<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED SEPTEMBER 30, 1995
COMMISSION FILE NO. 2-70345-NY.
BUFFS-N-PUFFS, LTD.
(Exact name of Registrant as specified in its Charter)
NEVADA 88-0182534
(State or other jurisdiction of) (I.R.S. Employer
Incorporation or Organization) Identification Number)
6500 SOUTH STATE STREET
MURRAY, UTAH 84107-7219
(Address of Principal Executive Offices)
Registrant's Telephone Number, including Area Code:
(801) 268-9280
Former Address:
n/a
Former Name, Former Address, and Former Fiscal Year,
if changed since last report
Number of Shares Outstanding at the End of the Fiscal Quarter:
6,004,900 SHARES OF COMMON STOCK
(Indicate Number of Shares Outstanding of Each Class of Common
Stock as of the end of the Quarter)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filled 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.
(1) Yes: X No:
(2) Yes: X No:
Page 1 of 15 consecutively numbered pages.
<PAGE>
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS REQUIRED BY FORM 10-Q
Buffs-N-Puffs, Ltd. ("Registrant" or "Company") files herewith an
unaudited balance sheet of the Registrant as of September 30, 1995 and the
related statements of income and cash flows for the three month periods ended
September 30, 1995 and September 30, 1994. The unaudited financial statements
included in this report on Form 10-Q have been prepared by the Company and
have not been the subject of independent review. In the opinion of the
management of the Company, the financial statements fairly present the
financial condition of the Company.
-2-
<PAGE>
BUFFS-N-PUFFS, LTD
BALANCE SHEET
(UNAUDITED)
ASSETS
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
CURRENT ASSETS ------------- -------------
<S> <C> <C>
Cash $142,196 $183,741
Receivables (Note E) 32,459 26,168
Marketable Securities (Notes) 197,430 110,502
Inventory (Note A) 28,466 29,499
Prepaid Expenses & Supplies 41,710 32,808
--------- ---------
Total Current Assets 442,261 382,718
PROPERTY, PLANT AND EQUIPMENT (at cost)
Building Improvements 194,044 194,044
Furniture, Fixture & Equipment 854,982 848,673
Land 310,185 310,185
--------- ---------
1,359,211 1,352,902
Less Accumulated Depreciation (589,206) (518,878)
--------- ---------
Total Property, Plant & Equipment 770,005 834,024
OTHER ASSETS
Startup Costs 25,355 39,921
Deposit 4,739 4,739
Investment in West Valley Property 25,900 0
Montana Property 52,590 52,590
Deferred Tax Asset 190,000 190,000
--------- ---------
Total Other Assets 298,584 287,250
--------- ---------
TOTAL ASSETS 1,510,850 1,503,992
--------- ---------
--------- ---------
</TABLE>
-3-
<PAGE>
BUFFS-N-PUFFS, LTD.
BALANCE SHEET
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS EQUITY
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
CURRENT LIABILITIES ------------ ------------
<S> <C> <C>
Accounts Payable, Payroll and Sales Tax $ 73,597 $ 58,547
Loans Payable 54,631 54,631
Loans Payable - Related Parties 27,421 55,441
Leases Payable 0 1,586
--------- ---------
Total Current Liabilities 155,649 170,205
LONG TERM LIABILITIES
Loan Payable 139,325 192,292
Lease Payable 0 0
Loans Payable - Related Parties 0 11,259
--------- ---------
Total Long Term Liabilities 139,325 203,551
--------- ---------
Total Liabilities 294,974 373,756
Contingent Liability - Note I 0 70,325
Capital Stock, common 611 611
Additional paid in capital 1,120,692 1,120,692
Retained Earnings (deficit) 143,525 (12,440)
----------- ----------
1,264,828 1,108,863
Less Treasury Stock (48,952) (48,952)
----------- ----------
1,215,876 1,059,911
----------- ----------
TOTAL LIABILITY AND STOCKHOLDERS EQUITY 1,510,850 1,503,992
----------- ----------
----------- ----------
</TABLE>
-4-
<PAGE>
BUFFS-N-PUFFS, LTD.
STATEMENT OF OPERATIONS
(UNAUDITED)
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
For three months ended For nine months ended
--------------------------- -------------------------
September 30, September 30, September 30, September 30,
REVENUES: 1995 1994 1995 1994
------------ ------------ ------------- ------------
<S> <C> <C> <C> <C>
Car Wash $446,338 $453,809 $1,116,864 $1,215,717
Boutique - Net 8,854 5,709 22,890 19,485
Fuel Sales - Net 5,557 3,742 13,954 13,724
Carpet Express Equipment - Net 1,060 5,220 1,060 12,584
Discounts (3,402) (4,691) (8,617) (10,072)
-------- -------- ---------- ----------
TOTAL REVENUES 458,407 463,789 1,146,151 1,251,438
COSTS AND EXPENSES
Salaries, Labor and Commissions 177,765 200,250 476,567 545,995
Taxes and Benefits 24,394 32,996 69,567 86,250
Interest and Credit Card Fees 20,738 19,312 58,213 54,939
Travel, Auto, Promotion, Advertise 13,356 6,958 30,721 14,740
Office, Telephone, Supplies, Print 41,770 46,039 113,606 124,764
Utilities, Rent, Ins, Maint. 62,007 63,534 170,559 183,241
Depreciation and Amortization 26,675 28,904 82,584 81,808
Professional Fees and Other 37,080 23,979 80,639 69,887
-------- -------- ---------- ----------
TOTAL COSTS AND EXPENSES 403,785 421,972 1,082,456 1,161,624
-------- -------- ---------- ----------
Net Income (Loss) before Other Income 54,622 41,817 63,695 89,814
Contract Services and Miscellaneous 738 5,470 (919) 14,959
Interest and Dividends 1,582 1,477 5,440 3,390
Gain (Loss) on Sale of Securities 420 3,303 17,523 5,554
Extraordinary Income 70,325 0 70,325 0
-------- -------- --------- ---------
73,065 10,250 92,369 23,903
Income Taxes 100 0 100 0
NET INCOME $127,587 $ 52,067 $ 155,964 $ 113,717
-------- -------- ---------- ----------
-------- -------- ---------- ----------
NET INCOME PER SHARE NIL $0.01 $0.01 $0.01
-------- -------- ---------- ----------
-------- -------- ---------- ----------
</TABLE>
-5-
<PAGE>
BUFFS-N-PUFFS, LTD.
STATEMENT OF STOCKHOLDERS EQUITY
(UNAUDITED)
STATEMENT OF STOCKHOLDERS EQUITY
<TABLE>
<CAPTION>
Common Stock Treasury Stock
---------------------------- Additional Retained -------------------------
Shares Amount Paid in $ Earnings Shares Amount
---------- ------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Balances 12/31/90 7,600,000 760 $1,713,705 $(331,440) 1,595,100 $(642,114)
---------- ---- ---------- --------- -------- ---------
Cancellation of
Treasury Stock (1,486,100) (149) (593,013) 0 (1,486,100) 593,162
Net Loss for year
ended 12/31/91 (111,786)
Balances 12/31/91 6,113,900 611 1,120,692 (443,226) 109,000 (48,952)
---------- ---- ---------- --------- -------- --------
Net Income for year
ended 12/31/92 39,534
Balances 12/31/92 6,113,900 611 1,120,692 (403,692) 109,000 (48,952)
---------- ---- ---------- --------- -------- -------
Net Income for year
ended 12/31/93 281,648
Balances 12/31/93 6,113,900 611 1,120,692 (122,044) 109,000 (48,952)
---------- ---- ---------- --------- -------- -------
Net Income for year
ended 12/31/94 109,604
Balances 12/31/94 6,113,900 611 $1,120,692 $ (12,440) 109,000 $(48,952)
---------- ---- ---------- ---------- -------- -------
Net Income for
9 months
ended 9/30/95 155,964
Balances 9/30/95 6,113,900 611 1,120,692 143,524 109,000 (48,952)
---------- ---- ---------- --------- -------- -------
---------- ---- ---------- --------- -------- -------
</TABLE>
-6-
<PAGE>
BUFFS-N-PUFFS, LTD.
STATEMENT OF CASH FLOWS
(UNAUDITED)
CASH FLOW STATEMENT
<TABLE>
<CAPTION>
For three months ended For nine months ended
-------------------------- -------------------------
September 30, September 30, September 30, September 30,
OPERATING ACTIVITIES 1995 1994 1995 1994
------------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
Net Income $127,687 $52,067 $155,964 $113,717
Adjustments to reconcile net income
(loss) to net cash provided by
operating Activities:
Depreciation and Amortization 26,675 28,904 82,584 81,808
(Increase) Decrease in Receivables (5,654) 22,196 (6,291) 36,130
(Increase) Decrease in Pre-Paid Expense,
Supplies and Deposits (5,190) (4,745) (8,902) (2,059)
(Increase) Decrease in Inventory (1,195) 7,348 1,033 535
Write off Contingent Liability (70,325) 0 (70,325) 0
Write off Obsolete Assets 0 0 4,978 0
Increase (Decrease) in Accounts Payable
And Payroll Tax Payable 14,920 7,718 15,050 5,790
-------- ------- ------- -------
NET CASH PROVIDED OPERATING ACTIVITIES 86,918 113,488 174,091 235,921
INVESTING ACTIVITIES
Cost of Securities Sold 29,216 8,252 89,750 20,189
Increase in Startup Costs (3,000) 0 (15,900) 0
Purchase of Securities (77,203) (14,517) (176,678) (69,164)
Proceeds of Equipment Sale 0 0 4,000 0
Purchase of Property and Equipment 0 (59,049) (23,028) (68,990)
-------- ------- -------- --------
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (50,987) (65,314) (121,856) (117,965)
FINANCING ACTIVITIES
Debt incurred to acquire property. 0 27,500 0 27,500
Repayment of Loans and Leases (40,060) (46,218) (93,780) (99,574)
-------- ------- -------- --------
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (4,129) 29,456 (41,545) 45,882
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 146,325 146,803 183,741 130,377
-------- ------- -------- --------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD $142,196 $176,259 $142,196 $176,259
-------- -------- -------- --------
-------- -------- -------- --------
</TABLE>
-7-
<PAGE>
BUFFS-N-PUFFS, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REVENUE RECOGNITION
Interest income is accrued as earned. Gains or losses on
the sale of securities are recorded as of the trade date.
DEPRECIATION
Depreciation on office equipment and furniture is provided over
the estimated useful life of five to ten years using an accelerated method
and depreciation on the office building is being provided over the estimated
useful life of 30 to 31.5 years using the straight line method.
MARKETABLE SECURITIES
Marketable securities, as a group, are carried at the
lower of cost or market. As of September 30, 1995, market value of securities
was $197,430. An adjustment to market value will be made at year end.
INCOME TAXES
No federal income taxes were due for the year ended December 31,
1994. At December 31, 1994, the Company had unused general business credits
of $7,844. The Company also has net operating loss carry forwards and a
capital loss carryover of $36,291. The losses if not used will expire as
follows:
<TABLE>
<CAPTION>
Amount Expiration Date
----------------------- ---------------------------
Year Ended Federal Utah Federal Utah
- ---------- ------- ---------- --------- ----------
<S> <C> <C> <C> <C>
12/31/89 100,309 0 12/31/04 12/31/94
12/31/90 375,624 296,355 12/31/05 12/31/95
12/31/91 123,837 123,637 12/31/06 12/31/96
-------- --------
$599,770 $419,992
</TABLE>
INVENTORY
Inventory consists of items for sale and use in the operations of
the carwash. Inventory is recorded at lower of cost or market, on a first-in,
first-out basis.
-8-
<PAGE>
NOTE B - COMMITMENTS
The Company is occupying space in a building owned by a related party, (see
note H). The lease is with an entity controlled by the major shareholder of
the Company. The lease is five years in length. The lease also has escalating
provisions and is based on percentages of gross monthly sales excluding fuel
sales. During 1994 $118,437 was paid as rent. Rent paid through September 30,
1995 as $83,176. At December 31, 1993, the Company was leasing a copy machine
at a monthly rate of $199. The copy machine lease was dated October 9, 1992
for a period of 36 months. The lease has been treated as a capital lease. The
Company intends to purchase the equipment at the end of the lease period.
Future minimum payments under the capital lease are as follows:
<TABLE>
<S> <C>
Year ending 12/31/95 $1,685
------
1,685
Less amounts representing
interest and sales tax 99
Principal balance 12/31/94 $1,586
</TABLE>
Scheduled principal reductions are as follows:
<TABLE>
<S> <C>
December 31, 1995 $1,586
------
$1,586
</TABLE>
The Company is also obligated under a maintenance contract on its signs. The
contract was signed to be effective in January of 1991 and is three years in
length with monthly payments of $789. The contract was renewed in 1993 for
an additional three years, through December 31, 1996.
NOTE C - LOANS PAYABLE
During 1990 the former President of the Company and her husband personally
borrowed $518,000 from three financial institutions, using their residence
and other personal assets as collateral. $277,828 (including loan costs of
$7,270) of the money was used for the Company. The Company has treated the
obligations as being due to the individuals and is making the monthly loan
payments to the three institutions. In early 1994, one obligation was paid
in full, leaving two loans. The company is also paying Mr. Pentelute directly
$3,018 monthly. The entire $3,018 applies to principal due. Interest rates
range from 8.0% to 10.5%. Total monthly payments on the two bank obligations
are $2,962. The following is a summary of debt at September 30, 1995 and
December 31, 1994:
-9-
<PAGE>
<TABLE>
<CAPTION>
September 30, 1995 December 31, 1994
------------------ --------------------
Interest Current Long Term Current Long Term
-------- ------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
G. Phillip Condie 7.5 $50,000 $120,000 $ 50,000 $170,000
Copelco 6.0 0 0 1,586 0
Escrow Service 7.5 4,631 19,325 4,631 22,292
Dan Pentelute 8-10.5 27,422 0 55,441 11,259
-------- -------- -------- --------
$82,053 $139,325 $111,658 $203,551
</TABLE>
*Monthly payments of interest are only $1,888 with principal payments of
$25,000 due March 1 and September 1 of 1994, 1995 and 1996 and the balance due
by 9/1/1998. This loan is secured by land with a cost of $310,185.
Scheduled principal reductions for the next five years are as follows:
<TABLE>
<S> <C>
12/31/95 $111,658
12/31/96 66,350
12/31/97 5,596
12/31/98 37,774
Thereafter 0
--------
$221,378
</TABLE>
NOTE D - DEFERRED TAX ASSET
In February, 1992, the Financial Account Standards board adopted Statement of
Financial Accounting Standards No. 109 Accounting for Income Taxes, which
supersedes substantially all existing authoritative literature for accounting
for income taxes and requires deferred tax balances to be adjusted to reflect
the tax rates in effect when those amounts are expected to become payable or
refundable. The Statement is required to be applied in the Company's
financial statements for the calendar year commencing January 1, 1993
(earlier application is permitted) either by restating prior-period financial
statements or by recognizing the cumulative effect of the change in the year
of adoption. The Company has decided to recognize the cumulative effect of
the change during 1993. The following pro forma information reflects what the
statements of operations would have looked like if the deferred tax asset had
been recognized in 1991 and 1992.
-10-
<PAGE>
<TABLE>
<CAPTION>
1992 1991
-------- ----------
<S> <C> <C>
Income (loss) before cumulative
effect of recognizing a deferred
tax asset. $ 39,534 $(111,786)
Cumulative effect on prior years
of recognizing a deferred
tax asset. (15,000) 69,000
--------- ---------
Adjusted net income $ 24,534 $ 57,214
Earnings (loss) per share
originally .01 (.02)
Adjusted earnings per share .00 .01
</TABLE>
If the above adjustments had been reflected in 1991 and 1992, the Company
would have recorded an income tax benefit of $44,000 in 1993 rather than
$198,000. Net income would have been $87,648 rather than $241,648 and
earnings per share would have been $.01 rather than $.05.
NOTE E - RECEIVABLES
Receivables at September 30, 1995 and 1994 consisted of the following:
<TABLE>
<CAPTION>
September 30, September 30,
1995 1994
------------- -------------
<S> <C> <C>
Trade accounts receivable $32,409 $18,913
------- -------
------- -------
</TABLE>
NOTE F - START-UP COSTS
These are costs associated with development of the carwash. The costs are
being amortized, depreciated or expensed. The costs include travel to view
other carwashes, equipment, inventory, legal fees for patents and trademarks,
etc.
NOTE G - STOCK OPTIONS
During 1991, options to purchase the Company's common stock were granted to
eight individuals who are or were officers, directors, employees and
consultants for the Company. A total of 610,000 share of stock may be
purchased at a price of $.09375 per share. The options must be exercised by
July 9, 1996.
-11-
<PAGE>
NOTE H - RELATED PARTY TRANSACTIONS
During 1990 Donna Anderson and Daniel Pentelute arranged for three loans by
pledging their personal assets. Some of the proceeds from these loans were
made available to the Company. The Company has been making the payments for
these loans and the interest and principal have been amortized according to
the proceeds each party received. In addition the Company received $50,000
from Donna Anderson in 1989. The $50,000 was re-paid during 1992. Also the
Company received money in the amount of $45,092 in 1991 from Penex. Penex is
an affiliate of Daniel Pentelute. $24,442 was repaid to Penex during 1993.
The Company recorded these amounts as non-interest bearing payables.
On April 19, 1991, the Company entered into a five year lease with Daniel
Pentelute, the major shareholder of the Company. Under the lease Mr.
Pentelute received as rent four percent of the gross proceeds excluding
gasoline sales commencing on July 1, 1991, and continuing until April 1,
1992. At that time and thereafter Mr. Pentelute will receive seven percent of
the gross proceeds from the carwash facility. On May 21, 1991, an addendum to
the lease was entered into providing for a five year option term at the end
of the initial five year term. The terms require a rent payment equal to 7%
of monthly gross sales, excluding gasoline sales with a minimum rent of
$5,000 per month. In addition the Company has an option to purchase the land
and buildings at 6500 South State Street, Salt Lake City, Utah, commencing at
he end of the initial term and exercisable at the anniversary date of the
lease in each of the five years under the option term. The purchase price of
the property shall be determined by the sum of $2,330,000 capitalized from
April 1, 1990 to the date of closing at the rate of four percent per annum.
NOTE I - CONTINGENT LIABILITY
On January 7, 1994, a letter was sent to the Company by a utility company
claiming that the Company was under-billed for its electrical service from
February 1990 through November 1993. The utility has determined the amount
owed to be $70,325 and intends to bill an extra $1,529 each month beginning
in February 1994 for a period of 46 months. The Company intends to vigorously
contest the additional billing, but has elected to record the contingent
liability and increase expense by $70,325 for 1993. The Company believes that
the prior billings were accurate and the utility company does not have a
legitimate claim.
The company has a recorded a one time extraordinary income of $70,325 as of
September 30, 1995 to account for the dismissal of the lawsuit versus Murray
City Corporation.
-12-
<PAGE>
PART I
FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND OPERATING RESULTS.
CHANGES IN FINANCIAL CONDITION
At September 30, 1995 the Company had current
assets of $442,261 compared to $382,718 as of December 31, 1994. Cash
decreased $41,545 for the nine month period ended September 30, 1995.
Current liabilities decreased $14,556 from $170,205 as of December 31, 1994
to $155,649 as of September 30, 1995. The decrease is attributable to debt
reduction.
Inventory decreased $1,003 from $29,499 as of December 31, 1994 to $28,466 as
of September 30,1995. Marketable securities increased $86,928 to $197,430 as
of September 30, 1995 compared to $110,502 as of December 31, 1994.
CHANGES IN RESULTS OF OPERATIONS
Carwash volume decreased 1,353 cars from
29,499 for the 3 month period ended September 30, 1994 to 29,443 for the same
period ended September 30, 1995. The slight volume decrease is attributable
to poor weather conditions.
Revenue for the 3 month period ended September 30, 1995 was $458,407 compared
to $463,789 for the same period ended September 30, 1994, an decrease of
$5,382 or 1.0%.
During the 3 months ended September 30, 1995 costs and expenses were $403,785
compared to $421,972 for the same period ended September 30, 1995, an
decrease of $18,187 or 4%. The decrease is due to cutting labor costs.
At September 30, 1995 the Company posted a net profit of $127,587 compared to
a profit of $52,067 for the same period ended September 30, 1994, an increase
of $75,520 or 145%. This increase is due to a one time extraordinary income
of $70,325 pertaining to the Murray City power lawsuit summary judgment. The
$70,325 was previously expensed as in 1993. Without the extraordinary income
the profit for the 3 month period ended September 30, 1995 would be $57,262.
Net earnings per share for the period were negligible.
Revenues for the 9 month period ended September 30 ,1995 were $1,146,151
compared to $1,251,438 for the same period in 1994. Revenues decreased
$105,287 or 8%. The decrease is attributable to poor weather conditions in
the second quarter of 1995.
For the 9 months ended September 30, 1995, costs and expenses were $1,082,456
compared to $1,161,624 for the same period ended 1994, a decrease of $79,168
or 7%.
The Company posted a net profit of $155,964 for the 9 months ended September
30, 1995 compared to $113,717 for the same period ended September 30, 1994,
an increase of $42,247 or 37%. Without
-13-
<PAGE>
extraordinary income the profit for the nine months ended September 30, 1995
would have been $85,639 for a decrease of $28,078 or 25%.
The current ratio as of September 30, 1995 was 2.84 compared to 2.15 as of
September 30, 1994. Long term liabilities were $139,325 as of September 30,
1995 compared to $213,075 as of September 30, 1994. Management believes that
sufficient working capital exists for its operations.
ITEM 1. LEGAL PROCEEDINGS
The Company is the Plaintiff in a lawsuit filed in Third District Court, Salt
Lake County, State of Utah, which is styled Buff-N-Puffs, Ltd. vs. Murray
City Corporation, Civil No. 940901637CN. The litigation generally involves a
claim made by Murray City Corporation for the sum of $70,325, allegedly
representing under-billed electrical service from January 12, 1990 to January
7, 1994. The complaint basically asks the court to find that Murray City
Corporation has no claim to collect the amount requested by it.
On September 5, 1995 The case entitled Buffs-N-Puffs v. Murray City Corp. Was
heard in the Third District Court of Utah. At this hearing Summary Judgement
was granted for Buffs-N-Puffs and against Murray City. The judge signed the
Summary Judgement order on September 26, 1995.
On October 10, 1995 the Third District Court dismissed all claims with
prejudice in the lawsuit entitled above.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
The Registrant has no securities which are reportable under this item.
ITEM 4. MATTERS SUBMITTED TO A VOTE OF THE COMPANY'S
SHAREHOLDERS
No matters were submitted to a vote of the Company's shareholders during this
quarter.
-14-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Buffs-N-Puffs, Ltd.
By: Alan R. Theis
---------------------------
Alan R. Theis
On Behalf of the Registrant
and as Secretary/Treasurer
and Chief Financial Officer
Dated November 5 , 1995.
-15-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 142,196
<SECURITIES> 197,430
<RECEIVABLES> 32,459
<ALLOWANCES> 0
<INVENTORY> 28,466
<CURRENT-ASSETS> 442,261
<PP&E> 1,359,211
<DEPRECIATION> 589,206
<TOTAL-ASSETS> 1,510,850
<CURRENT-LIABILITIES> 155,649
<BONDS> 139,325
<COMMON> 611
0
0
<OTHER-SE> 1,215,265
<TOTAL-LIABILITY-AND-EQUITY> 1,510,850
<SALES> 1,154,768
<TOTAL-REVENUES> 1,248,194
<CGS> 0
<TOTAL-COSTS> 1,082,456
<OTHER-EXPENSES> 9,673
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 35,056
<INCOME-PRETAX> 85,739
<INCOME-TAX> 100
<INCOME-CONTINUING> 85,639
<DISCONTINUED> 0
<EXTRAORDINARY> 70,325
<CHANGES> 0
<NET-INCOME> 155,964
<EPS-PRIMARY> .01
<EPS-DILUTED> 0
</TABLE>
