U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
( X ) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 15, 1996
( ) TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT
For the transition period from to
--- ----
Commission File No. 0-15030
WINTER SPORTS, INC.
(Exact name of small business issuer as specified in its charter)
Montana 81-0221770
(State of Incorporation) (I.R.S. Employer I.D. No.)
P.O. Box 1400, Whitefish, Montana 59937
(Address of principal executive offices)
Issuer's telephone number, including area code (406) 862-1900
Former name, former address & former fiscal year, if changed since last report
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months, and (2) has been
subject to such filing requirements for the past 90 days. Yes x No
As of October 24, 1996 the number of shares outstanding of the issuer's common
stock, no par value, was 969,918.
Transition Small Business Disclosure Format Yes No x
WINTER SPORTS, INC.
INDEX
Page No.
PART I.FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets 3
At:
September 15, 1996
September 17, 1995
May 31, 1996
Condensed Consolidated Statements of Operations 4
For The Periods:
June 1, 1996 - September 15, 1996
June 1, 1995 - September 17, 1995
Condensed Consolidated Statements of Cash Flows 5
For The Periods:
June 1, 1996 - September 15, 1996
June 1, 1995 - September 17, 1995
Notes to Condensed Consolidated Financial Statements 6-7
Management's Discussion and Analysis of Financial Conditions 8-9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 10
Item 4. Submission of Matters to a Vote of Security Holders 10
Item 5. Other Information 10
Item 6. Exhibits and Reports on Form 8-K 10
Signatures 11
WINTER SPORTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 15, September 17, May 31,
1996 1995 1996
ASSETS (Unaudited) (Unaudited) (Note 2)
------ ------------ ------------ --------------
CURRENT ASSETS
Cash and cash equivalents $ 91,844 $ 142,488 $ 87,424
Receivables (Net of reserve for 144,886 102,770 107,542
bad debts of $8,390, $0 and
$42,043 respectively)
Receivables - related parties 28,959 42,926 23,750
Income tax refund receivable 473,963 360,455 128,948
Current deferred tax asset 38,042 23,440 38,042
Inventories 394,471 341,752 424,500
Prepaid expenses 76,382 66,652 170,172
----------- ----------- -----------
TOTAL CURRENT ASSETS 1,248,547 1,080,483 980,378
----------- ----------- -----------
PROPERTY AND EQUIPMENT
Property and equipment, at cost 18,427,771 18,550,298 18,436,526
Accumulated depreciation (8,737,639) (8,276,869) (8,742,075)
----------- ----------- -----------
9,690,132 10,273,429 9,694,451
Construction in progress 591,027 719,829 762,831
Land and development costs 2,227,859 2,239,802 1,916,719
----------- ----------- -----------
NET PROPERTY AND EQUIPMENT 12,509,018 13,233,060 12,374,001
----------- ----------- -----------
OTHER ASSETS 337,399 139,537 336,396
TOTAL ASSETS $14,094,964 $14,453,080 $13,690,775
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 338,859 $ 311,461 $ 421,544
Accounts payable - related parties 4,720 10,800 11,489
Employee compensation and 168,864 224,449 120,870
related expenses
Taxes other than payroll and income 211,940 225,599 138,727
Interest payable 9,875 19,680 42,577
Deposits and other unearned income 481,960 527,732 183,711
Other current liabilities 2,247 2,250 1,684
----------- ----------- -----------
TOTAL CURRENT LIABILITIES 1,218,465 1,321,971 920,202
LONG-TERM DEBT 3,421,668 3,821,162 2,792,060
DEFERRED INCOME TAXES 1,379,508 1,337,202 1,379,508
----------- ----------- -----------
TOTAL LIABILITIES 6,019,641 6,480,335 5,091,770
----------- ----------- -----------
STOCKHOLDERS' EQUITY
Preferred stock (950 shares 24,500 24,500 24,500
authorized; $100 par value;
4% cumulative; 245, 245 &
245 outstanding)
Common stock (5,000,000 shares 3,560,874 2,978,597 3,560,874
authorized; no par value;
969,918, 932,948 & 969,918
outstanding)
Additional paid-in capital 20,519 20,519 20,519
Retained earnings 4,469,430 4,949,129 4,993,112
----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 8,075,323 7,972,745 8,599,005
----------- ----------- -----------
TOTAL LIABILITIES AND EQUITY $14,094,964 $14,453,080 $13,690,775
=========== =========== ===========
The accompanying notes are an integral part of these financial statements
WINTER SPORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Quarter and Year To Date
6/1/96 6/1/95
to to
9/15/96 9/17/95
----------- ----------
REVENUE
Lifts $ 221,561 $ 226,748
Food, beverage and retail 416,175 387,585
Equipment rental and repair 6,820
Lodging 62,537 53,574
Lease, management and other fees 148,734 164,921
Lease, management and other fees - related parties 55,518 73,628
Real estate sales - net 0 29,688
----------- -----------
TOTAL REVENUE 911,345 936,144
----------- -----------
COSTS AND EXPENSES
Direct expenses - lifts 260,211 276,922
Cost of food, beverage and retail 155,814 139,752
Cost of real estate sales 0 1,648
Payroll and related expenses 552,709 708,989
Direct expenses 263,577 272,554
Direct expenses - related party 0 5,000
Marketing 120,655 69,688
Depreciation and amortization 15,400 16,252
General and administrative 249,087 229,180
General and administrative - related party 17,044 11,433
----------- -----------
TOTAL COSTS AND EXPENSES 1,634,497 1,731,418
----------- -----------
OPERATING (LOSS) (723,152) (795,274)
----------- -----------
OTHER INCOME (EXPENSE)
Interest income 1,247 2,123
Interest expense (68,704) (82,571)
Gain (loss) on disposition of assets (82,194) 10,065
----------- -----------
TOTAL OTHER INCOME (EXPENSE) (149,652) (70,383)
----------- -----------
(LOSS) BEFORE INCOME TAXES (872,804) (865,657)
Recovery of income taxes (349,122) (346,262)
----------- -----------
NET (LOSS) $ (523,682) $ (519,395)
=========== ===========
(LOSS) PER COMMON SHARE $ (0.54) $ (0.54)*
=========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING 969,918 969,918 *
=========== ===========
*Restated to retroactively reflect stock dividend effective November 29, 1995
The accompanying notes are an integral part of these financial statements
WINTER SPORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
Quarter and Year To Date
6/1/96 6/1/95
to to
9/15/96 9/17/95
----------- ------------
NET CASH (USED IN) OPERATING ACTIVITIES $ (473,857) $ (774,334)
----------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Surety deposit 0 59,170
Proceeds from sale of assets 8,276 10,065
Property and equipment acquisitions (159,607) (186,803)
----------- -----------
NET CASH (USED IN) INVESTING ACTIVITIES (151,331) (117,568)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from draws on long-term revolver 1,420,104 2,052,427
Principal payments on long-term revolver (790,496) (1,400,556)
----------- -----------
NET CASH PROVIDED BY FINANCING ACTIVITIES 629,608 651,871
----------- -----------
Net (decrease) in cash and cash equivalents (4,420) (240,031)
Cash and cash equivalents at beginning of period 87,424 382,519
----------- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 91,844 $ 142,488
=========== ===========
SUPPLEMENTAL DISCLOSURES OF CASH PAID YEAR-TO-DATE FOR:
Interest (net of capitalized interest) $ 101,407 $ 67,928
Income taxes (net of refunds) $ (4,106) $ 84,124
The accompanying notes are an integral part of these financial statements
WINTER SPORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - BASIS OF PRESENTATION
The financial statements included herein are condensed according to 10-QSB
reporting requirements. They do not contain all information required by
generally accepted accounting principles to be included in a set of audited
financial statements. Accordingly, the financial statements should be read in
conjunction with the Notes to Consolidated Financial Statements contained in the
Company's Annual Report for the year ended May 31, 1996.
In the opinion of Management, the accompanying condensed consolidated financial
statements contain all adjustments (consisting of normal recurring accruals)
necessary for a fair presentation of the interim periods presented.
Certain amounts in the September 17, 1995 financial statements have been
reclassified to conform with the September 15, 1996 presentation.
NOTE 2 - May 31, 1996
The balance sheet at May 31, 1995 has been condensed from the audited financial
statements at that date.
NOTE 3 - (LOSS) PER COMMON SHARE
(Loss) per common share is based on net income (loss) after deducting dividends
paid on preferred stock of $0 and $0 for the quarters ended September 15, 1996
and September 17, 1995, respectively. The weighted average number of shares
outstanding were 969,918 and 969,918 for the quarters ended September 15, 1996
and September 17, 1995, respectively. Shares outstanding and per share amounts
at September 17, 1995 have been restated to reflect a 4% stock dividend
effective November 29, 1995.
NOTE 4 - SEASONAL NATURE OF OPERATIONS
The Company's operations are highly seasonal in nature. Revenues, earnings and
cash flow are generated principally from the winter operations of lifts and
related facilities. It is the Company's practice to recognize substantially all
of the year's depreciation expense in the third and fourth quarters in order to
better match expenses incurred in generating revenues during the Company's main
periods of business. The Company also generates revenues from the sale of real
estate which is ongoing throughout the fiscal year. Therefore, the results of
operations for the interim periods ended September 15, 1996 and September 17,
1995 are not necessarily indicative of the results to be expected for the full
year.
NOTE 5 - LEGAL PROCEEDINGS AND CONTINGENCIES
The Company has been named in a wrongful discharge lawsuit, with unspecified
damages, by a former employee. All pleadings have been filed, and the trial
date has been set for January, 1997. It has not been determined what exposure,
if any, the Company may have.
The Company is a defendant in a lawsuit filed by an individual who is seeking
damages of an unspecified amount for alleged personal injuries resulting from an
accident that occurred while skiing on the Company's property. The Company's
insurance carrier provides defense and coverage for these claims and the
Company's participation is limited to its policy deductible.
NOTE 6 - NOTE PAYABLE
The Company currently has a loan agreement with Bank of America Idaho, N.A. and
Seattle-First National Bank. The agreement provides for an $8,000,000
revolving, reducing line of credit which matures on June 1, 2002. The agreement
contains covenants that require minimum net worth, a fixed charge coverage ratio
and restrict investment, disposition of assets, capital expenditures, outside
borrowing and payment of dividends. Each June 1, the amount available under the
line reduces by $750,000. At September 15, 1996 $3,078,332 was unused of the
$6,500,000 available under the instrument. At September 17, 1995 $3,428,838 was
unused of the $7,250,000 available under the instrument. The loan bears
interest at or below the institutions' prime rate.
NOTE 7 - BUSINESS SEGMENT INFORMATION
The Company operates principally in two industries: the operation of a ski area
and the sale of real estate. Financial information by industry segment for the
first quarters of 1996 and 1995 is summarized as follows:
Ski Area Real Estate Consolidated
Quarter Ended 9/15/96
Net sales $ 909,345 $ 2,000 $ 911,345
Operating (loss) $ (681,144) $ (42,008) $ (723,152)
Depreciation and amortization $ 10,100 $ 5,300 $ 15,400
Identifiable assets $12,606,478 $ 1,488,486 $14,094,964
Capital expenditures $ 159,607 $ 0 $ 159,607
Quarter Ended 9/17/95
Net sales $ 906,456 $ 29,688 $ 936,144
Operating (loss) $ (732,948) $ (62,326) $ (795,274)
Depreciation and amortization $ 10,276 $ 5,976 $ 16,252
Identifiable assets $12,913,986 $ 1,539,094 $14,453,080
Capital expenditures $ 186,803 $ 0 $ 186,803
WINTER SPORTS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND
RESULTS OF OPERATIONS
For the For the
Period Period
6/1/96 6/1/95
to to
9/15/96 9/17/95
------- -------
Gross Revenues $ 911,345 $ 936,144
Net (Loss) $ (523,682) $ (519,395)
(Loss) Per Common Share $ (.54) $ (.54)*
Total Assets $14,094,964 $14,453,080
Long-Term Debt less current portion $ 3,421,668 $ 3,821,162
*Restated to retroactively reflect stock dividend effective November 29, 1995.
RESULTS OF OPERATIONS, FIRST QUARTER AND YEAR-TO-DATE
Revenues
Total revenues for the first quarter that ended September 15, 1996 were $911,345
a decrease of $24,799 or 3% from the quarter that ended September 17, 1995.
Equipment rental and repair revenue went from $3,442 in the first quarter of
last year to $6,820 this year. The 98% increase is due to both the opening of
the Company's 8 mile, summit to village, mountain bike trail and an increase in
the Company's fleet of mountain bikes available for rent. Lodging revenues
increased by 17% over last year due to increased use of the Company's lodging
facility by Elderhostel groups. Lease, management and other fees - related party
decrease by $18,109 or 25% due to decrease in maintenance work desired by a
related party company. The Company had no real estate sales in the first
quarter of this year compared to $29,688 in the first quarter of the prior year.
Operating Expenses
Total operating expenses in the quarter ended September 15, 1996 decreased by 6%
or $96,921 from the prior year. Payroll and related expenses declined by
$156,280 or 22% as the Company continued its efforts at cost reduction. The
cost of food, beverage and retail increased as the Company expanded its retail
sales effort. Marketing increased by $50,967 or 73% as the Company expanded its
marketing efforts for the coming ski season. Management expects to continue an
expanded marketing program throughout the remaining fiscal year.
Other Expenses
A loss for the first quarter an any year is not necessarily indicative of the
results to be expected for the entire year, but, instead reflects the seasonal
nature of the Company's business. The Company's main periods of business are
from mid-November through mid-April. Historically, the first and second
quarters, especially taken individually bear little comparative value.
LIQUIDITY AND CAPITAL RESOURCES
Working capital at the end of the quarter was $30,080 which is an improvement
over the prior year's ($241,488). The increase is due to an increase in
refundable income taxes and a decrease in accrued salaries and wages payable.
Total liabilities of $6,019,641 represents 75% of stockholders equity at
September 15, 1996, down from $6,480,335 or 81% of stockholders' equity at
September 17, 1995.
Management continually evaluates the Company's cash and financing requirements.
Over the years, the Company has obtained favorable financing from financial
institutions when necessary to fund off-season requirements and capital
acquisitions. The Company has a revolving, reducing credit agreement which
provides financial resources allowing the Company to meet short-term operating
needs and fund capital expenditures. The $8.0 million agreement reduces
available capacity by $750,000 each June 1. At September 15, 1996, there was
$3,421,668 borrowed with $3,078,332 of unused capacity of the $6,500,000
available at that date.
WINTER SPORTS, INC.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Reference is made to Note 5 to the Condensed Consolidated
Financial Statements of this Form 10-QSB, which is incorporated
herein by reference.
Item 4. Submission of Matters to a Vote of Security Holders
At the regular Annual Meeting of Shareholders held on October 8,
1996, the Shareholders reelected all current directors to additional
one year terms. Shareholders were entitled to cast nine votes for
each share of common stock held with cumulative voting allowed. The
table below summarizes voting results:
WITHHELD
FROM ALL
FOR DIRECTORS
--------- ---------
Charles R. Abell 703,042 311
Brian T. (Tim) Grattan 658,025 311
Dennis L. Green 657,372 311
Michael T. Jenson 668,109 311
Darrel R. (Bill) Martin 659,740 311
Michael J. Muldown 854,707 311
Calvin S. Robinson 659,892 311
W. E. Schreiber 657,813 311
Paul D. Watson 659,431 311
--------- ---------
Total Cast 6,178,131 2,799 6,180,930 71%
Not Voted 2,548,332 29%
--------- ----
Total Votes Available 8,729,262 100%
========= ====
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
Exhibit 10.7 Employement Agreement between Michael Collins and
Winter Sports, Inc. dated September 19, 1996.
No reports on Form 8-K were filed during the quarter ended
September 15, 1996.
WINTER SPORTS, INC.
FORM 10-QSB
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Winter Sports, Inc.
(Registrant)
Date: October 28, 1996 /s/Michael J. Collins
Michael J. Collins
President & Chief Executive Officer
(Principal Executive Officer)
Date: October 28, 1996 /s/Joann M. Gould
Joann M. Gould
Controller & Assistant Secretary
(Principal Accounting Officer)
Date: October 28, 1996 /s/Thomas E. Cullen
Thomas E. Cullen
Treasurer
<TABLE> <S> <C>
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<NAME> 10-QSB
<MULTIPLIER> 1
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> SEP-15-1996
<EXCHANGE-RATE> 1
<CASH> 91,844
<SECURITIES> 0
<RECEIVABLES> 182,235
<ALLOWANCES> 8,390
<INVENTORY> 394,471
<CURRENT-ASSETS> 1,248,545
<PP&E> 21,246,657
<DEPRECIATION> 8,737,639
<TOTAL-ASSETS> 14,094,964
<CURRENT-LIABILITIES> 1,218,465
<BONDS> 3,421,668
0
24,500
<COMMON> 3,560,874
<OTHER-SE> 4,489,949
<TOTAL-LIABILITY-AND-EQUITY> 14,094,963
<SALES> 416,175
<TOTAL-REVENUES> 911,345
<CGS> 155,814
<TOTAL-COSTS> 1,478,683
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 68,704
<INCOME-PRETAX> (872,804)
<INCOME-TAX> (349,122)
<INCOME-CONTINUING> (523,682)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (523,682)
<EPS-PRIMARY> (0.54)
<EPS-DILUTED> (0.54)
</TABLE>
EXHIBIT 10.7
EMPLOYMENT AGREEMENT
This Agreement made this 19th day of September, 1996, by and between WINTER
SPORTS, INC., a Montana corporation, with its principal place of business
located in Whitefish, Montana ("Employer"), and MICHAEL COLLINS, of Whitefish,
Montana ("Employee").
1. Employment. The Employer employs the Employee and the Employee accepts
employment upon the terms and conditions of this Agreement.
2. Term. The term of this Agreement shall begin on August 1, 1996 and
shall terminate on July 31, 2000, unless sooner terminated as provided herein
(see paragraph 12).
3. Compensation. The Employer shall pay the Employee the following annual
salary, payable in equal installments every two weeks:
August 1, 1996 through July 31, 1997 - $101,575.00
Effective August 1, 1997, and again on August 1 of each succeeding year of this
Agreement, the above salary shall be adjusted upward by an amount equal to five
percent (5%) of the preceding year's salary, provided that each annual
adjustment to salary shall be contingent upon the Employer meeting or exceeding
its combined budgeted income before taxes for the preceding fiscal year. If the
budget criteria have not been met, there shall be no increase in salary for the
applicable year. In addition, the Employee shall be entitled to provisions of
the Cash Bonus Program set forth later in this Agreement.
4. Duties. The Employee shall serve the Employer as president and general
manager. These duties shall include, without limitation, the general management
and supervision of all Employer's activities and endeavors, increasing the
Employer's market share and number of skier visits, implementing the Employer's
expansion program(s), increasing non-skier business and revenues, seeking
improved financing arrangements, and such other duties as may from time to time
be assigned by the Employer.
5. Extent of Services. The Employee shall devote his entire time and
attention to the Employer's business, unless otherwise agreed to by the Employer
and Employee.
6. Working Environment, Automobile, etc.. The Employee shall have a
private office, secretarial help, Employer provided automobile and other
facilities and services that are suitable to his position and appropriate for
the performance of his duties.
NOTICE: THIS AGREEMENT IS SUBJECT TO ARBITRATION UNDER THE MONTANA UNIFORM
ARBITRATION ACT.
7. Disclosure of Information. The Employee acknowledges that the
Employer's business dealings are a valuable, special and unique asset of the
Employer's business. The Employee shall not, during and after the term of his
employment, disclose all or any part of the information to which he becomes
privileged regarding the Employer's business.
8. Expenses. The Employee may incur reasonable expenses for promoting the
Employer's business, including expenses for entertainment, travel, and similar
items. The Employer will reimburse the Employee for all such expenses upon the
Employee's periodic presentation of an itemized account of such expenditures.
9. Vacations. The Employee shall be entitled each year to a vacation of
three weeks during which time his compensation shall be paid in full.
10. Bonus. During each year of this Agreement, the Employee shall receive
a cash bonus based on the following formula:
.021 x Winter Sports, Inc. net income before taxes, plus
.009 x Big Mountain Development Corporation net income before
taxes.
The bonus shall be based on the corporations' fiscal year end figures, which
concludes on May 31. The net income before taxes for Winter Sports must exceed
$400,000. each fiscal year for a bonus to be paid that year. The net income
before taxes for Big Mountain Development Corporation must exceed $200,000. each
fiscal year for a bonus to be paid that year. If either corporation has a
negative net income before taxes any fiscal year, the negative income figure
shall be multiplied by the above factor and the resulting figure shall be
deducted from the bonus payable (if any) from the other corporation in order to
determine the net amount of bonus payable to the Employee. A negative net bonus
figure shall mean that no bonus is payable to the Employee for that fiscal year.
Year end income figures are usually known in July of each year, and the parties
anticipate that an earned bonus may be paid in August of each year. The fiscal
year that ends on May 31, 1997 shall be the first year when a bonus is
calculated pursuant to this Agreement. An illustration of the bonus
calculations based on recent years' performance is shown on Exhibit A to this
Agreement.
11. Annual Review. The Employee's performance pursuant to the terms of
this Agreement shall be reviewed each year by duly appointed members of the
Employer's Board of Directors, and the Employer's action plans for the period
under review shall be the basis on which the evaluation is conducted.
12. Termination with Cause. The Employer may terminate this Agreement
with cause at any time by giving thirty (30) days' written notice to the
Employee. In the event of such termination, the Employee shall receive six (6)
month's salary. Just cause shall be defined to include any reason which the
Employer believes will be in its best business interest (e.g. failing to meet
budget projections for two consecutive fiscal years, etc.) or due to any conduct
of the Employee which the Employer believes may bring discredit upon himself or
the Employer. Notwithstanding any other provision of this Agreement, in the
event the Employer fails to meet budgeted goals for two consecutive fiscal years
during the term of this Agreement, the Employer may reopen this Agreement for
the purpose of re-negotiating the terms hereof or terminating it pursuant to
this paragraph.
13. Death During Employment. If the Employee dies during the term of
employment, the Employer shall pay to the Employee's estate the compensation
that otherwise would be payable to the Employee up to the end of the month in
which his death occurs.
14. Arbitration. Any controversy or claim arising out of, or relating to
this Agreement, or its breach, shall, at the option of the Employer, be settled
by arbitration in the City of Whitefish, Montana, in accordance with the then
governing rules of the American Arbitration Association. The prevailing party
shall be entitled to its reasonable costs and attorneys' fees. Judgment upon
the award rendered may be entered and enforced in any court of competent
jurisdiction.
15. Notices. Any notice required or desired to be given under this
Agreement shall be deemed given if in writing sent by certified mail to the
Employee's residence or to the Employer's principal office, as the case may be.
16. Waiver of Breach. The Employer's waiver of a breach of any provision
of this Agreement by the Employee shall not operate or be construed as a waiver
of any subsequent breach by the Employee. No waiver shall be valid unless in
writing and signed by an authorized officer of the Employer.
17. Assignment. The Employee acknowledges that his services are unique
and personal. Accordingly, the Employee may not assign his rights or delegate
his duties or obligations under this Agreement. The Employer's rights and
obligations under this Agreement shall inure to the benefit of and shall be
binding upon the Employer's successors and assigns.
18. Entire Agreement. This Agreement contains the entire understanding of
the parties. It may not be changed orally, but only by an agreement in writing
signed by the party against whom the enforcement of any waiver, change,
modification, extension, or discharge is sought.
IN WITNESS WHEREOF, the parties have executed this Agreement the day and
year first above written.
WINTER SPORTS, INC.
By/s/ Dennis L. Green
Dennis L. Green, Chairman
Attest:
/s/Darrel R. Martin
Secretary
/s/Michael Collins
