-----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, Hhg9W5TbeFuZvMMHr0pG2oTWBVOrH4xajRwr09dUTiQKZqkOQLvKsZTsmwuzAw4h surDRJUix4bq4De5YomnZA== 0000950144-97-005933.txt : 19970520 0000950144-97-005933.hdr.sgml : 19970520 ACCESSION NUMBER: 0000950144-97-005933 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 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: 97607497 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 FORM 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, 1997 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, 1997 AND DECEMBER 31, 1996 ASSETS (Substantially all pledged - Notes 2 and 3)
MARCH 31, DECEMBER 31, 1997 1996 ----------- ----------- CURRENT ASSETS: Cash $ 523,328 $ 488,685 Accounts receivable 6,367,680 4,380,108 Notes receivable 164,054 163,942 Inventories and supplies 4,982,301 5,123,966 Prepaid expenses and other 1,275,160 956,054 Intercompany receivables -- 724,312 ----------- ----------- Total current assets 13,312,523 11,837,067 ----------- ----------- OTHER DEFERRED CHARGES 238,627 238,627 LONG-TERM RECEIVABLES, less amounts currently due 952,426 1,021,178 PROPERTY AND EQUIPMENT, at cost, less accumulated depreciation and amortization 39,964,940 40,038,322 ----------- ----------- $54,468,516 $53,135,194 =========== ===========
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, 1997 AND DECEMBER 31, 1996 LIABILITIES AND SHAREHOLDERS' INVESTMENT
MARCH 31, DECEMBER 31, 1997 1996 ----------- ------------- CURRENT LIABILITIES: Notes payable $ 100 $ 734,429 Maturing long-term obligations 2,743,120 2,788,764 Accounts payable 2,509,925 2,258,702 Accrued expenses 5,463,429 4,577,981 Deposits and prepaid fees 2,229,155 2,755,297 Intercompany payable 389,905 -- ----------- ----------- Total current liabilities 13,335,634 13,115,173 ----------- ----------- LONG-TERM OBLIGATIONS, less current maturities 17,087,169 17,777,544 ----------- ----------- LONG-TERM INTERCOMPANY 4,787,983 4,951,895 ----------- ----------- LONG-TERM CONTINGENCY 2,260,443 2,221,938 ----------- ----------- 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 10,085,840 8,157,197 ----------- ----------- Total shareholders' investment 16,997,287 15,068,644 ----------- ----------- $54,468,516 $53,135,194 =========== ===========
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, 1997 AND 1996
Quarters Ended March 31, ----------------------------- 1997 1996 ------------ ------------ REVENUES: Hotel $ 6,669,099 $ 6,802,052 Food and beverage 4,620,490 4,856,234 Golf 5,602,045 5,854,393 Other 1,898,109 1,914,706 Real estate activities 180,000 (14,288) ------------ ------------ 18,969,743 19,413,097 ------------ ------------ COSTS AND OPERATING EXPENSES: Hotel 5,278,027 5,225,462 Food and beverage 3,115,654 3,119,640 Golf 1,708,712 1,742,002 Other 3,965,077 3,894,333 General and administrative 1,153,385 1,174,761 Real estate activities 88,629 477 ------------ ------------ 15,309,484 15,156,675 ------------ ------------ OPERATING INCOME 3,660,259 4,256,422 INTEREST, NET 465,338 514,197 ------------ ------------ INCOME BEFORE INCOME TAX 3,194,921 3,742,225 PARENT INCOME TAX CHARGE 1,202,200 1,403,900 ------------ ------------ INCOME BEFORE DIVIDEND REQUIREMENTS ON PREFERRED STOCK 1,992,721 2,338,325 DIVIDEND REQUIREMENTS ON PREFERRED STOCK 64,078 64,078 ------------ ------------ NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 1,928,643 $ 2,274,247 ============ ============ EARNINGS PER COMMON SHARE $ 385.73 $ 454.85 ============ ============
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, 1997
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, 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 -- -- -- -- -- 1,114,211 1,114,211 ----- ------ --------- ---------- ---------- ----------- ----------- Balance, December 31, 1996 5,000 5,000 4,577,000 4,577,000 2,329,447 8,157,197 15,068,644 Net income available to common shareholders -- -- -- -- -- 1,928,643 1,928,643 ----- ------ --------- ---------- ---------- ----------- ----------- Balance, March 31, 1997 .. 5,000 $5,000 4,577,000 $4,577,000 $2,329,447 $10,085,840 $16,997,287 ===== ====== ========= ========== ========== =========== ===========
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, 1997 AND 1996
1997 1996 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income before dividend requirements on preferred stock $ 1,992,721 $ 2,338,325 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 645,000 620,100 Changes in operating working capital other than cash (Note 7) (440,267) (2,654,206) ----------- ----------- Net cash flows provided by operating activities 2,197,454 304,219 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (585,179) (585,560) Recovery of cost of property and equipment sold 13,561 4,440 Additions to notes receivable (605) (17,256) Reductions in notes receivable 69,245 519,736 ----------- ----------- Net cash flows used in investing activities (502,978) (78,640) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Net change in notes payable (734,329) (343,929) Increases in long-term obligations 59,592 3,978 Decreases in long-term obligations (795,611) (758,132) (Decrease) increase in long-term intercompany (227,990) 797,957 Increase in long-term contingency 38,505 642 ----------- ----------- Net cash flows provided by financing activities (1,659,833) (299,484) ----------- ----------- NET INCREASE (DECREASE) IN CASH 34,643 (73,905) ----------- ----------- CASH, BEGINNING OF QUARTER 488,685 312,603 ----------- ----------- CASH, END OF QUARTER $ 523,328 $ 238,698 =========== ===========
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, 1997 AND 1996 (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, 1996 except as follows: Financial Statement Presentation Certain reclassifications have been made to the December 31, 1995, March 31, 1996 and December 31, 1996 financial statements to conform to the March 31, 1997 presentation. (2) LINES OF CREDIT During the quarter, there was no significant change from the 10-K filing of December 31, 1996 except as follows: Under provisions of the related loan agreements, approximately $5,664,000 was available for immediate use. (3) LONG-TERM OBLIGATIONS AND CAPITAL LEASE OBLIGATIONS Long-term obligations consist of the following:
MARCH 31, DECEMBER 31, 1997 1996 ------------ ------------ Mortgage notes at varying rates, ranging from 8.3% to 9%, maturing from 1998 to 2007. $ 15,179,210 $ 15,487,194 Equipment revolving credit line at prime, maturing serially from 1997 to 2001. 3,398,164 3,891,728 A $2,000,000 revolving credit line at 9%, maturing in 2007. 1,368,000 1,368,000 Other 334,665 286,386 Unamortized debt discount and expense (449,750) (467,000) ------------ ------------ 19,830,289 20,566,308 Less-current maturities (2,743,120) (2,788,764) ------------ ------------ $ 17,087,169 $ 17,777,544 ============ ============
Page 7 8 The remainder of Note 3 has not changed significantly from the 10-K filing of December 31, 1996. (4) LEASES During the quarter, there was no significant change from the 10-K filing of December 31, 1996. (5) ACCRUED EXPENSES Accrued expenses consist of the following:
MARCH 31, DECEMBER 31, 1997 1996 ---------- ------------ Rental pool lease operations $3,382,086 $2,134,459 Salaries 988,753 1,456,267 Taxes, other than income taxes 417,164 242,820 Other 675,426 744,435 ---------- ---------- $5,463,429 $4,577,981 ========== ==========
(6) INCOME TAX ALLOCATION AND SHARING POLICY During the quarter, there was no significant change from the 10-K filing of December 31, 1996. (7) SUPPLEMENTAL CASH FLOW DATA The (increases) decreases in working capital other than cash are as follows:
THREE MONTHS ENDED MARCH 31, ---------------------------- 1997 1996 ----------- ------------- Accounts receivable $(1,987,572) (3,745,113) Inventories and supplies 141,665 18,707 Prepaid expenses and other (319,106) 116,094 Intercompany 1,114,217 235,664 Accounts payable 251,223 639,607 Accrued expenses 885,448 747,269 Deposits and prepaid fees (526,142) (666,434) ----------- ----------- $ (440,267) $(2,654,206) =========== =========== Noncash Financing Activities: The Company satisfied its preferred stock dividend liability to Golf Hosts, Inc. through the long-term intercompany account. $ 64,078 $ 64,078
Page 8 9 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 2.4% from the prior year level. On a divisional basis, Innisbrook's occupancy fell 7.9%, while Tamarron experienced a gain of 31.0%. The fluctuations were primarily in the conference segment. On a per occupied room night basis, revenues, excluding those attributable to real estate activities, declined .9%, from $375.94 to $372.62. The decline primarily was in food and beverage and can be attributed to the spending patterns unique to the conference business associated with each period. Golf also declined, due in part to the occupancy gain at Tamarron for which, due to seasonality, there were no attendant golf revenues. On a divisional basis, revenue per occupied room was $418.97 and $174.47, compared with $407.82 and $182.09 a year earlier, for Innisbrook and Tamarron, respectively. The occupancy decline coupled with changes in guest spending, as measured by revenue per occupied room, resulted in a decline in total revenues, excluding those attributable to real estate activities, of approximately $638,000 or 3.3%. Revenues from real estate activities increased almost $200,000, attributable to the closing of the last residential homesite at Estates at Tamarron - Highpoint. Costs and operating expenses, in relation to total revenues, increased from 78.1% to 80.7%. To some extent, the increase can be attributed to the minimum wage hike that went into effect last fall. Additionally, lost economies of scale typically accompany lower levels of occupancy, contributing to an erosion of the operating income margin. Finally, the impact of lower guest spending, coupled with general price level changes in the underlying cost structure, adversely impacted the operating expense percentage, further eroding the operating income margin. Interest, net, decreased approximately $50,000 from the year-ago level, reflecting lower borrowings under the accounts receivable line of credit, and a reduction in both the interest rate and the level of debt outstanding under the Company's mortgages. FINANCIAL CONDITION At March 31, 1997, the Company's net working capital deficit was $23,111, compared with $1,278,106 at December 31, 1996. The Company typically experiences seasonal fluctuations in its net working capital position without impairing its ability to pay trade creditors in a timely manner and satisfy its financial obligations in an orderly fashion. The Company maintains satisfactory relations with its financial institutions. Liquidity is provided by an accounts receivable and inventory credit line of $6,000,000, of which $5,664,000 was available for immediate use at March 31, 1997, and a revolving mortgage credit facility of $2,000,000, of which approximately $586,000 was available for immediate use at March 31, 1997. Specific financing is in place for most equipment purchases. 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 as satisfactory. Page 9 10 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, 1997 and 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 10 11 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 15, 1997 By: /s/ R. S. Ferreira -------------------------------- ------------------------------ Richard S. Ferreira Executive Vice President Chief Financial Officer Date: May 15, 1997 By: /s/ A. S. Herzog -------------------------------- ------------------------------ A. Stephen Herzog Vice President and Controller Chief Accounting Officer Date: May 15, 1997 By: /s/ R. L. Akin -------------------------------- ------------------------------ Richard L. Akin Vice President and Treasurer Page 11 12 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, 1997 and 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, 1996 (File No. 2-64309). Page 12 13 INNISBROOK RENTAL POOL LEASE OPERATION BALANCE SHEETS MARCH 31, 1997 AND 1996 DISTRIBUTION FUND
1997 1996 ---------- ---------- ASSETS RECEIVABLE FROM GOLF HOST RESORTS, INC FOR DISTRIBUTION - FULLY SECURED $3,093,103 $3,249,762 INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND 22,062 24,347 ---------- ---------- $3,115,165 $3,274,109 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES DUE TO PARTICIPANTS FOR DISTRIBUTION $2,561,534 $2,863,753 DUE TO MAINTENANCE ESCROW FUND 371,665 404,621 RESERVE FOR ESTIMATED LIFE-SAFETY REIMBURSEMENT 181,966 5,735 PARTICIPANTS' FUND BALANCES -- -- ---------- ---------- $3,115,165 $3,274,109 ========== ========== MAINTENANCE ESCROW FUND ASSETS CASH AND CASH EQUIVALENTS $2,017,075 $1,147,241 INVENTORIES -- 251 RECEIVABLE FROM DISTRIBUTION FUND 371,665 404,621 INTEREST RECEIVABLE 25,196 32,148 ---------- ---------- $2,413,936 $1,584,261 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES ACCOUNTS PAYABLE $ 20,641 $ 14,933 INTEREST PAYABLE TO DISTRIBUTION FUND 22,062 24,347 CARPET CARE RESERVE 41,812 48,086 PARTICIPANTS' FUND BALANCES 2,329,421 1,496,895 ---------- ---------- $2,413,936 $1,584,261 ========== ==========
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 OPERATIONS FOR THE QUARTERS ENDED MARCH 31, 1997 AND 1996 DISTRIBUTION FUND
1997 1996 ---------- ---------- GROSS REVENUES $5,881,655 $6,166,059 ---------- ---------- DEDUCTIONS: Agents' commissions 102,617 118,547 Audit fees 3,100 3,100 ---------- ---------- 105,717 121,647 ---------- ---------- ADJUSTED GROSS REVENUES 5,775,938 6,044,412 MANAGEMENT FEE (2,714,690) (2,840,874) ---------- ---------- GROSS INCOME DISTRIBUTION 3,061,248 3,203,538 ADJUSTMENTS TO GROSS INCOME DISTRIBUTION: Corporate complimentary occupancy fees 3,920 3,005 Occupancy fees (495,550) (539,491) Advisory Committee expenses (28,712) (22,239) Life-safety reimbursement (181,966) (5,735) ---------- ---------- NET INCOME DISTRIBUTION 2,358,940 2,639,078 ADJUSTMENTS TO NET INCOME DISTRIBUTION: Occupancy fees 495,550 539,491 Hospitality suite fees 3,022 4,328 Greens fees 35,790 37,508 Additional participation credit 17,835 18,290 ---------- ---------- AMOUNT AVAILABLE FOR DISTRIBUTION TO PARTICIPANTS $2,911,137 $3,238,695 ========== ========== Average daily distribution $ 39.33 $ 42.79 Average room rate $ 143.92 $ 138.94 Occupied room nights 40,867 44,378 Available room nights 74,022 75,692 Occupancy percentage 55.2% 58.6% Average number of available units 822 832
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 CHANGES IN PARTICIPANTS' FUND BALANCES FOR THE QUARTERS ENDED MARCH 31, 1997 AND 1996 DISTRIBUTION FUND
1997 1996 ----------- ------------ BALANCE, beginning of period $ -- $ -- ADDITIONS: Amounts available for distribution before life-safety reimbursement 3,093,103 3,244,430 Interest received or receivable from Maintenance Escrow Fund 22,062 24,347 REDUCTIONS: Amounts withheld for Maintenance Escrow Fund (371,665) (404,621) Amounts held in reserve for estimated life-safety reimbursement (181,966) (5,735) Amounts accrued or paid to participants (2,561,534) (2,858,421) ----------- ----------- BALANCE, end of period $ -- $ -- =========== =========== MAINTENANCE ESCROW FUND 1997 1996 ----------- ----------- BALANCE, beginning of period $ 1,734,415 $ 1,141,259 ADDITIONS: Amounts withheld from occupancy fees 371,665 404,621 Interest earned 22,062 24,347 Charges to participants to establish or restore escrow balances 453,323 239,474 REDUCTIONS: Maintenance charges (211,600) (266,489) Carpet care reserve deposit (14,497) (10,792) Interest accrued or paid to Distribution Fund (22,062) (24,347) Refunds to participants as prescribed by the Master Lease Agreement (3,885) (11,178) ----------- ----------- BALANCE, end of period $ 2,329,421 $ 1,496,895 =========== ===========
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 TAMARRON RENTAL POOL LEASE OPERATION BALANCE SHEETS MARCH 31, 1997 AND 1996 DISTRIBUTION FUND
1997 1996 ---------- ---------- ASSETS CASH $ 1,000 $ 1,000 RECEIVABLE FROM GOLF HOST RESORTS, INC FOR DISTRIBUTION 288,983 223,848 INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND 253 $ 1,180 ---------- ---------- $ 290,236 $ 226,208 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES DUE TO PARTICIPANTS FOR DISTRIBUTION $ 220,765 $ 183,300 DUE TO MAINTENANCE ESCROW FUND 69,471 42,728 PARTICIPANTS' FUND BALANCES -- -- ---------- ---------- $ 290,236 $ 226,028 ========== ========== MAINTENANCE ESCROW FUND ASSETS CASH AND CASH EQUIVALENTS $ 17,588 $ 126,695 DUE FROM DISTRIBUTION FUND 69,471 42,728 INTEREST RECEIVABLE -- 374 INVENTORY: Linen 124,704 84,408 Materials and supplies 9,642 7,806 DEPOSITS -- 4,371 ---------- ---------- $ 221.405 $ 266,382 ========== ========== LIABILITIES AND PARTICIPANTS' FUND BALANCES ACCOUNTS PAYABLE $ 10,781 $ 11,132 INTEREST PAYABLE TO DISTRIBUTION FUND 253 1,180 PARTICIPANTS' FUND BALANCES 210,371 254,070 ---------- ---------- $ 221,405 $ 266,382 ========== ==========
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 OPERATIONS FOR THE QUARTERS ENDED MARCH 31, 1997 AND 1996 DISTRIBUTION FUND
1997 1996 --------- --------- GROSS REVENUES $ 701,690 $ 534,362 --------- --------- DEDUCTIONS: Agents' commissions 58,047 36,579 Sales and marketing expenses 56,135 45,421 Audit fees 2,600 2,601 --------- --------- 116,782 84,601 --------- --------- ADJUSTED GROSS REVENUES 584,908 449,761 MANAGEMENT FEE (292,454) (224,881) --------- --------- GROSS INCOME DISTRIBUTION 292,454 224,880 ADJUSTMENTS TO GROSS INCOME DISTRIBUTION: Corporate complimentary occupancy fees 622 695 Occupancy fees (95,117) (56,683) Designated items (20,911) (13,386) Advisory Committee expenses (4,093) (1,780) --------- --------- POOLED INCOME 172,955 153,726 ADJUSTMENTS TO POOLED INCOME: Hospitality suite fees -- 53 Occupancy fees 95,117 56,683 --------- --------- NET INCOME DISTRIBUTION $ 268,072 $ 210,462 ========= ========= Average daily distribution $ 10.44 $ 8.26 Average room rate $ 73.40 $ 73.21 Room nights 9,559 7,299 Occupancy percentage 37.2% 28.7% Average number of available units 285 280 Number of units in Rental Pool at end of period 297 290
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 CHANGES IN PARTICIPANTS' FUND BALANCES FOR THE QUARTERS ENDED MARCH 31, 1997 AND 1996 DISTRIBUTION FUND
1997 1996 --------- --------- BALANCE, beginning of period $ -- $ -- ADDITIONS: Amounts available for distribution 268,072 210,462 Interest received or receivable from Maintenance Escrow Fund 253 1,180 REDUCTIONS: Amounts withheld for Maintenance Escrow Fund (47,560) (28,342) Amounts accrued or paid to participants (220,765) (183,300) --------- --------- BALANCE, end of period $ -- $ -- ========= ========= MAINTENANCE ESCROW FUND BALANCE, beginning of period $ 197,548 $ 328,336 ADDITIONS: Amounts withheld from occupancy fees 47,560 28,342 Interest earned 253 1,180 Reimbursement of designated items 20,911 13,386 Charges to participants to establish or restore escrow balances 12,086 16,684 REDUCTIONS: Maintenance and inventory charges (19,472) (36,717) Refurbishing charges (22,431) (75,745) Interest accrued or paid to Distribution Fund (253) (1,180) Designated items (20,911) (13,387) Refunds to participants as prescribed by Master Lease Agreement (4,920) (6,829) --------- --------- BALANCE, end of period $ 210,371 $ 254,070 ========= =========
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 EX-27 2 FINANCIAL DATA SCHEDULE (FOR SEC USE ONLY)
5 1,000 US DOLLARS YEAR DEC-31-1997 JAN-31-1997 MAR-31-1997 1 523,328 0 6,582,789 51,055 4,982,301 13,312,523 66,860,913 26,895,973 54,468,516 13,335,634 19,830,289 0 4,577,000 5,000 12,415,287 54,468,516 5,959,782 18,969,743 1,735,884 15,309,484 0 15,331 465,338 3,194,921 1,202,200 1,992,721 0 0 0 1,992,721 398.54 398.54
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