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Previous: GOLDEN WEST FINANCIAL CORP /DE/, 10-Q, 1995-11-14 |
Next: GOULDS PUMPS INC, 10-Q, 1995-11-14 |
<PAGE> 1
F O R M 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Quarterly Report Pursuant to Section 13 or 15 (d)
of The Securities Exchange Act of 1934
For Quarter Ended September 30, l995
Commission File No. 2-64309
GOLF HOST RESORTS, INC.
STATE OF COLORADO EMPLOYER IDENTIFICATION NO. 84-0631130
Post Office Drawer 3131, Durango, Colorado 81302
Telephone Number (303) 259-2000
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by
Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding twelve months, and (2) has
been subject to the filing requirements for the past 90
days. Yes X No
------ ------
Issuer has no common stock subject to this report.
Page l of l9
<PAGE> 2
GOLF HOST RESORTS, INC.
BALANCE SHEETS
SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
ASSETS
(Substantially all pledged - Notes 2 and 3)
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1995 1994
------------- ------------
<S> <C> <C>
CURRENT ASSETS:
Cash $ l57,l75 $ 824,875
Accounts and notes receivable 4,736,6l8 3,87l,305
Inventories and supplies 4,4l7,360 4,3l8,522
Prepaid expenses and other l,099,l07 l,255,488
Intercompany receivables l,38l,059 448,587
------------ ------------
Total current assets ll,79l,3l9 l0,7l8,777
LONG-TERM RECEIVABLES, less
amounts currently due l,076,046 l,088,484
PROPERTY AND EQUIPMENT, at cost,
less accumulated depreciation 40,095,430 38,922,4l6
------------ ------------
$ 52,962,795 $ 50,729,677
============ ============
</TABLE>
The accompanying notes are an integral part of these balance sheets. These
balance sheets were prepared from the books and records of the Company without
audit and, in the opinion of management, include all adjustments which are
necessary for a fair presentation.
Page 2
<PAGE> 3
GOLF HOST RESORTS, INC.
BALANCE SHEETS
SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
LIABILITIES AND SHAREHOLDERS' INVESTMENT
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1995 1994
------------- ------------
<S> <C> <C>
CURRENT LIABILITIES:
Notes payable $ 663,ll9 $ l00
Maturing long-term obligations 2,478,975 2,053,566
Accounts payable 2,444,386 l,48l,70l
Accrued expenses 3,440,893 4,305,8l2
Deposits and prepaid fees 2,l76,4ll 3,084,82l
------------ ------------
Total current liabilities ll,203,784 l0,926,000
------------ ------------
LONG-TERM OBLIGATIONS, less current
maturities 20,436,9l7 2l,430,570
------------ ------------
LONG-TERM INTERCOMPANY 4,892,l94 3,725,l58
------------ ------------
LONG-TERM CONTINGENCY l,933,496 l,8l3,l2l
------------ ------------
SHAREHOLDERS' INVESTMENT:
Common stock, $1 par, 5,000
shares authorized and out-
standing 5,000 5,000
5.6% cumulative preferred
stock, $1 par, 4,577,000
shares authorized and
outstanding 4,577,000 4,577,000
Other shareholders' investment 9,9l4,404 8,252,828
------------ ------------
Total shareholders' investment l4,496,404 l2,834,828
------------ ------------
$ 52,962,795 $ 50,729,677
============ ============
</TABLE>
The accompanying notes are an integral part of these balance sheets. These
statements were prepared from the books and records of the Company without
audit and, in the opinion of management, include all adjustments which are
necessary for a fair presentation.
Page 3
<PAGE> 4
GOLF HOST RESORTS, INC.
STATEMENTS OF INCOME (LOSS)
FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, L995 AND 1994
<TABLE>
<CAPTION>
QUARTERS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
--------------------------------- ---------------------------------
1995 1994 1995 1994
------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
REVENUES:
Hotel $ 3,665,987 $ 3,794,9l0 $l4,907,634 $l3,454,72l
Food and beverage 2,747,333 2,957,069 ll,754,897 l0,320,464
Golf 2,635,659 2,650,400 l2,324,758 ll,903,958
Other l,9l7,360 l,840,50l 7,070,752 6,l56,55l
Real estate activities 397,327 5l0,000 397,327 5l0,000
----------- ----------- ----------- -----------
ll,363,666 ll,752,880 46,455,368 42,345,694
----------- ----------- ----------- -----------
COSTS AND OPERATING EXPENSES:
Hotel 3,230,604 3,434,774 l2,429,l08 ll,887,728
Food and beverage 2,202,l52 2,257,906 7,78l,007 7,l77,804
Golf l,303,537 l,280,578 4,680,609 4,530,859
Other 4,3l9,236 4,l58,426 l3,789,455 l2,778,20l
General and administrative 978,826 892,637 3,0ll,720 2,809,743
Real estate activities 23l,l54 332,l3l 233,929 332,l3l
----------- ----------- ----------- -----------
l2,265,509 l2,356,452 4l,925,828 39,5l6,466
----------- ----------- ----------- -----------
OPERATING INCOME (LOSS) (90l,843) (603,572) 4,529,540 2,829,228
INTEREST, NET 528,292 540,568 l,554,852 l,582,970
----------- ----------- ----------- -----------
INCOME (LOSS) BEFORE INCOME TAX (l,430,l35) (l,l44,l40) 2,974,688 l,246,258
PARENT INCOME TAX CHARGE (CREDIT) (525,400) (449,000) l,l20,700 445,900
----------- ----------- ----------- -----------
NET INCOME (LOSS) BEFORE DIVIDEND
REQUIREMENTS ON PREFERRED STOCK (904,735) (695,l40) l,853,988 800,358
DIVIDEND REQUIREMENTS ON
PREFERRED STOCK 63,900 63,900 l92,4l2 l92,4l2
----------- ----------- ----------- -----------
NET INCOME (LOSS) AVAILABLE
TO COMMON SHAREHOLDERS $ (968,635) $ (759,040) $ l,66l,576 $ 607,946
=========== =========== =========== ===========
EARNINGS (LOSS) PER COMMON SHARE $ (l93.73) $ (l5l.8l) $ 332.32 $ l2l.59
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these statements. These
statements were prepared from the books and records of the Company without
audit and, in the opinion of management, include all adjustments which are
necessary for a fair presentation.
Page 4
<PAGE> 5
GOLF HOST RESORTS, INC.
STATEMENTS OF SHAREHOLDERS' INVESTMENT
FOR THE TWENTY-ONE MONTHS ENDED SEPTEMBER 30, 1995
<TABLE>
<CAPTION> Other Shareholders'
$l Par Value 5.6% Cumulative Investment
Common Stock Preferred Stock --------------------- Total
--------------------- --------------------- Paid-In Retained Shareholders'
Shares Amount Shares Amount Capital Earnings Investment
------ ------ --------- --------- ------- -------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1993 5,000 $5,000 4,577,000 $4,577,000 $2,329,447 $5,785,774 $ l2,697,22l
Net income available to
common shareholders - - - - - l37,607 l37,607
----- ----- --------- ---------- ---------- ---------- ------------
Balance, December 31, 1994 5,000 5,000 4,577,000 4,577,000 2,329,447 5,923,38l l2,834,828
----- ----- --------- ---------- ---------- ---------- ------------
Net income available to
common shareholders - - - - - l,66l,576 l,66l,576
----- ----- --------- ---------- ---------- ---------- ------------
Balance, September 30, 1995 5,000 $5,000 4,577,000 $4,577,000 $2,329,447 $7,584,957 $ l4,496,404
===== ====== ========= ========== ========== ========== ============
</TABLE>
The accompanying notes are an integral part of these statements.
These statements were prepared from the books and records of the
Company without audit and, in the opinion of management, include all
adjustments which are necessary for a fair presentation.
Page 5
<PAGE> 6
GOLF HOST RESORTS, INC.
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, L995 AND L994
<TABLE>
<CAPTION>
1995 1994
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income before dividend requirements
on preferred stock $ l,853,988 $ 800,358
Adjustments to reconcile net
income to net cash flows from
operating activities:
Depreciation l,842,300 l,8l8,900
Changes in working capital
other than cash (Note 7) (2,359,090) (2,572,8l5)
----------- -----------
Net cash flows provided by
operating activities l,337,l98 46,443
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (3,0l9,066) (2,22l,950)
Recovery of cost of property and
equipment sold 3,740 l3,097
Additions to notes receivable (287,476) (88,086)
Reduction in notes receivable l08,l3l ll8,969
----------- -----------
Net cash flows used in investing
activities (3,l94,67l) (2,l77,970)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in notes payable 663,0l9 927,073
Increases in long-term obligations l,300,l65 l,0l8,l86
Decreases in long-term obligations (l,868,4l0) (l,4l6,554)
Increase in long-term intercompany 974,624 67l,605
Increase in long-term contingency l20,375 703,524
----------- -----------
Net cash flows used in by
financing activities l,l89,773 l,903,834
----------- -----------
NET DECREASE IN CASH (667,700) (227,693)
CASH, BEGINNING OF PERIOD 824,875 548,7l3
----------- -----------
CASH, END OF PERIOD $ l57,l75 $ 32l,020
=========== ===========
</TABLE>
Supplemental information on noncash financing and investing activities is
included in Note 7.
The accompanying notes are an integral part of these statements. These
statements were prepared from the books and records of the Company without audit
and, in the opinion of management, include all adjustments which are necessary
for a fair presentation.
Page 6
<PAGE> 7
GOLF HOST RESORTS, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995 AND 1994
(1) ORGANIZATION, BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
During the quarter, there was no significant change from the 10-K
filing of December 31, 1994.
Financial Statement Presentation
Certain reclassifications have been made to the December 3l, l993,
September 30, l994 and December 3l, l994 financial statements to
conform to the September 30, l995 presentation.
(2) LINES OF CREDIT
During the quarter, there was no significant change from the 10-K
filing of December 31, 1994 except as follows:
Under provisions of the related loan agreements, approximately
$3,858,000 was available for immediate use.
(3) LONG-TERM OBLIGATIONS
Long-term obligations consist of the following:
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
------------ ------------
<S> <C> <C>
Mortgage notes at prime to 9% $l8,756,430 $l9,890,35l
Equipment revolving credit line
at prime, maturing serially
from l997 to l999 3,908,950 3,835,670
Other 773,9l2 334,ll5
Unamortized debt discount expense (523,400) (576,000)
----------- -----------
22,9l5,892 23,484,l36
Less-current maturities (2,478,975) (2,053,566)
----------- -----------
$20,436,9l7 $2l,430,570
=========== ===========
</TABLE>
Page 7
<PAGE> 8
The remainder of Note 3 has not changed significantly from the 10-K filing
of December 31, 1994.
(4) LEASES
During the quarter, there was no significant change from the 10-K filing of
December 31, 1994.
(5) ACCRUED EXPENSES
Accrued expenses consist of the following:
<TABLE>
<CAPTION>
September 30, December 31,
l995 l994
------------ ------------
<S> <C> <C>
Rental pool lease distribution $ l,787,045 $ l,895,688
Salaries 799,259 l,244,500
Taxes, other than income taxes 563,448 73l,278
Other 29l,l4l 434,346
----------- -----------
$ 3,440,893 $ 4,305,8l2
=========== ===========
</TABLE>
(6) INCOME TAX ALLOCATION AND SHARING POLICY
During the quarter, there was no significant change from the 10-K
filing of December 31, 1994.
(7) SUPPLEMENTAL CASH FLOW DATA
The (increases) decreases in working capital other than cash are as
follows:
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
1995 1994
------------- --------------
<S> <C> <C>
Accounts and notes receivable $ (673,530) $ (l,30l,064)
Inventories and supplies (98,838) (345,l84)
Prepaid expenses and other l56,38l (266,l50)
Intercompany (932,456) (234,763)
Accounts payable 962,685 l0,l40
Accrued expenses (864,9l9) 2l,649
Deposits and prepaid fees (908,4l3) (457,443)
------------ ------------
$ (2,359,090) $ (2,572,8l5)
============ ============
</TABLE>
Page 8
<PAGE> 9
<TABLE>
<S> <C> <C>
Noncash Financing Activities:
The Company satisfied its preferred
stock dividend liability to
Golf Hosts, Inc. through the
long-term intercompany account. $ l92,4l2 $ l92 4l2
Noncash Investing Activities:
The Company obtained machinery
and equipment through a trade-in. $ 35l,050 $ -
</TABLE>
Page 9
<PAGE> 10
GOLF HOST RESORTS, INC.
Management's Discussion and Analysis
of Financial Condition and Results of Operations
Results of Operations
Occupancy for the quarter, measured in room nights, decreased 4.6%
from the prior year level. On a divisional basis, Innisbrook experienced an
increase of l.8%, while Tamarron's occupancy declined by l4.0%. Tamarron's
decrease generally can be attributed to ongoing uncertainty over the
availability of airline service into the Durango area. The Company continues
to pursue arrangements that will insure sufficient airline seat capacity to the
Durango destination.
On a per occupied room night basis, revenues, excluding those from
real estate activities, increased 2.2%, from $257.22 to $262.88. The modest
improvement in the level of spending partially mitigated the impact of the
occupancy decline and is reflected in the 3.3% decrease in total revenues. On
a divisional basis, resort spending per occupied room night was $252.72
compared with $236.77 a year earlier for Innisbrook and $280.62 compared with
$287.36 a year earlier for Tamarron.
Costs and operating expenses were l07.9% of revenues compared with
l05.l% a year earlier. The increase in the costs and operating expenses
percentage generally can be attributed to lost economies of scale typically
associated with lower operating levels. Interest expense, net, was down
slightly from the year-ago level, with the contributing factors being
individually insignificant.
For the year, occupancy, measured in room nights, was 5.4% ahead of
the year-ago level. Total revenues were approximately $4,ll0,000 ahead of the
level of a year ago. On a per occupied room night basis, revenue, excluding
real estate activities, increased 4.4%, from $304.26 to $3l7.72. On a
comparative basis, costs and operating expenses were 90.2% and 93.3% of
revenues for l995 and l994, respectively.
Financial Condition
Net working capital at September 30, l995 was $587,535 compared with
a deficit $207,223 at December 3l, l994 and $889,786 at September 30, l994.
Variances between periods are not unusual and reflect the seasonal nature of
the Company's operations.
Based upon current operating projections and the existence of various
credit facilities with the Company's lenders, available resources are expected
to satisfactorily meet the Company's cash requirements.
Page l0
<PAGE> 11
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Registrant is not currently involved in lawsuits other than
ordinary routine litigation incidental to its business.
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
Pursuant to an agreement with the SEC staff, included in
this 10-Q filing are unaudited financial statements of the
Innisbrook Rental Pool Lease Operation and the Tamarron
Rental Pool Lease Operation for the quarter and nine months
ended September 30, 1995.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27 Financial Data Schedule (for SEC use only)
(b) Reports on Form 8-K
None
Page ll
<PAGE> 12
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.
GOLF HOST RESORTS, INC.
Date: November l4, l995 By: /s/ R. S. Ferreira
------------------- -----------------------------
Richard S. Ferreira
Executive Vice President
Chief Financial Officer
Date: November l4, l995 By: /s/ A. S. Herzog
------------------- -----------------------------
A. Stephen Herzog
Vice President and Controller
Chief Accounting Officer
Date: November l4, l995 By: /s/ R. L. Akin
------------------- -----------------------------
Richard L. Akin
Vice President
and Treasurer
Page l2
<PAGE> 13
RENTAL POOL LEASE OPERATIONS
The following unaudited financial statements of the Innisbrook Rental Pool
Lease Operation and the Tamarron Rental Pool Lease Operation (the Rental Pools)
are for the quarter and nine months ended September 30, 1995.
The operations of the Rental Pools are tied closely to that of Golf Host
Resorts, Inc. (the Company), and provide for distribution of a percentage of
the Company's room revenues, as defined in the Rental Pool Master Lease
Agreements, to participating condominium owners (Participants).
The operations of the Rental Pools are more fully discussed in Form 10-K, for
the fiscal year ended December 31, 1994 (File No. 2-64309).
Page l3
<PAGE> 14
INNISBROOK RENTAL POOL LEASE OPERATION BALANCE SHEETS
SEPTEMBER 30, 1995 AND 1994
DISTRIBUTION FUND
<TABLE>
<CAPTION>
1995 1994
---------- ----------
<S> <C> <C>
ASSETS
RECEIVABLE FROM GOLF HOST RESORTS, INC.
FOR DISTRIBUTION - FULLY SECURED $l,007,l59 $l,005,640
INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND l6,870 7,487
---------- ----------
$l,024,029 $l,0l3,l27
========== ==========
LIABILITIES AND PARTICIPANTS' FUND BALANCES
DUE TO PARTICIPANTS FOR DISTRIBUTION $ 894,3l8 $ 886,6l8
DUE TO MAINTENANCE ESCROW FUND l29,7ll l26,509
PARTICIPANTS' FUND BALANCES - -
---------- ----------
$l,024,029 $l,0l3,l27
========== ==========
MAINTENANCE ESCROW FUND
ASSETS
CASH AND CASH EQUIVALENTS $l,2ll,979 $ 836,924
INVENTORIES 25l l,349
RECEIVABLE FROM DISTRIBUTION FUND l29,7ll l26,509
INTEREST RECEIVABLE 22,529 8,942
---------- ----------
$l,364,470 $ 973,724
========== ==========
LIABILITIES AND PARTICIPANTS' FUND BALANCES
ACCOUNTS PAYABLE $ l00,082 $ 888
INTEREST PAYABLE TO DISTRIBUTION FUND l6,870 7,487
CARPET CARE RESERVE 52,534 7l,570
PARTICIPANTS' FUND BALANCES l,l94,984 893,779
---------- ----------
$l,364,470 $ 973,724
========== ==========
</TABLE>
These balance sheets were prepared from the books and records of the Rental
Pool without audit and, in the opinion of management, include all adjustments
which are necessary for a fair presentation.
Page l4
<PAGE> 15
INNISBROOK RENTAL POOL LEASE OPERATION
STATEMENTS OF OPERATIONS
FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
DISTRIBUTION FUND
<TABLE>
<CAPTION>
CURRENT QUARTER YEAR-TO-DATE
--------------------------------- ------------------------------
1995 1994 1995 1994
----------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
GROSS REVENUES $ l,903,330 $ l,928,304 $ll,670,7l6 $l0,ll7,540
----------- ----------- ----------- -----------
REDUCTIONS:
Agents' commissions 7,594 47,24l 249,072 3l7,669
Audit fees 3,l00 2,850 8,950 8,550
----------- ----------- ----------- -----------
l0,694 50,09l 258,022 326,2l9
----------- ----------- ----------- -----------
ADJUSTED GROSS REVENUES l,892,636 l,878,2l3 ll,4l2,694 9,79l,32l
MANAGEMENT FEE (889,539) (882,76l) (5,363,966) (4,60l,922)
----------- ----------- ----------- -----------
GROSS INCOME DISTRIBUTION l,003,097 995,452 6,048,728 5,l89,399
ADJUSTMENTS TO GROSS INCOME
DISTRIBUTION:
Corporate complimentary
occupancy fees l,894 l,725 5,l04 5,267
Occupancy fees (259,4l2) (253,0l4) (l,072,828) (964,078)
Advisory Committee expenses (22,504) (2l,922) (64,24l) (64,809)
Life-safety reimbursement (3,000) - (l69,000) -
----------- ----------- ----------- -----------
NET INCOME DISTRIBUTION 720,075 722,24l 4,747,763 4,l65,779
ADJUSTMENTS TO NET INCOME
DISTRIBUTION:
Occupancy fees 259,4l2 253,0l4 l,072,828 964,078
Hospitality suite fees - l,7l7 2,727 l0,8l3
Greens fees 8,942 9,l23 70,0l8 66,603
Additional participation credit l8,730 l9,545 56,995 59,255
----------- ----------- ----------- -----------
AMOUNT AVAILABLE FOR DISTRIBUTION
TO PARTICIPANTS $ l,007,l59 $ l,005,640 $ 5,950,33l $ 5,266,528
=========== =========== =========== ===========
Average daily distribution $ ll.39 $ ll.37 $ 24.09 $ 2l.04
Average room rate $ 7l.77 $ 74.03 $ l04.98 $ l00.62
Room nights 26,5l9 26,048 lll,l7l l00,553
Occupancy percentage 30.0% 29.4% 45.0% 40.2%
Average number of available units 96l 962 905 9l7
</TABLE>
These statements were prepared from the books and records of the Rental Pool
without audit and, in the opinion of management, include all adjustments which
are necessary for a fair presentation.
Page l5
<PAGE> 16
INNISBROOK RENTAL POOL LEASE OPERATION
STATEMENTS OF CHANGES IN PARTICIPANTS' FUND BALANCES
FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
DISTRIBUTION FUND
<TABLE>
<CAPTION>
CURRENT QUARTER YEAR-TO-DATE
------------------------------ ---------------------------------
1995 1994 1995 1994
----------- ------------ ---------- -----------
<S> <C> <C> <C> <C>
BALANCE, beginning of period $ - $ - $ - $ -
ADDITIONS:
Amounts available for distribution l,007,l59 l,005,640 5,950,33l 5,266,528
Interest received or receivable from
Maintenance Escrow Fund l6,870 7,487 4l,64l l9,350
REDUCTIONS:
Amounts withheld for Maintenance Escrow Fund (l29,7ll) (l26,509) (536,428) (482,048)
Amounts accrued or paid to participants (894,3l8) (886,6l8) (5,455,544) (4,803,830)
----------- ----------- ----------- -----------
BALANCE, end of period $ - $ - $ - $ -
=========== =========== =========== ===========
MAINTENANCE ESCROW FUND
BALANCE, beginning of period $ l,36l,622 $ 800,075 $ 85l,207 $ 733,465
ADDITIONS:
Amounts withheld from occupancy fees l29,7ll l26,509 536,428 482,048
Interest earned l6,870 7,487 4l,64l l9,350
Charges to participants to establish
or restore escrow balances 343,496 250,74l l,060,337 583,532
REDUCTIONS:
Maintenance charges (607,l47) (259,7l2) (l,l96,l39) (824,969)
Carpet care reserve deposit (2,598) (l0,l20) (l0,739) (38,562)
Interest accrued or paid to
Distribution Fund (l6,870) (7,487) (4l,64l) (l9,350)
Refunds to participants as prescribed
by Master Lease Agreement (30,l00) (l3,7l4) (46,ll0) (4l,735)
----------- ----------- ----------- -----------
BALANCE, end of period $ l,l94,984 $ 893,779 $ l,l94,984 $ 893,779
=========== =========== =========== ===========
</TABLE>
These statements were prepared from the books and records of the Rental Pool
without audit and, in the opinion of management, include all adjustments which
are necessary for a fair presentation.
Page l6
<PAGE> 17
TAMARRON RENTAL POOL LEASE OPERATION
BALANCE SHEETS
SEPTEMBER 30, 1995 AND 1994
DISTRIBUTION FUND
<TABLE>
<CAPTION>
1995 1994
---------- ----------
<S> <C> <C>
ASSETS
CASH $ l,000 $ l,000
RECEIVABLE FROM GOLF HOST RESORTS, INC.
FOR DISTRIBUTION 779,886 802,7ll
INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND l,424 l,l08
---------- ----------
$ 782,3l0 $ 804,8l9
========== ==========
LIABILITIES AND PARTICIPANTS' FUND BALANCES
DUE TO PARTICIPANTS FOR DISTRIBUTION $ 703,7ll $ 7l6,709
DUE TO MAINTENANCE ESCROW FUND 78,599 88,ll0
PARTICIPANTS' FUND BALANCES - -
---------- ----------
$ 782,3l0 $ 804,8l9
========== ==========
MAINTENANCE ESCROW FUND
ASSETS
CASH AND CASH EQUIVALENTS $ l28,262 $ l60,3l2
DUE FROM DISTRIBUTION FUND 78,599 88,ll0
INTEREST RECEIVABLE l,277 -
INVENTORY:
Linen 98,965 57,395
Materials and supplies l0,l5l l4,l08
DEPOSITS 60,209 -
---------- ----------
$ 377,463 $ 3l9,925
========== ==========
LIABILITIES AND PARTICIPANTS' FUND BALANCES
ACCOUNTS PAYABLE $ 560 $ 7,64l
INTEREST PAYABLE TO DISTRIBUTION FUND l,424 l,l08
PARTICIPANTS' FUND BALANCES 375,479 3ll,l76
---------- ----------
$ 377,463 $ 3l9,925
========== ==========
</TABLE>
These balance sheets were prepared from the books and records of the Rental
Pool without audit and, in the opinion of management, include all adjustments
which are necessary for a fair presentation.
Page l7
<PAGE> 18
TAMARRON RENTAL POOL LEASE OPERATION
STATEMENTS OF OPERATIONS
FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
DISTRIBUTION FUND
<TABLE>
<CAPTION>
CURRENT QUARTER YEAR-TO-DATE
--------------------------- -----------------------------
1995 1994 1995 1994
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
GROSS REVENUES $ l,762,657 $ l,866,606 $ 3,236,9l8 $ 3,337,l8l
----------- ----------- ----------- -----------
REDUCTIONS:
Agents' commissions 42,084 60,425 90,805 l37,828
Sales and marketing expenses l58,639 20l,59l 29l,323 3l7,033
Audit fees 2,709 2,450 7,689 7,35l
----------- ----------- ----------- -----------
203,432 264,466 389,8l7 462,2l2
----------- ----------- ----------- -----------
ADJUSTED GROSS REVENUES l,559,225 l,602,l40 2,847,l0l 2,874,969
MANAGEMENT FEE (779,6l2) (80l,070) (l,423,550) (l,437,485)
----------- ----------- ----------- -----------
GROSS INCOME DISTRIBUTION 779,6l3 80l,070 l,423,55l l,437,484
ADJUSTMENTS TO GROSS INCOME
DISTRIBUTION:
Corporate complimentary
occupancy fees l,007 l,34l 2,47l 2,956
Occupancy fees (l23,223) (l44,457) (273,076) (297,966)
Designated items (l5,987) (l4,8l6) (50,965) (40,566)
Advisory Committee expenses (733) (66) (6,425) (2,665)
----------- ----------- ----------- -----------
POOLED INCOME 640,677 643,072 l,095,556 l,099,243
ADJUSTMENTS TO POOLED INCOME:
Hospitality suite fees - 300 l05 973
Occupancy fees l23,223 l44,457 273,076 297,966
----------- ----------- ----------- -----------
NET INCOME DISTRIBUTION $ 763,900 $ 787,829 $ l,368,737 $ 1,398,l82
=========== =========== =========== ===========
Average daily distribution $ 3l.04 $ 30.54 $ l8.27 $ l7.86
Average room rate $ ll5.99 $ l05.68 $ 95.79 $ 90.32
Room nights l5,l97 l7,662 33,79l 36,947
Occupancy percentage 6l.8% 68.5% 45.l% 47.2%
Average number of available units 267 280 274 287
Number of units in Rental Pool
at 9/30/95 29l - - -
</TABLE>
These statements were prepared from the books and records of the Rental
Pool without audit and, in the opinion of management, include all
adjustments which are necessary for a fair presentation.
Page l8
<PAGE> 19
TAMARRON RENTAL POOL LEASE OPERATION
STATEMENTS OF CHANGES IN PARTICIPANTS' FUND BALANCES
FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
<TABLE>
<CAPTION>
Current Quarter Year-to-Date
----------------------------- ---------------------------------
1995 1994 1995 1994
---------- ----------- ---------- -------------
<S> <C> <C> <C> <C>
DISTRIBUTION FUND:
BALANCE, beginning of period $ - $ - $ - $ -
ADDITIONS:
Amounts available for distribution 763,900 787,829 l,368,736 l,398,l82
Interest received or receivable from
Maintenance Escrow Fund l,424 l,l08 4,254 3,734
REDUCTIONS:
Amounts withheld for Maintenance Escrow Fund (6l,6l3) (72,228) (l36,540) (l48,984)
Amounts accrued or paid to participants (703,7ll) (7l6,709) (l,236,450) (l,252,932)
----------- ----------- ----------- -----------
BALANCE, end of period $ - $ - $ - $ -
=========== =========== =========== ===========
MAINTENANCE ESCROW FUND:
BALANCE, beginning of period $ 35l,5l3 $ 27l,548 $ 397,655 $ 258,562
ADDITIONS:
Amounts withheld from occupancy fees 6l,6l3 72,228 l36,540 l48,984
Interest earned l,424 l,l08 4,254 3,734
Reimbursement of designated items l5,987 l4,8l6 50,965 40,566
Charges to participants to establish
or restore escrow balances l2,7l5 ll,954 89,78l 27,47l
REDUCTIONS:
Maintenance and inventory charges (l9,3l7) (26,378) (ll9,974) (95,468)
Refurbishing charges (27,808) (203) (ll0,586) (464)
Interest accrued or paid to
Distribution Fund (l,424) (l,l08) (4,254) (3,734)
Designated items (l5,987) (l4,8l6) (50,965) (40,566)
Refunds to participants as prescribed
by Master Lease Agreement (3,237) (l7,973) (l7,937) (27,909)
----------- ----------- ----------- -----------
BALANCE, end of period $ 375,479 $ 3ll,l76 $ 375,479 $ 3ll,l76
=========== =========== =========== ===========
</TABLE>
These statements were prepared from the books and records of the Rental Pool
without audit and, in the opinion of management, include all adjustments which
are necessary for a fair presentation.
Page l9
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF GOLF HOST RESORTS, INC. FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1995, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 157,175
<SECURITIES> 0
<RECEIVABLES> 4,823,835
<ALLOWANCES> 87,217
<INVENTORY> 4,417,360
<CURRENT-ASSETS> 11,791,319
<PP&E> 64,209,240
<DEPRECIATION> 24,113,810
<TOTAL-ASSETS> 52,962,795
<CURRENT-LIABILITIES> 11,203,784
<BONDS> 22,915,892
<COMMON> 5,000
0
4,577,000
<OTHER-SE> 9,914,404
<TOTAL-LIABILITY-AND-EQUITY> 52,962,795
<SALES> 15,291,901
<TOTAL-REVENUES> 46,455,368
<CGS> 4,781,175
<TOTAL-COSTS> 41,925,828
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 73,953
<INTEREST-EXPENSE> 1,554,852
<INCOME-PRETAX> 2,974,688
<INCOME-TAX> 1,120,700
<INCOME-CONTINUING> 1,853,988
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,853,988
<EPS-PRIMARY> 332.32
<EPS-DILUTED> 332.32
</TABLE>
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