FORM 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 the Quarter Ended April 30, 1995 Commission File Number 0-13055
S-K-I Limited
(Exact name of registrant as specified in its charter)
Delaware 03-0294233
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
Airport Exec. Plaza, Suite 5
PO Box 5494
West Lebanon, NH 03784
(Address of principal executive office) Zip Code
Registrant's telephone number, including area code 603-298-5583
______________________________________________________________________
(Former name, former address and former fiscal
year, if changed since last report.)
Indicate by checkmark 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 12 months, and (2) has
been subject to such filing requirements for the
past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding at
Common Stock $.10 Par Value 5,783,307
S-K-I LTD.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION: Page No.
Item 1. Financial Statements
Consolidated Statement of Operations(Unaudited)
Three Months Ended April 30, 1995
and April 24, 1994 3
Consolidated Statement of Operations(Unaudited)
Nine Months Ended April 30, 1995
and April 24, 1994 4
Consolidated Balance Sheet (Unaudited)
As of April 30, 1995
and April 24, 1994 5-6
Consolidated Balance Sheet
As of April 30, 1995 (Unaudited) and
July 31, 1994 (Audited) 7-8
Consolidated Statement of Cash Flows(Unaudited)
Nine Months Ended April 30, 1995
and April 24, 1994 9
Notes to (Unaudited) Condensed Consolidated Financial
Statements 10-11
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 12-13
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 14
Signature Page 15
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I
Ltd., Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd.,
Sugarloaf Mountain Corp., Waterville Valley Ski Area Ltd. and Ski
Insurance Co.
Consolidated Statement of Operations For the Three Months Ended
April 30, 1995 April 24, 1994
(Unaudited) (Unaudited)
Revenues $50,460,547 $49,855,501
Expenses:
Cost of operations including
wages, maintenance and supplies 17,642,230 15,391,666
Other taxes 3,306,317 3,793,373
Utilities 2,281,161 1,448,390
Insurance 2,663,976 2,324,207
Selling, general and
administrative expenses 4,919,402 4,228,765
Interest 1,136,806 521,754
Depreciation and amortization(Note2) 6,918,678 5,879,563
Total expenses $38,868,570 $33,587,718
Income before provision for income
taxes 11,591,977 16,267,783
Provision for income taxes (Note 2) 4,444,722 6,915,334
Net income before minority interest 7,147,255 9,352,449
Minority interest in net income of
consolidated subsidiary 511,525 0
Net income $6,635,730 $9,352,449
Net income per common share (Note 4) $ 1.15 $ 1.62
Retained earnings, beginning of period $46,529,898 $43,029,735
Add: Net income 6,635,730 9,352,449
Retained earnings, end of period $53,165,628 $52,382,184
See accompanying Notes to (Unaudited) Condensed Consolidated
Financial Statements.
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I
Ltd., Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd.,
Sugarloaf Mountain Corp., Waterville Valley Ski Area Ltd. and Ski
Insurance Co.
Consolidated Statement of Operations For the Nine Months Ended
(Note April 30, 1995 April 24, 1994
(Unaudited) (Unaudited)
Revenues $106,681,987 $92,634,366
Expenses:
Cost of operations including
wages, maintenance and supplies 45,309,840 36,482,183
Other taxes 7,544,162 7,372,518
Utilities 7,623,646 5,788,858
Insurance 6,220,257 5,143,613
Selling, general and
administrative expenses 16,376,818 12,604,286
Interest 3,017,626 1,652,656
Depreciation and amortization 13,842,977 11,313,123
(Note 2)
Total expenses 99,935,326 80,357,237
Income before provision for income taxes 6,746,661 12,277,129
Provision for income taxes (Note 2) 2,724,258 5,279,165
Net income before minority interest 4,022,403 6,997,964
Minority interest in net income of
consolidated subsidiary 193,486 0
Net income 3,828,917 6,997,964
Net income per common share (Note 4) $ .66 $ 1.22
Retained earnings, beginning of period $50,030,708 $46,019,765
Add: Net income 3,828,917 6,997,964
Less: Dividends paid on common stock 693,997 635,545
Retained earnings, end of period $53,165,628 $52,382,184
See accompanying Notes to (Unaudited) Condensed Consolidated
Financial Statements.
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I
Ltd., Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd.,
Sugarloaf Mountain Corp., Waterville Valley Ski Area Ltd. and Ski
Insurance Co.
Consolidated Balance Sheet
April 30, 1995 April 24,1994
ASSETS (Unaudited) (Unaudited)
Current Assets:
Cash and short-term investments
(at cost, which approximates
market value) $ 1,326,146 $19,217,454
Accounts receivable 2,374,759 1,085,348 (1)
Notes receivable 244,416 709,954
Inventories 4,462,833 3,472,646 (1)
Prepaid expenses 1,531,846 1,510,321 (1)
TOTAL CURRENT ASSETS 9,940,000 25,995,723
Property and equipment, at cost:
Buildings & grounds 41,677,146 30,484,174 (1)
Machinery and equipment 72,921,754 57,447,407 (1)
Leasehold improvements 67,888,684 53,549,787 (1)
Lifts/liftlines & trails on
corporate property 29,269,187 17,053,006 (1)
211,756,771 158,534,374
Less - accumulated depreciation and
amortization (102,712,410) (89,138,926)
109,044,361 69,395,448
Construction in progress 1,596,059 4,169,714
Land and development costs 13,469,692 12,038,689
NET PROPERTY AND EQUIPMENT 124,110,112 85,603,851
Deferred charges and other assets 4,679,686 2,651,181 (1)
TOTAL ASSETS $138,729,798 $114,250,755
(1) Reclassified to conform with the Fiscal 1995 presentation.
See accompanying Notes to (Unaudited) Condensed Consolidated
Financial Statements.
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I
Ltd., Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd.,
Sugarloaf Mountain Corp., Waterville Valley Ski Area Ltd. and Ski
Insurance Co.
Consolidated Balance Sheet
April 30, 1995 April 24,1994
LIABILITIES AND STOCKHOLDERS' EQUITY (Unaudited) (Unaudited)
Current Liabilities:
Current portion of long-term debt
and subordinated debentures $ 3,516,151 $ 615,009
Accounts payable 2,137,374 1,350,215 (1)
Federal income tax payable (Note 2) 2,779,991 5,496,074 (1)
Accrued lease payments - Vermont 1,026,902 1,161,881
Accrued wages, profit sharing and
incentive compensation 578,657 810,933 (1)
Deposits and other unearned revenue 1,057,900 806,420 (1)
Other accrued expenses (Note 6) 6,350,193 6,167,582 (1)
TOTAL CURRENT LIABILITIES 17,447,168 16,408,114
Long-term debt 35,277,079 15,778,076
Subordinated 6% debentures 6,493,500 6,840,000
Subordinated 8% debentures 4,906,500 4,906,500
Deferred income taxes (Note 2) 7,467,449 7,652,362 (1)
Other long-term liabilities (Note 6) 4,432,095 3,127,936
Minority interest in consolidated
subsidiary 2,368,624 0
TOTAL LIABILITIES 78,392,415 54,712,988
Stockholders' Equity
Common stock 578,331 578,143
Paid-in capital 6,593,424 6,577,440
Retained earnings 53,165,628 52,382,184
TOTAL STOCKHOLDERS' EQUITY 60,337,383 59,537,767
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $138,729,798 $114,250,755
(1) Reclassified to conform with the Fiscal 1995 presentation.
See accompanying Notes to (Unaudited) Condensed Consolidated
Financial Statements.
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I
Ltd., Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd.,
Sugarloaf Mountain Corp., Waterville Valley Ski Area Ltd. and
Ski Insurance Co.
Consolidated Balance Sheet
April 30, 1995 July 31,1994
ASSETS (Unaudited) (Audited)
Current Assets:
Cash and short-term investments
(at cost, which approximates
market value) $ 1,326,146 $ 2,704,302
Accounts receivable 2,374,759 1,423,430
Notes receivable 244,416 371,739
Inventories 4,462,833 3,472,492
Prepaid expenses 1,531,846 1,456,222
TOTAL CURRENT ASSETS 9,940,000 9,428,185
Property and equipment, at cost:
Buildings & grounds 41,677,146 32,730,561
Machinery and equipment 72,921,754 71,690,813
Leasehold improvements 67,888,684 39,066,623
Lifts/liftlines & trails on
corporate property 29,269,187 16,162,939
211,756,771 159,650,936
Less - accumulated depreciation and
amortization (102,712,410) (86,638,454)
109,044,361 73,012,482
Construction in progress 1,596,059 8,996,570
Land and development costs 13,469,692 12,762,352
NET PROPERTY AND EQUIPMENT 124,110,112 94,771,404
Deferred charges and other assets 4,679,686 2,590,419
TOTAL ASSETS $138,729,798 $106,790,008
See accompanying Notes to (Unaudited) Condensed Consolidated
Financial Statements.
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I
Ltd., Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd.,
Sugarloaf Mountain Corp., Waterville Valley Ski Area Ltd. and
Ski Insurance Co.
Consolidated Balance Sheet
April 30,1995 July 31, 1994
LIABILITIES AND STOCKHOLDERS' EQUITY (Unaudited) (Audited)
Current Liabilities:
Current portion of long-term debt
and subordinated debentures $ 3,516,151 $ 955,746
Accounts payable 2,137,374 1,741,131
Federal income tax payable (Note 2) 2,779,991 257,684
Accrued lease payments - Vermont 1,026,902 1,171,865
Accrued wages, profit sharing and
incentive compensation 578,657 464,907
Deposits and other unearned revenue 1,057,900 695,328
Other accrued expenses (Note 6) 6,350,193 4,184,664
TOTAL CURRENT LIABILITIES 17,447,168 9,471,325
Long-term debt 35,277,079 17,766,857
Subordinated 6% debentures 6,493,500 6,493,500
Subordinated 8% debentures 4,906,500 4,906,500
Deferred income taxes (Note 2) 7,467,449 7,478,492
Other long-term liabilities (Note 6) 4,432,095 3,487,042
Minority interest in consolidated
subsidiary 2,368,624 0
TOTAL LIABILITIES 78,392,415 49,603,716
Stockholders' Equity
Common stock 578,331 578,144
Paid-in capital 6,593,424 6,577,440
Retained earnings 53,165,628 50,030,708
TOTAL STOCKHOLDERS' EQUITY 60,337,383 57,186,292
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $138,729,798 $106,790,008
See accompanying Notes to (Unaudited) Condensed Consolidated
Financial Statements.
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I
Ltd., Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd.,
Sugarloaf Mountain Corp., Waterville Valley. and Ski Insurance
Co.
Consolidated Statement of Cash Flows For the Nine Months Ended
April 30, 1995 April 24,1994
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net income $ 3,828,917 $ 6,997,964
Non-cash items included in net income:
Minority interest in net income
of subsidiary 193,486 0
Depreciation and amortization 13,539,407 11,313,123
SUBTOTAL 17,561,810 18,311,087
Changes in assets and liabilities:
(Increase)decrease in accounts
receivable (724,565) 49,564 (1)
Decrease in notes receivable 127,323 25,227
Increase in inventories (540,996) (101,527)(1)
Decrease in non-current note receivable 0 292,467
Decrease(increase) in prepaid expenses 402,399 (430,159)(1)
(Decrease)increase in accounts payable (256,947) 417,129 (1)
Increase in income taxes payable 2,517,977 5,149,769 (1)
(Decrease)increase in accrued
lease payments- Vermont (144,963) 39,853
Increase (decrease) in accrued wages,
profit sharing and incentive
compensation 113,750 (687,569)(1)
(Decrease) increase in deposits
and other unearned revenue (383,618) 269,389 (1)
Increase in other accrued expense 334,421 2,968,921 (1)
Increase in other long-term liabilities 934,010 82,563 (1)
CASH FLOW PROVIDED BY OPERATING
ACTIVITIES AFTER CHANGES IN ASSETS AND
LIABILITIES 19,940,601 26,386,714
Cash flows from investing activities:
Additions to property and equipment (18,981,721) (12,936,546)
Net book value of property and
equipment sold 41,067 36,949
Purchase of long-term investments (1,778,704) (452,582)
Other (230,632) 0
Business acquired less cash on
hand from business acquired (12,552,020) 0
NET CASH USED FOR INVESTING ACTIVITIES (33,502,010) (13,352,179)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 35,220,014 18,000,000
Reductions in long-term debt and
subordinated debentures (24,919,341) (18,594,332)
Increase(decrease) in current
portion of long-term debt
and subordinated debentures 2,560,405 (211,283)
Proceeds from issuance of common stock 16,172 128,458
Payment of dividend (693,997) (635,545)
Other 0 (4,764)
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES 12,183,253 (1,317,466)
Net (decrease)increase in cash and
short-term investments (1,378,156) 11,717,069 (1)
Cash and short-term investments at
beginning of year 2,704,302 7,500,385
CASH AND SHORT-TERM INVESTMENTS AT
END OF PERIOD $ 1,326,146 $19,217,454 )(1)
Interest paid $ 2,229,834 $ 1,546,594
Income taxes paid, net of refunds 281,350 563,286
(1) Reclassified to conform with the Fiscal 1995 presentation.
See accompanying Notes to (Unaudited) Condensed Consolidated
Financial Statements.
S-K-I LTD.
PART 1. NOTES TO (UNAUDITED) CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. In the opinion of the Company, the accompanying unaudited
condensed consolidated financial statements contain all
adjustments necessary to present fairly the financial
position as of April 30, 1995; April 24, 1994 and July 31,
1994, the results of operations for the three months and
nine months ended April 30, 1995 and April 24, 1994. All
such adjustments are of a normal recurring nature. The
unaudited condensed consolidated financial statements
should be read in conjunction with the following notes and
the consolidated financial statements in the 1994 Annual
Report to the Securities and Exchange Commission on Form
10-K.
2. Income Taxes
The provision for taxes on income is based on a projected
annual effective tax rate. The Company has reflected an
effective tax rate through the third quarter of
approximately 40.4%.
Deferred income taxes include the cumulative reduction in
current taxes payable resulting principally from the
excess of depreciation reported for tax purposes over that
reported for financial purposes.
3. Seasonal Business
Results for interim periods are not indicative of results
to be expected for the year, due to the seasonal nature of
the business (skiing resorts).
4. Net Income per Common Share
Earnings per Common Share figures are based on the average
shares outstanding during the third quarter of 5,783,307
and year to date of 5,782,745 (5,779,557 in third quarter
Fiscal 1994 and 5,759,632 year to date Fiscal 1994).
Shares issuable upon the exercise of stock options and
grants have not been included in the per share computation
because they would not have a material effect on earnings
per share.
5. Stock Options
The 1988 Incentive Stock Option Plan authorized 168,750
shares of common stock to be optioned. On November 18,
1994 the stockholders approved an additional 100,000
shares to be optioned. In the third quarter of Fiscal
1995, no options were granted, exercised or forfeited.
The 1982 Stock Option Plan authorized 187,500 shares of
common stock to be optioned. No shares were granted,
exercised or forfeited under this plan during the third
quarter of Fiscal 1995.
6. General Liability
Provision is made for the estimated costs under the
deductible portion of S-K-I's general liability insurance
policies. The balance of such reserves at April 30, 1995,
July 31, 1994 and April 24, 1994 were $5,170,777,
$4,707,558, and $3,649,258 respectively. Of such amounts,
$4,432,095, $3,487,042 and $3,127,936 are included in
other long-term liabilities at April 30, 1995, July 31,
1994 and April 24, 1994, respectively, with the remaining
balance included in other accrued expenses.
7. Postretirement Health Care and Life Insurance Benefits
The Company does not provide health care and life
insurance benefits for retired employees who reach normal
retirement age. The adoption of SFAS No. 106, Employer's
Accounting for Postretirement Benefits Other Than
Pensions, has no effect on the Company's financial
position or results of operation.
8. Business Developments
On August 24, 1994, the Company acquired 51% of the
outstanding shares of capital stock of Sugarloaf Mountain
Corporation ("Sugarloaf"), a ski resort in western Maine.
The fair market value of the assets acquired was
approximately $13,596,938 and liabilities assumed were
$9,424,751, before consideration of the 49% minority
interest. The amounts in minority interest at April 30,
1995 represent the 49% ownership of Sugarloaf's
outstanding capital stock held by the minority
shareholders of Sugarloaf.
On October 31, 1994, the Company acquired the ski
related assets of the Waterville Company, Inc.
("Waterville Valley") for a purchase price of $10,037,631.
On November 1, 1994 the Company purchased the Waterville
Valley Conference Center for a purchase price of
$1,200,000. Waterville Valley is one of New Hampshire's
largest ski areas.
The acquisition of both Sugarloaf and Waterville Valley
have been accounted for using the purchase method of
accounting and their respective results since their
effective date of acquisition are included in the
Company's Consolidated Statement of Operations.
On February 13, 1995, S-K-I Ltd. announced that the
company has received expressions of interest from certain
outside parties concerning a potential merger with or
acquisition of S-K-I Ltd.
S-K-I LTD.
PART I.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Revenue and expense changes for the third quarter of
Fiscal 1995 compared to the third quarter of Fiscal 1994.
Revenues increased by 1% due to the additions of
Waterville Valley and Sugarloaf. Revenues provided by
Waterville Valley and Sugarloaf offset the decline in
revenues at Killington , Mount Snow, and Bear Mountain.
The decline in revenues at the Northeast resorts has been
attributed to the third warmest winter on record in the
Northeast in the past one hundred years.
Cost of Operations increased 15% primarily due to the
acquisitions of Waterville Valley and Sugarloaf, although
offset by a decline in cost of operations at Killington,
Mount Snow and Bear Mountain due to the decrease in
revenues.
Other taxes decreased by 13% primarily due to decreases in
revenue at Killington, Mount Snow and Bear Mountain.
Selling, General and Administrative increased 16% due to
the addition of Sugarloaf and Waterville Valley.
Interest increased 118% primarily due to the acquisitions
of Waterville Valley and Sugarloaf as well as the addition
of the Skyeship lift at Killington.
The increases in Utilities (57%), Insurance (15%) and
Depreciation and Amortization (18%) were due primarily to
the additions of Waterville Valley and Sugarloaf.
II. Balance Sheet changes at the end of the third quarter of
Fiscal 1995 compared to the end of the third quarter of Fiscal 1994.
Cash and Short Term Investments decreased approximately
$17,891,000 primarily due to the acquisitions of Waterville Valley
and Sugarloaf and the addition of the Skyeship lift at Killington.
Notes Receivable decreased approximately $465,000
primarily due to payments received on three notes.
Fixed Assets, net of accumulated depreciation, increased
approximately $39,649,000 primarily due to the addition of
the Skyeship lift at Killington and the acquisitions of
Waterville Valley and Sugarloaf.
Construction in Progress decreased approximately
$2,574,000 due to the large capital program last year,
which included the Killington Skyeship, versus this year's
smaller capital program.
Land and Development increased approximately $1,431,000
primarily due to the acquisitions of Waterville Valley and
Sugarloaf and the purchase of land at Bear Mountain.
Other Assets increased approximately $2,028,000 primarily
due to the increased investments of Ski Insurance Company
and the acquisitions of Waterville Valley and Sugarloaf.
Current Income Taxes Payable decreased approximately
$2,785,000 primarily due to lower pre-tax income for the
third quarter of Fiscal 1995.
Accounts Payable, Deposits and Other Unearned Revenue, and
Other Accrued Liabilities increased primarily due to the
acquisitions of Waterville Valley and Sugarloaf.
Accrued Wages, etc. decreased approximately $232,000
primarily due to the timing of payroll tax payments in
1994 vs. 1995.
Current and Long Term Notes Payable increased
approximately $22,400,000 due to additional funds needed
to finance the construction of the Skyeship lift at
Killington and the acquisitions of Waterville Valley and
Sugarloaf.
Other Long Term Liabilities increased approximately
$1,304,000 primarily due to the acquisitions of Waterville
Valley and Sugarloaf and the increase in liability
reserves.
III. Balance sheet changes at the end of the third quarter of
Fiscal 1995 compared to the year ended July 31, 1994.
Cash, Accounts Receivable, Inventories, Prepaids, Notes
Receivable, Accounts Payable, Income Taxes Payable,
Accrued Lease Payments, Accrued Wages, Deposits and Other
Unearned Revenue, Other Accrued Expenses usually reflect
large increases or decreases due to the seasonal nature of
the business. The additions of Waterville Valley and
Sugarloaf also contributed to these fluctuations.
Fixed Assets, net of accumulated depreciation and
amortization, increased approximately $38,032,000
primarily due to the acquisitions of Waterville Valley and
Sugarloaf and addition of the Skyeship lift at Killington.
Other Assets increased approximately $2,089,000 primarily
due to the increased investments of Ski Insurance Company
and the acquisitions of Waterville Valley and Sugarloaf.
Current and Long Term Notes Payable increased
approximately $20,071,000 primarily due to the
acquisitions of Waterville Valley and Sugarloaf and
addition of the Skyeship lift at Killington.
Other Long Term Liabilities increased approximately
$945,000 primarily due to the acquisitions of Waterville
Valley and Sugarloaf and the increase in liability
reserves.
IV. Liquidity
Cash generated from operations during the first nine
months of Fiscal 1995 was $19,940,601 as compared to cash
generated during the first nine months of Fiscal 1994 of
$26,386,714. Cash used for investing activities was
$33,502,010 and $13,352,179 during the first nine months
of Fiscal 1995 and 1994, respectively. Due to the
seasonality of the Company's business and a significant
increase to capital assets in the first nine months of
Fiscal 1995, the Company utilized its bank facilities to
meet its cash needs during the three quarters of Fiscal
1995 and 1994.
S-K-I LTD.
PART II
OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K
(b) No reports on Form 8-K have been filed during the quarter
for which this report is filed.
(c) Financial Data Schedule (EX-27). This schedule contains
summary financial information extracted from the Consolidated
Statement of Operations (Unaudited) nine months ended April 30,
1995, and April 24, 1994 and the Consolidated Balance Sheet
(Unaudited) of April 30,1995 and April 24, 1994, and is
qualified in its entirety by reference to such financial
statements.
S-K-I LTD.
SIGNATURE OF CHIEF FINANCIAL OFFICER
Pursuant to the requirement 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.
S-K-I LTD.
Dated: By:______________________________
Martel D. Wilson, Jr.
Vice President & Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-START> JAN-30-1995
<PERIOD-END> APR-30-1995
<CASH> 1,326,146
<SECURITIES> 0
<RECEIVABLES> 2,619,175
<ALLOWANCES> 0
<INVENTORY> 4,462,833
<CURRENT-ASSETS> 9,940,000
<PP&E> 226,822,522
<DEPRECIATION> 102,712,410
<TOTAL-ASSETS> 138,729,798
<CURRENT-LIABILITIES> 17,447,168
<BONDS> 11,400,000
<COMMON> 578,331
0
0
<OTHER-SE> 59,759,052
<TOTAL-LIABILITY-AND-EQUITY> 138,729,798
<SALES> 0
<TOTAL-REVENUES> 106,681,987<F1>
<CGS> 0<F2>
<TOTAL-COSTS> 45,309,840
<OTHER-EXPENSES> 51,801,346
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,017,626
<INCOME-PRETAX> 6,553,175
<INCOME-TAX> 2,724,258
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,828,917
<EPS-PRIMARY> .66
<EPS-DILUTED> .66
<FN>
<F1>Revenues include the sale of tangible products, resort services
and rental and other income. Revenues are dissaggregated for annual
report and 10-K only.
<F2>Cost of Goods are dissagrregated for annual report and 10-K only.
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