15
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 October 29, 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 603-298-1160
_______________________________________________________________________
(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 October 29, 1995
Common Stock $.10 Par Value 5,787,632
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 October 29, 1995 and
October 30, 1994 3
Consolidated Balance Sheet (Unaudited)
As of October 29, 1995 and July 31, 1995 4-5
Consolidated Balance Sheet
As of October 29, 1995 (Unaudited) and
October 30,1994 (Audited) 6-7
Consolidated Statement of Cash Flows (Unaudited)
Three Months Ended October 29, 1995 and
October 30, 1994 8
Notes to (Unaudited) Condensed Consolidated Financial Statements 9-10
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 11-13
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of
Security Holders 14
Item 6. Exhibits and Reports on Form 8-K 14
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 Company.
Consolidated Statement of Operations Three Months Ended
(Notes 1 and 4)
October 29,1995 October 30,1994
(Unaudited) (Unaudited)
Revenues $ 7,557,552 $ 6,117,206
Expenses:
Cost of operations including
wages, maintenance and supplies 7,798,584 6,936,215
Other taxes 1,084,345 979,992
Utilities 902,773 879,808
Insurance 1,023,168 934,021
Selling, general and administrative
expenses 4,544,536 4,114,310
Interest 1,107,678 654,169
Depreciation and amortization (Note 3) 216,145 168,952
Loss on sale of Bear Mt. (Note 1) 4,206,646
Total expenses 20,883,875 14,667,467
Loss before provision for income taxes (13,326,323) (8,550,261)
Income tax benefit (Note 3) (4,530,950) (3,131,911)
Net loss before minority interest (8,795,373) (5,418,350)
Minority interest in net income of
consolidated subsidiary (635,623) (446,612)
Net loss $(8,159,750) $(4,971,738)
Net loss per common share (Note 5) $(1.40) $(.86)
Retained earnings, beginning of period 50,366,108 50,030,708
Add: Net loss (8,159,750) (4,971,738)
Retained earnings, end of period $42,206,358 $45,058,970
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 Company.
Consolidated Balance Sheet
October 29,1995 July 31, 1995
ASSETS (Unaudited) (Audited)
Current assets:
Cash and short-term investments
(at cost, which approximates
market value) $ 2,374,251 $ 2,790,645
Accounts receivable 2,817,474 2,677,434
Notes receivable 243,152 244,775
Inventories 4,693,653 3,955,722
Prepaid expenses 2,387,836 1,360,460
TOTAL CURRENT ASSETS 12,516,366 11,029,036
Property and equipment, at cost:
Buildings and grounds 35,819,580 41,557,838
Machinery and equipment 56,858,475 73,123,058
Leasehold improvements 43,666,567 48,082,570
Lifts/liftlines and trails on
corporate property 27,058,635 33,787,212
163,403,257 196,550,678
Less - accumulated depreciation and
amortization 74,781,004 89,929,914
88,622,253 106,620,764
Construction in progress 2,756,349 1,684,442
Land and development costs 7,917,583 13,469,642
NET PROPERTY AND EQUIPMENT 99,296,185 121,774,848
Long-term investments 2,627,752 1,628,477
Other assets 2,522,730 2,289,152
TOTAL ASSETS $116,963,033 $136,721,513
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 Company.
Consolidated Balance Sheet
October 29, 1995 July 31, 1995
LIABILITIES AND STOCKHOLDERS' EQUITY (Unaudited) (Audited)
Current Liabilities:
Current portion of long-term debt 4,374,670 3,858,184
Accounts payable 2,991,833 1,617,621
Income tax (refundable)payable(Note 3) (927,305) 272,252
Accrued lease payments - Vermont 1,068,167 1,039,366
Accrued wages and profit sharing 634,265 529,874
Deposits and other unearned revenue 5,014,460 1,706,017
Other accrued expenses (Note 7) 5,301,343 5,157,743
TOTAL CURRENT LIABILITIES 18,457,433 14,181,057
Long-term debt 27,498,689 38,790,032
Subordinated debentures 11,400,000 11,400,000
Deferred income taxes (Note 3) 5,148,421 8,479,956
Other long-term liabilities (Note 7) 3,800,370 4,432,027
Minority interest in consolidated
subsidiary 1,240,561 1,876,188
TOTAL LIABILITIES 67,545,474 79,159,260
Stockholders' equity
Common stock 578,763 578,593
Paid-in capital 6,632,438 6,617,552
Retained earnings 42,206,358 50,366,108
TOTAL STOCKHOLDERS' EQUITY 49,417,559 57,562,253
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $116,963,033 $136,721,513
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 Company.
Consolidated Balance Sheet
October 29, 1995 October 30, 1994
ASSETS (Unaudited) (Unaudited)
Current Assets:
Cash and short-term investments
(at cost, which approximates
market value) $2,374,251 $2,886,008
Accounts receivable 2,817,474 1,298,343
Notes receivable 243,152 267,579 (1)
Inventories 4,693,653 5,475,940
Prepaid expenses 2,387,836 3,144,741
TOTAL CURRENT ASSETS 12,516,366 13,072,611
Property and equipment, at cost:
Buildings and grounds 35,819,580 37,915,126
Machinery and equipment 56,858,475 62,800,154
Leasehold improvements 43,666,567 53,184,257
Lifts/liftlines and trails on
corporate property 27,058,635 18,707,175
163,403,257 172,606,712
Less - accumulated depreciation and
amortization 74,781,004 89,596,677
88,622,253 83,010,035
Construction in progress 2,756,349 19,161,659
Land and development costs 7,917,583 13,918,989
NET PROPERTY AND EQUIPMENT 99,296,185 116,090,683
Long-term investments 2,627,752 460,376
Other assets 2,522,730 2,531,586
TOTAL ASSETS $116,963,033 $132,155,256
See accompanying Notes to (Unaudited) Condensed Consolidated
Financial Statements.
(1) Restated to conform with 1996 presentation
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 Company.
Consolidated Balance Sheet
October 29, 1995 October 30, 1994
LIABILITIES AND STOCKHOLDERS' EQUITY (Unaudited) (Unaudited)
Current liabilities:
Current portion of long-term debt
and subordinated debentures 4,374,670 2,302,701
Accounts payable 2,991,833 3,526,653
Income tax refundable (Note 3) (927,305) (2,882,289)
Accrued lease payments - Vermont 1,068,167 1,202,198
Accrued wages, profit sharing and
incentive compensation 634,265 634,377 (1)
Deposits and other unearned revenue 5,014,460 5,250,096 (1)
Other accrued expenses (Note 7) 5,301,343 4,260,656 (1)
TOTAL CURRENT LIABILITIES 18,457,433 14,294,392
Long-term debt 27,498,689 41,201,200
Subordinated debentures 11,400,000 11,400,000
Deferred income taxes (Note 3) 5,148,421 7,478,492
Other long-term liabilities (Note 7) 3,800,370 3,827,311
Minority interest in consolidated
subsidiary 1,240,561 1,728,526
TOTAL LIABILITIES 67,545,474 79,929,921
Stockholders' Equity
Common stock 578,763 578,269
Paid-in capital 6,632,438 6,588,096
Retained earnings 42,206,358 45,058,970
TOTAL STOCKHOLDERS' EQUITY 49,417,559 52,225,335
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY 116,963,033 132,155,256
See accompanying Notes to (Unaudited) Condensed Consolidated Financial
Statements.
(1) Restated to conform with 1996 presentation
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
Company.
Consolidated Statement of Cash Flows For the Three Months Ended
October 29, 1995 October 30, 1994
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net loss (8,159,750) (4,971,738)
Non-cash items included in net income:
Loss on disposition of net assets of
Bear Mountain (Note 2) 4,206,646
Minority interest in net loss of
subsidiary (635,627) (446,612)
Depreciation and amortization 216,145 168,952
Deferred tax provision (3,331,535)
CASH FLOW FROM OPERATING ACTIVITIES
BEFORE CHANGES IN ASSETS AND LIABILITIES (7,704,121) (5,249,398)
Changes in assets and liabilities:
Decrease in accounts receivable 698,920 351,851
Decrease in notes receivable 1,623 35,160
Increase in inventories (1,312,134) (1,604,545)
Increase in prepaid expenses (1,145,377) (1,642,210)
Increase in accounts payable 1,374,212 1,132,332
Decrease in income taxes payable (1,199,557) (3,144,303)
Increase in accrued lease payments -
Vermont 28,801 30,333
Increase in accrued wages, profit sharing 104,391 4,470
Increase in deposits and other
unearned revenue 3,425,499 3,251,576
Increase in other accrued expenses 143,603 198,652
Decrease in other long-term liabilities (631,657) (88,302)
NET CASH USED IN OPERATING ACTIVITIES
AFTER CHANGES IN ASSETS AND LIABILITIES (6,215,797) (6,724,384)
Cash flows from investing activities:
Additions to property and equipment (1,570,752) (8,712,135)
Net book value of property and
equipment sold 38,133
Purchase of long-term investments (999,275)
Business acquired less cash on hand
from business acquired (2,060,603)
Proceeds from disposition of net
assets of Bear Mountain (Note 2) 19,131,587
Other (2,356) (227,255)
NET CASH PROVIDED BY (USED IN) INVESTING
ACTIVITIES 16,559,204 (10,961,860)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 108,658 656,229
Net (reductions) proceeds from
revolving credit agreement (11,250,000) 16,500,000
Reductions in long-term debt (150,001) (16,015)
Increase in current portion of
long-term debt 516,486 716,955
Proceeds from issuance of common stock 15,056 10,781
NET CASH (USED IN)PROVIDED BY FINANCING
ACTIVITIES (10,759,801) 17,867,950
Net (decrease) increase in cash and
short-term investments (416,394) 181,706
Cash and short-term investments at
beginning of year 2,790,645 2,704,302
CASH AND SHORT-TERM INVESTMENTS AT
END OF PERIOD $2,374,251 $2,886,008
Interest paid 827,428 532,992
Income taxes paid, net of refunds 200 1,350
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 October 29, 1995, July 31,
1995 and October 30, 1994, the results of operations
for the three months ended October 29, 1995 and October
30, 1994 and cash flows for the three months ended
October 29,1995 and October 30, 1994. All such
adjustments are of a normal recurring nature with the
exception of the sale of the majority of Bear Mountain
assets. See the statement of cashflows and statement
of operations. The unaudited condensed consolidated
financial statements should be read in conjunction with
the following notes and the consolidated financial
statements in the 1995 Annual Report to the Securities
and Exchange Commission on Form 10-K.
2. Bear Mountain Sale
On October 23, 1995 the Company sold a majority of the
ski resort related and golf course assets of Bear
Mountain to Fibreboard Corporation for approximately
$20,500,000. The transaction had the following non-
cash impact on the balance sheet:
Increase in current assets, net $ 263,812
Decrease in property, plant and equipment, net (23,833,271)
Increase in other non-current liabilities, net 231,226
______________
$ (23,338,233)
______________
______________
3. 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 first
quarter of 34%. The difference from the statutory
federal and state rate is due to the fiscal year to
date losses at Sugarloaf Mountain Corp., for which a
tax benefit has not been recorded.
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.
4. 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).
5. Net Loss per Common Share
Net loss per common share figures are based on the
average shares outstanding during the first quarter of
5,786,782 (5,782,057 in first quarter Fiscal 1995).
Shares issuable upon the exercise of stock options
grants have not been included in the per share
computation because they would not have a material
effect on loss per share.
6. Stock Options
The 1988 Incentive Stock Option Plan authorized 168,750
shares of common stock to be optioned. In the first
quarter of Fiscal 1996, 1,700 shares were exercised and
4,050 shares were forfeited.
In the first quarter of Fiscal 1995, options for 22,750
were granted, 625 shares were exercised and no shares
were 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 first
quarter of 1996.
7. General Liability
Provision is made for the estimated costs under the
deductible portion of S-K-I's insurance policies,
primarily general liability and workers' compensation.
The balance of such reserves at October 29, 1995, July
31, 1995 and October 30, 1994 were $5,553,918,
$5,765,878, and $4,636,435 respectively. Of such
amounts, $3,862,552, $4,432,027 and $3,601,408 are
included in other long-term liabilities at October 29,
1995, July 31, 1995 and October 30, 1994, respectively,
with the remaining balance included in other accrued
expenses.
8. 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.
9. Dividend Paid
During November 1994, the Board of Directors declared a
$.13 per share dividend on Common Stock payable to
stockholders of record on December 8, 1995. The
dividend will be paid on January 17, 1996.
S-K-I LTD.
PART I.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
I. Revenue and expense changes for the first quarter of
Fiscal 1996 compared to the first quarter of Fiscal
1995.
General: Sugarloaf is being reflected for a full three
months in Fiscal Year 1996 while in Fiscal Year 1995
only two months of operations were recorded due to the
acquisition of 51% of the outstanding shares of capital
stock of Sugarloaf on August 24, 1994. Waterville
Valley is also being reflected for a full three months
in Fiscal Year 1996 and has no activity for Fiscal Year
1995 due to the purchase date of October 31, 1994 for
the ski area. In most revenue and expense categories
this has the effect of increasing Fiscal Year 1996
results as compared with Fiscal Year 1995 to a greater
or lesser degree as noted below.
Revenues increased 24% and other than increases
attributable to the Sugarloaf and Waterville purchases
were stable at the Vermont divisions and favorable at
Bear Mountain.
Cost of operations increased 12% mainly due to a full
quarter for Sugarloaf and the addition of Waterville
partially offset by savings in operations at the
Vermont divisions.
Other taxes increased by 11% primarily due to the
additions of Sugarloaf and Waterville offset by small
savings at Bear Mountain.
Insurance increased by 10% mainly due to the Sugarloaf
and Waterville additions with a small favorable offset
at the other divisions.
Selling, general and administrative increased by 10%
again mainly due to the acquisitions of Waterville and
51% of Sugarloaf offset by a favorable decrease at Bear
Mountain.
Interest increased by 69% due primarily to the
additional debt and secondarily to the addition of
Sugarloaf and Waterville.
Depreciation increased 28% primarily due to the
Sugarloaf addition.
II. Balance Sheet changes at the end of the first quarter
of Fiscal 1996 compared to the end of the first quarter
of Fiscal 1995
General: Waterville Valley is being reflected in
Fiscal Year 1996 first quarter and not in Fiscal Year
1995 first quarter due to its purchase date of October
31, 1994 for the ski area. This has the effect of
increasing all areas of the balance sheet in some cases
more significantly than in others as noted below.
Cash and short term investments decreased approximately
$ 512,000 primarily due to the accumulation of long-
term investments by Ski Insurance Company, the
company's wholly owned Vermont captive insurance
company, partially offset by the additional cash of
Waterville.
Accounts receivable increased approximately $ 1,519,000
primarily due to the addition of Waterville,
receivables as a result of the sale of Bear Mountain
and an increase at Sugarloaf.
Inventories decreased approximately $ 782,000 primarily
due to the Bear Mountain sale, the addition of
Waterville and decreases in Mount Snow's retail and
Killington's vehicle inventories.
Prepaids decreased approximately $ 757,000 primarily
due to a reduction in prepaid marketing at Killington
partially offset by the addition of Waterville.
Fixed assets decreased approximately $ 9,203,000 due to
the sale of Bear Mountain partially offset by the large
capital year in 1995 including the Skyeship lift at
Killington.
Construction in progress decreased approximately $
14,816,000 primarily due to the transfer to fixed
assets.
Land and development decreased approximately $
6,001,000 primarily due to the Bear Mountain sale.
Long-term investments increased approximately $
2,167,000 due to Ski Insurance Company's continuing
accumulation of cash and investments.
Short-term notes payable increased approximately $
2,072,000 primarily due to an increase at Sugarloaf and
a transfer from long-term to short-term of an issue of
the debentures and a contingency note regarding the
sale of Bear Mountain.
Accounts payable decreased approximately $ 535,000 due
primarily to Skyeship lift liabilities at Killington in
1995, the timing of certain retail invoices at Mount
Snow, a substantial decrease at Sugarloaf, all
partially offset by the addition of Waterville.
Accrued lease payments-the State of Vermont decreased
approximately $ 134,000 due to decreased revenue for
Killington in Fiscal Year 1994 vs. 1995.
Other accrued expenses increase approximately $
1,041,000 primarily due to an increase at Sugarloaf,
the accumulation of general liability premium accruals
for payment to the captive and the addition of
Waterville.
Long-term notes payable decreased approximately $
13,703,000 primarily due to application of cash from
the Bear Mountain sale partially offset by reduced cash
flow from last winter's unfavorable weather.
Deferred income taxes decreased approximately $
2,330,000 primarily due to the transfer of Bear
Mountain's deferred income taxes to current as the
result of the sale partially offset by large capital
programs at the Vermont divisions in Fiscal Year 1995
resulting in additional depreciation and increased
payouts in 1995 for liability related insurance in the
pre-captive years.
III. Balance Sheet changes at the end of the first quarter
of Fiscal 1996 compared to the year ended July 31,
1995.
Cash, Prepaid expenses, Inventories, Construction in
progress, Accounts payable, Income taxes payable,
Deposits and other accrued expenses usually reflect
large increases or decreases due to the seasonal nature
of the business.
Land and Development decreased approximately $
5,552,000 primarily due the sale of Bear Mountain.
Long-term Investments increased approximately $ 999,000
primarily due to reinvesting current cash and premiums
accumulating within Ski Insurance Company.
Other Assets increased approximately $ 409,000
primarily due to receivables related to the sale of
Bear Mountain.
Short-term Notes Payable increased approximately $
516,000 primarily due to Sugarloaf.
Long-term Notes Payable decreased approximately $
11,291,000 primarily due to the application of cash
from the sale of Bear Mountain partially offset by
normal borrowing during the first quarter.
IV. Liquidity
Cash generated from operations during the first three
months of Fiscal 1996 was $6,215,800 as compared to
cash generated during the first three months of Fiscal
1995 of $6,724,384 . Cash generated from investing
activities was $16,459,205 during the first three
months of Fiscal 1996. Cash used for investing
activities during the first three months of Fiscal 1995
was $10,961,860. Due to the seasonality of the
Company's business the Company utilized its bank
facilities to meet its cash needs during the first
quarters of Fiscal 1996 and 1995 until the sale of Bear
Mountain in late October 1996.
S-K-I LTD.
PART II
OTHER INFORMATION
Item 4 - Submission of Matters to a Vote of Security Holders
On November 17, 1995 the Company held its annual meeting of
stockholders at which time Joseph D. Sargent was elected to
a three year term on the Board of Directors. The continuing
members of the Company's Board of Directors are Jose M.
Calhoun, F. Ray Keyser, Jr., Walter N. Morrison, Joseph D.
Sargent, Mary T. Sargent, Preston Leete Smith, Thomas C.
Webb and Martel D. Wilson, Jr. The following votes were
cast:
For Withheld/Against
Joseph D. Sargent 4,485,028 20,932
Item 6 - Exhibits and Reports on Form 8-K
(b) A Form 8-K was filed on November 7, 1995 for the sale of Bear Mountain.
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> 3-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> OCT-29-1995
<CASH> 2,374,251
<SECURITIES> 0
<RECEIVABLES> 3,060,626
<ALLOWANCES> 0
<INVENTORY> 4,693,653
<CURRENT-ASSETS> 12,516,366
<PP&E> 174,077,189
<DEPRECIATION> 74,781,004
<TOTAL-ASSETS> 116,963,033
<CURRENT-LIABILITIES> 18,457,433
<BONDS> 11,400,000
<COMMON> 578,763
0
0
<OTHER-SE> 48,838,796
<TOTAL-LIABILITY-AND-EQUITY> 116,963,033
<SALES> 0
<TOTAL-REVENUES> 7,557,552<F1>
<CGS> 0<F2>
<TOTAL-COSTS> 7,798,584
<OTHER-EXPENSES> 11,977,613
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,107,678
<INCOME-PRETAX> ( 12,690,700 )
<INCOME-TAX> ( 4,530,950 )
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,159,750
<EPS-PRIMARY> ( 1.40 )
<EPS-DILUTED> ( 1.40 )
<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 dissaggregated for annual report and 10-K only.
</FN>
</TABLE>
