-----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, BNTEQY4QpGamG0ehvdCs7r6CLj8GWrbpBBtJ5Jo7YADKrCzAa/U9UNaXPQLNltje DsXv1UrYBYSuX9+SIJB8YA== 0000950144-96-002527.txt : 19960517 0000950144-96-002527.hdr.sgml : 19960517 ACCESSION NUMBER: 0000950144-96-002527 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 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: 96566338 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 March 3l, l996 Commission File No. 2-64309 GOLF HOST RESORTS, INC. STATE OF COLORADO EMPLOYER IDENTIFICATION NO. 84-0631130 Post Office Box 3131, Durango, Colorado 81302-3l3l 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 MARCH 31, 1996 AND DECEMBER 31, 1995 ASSETS (Substantially all pledged - Notes 2 and 3)
MARCH 31, DECEMBER 31, 1996 1995 ------------ ------------ CURRENT ASSETS: Cash $ 238,698 $ 3l2,603 Accounts receivable 8,26l,l8l 4,47l,677 Notes receivable l47,420 627,8l7 Inventories and supplies 4,373,79l 4,392,498 Prepaid expenses and other l,046,700 l,207,l86 Intercompany receivables 33l,789 567,455 ----------- ----------- Total current assets l4,399,579 ll,579,236 ----------- ----------- LONG-TERM RECEIVABLES, less amounts currently due 989,785 l,0ll,87l ----------- ----------- PROPERTY AND EQUIPMENT, at cost, less accumulated depreciation and amortization 40,l92,044 40,23l,020 ----------- ----------- $55,58l,408 $52,822,l27 =========== ===========
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, 1996 AND DECEMBER 31, 1995 LIABILITIES AND SHAREHOLDERS' INVESTMENT
MARCH 31, DECEMBER 31, 1996 1995 ------------ ------------ CURRENT LIABILITIES: Notes payable $ 94l,844 $ l,285,773 Maturing long-term obligations l,929,603 l,854,40l Accounts payable 2,550,659 l,9ll,052 Accrued expenses 5,02l,354 4,274,085 Deposits and prepaid fees 2,0l4,632 2,68l,066 ----------- ----------- Total current liabilities l2,458,092 l2,006,377 ----------- ----------- LONG-TERM OBLIGATIONS, less current maturities l9,829,990 20,659,348 ----------- ----------- LONG-TERM INTERCOMPANY 4,986,245 4,l24,2l0 ----------- ----------- LONG-TERM CONTINGENCY (Note l) 2,078,40l 2,077,759 ----------- ----------- 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 Paid in capital 2,329,447 2,329,447 Retained Earnings 9,3l7,233 7,042,986 ----------- ----------- Total shareholders' investment l6,228,680 l3,954,433 ----------- ----------- $55,58l,408 $52,822,l27 =========== ===========
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, 1996 AND 1995
Quarters Ended March 3l, ------------------------------- 1996 1995 ----------- ----------- REVENUES: Hotel $ 6,700,42l $ 6,837,626 Food and beverage 4,827,6l6 5,045,090 Golf 5,854,393 5,646,526 Other 2,324,626 2,536,855 Real estate activities (l4,288) - ----------- ----------- l9,692,768 20,066,097 ----------- ----------- COSTS AND OPERATING EXPENSES: Hotel 5,2l4,842 5,3l6,l85 Food and beverage 2,999,ll3 2,958,900 Golf l,73l,896 l,788,522 Other 4,395,603 4,362,003 General and administrative l,094,4l5 l,056,064 Real estate activities 477 24l ----------- ----------- l5,436,346 l5,48l,9l5 ----------- ----------- OPERATING INCOME 4,256,422 4,584,l82 INTEREST, NET 5l4,l97 553,936 ----------- ----------- INCOME BEFORE INCOME TAX 3,742,225 4,030,246 PARENT INCOME TAX CHARGE l,403,900 l,5l5,400 ----------- ----------- INCOME BEFORE DIVIDEND REQUIREMENTS ON PREFERRED STOCK 2,338,325 2,5l4,846 DIVIDEND REQUIREMENTS ON PREFERRED STOCK 64,078 64,6l2 ----------- ----------- NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 2,274,247 $ 2,450,234 =========== =========== EARNINGS PER COMMON SHARE $ 454.85 $ 490.05 =========== ===========
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, 1996
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 3l, 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,ll9,605 l,ll9,605 ----- ------ --------- ---------- ---------- ---------- ----------- Balance, December 31, 1995 5,000 5,000 4,577,000 4,577,000 2,329,447 7,042,986 l3,954,433 Net income available to common shareholders - - - - - 2,274,247 2,274,247 ----- ------ --------- ---------- ---------- ---------- ----------- Balance, March 31, 1996 5,000 $5,000 4,577,000 $4,577,000 $2,329,447 $9,3l7,233 $16,228,680 ===== ====== ========= ========== ========== ========== ===========
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, 1996 AND 1995
1996 1995 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income before dividend requirements on preferred stock $ 2,338,325 $ 2,5l4,846 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 620,l00 635,l00 Changes in operating working capital other than cash (Note 7) (2,747,206) (650,207) ----------- ----------- Net cash flows provided by operating activities 2ll,2l9 2,499,739 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (585,560) (839,477) Recovery of cost of property and equipment sold 4,440 3,540 Additions to notes receivable (l7,256) (396) Reductions in notes receivable 5l9,736 43,l67 ----------- ----------- Net cash flows used in investing activities (78,640) (793,l66) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Net change in notes payable (343,929) - Increases in long-term obligations 3,978 3,9l0 Decreases in long-term obligations (665,l32) (509,282) Increase in long-term intercompany 797,957 l,0l6,048 Increase in long-term contingency 642 34,406 ----------- ----------- Net cash flows provided by financing activities (206,484) 545,062 ----------- ----------- NET INCREASE IN CASH (73,905) 2,25l,655 ----------- ----------- CASH, BEGINNING OF QUARTER 3l2,603 824,875 ----------- ----------- CASH, END OF QUARTER $ 238,698 $ 3,076,530 =========== ===========
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, 1996 AND 1995 (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, 1995. Financial Statement Presentation Certain reclassifications have been made to the December 3l, l994, March 3l, l995 and December 3l, l995 financial statements to conform to the March 3l, l996 presentation. All adjustments to the interim financial statements are of a normal recurring nature. (2) LINES OF CREDIT During the quarter, there was no significant change from the 10-K filing of December 31, 1995 except as follows: Under provisions of the related loan agreements, approximately $5,058,000 was available for immediate use. (3) LONG-TERM OBLIGATIONS AND CAPITAL LEASE OBLIGATIONS Long-term obligations consist of the following:
March 3l, December 31, 1996 1995 ----------- ------------ Mortgage notes at varying rates, maturing primarily from 2006 to 2009 $l7,973,966 $l8,8l0,l40 Equipment revolving credit line at prime, maturing serially from l997 to 2000 3,60l,945 3,862,987 Other 672,432 346,622 Unamortized debt discount and expense (488,750) (506,000) ----------- ----------- 2l,759,593 22,5l3,749 Less-current maturities (l,929,603) (l,854,40l) ----------- ----------- $l9,829,990 $20,659,348 =========== ===========
Page 7 8 The remainder of Note 3 has not changed significantly from the 10-K filing of December 31, 1995. (4) LEASES During the quarter, there was no significant change from the 10-K filing of December 31, 1995. (5) ACCRUED EXPENSES Accrued expenses consist of the following:
March 3l, December 31, l996 l995 ----------- ----------- Rental pool lease operations $ 3,473,610 $ l,760,259 Salaries 763,l42 l,400,364 Taxes, other than income taxes 379,400 742,033 Other 405,202 37l,429 ----------- ----------- $ 5,02l,354 $ 4,274,085 =========== ===========
(6) INCOME TAX ALLOCATION AND SHARING POLICY During the quarter, there was no significant change from the 10-K filing of December 31, 1995. (7) SUPPLEMENTAL CASH FLOW DATA The (increases) decreases in working capital other than cash are as follows:
Three Months Ended March 3l, ------------------------------------- 1996 1995 ----------- ------------ Accounts receivable $(3,789,504) $(2,280,257) Inventories and supplies l8,707 (7,l82) Prepaid expenses and other l60,486 (l4,660) Intercompany 235,663 363,l0l Accounts payable 639,607 l,233,455 Accrued expenses 747,269 563,026 Deposits and prepaid fees (759,434) (507,690) ----------- ----------- $(2,747,206) $ (650,207) =========== ===========
Page 8 9 Noncash Financing Activities: The Company satisfied its preferred stock dividend liability to Golf Hosts, Inc. through the long-term intercompany account. $ 64,078 $ 64,6l2
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, declined 8.0% from the prior year level. On a divisional basis, the decreases were 5.5% and 20.7% for Innisbrook and Tamarron, respectively. The most significant change at both resort locations was in the conference segment. This decline was reflective of fewer short-term bookings, particularly at Innisbrook. On a per occupied room night basis, revenues, excluding those attributable to real estate activities, increased 6.8%, from $357.l8 to $38l.35. Although a portion of the gain can be attributed to the impact of the relatively fixed level of condominium owner and member spending on the average spending statistic as the level of occupancy declines, the overall gain in the average spending statistic suggests that real gains in transient guest spending occurred. On a divisional basis spending was $4l4.09 and $l82.29, compared with $394.86 and $l69.20 a year earlier, for Innisbrook and Tamarron, respectively. These gains account for the modest decline of approximately l.8% in total revenue when contrasted with the 8.0% decline in room nights. Operating expenses as a percentage of total revenues was 78.4%, compared with 77.2% a year earlier. The increase generally can be attributed to lost economies of scale that typically accompany declines in the level of business. Interest expense, net, reflects both a decline in the level of debt outstanding and reductions in the rates of interest on that debt, when compared with a year earlier; and interest income from mortgage notes receivable resulting from real estate sales at Tamarron during l995. In summary, when compared with a year ago, the $288,02l decline in income before income tax reflects the $373,328 drop in revenues partially offset by reductions in costs and operating expenses, and interest, net, of $45,568 and $39,739, respectively. Financial Condition At March 3l, l996, the Company's net working capital was $l,94l,487, compared with deficit net working capital of $427,l4l at December 3l, l995 and net working capital of $2,552,664 at March 3l, l995. The Company's operations are seasonal in nature; consequently, variations in working capital are to be expected. Operating cash flow is at its highest level for the year during the first quarter 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 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 quarters ended March 31, 1996 and l995. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 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 l4, l996 By: /s/ R. S. Ferreira --------------------- ------------------------------- Richard S. Ferreira Executive Vice President Chief Financial Officer Date: May l4, l996 By: /s/ A. S. Herzog --------------------- ------------------------------- A. Stephen Herzog Vice President and Controller Chief Accounting Officer Date: May l4, l996 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 3l, l996 and 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, 1995 (File No. 2-64309). Page 13 14 INNISBROOK RENTAL POOL LEASE OPERATION BALANCE SHEETS MARCH 31, 1996 AND 1995 DISTRIBUTION FUND
1996 1995 ---------- ----------- ASSETS RECEIVABLE FROM GOLF HOST RESORTS, INC. FOR DISTRIBUTION - FULLY SECURED $3,249,762 $3,282,973 INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND 24,347 l0,463 ---------- ---------- $3,204,109 $3,293,436 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES DUE TO PARTICIPANTS FOR DISTRIBUTION $2,858,421 $2,939,306 DUE TO MAINTENANCE ESCROW FUND 404,62l 224,l30 RESERVE FOR ESTIMATED LIFE-SAFETY REIMBURSEMENT 5,735 l30,000 PARTICIPANTS' FUND BALANCES - - ---------- ---------- $3,274,109 $3,293,436 ========== ========== MAINTENANCE ESCROW FUND ASSETS CASH AND CASH EQUIVALENTS $l,l47,24l $ 966,547 INVENTORIES 25l 25l RECEIVABLE FROM DISTRIBUTION FUND 404,62l 224,l30 INTEREST RECEIVABLE 32,l48 l5,600 ---------- ---------- $l,584,26l $l,206,528 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES ACCOUNTS PAYABLE $ l4,933 $ (49) INTEREST PAYABLE TO DISTRIBUTION FUND 24,347 l0,463 CARPET CARE RESERVE 48,086 67,847 PARTICIPANTS' FUND BALANCES l,496,895 l,l28,267 ---------- ---------- $l,584,26l $l,206,528 ========== ==========
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, 1996 AND 1995 DISTRIBUTION FUND
Quarters ended March 3l, ------------------------------- 1996 1995 ----------- ----------- GROSS REVENUES $ 6,l66,059 $ 6,222,708 ----------- ----------- DEDUCTIONS: Agents' commissions ll8,547 l0l,028 Audit fees 3,l00 2,850 ----------- ----------- l2l,647 l03,878 ----------- ----------- ADJUSTED GROSS REVENUES 6,044,4l2 6,ll8,830 MANAGEMENT FEE (2,840,874) (2,875,850) ----------- ----------- GROSS INCOME DISTRIBUTION 3,203,538 3,242,980 ADJUSTMENTS TO GROSS INCOME DISTRIBUTION: Corporate complimentary occupancy fees 3,005 l,444 Occupancy fees (539,49l) (448,25l) Advisory Committee expenses (22,239) (20,4l2) Life-safety reimbursement (5,735) (l30,000) ----------- ----------- NET INCOME DISTRIBUTION 2,639,078 2,645,76l ADJUSTMENTS TO NET INCOME DISTRIBUTION: Occupancy fees 539,49l 448,25l Hospitality suite fees 4,328 l,958 Greens fees 37,508 37,668 Additional participation credit l8,290 l9,335 ----------- ----------- AMOUNT AVAILABLE FOR DISTRIBUTION TO PARTICIPANTS $ 3,238,695 $ 3,l52,973 =========== =========== Average daily distribution $ 42.79 $ 4l.62 Average room rate $ $l38.94 $ l32.47 Room nights 44,378 46,973 Occupancy percentage 58.6% 62.0% Available number of units 75,692 76,865 Average number of available units 832 842
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 ENDED MARCH 31, 1996 AND 1995 DISTRIBUTION FUND
Quarters ended March 3l, ------------------------------------- 1996 1995 ----------- ----------- BALANCE, beginning of period $ - $ - ADDITIONS: Amounts available for distribution before life-safety reimbursement 3,244,430 3,282,973 Interest received or receivable from Maintenance Escrow Fund 24,347 l0,463 REDUCTIONS: Amounts withheld for Maintenance Escrow Fund (404,62l) (224,l30) Amounts held in reserve for estimated life-safety reimbursement (5,735) (130,000) Amounts accrued or paid to participants (2,858,42l) (2,939,306) ----------- ----------- BALANCE, end of period $ - $ - =========== ===========
MAINTENANCE ESCROW FUND
Quarters ended March 3l, ------------------------------------- 1996 1995 ----------- ----------- BALANCE, beginning of period $ l,l4l,259 $ 85l,207 ADDITIONS: Amounts withheld from occupancy fees 404,62l 224,l30 Interest earned 24,347 l0,463 Charges to participants to establish or restore escrow balances 239,474 2l9,543 REDUCTIONS: Maintenance charges (266,489) (l55,296) Carpet care reserve deposit (l0,792) (4,486) Interest accrued or paid to Distribution Fund (24,347) (l0,463) Refunds to participants as prescribed by the Master Lease Agreement (ll,l78) (6,83l) ----------- ----------- BALANCE, end of period $ l,496,895 $ l,l28,267 =========== ===========
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 MARCH 31, 1996 AND 1995 DISTRIBUTION FUND
1996 1995 ---------- ---------- ASSETS CASH $ l,000 $ 1,000 RECEIVABLE FROM GOLF HOST RESORTS, INC. FOR DISTRIBUTION 223,848 270,667 INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND l,l80 2,309 ---------- ---------- $ 226,028 $ 273,976 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES DUE TO PARTICIPANTS FOR DISTRIBUTION $ l83,300 $ 224,799 DUE TO MAINTENANCE ESCROW FUND 42,728 49,l77 PARTICIPANTS' FUND BALANCES - - ---------- ---------- $ 226,028 $ 273,976 ========== ========== MAINTENANCE ESCROW FUND ASSETS CASH AND CASH EQUIVALENTS $ l26,695 $ 2l6,804 DUE FROM DISTRIBUTION FUND 42,728 49,l77 INTEREST RECEIVABLE 374 - INVENTORY: Linen 84,408 6l,887 Materials and supplies 7,806 l7,833 DEPOSITS 4,37l 86,500 ---------- ---------- $ 266,382 $ 432,20l ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES ACCOUNTS PAYABLE $ ll,l32 $ 9l3 INTEREST PAYABLE TO DISTRIBUTION FUND l,l80 2,309 PARTICIPANTS' FUND BALANCES 254,070 428,979 ---------- ---------- $ 266,382 $ 432,20l ========== ==========
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 l7 18 TAMARRON RENTAL POOL LEASE OPERATION STATEMENTS OF OPERATIONS FOR THE QUARTERS ENDED MARCH 31, 1996 AND 1995 DISTRIBUTION FUND
1996 1995 ----------- ----------- GROSS REVENUES $ 534,362 $ 6l4,9l8 ----------- ----------- DEDUCTIONS: Agents' commissions 36,579 l7,258 Sales and marketing expenses 45,42l 55,343 Audit fees 2,60l 2,45l ----------- ----------- 84,60l 75,052 ----------- ----------- ADJUSTED GROSS REVENUES 449,76l 539,866 MANAGEMENT FEE (224,88l) (269,933) ----------- ----------- GROSS INCOME DISTRIBUTION 224,880 269,933 ADJUSTMENTS TO GROSS INCOME DISTRIBUTION: Corporate complimentary occupancy fees 695 734 Occupancy fees (56,683) (74,lll) Designated items (l3,386) (9,597) Advisory Committee expenses (l,780) (l,524) ----------- ----------- POOLED INCOME l53,726 l85,435 ADJUSTMENTS TO POOLED INCOME: Hospitality suite fees 53 - Occupancy fees 56,683 74,lll ----------- ----------- NET INCOME DISTRIBUTION $ 2l0,462 $ 259,546 =========== =========== Average daily distribution $ 8.26 $ l0.55 Average room rate $ 73.2l $ 66.80 Room nights 7,299 9,206 Occupancy percentage 28.7% 37.4% Average number of available units 280 273 Number of units in Rental Pool at 3/3l/96 290 289
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 l8 19 TAMARRON RENTAL POOL LEASE OPERATION STATEMENTS OF CHANGES IN PARTICIPANTS' FUND BALANCES FOR THE QUARTERS ENDED MARCH 31, 1996 AND 1995 DISTRIBUTION FUND
1996 1995 ------------ ----------- BALANCE, beginning of period $ - $ - ADDITIONS: Amounts available for distribution 2l0,462 259,546 Interest received or receivable from Maintenance Escrow Fund l,l80 2,309 REDUCTIONS: Amounts withheld for Maintenance Escrow Fund (28,342) (37,056) Amounts accrued or paid to participants (l83,300) (224,799) ----------- ----------- BALANCE, end of period $ - $ - =========== =========== MAINTENANCE ESCROW FUND BALANCE, beginning of period $ 328,336 $ 397,655 ADDITIONS: Amounts withheld from occupancy fees 28,342 37,056 Interest earned l,l80 2,309 Reimbursement of designated items l3,386 9,597 Charges to participants to establish or restore escrow balances l6,684 46,98l REDUCTIONS: Maintenance and inventory charges (36,7l7) (30,037) Refurbishing charges (75,745) (8,876) Interest accrued or paid to Distribution Fund (l,l80) (2,309) Designated items (l3,387) (9,597) Refunds to participants as prescribed by Master Lease Agreement (6,829) (l3,800) ----------- ----------- BALANCE, end of period $ 254,070 $ 428,979 =========== ===========
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 SEC USE ONLY)
5 1 U.S. DOLLARS 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 1 238,698 0 8,408,601 152,777 4,373,791 14,399,579 65,270,140 25,078,096 55,581,408 12,458,092 21,759,594 0 4,577,000 5,000 11,646,680 55,581,408 6,186,275 19,692,768 1,874,537 15,436,346 0 94,290 514,197 3,742,225 1,403,900 2,338,325 0 0 0 2,338,325 454.85 454.85
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