<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange
Act of 1934
For the Quarterly Period Ended March 31, 1997
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)
Registrant's telephone number, including area code (813) 937-3293
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 period 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 March 31, 1997.
Common Stock, $.01 Par Value - 1,903,853 shares as of March 31, 1997.
<PAGE>
INDEX
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
PAGE
PART 1. - FINANCIAL INFORMATION NUMBER
Item 1. Financial Statements: (Unaudited)
Consolidated Balance Sheets - March 31, 1997
and December 31, 1996........................................ 3-4
Consolidated Statements of Operations - For the three
months ended March 31, 1997 and 1996 and for the
years ended December 31, 1996 and 1995 ...................... 5-6
Consolidated Statements of Shareholders'
Equity - For the year ended December 31,
1996 and the three months ended March 31, 1997............... 7
Consolidated Statements of Cash Flows - For
the three months ended March 31, 1997
and March 31, 1996........................................... 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..........................15-16
PART II. - OTHER INFORMATION
Item 1. Legal Proceedings 17
Item 2. Changes in Securities 17
Item 3. Defaults upon Senior Securities 17
Item 4. Submission of Matters to a Vote of Security Holders 17
Item 5. Other Information 17-18
Item 6. Exhibits and Reports on Form 8-K 18
SIGNATURES 19
<TABLE>
PART 1. FINANCIAL INFORMATION
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<CAPTION>
March 31, December 31,
1997 1996
(Unaudited) (Audited)
<S> <C> <C>
ASSETS
WATER, PLANT AND EQUIPMENT
Water Plant & Equipment, at Original Costs $ 293,983 $ 292,991
Less: Accumulated Depreciation (228,613) (226,837)
------------ -----------
Net Water Plant & Equipment $ 65,370 $ 66,154
------------ -----------
OTHER PROPERTY AND INVESTMENTS
Non-Utility Property, less Accumulated
Depreciation of $46,912 in 1997 and
$45,999 in 1996 $ 25,971 $ 26,884
------------ -----------
Net Other Property & Investments $ 25,971 $ 26,884
------------ -----------
CURRENT ASSETS
Cash and Certificates of Deposits $ 83,017 $ 168,031
Accounts Receivable 2,733 5,932
Prepaids 1,186 3,038
Other Receivables 3,495 3,715
------------ -----------
Total Current Assets $ 90,431 $ 180,716
------------ -----------
OTHER ASSETS
Deposits $ 2,035 $ 2,035
------------ -----------
Total Other Assets $ 2,035 $ 2,035
------------ -----------
TOTAL ASSETS $ 183,807 $ 275,789
============ ===========
<FN>
See accompanying notes and accountants' report.
</FN>
</TABLE>
<TABLE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<CAPTION>
March 31, December 31,
1997 1996
(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 135,089 225,774
Retained Earnings (of which $10,102 as of
March 31, 1997 and December 31, 1996
was appropriated for unclaimed 1995, 1993
1990, 1989 and 1988 dividends) 10,206 10,206
------------ -----------
Total Capital Stock and Retained Earnings $ 164,334 $ 255,019
------------ -----------
CIAC, less Accumulated Amortization of
$145 in 1997 and $124 in 1996 $ 1,180 $ 1,201
------------ -----------
Total Capitalization $ 165,514 $ 256,220
------------ -----------
CURRENT LIABILITIES
Accounts Payable $ 14,782 $ 16,770
Accrued Liabilities 1,333 1,250
Deferred Income 2,178 1,549
------------ -----------
Total Current Liabilities $ 18,293 $ 19,569
------------ -----------
TOTAL CAPITAL AND LIABILITIES $ 183,807 $ 275,789
============ ===========
<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 years ended
March 31, December 31,
1997 1996 1996 1995
(Unaudited) (Audited)
<S> <C> <C> <C> <C>
OPERATING REVENUES
Water $ 33,784 $ 32,443 $ 133,874 $ 126,801
Garbage 26,255 27,282 107,345 107,164
Streetlights 8,551 8,867 34,816 34,797
Transfer & Reconnect Fees 330 495 1,635 2,010
----------- ----------- ----------- ---------
Total Operating Revenues $ 68,920 $ 69,087 $ 277,670 $ 270,772
----------- ----------- ----------- ---------
COST OF SALES
Garbage $ 20,920 $ 20,920 $ 83,680 $ 82,092
Electric 1,529 1,347 5,876 5,275
Streetlights 3,625 3,583 14,409 14,345
Other Costs 8,799 9,047 33,349 33,235
----------- ----------- ----------- ---------
Total Cost of Sales $ 34,873 $ 34,897 $ 137,314 $ 134,947
----------- ----------- ----------- ---------
Gross Profit $ 34,047 $ 34,190 $ 140,356 $ 135,825
OPERATING EXPENSES
Depreciation & Amortization $ 1,914 $ 1,903 $ 7,842 $ 7,616
General & Administration 27,935 26,543 81,077 78,052
----------- ----------- ----------- ---------
Total Operating Expenses $ 29,849 $ 28,446 $ 88,919 $ 85,668
----------- ----------- ----------- ---------
Operating Income $ 4,198 $ 5,744 $ 51,437 $ 50,157
OTHER INCOME
Rental and late fees $ 9,215 $ 8,897 $ 36,213 $ 34,990
Interest 664 959 4,254 3,014
----------- ----------- ----------- ---------
Total Other Income $ 9,879 $ 9,856 $ 40,467 $ 38,004
----------- ----------- ----------- ---------
OTHER OPERATING EXPENSES
General and Administrative $ 8,816 $ 8,377 $ 30,555 $ 30,445
Depreciation 754 765 3,239 3,055
----------- ----------- ----------- ---------
Total Other Operating Expenses $ 9,570 $ 9,142 $ 33,794 $ 33,500
----------- ----------- ----------- ---------
<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 years ended
March 31, December 31,
1997 1996 1996 1995
(Unaudited) (Audited)
Other Net Income, on Non-Utility $ 309 $ 714 $ 6,673 $ 4,504
----------- ---------- ----------- ---------
Net Income Before Income
Taxes and Extraordinary Items $ 4,507 $ 6,458 $ 58,110 $ 54,661
=========== ========== =========== =========
PROVISION FOR INCOME TAXES
Current $ 1,108 $ 1,495 $ 12,018 $ 11,422
----------- ----------- ----------- ---------
Total Provision for Income
Taxes $ 1,108 $ 1,495 $ 12,018 $ 11,422
----------- ----------- ----------- ---------
Net Income Before Extraordinary
Items $ 3,399 $ 4,963 $ 46,092 $ 43,239
Extraordinary Items From
Utilization of Operating
Loss Carryforward 1,108 1,495 12,018 11,422
----------- ----------- ----------- ---------
NET INCOME $ 4,507 $ 6,458 $ 58,110 $ 54,661
=========== =========== =========== =========
EARNINGS PER SHARE
Net Income Before Extraordinary
Items $ .002 $ .002 $ .024 $ .023
Extraordinary Items -Utilization
of Operating Loss Carryforward $ .001 $ .001 $ .006 $ .006
----------- ----------- ----------- ---------
NET EARNINGS PER SHARE $ .003 $ .003 $ .030 $ .029
=========== =========== =========== =========
<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, 1996 AND THE THREE MONTHS ENDED
MARCH 31, 1997
<CAPTION>
APPROPRIATED UNAPPROPRIATED TOTAL
COMMON STOCK CAPITAL RETAINED RETAINED SHAREHOLDERS'
SHARES AMOUNT SURPLUS EARNINGS EARNINGS EQUITY
<S> <C> <C> <C> <C> <C> <C>
December 31, 1995
(Audited) 1,903,853 $ 19,039 $ 225,774 $ 7,882 $ (58,006) $ 194,689
--------- ---------- --------- ---------- ---------- ---------
Return of Unclaimed
1995 Dividends - - - 2,220 - 2,220
Net Income - - - - 58,110 58,110
--------- ---------- --------- ---------- ---------- ---------
December 31, 1996
(Audited) 1,903,853 $ 19,039 $ 225,774 $ 10,102 $ 104 $ 255,019
--------- ---------- --------- ---------- ---------- ---------
Payment of 1997
Dividends - - (90,685) - (4,507) (95,192)
Net Income
(Unaudited) - - - - 4,507 4,507
--------- ---------- --------- ---------- --------- ---------
March 31, 1997
(Unaudited) 1,903,853 $ 19,039 $ 135,089 $ 10,102 $ 104 $ 164,334
========= ========== ========= ========== ========= =========
<FN>
See accompanying notes and accountants' report.
</FN>
</TABLE>
<TABLE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>
For the three months ended
March 31,
1997 1996
(Unaudited)
<S> <C> <C>
Cash flows from operating activities
Net Income $ 4,507 $ 6,458
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and Amortization 2,668 2,668
Change in assets and liabilities
(Increase) decrease in
Other Receivables 220 (260)
Accounts Receivable 3,199 175
Prepaid Assets 1,852 1,567
Increase (decrease) in
Accounts Payable (1,988) (72)
Accrued Expenses 83 82
Deferred Income 629 275
---------- ----------
Net cash provided by operating activities $ 11,170 $ 10,893
---------- ----------
Cash flows from investing activities
Capital Expenditures $ (992) $ (4,159)
---------- ----------
Net cash used in investing activities $ (992) $ (4,159)
---------- ----------
Cash flows from financing activities
Payment of Dividends $ (95,192) $ -
---------- ----------
Net cash used in financing activities $ (95,192) $ -
---------- ----------
Net increase (decrease) in cash $ (85,014) $ 6,734
Cash at beginning of period 168,031 110,669
---------- ----------
Cash at end of period $ 83,017 $ 117,403
========== ==========
Supplementary Disclosures of Cash Flow Information
Interest Paid $ -0- $ -0-
Income Tax Paid $ -0- $ -0-
<FN>
See accompanying notes and accountant's 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 month
period ended March 31, 1997 are not necessarily indicative of the results that
may be expected for the year ended December 31, 1997. 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, 1996.
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 in the year of disposal.
<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 1996
and for the first three months of 1997).
(2) - LONG-TERM DEBT:
There was no debt as of March 31, 1997 or December 31, 1996.
(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 March
31, 1997 and December 31, 1996:
March 31, December 31,
1997 1996
Land, Buildings, Office Equipment
and Furniture $ 72,883 $ 72,883
Utility Plant and Equipment 293,983 292,991
------------ -----------
Total Property and Equipment $ 366,866 $ 365,874
Less: Accumulated Depreciation (275,525) (272,836)
------------ -----------
Net Property and Equipment $ 91,341 $ 93,038
============ ===========
(5) - RELATED PARTY TRANSACTIONS:
There were no related party transactions during the three months ended
March 31, 1997 and 1996.
(6) - LEASE:
The Company is leasing office space in Knollwood Plaza under a three-
year lease expiring in October, 1999. The lease is $450 per month.
The following is a schedule of future minimum lease payments:
December 31, 1997 $ 4,050
December 31, 1998 5,400
December 31, 1999 4,500
--------
Total $ 13,950
========
<PAGE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(7) - INCOME TAXES:
Pretax income from continuing operations for the three months ended
March 31, 1997 and for the year ended December 31, 1996 was as follows:
March 31, December 31,
1997 1996
$ 4,507 $ 58,110
Significant components of the provision for income taxes attributable
to continuing operations for the three months ended March 31, 1997 and for the
year ended December 31, 1996 are as follows:
March 31, December 31,
1997 1997
Current:
Federal $ 1,008 $ 9,040
State 100 2,978
--------- ------------
Total Current $ 1,108 $ 12,018
Deferred:
Federal - -
State - -
--------- ------------
Total Provision $ 1,108 $ 12,018
========= ============
There are no deferred tax assets and liabilities as of March 31, 1997
and December 31, 1996, 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 CONSOLIATED 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 three months ended
March 31, 1997 and the year ended December 31, 1996 is:
March 31, 1997 December 31, 1996
AMOUNT PERCENT AMOUNT PERCENT
Tax at U.S.
Statutory Rates $ 1,532 34.00 $ 19,757 34.00
Surtax exemption (1,276) (28.32) (10,055) (17.30)
State income tax-
net of federal
tax benefits 66 1.46 1,966 3.38
Non-deductible
expenses 786 17.44 350 .60
-------- ------ -------- ------
$ 1,108 24.58 $ 12,018 20.68
======== ====== ======== ======
Operating Loss Carryforwards--
The Company has loss carryforwards at December 31, 1996 totaling
$302,152 that may be offset against future taxable income. If not used, the
carryforward will expire as follows:
Year Year
Originated Expired
1983 1998 $ 102,843
1984 1999 171,592
1991 2006 27,717
----------
$ 302,152
==========
<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
March 31, 1997 and the related consolidated condensed statements of income,
shareholders' equity and cash flows for the three months then ended March 31,
1997 and 1996, 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 March 31, 1997 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, 1996, were
audited by us, and we expressed an unqualified opinion on them in our report
dated January 8, 1997, but we have not performed any auditing procedures since
that date.
ARNOLD AND CO., P.A.
Ocala, Florida
May 5, 1997
</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 .24% in the first quarter of 1997
to $68,920 down $167 over the first quarter of 1996. For the year ended
December 31, 1996 utility operating revenues of $277,670 were $6,898 or 2.55%
higher than the year ended December 31, 1995. The increase in revenues in
1996 over 1995, are primarily to rate increases in water revenues.
The gross profit percentages for the first quarter of 1997 and year
ended December 31, 1996 compared to the same periods of 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 insurance, auto, office supplies and stock agent fees.
General and administrative expenses as a percentage of utility revenues were
approximately 40.53% and 29.20% for the three month period ended March 31,
1997 and the year ended December 31, 1996 as compared to 38.42% and 28.83% for
the comparable periods of 1996 and 1995.
Income from other operations increased .23% in the first quarter of
1997 to $9,879, up $23 over the first quarter of 1996. For the year ended
December 31, 1996 income from other operations of $40,467 was $2,463, or 6.48%
higher than the same period in 1995. The increase in revenues is due
primarily to increases in rental income.
General and administrative expenses from other operations have
increased as a percentage of income from other operations due to stock fees,
auto, and office complex warehouse expenses for repairs and maintenance. The
year end 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 89.24% and
75.51% for the three month period ended March 31, 1997 and the year ended
December 31, 1996 as compared to 85.00% and 80.11% for the comparable period
of 1996 and 1995.
Net income decreased 30.21% in the first quarter of 1997 to $4,507 down
$1,951 over the first quarter of 1996. For the year ended December 31, 1996,
net income of $58,110 was $3,449 or 6.31% higher than the same period in 1995.
The decrease in net income in the first quarter is due to the increase in
general and administrative expenses in both operating and other operating
expenses. The improvements in net income for the year ended December 31, 1996
over 1995 are the result of improved water revenues, rental income and
management controlling costs.
<PAGE>
HOLIDAY GULF HOMES, INC. AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis Financial Condition and
Results of Operations, Continued:
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 March 31,
1997 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. Defaults 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 5. Other Information, Continued.
The Company declared and distributed a dividend of $.05 per share
in January, 1997. The declared dividend required the use of $95,192 cash.
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: ____________________________ ___________________________________
LINDA EMERICK, PRESIDENT -
PRINCIPAL FINANCIAL OFFICER
<TABLE> <S> <C>
<ARTICLE> UT
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 65,370
<OTHER-PROPERTY-AND-INVEST> 25,971
<TOTAL-CURRENT-ASSETS> 90,431
<TOTAL-DEFERRED-CHARGES> 0
<OTHER-ASSETS> 2,035
<TOTAL-ASSETS> 183,807
<COMMON> 19,039
<CAPITAL-SURPLUS-PAID-IN> 135,089
<RETAINED-EARNINGS> 10,206
<TOTAL-COMMON-STOCKHOLDERS-EQ> 164,334
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> 19,473
<TOT-CAPITALIZATION-AND-LIAB> 183,807
<GROSS-OPERATING-REVENUE> 68,920
<INCOME-TAX-EXPENSE> 0
<OTHER-OPERATING-EXPENSES> 29,849
<TOTAL-OPERATING-EXPENSES> 64,722
<OPERATING-INCOME-LOSS> 4,198
<OTHER-INCOME-NET> 309
<INCOME-BEFORE-INTEREST-EXPEN> 4,507
<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> 4,507
0
<EARNINGS-AVAILABLE-FOR-COMM> 4,507
<COMMON-STOCK-DIVIDENDS> 95,192
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 11,170
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
