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GOLF CURSE OPERATIONS
<br />STATEMENT OF REVENUES AND EXPENSES
<br />FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2014
<br />ELBEL ERSKINE STUDEBAKER TOTAL,
<br />Golf Operating Revenues:
<br />Daily Green Fees
<br />$166,150
<br />$168,421
<br />$61,425
<br />$395,995
<br />Season Ticket Sales (a)
<br />59,880
<br />83,552
<br />10,023
<br />153,455
<br />Cart Rentals
<br />21B,674
<br />180,229
<br />20,770
<br />419,573
<br />Merchandise Sales
<br />59,356
<br />60,981
<br />2,217
<br />122,554
<br />Driving Range
<br />17,028
<br />NIA
<br />WA
<br />17,026
<br />Glft certificates (Net)
<br />(1,019)
<br />(4,626)
<br />66
<br />(5,579)
<br />League Entry Fees
<br />420
<br />693
<br />164
<br />1,277
<br />465
<br />Shared Revenues (b)
<br />186
<br />186
<br />93
<br />$1,302,345
<br />Trade-in Payment
<br />2,296
<br />0
<br />0
<br />2,296
<br />GPS Advertising
<br />0
<br />0
<br />0
<br />0
<br />0
<br />140
<br />Course Trends
<br />Miscellaneous
<br />0
<br />1,062
<br />140
<br />1,235
<br />1,383
<br />3,680
<br />Total Golf Operating Revenues:
<br />$524,030
<br />$490,811
<br />$96,140
<br />$1,110,981
<br />Concession Operating Revenues:
<br />$27,891
<br />$20,408
<br />$1,544
<br />$49,844
<br />Food Sales
<br />Pop Sales
<br />18,311
<br />18,299
<br />4,461
<br />41,071
<br />Alcohol Sales
<br />46,861
<br />32,951
<br />NIA
<br />79,611
<br />Golf Outings
<br />4,290
<br />313
<br />NIA
<br />4,603
<br />MiscellaneouslCatering /Other
<br />35
<br />657
<br />0
<br />692
<br />Total Concession Operating Revenues: $97,388 $72.628 $6,006 $176,021
<br />Total Operating Revenues: $621,418 $563,439 $102,146 $1,287,002
<br />Golf Operating Expenses:
<br />Personnel
<br />$286,059
<br />$337,277
<br />$64,551
<br />$687,887
<br />Shared Administrative Expenses (b)
<br />56,642
<br />58,842
<br />13,078
<br />130,759
<br />Cost of Good Sold
<br />49,334
<br />54,575
<br />937
<br />104,846
<br />Supplies
<br />115,597
<br />96,997
<br />7,219
<br />219,813
<br />Contractual
<br />72,833
<br />70,744
<br />13,392
<br />158,968
<br />Trade -in Allowance
<br />2,071
<br />0
<br />0
<br />2,071
<br />Debt Service
<br />0
<br />0
<br />0
<br />0
<br />Total Golf Operating Expenses:
<br />$684,736
<br />$618,434
<br />$99,175
<br />$1,302,345
<br />Concession Operating Expenses:
<br />Personnel
<br />$34,898
<br />$30,212
<br />$0
<br />$65,109
<br />Cost of Goods Sold
<br />39,291
<br />29,051
<br />2,402
<br />70,744
<br />supplies
<br />Contractual
<br />452
<br />1,147
<br />347
<br />3,757
<br />0
<br />10
<br />798
<br />4,914
<br />Capital
<br />0
<br />0
<br />0
<br />0
<br />Total Concession Operating Expenses:
<br />$75,788
<br />$63,366
<br />$2,412
<br />$141,566
<br />Total Operating Expenses:
<br />$660524
<br />$681,B00
<br />$101,587
<br />$1,443,911
<br />Operating Income (Loss)
<br />($39,106)
<br />($118,361)
<br />$559
<br />($156,909)
<br />(a) Season ticket sales are allocated to Obel, Erskine, and Studebaker based on
<br />percentage of season pass play. (39 %, 54 %, 7%, respectively)
<br />(b) Shared advertising revenues and administrative expenses are allocated to Elm, Erskine, and Studebaker
<br />on a 451A, 45 °k, 105/6 basis, respectively. The expenses include shared personnel costs, supplies,
<br />contractuals, and administrative fees.
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