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, 1997
[ ] 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> 1/16
FORM 10-QSB
State the number of shares outstanding of each of the issuers classes of common
equity, as of the latest practicable date: -1800-
<PAGE> 2/16
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
The Company develops its income from two sources: (a) Resort Operations,
consisting of revenues generated from RV site rentals, from RV storage space
operations, and from lease revenues from restaurant, laundry, and arcade
operations by third party lessees; and (b) Retail Operations, consisting of
revenues from general store operations and from RV parts and service operations.
Income from Resort Operations for the three-month period ended March 31, 1997,
increased $60,341, or 17.5%, from the same period in 1996. This significant
increase is primarily a result of more of the Spring Break period occurring in
March of 1997 than March of 1996. Also, contributing to the increase was a
$15,000 signing bonus for renewal of the leased laundry service, and continued
growth in RV storage revenue. Resort income for the six months ended March 31,
1997, increased $43,818, or 5.7% from the same period ended March 31, 1996.
This lesser increase then for the quarter reflects weather condition impact on
travel during the first quarter ended December 31, 1996. RV Storage Revenue
grew to a 3.5% increase above the six-month period last year ending on
<PAGE> 3/16
March 31, 1996.
Income from Retail Operations increased by $19,424, or 26.8%, for the
three-month period ended March 31, 1997, above the same period in 1996. Income
from Retail Operations for the six-month period ended March 31, 1997, increased
by $16, 737, or 10.4% above the same period ending March 31, 1996. These
increases are a result of increased Resort occupancy primarily due to the Spring
Break. Continuing in-house advertising of the RV Repair Shop and increasing
staff has developed a 31.3% growth for the quarter, and 17.6% for the six months
ended March 31, 1997. The Company anticipates continued moderate growth in both
income from resort operations and in the Retail Operations.
The Company currently has no plans to increase or decrease its property and
anticipates it will continue to operate the restaurant by lease to an outside
vendor.
Operating expenses for the three-month period ending March 31, 1997, increased
$10,735 or 2.7%, above the same period ended March 31, 1996, and for the
six-month period ended March 31, 1997, operating expenses were managed to an
increase of $28,267, or 3.4% above the same period in 1996. Operating costs
remain consistent with the prior year and are considered well managed to create
an effective operation. The Company has a spending plan that is managed by
expense item; each expense is assigned a percent of income earned.
Cost of Goods Sold as a percentage of its income for the three-month period
ended March 31, 1997, are 60.0% compared to 59.8% for the same period in 1996.
Year-to-date Cost of Goods Sold were 59.4% compared to 55.9% year-to-date 1996.
This expense is well within the guidelines established by management for the
individual category sales of RV supplies and General Store merchandise.
Interest expense for the three-month period ended March 31, 1997, was reduced
by $2,499, or 34.1%, below the same period in 1996. Interest Expense for the
six-month period ended March 31, 1997, was reduced by $5,087 or 33.1%. These
reductions are the result of the Board's decision to continue reducing the
principal of one of its loans by an additional $5,000 each month, and the
continued normal payments to principal.
Depreciation for the three-month period ended March 31, 1997 is $10,431, or
16.0% greater than the same period in 1996. Year-to-date depreciation is
$21,971, or 17.0% greater for the six months ended March 31, 1997, and March 31,
1996. This increased expense is a result of the outfall structure construction
that was completed in the third quarter of Fiscal Year 1996.
Loss before provisions for taxes on income for the three-month period ended
March 31, 1997, decreased by $49,359, or 50.9% below the period in 1996. This
decrease of loss is a result of increased Resort Income and managed expenses.
Loss for the six months ended March 31, 1997, increased by $222, or 0.2%.
Losses during this period are consistent with seasonal occupancy of a tourist
oriented business.
LIQUIDITY
The Company plans capital expenditures of $530,000 in Fiscal Year 1997 to
<PAGE> 4/16
renovate 123 camping sites, upgrade restroom buildings, purchase a trailer
moving vehicle, maintenance area improvements and upgrade of computer
information systems. The site renovation began January 1997 and consists of
sod, irrigation, electrical work, and installation of a granite base. Funding
for these projects will be by revenue generated from the normal course of
business. These projects are planned for resort enhancement purposes and could
be deferred to the future without significant loss to the business. Capital
projects are designed to enhance the marketability of the camping sites and
supporting facilities.
The Company's current cash position as of March 31, 1997, is $474,456, which
is 28.3% more than the same position in 1996. This increase in cash is a result
of the 1996 increase of Capital Expenditures of the replaced outfall structure.
The Company has renewed a $150,000 line of credit to insure funds will be
available if required. All loans are current and portions continue to be paid
in advance as planned.
The Company has consistently demonstrated an ability to optimize revenues
developed from Resort and Retail Operations during the summer season. In
addition, RV storage space and site rentals are paid for in advance and are on
deposit during the winter season. Operating Expenditures are consistent with
prior years of operations. All operating activities are expected to provide
adequate resources to support the amounts committed to complete the authorized
capital projects during the fiscal year. Fourth quarter site occupancy and
storage fill are expected to be consistent with that of the past year.
Renovation of the 123 camping sites is expected to enhance the appearance and
marketability of the sites during the summer season. Capital projects not
completed prior to our busy season will be completed after Labor Day.
The rebuilding of the outfall structure damaged in the rains of 1995 is
reflected in balances of: Depreciation of 1997; Accounts Payable of 1996; and
Capital Expenditures of 1996. Current Capital Expenditures include the
renovation of camping sites, installation of road and walk lighting, and
renovation of laundry room area.
PART II - OTHER INFORMATION
__________________________________
ITEM 1 - LEGAL PROCEEDINGS
Not Applicable
ITEM 2 - CHANGES IN SECURITIES
Not Applicable
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
<PAGE> 5/16
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 18, 1997, at 9:00 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 Jerald Pettibone
Executive Vice President Kurt Brittain
V.P. Finance/Chief Financial Officer Jack Williams
V.P. Administration Howard Allard
V.P. Secretary Edward Hinds, Jr.
Assistant Corporate Secretary Adna Blaine Forrest
On April 20, 1997, Adna Blaine Forrest the General Manager and
Assistant Corporate Secretary died. A replacement is actively
being sought and interim functions are being handled by staff and
duties as Assistant Corporate Secretary are being handled by the
Company's V.P. Secretary.
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.
<PAGE> 6/16
** Filed Electronically 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: _______5-6-97__________________
Signature:___________________________
Jerald Pettibone, President
Date: _______5-9-97__________________
Signature:___________________________
Jack Williams, V.P. Finance
/Chief Financial Officer
Date: _______5-6-97__________________
Signature:___________________________
Allan Bristol, Comptroller
<PAGE> 7/16
Glenn, Burdette, Phillips & Bryson
Certified Public Accountants
A Professional Corporation
1150 Palm Street
San Luis Obispo, CA 93401
PISMO COAST VILLAGE, INC.
FINANCIAL STATEMENTS
(UNAUDITED)
SIX MONTHS ENDED MARCH 31, 1997 AND 1996
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, 1997 and 1996, and the related statements of operations and retained
earnings (deficit) for the three and six month periods ended March 31, 1997 and
1996, and the statements of cash flows for the six month periods ended March
31, 1997 and 1996, 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, 1996, (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 17,
1996, we expressed an unqualified opinion on those financial statements.
Glenn, Burdette, Phillips & Bryson
Certified Public Accountants
A Professional Corporation
San Luis Obispo, California
April 17, 1997
PISMO COAST VILLAGE, INC.
BALANCE SHEETS
March 31, September 30, March 31,
1997 1996 1996
(Unaudited) (Audited) (Unaudited)
ASSETS
Current Assets
Cash and cash equivalents $474,456 $517,236 $369,787
Accounts receivable 6,371 6,122 10,014
Inventory 60,266 59,092 70,521
Current deferred taxes 53,000 25,000 50,000
Prepaid income taxes 21,840 5,960
Prepaid expenses 40,442 60,864 42,280
------- ------- -------
Total current assets 656,375 668,314 548,562
Pismo Coast Village Recreational
Vehicle Resort and Related Assets -
Net of accumulated depreciation 5,612,190 5,643,793 5,708,520
Other Assets 17,396 12,979 7,592
---------- ---------- -----------
Total Assets $6,285,961 $6,325,086 $6,264,674
========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $53,291 $37,244 $183,893
Salaries payable 1,633
Vacation payable 33,482 33,482 28,456
Other accrued expenses 26,533 29,879 24,686
Rental deposits 335,175 197,968 337,283
Income tax payable 45,000
Current portion of long-term debt 38,540 33,495 28,718
------- ------- -------
Total current liabilities 487,021 378,701 603,036
Long-Term Liabilities
Long-term deferred taxes 72,000 66,000 25,000
Long-term debt 138,170 190,232 239,515
------- ------- -------
Total liabilities 697,191 634,933 867,551
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) (58,938) 42,445 (250,585)
---------- ---------- ----------
Total stockholders' equity 5,588,770 5,690,153 5,397,123
---------- ---------- ----------
Total Liabilities and Stockholders'
Equity $6,285,961 $6,325,086 $6,264,674
========== ========== ==========
See accountants' review report.
The accompanying notes are an integral part of these financial statements.
PISMO COAST VILLAGE, INC.
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (DEFICIT)
(UNAUDITED)
SIX MONTHS ENDED MARCH 31, 1997 AND 1996
For the Three Months For the Six Months
Ended March 31, Ended March 31,
1997 1996 1997 1996
Income
Resort operations $404,959 $344,618 $806,085 $762,267
Retail operations 91,891 72,467 178,279 161,542
-------- -------- -------- --------
Total income 496,850 417,085 984,364 923,809
-------- -------- -------- --------
Cost and Expenses
Operating expenses 408,458 397,723 852,460 824,193
Cost of goods sold 55,099 43,359 105,974 90,348
Depreciation 75,681 65,250 151,362 129,391
Amortization 331 332 663 663
Interest 4,825 7,324 10,288 15,375
-------- -------- -------- --------
544,394 513,988 1,120,747 1,059,970
-------- -------- -------- --------
Loss Before Provision
for Taxes on Income (47,544) (96,903) (136,383) (136,161)
Income Tax Expense
(Benefit) (10,000) (14,824) (35,000) (25,707)
-------- -------- -------- --------
Net Loss $(37,544) $(82,079) (101,383) (110,454)
Retained Earnings (Deficit)
Beginning of period 42,445 (140,131)
-------- --------
End of period $(58,938) $(250,585)
Net Loss Per
Share $(20.86) $(45.60) $(56.32) $(61.36)
========= ========= ========= =========
See accountants' review report.
The accompanying notes are an integral part of these financial statements.
PISMO COAST VILLAGE, INC.
STATEMENTS OF CASH FLOWS (UNAUDITED)
SIX MONTHS ENDED MARCH 31, 1997 AND 1996
1997 1996
Cash Flows From Operating Activities
Net loss $(101,383) $(110,454)
Adjustments to reconcile net
loss to net cash provided by
operating activities:
Depreciation $151,362 $129,391
Amortization 663 663
Decrease (increase) in
accounts receivable (249) 946
Decrease in inventory (1,174) (4,695)
Increase in deferred taxes (22,000) (25,707)
Increase in prepaid income taxes (21,840) (5,960)
Decrease in prepaid expenses 20,422 31,799
Decrease in other assets (5,080)
Increase in accounts payable 16,047 146,097
Decrease in salaries payable (1,633) (9,200)
Decrease in other accrued expenses (3,346) (7,469)
Increase in rental deposit 137,207 157,983
Decrease in income taxes payable (45,000) (6,498)
-------- --------
Total adjustments 225,379 407,350
------- -------
Net cash provided by
operating activities 123,996 296,896
Cash Flows From Investing Activities
Capital expenditures (119,760) (414,245)
Net cash used in investing -------- --------
activities (119,760) (414,245)
Cash Flows From Financing Activities
Retirement of debt (47,016) (41,930)
-------- --------
Net cash used in financing
activities (47,016) (41,930)
-------- --------
Net decrease in cash and (42,780) (159,279)
cash equivalents
Cash and Cash Equivalents at Beginning
of Period 517,236 529,066
-------- --------
Cash and Cash Equivalents at End of Period $474,456 $369,787
======== ========
Schedule of Payments of Interest and Taxes
Payments for interest $10,288 $15,375
Payments for income tax $53,771 $12,458
See accountants' review report.
The accompanying notes are an integral part of these financial statements.
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF MARCH 31, 1997 AND 1996 AND SEPTEMBER 30, 1996
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 $4,705 at March 31,
1997, $3,316 at March 31, 1996, and $3,978 at September 30, 1996, are included
in other assets. Amortization is computed using the straight-line method over
seven years. The remaining balance of other assets represents security deposits
of $1,616 and amounts related to prepaid expenses on insurance benefits for
selected employees of $11,193.
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.
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF MARCH 31, 1997 AND 1996 AND SEPTEMBER 30, 1996
PAGE 2
Note 1 - Summary of Significant Accounting Policies (Continued)
Deferred Income Tax
Deferred income taxes resulted from a timing difference in recognizing
depreciation expense and net operating loss carryforward.
Revenue and Cost Recognition
The Company's revenue is recognized on the accrual basis as earned based on the
date of stay. Expenditures are recorded on the accrual basis whereby expenses
are recorded when incurred, rather than when paid.
Reclassification
Certain reclassifications have been made to the 1996 financial statements to
conform with the 1997 financial statement presentation. Such reclassification
had no effect on net income as previously reported.
Note 2 - Pismo Coast Village Recreational Vehicle Resort and Related Assets
At March 31, 1997, September 30, 1996 and March 31, 1996, property and equipment
included the following:
March 31, 1997 September 30, 1996 March 31, 1996
Land $2,680,850 $2,680,850 $2,680,850
Building and park
improvements 5,523,351 5,521,908 5,021,690
Furniture, fixtures,
equipment and leasehold
improvements 1,209,979 1,205,415 1,198,330
Transportation equipment 148,152 148,152 148,227
Construction in progress 113,899 147 420,431
--------- --------- ---------
9,676,231 9,556,472 9,469,528
Less accumulated
depreciation 4,064,041 3,912,679 3,761,008
--------- --------- ---------
$5,612,190 $5,643,793 $5,708,520
========= ========= ==========
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF MARCH 31, 1997 AND 1996 AND SEPTEMBER 30, 1996
PAGE 3
Note 3 - Long-Term Debt
Long-term debt at March 31, 1997, September 30, 1996 and March 31, 1996, is
summarized as follows:
March 31, 1997 September 30, 1996 March 31, 1996
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. $ 12,125 $ 12,384 $ 12,633
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. 164,585 211,343 255,600
------- ------- -------
176,710 223,727 268,233
Less current portion
of long-term debt 38,540 33,495 28,718
------- ------- -------
$138,170 $190,232 $239,515
======= ======= =======
Maturities of long-term debt are as follows:
Year Ended March 31, Amount
1998 $ 38,540
1999 42,345
2000 46,994
2001 39,565
2002 756
Thereafter 8,510
-------
$176,710
=======
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF MARCH 31, 1997 AND 1996 AND SEPTEMBER 30, 1996
PAGE 4
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 renewed effective
January 1, 1997, for five years with an option to extend for an additional five
years. Monthly lease payments are currently $2,160 and are increased annually
based on the Consumer Price Index. Future minimum lease payments under the
second lease are as follows:
Year Ended March 31, Amount
1998 $ 25,920
1999 25,920
2000 25,920
2001 25,920
-------
Total $103,680
=======
Rent expense under this agreement was $6,480 for the three months ended March
31, 1997.
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, 1997. The purpose of the loan is to augment operating
cash needs in off season months. There were no outstanding amounts as of
March 31, 1997.
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 period.
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF MARCH 31, 1997 AND 1996 AND SEPTEMBER 30, 1996
PAGE 5
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 March 31, 1997, the Company has the following tax credits
available to offset future federal tax liabilities:
Approximate investment tax credits expiring as follows:
September 30, 2000 $2,501
September 30, 2001 356
Note 8 - Income Taxes
The provision for income taxes is as follows:
March 31, March 31,
1997 1996
Income tax expense (benefit) $(35,000) $(25,707)
Effective September 30, 1993, the Company adopted Statement of Financial
Accounting Standard No. 109, "Accounting for Income Taxes" (SFAS 109). SFAS 109
requires, among other things, a change from the deferred to the asset-liability
method of computing deferred income taxes. SFAS 109 also requires that if
income is expected for the entire year, but there is a net loss to date, a tax
benefit is recognized based on the annual effective tax rate.
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.
Note 9 - Commitments
The Company is just completing an extensive remodel of the north side of the
park. The construction was still in progress as of March 31, 1997, but is
expected to be completed in June of 1997. Additional costs of approximately
$92,000 above those already incurred are expected.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements of Pismo Coast Village, Inc., for the six month period
ended March 31, 1997, and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> MAR-31-1997
<CASH> 474,456
<SECURITIES> 0
<RECEIVABLES> 6,371
<ALLOWANCES> 0
<INVENTORY> 60,266
<CURRENT-ASSETS> 656,375
<PP&E> 9,676,231
<DEPRECIATION> 4,064,041
<TOTAL-ASSETS> 6,285,961
<CURRENT-LIABILITIES> 487,021
<BONDS> 0
0
0
<COMMON> 5,647,708
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 6,285,961
<SALES> 178,279
<TOTAL-REVENUES> 984,364
<CGS> 105,974
<TOTAL-COSTS> 852,460
<OTHER-EXPENSES> 152,025
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 10,288
<INCOME-PRETAX> (136,383)
<INCOME-TAX> (35,000)
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (101,383)
<EPS-PRIMARY> (56.32)
<EPS-DILUTED> (56.32)
</TABLE>
