<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 Quarterly Period Ended September 30, 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, FL 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 September 30, 1997.
Common Stock, $.01 Par Value-1,903,853 shares as of September 30, 1997
<PAGE>
INDEX
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
PAGE
PART 1. - FINANCIAL INFORMATION NUMBER
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets - September 30, 1997
and December 31, 1996...................................... 3-4
Consolidated Statements of Operations - For the three
months ended September 30, 1997 and 1996 and
the nine months ended September 30, 1997 and 1996.......... 5-6
Consolidated Statements of Shareholders'
Equity - For the year ended December 31,
1996 and the nine months ended September 30, 1997.......... 7
Consolidated Statements of Cash Flows - For
the nine months ended September 30, 1997
and 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
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,
1997 1996
(Unaudited) (Audited)
<S> <C> <C>
ASSETS
WATER, PLANT AND EQUIPMENT
Water Plant & Equipment, at Original Costs $ 302,023 $ 292,991
Less: Accumulated Depreciation (232,164) (226,837)
------------ ------------
Net Water Plant & Equipment $ 69,859 $ 66,154
------------ ------------
OTHER PROPERTY AND INVESTMENTS
Non-Utility Property, less Accumulated
Depreciation of $48,738 in 1997 and
$45,999 in 1996 $ 25,126 $ 26,884
------------ ------------
Net Other Property & Investments $ 25,126 $ 26,884
------------ ------------
CURRENT ASSETS
Cash and Certificates of Deposits $ 122,806 $ 168,031
Accounts Receivable 2,921 5,932
Prepaids 517 3,038
Other Receivables 4,232 3,715
------------ ------------
Total Current Assets $ 130,476 $ 180,716
------------ ------------
OTHER ASSETS
Deposits $ 2,035 $ 2,035
------------ ------------
Total Other Assets $ 2,035 $ 2,035
------------ ------------
TOTAL ASSETS $ 227,496 $ 275,789
============ ============
<FN>
See accompanying notes and accountants' report.
</FN>
</TABLE>
<TABLE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<CAPTION>
September 30, 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 1997 and 1996 $ 19,039 $ 19,039
Paid-In-Capital 173,361 225,774
Retained Earnings (of which $10,102 as of
September 30, 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 $ 202,606 $ 255,019
------------ ------------
CIAC, less Accumulated Amortization of
$187 in 1997 and $124 in 1996 $ 1,138 $ 1,201
------------ ------------
Total Capitalization $ 203,744 $ 256,220
------------ ------------
CURRENT LIABILITIES
Accounts Payable $ 20,827 $ 16,770
Accrued Liabilities 1,250 1,250
Deferred Income 1,675 1,549
------------ ------------
Total Current Liabilities $ 23,752 $ 19,569
------------ ------------
TOTAL CAPITAL AND LIABILITIES $ 227,496 $ 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 nine months ended
September 30, September 30,
1997 1996 1997 1996
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
OPERATING REVENUES
Water $ 34,120 $ 29,716 $ 103,444 $ 96,006
Garbage 26,749 27,862 79,971 84,936
Streetlights 8,661 9,055 25,975 27,564
Transfer & Reconnect Fees 584 315 1,440 1,245
----------- ----------- ----------- ----------
Total Operating Revenues $ 70,114 $ 66,948 $ 210,830 $ 209,751
----------- ----------- ----------- ----------
COST OF REVENUES
Garbage $ 20,920 $ 20,920 $ 62,760 $ 62,760
Electric 1,399 1,487 4,438 4,330
Streetlights 3,578 3,615 10,837 10,790
Other Costs 7,531 8,427 22,990 26,037
----------- ----------- ----------- ----------
Total Cost of Revenues $ 33,428 $ 34,449 $ 101,025 $ 103,917
----------- ----------- ----------- ----------
Gross Profit $ 36,686 $ 32,499 $ 109,805 $ 105,834
OPERATING EXPENSES
Depreciation & Amortization $ 1,914 $ 1,903 $ 5,741 $ 5,710
General & Administration 19,194 17,805 66,663 63,954
----------- ----------- ----------- ----------
Total Operating Expenses $ 21,108 $ 19,708 $ 72,404 $ 69,664
----------- ----------- ----------- ----------
Operating Income $ 15,578 $ 12,791 $ 37,401 $ 36,170
OTHER INCOME
Rental and late fees $ 9,516 $ 9,204 $ 27,940 $ 26,999
Interest 1,034 1,129 2,226 3,067
Miscellaneous 840 - 840 -
----------- ----------- ----------- ----------
Total Other Income $ 11,390 $ 10,333 $ 31,006 $ 30,066
----------- ----------- ----------- ----------
OTHER OPERATING EXPENSES
General and Administrative $ 7,811 $ 5,282 $ 23,365 $ 23,447
Depreciation 755 765 2,263 2,295
----------- ----------- ----------- ----------
Total Other Operating Expenses $ 8,566 $ 6,047 $ 25,628 $ 25,742
----------- ----------- ----------- ----------
Other Net Income, on Non-Utility $ 2,824 $ 4,286 $ 5,378 $ 4,324
----------- ----------- ----------- ----------
<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,
1997 1996 1997 1996
(Unaudited) (Unaudited)
Net Income Before Income
Taxes and Extraordinary Items $ 18,402 $ 17,077 $ 42,779 $ 40,494
----------- ----------- ----------- ----------
PROVISION FOR INCOME TAXES
Current $ 3,797 $ 3,440 $ 8,810 $ 8,455
----------- ----------- ----------- ----------
Total Provision for Income
Taxes $ 3,797 $ 3,440 $ 8,810 $ 8,455
----------- ----------- ----------- ----------
Net Income Before Extraordinary
Items $ 14,605 $ 13,637 $ 33,969 $ 32,039
Extraordinary Items From
Utilization of Operating
Loss Carryforward 3,797 3,440 8,810 8,455
----------- ----------- ----------- ----------
NET INCOME $ 18,402 $ 17,077 $ 42,779 $ 40,494
=========== =========== =========== ==========
EARNINGS PER SHARE
Net Income Before Extraordinary
Items $ .008 $ .007 $ .018 $ .017
Extraordinary Items -Utilization
of Operating Loss Carryforward $ .002 $ .002 $ .005 $ .004
----------- ----------- ----------- ----------
NET EARNINGS PER SHARE $ .010 $ .009 $ .023 $ .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, 1996 AND THE NINE MONTHS ENDED
SEPTEMBER 30, 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 - - (52,413) - (42,779) (95,192)
Net Income
(Unaudited) - - - - 42,779 42,779
--------- ---------- --------- ---------- ---------- ---------
September 30, 1997
(Unaudited) 1,903,853 $ 19,039 $ 173,361 $ 10,102 $ 104 $ 202,606
========= ========== ========= ========== ========== =========
<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,
1997 1996
(Unaudited)
<S> <C> <C>
Cash flows from operating activities
Net Income $ 42,779 $ 40,494
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and Amortization 8,003 8,005
Change in Assets and Liabilities
(Increase) decrease in
Other Receivables (517) (3,512)
Accounts Receivable 3,011 (2,257)
Prepaid Assets 2,521 2,312
Increase (decrease) in
Accounts Payable 4,057 3,856
Accrued Expenses - 51
Deferred Income 126 513
---------- ----------
Net cash provided by operating activities $ 59,980 $ 49,462
---------- ----------
Cash flows from investing activities
Capital Expenditures $ (10,013) $ (7,446)
---------- ----------
Net cash used in investing activities $ (10,013) $ (7,446)
---------- ----------
Cash flows from financing activities
Payment of Dividends $ (95,192) $ ,
---------- ----------
Net cash used in financing activities $ (95,192) $ ,
---------- ----------
Net increase (decrease) in cash $ (45,225) $ 42,016
Cash at beginning of period 168,031 110,669
---------- ----------
Cash at end of period $ 122,806 $ 152,685
========== ==========
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, 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 nine months of 1997).
(2) - LONG-TERM DEBT:
There was no debt as of September 30, 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
September 30, 1997 and December 31, 1996:
September 30, December 31,
1997 1996
Land, Buildings, Office Equipment
and Furniture $ 73,864 $ 72,883
Utility Plant and Equipment 302,023 292,991
------------ ------------
Total Property and Equipment $ 375,887 $ 365,874
Less: Accumulated Depreciation (280,902) (272,836)
------------ ------------
Net Property and Equipment $ 94,985 $ 93,038
============ ============
(5) - RELATED PARTY TRANSACTIONS:
There were no related party transactions during the nine months ended
September 30, 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 $ 1,350
December 31, 1998 5,400
December 31, 1999 4,500
--------
Total $ 11,250
========
<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, 1997 and for the year ended December 31, 1996 was as follows:
September 30, December 31,
1997 1996
$ 42,779 $ 58,110
Significant components of the provision for income taxes attributable to
continuing operations for the nine months ended September 30, 1997 and for the
year ended December 31, 1996 are as follows:
September 30, December 31,
1997 1996
Current:
Federal $ 6,557 $ 9,040
State 2,253 2,978
------------ ------------
Total Current $ 8,810 $ 12,018
Deferred:
Federal - -
State - -
------------ ------------
Total Provision $ 8,810 $ 12,018
============ ============
There are no deferred tax assets and liabilities as of September 30, 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.
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,
1997 and the year ended December 31, 1996 is:
September 30, 1997 December 31, 1996
AMOUNT PERCENT AMOUNT PERCENT
Tax at U.S.
Statutory Rates $ 14,545 34.00 $ 19,757 34.00
Surtax exemption (8,306) (19.42) (10,055) (17.30)
State income tax-
net of federal
tax benefits 1,487 3.48 1,966 3.38
Non-deductible
expenses 1,084 2.53 350 .60
--------- ----- --------- -----
$ 8,810 20.59 $ 12,018 20.68
========= ===== ========= =====
<PAGE>
HOLIDAY-GULF HOMES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANICAL STATEMENTS (UNAUDITED)
(7) - INCOME TAXES, (CONTINUED):
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 sheet
of Holiday Gulf Homes, Inc. (a Minnesota corporation) and subsidiaries as of
September 30, 1997 and the related consolidated condensed statements of
operations for the three-month and nine-month periods ended September 30, 1997
and 1996, and the consolidated condensed statements of shareholders' equity
for the period ended September 30, 1997 and the consolidated condensed
statement of cash flows for the nine month periods ended September 30, 1997
and 1996. These consolidated condensed financial statements are the
responsibility of the management of Holiday Gulf Homes, Inc..
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the consolidated
condensed 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, 1997 consolidated condensed
financial statements 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
October 7, 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 increased 4.73 % in the third quarter of 1997
to $70,114 up $3,166 over the third quarter of 1996. For the first nine
months utility operating revenues of $210,830 were $1,079 or .514% higher than
the same period in 1996. The increase in revenues year to date, are due
primarily to rate increases in water revenues that more than offset the
decline in garbage and streetlight usage.
The gross profit percentages for the third quarter and year to date of
1997 compared to the same periods for the prior year have increased due to the
increase in revenues and a decrease in cost of revenues.
General and administrative expenses have increased as a percentage of
utility revenues due to insurance, office supplies, and stock agent fees.
General and administrative expenses as a percentage of utility revenues were
approximately 27.38% and 31.62% for the three and nine month periods ended
September 30, 1997 as compared to 26.60% and 30.49% for the comparable periods
of 1996.
Income from other operations increased 10.23% in the third quarter of
1997 to $11,390 up $1,057 over the third quarter of 1996. For the first nine
months income from other operations of $31,006 was $940 or 3.13% higher than
the same period in 1996. 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 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 68.58% and 75.36% for the three and
nine month periods ended September 30, 1997 as compared to 51.12% and 77.99%
for the comparable periods of 1996.
Net income increased 7.76% in the third quarter of 1997 to $18,402, up
$1,325 over the third quarter of 1996. For the first nine months, net income
of $42,779 was $2,285, or 5.64% higher than the same period in 1996. The
improvements in net income are the result of increased 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,
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 28, 1997.
(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.
The Company declared and distributed a dividend of $.05 per share
in January, 1997. 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 3, 1997________ ___________________________________
LINDA EMERICK, PRESIDENT -
PRINCIPAL FINANCIAL OFFICER
<TABLE> <S> <C>
<ARTICLE> UT
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 69,859
<OTHER-PROPERTY-AND-INVEST> 25,126
<TOTAL-CURRENT-ASSETS> 130,476
<TOTAL-DEFERRED-CHARGES> 0
<OTHER-ASSETS> 2,035
<TOTAL-ASSETS> 227,496
<COMMON> 19,039
<CAPITAL-SURPLUS-PAID-IN> 173,361
<RETAINED-EARNINGS> 10,206
<TOTAL-COMMON-STOCKHOLDERS-EQ> 202,606
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> 24,890
<TOT-CAPITALIZATION-AND-LIAB> 227,496
<GROSS-OPERATING-REVENUE> 210,830
<INCOME-TAX-EXPENSE> 0
<OTHER-OPERATING-EXPENSES> 72,404
<TOTAL-OPERATING-EXPENSES> 173,429
<OPERATING-INCOME-LOSS> 37,401
<OTHER-INCOME-NET> 5,378
<INCOME-BEFORE-INTEREST-EXPEN> 42,779
<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> 42,779
0
<EARNINGS-AVAILABLE-FOR-COMM> 42,779
<COMMON-STOCK-DIVIDENDS> 95,192
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 59,980
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>