<PAGE>
United States
Securities and Exchange Commission
Washington, D.C. 20549-1004
FORM 10-Q
Quarterly Report Pursuant to Section 13 of 15(d) of the Securities Exchange
Act of 1934
For the Period Ended September 30, 1996
Commission File Number 0-7205
HOLIDAY-GULF HOMES, INC.
(Exact name of registrant as specified in its charter)
Minnesota 41-0916277
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4804 Mile Stretch Drive,
Holiday, Florida 34690
(Address of principal executive office) (Zip Code)
(813) 937-3293
(Registrant's telephone number, including area code)
Indicate by check mark 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 (or for such shorter periods that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
YES X NO
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of September 30, 1996.
Common Stock, $.01 Par Value-1,903,853 shares as of September 30, 1996
<PAGE>
INDEX
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
PAGE
PART 1. - FINANCIAL INFORMATION NUMBER
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets - September 30, 1996
and December 31, 1995...................................... 3-4
Consolidated Statements of Operations - For the three
months ended September 30, 1996 and 1995 and
the nine months ended September 30, 1996 and 1995.......... 5-6
Consolidated Statements of Shareholders'
Equity - For the year ended December 31,
1995 and the nine months ended September 30, 1996.......... 7
Consolidated Statements of Cash Flows - For
the nine months ended September 30, 1996
and 1995 .................................................. 8
Notes to Consolidated Financial Statements................... 9-13
Accountants' Report.......................................... 14
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations........................ 15
PART II. - OTHER INFORMATION
Item 1. Legal Proceedings 16
Item 2. Changes in Securities 16
Item 3. Defaults upon Senior Securities 16
Item 4. Submission of Matters to a Vote of Security Holders 16
Item 5. Other Information 16
Item 6. Exhibits and Reports on Form 8-K 17
SIGNATURES 18
<TABLE>
PART 1. FINANCIAL INFORMATION
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<CAPTION>
September 30, December 31,
1996 1995
(Unaudited) (Audited)
<S> <C> <C>
ASSETS
WATER, PLANT AND EQUIPMENT
Water Plant & Equipment, at Original Costs $ 292,991 $ 290,742
Less: Accumulated Depreciation (224,776) (219,278)
------------ ------------
Net Water Plant & Equipment $ 68,215 $ 71,464
------------ ------------
OTHER PROPERTY AND INVESTMENTS
Non-Utility Property, less Accumulated
Depreciation of $44,964 in 1996 and
$42,395 in 1995 $ 26,544 $ 23,916
------------ ------------
Net Other Property & Investments $ 26,544 $ 23,916
------------ ------------
CURRENT ASSETS
Cash and Certificates of Deposits $ 152,685 $ 110,669
Accounts Receivable 5,035 2,778
Prepaids 489 2,801
Other Receivables 4,032 520
------------ ------------
Total Current Assets $ 162,241 $ 116,768
------------ ------------
OTHER ASSETS
Deposits $ 2,035 $ 2,035
------------ ------------
Total Other Assets $ 2,035 $ 2,035
------------ ------------
TOTAL ASSETS $ 259,035 $ 214,183
============ ============
<FN>
See accompanying notes and accountants' report.
</FN>
</TABLE>
<TABLE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<CAPTION>
September 30, December 31,
1996 1995
(Unaudited) (Audited)
<S> <C> <C>
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Capital Stock, 5,000,000 shares authorized
and 1,903,853 shares issued and
outstanding in 1996 and 1995 $ 19,039 $ 19,039
Paid-In-Capital 225,774 225,774
Retained Earnings (of which $7,882 as of
September 30, 1996 and December 31, 1995 was
appropriated for unclaimed 1993, 1990,
1989 and 1988 dividends) (9,630) (50,124)
------------ ------------
Total Capital Stock and Retained Earnings $ 235,183 $ 194,689
------------ ------------
CIAC, less accumulated amortization of
$104 in 1996 and $41 in 1995 $ 1,222 $ 1,284
------------ ------------
Total Capitalization $ 236,405 $ 195,973
------------ ------------
CURRENT LIABILITIES
Accounts Payable $ 19,850 $ 15,994
Accrued Liabilities 1,301 1,250
Deferred Income 1,479 966
------------ ------------
Total Current Liabilities $ 22,630 $ 18,210
------------ ------------
TOTAL CAPITAL AND LIABILITIES $ 259,035 $ 214,183
============ ============
<FN>
See accompanying notes and accountants' report.
</FN>
</TABLE>
<TABLE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
<CAPTION>
For the three months ended For the nine months ended
September 30, September 30,
1996 1995 1996 1995
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
OPERATING REVENUES
Water $ 29,716 $ 31,510 $ 96,006 $ 95,465
Garbage 27,862 26,779 84,936 81,313
Streetlights 9,055 8,802 27,564 26,375
Transfer & Reconnect Fees 315 360 1,245 1,350
----------- ----------- ----------- ----------
Total Operating Revenues $ 66,948 $ 67,451 $ 209,751 $ 204,503
----------- ----------- ----------- ----------
COST OF REVENUES
Garbage $ 20,920 $ 20,523 $ 62,760 $ 61,569
Electric 1,487 1,289 4,330 4,117
Streetlights 3,615 3,577 10,790 10,762
Other Costs 8,427 8,764 26,037 24,692
----------- ----------- ----------- ----------
Total Cost of Revenues $ 34,449 $ 34,153 $ 103,917 $ 101,140
----------- ----------- ----------- ----------
Gross Profit $ 32,499 $ 33,298 $ 105,834 $ 103,363
OPERATING EXPENSES
Depreciation & Amortization $ 1,903 $ 1,852 $ 5,710 $ 5,555
General & Administration 17,805 17,535 63,954 60,956
----------- ----------- ----------- ----------
Total Operating Expenses $ 19,708 $ 19,387 $ 69,664 $ 66,511
----------- ----------- ----------- ----------
Operating Income $ 12,791 $ 13,911 $ 36,170 $ 36,852
OTHER INCOME
Rental and late fees $ 9,204 $ 8,887 $ 26,999 $ 26,093
Interest 1,129 197 3,067 1,518
----------- ----------- ----------- ----------
Total Other Income $ 10,333 $ 9,084 $ 30,066 $ 27,611
----------- ----------- ----------- ----------
OTHER OPERATING EXPENSES
General and Administrative $ 5,282 $ 7,391 $ 23,447 $ 22,859
Depreciation 765 752 2,295 2,257
----------- ----------- ----------- ----------
Total Other Operating Expenses $ 6,047 $ 8,143 $ 25,742 $ 25,116
----------- ----------- ----------- ----------
<FN>
See accompanying notes and accountants' report.
</FN>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended For the nine months ended
September 30, September 30,
1996 1995 1996 1995
(Unaudited) (Unaudited)
Other Net Income, on Non-Utility $ 4,286 $ 941 $ 4,324 $ 2,495
----------- ----------- ----------- ----------
Net Income Before Income
Taxes and Extraordinary Items $ 17,077 $ 14,852 $ 40,494 $ 39,347
----------- ----------- ----------- ----------
PROVISION FOR INCOME TAXES
Current $ 3,440 $ 2,923 $ 8,455 $ 7,508
----------- ----------- ----------- ----------
Total Provision for Income
Taxes $ 3,440 $ 2,923 $ 8,455 $ 7,508
----------- ----------- ----------- ----------
Net Income Before Extraordinary
Items $ 13,637 $ 11,929 $ 32,039 $ 31,839
Extraordinary Items From
Utilization of Operating
Loss Carryforward 3,440 2,923 8,455 7,508
----------- ----------- ----------- ----------
NET INCOME $ 17,077 $ 14,852 $ 40,494 $ 39,347
=========== =========== =========== ==========
EARNINGS PER SHARE
Net Income Before Extraordinary
Items $ .007 $ .006 $ .017 $ .017
Extraordinary Items -Utilization
of Operating Loss Carryforward $ .002 $ .002 $ .004 $ .004
----------- ----------- ----------- ----------
NET EARNINGS PER SHARE $ .009 $ .008 $ .021 $ .021
=========== =========== =========== ==========
<FN>
See accompanying notes and accountants' report.
</FN>
</TABLE>
<TABLE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1995 AND THE NINE MONTHS ENDED
SEPTEMBER 30, 1996
<CAPTION>
APPROPRIATED UNAPPROPRIATED TOTAL
COMMON STOCK CAPITAL RETAINED RETAINED SHAREHOLDERS'
SHARES AMOUNT SURPLUS EARNINGS DEFICIT EQUITY
<S> <C> <C> <C> <C> <C> <C>
December 31, 1994
(Audited) 1,903,853 $ 19,039 $ 266,306 $ 8,007 $ (58,006) $ 235,346
--------- ---------- --------- ---------- ---------- ---------
Payment of 1995
Dividends - - (40,532) - (54,661) (95,193)
Payment of unclaimed
prior dividends - - - (125) - (125)
Net Income - - - - 54,661 54,661
--------- ---------- --------- ---------- ---------- ---------
December 31, 1995
(Audited) 1,903,853 $ 19,039 $ 225,774 $ 7,882 $ (58,006) $ 194,689
--------- ---------- --------- ---------- ---------- ---------
Net Income
(Unaudited) - - - - 40,494 40,494
--------- ---------- --------- ---------- ---------- ---------
September 30, 1996
(Unaudited) 1,903,853 $ 19,039 $ 225,774 $ 7,882 $ (17,512) $ 235,183
========= ========== ========= ========== ========== =========
<FN>
See accompanying notes and accountants' report.
</FN>
</TABLE>
<TABLE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>
For the nine months ended
September 30,
1996 1995
(Unaudited)
<S> <C> <C>
Cash flows from operating activities
Net Income $ 40,494 $ 39,347
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and Amortization 8,005 7,812
Change in Assets and Liabilities
(Increase) decrease in
Other Receivables (3,512) (360)
Accounts Receivable (2,257) (314)
Prepaid Assets 2,312 2,607
Deposits - 1,015
Increase (decrease) in
Accounts Payable 3,856 971
Accrued Expenses 51 -
Deferred Income 513 995
---------- ----------
Net cash provided by operating activities $ 49,462 $ 52,073
---------- ----------
Cash flows from investing activities
Capital Expenditures $ (7,446) $ (8,637)
Payment of Dividends - (95,192)
Reclaiming Dividends - (125)
---------- ----------
Net cash used in investing activities $ (7,446) $ (103,954)
---------- ----------
Net increase (decrease) in cash $ 42,016 $ (51,881)
Cash and cash equivalents at beginning of period 110,669 149,037
---------- ----------
Cash and cash equivalents at end of period $ 152,685 $ 97,156
========== ==========
Supplementary Disclosures of Cash Flow Information
Interest Paid $ -0- $ -0-
Income Tax Paid $ -0- $ -0-
<FN>
See accompanying notes and accountants' report.
</FN>
</TABLE>
<PAGE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(1) - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Principles of Consolidation--
The accompanying consolidated financial statements include the
accounts of the Company and its wholly owned subsidiaries. All significant
intercompany balances and transactions have been eliminated in consolidation.
Basis of Presentation--
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included. Operating results for the three and
nine month periods ended September 30, 1996 are not necessarily indicative of
the results that may be expected for the year ended December 31, 1996. For
further information, refer to the consolidated financial statements and
footnotes thereto included in the Company's annual report on Form 10-K for the
year ended December 31, 1995.
Recognition of Income from Utility Operations--
The majority of the Company's revenues are generated by two Utility
Companies. These Companies recognize revenues on a monthly basis. The use
is based on actual meter readings by an outside independent contractor. The
independent contractor also provides services for other utility company's in
the area. The independent contractors fees are based on a set amount per
customer plus any additional repairs.
Depreciation--
Depreciation included in the accompanying financial statements has
been provided by the straight-line method at rates calculated to amortize the
cost of the assets over their estimated useful lives as follows:
YEARS
Utility Plant and Equipment 5 - 40
Building and Improvements 5 - 30
Maintenance and repairs of property and equipment are charged to
expense as incurred, whereas renewals and betterments are capitalized. When
properties are replaced, retired, or otherwise disposed of, the cost and
related accumulated depreciation are removed from the accounts. Any gain or
loss is credited or charged to operations.
<PAGE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(1) - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Amortization--
The Contribution in Aide of Construction (CIAC) costs are being
amortized over a period of sixteen years using the straight-line method.
CIAC represents $1,325 received in 1995 from a utility customer to
help pay for the cost of the new asset.
Cash--
For the purpose of the statement of cash flows, cash includes cash on
hand, cash in checking and money market accounts, and Certificates of Deposit.
Income Taxes--
The Company and its subsidiaries file consolidated Federal and State
Income Tax Returns.
Effective January 1, 1993, the Company adopted Statement of Financial
Accounting Standards No. 109 "Accounting for Income Taxes (FAS 109). Under
the provisions of FAS 109, an entity recognizes deferred tax assets and
liabilities for future tax consequences of events that have been previously
recognized in the Company's financial statements or tax returns. The
measurement of deferred tax assets and liabilities is based on provisions of
the enacted tax law; the effect of the future changes in tax laws or rates are
not considered.
Earnings Per Share--
Earnings per share of Common Stock is computed based upon weighted
average number of shares outstanding for the period (1,903,853 shares in 1995
and for the first nine months of 1996).
(2) - LONG-TERM DEBT:
There was no debt as of September 30, 1996 or December 31, 1995.
(3) - STOCK OPTION PLAN:
The Company has adopted a qualified stock option plan whereby options
may be granted to key employees to purchase a maximum 50,000 shares of the
Company's common stock at not less than 10% of the fair market value of the
shares at date of grant. The options are exercisable in installments of not
more than 20% of the shares covered thereby during any one-year period,
subject to the right of cumulation. The options expire five years from the
date of grant. No options have been granted under this plan.
<PAGE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(4) - PROPERTY AND EQUIPMENT:
The property and equipment accounts consisted of the following at
September 30, 1996 and December 31, 1995:
September 30, December 31,
1996 1995
Land and Buildings $ 71,508 $ 66,311
Utility Plant and Equipment 292,991 290,742
------------ ------------
TOTAL PROPERTY AND EQUIPMENT $ 364,499 $ 357,053
Less: Accumulated Depreciation (269,740) (261,673)
------------ ------------
NET PROPERTY AND EQUIPMENT $ 94,759 $ 95,380
============ ============
(5) - RELATED PARTY TRANSACTIONS:
There were no related party transactions during the nine months ended
September 30, 1996 and 1995.
(6) - LEASE:
The Company is leasing office space in Knollwood Plaza under a three-
year lease expiring in November, 1996. The lease is $450 per month.
The following is a schedule of future minimum rental payments:
December 31, 1996 $ 900
December 31, 1997 -
--------
Total $ 900
========
<PAGE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(7) - INCOME TAXES:
Pretax income from continuing operations for the nine months ended
September 30, 1996 and for the year ended December 31, 1995 was as follows:
September 30 December 31,
1996 1995
$ 40,494 $ 54,661
Significant componets of the provision for income taxes attributable to
continuing operations for the nine months ended September 30, 1996 and for the
year ended December 31, 1995 are as follows:
September 30, December 31,
1996 1995
Current:
Federal $ 6,301 $ 8,557
State 2,154 2,865
------------ ------------
Total Current $ 8,455 $ 11,422
Deferred:
Federal - -
State - -
------------ ------------
Total Provision $ 8,455 $ 11,422
============ ============
There are no deferred tax assets and liabilities as of September 30, 1996
and December 31, 1995, due to management not expecting to realize any
reduction of taxes when the operating losses originated in 1983 and 1984.
<PAGE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(7) - INCOME TAXES (CONTINUED):
The reconciliation of income tax computed at the U.S. federal statutory
tax rates (34%) to income tax expense for the nine months ended September 30,
1996 and the year ended December 31, 1995 is:
September 30, December 31,
1996 1995
AMOUNT PERCENT AMOUNT PERCENT
Tax at U.S.
Statutory Rates $ 13,768 34.00 $ 18,585 34.00
Surtax exemption (7,981) (19.71) (9,881) (18.07)
State income tax-
net of federal
tax benefits 1,422 3.51 1,891 3.46
Non-deductible
expenses 1,246 3.08 827 1.51
--------- ----- --------- -----
$ 8,455 20.88 $ 11,422 20.90
========= ===== ========= =====
Operating Loss Carryforwards--
The Company has loss carryforwards at December 31, 1995 totaling
$361,291 that may be offset against future taxable income. If not used, the
carryforward will expire as follows:
Year Year
Originated Expired
1983 1998 $ 161,982
1984 1999 171,592
1991 2006 27,717
----------
$ 361,291
==========
<PAGE>
<REVIEW-REPORT>
ACCOUNTANTS' REPORT
To the Board of Directors
Holiday Gulf Homes, Inc. and Subsidiaries
Holiday, Florida
We have reviewed the accompanying consolidated condensed balance sheets
of Holiday Gulf Homes, Inc. (a Minnesota corporation) and subsidiaries as of
September 30, 1996 and the related consolidated condensed statements of
income, shareholders' equity and cash flows for the nine months then ended
September 30, 1996 and 1995, in accordance with Statements of Standards for
Accounting and Review Services issued by the American Institute of Certified
Public Accountants. All information included in these consolidated condensed
financial statements is the representation of the management of Holiday Gulf
Homes, Inc..
A review of interim financial statements consists principally of
inquiries of Company personnel and analytical procedures applied to financial
data. It is substantially less in scope than an audit in accordance with
generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the accompanying September 30, 1996 consolidated condensed
financial statements in order for them to be in conformity with generally
accepted accounting principles.
The financial statements for the year ended December 31, 1995, were
audited by us, and we expressed an unqualified opinion on them in our report
dated January 15, 1996, but we have not performed any auditing procedures
since that date.
ARNOLD AND CO., P.A.
Ocala, Florida
October 10, 1996
</REVIEW-REPORT>
<PAGE>
HOLIDAY GULF HOMES, INC. AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
RESULTS OF OPERATIONS:
Utility operating revenues decreased .9% in the third quarter of 1996 to
$66,948 down $503 over the third quarter of 1995. For the first nine months
utility operating revenues of $209,751 were $5,248 or 2.6% higher than the
same period in 1995. The increase in revenues year to date, are due primarily
to rate increases in water revenues.
The gross profit percentages for the third quarter and year to date of
1996 compared to the same periods for the prior year were maintained due to
the stability in the number of customers.
General and administrative expenses have increased as a percentage of
utility revenues due to travel and director fees. General and administrative
expenses as a percentage of utility revenues were approximately 26.6% and
30.5% for the three and nine month periods ended September 30, 1996 as
compared to 26.0% and 29.8% for the comparable periods of 1995.
Income from other operations increased 13.7% in the third quarter of 1996
to $10,333, up $1,249 over the third quarter of 1995. For the first nine
months income from other operations of $30,066 was $2,455, or 8.9% higher than
the same period in 1995. The increase in revenues is due primarily to
increases in rental and interest income.
General and administrative expenses from other operations have decreased
as a percentage of income from other operations due to a reclassification in
repairs and maintenance for the third quarter. The nine month period expenses
were stable as revenues increased thereby decreasing the percentage. General
and administrative expenses from other operations as a percentage of income
from other operations were approximately 51.1% and 78.0% for the three and
nine month periods ended September 30, 1996 as compared to 81.4% and 82.8% for
the comparable periods of 1995.
Net income increased 15.0% in the third quarter of 1996 to $17,077, up
$2,225 over the third quarter of 1995. For the first nine months, net income
of $40,494 was $1,147, or 2.9% higher than the same period in 1995. The
improvements in net income are the result of stable margins on improved water
revenues and rental income.
LIQUIDITY AND SOURCES OF CAPITAL:
The Company does not anticipate any material capital expenditures in the
near future for the utility companies, therefore, there should not be any
liquidity problem.
<PAGE>
PART II. OTHER INFORMATION
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
Item 1. Legal Proceedings.
There were no reportable events for the quarter ended September
30, 1996 nor have there been any material developments during the quarter.
Item 2. Changes in Securities.
The rights of the holders of registered securities have not been
materially modified, limited or qualified by the issuance or modification of
any class of securities.
There are no working capital restrictions or other limitations
upon payment of dividends.
Item 3. Default upon Senior Securities.
There have been no defaults in the payment of principal, interest
or any other material liabilities.
Item 4. Submission of Matters to a Vote of Security Holders.
(a) Annual Meeting of stockholders was held on June 29, 1996.
(b) Elected directors and executive officers were:
Linda Emerick - President and Director
Thomas L. Burkett - Vice President and Director
Ronnie L. Mohr - Secretary and Director
Eileen Falla - Treasurer
(c) Other matters voted upon and the number of affirmative votes and
negative votes cast with respect to each such matter.
None
Item 5. Other Information.
The Company declared and distributed a dividend of $.05 per share
in October, 1989. The declared dividend required the use of $95,192 cash.
The Company declared and distributed a dividend of $.05 per share
in December, 1990. The declared dividend required the use of $95,193 cash.
The Company declared and distributed a dividend of $.05 per share
in April, 1993. The declared dividend required the use of $95,192 cash.
The Company declared and distributed a dividend of $.05 per share
in April, 1995. The declared dividend required the use of $95,192 cash.
<PAGE>
PART II OTHER INFORMATION, CONTINUED
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
Item 6. Exhibits and Reports on Form 8-K.
DESCRIPTION
(a) Exhibits Ex-27
(b) Report on Form 8-K None
<PAGE>
SIGNATURES
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
HOLIDAY-GULF HOMES, INC.
(Registrant)
DATE: __November 11, 1996________ ___________________________________
LINDA EMERICK, PRESIDENT -
PRINCIPAL FINANCIAL OFFICER
<TABLE> <S> <C>
<ARTICLE> UT
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 68,215
<OTHER-PROPERTY-AND-INVEST> 26,544
<TOTAL-CURRENT-ASSETS> 162,241
<TOTAL-DEFERRED-CHARGES> 0
<OTHER-ASSETS> 2,035
<TOTAL-ASSETS> 259,035
<COMMON> 19,039
<CAPITAL-SURPLUS-PAID-IN> 225,774
<RETAINED-EARNINGS> (9,630)
<TOTAL-COMMON-STOCKHOLDERS-EQ> 235,183
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 23,852
<TOT-CAPITALIZATION-AND-LIAB> 259,035
<GROSS-OPERATING-REVENUE> 209,751
<INCOME-TAX-EXPENSE> 0
<OTHER-OPERATING-EXPENSES> 69,664
<TOTAL-OPERATING-EXPENSES> 173,581
<OPERATING-INCOME-LOSS> 36,170
<OTHER-INCOME-NET> 4,324
<INCOME-BEFORE-INTEREST-EXPEN> 40,494
<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> 40,494
0
<EARNINGS-AVAILABLE-FOR-COMM> 40,494
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 49,462
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
