U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 28, 1996
Commission File Number:
Vacation Ownership Marketing, Inc.
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(Exact name of small business issuer as specified in its charter)
Deleware 13-2648442
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(State of other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
444 Park Forest Way, Wellington, Florida 33414
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(Address of principal executive offices including zip code)
(561) 798-4294
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(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act 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.
Yes X No___
As of February 28, 1996, the Registrant had 5,879,502 shares of
common stock, no par value per share, outstanding.
Transitional Small Business Disclosure Format (check one): Yes__
No X
INDEX
PAGE
NUMBER
Part I. Financial Information
Item I. Financial Statements
Balance Sheets as of February 28,
1996 and May 31, 1995 3
Statement of Operations, Three Months
Ended February 28, 1996 and 1995 4
Statement of Operations, Six Months
Ended February 28, 1996 and 1995 5
Statement of Cash Flows, Three Months
Ended February 28, 1996 and 1995 6
Statement of Cash Flows, Six Months
Ended February 28, 1996 and 1995 7
Notes to Financial Statements 8
Item 2. Management's Discussion and
Analysis of Financial Conditions
and Results of Operations 9
Part II. Other Information 10
2
Vacation Ownership Marketing, Inc.
BALANCE SHEETS
(Unaudited)
ASSETS
February 28 May 31
1996 1995
------------ -----------
Current Assets $ - $ -
----------- ----------
Total Assets $ - $ -
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities $ - $ -
----------- ----------
Total Liabilities - -
----------- ----------
Stockholders'
Equity:
Common Stock, $.01
par value,
15,000,000 shares
authorized
5,879,502 shares
issued and
outstanding 58,795 58,795
Additional paid-in 2,007,488 2,007,488
capital
Accumulated (2,066,283) (2,066,283)
(deficit)
----------- ----------
Total Stockholders' - -
Equity
----------- ----------
Total Liabilities $ - $ -
and Stockholders'
Equity
The accompanying notes are an integral part of the financial
statements.
3
Vacation Ownership Marketing, Inc.
STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended
February 28, February 28,
1996 1995
Revenues $ - $ -
----------- -----------
Expenses:
Administrative and - -
other
----------- -----------
Total Expenses - -
----------- -----------
Net (Loss) $ - $ -
----------- -----------
Per Share $ nil $ nil
Weighted Average
Number
of Shares 5,879,502 5,879,502
Outstanding
The accompanying notes are an integral part of the financial
statements.
4
Vacation Ownership Marketing, Inc.
STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended
February 28, February 28,
1996 1995
Revenues $ - $ -
----------- -----------
Expenses:
Administrative and - -
other
----------- -----------
Total Expenses - -
----------- -----------
Net (Loss) $ - $ -
----------- -----------
Per Share $ nil $ nil
Weighted Average
Number
of Shares 5,879,502 5,879,502
Outstanding
The accompanying notes are an integral part of the financial
statements.
5
Vacation Ownership Marketing, Inc.
STATEMENT OF CASH FLOWS
(Unaudited)
Three Months Ended
February 28, February 28,
1996 1995
Cash Flows from
Operating
Activities:
Net (loss) $ - $ -
---------- -----------
Net Cash Provided By - -
Operating Activities
---------- -----------
Cash Flows from
Investing
Activities:
---------- -----------
Net Cash (Used in) - -
Investing Activities
---------- -----------
Cash Flows from
Financing
Activities:
---------- -----------
Net Cash Provided by - -
Financing Activities
---------- -----------
Increase in Cash - -
Cash, Beginning of - -
Period
---------- -----------
Cash, End of Period $ - $ -
Interest Paid $ - $ -
Income Taxes Paid $ - $ -
The accompanying notes are an integral part of the financial
statements.
6
Vacation Ownership Marketing, Inc.
STATEMENT OF CASH FLOWS
(Unaudited)
Six Months Ended
February 28, February 28,
1996 1995
Cash Flows from
Operating
Activities:
Net (loss) $ - $ -
---------- -----------
Net Cash Provided By - -
Operating Activities
---------- -----------
Cash Flows from
Investing
Activities:
---------- -----------
Net Cash (Used in) - -
Investing Activities
---------- -----------
Cash Flows from
Financing
Activities:
---------- -----------
Net Cash Provided by - -
Financing Activities
---------- -----------
Increase in Cash - -
Cash, Beginning of - -
Period
---------- -----------
Cash, End of Period $ - $ -
Interest Paid $ - $ -
Income Taxes Paid $ - $ -
The accompanying notes are an integral part of the financial
statements.
7
Vacation Ownership Marketing, Inc.
NOTES TO FINANCIAL STATEMENTS
February 28, 1996 (Unaudited)
(1) Condensed Financial Statements
The financial statements included herein have been prepared by
Vacation Ownership Marketing, Inc. without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in
the financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted as
allowed by such rules and regulations, and Vacation Ownership
Marketing, Inc. believes that the disclosures are adequate to
make the information presented not misleading. It is suggested
that these financial statements be read in conjunction with the
May 31, 1996 audited financial statements and the accompanying
notes thereto. While management believes the procedures followed
in preparing these financial statements are reasonable, the
accuracy of the amounts are in some respect's dependent upon the
facts that will exist, and procedures that will be accomplished
by Vacation Ownership Marketing, Inc. later in the year.
The management of Vacation Ownership Marketing, Inc. believes
that the accompanying unaudited condensed financial statements
contain all adjustments (including normal recurring adjustments)
necessary to present fairly the operations and cash flows for the
periods presented.
8
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Vacation Ownership Marketing, Inc. ("Company") was incorporated
in Delaware as Magness Communications Corp. in 1969 and changed
its name to its present name in 1980. Coinciding with the name
change the Company changed its business to the development and
marketing of time-shared condominiums which it continued until
1983. During that year, the Company experienced financial
difficulties and encountered adverse litigation. The Company's
charter expired until May 7, 2000, when a certificate of renewal
was issued. It is management's plan to start a new business or
seek a business combination.
The Company generated no revenues during the quarter ended
November 30, 1996, and management does not anticipate any
revenues until following the conclusion of a merger or
acquisition, if any, as contemplated by the Company's business
plan.
The Company's capital is limited. The Company anticipates
operational costs will be limited until such time as significant
evaluation work is undertaken regarding prospective mergers or
acquisitions.
At February 28, 1996, the Company had no material commitments for
capital expenditures.
9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
None.
10
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.
Vacation Ownership Marketing, Inc.
Date: August 10, 2000 By:/s/ Peter Porath
Peter Porath, President
11
EXHIBIT INDEX
EXHIBIT METHOD OF FILING
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27. FINANCIAL DATA SCHEDULE Filed herewith electronically
