GOLF COURSE OPERATIONS
<br />STATEMENT OF REVENUES AND EXPENSES
<br />FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012
<br />ELBEL ERSKINE STUDEBAKER TOTAL
<br />Golf Operating Revenues:
<br />Daily Green Fees
<br />$202,915
<br />$225,080
<br />$67,045
<br />$495,040
<br />Season Ticket Sales (a)
<br />62,024
<br />70,696
<br />10,120
<br />142,840
<br />Cart Rentals.
<br />217,434
<br />197,028
<br />16,626
<br />431,088
<br />Merchandise Sales
<br />64,868
<br />82,050
<br />2,122
<br />149,049
<br />Driving Range
<br />18,200
<br />NIA
<br />NIA
<br />18,200
<br />Gift Certificates (Net)
<br />2,133
<br />2,957
<br />25
<br />6,116
<br />League Entry Fees
<br />558
<br />723
<br />188
<br />1;469
<br />Shared Revenues (b)
<br />738
<br />738
<br />389
<br />1,846
<br />Trade -in Payment
<br />2,017
<br />1,010
<br />0
<br />3,027
<br />GPS Advertising
<br />0
<br />0
<br />0
<br />0
<br />Course Trends
<br />6,258
<br />4,163
<br />0
<br />10,421
<br />Miscellaneous
<br />705
<br />0
<br />0
<br />705
<br />Total Golf Operating Revenues:
<br />$577,849
<br />$584,456
<br />$96,495
<br />$1,256,800
<br />Concession Operating Revenues:
<br />0
<br />0
<br />0
<br />0
<br />Food Sales
<br />$31,547
<br />$17,892
<br />$1,800
<br />$51,238
<br />Pop Sales
<br />27,160
<br />24,135
<br />5,438
<br />56,733
<br />Beer Sales
<br />46,957
<br />37,887
<br />NIA
<br />84,844
<br />Golf Outings
<br />1,098
<br />605
<br />NIA
<br />1,903
<br />Miscellaneous /CateringlOfher
<br />286
<br />537
<br />6
<br />831
<br />Total Concession Operating Revenues: $107,048 $81,256 J7,246 $195,649
<br />Total Operating Revenues; $684,897 $885,712 $103,740 $1,454,349
<br />GoifOperating Expenses:
<br />Personnel
<br />$326,467
<br />$324,009
<br />$69,804
<br />$720,281
<br />Shared Administrative Expenses (b)
<br />56,440
<br />58,440
<br />12,542
<br />126,422
<br />Cast of Good Sold
<br />55,195
<br />72,284
<br />767
<br />128,246
<br />Supplies
<br />129,126
<br />90,643
<br />17,382
<br />237,161
<br />Contractual
<br />108,762
<br />96,422
<br />11,506
<br />216,690
<br />Trade -in Allowance
<br />972
<br />1,005
<br />0
<br />1,977
<br />Debt Service
<br />0
<br />0
<br />0
<br />0
<br />Total Goff Operating Expenses:
<br />$676,962
<br />$640,803
<br />$112,001
<br />$1429,766
<br />Concession Operating Expenses:
<br />Personnel
<br />$39,644
<br />$34,044
<br />$0
<br />$73,688
<br />Cost of Goods Sold
<br />42,619
<br />32,502
<br />2,898
<br />78,220
<br />Supplies
<br />829
<br />829
<br />0
<br />1,650 i
<br />Contractual
<br />1,410
<br />1,771
<br />5
<br />3,166
<br />Capital
<br />0
<br />0
<br />0
<br />0
<br />Total Concession Operating Expenses:
<br />X4,702
<br />$69,147
<br />$2.903
<br />$156,751
<br />Total Operating Expenses:
<br />$761,663
<br />$709,950
<br />$114,904
<br />$1,566,518
<br />Operating Income (Loss) ($76,766) ($44,238) $11,164) ($132,169)
<br />(a) Season ticket sales are allocated to Elbel, Erskine, and Studebaker based on
<br />percentage ofseason pass play. (43 %, 50 %, 7 %, respectively)
<br />(b) Shared advertising revenues and administrative expenses are allocated to Elbe], Erskine, and Studebaker
<br />on a 45%.45%. 10 % basis, respectively. The expenses include shared personnel costs, supplies,
<br />contractu2ls, and administrative fees.
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