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COAL CREEK GOLF COURSE
<br />CONSOLIDATED INCOME STATEMENT
<br />FOR THE PERIOD ENDED
<br />September 2012
<br />CURRENT MONTHYEAR-TO-DATECURRENTANNUAL
<br />ACTUALPCTBUDGETPCTVARIANCELAST YEARVARIANCEDESCRIPTIONACTUALPCTBUDGETPCTVARIANCELAST YEARVARIANCEFORECASTBUDGET
<br />4,0314,100(69)4,065(34)TOTAL FACILITY ROUNDS33,82631,2502,57631,5992,22738,57636,000
<br />3,3813,403(22)3,393(12)TOTAL GREEN FEE ROUNDS27,61524,8312,78425,6781,93730,87828,094
<br />8972,200(1,303)2,202(1,305)TOTAL RESTAURANT COVERS11,82417,400(5,576)27,372(15,548)13,72419,300
<br />1175(174)01TOTAL BANQUET COVERS7291,625(896)1,592(863)7291,625
<br />Revenues
<br />6,1373%10,8455%(4,708)10,649(4,512)LOYALTY PASS INITIATION FEES89,8526%101,1206%(11,268)100,888(11,036)112,532123,800
<br />15,4328%4,4002%11,0326,4608,972ANNUAL PASS INITIATION FEES74,7875%72,2005%2,58778,245(3,458)81,78779,200
<br />100,89850%105,95552%(5,057)97,8992,999GREEN FEES789,47249%756,55148%32,921705,98983,483882,074849,153
<br />13,2157%14,7607%(1,546)12,469746DRIVING RANGE121,2228%112,5007%8,722113,4197,803138,322129,600
<br />28,66214%27,63413%1,02829,943(1,281)GOLF CART RENTALS218,28414%210,63013%7,654208,2919,993250,300242,646
<br />1,2421%8200%4221,013229 OTHER & MISCELLANEOUS GOLF11,9641%9,6501%2,3147,2474,71712,91410,600
<br />12,7086%14,1467%(1,438)14,018(1,310)GOLF SHOP MERCHANDISE97,9786%106,5797%(8,601)100,637(2,659)115,822124,423
<br />8,2864%8,4054%(119)6,7941,492 F&B ON-COURSE68,5584%64,0654%4,49364,1654,39378,29773,804
<br />14,8627%14,5207%34216,132(1,270) F&B RESTAURANT111,2307%113,9447%(2,714)112,008(778)123,772126,486
<br />9700%3,7812%(2,811)1,640(670) F&B BANQUET18,2211%35,1052%(16,884)34,309(16,088)18,22135,105
<br />00%00%000OTHER F&B (ROOM, EQUIPMENT, ETC.)00%00%0(258)25800
<br />202,412100%205,266100%(2,854)197,0175,395TOTAL REVENUES1,601,569100%1,582,344100%19,2251,524,94076,6291,814,0421,794,817
<br />Less: Cost of Sales
<br />7,83562%10,21372%2,37810,0032,168GOLF SHOP MERCHANDISE65,86467%76,94972%11,08570,6684,80478,74889,833
<br />7,22930%9,31235%2,0839,0991,870FOOD & BEVERAGE71,72736%74,50135%2,77471,667(60)79,37282,146
<br />15,06419,5254,46119,1024,038TOTAL COST OF SALES137,591151,45013,859142,3354,744158,120171,979
<br />187,348185,7411,607177,9159,433GROSS PROFIT1,463,9781,430,89433,0841,382,60581,3731,655,9221,622,838
<br />Payroll and Benefits
<br />17,1548%22,22311%5,07015,752(1,402) GOLF OPERATIONS149,8249%155,02510%5,201136,851(12,973)188,227193,428
<br />32,13216%34,70317%2,57136,1634,031 GOLF COURSE MAINTENANCE240,11615%242,90715%2,791202,582(37,534)299,960302,751
<br />9,2725%11,9036%2,6319,204(68) FOOD & BEVERAGE65,3314%73,7115%8,38068,3723,04175,76784,147
<br />9,3565%9,2395%(117)10,6831,327GENERAL & ADMINISTRATIVE61,2434%83,1515%21,90895,65734,41488,960110,868
<br />67,91334%78,06838%10,15571,8023,889TOTAL PAYROLL AND BENEFITS516,51532%554,79435%38,279503,462(13,053)652,915691,194
<br />Operating Expenses
<br />2360%1,6501%1,4141,185949 GOLF OPERATIONS31,1042%27,5002%(3,604)26,976(4,128)33,10429,500
<br />00%00%000GOLF SHOP MERCHANDISE00%00%05500
<br />12,3886%24,15012%11,76223,81311,425 GOLF COURSE MAINTENANCE111,3017%133,8058%22,504124,47913,178128,921151,425
<br />4,1092%3,0001%(1,109)4,037(72)COURSE ELECTRIC & WATER PUMPING24,5202%20,0001%(4,520)18,884(5,636)29,52025,000
<br />6490%2,1151%1,4662,6622,013 FOOD & BEVERAGE16,1581%20,5601%4,40221,7335,57519,25323,655
<br />7,0894%9,8175%2,72811,0443,955GENERAL & ADMINISTRATIVE59,7584%66,0654%6,30767,7768,01871,36877,675
<br />2,6981%3,4002%7023,100402 MARKETING28,4122%26,1002%(2,312)33,1094,69738,61236,300
<br />5,6683%6,9903%1,3226,560892CLUBHOUSE46,0193%52,4103%6,39151,3845,36561,56467,955
<br />32,83716%51,12225%18,28552,40119,564TOTAL OPERATING EXPENSES317,27320%346,44022%29,167344,34627,073382,343411,510
<br />100,75050%129,19063%28,440124,20323,453TOTAL PAYROLL AND OPERATING EXPENSES833,78852%901,23457%67,446847,80814,0201,035,2581,102,704
<br />86,59843%56,55128%30,04753,71232,886NET OPERATING INCOME630,190529,660100,530534,79795,393620,664520,134
<br />Fixed Assets & Misc. Expenses
<br />37,46919%00%(37,469)2,901(34,568)MANAGEMENT FEE292,96218%00%(292,962)295,4362,474292,9620
<br />13,4127%11,6656%(1,747)9,513(3,899)MAINTENANCE EQUIPMENT LEASES 114,0597%104,9857%(9,074)70,238(43,821)149,054139,980
<br />3,7862%3,8002%148,6104,824GOLF CART LEASES18,9641%19,0001%3651,66032,69622,76422,800
<br />1,9311%3,8002%1,8692,391460INSURANCE (NON WORKERS' COMP)16,1261%32,6002%16,47427,94711,82127,52644,000
<br />30,00015%30,10015%100218(29,782)INTEREST AND DEPRECIATION (DEBT SERVICE90,0006%90,9006%900(2,137)(92,137)180,300181,200
<br />00%00%030,07930,079ASSESSMENTS00%00%091,65391,65300
<br />00%00%0218218MISCELLANEOUS1,0790%00%(1,079)(2,137)(3,216)1,0790
<br />86,59849,36524%(37,233)53,930(32,668)TOTAL FIXED ASSETS & MISC. EXPENSES533,19033%247,48516%(285,705)532,660(530)673,685387,980
<br />00%7,1864%(7,186)(218)218NET INCOME97,0006%282,17518%(185,175)2,13794,863(53,021)132,154
<br />0%0%4%0%-4%0%0%NET INCOME %6%0%18%0%-12%0%6%0%7%
<br />$29.84$31.14($1.29)$28.85$0.99Avg. $ Green Fee per Green Fee Round $28.59$30.47($1.88)$27.49$1.09$28.57$30.23
<br />$3.28$3.60($0.32)$3.07$0.21Avg. $ Driving Range per Facility Round$3.58$3.60($0.02)$3.59($0.01)$3.59$3.60
<br />$7.11$6.74$0.37$7.37($0.26)Avg. $ Cart Fee per Facility Round$6.45$6.74($0.29)$6.59($0.14)$6.49$6.74
<br />$0.31$0.20$0.11$0.25$0.06Avg. $ Other Golf Revenue per Facility Round$0.35$0.31$0.04$0.23$0.12$0.33$0.29
<br />$3.15$3.45($0.30)$3.45($0.30)Avg. $ Merchandise per Facility Round$2.90$3.41($0.51)$3.18($0.29)$3.00$3.46
<br />$2.06$2.05$0.01$1.67$0.38Avg. $ F&B On Course per Facility Round$2.03$2.05($0.02)$2.03($0.00)$2.03$2.05
<br />$16.57$6.60$9.97$7.33$9.24Avg. $ F&B Restaurant per Restaurant Cover$9.41$6.55$2.86$4.09$5.32$9.02$6.55
<br />$970.00$21.61$948.39$0.00$970.00Avg. $ F&B Banquets per Banquet Cover$24.99$21.60$3.39$21.39$3.61$24.99$21.60
<br />134137(2)136(1)Average Rounds per Day1231149115810699
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