-----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, FgkLuJ8CnE5lqMV/dbDfX0aMTB1wDOTV4b3EMUvSVslTOXmO32Q/gE0LIwtk6bo3 fjq9a5sbPyofl9yJ6ypvGA== 0000950144-96-005226.txt : 19960918 0000950144-96-005226.hdr.sgml : 19960918 ACCESSION NUMBER: 0000950144-96-005226 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960813 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: 96609178 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 June 30, 1996 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 (970) 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 20 2 GOLF HOST RESORTS, INC. BALANCE SHEETS JUNE 30, 1996 AND DECEMBER 31, 1995 ASSETS (Substantially all pledged - Notes 2 and 3)
JUNE 30, DECEMBER 31, 1996 1995 ----------- ------------ CURRENT ASSETS: Cash $ 2,464,106 $ 312,603 Accounts receivable 4,245,665 4,471,677 Notes receivable 122,461 627,817 Inventories and supplies 4,562,144 4,392,498 Prepaid expenses and other 1,269,703 1,207,186 Intercompany receivables 357,251 567,455 ----------- ----------- Total current assets 13,021,330 11,579,236 ----------- ----------- LONG-TERM RECEIVABLES, less amounts currently due 983,941 1,011,871 ----------- ----------- PROPERTY AND EQUIPMENT, at cost, less accumulated depreciation 40,121,384 40,231,020 ----------- ----------- $54,126,655 $52,822,127 =========== ===========
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 JUNE 30, 1996 AND DECEMBER 31, 1995 LIABILITIES AND SHAREHOLDERS' INVESTMENT
JUNE 30, DECEMBER 31, 1996 1995 ------------- ------------ CURRENT LIABILITIES: Notes payable $ 100 $ 1,285,773 Maturing long-term obligations 2,533,046 1,854,401 Accounts payable 2,096,313 1,911,052 Accrued expenses 4,350,141 4,274,085 Deposits and prepaid fees 2,201,141 2,681,066 ----------- ----------- Total current liabilities 11,180,741 12,006,377 ----------- ----------- LONG-TERM OBLIGATIONS, less current maturities 19,424,515 20,659,348 ----------- ----------- LONG-TERM INTERCOMPANY 5,123,400 4,124,210 ----------- ----------- LONG-TERM CONTINGENCY 2,148,235 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 9,338,317 7,042,986 ----------- ----------- Total shareholders' investment 16,249,764 13,954,433 ----------- ----------- $54,126,655 $52,822,127 =========== ===========
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 AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995
Quarters Ended June 30, Six Months Ended June 30, -------------------------- ---------------------------- 1996 1995 1996 1995 ------------ ----------- ------------- ------------- REVENUES: Hotel $ 4,174,702 $ 4,404,021 $10,875,123 $11,241,647 Food and beverage 3,746,335 3,833,994 8,573,951 8,879,084 Golf 3,665,311 4,042,573 9,519,704 9,689,099 Other 1,861,398 1,847,945 4,186,024 4,384,800 Real estate activities - - (14,288) - ----------- ----------- ----------- ----------- 13,447,746 14,128,533 33,140,514 34,194,630 ----------- ----------- ----------- ----------- COSTS AND OPERATING EXPENSES: Hotel 3,698,205 3,868,447 8,913,047 9,184,632 Food and beverage 2,524,660 2,622,784 5,523,773 5,581,684 Golf 1,554,343 1,588,550 3,286,239 3,377,072 Other 4,250,767 4,300,621 8,646,370 8,662,624 General and administrative 832,586 898,394 1,927,001 1,954,458 Real estate activities - 2,534 477 2,775 ----------- ----------- ----------- ----------- 12,860,561 13,281,330 28,296,907 28,763,245 ----------- ----------- ----------- ----------- OPERATING INCOME 587,185 847,203 4,843,607 5,431,385 INTEREST, NET 481,523 472,624 995,720 1,026,560 ----------- ----------- ----------- ----------- INCOME BEFORE INCOME TAXES 105,662 374,579 3,847,887 4,404,825 PARENT INCOME TAX CHARGE 20,500 130,700 1,424,400 1,646,100 ----------- ----------- ----------- ----------- INCOME BEFORE DIVIDEND REQUIREMENTS ON PREFERRED STOCK 85,162 243,879 2,423,487 2,758,725 DIVIDEND REQUIREMENTS ON PREFERRED STOCK 64,078 63,900 128,156 128,512 ----------- ----------- ----------- ----------- NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 21,084 $ 179,979 $ 2,295,331 $ 2,630,213 =========== =========== =========== =========== EARNINGS PER COMMON SHARE $ 4.22 $ 36.00 $ 459.07 $ 526.04 =========== =========== =========== ===========
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 EIGHTEEN MONTHS ENDED JUNE 30, 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 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 - - - - - 1,119,605 1,119,605 ------ ------ ---------- ---------- ---------- ---------- ----------- Balance, December 31, 1995 5,000 5,000 4,577,000 4,577,000 2,329,447 7,042,986 13,954,433 Net income available to common shareholders - - - - - 2,295,331 2,295,331 ------ ------ ---------- ---------- ---------- ---------- ----------- Balance, December 31, 1996 5,000 $5,000 4,577,000 $4,577,000 $2,329,447 $9,338,317 $16,249,764 ====== ====== ========== ========== ========== ========== ===========
The accompanying notes are an intergeral part of these statements. These statements were prepared from the books and records of the Company without necessary for a fair presentation. Page 5 6 GOLF HOST RESORTS, INC. STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
SIX MONTHS ENDED JUNE 30, --------------------------- 1996 1995 ----------- ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net income before dividend requirements on preferred stock $2,423,487 $2,758,725 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation 1,240,200 1,270,200 Changes in working capital other than cash (Note 7) (107,551) (1,777,582) ---------- ---------- Net cash flows provided by operating activities 3,556,136 2,251,343 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (1,142,757) (1,734,335) Recovery of cost of property and equipment sold 12,190 3,540 Reductions in notes receivable 550,800 73,451 Additions to notes receivable (17,517) (749) ---------- ---------- Net cash flows used in investing activities (597,284) (1,658,093) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Net change in notes payable (1,285,673) - Increases in long-term obligations 454,012 8,047 Decreases in long-term obligations (917,198) (1,021,470) Increases in long-term intercompany 871,034 1,444,822 Increases in long-term contingency 70,476 214,983 ---------- ---------- Net cash flows (used in) provided by financing activities (807,349) 646,382 ---------- ---------- NET INCREASE IN CASH 2,151,503 1,239,632 CASH, BEGINNING OF PERIOD 312,603 824,875 ---------- ---------- CASH, END OF PERIOD $2,464,106 $2,064,507 ========== ==========
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 JUNE 30, 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 31, 1994, June 30, 1995 and December 31, 1995 financial statements to conform to the June 30, 1996 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 $3,857,000 was available for immediate use. (3) LONG-TERM AND CAPITAL LEASE OBLIGATIONS Long-term obligations consist of the following:
June 30, December 31, 1996 1995 ------------- ------------- Mortgage notes at varying rates, maturing primarily from 2006 to 2007 $18,127,306 $18,810,140 Equipment revolving credit line at prime, maturing serially from 1997 to 2000 4,051,945 3,862,987 Other 262,310 346,622 Unamortized debt discount expense (484,000) (506,000) ----------- ----------- 21,957,561 22,513,749 Less-current maturities (2,533,046) (1,854,401) ----------- ----------- $19,424,515 $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:
June 30, December 31, 1996 1995 ---------- ------------ Rental pool lease operations $2,341,380 $1,760,259 Salaries 1,122,936 1,400,364 Taxes, other than income taxes 572,720 742,033 Other 181,039 371,429 ---------- ---------- $4,350,141 $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:
Six Months Ended June 30, ---------------------------- 1996 1995 ------------- ------------- Accounts receivable $ 226,012 $ (473,893) Inventories and supplies (169,646) (53,344) Prepaid expenses and other (62,517) (11,234) Intercompany 210,208 (436,600) Accounts payable 185,261 495,564 Accrued expenses 76,056 (260,435) Deposits and prepaid fees (572,925) $(1,037,640) --------- ----------- $(107,551) $(1,777,582) ========= ===========
Page 8 9 Noncash Financing Activities: The Company satisfied its preferred stock dividend liability to Golf Hosts, Inc. through the intercompany account. $128,156 $128,512
Page 9 10 GOLF HOST RESORTS, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION RESULTS OF OPERATIONS Occupancy for the quarter, measured in room nights, declined 10.2% from the year-ago level. On a divisional basis, the decreases were 9.8% and 11.7% for Innisbrook and Tamarron, respectively. Approximately 85% of the decline was in the conference segment, with a proportionately larger share of the total decline occurring at Tamarron. The reduction in conference business at Tamarron can be attributed to a shortage of scheduled airline seats into Durango, while the reduction at Innisbrook was not attributable to any one significant cause. Revenues for the quarter were 4.8% behind last year. On a per occupied room night basis, revenues increased 6.0%, with Innisbrook experiencing a gain of 7.2% while Tamarron experienced a modest decline of 1%. The gains in spending partially mitigated the effects of the occupancy decline on total revenues. Operating income for the quarter was 4.4% of total revenues, compared with 6.0% a year earlier. The decline generally can be attributed to the lack of economies of scale that typically accompany higher levels of business. Interest expense, net, for the quarter was virtually the same as the year-ago level. In summary, the $268,917 decline in income before income taxes, when compared with the same quarter a year earlier, reflects a drop in revenues of $680,789 and a decrease in marginal operating income. For the six months ended June 30, 1996, occupied rooms declined 9.0% from the level of a year earlier. An improvement of 6.5% in the level of spending per occupied room, with both divisions reporting gains, limited the decline in total revenues to 3.1%. Costs and operating expenses were 85.4% of revenues compared with 84.1% for the same period a year earlier. The $588,778 decline in income before income taxes reflects the drop in revenue and the impact of lower business volumes on the operating income percentage. FINANCIAL CONDITION At June 30, 1996, the Company's net working capital position was $1,840,589, compared with $2,649,959 at June 30, 1995, and a deficit $427,141 at December 31, 1995. The Company typically experiences seasonal fluctuations in its net working capital position without impairing its ability to pay its trade creditors in a timely manner and satisfy its financial obligations in an orderly fashion. The Company maintains satisfactory relations with several financial institutions. Liquidity is provided by an accounts receivable and inventory credit line of $6,000,000, of which approximately $3,900,000 was available for immediate use at June 30, 1996, and a revolving mortgage credit facility of $2,000,000. Specific financing is in place for equipment additions. Based on expected operating levels for the balance of the year and the existence of credit facilities with its lenders, the Company assesses its liquidity situation as satisfactory. 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 quarter and six months ended June 30, 1996. 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 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: August 12, 1996 By: /s/ R. S. Ferreira --------------- --------------------------- Richard S. Ferreira Executive Vice President Chief Financial Officer Date: August 12, 1996 By: /s/ A. S. Herzog --------------- --------------------------- A. Stephen Herzog Vice President and Controller Chief Accounting Officer Date: August 12, 1996 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 quarter and six months ended June 30, 1996. 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 JUNE 30, 1996 AND 1995 DISTRIBUTION FUND ASSETS
1996 1995 ---------- ---------- RECEIVABLE FROM GOLF HOST RESORTS, INC. FOR DISTRIBUTION - FULLY SECURED $1,808,415 $1,956,199 INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND 16,784 14,308 ---------- ---------- $1,825,199 $1,970,507 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES DUE TO PARTICIPANTS FOR DISTRIBUTION $1,469,054 $1,621,920 DUE TO MAINTENANCE ESCROW FUND 310,851 182,587 RESERVE FOR ESTIMATED LIFE-SAFETY REIMBURSEMENT 45,294 166,000 PARTICIPANTS' FUND BALANCES 0 0 ---------- ---------- $1,825,199 $1,970,507 ========== ========== MAINTENANCE ESCROW FUND ASSETS CASH AND CASH EQUIVALENTS $1,345,193 $1,350,282 INVENTORIES 251 251 RECEIVABLE FROM DISTRIBUTION FUND 310,851 182,587 INTEREST RECEIVABLE 13,260 13,549 ---------- ---------- $1,669,555 $1,546,669 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES ACCOUNTS PAYABLE $ 268 $ 115,136 INTEREST PAYABLE TO DISTRIBUTION FUND 16,784 14,308 CARPET CARE RESERVE 45,420 55,603 PARTICIPANTS' FUND BALANCES 1,607,083 1,361,622 ---------- ---------- $1,669,555 $1,546,669 ========== ==========
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 AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995 DISTRIBUTION FUND
Current Quarter Year-to-Date ------------------------ ------------------------- 1996 1995 1996 1995 ---------- ---------- ---------- ----------- GROSS REVENUES $3,453,553 $3,544,678 $9,619,612 $ 9,767,386 ---------- ---------- ---------- ----------- REDUCTIONS: Agents' commissions 84,723 140,450 203,270 241,478 Audit fees 3,000 3,000 6,100 5,850 ---------- ---------- ---------- ----------- 87,723 143,450 209,370 247,328 ---------- ---------- ---------- ----------- ADJUSTED GROSS REVENUES 3,365,830 3,401,228 9,410,242 9,520,058 MANAGEMENT FEE (1,581,940) (1,598,577) (4,422,814) (4,474,427) ---------- ---------- ---------- ----------- GROSS INCOME DISTRIBUTION 1,783,890 1,802,651 4,987,428 5,045,631 ADJUSTMENTS TO GROSS INCOME DISTRIBUTION: Corporate complimentary occupany fees 2,135 1,766 5,141 3,210 Occupancy fees (414,465) (365,165) (953,956) (813,416) Advisory Committee expenses (23,838) (21,325) (46,078) (41,737) Life-safety reimbursement (39,559) (36,000) (45,294) (166,000) ---------- ---------- ---------- ----------- NET INCOME DISTRIBUTION 1,308,163 1,381,927 3,947,241 4,027,688 ADJUSTMENTS TO NET INCOME DISTRIBUTION: Occupancy fees 414,465 365,165 953,956 813,416 Hospitality suite fees 2,852 770 7,181 2,727 Greens fees 19,546 23,407 57,053 61,076 Additional participation credit 18,095 18,930 36,385 38,265 ---------- ---------- ---------- ----------- AMOUNT AVAILABLE FOR DISTRIBUTION TO PARTICIPANTS $1,763,121 $1,790,199 $5,001,816 $ 4,943,172 ========== ========== ========== =========== Average daily distribution $ 21.13 $ 21.10 $ 31.43 $ 30.57 Average room rate $ 101.63 $ 94.08 $ 122.76 $ 115.38 Room nights 33,980 37,679 78,358 84,652 Available room nights 83,444 84,847 159,136 161,712 Occupancy percentage 40.7% 44.4% 49.2% 52.3% Average number of available units 917 932 874 893
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 OPERATION STATEMENTS OF CHANGES IN PARTICIPANTS' FUND BALANCES FOR THE QUARTERS AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995 DISTRIBUTION FUND
Current Quarter Year-to-Date --------------------------- --------------------------- 1996 1995 1996 1995 ------------ ------------- ------------ ------------ BALANCE, beginning of period $ - $ - $ - $ - ADDITIONS: Amounts available for distribution before life-safety reimbursement 1,802,680 1,826,199 5,047,110 5,109,172 Interest received or receivable from Maintenance Escrow Fund 16,784 14,308 41,131 24,771 REDUCTIONS: Amount withheld for Maintenance Escrow Fund (310,851) (182,587) (715,472) (406,717) Amounts held in reserve for estimated life-safety reimbursement (39,559) (36,000) (45,294) (166,000) Amounts accrued or paid to participants (1,469,054) (1,621,920) (4,327,475) (4,561,226) ----------- ----------- ----------- ----------- BALANCE, end of period $ - $ - $ - $ - =========== =========== =========== =========== MAINTENANCE ESCROW FUND BALANCE, beginning of period $ 1,496,895 $ 1,128,267 $ 1,141,259 851,207 ADDITIONS: Amounts withheld from occupancy fees 310,851 182,587 715,472 406,717 Interest earned 16,784 14,308 41,131 24,771 Charges to participants to establish or restore escrow balances 279,991 497,298 519,465 716,841 REDUCTIONS: Maintenance charges (449,856) (433,696) (716,345) (588,992) Carpet care reserve deposit (8,293) (3,655) (19,085) (8,141) Interest accrued or paid to Distribution Fund (16,784) (14,308) (41,131) (24,771) Refunds to participants as prescribed by Master Lease Agreement (22,505) (9,179) (33,683) (16,010) ----------- ----------- ----------- ---------- BALANCE, end of period $ 1,607,083 $ 1,361,622 $ 1,607,083 $1,361,622 =========== =========== =========== ==========
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 JUNE 30, 1996 AND 1995 DISTRIBUTION FUND ASSETS
1996 1995 -------- -------- CASH $ l,000 $ 1,000 RECEIVABLE FROM GOLF HOST RESORTS, INC. FOR DISTRIBUTION 317,655 374,840 INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND 1,147 521 -------- -------- $319,802 $376,361 ======== ======== LIABILITIES AND PARTICIPANTS' FUND BALANCES DUE TO PARTICIPANTS FOR DISTRIBUTION $264,791 $307,941 DUE TO MAINTENANCE ESCROW FUND 55,011 68,420 PARTICIPANTS' FUND BALANCES - - -------- -------- $319,802 $376,361 ======== ======== MAINTENANCE ESCROW FUND ASSETS CASH AND CASH EQUIVALENTS $149,252 $ 99,949 DUE FROM DISTRIBUTION FUND 55,011 68,421 INTEREST RECEIVABLE 934 - INVENTORY: Linen 114,237 109,303 Materials and supplies 8,285 13,538 DEPOSITS 16,000 62,837 -------- -------- $343,719 $354,048 ======== ======== LIABILITIES AND PARTICIPANTS' FUND BALANCES ACCOUNTS PAYABLE $ 6,493 $ 2,014 INTEREST PAYABLE TO DISTRIBUTION FUND 1,147 521 PARTICIPANTS' FUND BALANCES 336,079 351,513 -------- -------- $343,719 $354,048 ======== ========
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 AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995 DISTRIBUTION FUND
Current Quarter Year-to-Date --------------------------- --------------------------- 1996 1995 1996 1995 ----------- ---------- ----------- ----------- GROSS REVENUES $ 721,149 $ 859,343 $1,255,511 $1,474,261 ---------- ---------- ----------- ----------- REDUCTIONS: Sales and marketing expenses 61,297 77,341 106,718 132,684 Agents' commissions 15,781 31,463 52,360 48,721 Audit fees 2,601 2,529 5,202 4,980 ---------- ---------- ---------- ---------- 79,679 111,333 164,280 186,385 ---------- ---------- ---------- ---------- ADJUSTED GROSS REVENUES 641,470 748,010 1,091,231 1,287,876 MANAGEMENT FEE (320,735) (374,005) (545,616) (643,938) ---------- ---------- ---------- ---------- GROSS INCOME DISTRIBUTION 320,735 374,005 545,615 643,938 ADJUSTMENTS TO GROSS INCOME DISTRIBUTION: Corporate complimentary occupancy fees 903 730 1,598 1,464 Occupancy fees (67,475) (75,742) (124,158) (149,853) Designated items (20,273) (25,381) (33,659) (34,978) Advisory Committee expenses (3,983) (4,168) (5,763) (5,692) ---------- ---------- ---------- ---------- POOLED INCOME 229,907 269,444 383,633 454,879 ADJUSTMENTS TO POOLED INCOME: Hospitality suite fees - 105 53 105 Occupancy fees 67,475 75,742 124,158 149,853 ---------- ---------- ---------- ---------- NET INCOME DISTRIBUTION $ 297,382 $ 345,291 $ 507,844 $ 604,837 ========== ========== ========== ========== Average daily distribution $ 11.38 $ 13.42 $ 9.83 $ 12.02 Average room rate $ 86.98 $ 91.54 $ 80.53 $ 79.29 Room nights 8,288 9,388 15,587 18,594 Occupancy percentage 31.7% 36.5% 30.1% 37.0% Average number of available units 288 283 284 278 Number of units in Rental Pool at end of period 298 291 - -
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 AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995 DISTRIBUTION FUND
Current Quarter Year-to-Date --------------------------- ------------------------- 1996 1995 1996 1995 ------------ ------------- ------------ ---------- BALANCE, beginning of period $ - $ - $ - $ - ADDITIONS: Amounts available for distribution 297,382 345,291 507,844 604,836 Interest received or receivable from Maintenance Escrow Fund 1,147 521 2,327 2,830 REDUCTIONS: Amounts withheld for Maintenance Escrow Fund (33,738) (37,871) (62,080) (74,927) Amounts accrued or paid to participants (264,791) (307,941) (448,091) (532,739) --------- --------- --------- --------- BALANCE, end of period $ - $ - $ - $ - ========= ========== ========= ========= MAINTENANCE ESCROW FUND BALANCE, beginning of period $ 254,070 $ 428,979 $ 328,336 $ 397,655 ADDITIONS: Amounts withheld from occupancy fees 33,738 37,871 62,080 74,927 Interest earned 1,147 521 2,327 2,830 Reimbursement of designated items 20,273 25,381 33,659 34,978 Charges to participants to establish or restore escrow balances 125,948 30,085 142,632 77,066 REDUCTIONS: Maintenance and inventory charges (51,905) (70,620) (88,622) (100,657) Refurbishing charges (17,804) (73,902) (93,549) (82,778) Interest accrued or paid to Distribution Fund (1,147) (521) (2,327) (2,830) Designated items (20,273) (25,381) (33,660) (34,978) Refunds to participants as prescribed by Master Lease Agreement (7,968) (900) (14,797) (14,700) --------- ------------ --------- -------- BALANCE, end of period $ 336,079 $ 351,513 $ 336,079 $351,513 ========= ============ ========= ========
These statements were repared 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 (FOR SEC USE ONLY)
5 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 2,464,106 0 4,324,077 78,412 4,562,144 13,021,330 65,711,966 25,590,582 54,126,655 11,180,741 21,957,561 0 4,577,000 5,000 11,667,764 54,126,655 10,910,270 33,140,514 3,305,874 28,296,907 0 50,976 995,720 3,847,887 1,424,400 2,423,487 0 0 0 2,295,331 459.07 459.07
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