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 June 30, 1999
[ ] 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 ___
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date: -
1800-
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. Accountant's 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
STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information included herein contains statements that may
be considered forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, such as
statements relating to anticipated expenses, capital spending and
financing sources. Such forward-looking information involves
important risks and uncertainties that could significantly affect
anticipated results in the future and, accordingly, such results
may differ from those expressed in any forward-looking statements
made herein. These risks and uncertainties include, but are not
limited to, those relating to competitive industry conditions,
California tourism and weather conditions, dependence on existing
management, leverage and debt service, the regulation of the
recreational vehicle industry, domestic or global economic
conditions and changes in federal or state tax laws or the
administration of such laws.
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 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.
Resort Operations Income for the three-month period ended June
30, 1999, increased $62,248, or 11.2%, from the same period in
1998. Retail Operations Income increased $847, or 0.6%, for the
same quarter. The increase in Resort Operations is a result of
higher occupancy due to favorable weather conditions compared to
the previous year. There also was increased revenue from RV
clubs and special monthly programs. For the nine-month period
ending June 30, 1999, Resort Operations increased $232,136, or
18.6%, from the same period in 1998. Retail Operations increased
$36,934, or 12.6%, from the same nine-month period in 1998. The
increase in Resort Operations Income for the nine-month period is
a result of a 24% increase in paid site occupancy during this
period. Also reflected is the RV storage space rental rate
increase which became effective October 1, 1998. Seasonal
fluctuations within this industry are expected and management
projects that income for the fourth quarter will be approximately
40% of its annual revenue. This approximation is based on
historical information.
Operating Expenses for the quarter ended June 30, 1999, increased
$19,828, or 4.2%, from the same period in 1998. This increase in
expense is a result of higher utilities from increased occupancy
and necessary operational expenses to prepare for the Spring and
Summer seasons. Operating Expenses for the nine-month period
ended June 30, 1999, decreased $7,758, or 0.5%, from the same
period in 1998. This is primarily due to decreased expenses
regarding company equipment, trailer damage/repair, insurance,
and advertising.
Cost of Goods Sold for 1999 are within projected levels at 57.7%
for the quarter and 56.4% year-to-date. Cost of Goods Sold for
1998 were 60.3% and 58.9% respectively.
Interest Expense for the three-month period ended June 30, 1999,
increased to $8,125 following a zero balance reported during the
same period in 1998. Interest Expense for the nine months ending
June 30, 1999, is $16,781 compared to $200 for the same period in
1998. This interest expense reflects the purchase of an
additional RV storage property which became a Company asset on
December 31, 1998. The Company has renewed its $150,000 line of
credit. Further details regarding financing are found in the
Liquidity section below.
Net Income for the quarter ending June 30, 1999, decreased by
$18,614, or -22.5%, as compared with the same period ending June
30, 1998. Net income for the nine months ending June 30, 1999,
increased by $174,269, compared with the same period ending June
30, 1998. These figures reflect an income tax expense adjustment
based on taxable income for the period, and projected year end
taxable income. The last quarter of 1999 is expected to provide
adequate resources for continuing business and provide for
planned capital expenditures. Of the last nine years, with each
year-end being profitable, the Company has shown losses from
$42,475 to $229,759 as of the end of the first nine months.
Losses during this period are consistent with the seasonal
occupancy of a tourist-oriented business.
Published occupancy rates for resort operations have remained
consistent for the past three years. These rates are formally
reviewed annually by the Board of Directors and were last changed
in October 1994. Upon review of occupancy and competition, in
July 1998, the Board of Directors decided not to increase site
fees for the Fiscal Year beginning October 1, 1998. However, the
Board did vote to increase RV storage, towing, and set-up fees
effective October 1, 1998.
Management has introduced various marketing promotions with
reduced rates to increase revenues during low occupancy periods.
During the past three years, the Company has seen some of its
fixed and variable costs increase and decrease and has not seen
any significant trend to warrant an increase in rates. However,
due to the nature of business and economic cycles and trends,
rates may be adjusted accordingly, if deemed necessary. Although
the supply-demand balance generally remains favorable, future
operating results could be adversely impacted by weak demand.
This condition could limit the Company's ability to pass through
inflationary increases in operating costs as higher rates.
Increases in transportation and fuel costs or sustained
recessionary periods could also unfavorably impact future
results. However, the Company believes that its financial
strength and market presence will enable it to remain extremely
competitive.
LIQUIDITY
The Company's plan for capital expenditures of $920,000 in Fiscal
Year 1999 is currently on schedule. Maintenance area
improvements were completed during the second quarter and
renovation of the Reservations/Accounting Office building is
expected to be completed during the fourth quarter. Funding for
these projects is expected to be from revenue generated from the
normal course of business. The property purchased December 31,
1998, for the purpose of RV storage is expected to be fully
developed during the fourth quarter. The Company acquired new
financing to supplement the purchase and development of the RV
storage property. The Company's current cash position as of
June 30, 1999, is $1,039,313, which is 59.9% more than the same
position in 1998. This increase in cash is a direct result of
the retirement of all debt during Fiscal Year 1997, an increase
in rental deposits, and anticipation of large capital
expenditures.
With past growth in its Recreational Vehicle Storage operation
and upon reaching full occupancy of its owned and leased lots,
the Company is currently developing a new storage property.
Funding for this project has been obtained through a banking
institution with which the Company maintains a business
relationship.
Capital projects are designed to enhance the marketability of the
camping sites and enhance support facilities. Fourth quarter
site occupancy, storage fill, and retail sales are expected to be
consistent with that of the past year.
Accounts Payable and accrued liabilities increased $22,961 for
June 30, 1999, compared to the same period ending 1998. All
undisputed payables have been paid in full according to the
Company's policy.
The Company has consistently demonstrated an ability to optimize
revenues developed from Resort and Retail Operations during the
summer season. During other less-revenue producing periods, RV
storage space and site rentals are paid for in advance and used
for Resort improvements and cash reserves. The Company has a
revolving line of credit for $150,000 to augment operating or
capital expenditure cash needs during off season periods. The
Company considers its financial position sufficient to meet its
anticipated future financial requirements. The foregoing
information is forward-looking, based upon certain assumptions of
future performance which may not come to fruition.
YEAR 2000 COMPLIANCE
The Company has retained the services of a consultant to identify
any and all hardware and software systems which may need to be
upgraded or replaced. All of the Company's integral systems,
such as reservations and accounting, have been upgraded within
the past 18 months. The Company presently believes that, as a
result of upgrading existing software, the Company's integral
computer systems will not experience material operational
problems as a result of the Year 2000 issue. The Company also
believes that all hardware has now been sufficiently upgraded or
replaced to accommodate Year 2000.
Several internal database programs will require conversion to
updated Year 2000 compatible programs. These upgrades are being
coordinated by Company staff and are expected to be completed in
early fall.
The Company anticipates completing the Year 2000 obligation on
time and at a cost of less than the previously reported $25,000.
The Company does not presently have a formal contingency plan,
because it believes the necessary modifications will be completed
in the required time frame. However, should it become evident
that the Year 2000 modifications will not be completed on a
timely basis, the Company will explore alternatives to achieve
compliance.
The costs of the project and the date on which the Company
believes it will complete the Year 2000 modifications are based
on management's best estimates which were derived utilizing
numerous assumptions of future events. However, there can be no
assurances that these estimates and timetables will be achieved,
and actual results could differ materially from those
anticipated.
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
Not Applicable
ITEM 6 - EXHIBITS AND REPORTS ON THE 8-K
(a) Exhibit Index:
Sequential
Exhibit Number Item Description Page Number
27 Financial Data Schedule
99 Accountant's Review
Report
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: _________________________________
Signature:______________________________
Jerald Pettibone, President
Date: _________________________________
Signature:______________________________
Jack Williams, V.P. Finance / Chief Financial Officer
Date: _________________________________
Signature:______________________________
Linda Davidson, Controller / (Principal Accounting Officer)
GLENN, BURDETTE, PHILLIPS & BRYSON
1150 PALM ST.
SAN LUIS OBISPO, CA. 93401
PISMO COAST VILLAGE, INC.
FINANCIAL STATEMENTS
(UNAUDITED)
NINE MONTHS ENDED JUNE 30, 1999 AND 1998
PISMO COAST VILLAGE, INC.
FINANCIAL STATEMENTS
(UNAUDITED)
NINE MONTHS ENDED JUNE 30, 1999 AND 1998
TABLE OF CONTENTS
PAGE
Accountants' Review Report 3
Balance Sheets 4-5
Statements of Operations and Retained Earnings (Deficit)6
Statements of Cash Flows (Unaudited) 7
Notes to Financial Statements 8-11
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 June 30, 1999 and 1998, and the related statements of
operations and retained earnings (deficit) for the three month and nine
month periods ended June 30, 1999 and 1998, and the statements of cash
flows for the nine month periods ended June 30, 1999 and 1998, 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, 1998, (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 23, 1998, we expressed an
unqualified opinion on those financial statements.
Glenn, Burdette, Phillips & Bryson
Certified Public Accountants
A Professional Corporation
San Luis Obispo, California
July 16, 1999
PISMO COAST VILLAGE, INC.
BALANCE SHEETS
<TABLE>
June 30, September 3 June 30,
1999 1998 1998
(Unaudited) (Audited) (Unaudited)
<S> <C <C> <C>
ASSETS
Current Assets
Cash and cash
equivalents $1,039,313 $831,756 $650,136
Accounts receivable 11,184 10,495 9,278
Inventory 76,729 66,723 72,157
Current deferred taxes 32,000 22,000 75,000
Prepaid income taxes 9,050 21,089
Prepaid expenses 49,007 48,186 27,671
Total current assets 1,217,283 979,160 855,331
Pismo Coast Village Recreational
Vehicle Resort and Related Assets -
Net of accumulated
depreciation 5,823,356 5,337,587 5,382,681
Other Assets 42,848 68,624 44,433
Total Assets $7,083,487 $6,385,371 $6,282,445
See accountants' review report.
The accompanying notes are an integral part of these financial
statements.
June 30, September 30, June 30,
1999 1998 1998
(Unaudited) (Audited) (Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued
expenses $104,782 $123,415 $81,821
Accrued salaries
and vacation 33,755 45,540 38,128
Rental deposits 586,563 214,705 498,116
Income taxes payable 45,000
Total current liabilities 725,100 428,660 618,065
Long Term Liabilities
Long-term deferred
taxes 72,000 74,000 56,000
Long-term debt 395,000
Total liabilities 1,192,100 502,660 674,065
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) 243,679 235,003 (39,328)
Total stockholders'
equity 5,891,387 5,882,711 5,608,380
Total Liabilities and Stockholders'
Equity $7,083,487 $6,385,371 $6,282,445
</TABLE>
PISMO COAST VILLAGE, INC.
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (DEFICIT)
(UNAUDITED)
THREE AND NINE MONTHS ENDED JUNE 30, 1999 AND 1998
Three Months Nine Months
Ended June 30, Ended June 30,
1999 1998 1999 1998
<TABLE>
<S> <C> <C> <C> <C>
INCOME
Resort operations $615,461 $553,213 $1,477,807 $1,245,671
Retail operations 131,718 130,871 330,243 293,309
Interest income 6,512 3,902 17,416 10,328
Total income 753,691 687,986 1,825,466 1,549,308
Cost and Expenses
Operating expenses 468,909 448,081 1,355,609 1,363,367
Cost of goods sold 76,043 78,932 186,241 172,830
Depreciation 76,725 81,450 231,750 244,305
Interest 8,125 16,781 200
(Gain) loss on sale
of equipment (2,321) 8,199 1,409 8,199
627,481 616,662 1,791,790 1,788,901
Income (Loss) Before
Provision for Taxes
on Income 126,210 71,324 33,676 (239,593)
Income Tax Expense
(Benefit) 62,000 (11,500) 25,000 (74,000)
Net Income (Loss) $64,210 $82,824 8,676 (165,593)
Retained Earnings (Deficit)
Beginning of period 235,003 126,265
End of period $243,679 $(39,328)
Net Income (Loss)
Per Share $35.67 $46.01 $4.82 $(92.00)
</TABLE>
See accountants' review report.
The accompanying notes are an integral part of these financial
statements.
PISMO COAST VILLAGE, INC.
STATEMENTS OF CASH FLOWS (UNAUDITED)
NINE MONTHS ENDED JUNE 30, 1999 AND 1998
<TABLE>
1999 1998
<S> <C> <C> <C> <C>
Cash Flows From Operating Activities
Net income (loss) $8,676 $(165,593)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation $231,750 $244,305
Loss on sale of equipment 1,409 8,199
Deferred tax provision (12,000) (74,000)
Increase in accounts
receivable (689) (811)
Increase in inventory (10,006) (2,560)
(Increase) decrease in
prepaid income taxes (9,050) 3,462
(Increase) decrease in
prepaid expenses (821) 21,229
(Increase) decrease in
other assets 25,776 (37,814)
Decrease in accounts payable
and accrued expenses (18,633) ( 4,658)
Increase (decrease) in accrued
salaries and vacations (11,785) 734
Decrease in income tax
payable (45,000)
Increase in rental deposits 371,858 313,737
Total adjustments 522,809 471,823
Net cash provided by
operating activities 531,485 306,230
Cash Flows From Investing Activities
Proceeds from sale
of equipment 4,750 1,250
Capital expendit (328,678) (67,406)
Net cash used in investing activities
(323,928) (66,156)
Net increase in cash and
cash equivalents 207,557 240,074
Cash and Cash Equivalents at Beginning
of Period 831,756 410,062
Cash and Cash Equivalents at
End of Period $1,039,313 $650,136
</TABLE>
Schedule of Payments of Interest and Taxes
Payments for interest $16,781 $14,659
Payments for income tax $46,050 $64,691
Schedule of Noncash Investing and Financing Activities
During the nine months ended June 30, 1999, the Company purchased
real property with cash and a note payable of $395,000.
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 JUNE 30, 1999 AND 1998 AND SEPTEMBER 30, 1998
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 resort improvements 5 to 40 years
Furniture, fixtures, equipment
and leasehold improvements 5 to 31.5 years
Transportation equipment 5 to 10 years
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 Company
considers all highly liquid investments including certificates of deposit
with a maturity of three months or less when purchased, to be cash
equivalents.
Use of Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles requires the Company to make
estimates and assumptions that affect certain reported amounts and
disclosures. Accordingly, actual results could differ from those estimates.
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF JUNE 30, 1999 AND 1998 AND SEPTEMBER 30, 1998
PAGE 2
Note 1 - Summary of Significant Accounting Policies (Continued)
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.
Deposits Held in Financial Institutions
As of June 30, 1999, the Company had deposits on hand in
financial institutions which exceeded depositor's insurance
provided by the applicable guaranty agency by $150,357. Of this
$138,579 was due to outstanding checks.
Note 2 - Pismo Coast Village Recreational Vehicle Resort and
Related Assets
At June 30, 1999, September 30, 1998 and June 30, 1998, property
and equipment included the following:
June 30, 1999 September 30, 1998 June 30, 1998
Land $3,649,668 $2,680,850 $2,680,850
Building and
resort improvements 5,701,883 5,578,110 5,564,088
Furniture, fixtures, equipment
and leasehold improvements 345,504 1,220,944 1,268,226
Transportation equipment 175,468 200,400 200,400
Construction in progress 33,068 32,559 16,002
9,905,591 9,712,863 9,729,566
Less accumulated
depreciation 4,082,235 4,375,276 4,346,885
$5,823,356 $5,337,587 $5,382,681
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF JUNE 30, 1999 AND 1998 AND SEPTEMBER 30, 1998
PAGE 3
Note 3 - Long-Term Debt
Long-term debt at June 30, 1999, is as follows:
8.25% Construction loan payable allowing for a two year draw
down period not to exceed $900,000. Payments are interest only for
two years. Then principal and interest of $3,198 for eight years
with a balloon payment of $331,942 on February 5, 2009. Secured by deed
of trust on the storage lot at 300 South Dolliver, land and improvements at
180 South Dolliver and a storage lot known as parcel 061,171,006
and 061,671,007. $395,000
$395,000
Maturities of long-term debt are as follows:
Year Ended June 30, Amount
2001 $2,447
2002 6,226
2003 6,760
2004 7,339
Thereafter 372,228
$395,000
Total interest cost incurred was $16,781 for the nine months
ended June 30, 1999.
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 January 1, 1997, for five years with an
option to extend the lease for an additional five years. Monthly lease
payments are currently $2,277 and are increased annually based on the
Consumer Price Index. Future minimum lease payments under the second
lease and an obligation to lease equipment are as follows:
Year Ended June 30,
2000 $29,244
2001 27,324
2002 26,940
Total $83,508
Rent expense under these agreements was $24,753 and $21,723 for
the nine months ended June 30, 1999 and 1998.
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF JUNE 30, 1999 AND 1998 AND SEPTEMBER 30, 1998
PAGE 4
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 8.75 percent expiring March 31, 2000. The purpose of the loan is to
augment operating cash needs in off season months. There were no
outstanding amounts as of June 30, 1999 and 1998 and September 30, 1998.
Note 6 - Common Stock
Each share of stock is intended to provide the shareholder with a
maximum free use of the resort 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.
Note 7 - Income Taxes
The provision for income taxes is as follows:
June 30,1999 June 30,1998
Income tax expense
(benefit) $25,000 $(74,000)
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.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> JUN-30-1999
<CASH> 1039313
<SECURITIES> 0
<RECEIVABLES> 11184
<ALLOWANCES> 0
<INVENTORY> 76729
<CURRENT-ASSETS> 1217283
<PP&E> 9905591
<DEPRECIATION> 4082235
<TOTAL-ASSETS> 7083487
<CURRENT-LIABILITIES> 725100
<BONDS> 0
0
0
<COMMON> 5647708
<OTHER-SE> 243679
<TOTAL-LIABILITY-AND-EQUITY> 7083487
<SALES> 131718
<TOTAL-REVENUES> 753691
<CGS> 76043
<TOTAL-COSTS> 627481
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8125
<INCOME-PRETAX> 126210
<INCOME-TAX> 62000
<INCOME-CONTINUING> 64210
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 64210
<EPS-BASIC> 35.67
<EPS-DILUTED> 0
</TABLE>
