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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. <br />9 <br />