<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
JOINT QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 or
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 1-8927 Commission File Number: 0-16156
(formerly 0-6627)
HOMEFREE VILLAGE RESORTS, INC. HOMEFREE INVESTORS L.P.
(Exact name of registrant as (Exact name of registrant as
specified in its charter) specified in its charter)
Delaware Delaware
(State or other jurisdiction of (State or other jurisdiction of
incorporation or organization) incorporation or organization)
37-0959405 84-1062287
(I.R.S. Employer Identification No.) (I.R.S. Employer Identification No.)
1400 S. Colorado Boulevard 1400 S. Colorado Boulevard
Denver, Colorado 80222 Denver, Colorado 80222
(Address of principal executive offices, (Address of principal executive
including zip code) offices, including zip code)
(303) 757-3002 (303) 757-3002
(Registrant's telephone including (Registrant's telephone including
area code)* area code)*
Indicate by check mark whether the registrants (1) have filed all reports
required to be filed 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
registrants were required to file such reports), and (2) have been subject to
such filing requirements for the past 90 days.
YES X NO
---- ----
Indicate the number of shares and interests outstanding of each of the issuers'
classes of common stock or partnership interests, respectively, as of the close
of business on July 31, 1995:
<TABLE>
<S> <C> <C>
Homefree Village Resorts, Inc. Common Stock $.001 Par Value 10,483,982
Homefree Investors L.P. Assignee Limited Partnership Interest 10,483,982
</TABLE>
N/A
(former name, former address and former fiscal year, if changed since last
report)
<PAGE> 2
HOMEFREE VILLAGE RESORTS, INC. AND HOMEFREE INVESTORS L.P.
INDEX
<TABLE>
<CAPTION>
Page
Number
------
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
COMBINED
Combined Balance Sheets --
June 30, 1995 and December 31, 1994 1
Combined Statements of Operations --
Three and Six Month Periods ended June 30, 1995 and 1994 2-3
Combined Statements of Cash Flows --
Six Months ended June 30, 1995 and 1994 4
THE COMPANY
Consolidated Balance Sheets --
June 30, 1995 and December 31, 1994 5-6
Consolidated Statements of Operations --
June 30, 1995 and December 31, 1994 7
Consolidated Statements of Cash Flows --
Six Month Periods ended June 30, 1995 and 1994 8
THE PARTNERSHIP
Balance Sheets -- June 30, 1995 and December 31, 1994 9
Statements of Operations -- Three and
Six Month Periods ended June 30, 1995 and 1994 10
Statements of Cash Flows --
Six Months ended June 30, 1995 and 1994 11
Notes to Financial Statements 12
Item 2. Management's Discussion and Analysis 13-14
of Financial Condition and Results of Operations
PART II. OTHER INFORMATION 15
</TABLE>
i
<PAGE> 3
SECURITIES AND EXCHANGE COMMISSION
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
AND HOMEFREE INVESTORS L.P. (a limited partnership)
COMBINED BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
---------- --------------
CURRENT ASSETS: (unaudited)
<S> <C> <C>
Cash and cash equivalents $ 7,500 $ 10,600
Other current assets 41,000 9,600
---------- ----------
Total current assets 48,500 20,200
RECEIVABLES FROM UNCONSOLIDATED
ENTITIES, net 8,789,000 8,915,600
INVESTMENTS IN UNCONSOLIDATED
ENTITIES 99,200 94,400
PROPERTY, FURNITURE AND EQUIPMENT, at cost
Office furniture and equipment 100,400 95,100
Vehicles 25,000 25,000
---------- ----------
125,400 120,100
Accumulated depreciation (106,800) (103,600)
---------- ----------
Net property and equipment 18,600 16,500
---------- ----------
OTHER ASSETS
Land option costs 195,900 195,600
TOTAL ASSETS $9,151,200 $9,242,300
========== ==========
</TABLE>
1
<PAGE> 4
SECURITIES AND EXCHANGE COMMISSION
LIABILITIES, STOCKHOLDERS' EQUITY AND PARTNERS' DEFICIT
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
----------- ------------
(unaudited)
<S> <C> <C>
CURRENT LIABILITIES:
Accounts payable and accrued
expenses $ 81,900 $ 93,600
LONG TERM DEBT, less current maturities:
Unconsolidated entity 7,154,500 7,154,500
Other 44,400 44,400
DEFERRED INCOME TAXES 152,200 200,000
DEFERRED PROFIT 488,500 488,500
OTHER LIABILITIES 64,500 3,400
STOCKHOLDER'S EQUITY AND PARTNERS'
DEFICIT:
Preferred stock, $1.00 par value;
3,000,000 shares authorized; none issued and
outstanding
Common stock, $.001 par value;
15,000,000 shares authorized; 10,484,000 shares
issued and outstanding 10,500 10,500
Additional paid-in capital 3,537,000 3,537,000
Accumulated deficit (2,134,400) (2,061,800)
Partners' deficit - limited partners (247,900) (227,800)
----------- -----------
Total stockholders' equity and partners' deficit 1,165,200 1,257,900
----------- -----------
TOTAL LIABILITIES, STOCKHOLDERS' EQUITY
AND PARTNERS' DEFICIT $ 9,151,200 $ 9,242,300
=========== ===========
</TABLE>
See Notes to Financial Statements. 2
<PAGE> 5
SECURITIES AND EXCHANGE COMMISSION
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
AND HOMEFREE INVESTORS L.P. (a limited partnership)
COMBINED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
--------------------------------- --------------------------------
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1995 1994 1995 1994
----------- ----------- ----------- -----------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
REVENUES:
Management and administrative fees
from unconsolidated entities $ 61,300 $ 54,600 $ 133,300 $ 115,400
Equity in earnings of unconsolidated
entities 4,100 -- 6,300 --
Interest 6,000 3,800 11,800 7,600
Other income -- 75,7001 -- 75,7001
----------- ----------- ----------- -----------
71,400 134,100 151,400 198,700
----------- ----------- ----------- -----------
EXPENSES:
General and administrative 123,100 92,600 290,400 189,500
Interest __ 700 __ 1,000
Equity in losses of unconsolidated
entities (300) 1,800 1,500 4,600
----------- ----------- ----------- -----------
Other 122,800 95,100 291,900 (195,100)
----------- ----------- ----------- -----------
Earnings (Loss) before income tax (51,400) 39,000 (140,500) 3,600
Income tax 17,500 (14,500) 47,800 (1,400)
----------- ----------- ----------- -----------
NET EARNINGS (LOSS) $ (33,900) $ 24,500 $ (92,700) $ 2,200
=========== =========== =========== ===========
EARNINGS (LOSS) PER PAIRED
SHARE $ .00 $ .00 $ (.01) $ .00
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 10,484,000 10,484,000 10,484,000 10,484,000
----------- ----------- ----------- -----------
</TABLE>
1 Other income for the six months ended June 30, 1994, consists principally of
a receivable loss restoration and income from an unconsolidated affiliate.
See Notes to Financial Statements. 3
<PAGE> 6
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
AND HOMEFREE INVESTORS L.P. (a limited partnership)
COMBINED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
--------------------------
June 30, June 30
1995 1994
---------- ---------
(unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings/(loss) $ (92,700) $ 2,200)
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Depreciation and Amortization 3,200 7,100
Equity in losses (earnings) of unconsolidated entities, net (4,800) --
Deferred income taxes (47,800) 1,400
Changes in operating assets and liabilities:
Decrease (increase) in:
Other assets 2,600 4,300
Increase (decrease) in:
Other notes receivable -- (50,000)
Accounts payable and accrued expenses (11,700) 9,700
Other Liabilities 61,100 (47,100)
--------- ---------
Net cash used in operating
activities (90,100) (72,400)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in unconsolidated entities -- 2,200
Collection of advances from unconsolidated entities 126,600 163,900
Receivable from officer and director (34,300) (70,100)
Purchase of property, furniture and equipment (5,300) (5,000)
--------- ---------
Net cash provided by investing activities 87,000 91,000
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt -- (2,600)
--------- ---------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (3,100) 16,000
CASH AND CASH EQUIVALENTS, beginning of period 10,600 34,500
--------- ---------
CASH AND CASH EQUIVALENTS, end of period $ 7,500 $ 50,500
========= =========
</TABLE>
See Notes to Financial Statements. 4
<PAGE> 7
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
----------- -----------
(unaudited)
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 7,500 $ 10,600
Other current assets 41,000 9,600
----------- -----------
Total current assets 48,500 20,200
RECEIVABLES FROM UNCONSOLIDATED
ENTITIES, net 8,789,000 8,915,600
INVESTMENTS IN UNCONSOLIDATED ENTITIES 99,200 94,400
PROPERTY AND EQUIPMENT, at cost:
Office furniture and equipment 100,400 95,100
Vehicles 25,000 25,000
----------- -----------
125,400 120,100
Accumulated depreciation (106,800) (103,600)
----------- -----------
Net property and equipment 18,600 16,500
LAND OPTION COSTS 195,900 195,600
----------- -----------
TOTAL ASSETS $ 9,151,200 $ 9,242,300
=========== ===========
</TABLE>
See Notes to Financial Statements. 5
<PAGE> 8
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(continued)
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
----------- -----------
(unaudited)
<S> <C> <C>
CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 81,900 $ 93,600
LONG TERM DEBT, less current maturities:
Unconsolidated entity 7,154,500 7,154,500
Other 44,400 44,400
DEFERRED INCOME TAXES 152,200 200,000
DEFERRED PROFIT 488,500 488,500
OTHER LIABILITIES 64,500 3,400
Stockholders' equity:
Preferred stock, $1.00 par value;
3,000,000 shares authorized, none issued and outstanding -- --
Common stock, $.001 par value;
authorized 15,000,000 shares; issued and outstanding
10,484,000 shares 10,500 10,500
Additional paid-in capital 3,537,000 3,537,000
Accumulated deficit (2,382,300) (2,289,600)
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 1,165,200 1,257,900
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 9,151,200 $ 9,242,300
=========== ===========
</TABLE>
See Notes to Financial Statements. 6
<PAGE> 9
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
----------------------- --------------------------
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1995 1994 1995 1994
-------- ----------- ----------- -----------
REVENUES: (unaudited) (unaudited)
<S> <C> <C> <C> <C>
Management and administrative fees
from unconsolidated entities 61,300 $ 54,600 133,300 $ 115,400
Equity in earnings of unconsolidated
entities 4,100 6,300 --
Interest 6,000 3,800 11,800 7,600
Other -- 75,7001 -- 75,7001
-------- ----------- ----------- -----------
71,400 134,100 151,400 198,700
EXPENSES:
General and administrative $ 113,100 $ 92,600 $ 270,300 $ 189,300
Interest -- 700 -- 1,000
Equity in losses of unconsolidated
entities (300) -- 1,500 --
Impairment of investment in HILP 10,000 -- 20,100 --
Other -- 1,800 -- 4,600
-------- ----------- ----------- -----------
122,800 95,100 291,900 194,900
-------- ----------- ----------- -----------
EARNINGS (LOSS) BEFORE (51,400) 39,000 (140,500) 3,800
INCOME TAXES
INCOME TAX BENEFIT 17,500 (14,500) 47,800 (1,400)
-------- ----------- ----------- -----------
NET EARNINGS (LOSS) $ (33,900) 24,500 (92,700) $ 2,400
=========== =========== =========== ===========
EARNINGS (LOSS) PER COMMON
SHARE $ .00 $ .00 $ (.01) $ .00
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 10,484,000 10,484,000 10,484,000 10,484,000
----------- ----------- ----------- -----------
</TABLE>
1 Other income for the six months ended June 30, 1994, consists principally of
a receivable loss restoration and income from an unconsolidated affiliate.
See Notes to Financial Statements. 7
<PAGE> 10
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
---------------------------------------
June 30, June 30,
1995 1994
---------- ----------
(unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings/(loss) (92,700) $ 2,400
Adjustments to reconcile net earnings
to net cash used in by operating activities:
Depreciation and amortization 3,200 7,100
Deferred income taxes (47,800) 1,400
Equity in losses (earnings) of unconsolidated entities (4,800)
Impairment of investment in HILP 20,100 --
Changes in operating assets and liabilities:
Other assets 2,600 4,300
Other notes receivable -- (50,000)
Accounts payable and accrued expenses (11,700) 9,700
Income taxes currently payable -- --
Other liabilities 61,100 (47,100)
-------- --------
Net cash used in operating activities (70,000) (72,200)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in unconsolidated entities (20,100) 2,000
Collection of advances from unconsolidated entities 126,600 163,900
Receivables from officer (34,300) (70,100)
From sale/(acquisition) of property,
furniture and equipment (5,300) (5,000)
-------- --------
Net cash provided/(used) by investing
activities 66,900 90,800
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in long-term debt -- (2,600)
-------- --------
Net cash provided/(used) by financing
activities -- (2,600)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (3,100) 16,000
CASH AND CASH EQUIVALENTS,
beginning of period 10,600 34,500
-------- --------
CASH AND CASH EQUIVALENTS,
end of period $ 7,500 $ 50,500
======== ========
</TABLE>
See Notes to Financial Statements. 8
<PAGE> 11
HOMEFREE INVESTORS L.P.
(a limited partnership)
BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
----------- ------------
(unaudited)
<S> <C> <C>
ORGANIZATION COSTS $166,900 $166,900
ACCUMULATED COSTS 166,900 166,900
-------- --------
LIABILITIES $ -- $ --
PARTNERS' CAPITAL -- --
-------- --------
$ -- $ --
TOTAL LIABILITIES AND PARTNERS' CAPITAL ======== ========
</TABLE>
See Notes to Financial Statements. 9
<PAGE> 12
HOMEFREE INVESTORS L.P.
(a limited partnership)
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
----------------------------------- ----------------------------------
June 30, June 30, June 30, June 30,
1995 1994 1995 1994
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (unaudited)
<S> <C> <C> <C> <C>
REVENUE $ -- $ -- $ -- $ --
GENERAL AND
ADMINISTRATIVE
EXPENSES 10,000 -- 20,100 200
----------- ----------- ----------- -----------
NET LOSS $ (10,000) $ -- $ (20,100) $ (200)
=========== =========== =========== ===========
NET LOSS PER LIMITED
PARTNERSHIP INTEREST $ .00 $ .00 $ .00 $ .00
=========== =========== =========== ===========
WEIGHTED AVERAGE
LIMITED PARTNERSHIP
INTERESTS
OUTSTANDING $10,484,000 10,484,000 10,484,000 10,484,000
=========== =========== =========== ===========
</TABLE>
See Notes to Financial Statements. 10
<PAGE> 13
HOMEFREE INVESTORS L.P.
(a limited partnership)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
---------------------------------------
June 30, June 30,
1995 1994
---------- ----------
(unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(20,100) $(200)
Adjustments to reconcile net loss to
net cash used in operating activities:
-------- -----
Net cash used in operating
activities (20,100) (200)
-------- -----
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contributions by general partner 20,100 200
-------- -----
NET CHANGE IN CASH -- --
CASH, beginning of period -- --
CASH, end of period $ -- $ --
======== =====
</TABLE>
See Notes to Financial Statements. 11
<PAGE> 14
HOMEFREE VILLAGE RESORTS, INC. AND SUBSIDIARIES
AND HOMEFREE INVESTORS L.P. (a limited partnership)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
A. COMBINED, CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
Reference is made to Note 2 of the Financial Statements included in the Joint
Annual Report on Form 10-K for the year ended December 31, 1994. In the
opinion of management of the Company and the Partnership, the accompanying
unaudited combined, consolidated and separate financial statements contain all
adjustments (consisting only of normal recurring adjustments) necessary to
present fairly the financial position as of June 30, 1995, the results of
operations and the cash flows for the six months ended June 30, 1995.
Certain information and footnote disclosures, normally included in financial
statements prepared in accordance with generally accepted accounting
principles, have been omitted. It is suggested that the above combined,
consolidated and separate financial statements be read in conjunction with the
financial statements and notes thereto included in the Company's and the
Partnership's Joint Annual Report on Form 10-K for the fiscal year ended
December 31, 1994. The results of operations for the six month period ended
June 30, 1995, are not necessarily indicative of the operating results for the
Company and the Partnership for the full year.
The combined financial statements include the accounts of the Partnership and
of the Company and its subsidiaries. All material intercompany balances and
transactions have been eliminated.
B. PAIRING PLAN
The Assignee Limited Partnership interests in the Partnership ("Partnership
Shares") and the shares of Common Stock of the Company are paired on a
share-for-share basis. The shares can be transferred and traded only in units
("Paired Shares") consisting of the same number of Partnership Shares and
shares of Common Stock of the Company.
C. RELATED PARTY TRANSACTIONS
The Company holds an interest-bearing note from Craig M. Bollman, Jr.,
President and Chairman of the Board, in the amount of $555,200 at June 30,
1995. This indebtedness was incurred in connection with personal loans. is
note bears interest at the "Applicable Federal rate" which is the lowest rate
permitted by the Internal Revenue Service without imputing interest on a
transaction. The largest amount outstanding under this note during fiscal 1995
was $555,200. During 1994, the Company recorded a provision for losses of
$520,900 associated with this note.
12
<PAGE> 15
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
LIQUIDITY AND CAPITAL RESOURCES
Company
Historically, the Company has not required large amounts of working capital
because the properties in which the Company has interests have been acquired,
financed and improved by related entities.
Collection of advances from unconsolidated entities have provided a major
source of cash to the Company. Collections aggregated $126,600 and $163,900
during the six-month period ended June 30, 1995 and year ended December 31,
1994, respectively, as shown in the Consolidated Statement of Cash Flows.
Management believes that the June 30, 1995 cash balances, and the projected
operating results of the Monte Vista project will be sufficient to meet the
liquidity needs of the Company.
Partnership
At present, the Partnership has no liabilities and conducts no business and
thus has no capital needs. While future business of the Partnership has not
been determined, availability of capital will be considered if and when such
business is determined.
13
<PAGE> 16
RESULTS OF OPERATIONS
Company
Six Months Ended June 30, 1995 Compared to Six Months Ended June 30, 1994
Total revenues for the six months ended June 30, 1995 were $151,400 as compared
to $198,700 for the six months ended June 30, 1994. The decrease was
attributable principally to a receivable loss restoration in 1994, partially
offset by an increase in management and administrative fees during 1995.
Total expenses for the six months ended June 30, 1995, exceeded first six
months results for 1994 by $97,000 principally as a result of an increase in
general and administrative expenses and a further provision for impairment of
investment in Homefree Investors, Ltd. (HILP) partnership of $20,100. The net
investment in HILP was considered to be impaired since the partnership has not
commenced its planned operations. General and administrative expenses for the
six months ended June 30, 1995 exceeded 1994 levels principally because of an
increase in external audit and accounting fees and employee compensation.
The effective income tax rate used for purposes of determining the income tax
benefit with respect to the six months ended June 30, 1995 and 1994 is 34% and
37%, respectively, based on the projected annual effective tax rates for such
fiscal years.
Partnership
The Partnership has not commenced its planned operations.
14
<PAGE> 17
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
Not Applicable.
Item 5. Other Information
Not Applicable.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits - 27 Financial Data Schedule
b. Reports on Form 8-K filed during the period covered by
this report - None.
15
<PAGE> 18
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed on behalf of the Registrant and in the capacities and on
the dates indicated:
HOMEFREE VILLAGE RESORTS, INC. HOMEFREE INVESTORS L.P.
Registrant (the "Company") Registrant (the "Partnership")
by: Homefree General Partners,
its General Partner
by: Homefree Village Resorts,
Inc., a General Partner
/s/ Craig M. Bollman, Jr. /s/ Craig M. Bollman, Jr.
------------------------------ --------------------------------
Craig M. Bollman, Jr. Craig M. Bollman, Jr.
Chairman of the Board President
(Principal Executive and
Financial Officer)
Dated: August 14, 1995 Dated: August 14, 1995
16
<PAGE> 19
EXHIBIT INDEX
Exhibit No. Exhibit Description Page
----------- ------------------- ----
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000065291
<NAME> HOMEFREE VILLAGE RESORTS, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 7,500
<SECURITIES> 0
<RECEIVABLES> 8,789,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 48,500
<PP&E> 125,400
<DEPRECIATION> 106,800
<TOTAL-ASSETS> 9,151,200
<CURRENT-LIABILITIES> 81,900
<BONDS> 7,154,500
<COMMON> 10,500
0
0
<OTHER-SE> 1,154,700
<TOTAL-LIABILITY-AND-EQUITY> 9,151,200
<SALES> 0
<TOTAL-REVENUES> 151,400
<CGS> 0
<TOTAL-COSTS> 291,900
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (140,500)
<INCOME-TAX> (47,800)
<INCOME-CONTINUING> (92,700)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (92,700)
<EPS-PRIMARY> (.01)
<EPS-DILUTED> 0
</TABLE>
