 - Long-Term Debt
- -----------------------
Long-term debt at March 31, 1996, September 30, 1995 and March 31, 1995, is
summarized as follows:
<TABLE>
<CAPTION>
March 31, 1996 September 30, 1995 March 31, 1995
-------------- ------------------ --------------
<S> <C> <C> <C>
8% Installment note payable, due in
monthly installments of $125
through April 13, 2010. Secured
by deed of trust on the storage lot
at 2050 22nd Street, Oceano. $ 12,633 $ 12,872 $ 13,102
10.25% Installment note payable, due in
monthly installments of $4,426
through August 1, 2000, unpaid
balance due in full September 1,
2000. Interest is variable,
secured by deed of trust on 300
South Dolliver and 180 South
Dolliver, Pismo Beach. 255,600 297,291 336,190
--------- -------- ---------
268,233 310,163 349,292
Less current portion of long-
term debt 28,718 22,712 17,435
---------- ---------- ----------
$239,515 $287,451 $331,857
========== ========== ==========
</TABLE>
Page 13 of 15
7
<PAGE>
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF MARCH 31, 1996 AND 1995 AND SEPTEMBER 30, 1995
PAGE 3
Note 3 - Long-Term Debt (Continued)
- -----------------------------------
Maturities of long-term debt are as follows:
Year Ended March 31, Amount
--------------------- ------
1997 $ 28,718
1998 31,215
1999 34,640
2000 38,441
2001 125,735
Thereafter 9,484
---------
$268,233
=========
Note 4 - Operating Leases
- -------------------------
The Company leases two pieces of property to use as storage lots. One is leased
under a cancelable month-to-month lease. The other was entered into effective
August 1, 1991, for five years with an option to extend the lease for an
additional five years. Monthly lease payments are currently $2,141 and are
increased annually based on the Consumer Price Index. Future minimum lease
payments under the second lease are as follows:
Year Ended September 30, Amount
------------------------ ------
1996 $21,410
-------
Total $21,410
-------
Note 5- Line of Credit
- ----------------------
The Company has a revolving line of credit for $150,000. The interest rate is
variable at two percent over prime, with an initial rate of 10.50 percent
expiring December 28, 1996. The purpose of the loan is to augment operating cash
needs in off season months. There were no outstanding amounts as of March 31,
1996.
Note 6- Common Stock
- --------------------
Each share of stock is intended to provide the shareholder with a minimum free
use of the park for 45 days per year. If the Company is unable to generate
sufficient funds from the public, the Company may be required to charge
shareholders for services.
A shareholder is entitled to a pro rata share of any dividends as well as a pro
rata share of the assets of the Company in the event of its liquidation or sale.
The shares are personal property and do not constitute an interest in real
property. The ownership of a share does not entitle the owner to any interest in
any particular site or camping spot.
Page 14 of 15
8
<PAGE>
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF MARCH 31, 1996 AND 1995 AND SEPTEMBER 30, 1995
PAGE 4
Note 7 - Carryforwards Relating to Federal Income Taxes
- -------------------------------------------------------
The Company files its income tax returns as of September 30, the end of its
fiscal year. At September 30, 1995, the Company had net operating loss
carryforwards which expire as follows:
Federal
-------
September 30, 2002 $ 35,000
September 30, 2003 23,000
September 30, 2004 61,000
----------
Total Net Operating Loss Carryforwards $119,000
==========
In addition, the Company has the following tax credits available to offset
future federal tax liabilities:
Approximate investment tax credits expiring as follows:
September 30, 1996 $ 300
September 30, 1997 2,500
September 30, 1998 3,300
September 30, 1999 2,300
September 30, 2000 3,000
September 30, 2001 400
Note 8 - Income Taxes
- ---------------------
The provision for income taxes is as follows:
March 31, March 31,
1996 1995
---- ----
Income tax expense (benefit) $(25,707) $(75,841)
The difference between the effective tax rate and the statutory tax rates is due
primarily to the effects of the graduated tax rates and state taxes net of the
federal tax benefit.
Page 15 of 15
9
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF PISMO COAST VILLAGE, INC., FOR THE QUARTERLY PERIOD
ENDED MARCH 31, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 369,787
<SECURITIES> 0
<RECEIVABLES> 10,014
<ALLOWANCES> 0
<INVENTORY> 70,521
<CURRENT-ASSETS> 548,562
<PP&E> 9,469,528
<DEPRECIATION> 3,761,008
<TOTAL-ASSETS> 6,264,674
<CURRENT-LIABILITIES> 603,036
<BONDS> 0
0
0
<COMMON> 5,647,708
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 6,264,674
<SALES> 72,467
<TOTAL-REVENUES> 417,085
<CGS> 43,359
<TOTAL-COSTS> 397,723
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 7,324
<INCOME-PRETAX> (96,903)
<INCOME-TAX> (14,824)
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (82,079)
<EPS-PRIMARY> (45.60)
<EPS-DILUTED> 0
</TABLE>
