Ocean Breeze Financials

Summary W/ Comment
Combined Statement

Golf Revenue
Rooms Renenue
F & B Revenue
G & A Revenue
Unallocated Revenue

2008

$ 1,214,178
$
517,378
$
80,893
$
18,965
$ 1,264,974

39.2%
16.7%
2.6%
0.6%
40.9%

2009

$ 1,167,002
$
347,097
$
395,702
$
53,505
$ 1,115,984

37.9%
11.3%
12.9%
1.7%
36.2%

Sub0Total All Revenue $

3,096,388

100.0%

3,079,290

100.0%

$
$
$

77,286
146
21,678

2.5%
0.0%
0.7%

$
$
$

60,625
42
-

2.0%
0.0%
0.0%

Sub-Total CGS $
Unallocated Expense $
Sub-Total Other Expense $

99,110
449,780
548,890

3.2%
14.5%
17.7%

$
$
$

60,667
474,195
534,862

2.0%
15.4%
17.4%

Gross Operating Profit $

2,547,498

82.3%

2,544,428

82.6%

$
$
$
$
$

235,704
181,414
160,465
21,304
235,135

7.6%
5.9%
5.2%
0.7%
7.6%

$
$
$
$
$

210,115
406,303
162,780
29,967
193,681

6.8%
13.2%
5.3%
1.0%
6.3%

CGS - Golf
CGS - Rooms
CGS - F & B

Salaries & Wages

Golf Staff
Course Staff
Rooms Staff
F & B Staff
G & A Staff

Sub-Total - P/R $

834,022

26.9%

1,002,846

32.6%

Insurance
Taxes

$
$

59,556
91,822

7.1%
11.0%

$
$

72,923
100,716

7.3%
10.0%

Total PTEB
Total Payroll

$
$

151,378
985,400

18.2%
31.8%

$
$

173,639
1,176,485

17.3%
38.2%

Utilities
Telephone
R&M
Credit & Collections
Pro Shop Other
Course Other
Rooms Other
F & B Other
G & A Other

$
$
$
$
$
$
$
$
$

227,933
32,853
121,622
47,766
118,303
766,478
41,491
30,192
68,958

7.4%
1.1%
3.9%
1.5%
3.8%
24.8%
1.3%
1.0%
2.2%

$
$
$
$
$
$
$
$
$

241,877
26,980
161,151
41,394
74,719
197,132
29,357
348,574
77,373

7.9%
0.9%
5.2%
1.3%
2.4%
6.4%
1.0%
11.3%
2.5%

Sub-Total Operating Expenses

1,455,596

47.0%

1,198,557

38.9%

Total Variable Expenses

2,440,996

78.8%

2,375,042

77.1%

Other Expenses

Total Profit/ Loss

106,502

3.4%

169,386

5.5%

s
2010

$
$
$
$
$

490,618
158,703
177,091
22,014
431,874

38.3%
12.4%
13.8%
1.7%
33.7%

1,280,299

100.0%

$
$
$

15,368
45
36,225

1.2%
0.0%
2.8%

$
$
$

51,638
131,319
182,957

4.0%
10.3%
14.3%

1,097,342

85.7%

$
$
$
$
$

72,166
127,098
58,307
57,307
66,110

5.6%
9.9%
4.6%
4.5%
5.2%

380,988

29.8%

$
$

19,785
50,547

5.2%
13.3%

$
$

70,332
451,320

18.5%
35.3%

$
$
$
$
$
$
$
$
$

65,449
7,896
33,755
12,092
28,086
39,876
12,807
23,504
19,678

5.1%
0.6%
2.6%
0.9%
2.2%
3.1%
1.0%
1.8%
1.5%

243,143

19.0%

694,463

54.2%

402,879

31.5%

Ocean Breeze Financials

Summary W/ Comment
2008

Golf Ops

Green Fees
Range
Carts
Tournaments
Merchandise
Other

2009

331,915
42,412
645,280
44,071
89,365
13,959

28.4%
3.6%
55.3%
3.8%
7.7%
1.2%

$
$
$
$
$
$

164,825
17,501
272,543
5,204
26,175
4,370

33.6%
3.6%
55.6%
1.1%
5.3%
0.9%

$ 1,167,002

100.0%

490,618

100.0%

$
$
$
$
$
$

359,528
26,182
671,626
25,837
114,230
16,775

29.6%
2.2%
55.3%
2.1%
9.4%
1.4%

Sub-Total Golf Revenue $

1,214,178

100.0%

77,286

67.7%

60,625

67.8%

15,368

58.7%

Gross Operating Profit $

1,136,892

93.6%

$ 1,106,377

94.8%

475,250

96.9%

$
$
$

35,376
28,559
171,769

2.9%
2.4%
14.1%

$
$
$

78,326
3,303
128,486

6.7%
0.3%
11.0%

$
$
$

28,342
6,641
37,183

5.8%
1.4%
7.6%

Sub-Total P/R $

235,704

19.4%

210,115

18.0%

72,166

14.7%

$
$
$

14,788
26,436
41,224

1.2%
2.2%
3.4%

$
$
$

22,494
13,226
35,720

1.9%
1.1%
3.1%

$
$
$

4,325
9,690
14,015

0.9%
2.0%
2.9%

276,928

22.8%

245,835

21.1%

86,181

17.6%

$
$
$
$
$
$

22,041
25,760
39,245
4,236
13,014
53,298

1.8%
2.1%
3.2%
0.3%
1.1%
4.4%

$
$
$
$
$
$

22,992
16,872
27,477
4,421
15,946
30,370

2.0%
1.4%
2.4%
0.4%
1.4%
2.6%

$
$
$
$
$
$

4,094
5,910
11,276
1,417
6,065
10,900

0.8%
1.2%
2.3%
0.3%
1.2%
2.2%

Sub-Total Golf Other $

Total Golf Variable Expense $

157,594
434,522

13.0%
35.8%

$
$

118,078
363,913

10.1%
31.2%

$
$

39,662
125,843

8.1%
25.6%

Total Golf Contribution $

702,370

57.8%

742,464

63.6%

349,407

71.2%

$
$

38,656
142,758

3.2%
11.8%

$
$

75,206
331,097

6.4%
28.4%

$
$

25,549
101,549

5.2%
20.7%

Cost of Goods Sold

$
$
$
$
$
$

2010

Salaries & Wages

Director of Golf
Asst. Pro
Staff
Insurance
Taxes
Total PTEB
Total Payroll
Golf Other Expenses

Utilities
Men/ Women's golf Groups
Supplies
Telephone
Credit & Collections
Other

Course Ops
Salaries & Wages - Course

Course Super
Staff Salaries

Sub-Total P/R $

181,414

14.9%

406,303

34.8%

127,098

25.9%

Insurance
Taxes

$
$

4,978
20,108

2.7%
11.1%

$
$

23,870
45,274

5.9%
11.1%

$
$

7,326
16,894

5.8%
13.3%

Total PTEB
Total Payroll

$
$

25,086
206,500

13.8%
17.0%

$
$

69,144
475,447

17.0%
40.7%

$
$

24,220
151,318

19.1%
30.8%

$
$
$
$
$
$
$
$
$
$
$

39,738
16,075
5,980
22,853
56,897
3,204
13,230
14,015
1,362
613,009
64,535

3.3%
1.3%
0.5%
1.9%
4.7%
0.3%
1.1%
1.2%
0.1%
50.5%
5.3%

$
$
$
$
$
$
$
$
$
$
$

51,092
16,683
16,068
36,371
65,616
4,075
24,573
32,376
1,408
75,002

4.4%
1.4%
1.4%
3.1%
5.6%
0.3%
2.1%
2.8%
0.1%
0.0%
6.4%

$
$
$
$
$
$
$
$
$
$
$

13,591
3,349
3,146
5,358
8,397
699
2,051
1,720
157
22,276

2.8%
0.7%
0.6%
1.1%
1.7%
0.1%
0.4%
0.4%
0.0%
0.0%
4.5%

Sub-Total Course Exp $

850,898

70.1%

323,264

27.7%

60,744

12.4%

Total Course Maintainence $

1,057,398

87.1%

798,711

68.4%

212,062

43.2%

-29.2%

(56,247)

-4.8%

137,345

28.0%

Course Other Expenses

Utilities - Pump
Utilities - Other
Uniforms & Laundry
Fertilizer
Chemicals
Telephone
R & M - Equipment
R & M - Irrigation
R & M - Buildings
PTM Maintainence Contract
Other

Total Golf Profit/ Loss $

(355,028)

Ocean Breeze Financials

Summary W/ Comment
Rooms Division

Rooms Revenue
Telephone Revenue

2008

2009

2010

$
$

517,183
195

100.0%
0.0%

$
$

347,061
78

100.0%
0.0%

$ 158,660
$
43

100.0%
0.0%

Total Rooms Revenue $

Esitmated ADR $

517,378
30.81

100.0%

$
$

347,139
20.68

100.0%

$ 158,703
$
28.75

100.0%

146

74.9%

42

53.9%

45

106.8%

Gross Operating Profit $

517,232

100.0%

347,097

100.0%

$ 158,657

100.0%

$
$
$

52,286
77,922
30,257

10.1%
15.1%
5.8%

$
$
$

52,143
79,348
31,289

15.0%
22.9%
9.0%

$ 17,714
$ 28,277
$ 12,316

11.2%
17.8%
7.8%

Telephone Cost of Sales

Salaries & Wages

Guest Lodge Mgr

Desk Clerks
Housekeepers

Sub-Total P/R $

160,465

31.0%

162,780

46.9%

58,307

36.7%

Insurance
Taxes

$
$

15,421
19,432

9.6%
12.1%

$
$

11,651
18,180

7.2%
11.2%

$
$

3,772
7,735

6.5%
13.3%

Total PTEB
Total Payroll

$
$

34,853
195,318

21.7%
37.8%

$
$

29,831
192,611

18.3%
55.5%

$
$

11,507
69,814

19.7%
44.0%

$
$
$
$
$
$
$

12,732
10,204
23,963
4,523
4,131
59,030
26,764

2.5%
2.0%
4.6%
0.9%
0.8%
11.4%
5.2%

$
$
$
$
$
$
$

7,695
4,530
18,107
4,256
4,809
59,495
20,571

2.2%
1.3%
5.2%
1.2%
1.4%
17.1%
5.9%

$ 2,442
$ 1,502
$ 7,215
$ 1,508
$ 1,606
$ 16,400
$ 9,797

1.5%
0.9%
4.5%
1.0%
1.0%
10.3%
6.2%

Sub-Total Other $

141,347

27.3%

119,463

34.4%

40,470

25.5%

Total Rooms Var Expense $

Rooms Net Profit / Loss $

336,665
180,567

65.1%
34.9%

$
$

312,074
35,023

89.9%
10.1%

$ 110,284
$ 48,373

69.5%
30.5%

Other Expenses

Credit & Collections

Commissions
R & M - Equipment
Linen & Laundry
Telephone
Utilities
Other

Ocean Breeze Financials

Summary W/ Comment
F & B Division

2,008

2,009

$
$
$

25,277
26,570
29,046

31.2%
32.8%
35.9%

$
$
$

211,574
155,097
29,031

53.5%
39.2%
7.3%

Sub-Total F&B Revenue $

80,893

100.0%

395,702

100.0%

$
$

12,672
9,006

50.1%
33.9%

$
$

0.0%
0.0%

Sub-Total Cost of Goods $

21,678

41.8%

0.0%

36,225

20.5%

Gross Operating Profit $

59,215

73.2%

395,702

100.0%

140,866

79.5%

Food Sales
Beverage Sales
F & B Commissions

CGS - Food
CGS - Beverage

2010

119017
58074
0
$

177,091

27863
8362

67.2%
32.8%
0.0%
100.0%

23.4%
14.4%

Salaries & Wages

Restaurant Manager
Chef
Kitchen
Servers

$
$
$
$

3,833
3,096
6,388
7,987

4.7%
3.8%
7.9%
9.9%

$
$
$
$

1,088
12,664
7,254
8,961

0.3%
3.2%
1.8%
2.3%

6077
16479
17388
17363

Sub-Total F&B

21,304

26.3%

29,967

7.6%

Insurance
Taxes

$
$

4,665
3,383

21.9%
15.9%

$
$

526
3,109

1.8%
10.4%

Total PTEB
Total Payroll

$
$

8,048
29,352

37.8%
36.3%

$
$

3,635
33,602

12.1%
8.5%

Advertising
Credit & Collections
R & M - Equipment
Catering Management Fee
Telephone
Utilities
Other Expenses

$
$
$
$
$
$
$

1,038
1,830
12,964
3,926
50,415
29,154

1.3%
2.3%
16.0%
0.0%
4.9%
62.3%
36.0%

$
$
$
$
$
$
$

1,573
3,113
25,574
313,205
3,597
49,645
33,796

0.4%
0.8%
6.5%
79.2%
0.9%
12.5%
8.5%

Sub-Total F&B

99,327

122.8%

430,503

108.8%

46,052

26.0%

Total Variable Expense

128,679

159.1%

464,105

117.3%

110,894

62.6%

F & B Net Profit/ Less

(69,464)

-85.9%

(68,403)

-17.3%

29,972

16.9%

57,307

0
7535
$
$

7,535
64,842

3.4%
9.3%
9.8%
9.8%
32.4%

0.0%
13.1%
13.1%
36.6%

Other Expenses

715
1051
3102
0
1524
16871
22789

0.4%
0.6%
1.8%
0.0%
0.9%
9.5%
12.9%

Ocean Breeze Financials

Summary W/ Comment
G&A

Sales Rentals
Tennis
Lockeroom Rental

2008

2009

$
$
$

14,250
4,715

50,871

Sub-Total Revenue $

18,965

2010

2,634

$
$
$

21,878
136

53,505

22,014

Salaries & Wages

G & A Manager
G & A Office
Building & Maintainence
Lockeroom Attendants
Rec/ Executive Housekeeper

$
$
$
$
$

43,944
74,050
52,398
41,844
22,899

18.7%
31.5%
22.3%
17.8%
9.7%

$
$
$
$
$

1,021
73,806
70,804
28,627
19,423

0.5%
38.1%
36.6%
14.8%
10.0%

$
$
$
$
$

25,714
25,477
9,067
5,852

Sub-Total G&A - Other

235,135

100.0%

193,681

100.0%

66,110

Insurance
Taxes

$
$

19,704
22,463

8.4%
9.6%

$
$

14,382
20,927

7.4%
10.8%

$
$

4,362
8,693

Total PTEB
Total Payroll

$
$

42,167
277,302

17.9%
100.0%

$
$

35,309
228,990

18.2%
100.0%

$
$

13,055
79,165

Utilities - Tennis
Utilities - Locker Room
Utilities - Recreation
Utilities - Other
Telephone - Combined
Supplies - Combined
Advertising
R & M - Equipment
R & M - Other
Collection Expense
Security
Other Taxes & Fees
Office Expense
Other Expense

$
$
$
$
$
$
$
$
$
$
$
$
$
$

882
2,274
36,684
794
17,356
5,857
14,768
41,320
20,190
13,276
14,582
20,073
15,170

$
$
$
$
$
$
$
$
$
$
$
$
$
$

969
3,025
37,232
744
10,078
5,846
1,734
13,932
45,181
14,640
9,604
8,756
16,187
35,246

$
$
$
$
$
$
$
$
$
$
$
$
$
$

440
1,131
9,328
245
2,650
5,859
10,696
8,814
2,534
698
4,759
1,912
6,450

Sub-Total Expense
Sub-Total Variable Expense

$
$

203,226
480,528

$
$

203,174
432,164

$
$

55,516
134,681

Total G & A Profit / Loss

(461,563)

(378,659)

(112,667)

Unallocated Revenue
Unallocated Expense

$ 1,264,974
$
449,780

100.0%
42.5%

$
$

431,874
131,319

Unallocated Profit / Loss

815,194

64.4%

641,789

57.5%

300,555

Combined G & A / Unallocated

353,631

28.0%

263,130

23.6%

187,888

Other Expenses

100.0%
35.6%

$ 1,115,984
$
474,195

0.0%
38.9%
38.5%
13.7%
8.9%
100.0%

6.6%
13.1%
19.7%
100.0%

100.0%
30.4%
69.6%
43.5%