-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, GZInFZZj33ILrRThhRJgNUMg1FLD0pwBq/swvH7OwaHtUJtXuKdBwc74jdybztOC NZs4PsuthmzTsF7TTT4W1g== 0000950144-95-001346.txt : 19950530 0000950144-95-001346.hdr.sgml : 19950530 ACCESSION NUMBER: 0000950144-95-001346 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLF HOST RESORTS INC CENTRAL INDEX KEY: 0000042429 STANDARD INDUSTRIAL CLASSIFICATION: 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: 95538518 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, FORM 10-Q, 03-31-95 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 March 31, 1995 Commission File No. 2-64309 GOLF HOST RESORTS, INC. STATE OF COLORADO EMPLOYER IDENTIFICATION NO. 84-0631130 Post Office Box 3131, Durango, Colorado 81302-3131 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 1 of 19 2 GOLF HOST RESORTS, INC. BALANCE SHEETS MARCH 31, 1995 AND DECEMBER 31, 1994 ASSETS (Substantially all pledged - Notes 2 and 3)
MARCH 31, DECEMBER 31, 1995 1994 ------------ ------------ CURRENT ASSETS: Cash $ 3,076,530 $ 824,875 Accounts and notes receivable 6,138,986 3,871,305 Inventories and supplies 4,367,889 4,318,522 Prepaid expenses and other 1,272,490 1,255,488 Intercompany receivables - 307,417 ----------- ----------- Total current assets 14,855,895 10,577,607 LONG-TERM RECEIVABLES, less amounts currently due 1,038,289 1,088,484 ----------- ----------- PROPERTY AND EQUIPMENT, at cost, less accumulated depreciation 39,123,241 38,922,416 ----------- ----------- $55,017,425 $50,588,507 =========== ===========
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 2 3 GOLF HOST RESORTS, INC. BALANCE SHEETS MARCH 31, 1995 AND DECEMBER 31, 1994 LIABILITIES AND SHAREHOLDERS' INVESTMENT
MARCH 31, DECEMBER 31, 1995 1994 ------------ ------------ CURRENT LIABILITIES: Notes payable $ 100 $ 100 Maturing long-term obligations 2,041,807 2,053,566 Accounts payable 2,767,488 1,481,701 Accrued expenses 4,861,033 4,305,812 Deposits and prepaid fees 2,577,131 3,084,821 Intercompany payables 55,672 - ----------- ----------- Total current liabilities 12,303,231 10,926,000 ----------- ----------- LONG-TERM OBLIGATIONS, less current maturities 20,936,957 21,430,570 ----------- ----------- LONG-TERM INTERCOMPANY 4,644,648 3,583,988 ----------- ----------- LONG-TERM CONTINGENCY (Note 1) 1,847,527 1,813,121 ----------- ----------- 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 10,703,062 8,252,828 ----------- ----------- Total shareholders' investment 15,285,062 12,834,828 ----------- ----------- $55,017,425 $50,588,507 =========== ===========
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 FOR THE QUARTERS ENDED MARCH 31, 1995 AND 1994
Quarters Ended March 31, --------------------------------------------- 1995 1994 ----------- ----------- REVENUES: Hotel $ 6,837,626 $ 5,532,197 Food and beverage 5,089,304 3,851,823 Golf 5,646,524 5,357,203 Other 2,971,394 2,287,210 Real estate activities - - ----------- ----------- 20,544,848 17,028,433 ----------- ----------- COSTS AND OPERATING EXPENSES: Hotel 5,321,153 4,664,697 Food and beverage 2,938,728 2,456,548 Golf 1,788,522 1,705,502 Other 4,784,441 4,138,976 General and administrative 1,127,581 992,592 Real estate activities 241 - ----------- ----------- 15,960,666 13,958,315 ----------- ----------- OPERATING INCOME 4,584,182 3,070,118 INTEREST, NET 553,936 524,772 ----------- ----------- INCOME BEFORE INCOME TAX 4,030,246 2,545,346 PARENT INCOME TAX CHARGE 1,515,400 957,700 ----------- ----------- INCOME BEFORE DIVIDEND REQUIREMENTS ON PREFERRED STOCK 2,514,846 1,587,646 DIVIDEND REQUIREMENTS ON PREFERRED STOCK 64,612 64,612 ----------- ----------- NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 2,450,234 $ 1,523,034 =========== =========== EARNINGS PER COMMON SHARE $ 490.05 $ 304.61 =========== ===========
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 FIFTEEN MONTHS ENDED MARCH 31, 1995
Other Shareholders' $1 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 $12,697,221 Net income available to common shareholders - - - - - 137,607 137,607 ----- ------ --------- ---------- ---------- ---------- ----------- Balance, December 31, 1994 5,000 5,000 4,577,000 4,577,000 2,329,447 5,923,381 12,834,828 ----- ------ --------- ---------- ---------- ---------- ----------- Net income available to common shareholders - - - - - 2,450,234 2,450,234 ----- ------ --------- ---------- ---------- ---------- ----------- Balance, March 31, 1995 5,000 $5,000 4,577,000 $4,577,000 $2,329,447 $8,373,615 $15,285,062 ===== ====== ========= ========== ========== ========== ===========
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 QUARTERS ENDED MARCH 31, 1995 AND 1994
1995 1994 ---------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income before dividend requirements on preferred stock $2,514,846 $ 1,587,646 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 635,100 606,300 Changes in operating working capital other than cash (Note 7) (650,219) (1,423,092) ---------- ----------- Net cash flows provided by operating activities 2,499,727 770,854 ---------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (839,465) (615,886) Recovery of cost of property and equipment sold 3,540 - Reductions in notes receivable 62,771 34,610 Additions to notes receivable - (126) ---------- ----------- Net cash flows used in investing activities (773,154) (581,402) ---------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Net change in notes payable - 122,969 Increases in long-term obligations 3,910 280,400 Decreases in long-term obligations (509,282) (273,007) Increase in long-term intercompany 996,048 1,096,247 Increase in long-term contingency 34,406 247,075 ---------- ----------- Net cash flows provided by financing activities 525,082 1,473,684 ---------- ----------- NET INCREASE IN CASH 2,251,655 1,663,136 CASH, BEGINNING OF QUARTER 824,875 548,713 ---------- ----------- CASH, END OF QUARTER $3,076,530 $ 2,211,849 ========== ===========
Supplemental information on noncash 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 MARCH 31, 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 except as follows: Management Agreement Contingent advances during the quarter ended March 31, 1995 totalled $34,000, net of certain amounts recoverable under a related agreement with the Innisbrook Rental Pool Lease Operation. Advances to date are reflected on the balance sheet as Long-term Contingency. Intercompany Allocations and Advances The amounts charged to the registrant for the quarters ended March 31, 1995 and 1994 were $175,000 and $122,000, respectively. Participating Rental Unit Rental pool distributions provided for the participating condominium owners for the quarters ended March 31, 1995 and 1994 were $3,554,000 and $2,835,000, respectively. Employee Benefit Plan Company contributions required under the plan for the quarters ended March 31, 1995 and 1994 were $35,000 and $31,000, respectively. Financial Statement Presentation Certain reclassifications have been made to the December 31, 1993, March 31, 1994 and December 31, 1994 financial statements to conform to the March 31, 1995 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 $5,508,000 was available for immediate use. Page 7 8 (3) LONG-TERM OBLIGATIONS AND CAPITAL LEASE OBLIGATIONS Long-term obligations consist of the following:
March 31, December 31, 1995 1994 ------------ ------------ Mortgage notes at varying rates, maturing primarily from 2006 to 2009 $19,736,666 $19,890,351 Equipment revolving credit line at prime plus 1%, maturing serially from 1997 to 1999 3,463,932 3,835,670 Other 336,166 334,115 Unamortized debt discount expense (558,000) (576,000) ----------- ------------ 22,978,764 23,484,136 Less-current maturities 2,041,807 2,053,566 ----------- ----------- $20,936,957 $21,430,570 =========== ===========
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:
March 31, December 31, 1995 1994 ----------- ----------- Rental pool lease operations $3,553,640 $ 1,895,688 Salaries 898,901 1,244,500 Taxes, other than income taxes 180,409 731,278 Other 228,083 434,346 ---------- ---------- $4,861,033 $4,305,812 ========== ==========
(6) INCOME TAX ALLOCATION AND SHARING POLICY During the quarter, there was no significant change from the 10-K filing of December 31, 1994. Page 8 9 (7) SUPPLEMENTAL CASH FLOW DATA The (increases) decreases in working capital other than cash are as follows:
Three Months Ended March 31, ----------------------------------------- 1995 1994 ------------ ----------- Accounts receivable $(2,280,257) $(2,303,693) Inventories and supplies (49,367) 16,060 Prepaid expenses and other (17,002) (395,493) Intercompany 363,089 (60,924) Accounts payable 1,285,787 804,124 Accrued expenses 555,221 927,974 Deposits and prepaid fees (507,690) (411,140) ----------- ----------- $ (650,219) $(1,423,092) =========== =========== Noncash Financing Activities: The Company satisfied its preferred stock dividend liability to Golf Hosts, Inc. through the long-term intercompany account. $ 64,612 $ 64,612
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, increased 18.5% from the prior year level. On a divisional basis, increases amounted to 18.6% and 17.6% for Innisbrook and Tamarron, respectively. The increase at Innisbrook was generally seen in the conference segment, with the months of January and March each posting significant gains over the prior year. Tamarron's increase was similarly in the conference segment, with March experiencing the most significant gain. In Management's opinion, the increased level of occupancy at Innisbrook, representing the more significant part of the overall occupancy gain, can be attributed to the sales and marketing initiatives arising from the management arrangement with Hilton Hotels Corporation. On a per occupied room night basis, revenues increased 1.8%, from $359.11 to $365.70. This improvement in the level of spending coupled with the gain in occupancy resulted in a 20.7% increase in total revenues. On a divisional basis, spending per occupied room night was $400.45 and $188.42, compared with $392.71 and $189.15 a year ago, for Innisbrook and Tamarron, respectively. The higher level of occupancy resulted in operating efficiencies that enabled the Company to improve its operating income percentage from 18.0% in 1994 to 22.3% in the current period. The effect of these improvements was an increase in operating income of approximately $1,514,000 from the year-ago level. Interest expense, as a result of higher interest rates, increased approximately $29,000 when compared with last year. In summary, the improvement in income before income tax can be attributed to increases in the levels of occupancy and guest spending, and improvements in operating efficiencies that resulted from the economies of scale typically associated with higher business volumes. Financial Condition During the period, the Company's net working capital position improved $2,901,057, from a deficit $348,393 at December 31, 1994 to $2,552,664 at March 31, 1995. Operating cash flow during the first quarter is at its highest level for the year and results in greater liquidity during that period. For the balance of the year, operating levels and existing credit facilities should provide adequate liquidity to meet the Company's cash requirements. Page 10 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 quarters ended March 31, 1995 and 1994. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 27 Financial Data Schedule (For SEC Purposes Only) (b) Reports on Form 8-K None Page 11 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: May 10, l995 By: /s/ R. S. Ferreira --------------------- ----------------------------- Richard S. Ferreira Executive Vice President Chief Financial Officer Date: May 10, l995 By: /s/ A. S. Herzog --------------------- ----------------------------- A. Stephen Herzog Vice President and Controller Chief Accounting Officer Date: May 10, l995 By: /s/ R. L. Akin -------------------- ----------------------------- Richard L. Akin Vice President and Treasurer Page 12 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 quarters ended March 31, 1995 and 1994. 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 13 14 INNISBROOK RENTAL POOL LEASE OPERATION BALANCE SHEETS MARCH 31, 1995 AND 1994 DISTRIBUTION FUND
1995 1994 --------- ---------- ASSETS RECEIVABLE FROM GOLF HOST RESORTS, INC. FOR DISTRIBUTION - FULLY SECURED $3,282,973 $2,609,132 INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND 10,463 5,135 ---------- ---------- $3,293,436 $2,614,267 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES DUE TO PARTICIPANTS FOR DISTRIBUTION $2,939,306 $2,425,210 DUE TO MAINTENANCE ESCROW FUND 224,130 189,057 DUE TO GOLF HOST RESORTS, INC. FOR LIFE-SAFETY EQUIPMENT 130,000 - PARTICIPANTS' FUND BALANCES - - ---------- ---------- $3,293,436 $2,614,267 ========== ========== MAINTENANCE ESCROW FUND ASSETS CASH AND CASH EQUIVALENTS $ 966,547 $ 768,110 INVENTORIES 251 82,054 RECEIVABLE FROM DISTRIBUTION FUND 224,130 189,057 INTEREST RECEIVABLE 15,600 12,964 ---------- ---------- $1,206,528 $1,052,185 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES ACCOUNTS PAYABLE $ (49) $ 58,941 INTEREST PAYABLE TO DISTRIBUTION FUND 10,463 5,135 CARPET CARE RESERVE 67,847 82,278 PARTICIPANTS' FUND BALANCES 1,128,267 905,831 ---------- ---------- $1,206,528 $1,052,185 ========== ==========
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 INNISBROOK RENTAL POOL LEASE OPERATION STATEMENTS OF OPERATIONS FOR THE QUARTERS ENDED MARCH 31, 1995 AND 1994 DISTRIBUTION FUND
Quarters ended March 31, ------------------------- 1995 1994 ----------- ----------- GROSS REVENUES $ 6,222,708 $ 5,020,052 ----------- ----------- DEDUCTIONS: Agents' commissions 101,028 168,289 Audit fees 2,850 2,850 ----------- ----------- 103,878 171,139 ----------- ----------- ADJUSTED GROSS REVENUES 6,118,830 4,848,913 MANAGEMENT FEE (2,875,850) (2,278,990) ----------- ----------- GROSS INCOME DISTRIBUTION 3,242,980 2,569,923 ADJUSTMENTS TO GROSS INCOME DISTRIBUTION: Corporate complimentary occupancy fees 1,444 1,953 Occupancy fees (448,251) (378,107) Advisory Committee expenses (20,412) (23,133) Life-safety reimbursement (130,000) - ----------- ----------- NET INCOME DISTRIBUTION 2,645,761 2,170,636 ADJUSTMENTS TO NET INCOME DISTRIBUTION: Occupancy fees 448,251 378,107 Hospitality suite fees 1,958 4,752 Greens fees 37,668 35,662 Additional participation credit 19,335 19,975 ----------- ----------- AMOUNT AVAILABLE FOR DISTRIBUTION TO PARTICIPANTS $ 3,152,973 $ 2,609,132 =========== =========== Average daily distribution $ 41.62 $ 34.12 Average room rate $ 132.47 $ 126.80 Room nights 46,973 39,590 Occupancy percentage 62.0% 51.8% Average number of available units 842 850
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 15 16 INNISBROOK RENTAL POOL LEASE OPERATION STATEMENTS OF CHANGES IN PARTICIPANTS' FUND BALANCES FOR THE QUARTERS ENDED MARCH 31, 1995 AND 1994 DISTRIBUTION FUND
Quarters ended March 31, ------------------------------------- 1995 1994 ----------- ----------- BALANCE, beginning of period $ - $ - ADDITIONS: Amounts available for distribution before life-safety reimbursement 3,282,973 2,609,132 Interest received or receivable from Maintenance Escrow Fund 10,463 5,135 REDUCTIONS: Amounts withheld for Maintenance Escrow Fund (224,130) (189,057) Amounts due Golf Host Resorts, Inc. for life-safety reimbursement (130,000) - Amounts accrued or paid to participants (2,939,306) (2,425,210) ----------- ----------- BALANCE, end of period $ - $ - =========== ===========
MAINTENANCE ESCROW FUND
Quarters ended March 31, ------------------------------------- 1995 1994 ----------- ----------- BALANCE, beginning of period $ 851,207 $ 733,465 ADDITIONS: Amounts withheld from occupancy fees 224,130 189,057 Interest earned 10,463 5,135 Charges to participants to establish or restore escrow balances 219,543 190,515 REDUCTIONS: Maintenance charges (155,296) (182,298) Carpet care reserve deposit (4,486) (15,124) Interest accrued or paid to Distribution Fund (10,463) (5,135) Refunds to participants as prescribed by the Master Lease Agreement (6,831) (9,784) ----------- ----------- BALANCE, end of period $ 1,128,267 $ 905,831 =========== -----------
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 BALANCE SHEETS MARCH 31, 1995 AND 1994 DISTRIBUTION FUND
1995 1994 -------- -------- ASSETS CASH $ 1,000 $ 1,000 RECEIVABLE FROM GOLF HOST RESORTS, INC. FOR DISTRIBUTION 270,667 225,572 INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND 2,309 1,158 -------- -------- $273,976 $227,730 ======== ======== LIABILITIES AND PARTICIPANTS' FUND BALANCES DUE TO PARTICIPANTS FOR DISTRIBUTION $224,799 $180,813 DUE TO MAINTENANCE ESCROW FUND 49,177 46,917 PARTICIPANTS' FUND BALANCES - - -------- -------- $273,976 $227,730 ======== ======== MAINTENANCE ESCROW FUND ASSETS CASH AND CASH EQUIVALENTS $216,804 $178,737 DUE FROM DISTRIBUTION FUND 49,177 46,917 INVENTORY: Linen 61,887 40,804 Materials and supplies 17,833 12,008 DEPOSITS 86,500 - -------- -------- $432,201 $278,466 ======== ======== LIABILITIES AND PARTICIPANTS' FUND BALANCES ACCOUNTS PAYABLE $ 913 $ 10,043 INTEREST PAYABLE TO DISTRIBUTION FUND 2,309 1,158 PARTICIPANTS' FUND BALANCES 428,979 267,265 -------- -------- $432,201 $278,466 ======== ========
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 17 18 TAMARRON RENTAL POOL LEASE OPERATION STATEMENTS OF OPERATIONS FOR THE QUARTERS ENDED MARCH 31, 1995 AND 1994 DISTRIBUTION FUND
1995 1994 ----------- ----------- GROSS REVENUES $ 614,918 $ 512,145 --------- --------- DEDUCTIONS: Agents' commissions 17,258 16,901 Sales and marketing expenses 55,343 43,527 Audit fees 2,451 2,450 --------- --------- 75,052 62,878 --------- --------- ADJUSTED GROSS REVENUES 539,866 449,267 MANAGEMENT FEE (269,933) (224,634) --------- --------- GROSS INCOME DISTRIBUTION 269,933 224,633 ADJUSTMENTS TO GROSS INCOME DISTRIBUTION: Corporate complimentary occupancy fees 734 939 Occupancy fees (74,111) (60,957) Designated items (9,597) (14,368) Advisory Committee expenses (1,524) (1,070) --------- --------- POOLED INCOME 185,435 149,177 ADJUSTMENTS TO POOLED INCOME: Hospitality suite fees - - Occupancy fees 74,111 60,957 --------- --------- NET INCOME DISTRIBUTION $ 259,546 $ 210,134 ========= ========= Average daily distribution $ 10.55 $ 8.10 Average room rate $ 66.80 $ 65.42 Room nights 9,206 7,829 Occupancy percentage 37.4% 30.2% Average number of available units 273 288 Number of units in Rental Pool at 3/31/95 289
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 18 19 TAMARRON RENTAL POOL LEASE OPERATION STATEMENTS OF CHANGES IN PARTICIPANTS' FUND BALANCES FOR THE QUARTERS ENDED MARCH 31, 1995 AND 1994 DISTRIBUTION FUND
1995 1994 --------- --------- BALANCE, beginning of period $ - $ - ADDITIONS: Amounts available for distribution 259,546 210,134 Interest received or receivable from Maintenance Escrow Fund 2,309 1,158 REDUCTIONS: Amounts withheld for Maintenance Escrow Fund (37,056) (30,479) Amounts accrued or paid to participants (224,799) (180,813) --------- --------- BALANCE, end of period $ - $ - ========= ========= MAINTENANCE ESCROW FUND BALANCE, beginning of period $ 397,655 $ 258,562 ADDITIONS: Amounts withheld from occupancy fees 37,056 30,479 Interest earned 2,309 1,158 Reimbursement of designated items 9,597 14,368 Charges to participants to establish or restore escrow balances 46,981 6,140 REDUCTIONS: Maintenance and inventory charges (30,037) (22,695) Refurbishing charges (8,876) - Interest accrued or paid to Distribution Fund (2,309) (1,158) Designated items (9,597) (14,368) Refunds to participants as prescribed by Master Lease Agreement (13,800) (5,221) -------- -------- BALANCE, end of period $ 428,979 $ 267,265 ========= =========
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 19 EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1995 JAN-01-1995 MAR-31-1995 3,076,530 0 6,202,523 63,537 4,367,889 14,855,895 62,604,298 23,481,057 55,017,425 12,303,231 22,978,764 5,000 0 4,577,000 10,703,062 55,017,425 6,307,000 20,544,848 1,744,000 15,960,666 0 8,954 553,956 4,030,246 1,515,400 2,514,846 0 0 0 2,514,846 490.05 490.05
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