-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IsDFBZSZkI83xB5YkQPCehkejuzW+bJKaGwK9ogoU6MRoOxluWeU59Ebqh9eKAJ0 xybeeXfoq59J5gFKAKHJXw== 0000950144-95-003179.txt : 19951119 0000950144-95-003179.hdr.sgml : 19951119 ACCESSION NUMBER: 0000950144-95-003179 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLF HOST RESORTS INC CENTRAL INDEX KEY: 0000042429 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 840631130 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 002-64309 FILM NUMBER: 95591354 BUSINESS ADDRESS: STREET 1: P O DRAWER 3131 CITY: DURANGO STATE: CO ZIP: 81302 BUSINESS PHONE: 3032592000 MAIL ADDRESS: STREET 1: P O BOX 1088 CITY: TARPON SPRINGS STATE: FL ZIP: 34688-1088 FORMER COMPANY: FORMER CONFORMED NAME: TAMARRON INC DATE OF NAME CHANGE: 19870405 FORMER COMPANY: FORMER CONFORMED NAME: GOLF HOST WEST INC /D/B/A/ TAMARRON DATE OF NAME CHANGE: 19840330 10-Q 1 GOLF HOST RESORTS, INC. - FORM 10-Q 1 F O R M 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Quarterly Report Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934 For Quarter Ended September 30, l995 Commission File No. 2-64309 GOLF HOST RESORTS, INC. STATE OF COLORADO EMPLOYER IDENTIFICATION NO. 84-0631130 Post Office Drawer 3131, Durango, Colorado 81302 Telephone Number (303) 259-2000 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding twelve months, and (2) has been subject to the filing requirements for the past 90 days. Yes X No ------ ------ Issuer has no common stock subject to this report. Page l of l9 2 GOLF HOST RESORTS, INC. BALANCE SHEETS SEPTEMBER 30, 1995 AND DECEMBER 31, 1994 ASSETS (Substantially all pledged - Notes 2 and 3)
SEPTEMBER 30, DECEMBER 31, 1995 1994 ------------- ------------ CURRENT ASSETS: Cash $ l57,l75 $ 824,875 Accounts and notes receivable 4,736,6l8 3,87l,305 Inventories and supplies 4,4l7,360 4,3l8,522 Prepaid expenses and other l,099,l07 l,255,488 Intercompany receivables l,38l,059 448,587 ------------ ------------ Total current assets ll,79l,3l9 l0,7l8,777 LONG-TERM RECEIVABLES, less amounts currently due l,076,046 l,088,484 PROPERTY AND EQUIPMENT, at cost, less accumulated depreciation 40,095,430 38,922,4l6 ------------ ------------ $ 52,962,795 $ 50,729,677 ============ ============
The accompanying notes are an integral part of these balance sheets. These balance sheets were prepared from the books and records of the Company without audit and, in the opinion of management, include all adjustments which are necessary for a fair presentation. Page 2 3 GOLF HOST RESORTS, INC. BALANCE SHEETS SEPTEMBER 30, 1995 AND DECEMBER 31, 1994 LIABILITIES AND SHAREHOLDERS' INVESTMENT
SEPTEMBER 30, DECEMBER 31, 1995 1994 ------------- ------------ CURRENT LIABILITIES: Notes payable $ 663,ll9 $ l00 Maturing long-term obligations 2,478,975 2,053,566 Accounts payable 2,444,386 l,48l,70l Accrued expenses 3,440,893 4,305,8l2 Deposits and prepaid fees 2,l76,4ll 3,084,82l ------------ ------------ Total current liabilities ll,203,784 l0,926,000 ------------ ------------ LONG-TERM OBLIGATIONS, less current maturities 20,436,9l7 2l,430,570 ------------ ------------ LONG-TERM INTERCOMPANY 4,892,l94 3,725,l58 ------------ ------------ LONG-TERM CONTINGENCY l,933,496 l,8l3,l2l ------------ ------------ SHAREHOLDERS' INVESTMENT: Common stock, $1 par, 5,000 shares authorized and out- standing 5,000 5,000 5.6% cumulative preferred stock, $1 par, 4,577,000 shares authorized and outstanding 4,577,000 4,577,000 Other shareholders' investment 9,9l4,404 8,252,828 ------------ ------------ Total shareholders' investment l4,496,404 l2,834,828 ------------ ------------ $ 52,962,795 $ 50,729,677 ============ ============
The accompanying notes are an integral part of these balance sheets. These statements were prepared from the books and records of the Company without audit and, in the opinion of management, include all adjustments which are necessary for a fair presentation. Page 3 4 GOLF HOST RESORTS, INC. STATEMENTS OF INCOME (LOSS) FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, L995 AND 1994
QUARTERS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, --------------------------------- --------------------------------- 1995 1994 1995 1994 ------------ ----------- ----------- ------------ REVENUES: Hotel $ 3,665,987 $ 3,794,9l0 $l4,907,634 $l3,454,72l Food and beverage 2,747,333 2,957,069 ll,754,897 l0,320,464 Golf 2,635,659 2,650,400 l2,324,758 ll,903,958 Other l,9l7,360 l,840,50l 7,070,752 6,l56,55l Real estate activities 397,327 5l0,000 397,327 5l0,000 ----------- ----------- ----------- ----------- ll,363,666 ll,752,880 46,455,368 42,345,694 ----------- ----------- ----------- ----------- COSTS AND OPERATING EXPENSES: Hotel 3,230,604 3,434,774 l2,429,l08 ll,887,728 Food and beverage 2,202,l52 2,257,906 7,78l,007 7,l77,804 Golf l,303,537 l,280,578 4,680,609 4,530,859 Other 4,3l9,236 4,l58,426 l3,789,455 l2,778,20l General and administrative 978,826 892,637 3,0ll,720 2,809,743 Real estate activities 23l,l54 332,l3l 233,929 332,l3l ----------- ----------- ----------- ----------- l2,265,509 l2,356,452 4l,925,828 39,5l6,466 ----------- ----------- ----------- ----------- OPERATING INCOME (LOSS) (90l,843) (603,572) 4,529,540 2,829,228 INTEREST, NET 528,292 540,568 l,554,852 l,582,970 ----------- ----------- ----------- ----------- INCOME (LOSS) BEFORE INCOME TAX (l,430,l35) (l,l44,l40) 2,974,688 l,246,258 PARENT INCOME TAX CHARGE (CREDIT) (525,400) (449,000) l,l20,700 445,900 ----------- ----------- ----------- ----------- NET INCOME (LOSS) BEFORE DIVIDEND REQUIREMENTS ON PREFERRED STOCK (904,735) (695,l40) l,853,988 800,358 DIVIDEND REQUIREMENTS ON PREFERRED STOCK 63,900 63,900 l92,4l2 l92,4l2 ----------- ----------- ----------- ----------- NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ (968,635) $ (759,040) $ l,66l,576 $ 607,946 =========== =========== =========== =========== EARNINGS (LOSS) PER COMMON SHARE $ (l93.73) $ (l5l.8l) $ 332.32 $ l2l.59 =========== =========== =========== ===========
The accompanying notes are an integral part of these statements. These statements were prepared from the books and records of the Company without audit and, in the opinion of management, include all adjustments which are necessary for a fair presentation. Page 4 5 GOLF HOST RESORTS, INC. STATEMENTS OF SHAREHOLDERS' INVESTMENT FOR THE TWENTY-ONE MONTHS ENDED SEPTEMBER 30, 1995
Other Shareholders' $l Par Value 5.6% Cumulative Investment Common Stock Preferred Stock --------------------- Total --------------------- --------------------- Paid-In Retained Shareholders' Shares Amount Shares Amount Capital Earnings Investment ------ ------ --------- --------- ------- -------- ------------ Balance, December 31, 1993 5,000 $5,000 4,577,000 $4,577,000 $2,329,447 $5,785,774 $ l2,697,22l Net income available to common shareholders - - - - - l37,607 l37,607 ----- ----- --------- ---------- ---------- ---------- ------------ Balance, December 31, 1994 5,000 5,000 4,577,000 4,577,000 2,329,447 5,923,38l l2,834,828 ----- ----- --------- ---------- ---------- ---------- ------------ Net income available to common shareholders - - - - - l,66l,576 l,66l,576 ----- ----- --------- ---------- ---------- ---------- ------------ Balance, September 30, 1995 5,000 $5,000 4,577,000 $4,577,000 $2,329,447 $7,584,957 $ l4,496,404 ===== ====== ========= ========== ========== ========== ============
The accompanying notes are an integral part of these statements. These statements were prepared from the books and records of the Company without audit and, in the opinion of management, include all adjustments which are necessary for a fair presentation. Page 5 6 GOLF HOST RESORTS, INC. STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, L995 AND L994
1995 1994 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income before dividend requirements on preferred stock $ l,853,988 $ 800,358 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation l,842,300 l,8l8,900 Changes in working capital other than cash (Note 7) (2,359,090) (2,572,8l5) ----------- ----------- Net cash flows provided by operating activities l,337,l98 46,443 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (3,0l9,066) (2,22l,950) Recovery of cost of property and equipment sold 3,740 l3,097 Additions to notes receivable (287,476) (88,086) Reduction in notes receivable l08,l3l ll8,969 ----------- ----------- Net cash flows used in investing activities (3,l94,67l) (2,l77,970) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Net change in notes payable 663,0l9 927,073 Increases in long-term obligations l,300,l65 l,0l8,l86 Decreases in long-term obligations (l,868,4l0) (l,4l6,554) Increase in long-term intercompany 974,624 67l,605 Increase in long-term contingency l20,375 703,524 ----------- ----------- Net cash flows used in by financing activities l,l89,773 l,903,834 ----------- ----------- NET DECREASE IN CASH (667,700) (227,693) CASH, BEGINNING OF PERIOD 824,875 548,7l3 ----------- ----------- CASH, END OF PERIOD $ l57,l75 $ 32l,020 =========== ===========
Supplemental information on noncash financing and investing activities is included in Note 7. The accompanying notes are an integral part of these statements. These statements were prepared from the books and records of the Company without audit and, in the opinion of management, include all adjustments which are necessary for a fair presentation. Page 6 7 GOLF HOST RESORTS, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1995 AND 1994 (1) ORGANIZATION, BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES During the quarter, there was no significant change from the 10-K filing of December 31, 1994. Financial Statement Presentation Certain reclassifications have been made to the December 3l, l993, September 30, l994 and December 3l, l994 financial statements to conform to the September 30, l995 presentation. (2) LINES OF CREDIT During the quarter, there was no significant change from the 10-K filing of December 31, 1994 except as follows: Under provisions of the related loan agreements, approximately $3,858,000 was available for immediate use. (3) LONG-TERM OBLIGATIONS Long-term obligations consist of the following:
September 30, December 31, 1995 1994 ------------ ------------ Mortgage notes at prime to 9% $l8,756,430 $l9,890,35l Equipment revolving credit line at prime, maturing serially from l997 to l999 3,908,950 3,835,670 Other 773,9l2 334,ll5 Unamortized debt discount expense (523,400) (576,000) ----------- ----------- 22,9l5,892 23,484,l36 Less-current maturities (2,478,975) (2,053,566) ----------- ----------- $20,436,9l7 $2l,430,570 =========== ===========
Page 7 8 The remainder of Note 3 has not changed significantly from the 10-K filing of December 31, 1994. (4) LEASES During the quarter, there was no significant change from the 10-K filing of December 31, 1994. (5) ACCRUED EXPENSES Accrued expenses consist of the following:
September 30, December 31, l995 l994 ------------ ------------ Rental pool lease distribution $ l,787,045 $ l,895,688 Salaries 799,259 l,244,500 Taxes, other than income taxes 563,448 73l,278 Other 29l,l4l 434,346 ----------- ----------- $ 3,440,893 $ 4,305,8l2 =========== ===========
(6) INCOME TAX ALLOCATION AND SHARING POLICY During the quarter, there was no significant change from the 10-K filing of December 31, 1994. (7) SUPPLEMENTAL CASH FLOW DATA The (increases) decreases in working capital other than cash are as follows:
Nine Months Ended September 30, ------------------------------- 1995 1994 ------------- -------------- Accounts and notes receivable $ (673,530) $ (l,30l,064) Inventories and supplies (98,838) (345,l84) Prepaid expenses and other l56,38l (266,l50) Intercompany (932,456) (234,763) Accounts payable 962,685 l0,l40 Accrued expenses (864,9l9) 2l,649 Deposits and prepaid fees (908,4l3) (457,443) ------------ ------------ $ (2,359,090) $ (2,572,8l5) ============ ============
Page 8 9 Noncash Financing Activities: The Company satisfied its preferred stock dividend liability to Golf Hosts, Inc. through the long-term intercompany account. $ l92,4l2 $ l92 4l2 Noncash Investing Activities: The Company obtained machinery and equipment through a trade-in. $ 35l,050 $ -
Page 9 10 GOLF HOST RESORTS, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Occupancy for the quarter, measured in room nights, decreased 4.6% from the prior year level. On a divisional basis, Innisbrook experienced an increase of l.8%, while Tamarron's occupancy declined by l4.0%. Tamarron's decrease generally can be attributed to ongoing uncertainty over the availability of airline service into the Durango area. The Company continues to pursue arrangements that will insure sufficient airline seat capacity to the Durango destination. On a per occupied room night basis, revenues, excluding those from real estate activities, increased 2.2%, from $257.22 to $262.88. The modest improvement in the level of spending partially mitigated the impact of the occupancy decline and is reflected in the 3.3% decrease in total revenues. On a divisional basis, resort spending per occupied room night was $252.72 compared with $236.77 a year earlier for Innisbrook and $280.62 compared with $287.36 a year earlier for Tamarron. Costs and operating expenses were l07.9% of revenues compared with l05.l% a year earlier. The increase in the costs and operating expenses percentage generally can be attributed to lost economies of scale typically associated with lower operating levels. Interest expense, net, was down slightly from the year-ago level, with the contributing factors being individually insignificant. For the year, occupancy, measured in room nights, was 5.4% ahead of the year-ago level. Total revenues were approximately $4,ll0,000 ahead of the level of a year ago. On a per occupied room night basis, revenue, excluding real estate activities, increased 4.4%, from $304.26 to $3l7.72. On a comparative basis, costs and operating expenses were 90.2% and 93.3% of revenues for l995 and l994, respectively. Financial Condition Net working capital at September 30, l995 was $587,535 compared with a deficit $207,223 at December 3l, l994 and $889,786 at September 30, l994. Variances between periods are not unusual and reflect the seasonal nature of the Company's operations. Based upon current operating projections and the existence of various credit facilities with the Company's lenders, available resources are expected to satisfactorily meet the Company's cash requirements. Page l0 11 PART II - OTHER INFORMATION Item 1. Legal Proceedings Registrant is not currently involved in lawsuits other than ordinary routine litigation incidental to its business. Item 2. Changes in Securities Not applicable. Item 3. Defaults Upon Senior Securities Not applicable. Item 4. Submission of Matters to a Vote of Security Holders Not applicable. Item 5. Other Information Pursuant to an agreement with the SEC staff, included in this 10-Q filing are unaudited financial statements of the Innisbrook Rental Pool Lease Operation and the Tamarron Rental Pool Lease Operation for the quarter and nine months ended September 30, 1995. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 27 Financial Data Schedule (for SEC use only) (b) Reports on Form 8-K None Page ll 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. GOLF HOST RESORTS, INC. Date: November l4, l995 By: /s/ R. S. Ferreira ------------------- ----------------------------- Richard S. Ferreira Executive Vice President Chief Financial Officer Date: November l4, l995 By: /s/ A. S. Herzog ------------------- ----------------------------- A. Stephen Herzog Vice President and Controller Chief Accounting Officer Date: November l4, l995 By: /s/ R. L. Akin ------------------- ----------------------------- Richard L. Akin Vice President and Treasurer Page l2 13 RENTAL POOL LEASE OPERATIONS The following unaudited financial statements of the Innisbrook Rental Pool Lease Operation and the Tamarron Rental Pool Lease Operation (the Rental Pools) are for the quarter and nine months ended September 30, 1995. The operations of the Rental Pools are tied closely to that of Golf Host Resorts, Inc. (the Company), and provide for distribution of a percentage of the Company's room revenues, as defined in the Rental Pool Master Lease Agreements, to participating condominium owners (Participants). The operations of the Rental Pools are more fully discussed in Form 10-K, for the fiscal year ended December 31, 1994 (File No. 2-64309). Page l3 14 INNISBROOK RENTAL POOL LEASE OPERATION BALANCE SHEETS SEPTEMBER 30, 1995 AND 1994 DISTRIBUTION FUND
1995 1994 ---------- ---------- ASSETS RECEIVABLE FROM GOLF HOST RESORTS, INC. FOR DISTRIBUTION - FULLY SECURED $l,007,l59 $l,005,640 INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND l6,870 7,487 ---------- ---------- $l,024,029 $l,0l3,l27 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES DUE TO PARTICIPANTS FOR DISTRIBUTION $ 894,3l8 $ 886,6l8 DUE TO MAINTENANCE ESCROW FUND l29,7ll l26,509 PARTICIPANTS' FUND BALANCES - - ---------- ---------- $l,024,029 $l,0l3,l27 ========== ========== MAINTENANCE ESCROW FUND ASSETS CASH AND CASH EQUIVALENTS $l,2ll,979 $ 836,924 INVENTORIES 25l l,349 RECEIVABLE FROM DISTRIBUTION FUND l29,7ll l26,509 INTEREST RECEIVABLE 22,529 8,942 ---------- ---------- $l,364,470 $ 973,724 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES ACCOUNTS PAYABLE $ l00,082 $ 888 INTEREST PAYABLE TO DISTRIBUTION FUND l6,870 7,487 CARPET CARE RESERVE 52,534 7l,570 PARTICIPANTS' FUND BALANCES l,l94,984 893,779 ---------- ---------- $l,364,470 $ 973,724 ========== ==========
These balance sheets were prepared from the books and records of the Rental Pool without audit and, in the opinion of management, include all adjustments which are necessary for a fair presentation. Page l4 15 INNISBROOK RENTAL POOL LEASE OPERATION STATEMENTS OF OPERATIONS FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 DISTRIBUTION FUND
CURRENT QUARTER YEAR-TO-DATE --------------------------------- ------------------------------ 1995 1994 1995 1994 ----------- ------------ ----------- ----------- GROSS REVENUES $ l,903,330 $ l,928,304 $ll,670,7l6 $l0,ll7,540 ----------- ----------- ----------- ----------- REDUCTIONS: Agents' commissions 7,594 47,24l 249,072 3l7,669 Audit fees 3,l00 2,850 8,950 8,550 ----------- ----------- ----------- ----------- l0,694 50,09l 258,022 326,2l9 ----------- ----------- ----------- ----------- ADJUSTED GROSS REVENUES l,892,636 l,878,2l3 ll,4l2,694 9,79l,32l MANAGEMENT FEE (889,539) (882,76l) (5,363,966) (4,60l,922) ----------- ----------- ----------- ----------- GROSS INCOME DISTRIBUTION l,003,097 995,452 6,048,728 5,l89,399 ADJUSTMENTS TO GROSS INCOME DISTRIBUTION: Corporate complimentary occupancy fees l,894 l,725 5,l04 5,267 Occupancy fees (259,4l2) (253,0l4) (l,072,828) (964,078) Advisory Committee expenses (22,504) (2l,922) (64,24l) (64,809) Life-safety reimbursement (3,000) - (l69,000) - ----------- ----------- ----------- ----------- NET INCOME DISTRIBUTION 720,075 722,24l 4,747,763 4,l65,779 ADJUSTMENTS TO NET INCOME DISTRIBUTION: Occupancy fees 259,4l2 253,0l4 l,072,828 964,078 Hospitality suite fees - l,7l7 2,727 l0,8l3 Greens fees 8,942 9,l23 70,0l8 66,603 Additional participation credit l8,730 l9,545 56,995 59,255 ----------- ----------- ----------- ----------- AMOUNT AVAILABLE FOR DISTRIBUTION TO PARTICIPANTS $ l,007,l59 $ l,005,640 $ 5,950,33l $ 5,266,528 =========== =========== =========== =========== Average daily distribution $ ll.39 $ ll.37 $ 24.09 $ 2l.04 Average room rate $ 7l.77 $ 74.03 $ l04.98 $ l00.62 Room nights 26,5l9 26,048 lll,l7l l00,553 Occupancy percentage 30.0% 29.4% 45.0% 40.2% Average number of available units 96l 962 905 9l7
These statements were prepared from the books and records of the Rental Pool without audit and, in the opinion of management, include all adjustments which are necessary for a fair presentation. Page l5 16 INNISBROOK RENTAL POOL LEASE OPERATION STATEMENTS OF CHANGES IN PARTICIPANTS' FUND BALANCES FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 DISTRIBUTION FUND
CURRENT QUARTER YEAR-TO-DATE ------------------------------ --------------------------------- 1995 1994 1995 1994 ----------- ------------ ---------- ----------- BALANCE, beginning of period $ - $ - $ - $ - ADDITIONS: Amounts available for distribution l,007,l59 l,005,640 5,950,33l 5,266,528 Interest received or receivable from Maintenance Escrow Fund l6,870 7,487 4l,64l l9,350 REDUCTIONS: Amounts withheld for Maintenance Escrow Fund (l29,7ll) (l26,509) (536,428) (482,048) Amounts accrued or paid to participants (894,3l8) (886,6l8) (5,455,544) (4,803,830) ----------- ----------- ----------- ----------- BALANCE, end of period $ - $ - $ - $ - =========== =========== =========== =========== MAINTENANCE ESCROW FUND BALANCE, beginning of period $ l,36l,622 $ 800,075 $ 85l,207 $ 733,465 ADDITIONS: Amounts withheld from occupancy fees l29,7ll l26,509 536,428 482,048 Interest earned l6,870 7,487 4l,64l l9,350 Charges to participants to establish or restore escrow balances 343,496 250,74l l,060,337 583,532 REDUCTIONS: Maintenance charges (607,l47) (259,7l2) (l,l96,l39) (824,969) Carpet care reserve deposit (2,598) (l0,l20) (l0,739) (38,562) Interest accrued or paid to Distribution Fund (l6,870) (7,487) (4l,64l) (l9,350) Refunds to participants as prescribed by Master Lease Agreement (30,l00) (l3,7l4) (46,ll0) (4l,735) ----------- ----------- ----------- ----------- BALANCE, end of period $ l,l94,984 $ 893,779 $ l,l94,984 $ 893,779 =========== =========== =========== ===========
These statements were prepared from the books and records of the Rental Pool without audit and, in the opinion of management, include all adjustments which are necessary for a fair presentation. Page l6 17 TAMARRON RENTAL POOL LEASE OPERATION BALANCE SHEETS SEPTEMBER 30, 1995 AND 1994 DISTRIBUTION FUND
1995 1994 ---------- ---------- ASSETS CASH $ l,000 $ l,000 RECEIVABLE FROM GOLF HOST RESORTS, INC. FOR DISTRIBUTION 779,886 802,7ll INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND l,424 l,l08 ---------- ---------- $ 782,3l0 $ 804,8l9 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES DUE TO PARTICIPANTS FOR DISTRIBUTION $ 703,7ll $ 7l6,709 DUE TO MAINTENANCE ESCROW FUND 78,599 88,ll0 PARTICIPANTS' FUND BALANCES - - ---------- ---------- $ 782,3l0 $ 804,8l9 ========== ========== MAINTENANCE ESCROW FUND ASSETS CASH AND CASH EQUIVALENTS $ l28,262 $ l60,3l2 DUE FROM DISTRIBUTION FUND 78,599 88,ll0 INTEREST RECEIVABLE l,277 - INVENTORY: Linen 98,965 57,395 Materials and supplies l0,l5l l4,l08 DEPOSITS 60,209 - ---------- ---------- $ 377,463 $ 3l9,925 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES ACCOUNTS PAYABLE $ 560 $ 7,64l INTEREST PAYABLE TO DISTRIBUTION FUND l,424 l,l08 PARTICIPANTS' FUND BALANCES 375,479 3ll,l76 ---------- ---------- $ 377,463 $ 3l9,925 ========== ==========
These balance sheets were prepared from the books and records of the Rental Pool without audit and, in the opinion of management, include all adjustments which are necessary for a fair presentation. Page l7 18 TAMARRON RENTAL POOL LEASE OPERATION STATEMENTS OF OPERATIONS FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 DISTRIBUTION FUND
CURRENT QUARTER YEAR-TO-DATE --------------------------- ----------------------------- 1995 1994 1995 1994 ----------- ----------- ----------- ----------- GROSS REVENUES $ l,762,657 $ l,866,606 $ 3,236,9l8 $ 3,337,l8l ----------- ----------- ----------- ----------- REDUCTIONS: Agents' commissions 42,084 60,425 90,805 l37,828 Sales and marketing expenses l58,639 20l,59l 29l,323 3l7,033 Audit fees 2,709 2,450 7,689 7,35l ----------- ----------- ----------- ----------- 203,432 264,466 389,8l7 462,2l2 ----------- ----------- ----------- ----------- ADJUSTED GROSS REVENUES l,559,225 l,602,l40 2,847,l0l 2,874,969 MANAGEMENT FEE (779,6l2) (80l,070) (l,423,550) (l,437,485) ----------- ----------- ----------- ----------- GROSS INCOME DISTRIBUTION 779,6l3 80l,070 l,423,55l l,437,484 ADJUSTMENTS TO GROSS INCOME DISTRIBUTION: Corporate complimentary occupancy fees l,007 l,34l 2,47l 2,956 Occupancy fees (l23,223) (l44,457) (273,076) (297,966) Designated items (l5,987) (l4,8l6) (50,965) (40,566) Advisory Committee expenses (733) (66) (6,425) (2,665) ----------- ----------- ----------- ----------- POOLED INCOME 640,677 643,072 l,095,556 l,099,243 ADJUSTMENTS TO POOLED INCOME: Hospitality suite fees - 300 l05 973 Occupancy fees l23,223 l44,457 273,076 297,966 ----------- ----------- ----------- ----------- NET INCOME DISTRIBUTION $ 763,900 $ 787,829 $ l,368,737 $ 1,398,l82 =========== =========== =========== =========== Average daily distribution $ 3l.04 $ 30.54 $ l8.27 $ l7.86 Average room rate $ ll5.99 $ l05.68 $ 95.79 $ 90.32 Room nights l5,l97 l7,662 33,79l 36,947 Occupancy percentage 6l.8% 68.5% 45.l% 47.2% Average number of available units 267 280 274 287 Number of units in Rental Pool at 9/30/95 29l - - -
These statements were prepared from the books and records of the Rental Pool without audit and, in the opinion of management, include all adjustments which are necessary for a fair presentation. Page l8 19 TAMARRON RENTAL POOL LEASE OPERATION STATEMENTS OF CHANGES IN PARTICIPANTS' FUND BALANCES FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
Current Quarter Year-to-Date ----------------------------- --------------------------------- 1995 1994 1995 1994 ---------- ----------- ---------- ------------- DISTRIBUTION FUND: BALANCE, beginning of period $ - $ - $ - $ - ADDITIONS: Amounts available for distribution 763,900 787,829 l,368,736 l,398,l82 Interest received or receivable from Maintenance Escrow Fund l,424 l,l08 4,254 3,734 REDUCTIONS: Amounts withheld for Maintenance Escrow Fund (6l,6l3) (72,228) (l36,540) (l48,984) Amounts accrued or paid to participants (703,7ll) (7l6,709) (l,236,450) (l,252,932) ----------- ----------- ----------- ----------- BALANCE, end of period $ - $ - $ - $ - =========== =========== =========== =========== MAINTENANCE ESCROW FUND: BALANCE, beginning of period $ 35l,5l3 $ 27l,548 $ 397,655 $ 258,562 ADDITIONS: Amounts withheld from occupancy fees 6l,6l3 72,228 l36,540 l48,984 Interest earned l,424 l,l08 4,254 3,734 Reimbursement of designated items l5,987 l4,8l6 50,965 40,566 Charges to participants to establish or restore escrow balances l2,7l5 ll,954 89,78l 27,47l REDUCTIONS: Maintenance and inventory charges (l9,3l7) (26,378) (ll9,974) (95,468) Refurbishing charges (27,808) (203) (ll0,586) (464) Interest accrued or paid to Distribution Fund (l,424) (l,l08) (4,254) (3,734) Designated items (l5,987) (l4,8l6) (50,965) (40,566) Refunds to participants as prescribed by Master Lease Agreement (3,237) (l7,973) (l7,937) (27,909) ----------- ----------- ----------- ----------- BALANCE, end of period $ 375,479 $ 3ll,l76 $ 375,479 $ 3ll,l76 =========== =========== =========== ===========
These statements were prepared from the books and records of the Rental Pool without audit and, in the opinion of management, include all adjustments which are necessary for a fair presentation. Page l9 EX-27 2 FINANCIAL DATA SCHEDULE - (FOR S.E.C. USE ONLY)
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF GOLF HOST RESORTS, INC. FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 157,175 0 4,823,835 87,217 4,417,360 11,791,319 64,209,240 24,113,810 52,962,795 11,203,784 22,915,892 5,000 0 4,577,000 9,914,404 52,962,795 15,291,901 46,455,368 4,781,175 41,925,828 0 73,953 1,554,852 2,974,688 1,120,700 1,853,988 0 0 0 1,853,988 332.32 332.32
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