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 JUNE 30, 1997
                                        
                                       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 333-09441-24
                           (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
Cobblestone Texas, Inc.                            Texas      33-0586820
Pecan Grove Golf Club, Inc.                        Texas      76-0419898
Foothills Holding Company, Inc.                    Nevada     33-0597846
Bellows Golf Group, Inc.                          Arizona     75-2321399
Carmel Mountain Ranch Golf Club, Inc.            California   33-0571226
OVLC Management Corp.                            California   33-0556136
OVLC Financial Corp.                             California   33-0556137
CSR Golf Group, Inc.                               Texas      75-2560373
Lakeway Golf Clubs, Inc.                           Texas      74-2738449
Woodcrest Golf Club, Inc.                          Texas      75-2563494
ELW Golf Group, Inc.                              Florida     59-3418394
Virginia Golf Country Club, Inc.                  Virginia    54-1732348
Ocean Vista Land Company                         California   95-1968275
Golf Course Inns of America, Inc.                California   95-2582278
Oceanside Golf Management Corp.                  California   33-0586045
Whispering Palms Country Club Joint Venture      California   95-6485317
Lakeway Clubs, Inc.                                Texas      74-2751365
The Liquor Club at Pecan Grove, Inc.               Texas      74-2062932
TGFC Corporation                                   Texas      01-1766263
C-RHK, Inc.                                      California   33-0677567
CEL Golf Group, Inc.                              Georgia     58-2192268
SWC Golf Club, Inc.                                Texas      76-0504558
ELW Water, Inc.                                   Florida     59-3423107


  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 AUGUST 14, 1997, 135,030 SHARES OF COBBLESTONE GOLF GROUP, INC. COMMON
STOCK, PAR VALUE $.01 PER SHARE, WERE OUTSTANDING.

 
                          COBBLESTONE GOLF GROUP, INC.
                                        
                       THIRD QUARTER REPORT ON FORM 10-Q
                                        
                                     INDEX
                                        
 
                                                                            Page
                                                                            ----
Part I.  Financial Information
 
         Item 1. Financial Statements
 
                 Consolidated Balance Sheets -
                   June 30, 1997 (Unaudited) and September 30, 1996.......   1
 
                 Consolidated Statements of Operations (Unaudited) -
                   Three and nine months ended June 30, 1997, and 1996....   2
 
                 Consolidated Statements of Cash Flows (Unaudited) -
                   Nine months ended June 30, 1997 and 1996...............   3
 
                 Notes to Consolidated Financial Statements (Unaudited) -
                   June 30, 1997..........................................   4
 
         Item 2. Management's Discussion and Analysis of Financial 
                   Condition and Results of Operations....................   6

Part II. Other Information

         Item 6. Exhibit and Reports on Form 8-K..........................   10

Signatures................................................................   11

 
PART 1.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS

                          COBBLESTONE GOLF GROUP, INC.

                          CONSOLIDATED BALANCE SHEETS



                                                                                            JUNE 30,      SEPTEMBER 30,
                                                                                              1997             1996
                                                                                          -------------   --------------
                                                                                           (UNAUDITED)        (NOTE)
                                                                                                    
ASSETS
Current assets:
 Cash and cash equivalents...........................................................     $    902,645     $  6,578,946
 Accounts receivable, net............................................................        3,613,392        2,868,190
 Current portion of notes receivable, net............................................        2,011,887        1,729,875
 Inventory...........................................................................        2,606,280        2,202,481
 Prepaid expenses and other current assets...........................................          963,008        1,170,884
                                                                                          ------------     ------------
    Total current assets.............................................................       10,097,212       14,550,376
Property, equipment and leasehold interests, net.....................................      155,843,827      139,541,003
Notes receivable, net................................................................        3,958,863        3,889,857
Intangible assets, net...............................................................        3,687,636        3,898,185
Other assets, net....................................................................        4,562,278        4,509,431
                                                                                          ------------     ------------
                                                                                          $178,149,816     $166,388,852
                                                                                          ============     ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
 Accounts payable....................................................................     $  1,549,059     $  4,101,736
 Accrued payroll and related expenses................................................        1,728,322        2,091,719
 Accrued interest expense............................................................          980,944        2,683,332
 Accrued property taxes..............................................................        1,041,770        1,364,891
 Deferred revenue....................................................................        1,903,249        1,460,028
 Current portion of long-term debt and capital lease obligations.....................          298,407          738,981
 Current portion of deferred purchase price..........................................          205,353          387,792
 Income taxes payable................................................................           76,884           94,431
 Other current liabilities...........................................................        1,280,613        1,394,352
                                                                                          ------------     ------------
    Total current liabilities........................................................        9,064,601       14,317,262
Long-term debt and capital lease obligations.........................................       96,155,004       78,169,906
Note payable to stockholder/officer..................................................          230,483          224,787
Deferred purchase price..............................................................          589,135          730,941
Long-term deferred revenue...........................................................        2,196,100        2,423,707
Deferred income taxes................................................................        4,184,000        4,184,000
Minority interest....................................................................          378,585          380,985
Stockholders' equity:
 Redeemable preferred stock, $.01 par value
  Authorized shares--450,000
  Issued and outstanding shares--430,757 at June 30, 1997
   and September 30, 1996
  Liquidation preference of $43,075,700 at June 30, 1997 and
   September 30, 1996................................................................            4,308            4,308
 Common stock, $.01 par value:
  Authorized shares--200,000
  Issued and outstanding shares--135,030 at June 30, 1997 and
   September 30, 1996................................................................            1,350            1,350
 Paid-in capital.....................................................................       74,442,346       74,442,346
 Accumulated deficit.................................................................       (9,096,096)      (8,490,740)
                                                                                          ------------     ------------
Total stockholders' equity...........................................................       65,351,908       65,957,264
                                                                                          ------------     ------------
                                                                                          $178,149,816     $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                  NINE MONTHS ENDED
                                                             JUNE 30,                           JUNE 30,
                                                   ---------------------------        ---------------------------  
                                                       1997            1996               1997            1996
                                                   ---------------------------        --------------------------- 
                                                                                          
Operating revenues:
  Golf revenues................................    $17,099,077     $12,022,824        $42,858,358     $31,760,988
  Food and beverage revenues...................      4,006,414       2,791,531          9,768,159       6,886,496
  Pro shop sales...............................      1,758,654       1,269,682          4,646,591       3,403,735
  Other........................................      1,030,282         625,153          2,304,137       1,664,652
                                                   -----------     -----------        -----------     -----------
     Total operating revenues..................     23,894,427      16,709,190         59,577,245      43,715,871
Operating expenses:
  Golf course operations.......................     13,718,253       9,604,269         36,040,363      25,860,509
  Cost of food and beverage....................      1,326,162         915,613          3,157,654       2,331,328
  Cost of pro shop sales.......................      1,466,384         846,057          3,325,300       2,259,311
  General and administrative...................        988,804         872,254          2,905,133       2,595,799
  Depreciation and amortization................      2,017,377       1,834,844          6,473,904       5,353,224
                                                   -----------     -----------        -----------     -----------
     Total operating expenses..................     19,516,980      14,073,037         51,902,354      38,400,171
                                                   -----------     -----------        -----------     -----------
Income from operations.........................      4,377,447       2,636,153          7,674,891       5,315,700
Interest expense, net..........................     (2,849,006)     (2,722,191)        (8,006,008)     (7,840,218)
                                                   -----------     -----------        -----------     -----------
Income (loss) before income taxes and
 extraordinary item............................      1,528,441         (86,038)          (331,117)     (2,524,518)
Provision for income taxes.....................        190,923         114,080            274,239         137,480
                                                   -----------     -----------        -----------     -----------
Income (loss) before extraordinary item........      1,337,518        (200,118)          (605,356)     (2,661,998)
Extraordinary item.............................             --      (3,520,401)                --      (3,520,401)
                                                   -----------     -----------        -----------     -----------
Net income (loss)..............................    $ 1,337,518     $(3,720,519)       $  (605,356)    $(6,182,399)
                                                   ===========     ===========        ===========     ===========
 
  
                            See accompanying notes.

                                       2

 
                          COBBLESTONE GOLF GROUP, INC.
                                        
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)




                                                                                                NINE MONTHS ENDED
                                                                                                    JUNE 30,
                                                                                          ----------------------------
                                                                                              1997            1996
                                                                                          ----------------------------
                                                                                                    
OPERATING ACTIVITIES
Net loss  ..........................................................................      $   (605,356)   $ (6,182,399)
Adjustments to reconcile net loss to net cash 
 used in operating activities:
 Depreciation and amortization  ....................................................         6,937,346       5,983,262
 Loss on early extinguishment of debt...............................................                --       3,520,401
 Provision for doubtful accounts  ..................................................          (410,013)       (395,741)
 Changes in assets and liabilities:
  Notes and accounts receivable  ...................................................          (225,007)       (691,142)
  Inventory  .......................................................................          (298,694)       (502,160)
  Prepaid expenses and other assets  ...............................................          (280,889)         89,959
  Accounts payable, accrued liabilities and deferred
   revenue  ........................................................................        (5,371,826)     (2,009,547)
                                                                                          ------------    ------------
Net cash used in operating activities  .............................................          (254,439)       (187,367)

INVESTING ACTIVITIES
Acquisition-related costs  .........................................................       (15,058,158)     (6,289,391)
Additions to property, equipment and leasehold interests  ..........................        (5,553,286)     (6,641,993)
                                                                                          ------------    ------------
Net cash used in investing activities  .............................................       (20,611,444)    (12,931,384)

FINANCING ACTIVITIES
Proceeds from long-term debt  ......................................................        20,726,000      78,300,000
Debt issuance costs and other debt-related costs  ..................................                --      (2,995,310)
Principal payments on long-term debt and capital leases  ...........................        (5,212,173)    (89,524,208)
Payments on deferred purchase price  ...............................................          (324,245)       (376,979)
Proceeds from issuance of stock and capital contributions  .........................                --      28,735,697
                                                                                          ------------    ------------
Net cash provided by financing activities  .........................................        15,189,582      14,139,200
Net increase (decrease) in cash and cash equivalents  ..............................        (5,676,301)      1,020,449
Cash and cash equivalents at beginning of period  ..................................         6,578,946         820,608
                                                                                          ------------    ------------
Cash and cash equivalents at end of period  ........................................      $    902,645    $  1,841,057
                                                                                          ============    ============

SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
 Interest  .........................................................................      $  9,113,819    $  6,583,722
                                                                                          ============    ============
 Income taxes, net  ................................................................      $    291,706    $  1,393,137
                                                                                          ============    ============

NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital leases entered into  .......................................................      $  2,017,550    $  2,308,347
                                                                                          ============    ============
 
 
                            See accompanying notes.

                                       3

 
                          COBBLESTONE GOLF GROUP, INC.
                                        
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 JUNE 30, 1997
                                  (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 24 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 18 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 ten private country clubs, nine 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 and nine month periods ended
June 30, 1997 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
                                 JUNE 30, 1997
                                  (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 JUNE 30, 1997 COMPARED TO THREE MONTHS ENDED JUNE 30, 1996

  Operating Revenue.  Operating revenue increased to $23.9 million for the three
months ended June 30, 1997 from $16.7 million for the comparable prior year
period, an increase of $7.2 million or 43.1%. Of this increase, $3.7 million is
attributable to operating revenue for the two courses acquired by the Company in
June and July of 1996 and $2.4 is attributable to the operating revenue for the
two courses acquired by the Company in February and April of 1997. The remaining
$1.1 million is attributable to increased revenue from the Company's other
facilities.

  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 $16.5
million for the three months ended June 30, 1997 from $11.4 million for the
comparable prior year period, an increase of $5.1 million or 44.7%. Of this
increase, $2.7 million is attributable to course-level operating expenses for
the two courses acquired by the Company in June and July of 1996 and $1.6 is
attributable to course-level operating expenses for the two courses acquired by
the Company in February and April of 1997.

  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 were $1.0 million for the
three months ended June 30, 1997 and $0.9 million for the three months ended
June 30, 1996. General and administrative expenses as a percentage of operating
revenue was 4.1% for the three months ended June 30, 1997, a decrease from 5.2%
for the comparable prior year period.

  Depreciation and Amortization Expense.  Depreciation and amortization expense
increased to $2.0 million for the three months ended June 30, 1997 from $1.8
million for the comparable prior year period, an increase of $0.2 million or
11.1%. Of this increase, approximately $0.1 million is attributable to the
inclusion of the two courses acquired in June and July of 1996, and $0.2 million
is attributable to the inclusion of the two courses acquired by the Company in
February and April of 1997.

  Income from Operations. Income from operations increased to $4.4 million for
the three months ended June 30, 1997 from $2.6 million for the comparable prior
year period, primarily due to the factors described above.  Income from
operations as a percentage of operating revenue was 18.3% for the three month
period ended June 30, 1997, an increase from 15.8% for the comparable prior year
period.

  Interest Expense, Net. Interest expense, net, increased to $2.8 million for
the three months ended June 30, 1997 from $2.7 million for the comparable prior
period, an increase of $0.1 million or 3.7%.

  Provision for Income Taxes. The Company recorded a $0.2 million 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 for the nine months ended
June 30, 1997.

  Net income. Net income was $1.3 million for the three months ended June 30,
1997 compared to a net loss of $3.7 million for the comparable prior year
period. In addition to the factors described above, a $3.5 million loss on early
extinguishment of debt was recorded during the three months ended June 30, 1996.

                                       6

 
 NINE MONTHS ENDED JUNE 30, 1997 COMPARED TO NINE MONTHS ENDED JUNE 30, 1996

  Operating Revenue.  Operating revenue increased to $59.6 million for the nine
months ended June 30, 1997 from $43.7 million for the comparable prior year
period, an increase of $15.9 million or 36.4%. Of this increase, $9.8 million is
attributable to operating revenue for the two courses acquired by the Company in
June and July of 1996 and $3.1 is attributable to the operating revenue for the
two courses acquired by the Company in February and April of 1997. The remaining
$3.0 million is attributable to increased revenue from the Company's other
facilities.

  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 $42.5
million for the nine months ended June 30, 1997 from $30.5 million for the
comparable prior year period, an increase of $12.0 million or 39.3%. Of this
increase, $7.5 million is attributable to course-level operating expenses for
the two courses acquired by the Company in June and July of 1996 and $2.0 is
attributable to course-level operating expenses for the two courses acquired by
the Company in February and April of 1997.  The remaining $2.5 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 $2.9 million
for the nine months ended June 30, 1997 from $2.6 million for the comparable
prior year period, an increase of $0.3 million or 11.5%.  The increase in
expense was related to additional overhead to support the Company's expanded
operations during the first quarter of fiscal 1997.  General and administrative
expenses were relatively constant for the second and third quarters of fiscal
1997.  General and administrative expenses as a percentage of operating revenue
was 4.9% for the nine months ended June 30, 1997, a decrease from 5.9% for the
comparable prior year period.

  Depreciation and Amortization Expense.  Depreciation and amortization expense
increased to $6.5 million for the nine months ended June 30, 1997 from $5.4
million for the comparable prior year period, an increase of $1.1 million or
20.4%. Of this increase, approximately $0.4 million is attributable to the
inclusion of the two courses acquired in June and July of 1996 and $0.2 million
is attributable to the inclusion of the two courses acquired by the Company in
February and April of 1997.  The remainder is due to depreciation and
amortization expense on various capital projects completed since March 1996.

  Income from Operations. Income from operations increased to $7.7 million for
the nine months ended June 30, 1997 from $5.3 million for the comparable prior
year period, primarily due to the factors described above.  Income from
operations as a percentage of operating revenue was 12.9% for the nine month
period ended June 30, 1997, an increase from 12.2% for the comparable prior year
period.

  Interest Expense, Net. Interest expense, net, increased to $8.0 million for
the nine months ended June 30, 1997 from $7.8 million for the comparable prior
period, an increase of $0.2 million or 2.6%.

  Provision for Income Taxes. The Company recorded an $0.3 million 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 $0.6 million for the nine months ended June
30, 1997 from $6.2 million for the comparable prior year period.  In addition to
the factors described above, a $3.5 million loss on early extinguishment of debt
was recorded during the nine months ended June 30, 1996.

                                       7

 
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
their 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 $15.1 million on
acquisition-related costs and $5.5 million on capital improvements during the
nine months ended June 30, 1997. As of June 30, 1997, the Company had
approximately $3.6 million of long-term commitments for one-time capital
expenditures with respect to a golf facility.

  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 June 30, 1997, the Company had $0.9 million of
cash on hand to meet its working capital and other needs and $3.5 million
available on its working capital revolver.

  Historically, the Company has financed its operations through borrowings under
bank credit facilities and equity contributions by its stockholders. As of June
30, 1997, 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.

  For the nine month period ended June 30, 1997, net cash used in operating
activities was $0.3 million versus $0.2 million in the comparable prior year
period. The largest components of the cash used in operating activities is the
payment of $5.4 million of accounts payable, accrued liabilities offset by $6.9
million of depreciation and amortization.

  During the nine month period ended June 30, 1997, net cash used in investing
activities was $20.6 million versus $12.9 million in the prior comparable
period.  Expenditures for the nine months ended June 30, 1997 consisted of $15.1
million in acquisition-related costs and $5.5 million in capital expenditures.

                                       8

 
  During the nine month period ended June 30, 1997, net cash provided by
financing activities was $15.2 million versus $14.1 million in the prior
comparable period. During the nine months ended June 30, 1997, the Company
borrowed $14.7 million under its acquisition facility and $6.0 under its working
capital revolver.  During that same period, the Company repaid $4.5 million
under its working capital revolver and paid $1.0 million in principal of its
other existing obligations. At June 30, 1997 borrowings under the $50 million
credit facility totaled $16.2 million.

RECENT DEVELOPMENTS

  In February of 1997, the Company purchased a 36-hole private country club
located near Tampa, Florida.  Additionally, the Company purchased an 18-hole
public golf course located near Atlanta, Georgia in April of 1997 bringing the
total number of golf properties in the Company's portfolio to 24.

                                       9

 
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.
       27.24  Financial Data Schedule - ELW Golf Group, Inc.
       27.25  Financial Data Schedule - ELW Water, Inc.

  (b)  Reports on Form 8-K
 
       The Company did not file any reports on Form 8-K during the nine month
       period ended June 30, 1997.

                                       10

 
                                  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:  August 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
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.
ELW GOLF GROUP, INC.                    SWC GOLF CLUB, INC.
ELW WATER, INC.



   Date:  August 14, 1997         By:   /s/ Stefan C. Karnavas
                                        ----------------------
                                        Stefan C. Karnavas
                                        Chief Financial Officer (Duly Authorized
                                        Officer and Principal Financial and
                                         Accounting Officer)

                                       12

 
                                   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:  August 14, 1997         By:   /s/ Stefan C. Karnavas
                                        ----------------------
                                        Stefan C. Karnavas
                                        Managing Member (Duly Authorized
                                        Officer and Principal Financial and
                                         Accounting Officer)

                                       13

EX-27.1

 


 
<ARTICLE> 5
<CIK> 0001017482
<NAME> COBBLESTONE GOLF GROUP, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                         902,645
<SECURITIES>                                         0
<RECEIVABLES>                               10,814,547
<ALLOWANCES>                                 5,189,268
<INVENTORY>                                  2,606,280
<CURRENT-ASSETS>                            10,097,212
<PP&E>                                     177,670,629
<DEPRECIATION>                              21,429,794
<TOTAL-ASSETS>                             178,149,816
<CURRENT-LIABILITIES>                        9,064,601
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                      4,308
<COMMON>                                         1,350
<OTHER-SE>                                  65,346,250
<TOTAL-LIABILITY-AND-EQUITY>               178,149,816
<SALES>                                     14,414,750
<TOTAL-REVENUES>                            59,577,245
<CGS>                                        6,482,954
<TOTAL-COSTS>                               51,902,354
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                               213,875
<INTEREST-EXPENSE>                           8,006,008
<INCOME-PRETAX>                              (331,117)
<INCOME-TAX>                                   274,239
<INCOME-CONTINUING>                          (605,356)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (605,356)
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.2

 


 
<ARTICLE> 5
<CIK> 0001018737
<NAME> ESCONDIDO CONSULTING, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                           5,614
<SECURITIES>                                         0
<RECEIVABLES>                                    3,414
<ALLOWANCES>                                         0
<INVENTORY>                                    169,312
<CURRENT-ASSETS>                               186,246
<PP&E>                                       9,463,322
<DEPRECIATION>                               1,725,649
<TOTAL-ASSETS>                               8,350,360
<CURRENT-LIABILITIES>                          281,251
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                   5,717,414
<TOTAL-LIABILITY-AND-EQUITY>                 8,350,360
<SALES>                                        501,935
<TOTAL-REVENUES>                             2,631,388
<CGS>                                          190,625
<TOTAL-COSTS>                                1,447,584
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             548,012
<INCOME-PRETAX>                                232,101
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            232,101
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   232,101
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.3

 


 
<ARTICLE> 5
<CIK> 0001018738
<NAME> COBBLESTONE TEXAS, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                          26,995
<SECURITIES>                                         0
<RECEIVABLES>                                1,386,559
<ALLOWANCES>                                   144,442
<INVENTORY>                                    150,256
<CURRENT-ASSETS>                               916,357
<PP&E>                                     127,650,811
<DEPRECIATION>                               1,927,828
<TOTAL-ASSETS>                              14,004,208
<CURRENT-LIABILITIES>                          517,325
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                   3,214,689
<TOTAL-LIABILITY-AND-EQUITY>                14,004,208
<SALES>                                        934,310
<TOTAL-REVENUES>                             3,895,850
<CGS>                                          395,189
<TOTAL-COSTS>                                2,662,155
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                29,396
<INTEREST-EXPENSE>                               3,217
<INCOME-PRETAX>                                708,851
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            708,851
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   708,851
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.4

 


 
 
<ARTICLE> 5
<CIK> 0001018739
<NAME> PECAN GROVE COUNTRY CLUB, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                          14,611
<SECURITIES>                                         0
<RECEIVABLES>                                  371,294
<ALLOWANCES>                                    21,791
<INVENTORY>                                     85,825
<CURRENT-ASSETS>                               414,654
<PP&E>                                       9,395,751
<DEPRECIATION>                               1,380,113
<TOTAL-ASSETS>                               8,465,579
<CURRENT-LIABILITIES>                          402,093
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                   3,011,454
<TOTAL-LIABILITY-AND-EQUITY>                 8,465,579
<SALES>                                        697,212
<TOTAL-REVENUES>                             2,663,280
<CGS>                                          300,318
<TOTAL-COSTS>                                2,032,434
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                20,176
<INTEREST-EXPENSE>                              16,356
<INCOME-PRETAX>                                173,217
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            173,217
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   173,217
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.5

 


 
<ARTICLE> 5
<CIK> 0001018740
<NAME> FOOTHILLS HOLDING COMPANY, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                          29,588
<SECURITIES>                                         0
<RECEIVABLES>                                1,226,535
<ALLOWANCES>                                   165,012
<INVENTORY>                                    372,191
<CURRENT-ASSETS>                               965,124
<PP&E>                                      21,537,040
<DEPRECIATION>                               2,516,301
<TOTAL-ASSETS>                              21,711,670
<CURRENT-LIABILITIES>                          546,854
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                  22,629,311
<TOTAL-LIABILITY-AND-EQUITY>                21,711,670
<SALES>                                      1,522,561
<TOTAL-REVENUES>                             6,744,763
<CGS>                                          709,204
<TOTAL-COSTS>                                4,647,937
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                14,653
<INTEREST-EXPENSE>                              32,096
<INCOME-PRETAX>                              1,323,704
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          1,323,704
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 1,323,704
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.6

 


 
<ARTICLE> 5
<CIK> 0001018741
<NAME> BELLOWS GOLF GROUP, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                          14,454
<SECURITIES>                                         0
<RECEIVABLES>                                   56,969
<ALLOWANCES>                                     8,608
<INVENTORY>                                    258,179
<CURRENT-ASSETS>                               320,994
<PP&E>                                       7,955,805
<DEPRECIATION>                               1,539,594
<TOTAL-ASSETS>                               6,975,184
<CURRENT-LIABILITIES>                          261,495
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            10
<OTHER-SE>                                   2,451,979
<TOTAL-LIABILITY-AND-EQUITY>                 6,975,184
<SALES>                                      1,662,184
<TOTAL-REVENUES>                             3,149,819
<CGS>                                          514,822
<TOTAL-COSTS>                                2,100,533
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 8,608
<INTEREST-EXPENSE>                              18,655
<INCOME-PRETAX>                                748,913
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            748,913
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   748,913
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.7

 


 
<ARTICLE> 5
<CIK> 0001018742
<NAME> CARMEL MOUNTAIN RANCH GOLF CLUB, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                           9,128
<SECURITIES>                                         0
<RECEIVABLES>                                   17,260
<ALLOWANCES>                                     7,731
<INVENTORY>                                    140,789
<CURRENT-ASSETS>                               229,612
<PP&E>                                         694,937
<DEPRECIATION>                                 222,324
<TOTAL-ASSETS>                                 715,199
<CURRENT-LIABILITIES>                          348,016
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                     285,290
<TOTAL-LIABILITY-AND-EQUITY>                   715,199
<SALES>                                        954,291 
<TOTAL-REVENUES>                             2,850,088
<CGS>                                          367,726
<TOTAL-COSTS>                                2,469,984
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 5,500
<INTEREST-EXPENSE>                              25,195
<INCOME-PRETAX>                                296,804
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            296,804
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   296,804
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.8

 


 
<ARTICLE> 5
<CIK> 0001018743
<NAME> OVLC MANAGEMENT CORP.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                               0
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              15,709,946
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                  13,541,911
<TOTAL-LIABILITY-AND-EQUITY>                15,709,946
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         0
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.9

 


 
<ARTICLE> 5
<CIK> 0001018744
<NAME> OVLC FINANCIAL CORP.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                               0
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                   1,000
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                     1,000
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         0
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.10

 


 
<ARTICLE> 5
<CIK> 0001018745
<NAME> CRS GOLF GROUP, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                          38,904
<SECURITIES>                                         0
<RECEIVABLES>                                2,225,497
<ALLOWANCES>                                   300,728
<INVENTORY>                                    294,615
<CURRENT-ASSETS>                             1,092,141
<PP&E>                                      15,816,681
<DEPRECIATION>                               1,831,442
<TOTAL-ASSETS>                              16,264,181
<CURRENT-LIABILITIES>                          523,042
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                   3,844,882
<TOTAL-LIABILITY-AND-EQUITY>                16,264,181
<SALES>                                      1,351,203
<TOTAL-REVENUES>                             5,436,027
<CGS>                                          597,388
<TOTAL-COSTS>                                4,099,452
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                43,527
<INTEREST-EXPENSE>                               3,967
<INCOME-PRETAX>                                722,677
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            722,677
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   722,677
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.11

 


 
<ARTICLE> 5
<CIK> 0001018746
<NAME> LAKEWAY GOLF CLUBS, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                          67,348
<SECURITIES>                                         0
<RECEIVABLES>                                2,096,693
<ALLOWANCES>                                   281,227
<INVENTORY>                                    249,733
<CURRENT-ASSETS>                             1,129,373
<PP&E>                                      21,391,793
<DEPRECIATION>                               1,830,665
<TOTAL-ASSETS>                              21,702,605
<CURRENT-LIABILITIES>                          873,446
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                   5,849,919
<TOTAL-LIABILITY-AND-EQUITY>                21,702,605
<SALES>                                        967,790
<TOTAL-REVENUES>                             5,907,324
<CGS>                                          485,908
<TOTAL-COSTS>                                3,898,486
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                35,248
<INTEREST-EXPENSE>                              29,009
<INCOME-PRETAX>                              1,298,164
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          1,298,164
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 1,298,164
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.12

 


 
<ARTICLE> 5
<CIK> 0001018747
<NAME> WOODCREST GOLF CLUB, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                          14,881
<SECURITIES>                                         0
<RECEIVABLES>                                  184,511
<ALLOWANCES>                                     9,912
<INVENTORY>                                     49,229
<CURRENT-ASSETS>                               240,610
<PP&E>                                       3,947,166
<DEPRECIATION>                                 747,787
<TOTAL-ASSETS>                               3,441,135
<CURRENT-LIABILITIES>                          148,355
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                     299,962
<TOTAL-LIABILITY-AND-EQUITY>                 3,441,135
<SALES>                                        255,460
<TOTAL-REVENUES>                             1,089,926
<CGS>                                          136,656
<TOTAL-COSTS>                                1,035,093
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                24,456
<INTEREST-EXPENSE>                               4,288
<INCOME-PRETAX>                              (116,539)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          (116,539)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (116,539)
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.13

 


 
<ARTICLE> 5
<CIK> 0001018748
<NAME> VIRGINIA GOLF COUNTRY CLUB, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                           8,796
<SECURITIES>                                         0
<RECEIVABLES>                                  342,042
<ALLOWANCES>                                    36,406
<INVENTORY>                                     99,634
<CURRENT-ASSETS>                               331,677
<PP&E>                                       9,595,909
<DEPRECIATION>                               1,093,007
<TOTAL-ASSETS>                               8,947,318
<CURRENT-LIABILITIES>                          212,258
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                   9,434,543
<TOTAL-LIABILITY-AND-EQUITY>                 8,947,318
<SALES>                                        473,016
<TOTAL-REVENUES>                             2,276,141
<CGS>                                          199,541
<TOTAL-COSTS>                                1,574,803
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                12,282
<INTEREST-EXPENSE>                              15,529
<INCOME-PRETAX>                                315,001
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            315,001
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   315,001
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.14

 


 
<ARTICLE> 5
<CIK> 0001018749
<NAME> OCEAN VISTA LAND COMPANY
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                               0
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               9,155,698
<CURRENT-LIABILITIES>                            4,686
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    200,000
<COMMON>                                       350,000
<OTHER-SE>                                   8,251,074
<TOTAL-LIABILITY-AND-EQUITY>                 9,155,698
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         0
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.15

 


 
<ARTICLE> 5
<CIK> 0001018750
<NAME> GOLF COURSE INNS OF AMERICA, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                               0
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               5,306,191
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,018
<OTHER-SE>                                   4,907,854
<TOTAL-LIABILITY-AND-EQUITY>                 5,306,191
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         0
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.16

 


 
<ARTICLE> 5
<CIK> 0001018751
<NAME> OCEANSIDE GOLF MANAGEMENT CORP.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                          19,920
<SECURITIES>                                         0
<RECEIVABLES>                                  350,063
<ALLOWANCES>                                    32,609
<INVENTORY>                                     59,729
<CURRENT-ASSETS>                               304,508
<PP&E>                                       6,304,969
<DEPRECIATION>                               1,079,930
<TOTAL-ASSETS>                               5,636,337
<CURRENT-LIABILITIES>                          120,541
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                   6,431,157
<TOTAL-LIABILITY-AND-EQUITY>                 5,636,337
<SALES>                                        624,207
<TOTAL-REVENUES>                             2,672,071
<CGS>                                          216,804
<TOTAL-COSTS>                                1,813,071
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 5,400
<INTEREST-EXPENSE>                               2,110
<INCOME-PRETAX>                                662,848
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            662,848
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   662,848
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.17

 


 
<ARTICLE> 5
<CIK> 0001018752
<NAME> WHISPERING PALMS COUNTRY CLUB JOINT VENTURE
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                           6,301
<SECURITIES>                                         0
<RECEIVABLES>                                1,304,236
<ALLOWANCES>                                   134,812
<INVENTORY>                                    184,568
<CURRENT-ASSETS>                             1,084,305
<PP&E>                                      28,895,844
<DEPRECIATION>                               3,734,541
<TOTAL-ASSETS>                              26,765,449
<CURRENT-LIABILITIES>                          447,601
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                  14,072,610
<TOTAL-LIABILITY-AND-EQUITY>                26,765,449
<SALES>                                      1,648,802
<TOTAL-REVENUES>                             6,351,724
<CGS>                                          938,051
<TOTAL-COSTS>                                4,524,676
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 8,650
<INTEREST-EXPENSE>                              20,801
<INCOME-PRETAX>                                877,301
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            877,301
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   877,301
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.18

 


 
<ARTICLE> 5
<CIK> 0001018753
<NAME> LAKEWAY CLUBS, INC.     
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                               0
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                   1,000
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                     1,000
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         0
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.19

 


 
<ARTICLE> 5
<CIK> 0001018754
<NAME> THE LIQUOR CLUB AT PECAN GROVE, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                               0
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                   1,000
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                     1,000
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         0
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.20

 


 
<ARTICLE> 5
<CIK> 0001018755
<NAME> TGFC CORPORATION         
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                               0
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                   1,000
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                     1,000
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         0
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.21

 


 
<ARTICLE> 5
<CIK> 0001018756
<NAME> C-RHK, INC.
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                               0
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                   1,000
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                     1,000
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         0
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.22

 


 
<ARTICLE> 5
<CIK> 0001018757
<NAME> CEL GOLF GROUP, INC.             
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                               0
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                   1,000
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                     1,000
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         0
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.23

 


 
<ARTICLE> 5
<CIK> 0001018758
<NAME> SWC GOLF CLUB, INC.             
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                          15,695
<SECURITIES>                                         0
<RECEIVABLES>                                  685,658
<ALLOWANCES>                                    26,017
<INVENTORY>                                    245,845
<CURRENT-ASSETS>                             1,015,951
<PP&E>                                       1,842,569
<DEPRECIATION>                                 182,195
<TOTAL-ASSETS>                               2,680,325
<CURRENT-LIABILITIES>                        1,616,596
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                   1,994,875
<TOTAL-LIABILITY-AND-EQUITY>                 2,680,325
<SALES>                                      1,772,342
<TOTAL-REVENUES>                             7,848,828
<CGS>                                          922,350
<TOTAL-COSTS>                                1,421,225
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 3,894
<INTEREST-EXPENSE>                              55,685
<INCOME-PRETAX>                              1,217,338 
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          1,217,338
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 1,217,338
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.24

 


 
<ARTICLE> 5
<CIK> 0001039313
<NAME> ELW GOLF GROUP, INC.        
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                          29,307
<SECURITIES>                                         0
<RECEIVABLES>                                  298,781
<ALLOWANCES>                                    61,800
<INVENTORY>                                     96,109
<CURRENT-ASSETS>                               389,937
<PP&E>                                      10,536,457
<DEPRECIATION>                                 156,509
<TOTAL-ASSETS>                              10,776,962
<CURRENT-LIABILITIES>                          557,774
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                  10,444,505
<TOTAL-LIABILITY-AND-EQUITY>                10,776,962
<SALES>                                        487,192
<TOTAL-REVENUES>                             2,470,715
<CGS>                                          214,326
<TOTAL-COSTS>                                1,663,667
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 1,800
<INTEREST-EXPENSE>                              13,037
<INCOME-PRETAX>                                637,500
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            637,500
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   637,500
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

 

EX-27.25

 


 
<ARTICLE> 5
<CIK> 0001039314
<NAME> ELW WATER, INC.              
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                               0
<SECURITIES>                                         0
<RECEIVABLES>                                        0 
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                   1,000
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,000
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                     1,000
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         0
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0