-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WC/dJnc57fu9L00WIOo5aAQ5fwfmBSWLr/Q3X6aJJ9hbtZGNhhfJsR+IexP2qAOk p1pOXQlTdyNihmH3/cDy8g== 0000898430-97-000639.txt : 19970222 0000898430-97-000639.hdr.sgml : 19970222 ACCESSION NUMBER: 0000898430-97-000639 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 24 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970214 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COBBLESTONE GOLF GROUP INC CENTRAL INDEX KEY: 0001017482 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEMBERSHIP SPORTS & RECREATION CLUBS [7997] IRS NUMBER: 954391248 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441 FILM NUMBER: 97535994 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ESCONDIDO CONSULTING INC CENTRAL INDEX KEY: 0001018737 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 954287458 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-01 FILM NUMBER: 97535995 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COBBLESTONE TEXAS INC CENTRAL INDEX KEY: 0001018738 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 330586820 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-02 FILM NUMBER: 97535996 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PECAN GROVE GOLF CLUB INC CENTRAL INDEX KEY: 0001018739 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 760419898 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-03 FILM NUMBER: 97535997 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FOOTHILLS HOLDING CO INC CENTRAL INDEX KEY: 0001018740 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 330597846 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-04 FILM NUMBER: 97535998 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BELLOWS GOLF GROUP INC CENTRAL INDEX KEY: 0001018741 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 752321399 STATE OF INCORPORATION: AZ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-05 FILM NUMBER: 97535999 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARMEL MOUNTAIN RANCH GOLF CLUB INC CENTRAL INDEX KEY: 0001018742 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 330571226 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-06 FILM NUMBER: 97536000 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OVLC MANAGEMENT CORP CENTRAL INDEX KEY: 0001018743 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 330556136 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-07 FILM NUMBER: 97536001 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OVLC FINANCIAL CORP CENTRAL INDEX KEY: 0001018744 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 330556137 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-08 FILM NUMBER: 97536002 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CSR GOLF GROUP INC CENTRAL INDEX KEY: 0001018745 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 752560373 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-09 FILM NUMBER: 97536003 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAKEWAY GOLF CLUBS INC CENTRAL INDEX KEY: 0001018746 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 742738449 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-10 FILM NUMBER: 97536004 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WOODCREST GOLF CLUB INC CENTRAL INDEX KEY: 0001018747 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 752563494 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-11 FILM NUMBER: 97536005 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VIRGINIA GOLF COUNTRY CLUB INC CENTRAL INDEX KEY: 0001018748 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 541732348 STATE OF INCORPORATION: VA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-12 FILM NUMBER: 97536006 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OCEAN VISTA LAND CO CENTRAL INDEX KEY: 0001018749 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 951968275 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-13 FILM NUMBER: 97536007 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLF COURSE INNS OF AMERICA INC CENTRAL INDEX KEY: 0001018750 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 952582278 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-14 FILM NUMBER: 97536008 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OCEANSIDE GOLF MANAGEMENT CORP CENTRAL INDEX KEY: 0001018751 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 330586045 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-15 FILM NUMBER: 97536009 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WHISPERING PALMS COUNTRY CLUB JOINT VENTURE CENTRAL INDEX KEY: 0001018752 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 956485317 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-16 FILM NUMBER: 97536010 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAKEWAY CLUBS INC CENTRAL INDEX KEY: 0001018753 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 742738449 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-17 FILM NUMBER: 97536011 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIQUOR CLUB AT PECAN GROVE INC CENTRAL INDEX KEY: 0001018754 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 742062932 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-18 FILM NUMBER: 97536012 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TGFC CORP CENTRAL INDEX KEY: 0001018755 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 011766263 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-19 FILM NUMBER: 97536013 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: C RHK INC CENTRAL INDEX KEY: 0001018756 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 330677567 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-20 FILM NUMBER: 97536014 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CEL GOLF GROUP INC CENTRAL INDEX KEY: 0001018757 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582192268 STATE OF INCORPORATION: GA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-21 FILM NUMBER: 97536015 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SWC GOLF CLUB INC CENTRAL INDEX KEY: 0001018758 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 760504558 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-09441-22 FILM NUMBER: 97536016 BUSINESS ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 619794202 MAIL ADDRESS: STREET 1: 3702 VIE DE LA VALLE STREET 2: STE 202 CITY: DEL MAR STATE: CA ZIP: 92014 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1996 OR [ ] TRANSITION REPORT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______________ TO _______________. 333-09441 THROUGH 333-09441-22 (COMMISSION FILE NUMBERS) COBBLESTONE GOLF GROUP, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 95-4391248 (STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.) Escondido Consulting, Inc. California 95-4287458 Virginia Golf Country Club, Inc. Virginia 54-1732348 Cobblestone Texas, Inc. Texas 33-0586820 Ocean Vista Land Company California 95-1968275 Pecan Grove Golf Club, Inc. Texas 76-0419898 Golf Course Inns of America, Inc. California 95-2582278 Foothills Holding Company, Inc. Nevada 33-0597846 Oceanside Golf Management Corp. California 33-0586045 Bellows Golf Group, Inc. Arizona 75-2321399 Whispering Palms Country Club Joint Venture California 95-6485317 Carmel Mountain Ranch Golf Club, Inc. California 33-0571226 Lakeway Clubs, Inc. Texas 74-2751365 OVLC Management Corp. California 33-0556136 The Liquor Club at Pecan Grove, Inc. Texas 74-2062932 OVLC Financial Corp. California 33-0556137 TGFC Corporation Texas 01-1766263 CSR Golf Group, Inc. Texas 75-2560373 C-RHK, Inc. California 33-0677567 Lakeway Golf Clubs, Inc. Texas 74-2738449 CEL Golf Group, Inc. Georgia 58-2192268 Woodcrest Golf Club, Inc. Texas 75-2563494 SWC Golf Club, Inc. Texas 76-0504558
3702 VIA DE LA VALLE, SUITE 202 DEL MAR, CA 92014 (ADDRESS OF PRINCIPAL OFFICES) (ZIP CODE) (619) 794-2602 (REGISTRANTS' TELEPHONE NUMBER, INCLUDING AREA CODE) NOT APPLICABLE (FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST PERIOD) INDICATE BY CHECK MARK WHETHER THE REGISTRANTS (1) HAVE 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 REGISTRANTS WERE REQUIRED TO FILE SUCH REPORTS), AND (2) HAVE BEEN SUBJECT TO SUCH FILING REQUIREMENTS FOR THE PAST 90 DAYS. YES [X] NO [ ]. AS OF FEBRUARY 14, 1997, 135,030 SHARES OF COBBLESTONE GOLF GROUP, INC. COMMON STOCK, PAR VALUE $.01 PER SHARE, WERE OUTSTANDING. COBBLESTONE GOLF GROUP, INC. FIRST QUARTER REPORT ON FORM 10-Q INDEX Page ---- Part I. Financial Information Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets - December 31, 1996 and September 30, 1996............... 1 Consolidated Statements of Operations - Three months ended December 31, 1996 and 1995.......... 2 Consolidated Statements of Cash Flows - Three months ended December 31, 1996 and 1995.......... 3 Notes to Consolidated Financial Statements - December 31, 1996................................................ 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations..................... 6 Part II. Other Information Item 1. Legal Proceedings........................................ 9 Item 2. Changes in Securities.................................... 9 Item 3. Default upon Senior Securities........................... 9 Item 4. Submission of Matters to a Vote of Security Holders...... 9 Item 5. Other Information........................................ 9 Item 6. Exhibit and Reports on Form 8-K.......................... 9 Signatures............................................................. 10 PART 1. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) COBBLESTONE GOLF GROUP, INC. CONSOLIDATED BALANCE SHEETS
DECEMBER 31, SEPTEMBER 30, 1996 1996 ------------- -------------- (UNAUDITED) (NOTE) ASSETS Current assets: Cash and cash equivalents............ $ 1,869,876 $ 6,578,946 Accounts receivable, net............. 2,944,738 2,868,190 Current portion of notes receivables, net.................... 1,822,792 1,729,875 Inventory............................ 2,562,018 2,202,481 Prepaid expenses and other current assets.............................. 1,121,746 1,170,884 ------------ ------------ Total current assets......... 10,321,170 14,550,376 Property, equipment and leasehold interests, net........................... 139,055,846 139,541,003 Notes receivable, net..................... 3,789,545 3,889,857 Intangible assets, net.................... 3,826,438 3,898,185 Other assets, net......................... 4,675,828 4,509,431 ------------ ------------ $161,668,827 $166,388,852 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable..................... $ 4,166,626 $ 4,101,736 Accrued payroll and related expenses............................ 2,193,607 2,091,719 Accrued interest expense............. 737,914 2,683,332 Accrued property taxes............... 597,602 1,364,891 Deferred revenue..................... 1,022,970 1,460,028 Current portion of long-term debt and capital lease obligations....... 593,707 738,981 Current portion of deferred purchase price...................... 405,792 387,792 Income taxes payable................. 94,431 94,431 Other current liabilities............ 1,185,686 1,394,352 ------------ ------------ Total current liabilities.... 10,998,335 14,317,262 Long-term debt and capital lease obligations.............................. 78,989,470 78,169,906 Note payable to stockholder/officer....... 226,645 224,787 Deferred purchase price................... 491,373 730,941 Long-term deferred revenue................ 2,354,588 2,423,707 Deferred income taxes..................... 4,184,000 4,184,000 Minority interest......................... 379,785 380,985 Commitments Stockholders' equity: Redeemable preferred stock, $.01 par value Authorized shares--450,000 Issued and outstanding shares--430,757 at December 31, 1996 and September 30, 1996 Liquidation preference of $43,075,700 at December 31, 1996 and September 30, 1996.... 4,308 4,308 Common stock, $.01 par value: Authorized shares--200,000 Issued and outstanding shares--135,030 at December 31, 1996 and September 30, 1996.... 1,350 1,350 Paid-in capital...................... 74,442,346 74,442,346 Accumulated deficit.................. (10,403,373) (8,490,740) ------------ ------------ Total stockholders' equity................ 64,044,631 65,957,264 ------------ ------------ $161,668,827 $166,388,852 ============ ============
Note: The balance sheet at September 30, 1996 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for financial statements. See accompanying notes. 1 COBBLESTONE GOLF GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED DECEMBER 31, ------------------------------- 1996 1995 ------------------------------- Operating revenues: Golf revenues....................... $11,815,237 $ 9,373,464 Food and beverage revenues.......... 3,049,237 2,195,379 Pro shop sales...................... 1,616,216 1,138,159 Other............................... 506,142 307,723 ----------- ----------- Total operating revenues................. 16,986,832 13,014,725 Operating expenses: Golf course operations.............. 11,209,382 8,448,048 Cost of food and beverage........... 941,660 746,604 Cost of pro shop sales.............. 1,006,198 734,078 General and administrative.......... 968,547 838,730 Depreciation and amortization....... 2,208,639 1,918,311 ----------- ----------- Total operating expenses................. 16,334,426 12,685,771 ----------- ----------- Income from operations........................ 652,406 328,954 Interest expense, net......................... (2,542,159) (2,573,612) ----------- ----------- Loss before income taxes...................... (1,889,753) (2,244,658) Provision for income taxes.................... 22,880 7,660 Net loss...................................... $(1,912,633) $(2,252,318) =========== ===========
See accompanying notes. 2 COBBLESTONE GOLF GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
THREE MONTHS ENDED DECEMBER 31, ------------------------------ 1996 1995 ------------------------------ OPERATING ACTIVITIES Net loss..................................... $(1,912,633) $(2,252,318) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization............... 2,364,932 1,938,332 Provision for doubtful accounts............. (237,013) 402,544 Changes in assets and liabilities: Notes and accounts receivable................................ 167,860 (1,845,347) Inventory.................................. (359,537) (201,770) Prepaid expenses and other assets.............................. 48,138 264,684 Accounts payable, accrued liabilities and deferred revenue.......................... (3,252,458) (1,169,523) ----------- ----------- Net cash used in operating activities........ (3,180,711) (2,863,398) INVESTING ACTIVITIES Escrow deposits and other acquisition-related costs................... (316,598) -- Additions to property, equipment and leasehold interests......................... (1,506,091) (2,073,228) ----------- ----------- Net cash used in investing activities........ (1,822,689) (2,073,228) FINANCING ACTIVITIES Proceeds from long-term debt................. 700,000 4,500,000 Debt issuance costs and other debt-related costs.......................... -- (18,587) Principal payments on long-term debt and capital leases.......................... (184,102) (440,662) Payments on deferred purchase price.......... (221,568) -- ----------- ----------- Net cash provided by financing activities.................................. 294,330 4,040,751 Net decrease in cash and cash equivalents................................. (4,709,070) (895,875) Cash and cash equivalents at beginning....... 6,578,946 1,504,730 of period................................... ----------- ----------- Cash and cash equivalents at end of period...................................... $ 1,869,876 $ 608,855 =========== =========== SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest................................ $ 4,343,953 $ 2,556,212 =========== =========== Income taxes, net....................... $ 22,880 $ 892,660 =========== =========== NON-CASH INVESTING AND FINANCING ACTIVITIES: Capital leases entered into.................. $ 153,870 $ 289,549 =========== ===========
See accompanying notes. 3 COBBLESTONE GOLF GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 1996 (UNAUDITED) 1. BASIS OF PRESENTATION Cobblestone Golf Group, Inc. (the "Company"), a Delaware corporation, was incorporated on August 10, 1992. The Company is a wholly-owned subsidiary of Cobblestone Holdings, Inc. ("Holdings"). Holdings is controlled by Brentwood Golf Partners, L.P., a partnership organized by Brentwood Associates and the Company's President. The Company owns and operates golf courses in the United States, with a current portfolio of 22 golf properties including private country clubs, semi-private clubs and public (or daily fee) courses. The Company's courses are concentrated in clusters near metropolitan areas primarily in the Sunbelt states (including Arizona, California and Texas) which have large golfing populations and attractive climates. The Company's business consists primarily of operating golf courses and related facilities, with revenue generated from membership fees and dues at private country clubs, greens fees, food and beverage services, golf cart rentals, retail merchandise sales, driving range fees and lodging fees. The Company owns 16 courses, leases four courses (subject to long-term leases in excess of 20 years, including extension options), leases one driving range and pro shop facility and manages one additional course. The Company's portfolio includes nine private country clubs, eight public facilities and five semi- private facilities. Seasonal weather conditions as well as the timing of new course purchases or leases may cause the Company's results of operations to vary from quarter to quarter. The Company has acquired certain golf facilities through its wholly-owned and majority-owned subsidiaries. The consolidated financial statements include the accounts of the Company and such subsidiaries. Intercompany balances and transactions have been eliminated. 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 December 31, 1996 are not necessarily indicative of the results that may be expected for the year ended September 30, 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 September 30, 1996. 2. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 4 COBBLESTONE GOLF GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 1996 (UNAUDITED) 3. NEW ACCOUNTING STANDARDS Effective October 1, 1996, the Company adopted SFAS No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of ("SFAS 121"). SFAS 121 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. SFAS 121 also addresses the accounting for long- lived assets that are expected to be disposed of. The adoption had no impact on the Company's financial position or results of operations. Effective October 1, 1996, the Company adopted SFAS No. 123, Accounting for Stock-Based Compensation ("SFAS 123"). SFAS 123 established the fair value-based method of accounting for stock-based compensation arrangements under which compensation cost is determined using the fair value of the stock option at the grant date and the number of options vested, and is recognized over the periods in which the related services are rendered. The Company has elected to continue with the current intrinsic value-based method, as allowed by SFAS 123, and will disclose the pro forma effect of adopting the fair value based method in future fiscal years beginning with the fiscal year ending September 30, 1997. 5 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS THREE MONTHS ENDED DECEMBER 31, 1996 COMPARED TO THREE MONTHS ENDED DECEMBER 31, 1995 Operating Revenue. Operating revenue increased to $17.0 million for the three months ended December 31, 1996 from $13.0 million for the comparable prior year period, an increase of $4.0 million or 30.5%. Of this increase, $3.1 million is attributable to operating revenue for the two courses acquired by the Company in June and July of 1996. The remaining $0.9 million is attributable to increased revenue from the Company's other facilities. Year over year comparisons at certain of the Company's private clubs are difficult. During the second half of fiscal 1995 and into fiscal 1996, the Company had established marketing programs to take advantage of the pent-up demand in areas surrounding certain of its private clubs. As a result, while revenues have generally increased at the Company's public and private facilities for the three months ended December 31, 1996 as compared to the three months ended December 31, 1995, initiation fee revenues at certain of the Company's private clubs have decreased. Course-level Operating Expenses. Course-level operating expenses, which include costs of golf course operations (e.g., salaries, taxes and utilities), costs of food and beverage sales and costs of pro shop sales increased to $13.2 million for the three months ended December 31, 1996 from $9.9 million for the comparable period, an increase of $3.2 million or 32.5%. Of this increase, $2.5 million is attributable to course-level operating expenses for the two courses acquired by the Company in June and July of 1996. The remaining $0.7 million is attributable to increased course-level operating expenses from the Company's other facilities. General and Administrative Expenses. General and administrative expenses primarily consist of corporate salaries and related expenses and legal and accounting fees. General and administrative expenses increased to $1.0 million for the three months ended December 31, 1996 from $0.8 million for the comparable period, an increase of $0.1 million or 15.5%. The increase in expense was related to additional overhead to support the Company's expanded operations. General and administrative expenses as a percentage of operating revenue was 5.7% for the three months ended December 31, 1996, a decrease from 6.4% for the comparable prior year period. Depreciation and Amortization Expense. Depreciation and amortization expense increased to $2.2 million for the three months ended December 31, 1996 from $1.9 million for the comparable prior year period, an increase of $0.3 million or 15.1%. Of this increase, approximately $0.2 million is attributable to the inclusion of the two courses acquired in June and July of 1996. Income from Operations. Income from operations increased to $0.7 million for the three months ended December 31, 1996 from $0.3 million for the comparable prior year period, primarily due to the factors described above. Income from operations as a percentage of operating revenue was 3.8% for the three month period ended December 31, 1996, an increase from 2.5% for the comparable prior year period. Interest Expense, Net. Interest expense, net, decreased to $2.5 million for the three months ended December 31, 1996 from $2.6 million for the comparable prior period, a decrease of $0.1 million or 1.2%, due to the decrease in the level of outstanding debt. 6 Provision for Income Taxes. The Company recorded a $23,000 provision for income taxes, which reflects the fact that certain subsidiaries generate taxable income in individual states and localities notwithstanding the Company's consolidated loss for financial reporting purposes. Net loss. Net loss decreased to $1.9 million for the three months ended December 31, 1996 from $2.3 million for the comparable period, primarily due to the factors described above. LIQUIDITY AND CAPITAL RESOURCES The Company's primary uses of cash are to fund debt service and maintenance capital expenditures at its existing facilities (such as landscaping and purchasing golf cart fleets). The Company also implements one-time upgrade and renovation capital expenditures at its existing facilities in order to enhance its appeal to customers and members and to generate additional revenues and cash flow. Examples of these expenditures are the addition of courses (including nine hole additions) to existing facilities to increase capacity and clubhouse renovations to support increased dues and fees. These expenditures are generally of a non-recurring nature. In addition, the Company implements strategic capital expenditure programs which enable it to reduce course level operating costs and improve the efficiency of operations, such as improving the irrigation system, acquiring more efficient maintenance equipment and other programs which enhance the marketability and/or reduce the operating expenses of existing facilities. As part of its business strategy, the Company will require cash to continue to acquire, lease or manage additional golf courses and the related facilities and to complete any targeted renovations. The Company expended $0.3 million on escrow deposits and acquisition-related costs and $1.5 million on capital improvements during the three months ended December 31, 1996. As of December 31, 1996, the Company had approximately $3.6 million of long-term commitments for one-time capital expenditures with respect to a golf facility. The Company is not required and does not plan on expending the funds related to these commitments during fiscal 1997. Based upon the current level of operations and anticipated growth, the Company believes that cash flow from operations, together with available borrowings under the Company's credit facility and other sources of liquidity, will be adequate to meet the Company's anticipated future requirements for working capital, capital expenditures and scheduled payments of principal and interest on its indebtedness. There can be no assurance, however, that the Company's business will generate sufficient cash flow from operations or that future working capital borrowings will be available in an amount sufficient to enable the Company to service its indebtedness or make necessary capital expenditures. The Company intends to fund these expenditures primarily with operating cash flow and borrowings under its credit facility. The credit facility provides for borrowings of up to $50.0 million, of which $45.0 million is available to fund future acquisitions of golf courses and capital expenditures at such courses and certain capital improvements at existing courses, and $5.0 million of which is available for general working capital purposes. The total borrowing availability under the $45.0 million portion of the credit facility will decrease over the term of the facility beginning September 30, 1998. The credit facility provides that the Company may not make any acquisitions or upgrade capital expenditures when Funded Debt plus certain projected upgrade capital expenditures is greater than 6.5x of Adjusted EBITDA (each as defined in the credit facility), with certain adjustments for notes receivable, reducing over time. This 6.5x Funded Debt to Adjusted EBITDA test is reduced in subsequent years. The credit facility also imposes other limitations on the ability of the Company with respect to borrowings. In addition, as of December 31, 1996, the Company had $1.9 million of cash on hand to meet its working capital and other needs. Historically, the Company has financed its operations through borrowings under bank credit facilities and equity contributions by its stockholders. As of December 31, 1996, the Company's stockholders have invested a total of $46.3 million of equity to fund the expansion of the Company and its golf course portfolio. In addition, proceeds of a $30 million unit offering were contributed by Holdings to the Company as equity, increasing the total equity raised by the Company and Holdings since inception to approximately $74.4 million. 7 For the three month period ended December 31, 1996, net cash used by operating activities was $3.2 million versus $2.9 million in the prior comparable period. The primary component of this change is the payment of accrued property taxes and accrued interest. During the three month period ended December 31, 1996, net cash used in investing activities was $1.8 million versus $2.1 million in the prior comparable period. Expenditures for the three months ended December 31, 1996 consisted of $0.3 million in escrow deposits and acquisition-related costs and $1.5 million in capital expenditures. During the three month period ended December 31, 1996, net cash provided by financing activities was $0.3 million versus $4.0 million in the prior comparable period. During the three months ended December 31, 1996, the Company borrowed $0.7 million under its working capital revolver and paid $0.4 million in principal of its existing obligations. At December 31, 1996, borrowings under the $50 million credit facility totaled $0.7 million. RECENT DEVELOPMENTS In December, 1996, the Company entered into a purchase agreement and made a $200,000 escrow deposit on a 36-hole private country club located near Tampa, Florida. The Company is currently performing due diligence related to the acquisition of the facility and expects that the transaction will be completed during the second quarter of fiscal 1997. 8 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits 27.1 Financial Data Schedule - Cobblestone Golf Group, Inc. 27.2 Financial Data Schedule - Escondido Consulting, Inc. 27.3 Financial Data Schedule - Cobblestone Texas, Inc. 27.4 Financial Data Schedule - Pecan Grove Golf Club, Inc. 27.5 Financial Data Schedule - Foothills Holding Company, Inc. 27.6 Financial Data Schedule - Bellows Golf Group, Inc. 27.7 Financial Data Schedule - Carmel Mountain Ranch Golf Club, Inc. 27.8 Financial Data Schedule - OVLC Management Corp. 27.9 Financial Data Schedule - OVLC Financial Corp. 27.10 Financial Data Schedule - CSR Golf Group, Inc. 27.11 Financial Data Schedule - Lakeway Golf Clubs, Inc. 27.12 Financial Data Schedule - Woodcrest Golf Club, Inc. 27.13 Financial Data Schedule - Virginia Golf Country Club, Inc. 27.14 Financial Data Schedule - Ocean Vista Land Company 27.15 Financial Data Schedule - Golf Course Inns of America, Inc. 27.16 Financial Data Schedule - Oceanside Golf Management Corp. 27.17 Financial Data Schedule - Whispering Palms Country Club Joint Venture 27.18 Financial Data Schedule - Lakeway Clubs, Inc. 27.19 Financial Data Schedule - The Liquor Club at Pecan Grove, Inc. 27.20 Financial Data Schedule - TGFC Corporation 27.21 Financial Data Schedule - C-RHK, Inc. 27.22 Financial Data Schedule - CEL Golf Group, Inc. 27.23 Financial Data Schedule - SWC Golf Club, Inc. (b) Reports on Form 8-K The Company did not file any reports on Form 8-K during the three month period ended December 31, 1996. 9 SIGNATURES 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. COBBLESTONE GOLF GROUP, INC. Date: February 14, 1997 By: /s/ STEFAN C. KARNAVAS ---------------------------- Stefan C. Karnavas Chief Financial Officer (Duly Authorized Officer and Principal Financial and Accounting Officer) 10 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. ESCONDIDO CONSULTING, INC. WOODCREST GOLF CLUB, INC. COBBLESTONE TEXAS, INC. VIRGINIA GOLF COUNTRY CLUB, INC. PECAN GROVE GOLF CLUB, INC. OCEAN VISTA LAND COMPANY FOOTHILLS HOLDING COMPANY, INC. GOLF COURSE INNS OF AMERICA, INC. BELLOWS GOLF GROUP, INC. OCEANSIDE GOLF MANAGEMENT CORP. CARMEL MOUNTAIN RANCH GOLF CLUB, INC. THE LIQUOR CLUB AT PECAN GROVE, INC. OVLC MANAGEMENT CORP. LAKEWAY CLUBS, INC. OVLC FINANCIAL CORP. TGFC CORPORATION CSR GOLF GROUP, INC. C-RHK, INC. LAKEWAY GOLF CLUBS, INC. CEL GOLF GROUP, INC. SWC GOLF CLUB, INC. Date: February 14, 1997 By: /s/ STEFAN C. KARNAVAS ---------------------------- Stefan C. Karnavas Chief Financial Officer (Duly Authorized Officer and Principal Financial and Accounting Officer) 11 SIGNATURES 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. WHISPERING PALMS COUNTRY CLUB JOINT VENTURE Date: February 14, 1997 By: /s/ STEFAN C. KARNAVAS ---------------------------- Stefan C. Karnavas Managing Member (Duly Authorized Officer and Principal Financial and Accounting Officer) 12 EX-27.1 2 FDS - COBBLESTONE GOLF GROUP, INC.
5 0001017482 COBBLESTONE GOLF GROUP, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 1,869,876 0 9,900,480 1,343,405 2,562,018 10,321,170 156,348,630 17,292,784 161,668,827 10,998,335 0 0 4,308 1,350 64,038,973 161,668,827 4,665,453 16,986,832 1,947,858 16,334,426 0 61,214 2,542,159 (1,889,753) 22,880 (1,912,633) 0 0 0 (1,912,633) 0 0
EX-27.2 3 FDS - ESCONDIDO CONSULTING, INC.
5 0001018737 ESCONDIDO CONSULTING, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 5,991 0 1,797 0 167,692 211,887 9,218,272 1,474,277 8,394,322 222,744 0 0 0 1,000 5,453,787 8,394,322 161,112 798,120 58,300 651,542 0 0 178,104 (31,526) 0 (31,526) 0 0 0 (31,526) 0 0
EX-27.3 4 FDS - COBBLESTONE TEXAS, INC.
5 0001018738 COBBLESTONE TEXAS, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 9,198 0 1,294,090 179,684 105,463 680,186 14,122,289 1,594,460 13,762,396 496,797 0 0 0 1,000 2,994,603 13,762,396 375,622 1,225,309 163,350 1,052,258 0 7,724 76 172,975 0 172,975 0 0 0 172,975 0 0
EX-27.4 5 FDS - PECAN GROVE GOLF CLUB, INC.
5 0001018739 PECAN GROVE GOLF CLUB, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 10,225 0 274,112 28,788 77,915 312,714 9,299,370 1,082,355 8,559,544 361,588 0 0 0 1,000 2,884,990 8,559,544 251,284 859,118 106,393 808,293 0 5,068 4,072 46,753 0 46,753 0 0 0 46,753 0 0
EX-27.5 6 FDS - FOOTHILLS HOLDING COMPANY, INC.
5 0001018740 FOOTHILLS HOLDING COMPANY, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 16,357 0 1,247,152 180,157 402,305 1,069,705 21,284,643 2,037,715 21,973,651 550,727 0 0 0 1,000 21,477,751 21,973,651 463,237 1,981,113 203,720 1,798,599 0 4,903 10,369 172,145 0 172,145 0 0 0 172,145 0 0
EX-27.6 7 FDS - BELLOWS GOLF GROUP, INC.
5 0001018741 BELLOWS GOLF GROUP, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 9,857 0 35,849 2,152 285,191 350,283 7,846,766 1,378,773 7,062,946 209,397 0 0 0 10 1,694,098 7,062,946 284,354 765,525 129,631 768,778 0 2,152 5,715 (8,968) 0 (8,968) 0 0 0 (8,968) 0 0
EX-27.7 8 FDS - CARMEL MOUNTAIN RANCH GOLF CLUB, INC.
5 0001018742 CARMEL MOUNTAIN RANCH GOLF CLUB, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 11,518 0 13,203 4,731 146,759 239,022 762,243 166,328 847,921 232,717 0 0 0 1,000 4,050 847,921 312,141 857,822 113,498 831,342 0 2,500 10,916 15,564 0 15,564 0 0 0 15,564 0 0
EX-27.8 9 FDS - OVLC MANAGEMENT CORP.
5 0001018743 OVLC MANAGEMENT CORP. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 0 0 0 0 0 0 0 0 13,693,842 0 0 0 0 1,000 13,525,807 13,693,842 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.9 10 FDS - OVLC FINANCIAL CORP.
5 0001018744 OVLC FINANCIAL CORP. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 0 0 0 0 0 0 0 0 1,000 0 0 0 0 1,000 0 1,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.10 11 CSR GOLF GROUP, INC.
5 0001018745 CSR GOLF GROUP, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 43,053 0 2,176,180 333,906 254,681 1,145,432 15,176,517 1,418,163 15,922,532 530,899 0 0 0 1,000 3,306,368 15,922,532 472,581 1,716,231 202,598 1,511,565 0 12,447 503 204,163 0 204,163 0 0 0 204,163 0 0
EX-27.11 12 FDS - LAKEWAY GOLF CLUBS, INC.
5 0001018746 LAKEWAY GOLF CLUBS, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 63,065 0 2,147,282 333,309 241,381 1,083,316 20,361,394 1,392,152 21,129,625 1,082,337 0 0 0 1,000 4,701,317 21,129,625 340,076 1,722,613 165,431 1,564,935 0 10,312 8,113 149,565 0 149,565 0 0 0 149,565 0 0
EX-27.12 13 FDS - WOODCREST GOLF CLUB, INC.
5 0001018747 WOODCREST GOLF CLUB, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 15,838 0 188,224 16,827 46,107 247,603 3,733,364 633,215 3,349,027 146,668 0 0 0 1,000 407,729 3,349,027 102,158 379,052 43,872 386,597 0 6,720 1,228 (8,773) 0 (8,773) 0 0 0 (8,773) 0 0
EX-27.13 14 FDS - VIRGINIA GOLF COUNTRY CLUB, INC.
5 0001018748 VIRGINIA GOLF COUNTRY CLUB, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 301,922 0 314,274 36,699 95,140 581,859 9,454,807 857,314 9,295,401 183,694 0 0 0 1,000 9,249,410 9,295,401 157,273 732,900 65,204 600,794 0 3,788 2,235 129,871 0 129,871 0 0 0 129,871 0 0
EX-27.14 15 FDS - OCEAN VISTA LAND COMPANY
5 0001018749 OCEAN VISTA LAND COMPANY 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 0 0 0 0 0 0 0 0 9,155,698 4,686 0 0 200,000 350,000 8,611,212 9,155,698 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.15 16 FDS - GOLF COURSE INNS OF AMERICA, INC.
5 0001018750 GOLF COURSE INNS OF AMERICA, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 0 0 0 0 0 0 0 0 5,306,191 0 0 0 0 1,018 5,001,479 5,306,191 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.16 17 FDS - OCEANSIDE GOLF MANAGEMENT CORP.
5 0001018751 OCEANSIDE GOLF MANAGEMENT CORP. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 5,900 0 231,630 37,865 60,204 202,931 5,715,073 952,534 5,047,743 173,108 0 0 0 1,000 5,897,547 5,047,743 230,389 785,805 72,686 656,457 0 1,800 110 129,238 0 129,238 0 0 0 129,238 0 0
EX-27.17 18 FDS - WHISPERING PALMS COUNTRY CLUB JOINT VENTURE
5 0001018752 WHISPERING PALMS COUNTRY CLUB JOINT VENTURE 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 11,776 0 975,585 159,065 360,369 742,412 27,830,610 3,141,823 26,344,219 447,209 0 0 0 0 13,228,625 26,344,219 536,597 1,758,885 225,674 1,718,805 0 2,450 6,765 33,315 0 33,315 0 0 0 33,315 0 0
EX-27.18 19 FDS - LAKEWAY CLUBS, INC.
5 0001018753 LAKEWAY CLUBS, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 0 0 0 0 0 0 0 0 1,000 0 0 0 0 1,000 0 1,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.19 20 FDS - THE LIQUOR CLUB AT PECAN GROVE, INC.
5 0001018754 THE LIQUOR CLUB AT PECAN GROVE, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 0 0 0 0 0 0 0 0 1,000 0 0 0 0 1,000 0 1,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.20 21 FDS - TGFC CORPORATION
5 0001018755 TGFC CORPORATION 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 0 0 0 0 0 0 0 0 1,000 0 0 0 0 1,000 0 1,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.21 22 FDS - C-RHK, INC.
5 0001018756 C-RHK, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 0 0 0 0 0 0 0 0 1,000 0 0 0 0 1,000 0 1,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.22 23 CEL GOLF GROUP, INC.
5 0001018757 CEL GOLF GROUP, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 0 0 0 0 0 0 0 0 1,000 0 0 0 0 1,000 0 1,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EX-27.23 24 FDS - SWC GOLF CLUB, INC.
5 0001018758 SWC GOLF CLUB, INC. 3-MOS SEP-30-1997 OCT-01-1996 DEC-31-1996 15,440 0 747,527 30,222 206,478 1,055,679 1,631,138 83,424 2,607,393 1,436,902 0 0 0 1,000 1,176,607 2,607,393 828,841 2,573,079 319,470 2,153,377 0 1,350 17,942 401,760 0 401,760 0 0 0 401,760 0 0
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