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COAL CREEK GOLF COURSE
<br />CONSOLIDATED INCOME STATEMENT
<br />FOR THE PERIOD ENDED
<br />December 2012
<br />CURRENT MONTHYEAR-TO-DATECURRENTANNUAL
<br />ACTUALPCTBUDGETPCTVARIANCELAST YEARVARIANCEDESCRIPTIONACTUALPCTBUDGETPCTVARIANCELAST YEARVARIANCEFORECASTBUDGET
<br />1,3919504410144TOTAL FACILITY ROUNDS39,98536,0003,98535,5354,45039,98536,000
<br />166109570(791)TOTAL GREEN FEE ROUNDS31,57328,0943,47928,8992,67431,57328,094
<br />670670(435)TOTAL RESTAURANT COVERS12,81219,300(6,488)29,231(16,419)12,81219,300
<br />0000(58)TOTAL BANQUET COVERS7691,625(856)1,650(881)7691,625
<br />Revenues
<br />9,83625%12,38037%(2,544)6,3333,503LOYALTY PASS INITIATION FEES114,3366%123,8007%(9,464)113,447889114,336123,800
<br />1,9925%3,80011%(1,808)1,025967ANNUAL PASS INITIATION FEES81,9834%79,2004%2,78380,6101,37381,98379,200
<br />4,95913%2,6108%2,34924,312(19,353)GREEN FEES896,15449%849,15347%47,001792,836103,318896,154849,153
<br />2,5546%3,42010%(867)2,802(249)DRIVING RANGE135,0097%129,6007%5,409123,55811,451135,009129,600
<br />4,21811%6,40419%(2,186)6,526(2,308)GOLF CART RENTALS250,85414%242,64614%8,208234,64816,206250,854242,646
<br />8,21721%1901%8,0271058,112 OTHER & MISCELLANEOUS GOLF25,5011%10,6001%14,9018,35517,14625,50110,600
<br />5,38414%2,6608%2,7243,3462,038GOLF SHOP MERCHANDISE117,4136%124,4237%(7,010)110,7536,660117,413124,423
<br />6762%1,9476%(1,271)487189 F&B ON-COURSE71,0244%73,8044%(2,780)68,9072,11771,02473,804
<br />1,6204%00%1,6203,726(2,106) F&B RESTAURANT129,7527%126,4867%3,266124,9734,779129,752126,486
<br />00%00%0(3,384)3,384 F&B BANQUET18,6351%35,1052%(16,470)30,925(12,290)18,63535,105
<br />00%00%0150(150)OTHER F&B (ROOM, EQUIPMENT, ETC.)00%00%0(96)9600
<br />39,456100%33,411100%6,04545,428(5,972)TOTAL REVENUES1,840,663100%1,794,817100%45,8461,688,916151,7471,840,6631,794,817
<br />Less: Cost of Sales
<br />4,40882%1,92172%(2,487)1,275(3,133)GOLF SHOP MERCHANDISE81,69170%89,83372%8,14276,604(5,087)81,69189,833
<br />76133%65434%(107)2,9122,151FOOD & BEVERAGE81,94137%82,14635%20580,362(1,579)81,94182,146
<br />5,1692,575(2,594)4,187(982)TOTAL COST OF SALES163,632171,9798,347156,966(6,666)163,632171,979
<br />34,28730,8363,45141,241(6,954)GROSS PROFIT1,677,0311,622,83854,1931,531,950145,0811,677,0311,622,838
<br />Payroll and Benefits
<br />9,90925%8,43725%(1,472)8,461(1,448) GOLF OPERATIONS186,42810%193,42811%7,000159,343(27,085)186,428193,428
<br />11,51529%14,42343%2,90815,6894,174 GOLF COURSE MAINTENANCE300,09816%302,75117%2,653249,352(50,746)300,098302,751
<br />1,3653%4001%(965)8,8677,502 FOOD & BEVERAGE75,3244%84,1475%8,82385,0689,74475,32484,147
<br />10,13026%9,23928%(891)9,272(858)GENERAL & ADMINISTRATIVE90,7105%110,8686%20,158113,86023,15090,710110,868
<br />32,91983%32,49997%(420)42,2899,370TOTAL PAYROLL AND BENEFITS652,56135%691,19439%38,633607,623(44,938)652,561691,194
<br />Operating Expenses
<br />270%5502%5234821 GOLF OPERATIONS31,8302%29,5002%(2,330)27,475(4,355)31,83029,500
<br />00%00%000GOLF SHOP MERCHANDISE00%00%05500
<br />1,8965%2,0506%1542,615719 GOLF COURSE MAINTENANCE122,7557%151,4258%28,670133,01210,257122,755151,425
<br />2,7297%1,0003%(1,729)3,328599COURSE ELECTRIC & WATER PUMPING34,5552%25,0001%(9,555)26,018(8,537)34,55525,000
<br />1,3753%3901%(985)989(386) FOOD & BEVERAGE20,9861%23,6551%2,66923,9292,94320,98623,655
<br />4,07610%2,9039%(1,173)5,3911,315GENERAL & ADMINISTRATIVE80,7214%77,6754%(3,046)81,8181,09780,72177,675
<br />1,1143%3,40010%2,286(1,018)(2,132) MARKETING32,9962%36,3002%3,30434,7421,74632,99636,300
<br />5,67414%4,51514%(1,159)10,6174,943CLUBHOUSE64,0583%67,9554%3,89768,3464,28864,05867,955
<br />16,89143%14,80844%(2,083)21,9705,079TOTAL OPERATING EXPENSES387,90121%411,51023%23,609395,3457,444387,901411,510
<br />49,810126%47,307142%(2,503)64,25914,449TOTAL PAYROLL AND OPERATING EXPENSES1,040,46257%1,102,70461%62,2421,002,968(37,494)1,040,4621,102,704
<br />(15,523)-39%(16,471)-49%948(23,018)7,495NET OPERATING INCOME636,569520,134116,435528,982107,587636,569520,134
<br />Fixed Assets & Misc. Expenses
<br />(68,512)-174%00%68,512(70,988)(2,476)MANAGEMENT FEE133,4087%00%(133,408)201,67268,264133,4080
<br />11,66330%11,66535%214,0722,409MAINTENANCE EQUIPMENT LEASES 148,4648%139,9808%(8,484)95,973(52,491)148,464139,980
<br />3501%00%(350)0(350)GOLF CART LEASES23,0991%22,8001%(299)60,27037,17123,09922,800
<br />1,9315%3,80011%1,8693,8201,889INSURANCE (NON WORKERS' COMP)21,9191%44,0002%22,08135,58713,66821,91944,000
<br />30,00076%30,10090%1000(30,000)INTEREST AND DEPRECIATION (DEBT SERVICE180,00010%181,20010%1,200(16,329)(196,329)180,000181,200
<br />450%00%(45)30,07830,033ASSESSMENTS450%00%(45)151,809151,764450
<br />00%00%000MISCELLANEOUS1,6330%00%(1,633)(16,329)(17,962)1,6330
<br />(24,523)45,565136%70,088(23,018)1,505TOTAL FIXED ASSETS & MISC. EXPENSES508,56928%387,98022%(120,589)512,6534,084508,569387,980
<br />9,00023%(62,036)-186%71,03609,000NET INCOME128,0007%132,1547%(4,154)16,329111,671128,000132,154
<br />23%0%-186%0%209%0%23%NET INCOME %7%0%7%0%0%0%7%0%7%
<br />$29.87$23.94$5.93$25.40$4.47Avg. $ Green Fee per Green Fee Round $28.38$30.23($1.84)$27.43$0.95$28.38$30.23
<br />$1.84$3.60($1.76)$2.25($0.41)Avg. $ Driving Range per Facility Round$3.38$3.60($0.22)$3.48($0.10)$3.38$3.60
<br />$3.03$6.74($3.71)$5.23($2.20)Avg. $ Cart Fee per Facility Round$6.27$6.74($0.47)$6.60($0.33)$6.27$6.74
<br />$5.91$0.20$5.71$0.08$5.82Avg. $ Other Golf Revenue per Facility Round$0.64$0.29$0.34$0.24$0.40$0.64$0.29
<br />$3.87$2.80$1.07$2.68$1.19Avg. $ Merchandise per Facility Round$2.94$3.46($0.52)$3.12($0.18)$2.94$3.46
<br />$0.49$2.05($1.56)$0.39$0.10Avg. $ F&B On Course per Facility Round$1.78$2.05($0.27)$1.94($0.16)$1.78$2.05
<br />$24.18$0.00$24.18$7.42$16.76Avg. $ F&B Restaurant per Restaurant Cover$10.13$6.55$3.57$4.28$5.85$10.13$6.55
<br />$0.00$0.00$0.00($55.76)$55.76Avg. $ F&B Banquets per Banquet Cover$24.23$21.60$2.63$18.68$5.55$24.23$21.60
<br />453114405Average Rounds per Day1099811971211099
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