<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________
FORM 10-Q
Quarterly Report Pursuant To Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 1997
________________________
MALIBU ENTERTAINMENT WORLDWIDE, INC.
(FORMERLY NAMED MOUNTASIA ENTERTAINMENT INTERNATIONAL, INC.)
5895 Windward Parkway, Suite 220
Alpharetta, Georgia 30005-8805
(770) 442-6640
________________________
Incorporated in Georgia SEC File No.: 0-22458 IRS Employer Id.
No.: 58-1949379
________________________
The Company (1) has filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months and (2) has been subject to such filing requirements for the past 90
days.
At November 14, 1997, 48,558,651 shares of the Company's Common Stock
were outstanding.
<PAGE> 2
PART I-FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
MALIBU ENTERTAINMENT WORLDWIDE, INC.
CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
SEPTEMBER 30,
1997 DECEMBER 31,
(UNAUDITED) 1996
------------- -------------
<S> <C> <C>
ASSETS
Current
Cash and cash equivalents $ 1,333,413 $ 2,583,735
Restricted cash 2,292,005 966,075
Accounts receivable, net of allowance for doubtful accounts 293,477 109,537
Stock subscription receivable -- 16,076,260
Inventories 2,129,732 1,359,331
Current portion of notes receivable 377,668 172,284
Assets held for sale 3,002,672 6,271,003
Other current assets 1,358,400 1,261,694
------------- -------------
Total current assets 10,787,367 28,799,919
------------- -------------
Property and equipment, less accumulated depreciation 134,273,865 85,484,158
------------- -------------
Other noncurrent
Investments in and advances to limited partnerships 2,803,096 2,288,129
Notes receivable -- 272,267
Other assets 667,480 190,479
Debt issuance costs, less accumulated amortization 3,635,647 2,453,798
Intangible assets, less accumulated amortization 2,644,214 2,608,608
------------- -------------
Total other noncurrent assets 9,750,437 7,813,281
------------- -------------
$ 154,811,669 $ 122,097,358
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current portion of notes payable $ 22,368,416 $ 1,120,467
Accounts payable 9,172,817 2,354,823
Accrued expenses 9,043,927 5,777,707
Accrued expenses related to assets held for sale 1,009,662 3,250,000
Income taxes payable 2,729 86,888
------------- -------------
Total current liabilities 41,597,551 12,589,885
Line of credit 7,493,377 7,250,053
Term loan revolver 10,000,000 12,500,000
Notes payable to shareholder 27,587,292 --
Notes payable 7,798,636 5,788,475
Convertible subordinated debentures -- 16,521,422
Other accrued expenses 1,477,240 2,438,383
------------- -------------
Total liabilities 95,954,096 57,088,218
------------- -------------
Contingent liability for guaranteed stock values -- 777,861
------------- -------------
Shareholders' equity
Preferred stock, 6,000,000 shares authorized with no par value
Series F, 2,700,000 authorized; 0 and 808,692 issued
and outstanding -- 22,700,000
Series G, 213,551 authorized; 0 and 213,551 issued
and outstanding -- 4,826,260
Common stock, 100,000,000 shares authorized with no par
value; 48,558,651 and 28,472,877 shares
issued and outstanding 141,669,654 97,062,239
Outstanding warrants 2,085,100 2,440,100
Notes receivable from employees (6,218,510) (5,681,951)
Accumulated deficit (78,678,671) (57,115,369)
------------- -------------
Total shareholders' equity 58,857,573 64,231,279
------------- -------------
$ 154,811,669 $ 122,097,358
============= =============
</TABLE>
The year- end balance sheet information was derived from audited financial
statements, but does not include all disclosures required by generally accepted
accounting standards.
2
<PAGE> 3
MALIBU ENTERTAINMENT WORLDWIDE, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE FOR THE
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------------- -------------------------------
1997 1996 1997 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
OPERATING REVENUES
Entertainment revenue $ 16,877,423 $ 12,400,161 $ 35,423,138 $ 30,554,387
------------ ------------ ------------ ------------
OPERATING EXPENSES
Entertainment expenses 18,313,667 9,710,146 38,169,449 25,218,929
General and administrative expenses 2,092,635 1,892,622 6,342,107 6,499,525
Other expenses 166,619 178,275 504,152 594,733
Depreciation and amortization 3,530,115 1,473,509 6,250,094 4,401,001
Loss due to impairment of assets -- -- -- 2,871,000
------------ ------------ ------------ ------------
Total operating expenses 24,103,036 13,254,552 51,265,802 39,585,188
------------ ------------ ------------ ------------
Operating loss (7,225,613) (854,391) (15,842,664) (9,030,801)
OTHER (EXPENSE) INCOME
Interest expense (2,302,632) (2,147,215) (3,709,357) (4,568,605)
Interest income 172,509 86,705 475,089 163,124
Office closing expense (2,245,000) (2,245,000)
Loss on settlement of strategic alliance agreements -- -- -- (1,005,751)
Gain associated with development and
construction division -- -- -- 795,000
Gain associated with cancellation of warrants -- 88,000 -- 422,333
Other 100,658 (86,189) 60,460 1,107,183
------------ ------------ ------------ ------------
Loss before benefit for income taxes and
extraordinary item (11,500,078) (2,913,090) (21,261,472) (12,117,517)
Extraordinary item (less applicable income tax benefit
of $300,000) -- (362,580) -- (362,580)
Benefit for income taxes -- 1,354,442 -- 4,540,616
Equity in net (losses) earnings of limited
partnerships, net of tax 1,360 -- (23,331) (45,976)
------------ ------------ ------------ ------------
Net loss $(11,498,718) $ (1,921,228) $(21,284,803) $ (7,985,457)
NET LOSS APPLICABLE TO COMMON STOCK
Net loss before extraordinary item $(11,498,718) $ (1,558,648) $(21,284,803) $ (7,622,877)
Less: Preferred stock dividends -- (747,219) -- (2,969,464)
------------ ------------ ------------ ------------
Net loss applicable to common stock before
extraordinary item (11,498,718) (2,305,867) (21,284,803) (10,592,341)
Extraordinary item -- (362,580) -- (362,580)
------------ ------------ ------------ ------------
Net loss applicable to common stock $(11,498,718) $ (2,668,447) $(21,284,803) $(10,954,921)
============ ============ ============ ============
Net loss per share of common stock before
extraordinary item $ (0.24) $ (0.13) $ (0.54) $ (0.76)
Extraordinary item -- (0.02) -- (0.03)
------------ ------------ ------------ ------------
Net loss per share of common stock $ (0.24) $ (0.15) $ (0.54) $ (0.79)
============ ============ ============ ============
Weighted average number of shares of
common stock and common stock equivalents
used in calculating net loss per share 48,531,104 18,151,057 39,773,194 13,867,288
============ ============ ============ ============
</TABLE>
3
<PAGE> 4
MALIBU ENTERTAINMENT WORLDWIDE, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE NINE MONTHS ENDED
SEPTEMBER 30,
-------------------------------
1997 1996
------------ ------------
<S> <C> <C>
Operating activities:
Net loss $ (21,284,803) $ (7,985,457)
Extraordinary item, net of taxes 362,580
Adjustments to reconcile net loss to
net cash used by operating activities
Equity in net losses of limited partnerships,
net of tax (23,331) (45,976)
Allowance for doubtful accounts 470,000
Depreciation and amortization 6,250,094 4,401,001
Amortization of loan costs 844,562 1,145,149
Loss on impairment of assets -- 2,871,000
Amortization of warrants -- 234,722
Issuance of warrants -- 60,000
Gain associated with cancellation of warrants -- (422,333)
Gain on write off of property and equipment (60,460) (1,107,183)
Gain associated with development and construction
division -- (795,000)
Changes in assets and liabilities, net of acquisition
Increase in accounts receivable (183,940) (867,884)
(Increase) decrease in inventory (823,581) 56,650
Increase in other assets (807,690) (5,336,425)
Increase in debt issuance costs and
intangible assets (2,416,301) (1,752,548)
Increase in accounts payable 6,817,994 569,823
Increase (decrease) in accrued expenses 2,304,977 (103,217)
Decrease in income taxes payable (84,159) --
Decrease in accrued expenses relating to assets
held for sale (777,947) --
Decrease in deferred revenue -- (1,856,248)
------------ ------------
Cash provided (used) by operating activities (10,244,585) (10,101,346)
------------ ------------
Investing activities:
Purchases of property and equipment (57,007,460) (4,826,904)
Proceeds from sale of property and equipment 4,313,239 3,460,683
Increase in notes receivable (68,750) (435,745)
Principal receipts under notes receivable 135,633 27,315
Increase in investments in and advances to
limited partnerships (607,868) (2,867,744)
(Increase) decrease in restricted cash (1,325,930) 1,056,684
Increase in earnest money deposits -- (630,060)
Purchase of facilities -- (609,097)
Decrease in restricted certificates of deposit -- 1,925,686
------------ ------------
Cash used by investing activities (54,561,136) (2,899,182)
------------ ------------
Financing activities:
Proceeds from borrowings 52,821,224 40,391,379
Payments of borrowings (4,232,498) (59,116,981)
Issuance of preferred stock -- 6,662,000
Redemption of preferred stock -- (7,398,690)
Redemption of subordinated debentures -- (4,003,598)
Issuance of common stock -- 45,121,875
Increase in interest receivable on notes receivable from
employees (314,446) --
Decrease in stock subscription receivable 16,076,260 --
Stock issuance costs -- (4,000,275)
Payment of contingent liability for stock price guarantee (777,861) (3,018,451)
Purchase of stock (17,280) (722,744)
Payment of dividends -- (138,455)
------------ ------------
Cash provided by financing activities 63,555,399 13,776,060
------------ ------------
Decrease in cash and cash equivalents (1,250,322) 775,532
Cash and cash equivalents, beginning of period 2,583,735 1,549,338
------------ ------------
Cash and cash equivalents, end of period $ 1,333,413 $ 2,324,870
============ ============
</TABLE>
4
<PAGE> 5
MALIBU ENTERTAINMENT WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1997 AND SEPTEMBER 30, 1996
(UNAUDITED)
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 Rule
10-01 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, the
accompanying consolidated financial statements include all adjustments
necessary to present fairly, in all materials respects, the consolidated
financial position and results of operations of the Company and its
subsidiaries as of the dates and for the periods presented. The Company's
business is seasonal in nature and the Company is engaged in the implementation
of a new business plan. Operating results for the nine month period ended
September 30, 1997 are not necessarily indicative of the results that may be
expected for the year ending December 31, 1997.
For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company's report on Form 10-K
for the year ended December 31, 1996.
NET LOSS PER SHARE OF COMMON STOCK
Net loss per share of common stock is computed by dividing net loss
applicable to common stock by the weighted average number of shares of common
stock outstanding during the periods presented.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Results of operations
The Company's operations for the three months ended September 30,
1997, resulted in a net loss of $11.5 million ($0.24 per share) as compared to
a net loss of $1.9 million ($0.15 per share) for the comparable period in the
prior year. For the nine months ended September 30, 1997, the Company's
operations resulted in a net loss of $21.3 million ($0.54 per share) as
compared to a net loss of $8.0 million ($0.79 per share) in the comparable
period in the prior year.
Entertainment revenues for the three and nine months ended September
30, 1997 were $16.9 million and $35.4 million, respectively, compared to $12.4
million and $30.6 million, respectively, for the comparable periods of 1996.
The increase in entertainment revenues was due to
5
<PAGE> 6
(i) an increase in entertainment revenue from the family entertainment centers
("FECs") which were operated in both years ($.9 and $1.9 million for the three
and nine months ended September 30, 1997, respectively), (ii) an increase in
entertainment revenues from the three FECs which were converted to Malibu
Speedzones ($4.6 and $3.1 million for the three and nine months ended September
30, 1997, respectively and (iii) three FECs purchased in August 1996 were
included in the Company's results of operations for the nine months ended
September 30, 1997 but were only included in the comparable period in the prior
year for the months of August and September ($.4 and $2.3 million in
entertainment revenues for the three and nine months ended September 30, 1997,
respectively.) These increases were offset by the decrease in revenue ($1.6 and
$1.1 million for the three and nine months ended September 30, 1997,
respectively) from the FECs which were sold in May 1997.
Entertainment expenses increased by $8.6 and $12.9 million for the
three and nine months ended September 30, 1997, respectively, as compared to
the same periods in the prior year primarily as a result of (i) greater
operating costs associated with the significant increase in operating revenues
generated by the new SpeedZone product, (ii) excess operating costs for the
SpeedZone parks to provide enhanced customer service in the initial months of
operations prior to the implementation of operational efficiencies, (iii)
expenses associated with the grand opening of the SpeedZone parks and
pre-opening costs such as advertising, training, travel, uniforms, etc., (iv)
additional advertising expenses incurred to revitalize customer awareness of
all of the Company's FECs, and (v) the three FECs purchased in August 1996.
Depreciation and amortization expense increased by $2.0 and $1.9 for
the three and nine months ended September 30, 1997, respectively, primarily as
a result of the acquisition of the three parks in August 1996 and the
depreciation recognized on the newly constructed SpeedZones.
Interest expense decreased by $0.9 million for the nine months ended
September 30, 1997 as compared to the same period in the prior year primarily
due to a decrease in the outstanding balance of third party debt during the
first half of the year as compared to the same period in the prior year.
Net loss for the nine months ended September 30, 1997 was greater than
the comparable 1996 period in substantial part due to a $4.5 million dollar tax
benefit and "non-recurring" income items of $.9 million which were included in
the 1996 results of operations. As a result of the uncertainty regarding the
operating results to be achieved upon the execution of the Company's new
business plan adopted in the fourth quarter of 1996, the Company reversed the
income tax benefit in the fourth quarter of 1996 and has recognized no similar
benefit in 1997.
The Company continues to refine and implement its previously announced
business plan, the principal components of which are (i) developing a capital
structure designed to allow the Company to achieve its business objectives,
(ii) redefining the Company's business through repositioning, disposing,
expanding or redeveloping its existing FECs, (iii) seeking to enhance
profitability through improved operating and management efficiencies, sales and
marketing
6
<PAGE> 7
programs, employee training and the alignment of the Company's cost structure
to a level appropriate for the business transacted, (iv) growth of the
Company's business through strategic acquisitions and development of new parks,
and (v) the development of the Company's name recognition and related
sponsorship opportunities. A key aspect of the new plan is the development and
refinement of the Company's new concept -- the "Malibu SpeedZone" parks --
primarily designed for young adults. SpeedZones include the Company's Malibu
Grand Prix racing attraction, go-kart-type racing attractions and the Company's
new "Top-Eliminator" dragster attraction, together with a restyled clubhouse,
miniature golf course, video game room and meeting and party rooms to
complement the racing attractions. The Company completed the renovation of
three of its former Malibu GrandPrix FECs in Dallas, Texas; Atlanta, Georgia
and Puente Hills, California to Malibu SpeedZones. The SpeedZones at these
locations opened in the latter part of June 1997. Assuming that cost effective
financing is available to the Company (see "--Liqudity and Capital Resources"),
the Company expects to acquire sites for the construction of SpeedZone parks
and convert a number of its other FECs to this concept once it has been proven
and refined.
In connection with the business plan, management has made the decision
to relocate the Company's corporate headquarters from Atlanta, Georgia to
Dallas, Texas effective March 1, 1998. In connection with this relocation the
Company recognized office closing costs (including $2.0 million in severance
costs) of approximately $2.2 million in the three month period ended September
30, 1997.
The business of the Company is highly seasonal. Approximately
two-thirds of the Company's revenues have historically been generated during
the six-month period of April through September. As a result, the Company's
operating income can be expected to be substantially lower in the first and
last quarters of the year than the second and third quarters. As a result of
this seasonality and the fact that the Company's business plan is in the early
stages of implementation, the Company believes that the results of operations
for the nine months ended September 30, 1997 are not necessarily indicative of
the Company's future results of operations.
Liquidity and Capital Resources
During the nine months ended September 30, 1997, the Company financed
its operations primarily through cash flow from operations, capital
contributions and borrowings from the Company's largest shareholder and third
party debt, and proceeds from the sale of 12 of the Company's FECs. The
Company's principal uses of cash during the first two quarters of 1997 were to
finance operations and costs associated with the development of the business
plan, to renovate the parks which are being converted into SpeedZones, and to
purchase land for future development.
The Company's capital expenditures totaled $16.6 million and $57.0
million, respectively, for the three and nine months ended September 30, 1997,
as compared to $2.6
7
<PAGE> 8
million and $4.8 for the comparable periods of last year. The total capital
expenditures for the redevelopment of the three SpeedZone parks is currently
estimated at $52 million, $49 million of which has been spent as of September
30, 1997.
During the second quarter of 1997, the Company entered into two
promissory notes with its largest shareholder with terms which are believed to
be comparable to terms which would be attainable from third parties. The first
promissory note is for $9.5 million with interest at 10% and is payable on the
earlier of demand or August 2001. The second promissory note is for maximum
borrowing of up to $30.0 million with interest at LIBOR plus 350 basis points
and matures in August 2001. In July 1997, the Company entered into a loan
agreement with a financial institution under which the Company borrowed $21.4
million. The loan bears interest at LIBOR plus 350 basis points and matures in
September 1998.
The Company believes that, with respect to its current operations, the
Company's cash on hand and funds from operations and available borrowings from
the Company's largest shareholder will be sufficient to fund the Company's
reasonably foreseeable working capital and debt service requirements. However,
the Company presently expects that the conversion of certain other FECs to the
SpeedZone concept and the development of new SpeedZone parks will require the
Company to seek to secure additional capital resources, which could involve the
issuance of debt or equity securities, securitization of assets or other
capital transactions. The cost of conversion of existing FECs to the SpeedZone
concept, or the development of new SpeedZone parks, will be dependent upon
various factors, including land acquisition, construction and other costs, but
is expected to be substantial ($10-20 million per facility). The pursuit of
any acquisition opportunities which may become available and the implementation
of the Company's business plan on a more rapid timetable than the Company
presently contemplates also may require the Company to issue additional debt or
equity securities or to consider possible changes in its capitalization or
structure. Accordingly, there can be no assurances that the Company will be
able fully to implement its business plan or to pursue those or other
opportunities that otherwise might be available to the Company or as to the
timing or terms thereof.
FORWARD-LOOKING STATEMENTS
This Report contains certain forward-looking statements and
information relating to the Company that is based on the beliefs of the
Company's management, as well as assumptions made by and information currently
available to the Company's management. When used herein, words such as
"anticipate," "believe," "estimate," "expect," "intend," and similar
expressions, as they relate to the Company or the Company's management,
identify forward-looking statements. Such statements reflect the current views
of the Company with respect to future events and are subject to certain risks,
uncertainties and assumptions, relating to the operations and results of
operations of the Company, the Company's expansion, the ownership and leasing
of real estate, competition from other hospitality companies and changes in
economic cycles, as well as the other factors described herein. Should one or
more of these risks or uncertainties
8
<PAGE> 9
materialize, or should underlying assumptions prove incorrect, actual results
or outcomes may vary materially from those described herein as anticipated,
estimated, expected or intended.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibit No. Description
3.1 Articles of Incorporation of the Company
(incorporated by reference to the Company's
Annual Report on Form 10-K for the year ended
September 30, 1993) (the "1993 10-K")"
3.2 Bylaws of the Company, as amended (incorporated
by reference to the Company's Current Report on
Form 8-K, dated June 19, 1996 (the "1996 8-K")
4.1 Specimen Certificate of Company's common stock
(incorporated by reference to the 1993 10-K)
4.2 Form of Warrant (incorporated by reference to
the 1993 10-K)
4.3 Indenture, dated as of November 15, 1994,
between the Company and Continental Stock
Transfer and Trust Company, as Trustee
(incorporated by reference to the Company's
Annual Report on Form 10-K for the year
ended September 30, 1994) and Supplemental
Indenture thereto dated August 28, 1996
(incorporated by reference to the Company's
Annual Report on Form 10-K for the year ended
December 31, 1996 (the "1996 10-K")
4.4 Certificates of Designations of Preferred Stock
Terms (incorporated by reference to the 1996
10-K)
10.1 1993 Company Incentive Stock Option Plan with
accompanying forms of Incentive Stock Option
Agreement, Nonstatutory Stock Option
Agreement, Stock Bonus Agreement, Stock Bonus
Agreement and Stock Purchase Agreement
(incorporated by reference to the Company's
Registration Statement on Form SB-2) (File No.
33-68454-A) (the "Registration Statement")
9
<PAGE> 10
10.2 1993 Company Nonemployee Director Stock Option
Plan with accompanying forms of Stock Option
(incorporated by reference to the Registration
Statement)
10.3 Equity Incentive Plan (incorporated by
reference to Annex A of the Company's proxy
statement on Schedule 14A for the 1997 Annual
Meeting of Shareholders)
10.4 Promissory Note, dated June 30, 1993, in the
principal amount of $6,150,000 granted by the
Company in favor of M.B. Seretean
(incorporated by reference to the Registration
Statement)
10.5 Consolidated, Amended and Restated Loan and
Security Agreement, dated as of August 22,
1996, by and between the Company and
Foothill Capital Corporation (incorporated by
reference to the 1996 10-K)
10.6 Investment Agreement, dated as of June 5, 1996,
as amended, between MEI Holdings, L.P. and the
Company (incorporated by reference to MEI
Holdings' Amendment No. 3 to Schedule 13-D-1
filed September 25, 1996) ("MEI Holdings'
13-D-1")
10.7 Warrant, dated August 28, 1996, by the
Company (incorporated by reference to MEI
Holdings' 13D-1)
10.8 Registration Rights Agreement, dated August 28,
1996 (incorporated by reference to MEI
Holdings' 13D-1)
10.9 Agreements, dated August 28, 1996 (incorporated
by reference to the 1996 8-K)
10.10 Letters re: Voting Agreements, dated August 28,
1996 (incorporated by reference to the 1996
10-K)
10.11 Redemption Agreement, dated November 14, 1996,
between the Company and MEI Holdings, L.P.
(incorporated by reference to MEI Holdings'
Schedule 14-D-1, dated November 14, 1996)
10.12 Promissory Note from the Company to MEI
Holdings for $30.0 million, dated as of June 5,
1997, as amended and restated (incorporated by
reference to Form 10-Q for the quarter ended
June 30, 1997)
10.13 Promissory Note from the Company to MEI
Holdings for $9.5 million, dated as of June 5,
1997 (incorporated by reference to the Form
10-Q filed for the quarter ended June 30,
1997)
10
<PAGE> 11
10.14 Loan Agreement, dated as of June 27, 1997,
between Malibu Centers, Inc. and Nomura Asset
Capital Corporation ("Nomura") (incorporated by
reference to the Form 10-Q filed for the
quarter ended June 30, 1997)
10.15 Promissory Note from Malibu Centers, Inc. to
Nomura for $21,390,375 (incorporated by
reference to the Form 10-Q filed for the quarter
ended June 30,1997)
10.16 Guaranty, dated June 27, 1997, of MEI
Holdings in favor of Nomura (incorporated by
reference to the Form 10-Q filed for the quarter
ended June 30, 1997)
27 Financial Data Schedule (for Sec purposes only)
(b) No reports of Form 8-K were filed during the period covered by this
report.
11
<PAGE> 12
SIGNATURES
In accordance with the requirements of the Exchange Act, the Company
caused this report to be signed on behalf by the undersigned, thereunto duly
authorized.
MALIBU ENTERTAINMENT WORLDWIDE, INC.
By: /s/ Richard M. FitzPatrick
-------------------------------
Richard M. FitzPatrick
Chief Financial Officer
November 14, 1997
12
<PAGE> 13
INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
- ------ -----------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> SEP-30-1997
<CASH> 3,625,418
<SECURITIES> 0
<RECEIVABLES> 671,145<F1>
<ALLOWANCES> 0
<INVENTORY> 2,129,732
<CURRENT-ASSETS> 10,787,367
<PP&E> 134,273,865<F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 154,811,669
<CURRENT-LIABILITIES> 41,597,551
<BONDS> 75,247,721
0
0
<COMMON> 141,669,654
<OTHER-SE> (82,812,081)
<TOTAL-LIABILITY-AND-EQUITY> 154,811,669
<SALES> 35,423,138
<TOTAL-REVENUES> 35,423,138
<CGS> 0
<TOTAL-COSTS> 51,265,802
<OTHER-EXPENSES> 1,709,451
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,709,357
<INCOME-PRETAX> (21,261,472)
<INCOME-TAX> 0
<INCOME-CONTINUING> (21,284,803)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (21,284,803)
<EPS-PRIMARY> (0.54)
<EPS-DILUTED> (0.54)
<FN>
<F1>Accounts receivable and property, plant and equipment represent net amounts.
</FN>
</TABLE>
