-----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, TcuH2SehXANMiSKPQTi6OQczue1vvnOkgaPDA56/PF5w5AcOiSDbdK7WfmZX7K6X TH9bAB4FFsPUdary6nD9jQ== 0000950144-99-006042.txt : 19990517 0000950144-99-006042.hdr.sgml : 19990517 ACCESSION NUMBER: 0000950144-99-006042 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990514 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: SEC FILE NUMBER: 002-64309 FILM NUMBER: 99623381 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. 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------------------- For Quarter Ended March 31, 1999 Commission File no. 2-64309 GOLF HOST RESORTS, INC. ----------------------- (Exact name of registrant as specified in its charter) Colorado 84-0631130 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 36750 US 19 N., Palm Harbor, Florida 34684 - ---------------------------------------------------- (Address of principal executive offices) (Zip Code) (970) 259-2000 - ---------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to 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 1 of 17 2 GOLF HOST RESORTS, INC. AND SUBSIDIARY (A WHOLLY OWNED SUBSIDIARY OF GOLF HOSTS, INC.) BALANCE SHEETS MARCH 31, 1999 AND DECEMBER 31, 1998 ASSETS (SUBSTANTIALLY ALL PLEDGED)
MARCH 31, DECEMBER 31, 1999 1998 ------------ ------------ (unaudited) CURRENT ASSETS: Cash $ 72,241 $ 1,396,404 Restricted cash 4,251,154 705,297 Accounts receivable, net 11,225,950 7,545,177 Notes receivable 1,349,823 1,349,823 Inventories and supplies 1,560,226 2,057,450 Prepaid expenses and other assets 1,392,498 1,061,668 ------------ ------------ 19,851,892 14,115,819 Assets held for sale 10,228,592 12,684,302 ------------ ------------ Total current assets 30,080,484 26,800,121 INTANGIBLES, net 28,106,717 28,547,188 PROPERTY AND EQUIPMENT, at cost, less accumulated depreciation and amortization 41,616,882 41,585,829 OTHER ASSETS 230,280 1,874,723 ------------ ------------ $100,034,363 $ 98,807,861 ============ ============
The accompanying notes are an integral part of these financial statements Page 2 3 GOLF HOST RESORTS, INC. AND SUBSIDIARY (A WHOLLY OWNED SUBSIDIARY OF GOLF HOSTS, INC.) BALANCE SHEETS MARCH 31, 1999 AND DECEMBER 31, 1998 LIABILITIES AND SHAREHOLDER'S (DEFICIT)
MARCH 31, DECEMBER 31, 1999 1998 ------------- ------------- (unaudited) CURRENT LIABILITIES: Account receivable line of credit $ 59 $ 3,832,443 Accounts payable 4,176,809 3,110,889 Accrued expenses 6,673,504 5,241,267 Deposits and prepaid fees 3,160,220 3,657,913 Intercompany payables 624,096 459,520 ------------- ------------- Total current liabilities 14,634,688 16,302,032 NOTES PAYABLE 83,631,787 83,416,053 OTHER LONG-TERM LIABILITIES 4,601,307 4,353,543 DEFERRED INCOME TAXES 1,770,467 1,770,467 ------------- ------------- Total liabilities 104,638,249 105,842,095 ------------- ------------- SHAREHOLDER'S (DEFICIT) Common stock, $1 par, 5,000 shares authorized, issued, and outstanding 5,000 5,000 5.6% cumulative preferred stock, $1 par, 4,577,000 shares authorized, issued, and outstanding 4,577,000 4,577,000 Paid-in capital (13,557,000) (13,557,000) Retained earnings 4,371,114 1,940,766 ------------- ------------- Total shareholder's (deficit) (4,603,886) (7,034,234) ------------- ------------- Total liabilities and shareholder's (deficit) $ 100,034,363 $ 98,807,861 ============= =============
The accompanying notes are an integral part of these financial statements Page 3 4 GOLF HOST RESORTS, INC. AND SUBSIDIARY (A WHOLLY OWNED SUBSIDIARY OF GOLF HOSTS, INC.) STATEMENTS OF INCOME FOR THE QUARTERS ENDED MARCH 31, 1999 AND 1998
Quarters Ended March 31, ----------------------------- 1999 1998 ----------- ----------- REVENUES: Resort facilities $ 9,146,497 $ 7,819,476 Food and beverage 5,142,353 5,005,803 Golf 6,144,632 6,148,105 Other 2,254,204 2,004,526 Real estate activities -- -- ----------- ----------- 22,687,686 20,977,910 ----------- ----------- COST AND OPERATION EXPENSES: Resort facilities 5,433,259 5,316,594 Food and beverage 2,956,953 3,230,373 Golf 2,084,388 1,978,194 Other 4,813,090 3,895,340 General and administrative 3,341,497 1,116,676 Real estate activities -- -- ----------- ----------- 18,629,187 15,537,177 GAIN ON ASSETS HELD FOR SALE 821,864 -- ----------- ----------- OPERATING INCOME 4,880,363 5,440,733 INTEREST, NET 2,385,938 2,240,317 ----------- ----------- INCOME BEFORE INCOME TAX 2,494,425 3,200,416 PARENT INCOME TAX CHARGE -- 1,200,157 ----------- ----------- INCOME BEFORE DIVIDEND REQUIREMENTS ON PREFERRED STOCK 2,494,425 2,000,259 ----------- DIVIDEND REQUIREMENTS ON PREFERRED STOCK 64,077 64,078 ----------- ----------- NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 2,430,348 $ 1,936,181 =========== =========== EARNINGS PER COMMON SHARE $ 486.07 $ 387.24 =========== ===========
The accompanying notes are an integral part of these statements. Page 4 5 GOLF HOST RESORTS, INC AND SUBSIDIARY (A WHOLLY OWNED SUBSIDIARY OF GOLF HOSTS, INC.) CONSOLIDATED STATEMENTS OF SHAREHOLDER'S (DEFICIT) EQUITY FOR THE FIFTEEN MONTHS ENDED MARCH 31, 1999
$1 Par Value 5.6% Cumulative Common Stock Preferred Stock Retained Total -------------------------- -------------------------- Paid-In (Deficit) Shareholder's Shares Amount Shares Amount Capital Earnings (Deficit) Equity ------------ ------------ ------------ ------------ ------------ ------------ ---------------- Balance, December 31, 1997 5000 $ 5,000 4,577,000 $ 4,577,000 $(13,557,000) $ (5,625,768) $(14,600,768) Net income available to common shareholder -- -- -- -- -- 7,566,534 7,566,534 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Balance, December 31, 1998 5000 5000 4,577,000 4,577,000 (13,557,000) 1,940,766 (7,034,234) Net income available to common shareholder -- -- -- -- -- 2,430,348 2,430,348 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Balance, March 31, 1999 5000 $ 5,000 4,577,000 $ 4,577,000 $(13,557,000) $ 4,371,114 $ (4,603,886) ============ ============ ============ ============ ============ ============ ============
The accompanying notes are an integral part of these financial statements. Page 5 6 GOLF HOST RESORTS, INC. AND SUBSIDIARY (A WHOLLY OWNED SUBSIDIARY OF GOLF HOSTS, INC.) STATEMENTS OF CASH FLOWS FOR THE QUARTERS ENDED MARCH 31, 1999 AND 1998
1999 1998 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income before dividend requirements on preferred stock $ 2,494,425 $ 2,000,259 Noncash items included in income: Depreciation and amortization 1,091,471 837,264 Write-off of startup costs 1,644,443 -- Increase in deferred tax -- 993,129 Changes in operation working capital (4,959,277) (2,833,567) ----------- ----------- Cash provided by operations 271,062 997,085 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: (Decreases) increases in other assets -- 125,485 Purchases of property and equipment (682,051) (1,350,353) Net recovery of cost of property and equipment sold or retired -- (18,435) (Increase) decrease in assets held for sale 2,455,710 (403,527) ----------- ----------- Cash (used in) investing 1,773,659 (1,646,830) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Decreases in notes payable (87,682) (355,987) Additional borrowings 303,416 1,007,132 Repayment of line of credit (3,832,384) -- Increases in other long-term liabilities 247,766 -- ----------- ----------- Cash provided by (used for) financing (3,368,884) 651,145 ----------- ----------- NET INCREASE (DECREASE) IN CASH (1,324,163) 1,400 CASH,BEGINNING OF QUARTER 1,396,404 56,090 ----------- ----------- CASH, END OF QUARTER $ 72,241 $ 57,490 =========== =========== NONCASH FINANCING AND INVESTING ACTIVITIES: The Company satisfied its preferred stock dividend liability to GHI through the intercompany account $ 64,077 $ 64,078
The accompanying notes are an integral part of these financial statements. Page 6 7 GOLF HOST RESORTS, INC. AND SUBSIDIARY (A WHOLLY OWNED SUBSIDIARY OF GOLF HOSTS, INC.) NOTES TO FINANCIAL STATEMENTS MARCH 31, 1999 AND 1998 (1) ORGANIZATION, BUSINESS, LIQUIDITY AND ACCOUNTING POLICIES During the quarter, there was no significant change from the 10-K filing on December 31, 1998 Financial Statement Presentation Certain reclassifications have been made to the March, 1998 financial statements to conform to the December 1998 presentation. (2) LONG-TERM OBLIGATIONS Long-term obligations consist of the following:
MARCH 31, DECEMBER 31, 1999 1998 ----------- ------------ Participating mortgage note at varying pay rates maturing in 2027 $69,975,000 $69,975,000 $9,000,000 participation mortgage note credit facility 9,000,000 8,696,584 Mortgage note at 6.34%, maturing in 2002 4,564,095 4,645,264 Capital lease at 9.51% 112,668 119,181 ----------- ----------- 83,651,763 83,436,029 Less current maturities 19,976 19,976 ----------- ----------- $83,631,787 $83,416,053 =========== ===========
Page 7 8 GOLF HOST RESORTS, INC. AND SUBSIDIARY (A WHOLLY OWNED SUBSIDIARY OF GOLF HOSTS, INC.) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS For purposes of discussing comparative results of operations for 1999 and 1998, the results of operations of Tamarron, which are included in loss on assets held for sale in 1999 and in assets held for sale in 1998, are also utilized. Guest occupancy for the quarter, measured in room nights, declined 1.6% from the level of the prior year. On a divisional basis, Innisbrook's occupancy fell 4.4% while Tamarron experienced an increase in occupancy of 20.7%. The modest decline in Innisbrook's room nights occurred primarily in the group segment. The largest increase in Tamarron's occupancy occurred in the individual, or social segment, although the group segment occupancy also improved slightly. Revenues from resort operations on a per occupied room basis increased 10.7%, from $413.75 to $458.33. The improved guest spending is primarily attributable to Innisbrook, which enjoyed a 8.2% increase in gross operating revenue despite fewer room nights. While Tamarron's gross operating revenue rose 22.0%, its revenue per room night rose only 1.1%. Innisbrook's average daily room rate rose 24.5% while Tamarron's increased 4.1% while meals served at Innisbrook declined 1.9%, revenue per meal served improved 4.8%. Tamarron's meals served rose 6.4% while its revenue per meal served increased 16.7%. The improved revenues per meal served at both resorts reflects the benefits of re-themed restaurants which were more attractive to guests. Innisbrook golf revenues approximated the prior year, and revenue per player rose 6.5.% while rounds played declined 6.2%. Tamarron's golf course is not open during the first quarter. On a divisional basis, Innisbrook and Tamarron's revenue per occupied room for the first quarter of 1999 and 1998 were $494.86 and $224.72 as compared to $437.49 and $222.18, respectively. As a result of the improved occupancy and guest spending, total resort operations revenues rose $2.0 million, or 9.0%. Real estate activities at Tamarron generated one lot sale during both the 1999 and 1998 quarter, with two Pine Ridge homesites remaining unsold. Both of those homesites will close during the 1999 second quarter. Approximately 35 acres of undeveloped land at Innisbrook were sold during the first quarter of 1999. All of the real estate sales activity for 1998 is included in assets held for sale, and the 1999 activity is included in gain on assets held for sale in the statement of operations. As required by SOP 98-8, during the 1999 first quarter the Company wrote off approximately $1,644,000 of other assets comprised of capitalized start up costs relative to the change in the management at Innisbrook and Tamarron. This write-off is included in general and administrative expense in the statement of operations. Exclusive of this adjustment, costs and operating expense declined to 79.8% of total resort operations revenues as compared of 80.6% in 1998. Relative to total resort operations revenues, costs and operating expense declined to 79.8% as compared to 80.6% in 1998. At Innisbrook, gross operating income grew 7.4% as relative departmental operating expense levels rose 8.8% over the prior year while revenues increased at a 8.2% rate. At the same time, Innisbrook's fixed charges and other expenses increased 5.4% over the prior year, primarily due to increased rental pool distribution expense. While Tamarron's gross operating revenue increased as noted above, its cost and operating expense approximated the prior year. Tamarron's fixed charges and other expenses also approximated the prior year level. Interest expense rose 6.5.%, primarily due a slightly higher mortgage interest rate effective January 1, 1999. The Company changed its tax status to a qualified subchapter S subsidiary effective February 3, 1998. FINANCIAL CONDITION AND LIQUIDITY The company's working capital position (exclusive of Assets Held for Sale) was $950,000, as compared to a deficit of $5,217,000 at December 31, 1998. The Company typically experiences seasonal fluctuations in its net working capital position without normally impairing its ability to pay trade creditors in a timely manner and satisfy its financial obligations in an orderly fashion. Based on existing cash levels and the additional cash sources discussed above, the Company assesses its liquidity as satisfactory. Page 8 9 PART II - OTHER INFORMATION Item 1. Legal Proceedings Registrant is not currently involved in material legal proceedings 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 three months ended March 31, 1999 and 1998. 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 9 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. GOLF HOST RESORTS, INC. Date: May 14, 1999 By: /s/ Merrick Kleeman ----------------------------- -------------------------------- Merrick Kleeman President Date: May 14, 1999 By: /s/ R. L. Akin ----------------------------- -------------------------------- Richard L. Akin Vice President and Treasurer Page 10 11 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 quarters ended March 31, 1999 and 1998. 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, 1998 (file No. 2-64309). Page 11 12 INNISBROOK RENTAL POOL LEASE OPERATION BALANCE SHEETS MARCH 31, 1999 AND 1998 DISTRIBUTION FUND
1999 1998 ----------- ----------- ASSETS RECEIVABLE FROM GOLF HOST RESORTS, INC FOR DISTRIBUTION - FULLY SECURED $ 3,409,662 $ 3,081,390 INTEREST RECEIVABLE FROM MAINTENANCE 25,319 20,976 ----------- ----------- ESCROW FUND $ 3,434,981 $ 3,102,366 =========== =========== LIABILITIES AND PARTICIPANTS' FUND BALANCES DUE TO PARTICIPANTS FOR DISTRIBUTION 2,920,327 2,583,088 DUE TO MAINTENANCE ESCROW FUND 514,654 519,278 PARTICIPANTS' FUND BALANCES -- -- ----------- ----------- $ 3,434,981 $ 3,102,366 =========== =========== MAINTENANCE ESCROW FUND ASSETS CASH AND CASH EQUIVALENTS $ 2,134,365 $ 1,786,060 RECEIVABLES FROM DISTRIBUTION FUND 514,654 519,278 INVENTORY 80,850 -- INTEREST RECEIVABLE 34,068 36,785 ----------- ----------- $ 2,763,937 $ 2,342,123 =========== =========== LIABILITIES AND PARTICIPANTS' FUND BALANCES ACCOUNTS PAYABLE $ 2,006 $ 60,674 INTEREST PAYABLE TO DISTRIBUTION FUND 25,319 20,976 CARPET CARE RESERVE (5,532) 29,007 PARTICIPANTS' FUND BALANCES 2,742,144 2,231,466 ----------- ----------- $ 2,763,937 $ 2,342,123 =========== ===========
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 12 13 INNISBROOK RENTAL POOL LEASE OPERATION STATEMENTS OF OPERATIONS FOR THE QUARTERS ENDING MARCH 31, 1999 AND 1998 DISTRIBUTION FUND
1999 1998 ----------- ----------- GROSS REVENUES $ 8,709,634 $ 7,744,819 ----------- ----------- DEDUCTIONS: Agents' commissions 438,440 250,789 Credit Card Fees 63,171 82,301 Audit fees 3,250 3,249 ----------- ----------- 504,861 336,339 ----------- ----------- ADJUSTED GROSS REVENUES 8,204,773 7,408,480 MANAGEMENT FEE (4,089,402) (3,689,868) ----------- ----------- 4,115,371 3,718,612 ADJUSTMENTS TO GROSS INCOME DISTRIBUTION: Management Fee (453,946) (398,722) Marketing Fee (247,607) (217,484) Miscellaneous pooled expense (45,737) (25,343) Corporate complimentary occupancy fees 8,317 7,009 Westin Associate room fees 12,831 -- Occupancy fees (552,659) (583,307) Advisory Committee expenses (6,416) (9,525) ----------- ----------- NET INCOME DISTRIBUTION 2,830,154 2,491,240 ADJUSTMENTS TO NET INCOME DISTRIBUTION: Occupancy fees 552,659 583,307 Hospitality suite fees 189 -- Greens fees 4,046 5,523 Additional participation credit 960 1,320 ----------- ----------- AMOUNT AVAILABLE FOR DISTRIBUTION TO PARTICIPANTS $ 3,388,008 $ 3,081,390 =========== =========== Average daily distribution $ 48.57 $ 42.76 Average room rate $ 189.97 $ 161.52 Occupied room nights 45,847 47,951 Available room nights 69,756 72,061 Occupancy percentage 65.7% 66.5% Average number of available units 775 801
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 13 14 INNISBROOK RENTAL POOL LEASE OPERATION STATEMENTS OF CHANGES IN PARTICIPANTS' FUND BALANCES FOR THE QUARTERS ENDED MARCH 31, 1999 AND 1998 DISTRIBUTION FUND
1999 1998 ----------- ----------- BALANCE, beginning of period $ -- $ -- ADDITIONS: Amount available for distribution before life-safety reimbursement 3,388,008 3,081,390 Interest received or receivable from Maintenance Escrow Fund 25,319 20,976 REDUCTIONS: Amounts withheld for Maintenance Escrow Fund (514,654) (519,278) Amounts accrued or paid to participants (2,898,673) (2,583,088) ----------- ----------- BALANCE, end of period $ -- $ -- =========== =========== MAINTENANCE ESCROW FUND BALANCE, beginning of period $ 2,505,110 $ 1,901,616 ADDITIONS: Amounts withheld from occupancy fees 493,000 519,278 Interest earned 25,319 20,976 Charges to participants to establish or restore escrow balances 65,525 83,803 REDUCTIONS: Maintenance charges (118,344) (194,214) Carpet care reserve deposit (11,054) (11,666) Interest accrued or paid to Distribution Fund (25,319) (20,976) Refunds to participants as prescribed by the Master Lease Agreement (192,094) (67,351) ----------- ----------- BALANCE, end of period $ 2,742,143 $ 2,231,466 =========== ===========
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 14 15 TAMARRON RENTAL POOL LEASE OPERATION BALANCE SHEETS MARCH 31, 1999 AND 1998 DISTRIBUTION FUND
1999 1998 --------- --------- ASSETS CASH $ 1,000 $ 1,000 RECEIVABLE FROM GOLF HOST RESORTS, INC FOR DISTRIBUTION 251,795 196,299 INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND -- 402 --------- --------- $ 252,795 $ 197,701 ========= ========= LIABILITIES AND PARTICIPANTS' FUND BALANCES DUE TO PARTICIPANTS FOR DISTRIBUTION $ 170,962 $ 148,299 DUE TO MAINTENANCE ESCROW FUND 81,833 49,402 PARTICIPANTS' FUND BALANCES -- -- --------- --------- $ 252,795 $ 197,701 ========= ========= MAINTENANCE ESCROW FUND ASSETS CASH AND CASH EQUIVALENTS $ 60,224 $ 62,030 DUE FROM DISTRIBUTION FUND 81,833 49,402 INTEREST RECEIVABLE -- -- INVENTORY: Linen 63,695 51,905 Materials and supplies (9,039) 16,483 DEPOSITS -- -- --------- --------- $ 196,713 $ 179,820 ========= ========= LIABILITIES AND PARTICIPANTS' FUND BALANCES ACCOUNTS PAYABLE $ 3,099 $ 7,000 INTEREST PAYABLE TO DISTRIBUTION FUND -- 402 PARTICIPANTS' FUND BALANCES 193,614 172,418 --------- --------- $ 196,713 $ 179,820 ========= =========
These statements were prepared from the books and records of the Rental Pool without audit and, in the opinion of managements, include all adjustments which are necessary for a fair presentation. Page 15 16 TAMARRON RENTAL POOL LEASE OPERATION STATEMENTS OF OPERATIONS FOR THE QUARTERS ENDED MARCH 31, 1999 AND 1998 DISTRIBUTION FUND
1999 1998 --------- --------- GROSS REVENUES $ 592,897 $ 486,608 --------- --------- DEDUCTIONS: Agents' commissions 36,325 49,672 Sales and marketing expenses 44,467 36,496 Audit fees 3,255 2,601 --------- --------- 84,047 88,769 --------- --------- ADJUSTED GROSS REVENUES 508,850 397,839 MANAGEMENT FEE (254,425) (198,919) --------- --------- GROSS INCOME DISTRIBUTION 254,425 198,920 ADJUSTMENTS TO GROSS INCOME DISTRIBUTION: Corporate complimentary occupancy fees 653 307 Occupancy fees (73,444) (63,563) Designated items (44,109) (16,619) Advisory Committee expenses (3,282) (2,927) --------- --------- POOLED INCOME 134,243 116,118 ADJUSTMENTS TO POOLED INCOME: Occupancy fees 73,444 63,563 --------- --------- NET INCOME DISTRIBUTION $ 207,687 $ 179,681 ========= ========= Average daily distribution $ 8.43 $ 7.00 Average room rate $ 79.30 $ 78.24 Room nights 7,477 6,219 Occupancy percentage 30.3% 24.2% Average number of available units 274 285 Number of units in Rental Pool at end of period 286 295
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 16 17 TAMARRON RENTAL POOL LEASE OPERATION STATEMENTS OF CHANGES IN PARTICIPANTS' FUND BALANCES FOR THE QUARTERS ENDED MARCH 31, 1999 AND 1998 DISTRIBUTION FUND
1999 1998 --------- --------- BALANCE, beginning of period $ -- $ -- ADDITIONS: Amounts available for distribution 207,687 179,681 Interest received or receivable from Maintenance Escrow Fund -- 402 REDUCTIONS: Amounts withheld for Maintenance Escrow Fund (36,725) (31,784) Amounts accrued or paid to participants (170,962) (148,299) --------- --------- BALANCE, end of period $ -- $ -- ========= ========= MAINTENANCE ESCROW FUND BALANCE, beginning of period $ 174,111 $ 165,522 ADDITIONS: Amounts withheld from occupancy fees 36,725 31,784 Interest earned $ -- $ 402 Reimbursement of designated items 44,109 16,619 Charges to participants to establish or restore escrow balances 12,828 105,272 REDUCTIONS: Maintenance and inventory charges $ (18,408) $ (33,076) Refurbishing charges (2,974) (91,254) Interest accrued or paid to Distribution Fund -- (402) Designated items (44,109) (16,619) Refunds to participants as prescribed by Master Lease Agreement (8,668) (5,830) --------- --------- BALANCE, end of period $ 193,614 $ 172,418 ========= =========
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 17 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF GOLF HOST RESORTS, INC. FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. U.S. DOLLARS 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 1 72,241 4,251,154 11,332,050 106,000 1,560,226 30,080,484 65,657,679 24,040,797 100,034,363 14,634,688 83,631,787 0 4,577,000 5,000 9,185,886 100,034,363 6,210,483 22,687,686 1,745,007 18,629,187 (821,864) 35,000 2,385,938 2,494,425 0 2,494,425 0 0 0 2,430,348 486.07 486.07
-----END PRIVACY-ENHANCED MESSAGE-----