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Previous: IONICS INC, SC 13G, 1996-02-27 |
Next: JAPAN FUND INC, NSAR-B, 1996-02-27 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street
Washington, D.C. 20549
Amendment No. 1 To
Form 10-QSB
-----------
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended December 31, 1995
-----------------
Commission File No. 0-3858
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INTERNATIONAL LEISURE HOSTS, LTD.
--------------------------------
(Exact name of Registrant as specified in its charter)
Wyoming 86-0224163
- ------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
2525 E. Camelback, Ste. 275 Phoenix, AZ 85016
- --------------------------------------- ---------------------------------
(Address of principal executive (Zip Code)
office)
Issuer's telephone number, including area code (602) 955-6100
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act during the 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
stock as of the close of the latest practicable date. There were 697,677 shares
of $.01 par value common stock outstanding as of February 5, 1996.
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. Summarized Financial Information
INTERNATIONAL LEISURE HOSTS, LTD.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
December March
31, 1995 31, 1995
----------- -----------
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 45,171 $ 573,279
Marketable investment securities 300,000
Accounts receivable 19,923 10,855
Merchandise inventories 198,700 114,515
Prepaid income taxes 92,476 15,147
Prepaid expenses and other 49,145 6,338
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Total current assets 405,415 1,020,134
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CASH SEGREGATED FOR CONSTRUCTION OF
REPLACEMENT PROPERTY 116,758
PROPERTY AND EQUIPMENT
Buildings, equipment and improvements 6,222,426 2,807,179
Construction in process 252,700 2,841,521
Less accumulated depreciation and amortization (2,489,946) (2,357,201)
----------- -----------
Property and equipment - net 3,985,180 3,291,499
DEPOSITS 2,478 2,478
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$ 4,393,073 $ 4,430,869
=========== ===========
LIABILITIES & SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 165,099 $ 476,423
Accrued liabilities 66,553 63,005
Advanced deposits 206,389 106,520
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Total current liablilites 438,041 645,948
DEFERRED INCOME TAXES 180,852 180,852
----------- -----------
Total liabilities 618,893 826,800
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COMMITMENTS AND CONTINGENCIES (Note 3)
SHAREHOLDERS' EQUITY:
Preferred stock, $5 par value - authorized 100,000 shares;
issued, none
Common stock $.01 par value - authorized 2,000,000 shares;
issued, 718,373 shares 7,184 7,184
Additional paid-in capital 656,426 656,426
Retained earnings 3,173,082 2,999,687
Common stock in treasury, at cost - 20,696 and 19,875 shares (62,512) (59,228)
----------- -----------
Total shareholders' equity 3,774,180 3,604,069
----------- -----------
$ 4,393,073 $ 4,430,869
=========== ===========
</TABLE>
See notes to the consolidated financial statements.
<PAGE>
<TABLE>
INTERNATIONAL LEISURE HOSTS, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>
Nine months ended December 31,
--------------------------
1995 1994
----------- -----------
<S> <C> <C>
OPERATING ACTIVITIES:
Net Income $ 173,395 $ 349,894
Adjustment to reconcile net income to net cash
provided by (used in) operations:
Depreciation and amortization 132,745 57,774
Changes in assets and liabilities:
Accounts receivable (9,068) 51,880
Merchandise inventories (84,185) (8,267)
Prepaid expenses and other (42,807) (60,508)
Accounts payable (311,324) 336,012
Accrued liabilities 3,548 (47,855)
Advance deposits 99,869 150,594
Income taxes (77,329) (38,811)
----------- -----------
Net cash provided by (used in) operating activities (115,156) 790,713
----------- -----------
INVESTING ACTIVITIES:
Increase in property and equipment (3,415,247) (26,271)
Decrease (Increase) in construction in progress 2,588,821 (2,218,397)
Use of cash segregated for construction of
replacement property 116,758 916,790
Purchase of marketable investment securities (398,044)
Sale of marketable investment securities 300,000 1,542,892
----------- -----------
Net cash used by investing activities (409,668) (183,030)
FINANCING ACTIVITIES:
Common stock purchased for treasury (3,284)
----------- -----------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (528,108) 607,683
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 573,279 95,505
----------- -----------
CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 45,171 $ 703,188
=========== ===========
</TABLE>
See notes to consolidated financial statements.
<PAGE>
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed by the undersigned, thereunto duly authorized.
INTERNATIONAL LEISURE HOSTS, LTD.
--------------------------------
(REGISTRANT)
DATE: 2/27/96 BY: /s/ John L. Bradley
----------------- ----------------------
John L. Bradley
President
DATE: 2/27/96 BY: /s/ Mark G. Sauder
----------------- ----------------------
Mark G. Sauder,
Chief Financial Officer
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