2nd Quarter Investment Updates

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INVESTMENT UPDATE 2ND QUARTER 2012 Prepared for the LLC members By the Manager WARRIOR GOLF DEVELOPMENT, LLC WARRIOR GOLF PROPERTIES, LLC WARRIOR GOLF MANAGEMENT, LLC WARRIOR GOLF EQUITIES, LLC

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2nd Quarter Investment Updates

Transcript of 2nd Quarter Investment Updates

Page 1: 2nd Quarter Investment Updates

INVESTMENT UPDATE2ND QUARTER 2012

Prepared for the LLC members

By the Manager

WARRIOR GOLF DEVELOPMENT, LLC

WARRIOR GOLF PROPERTIES, LLC

WARRIOR GOLF MANAGEMENT, LLC

WARRIOR GOLF EQUITIES, LLC

15 Mason Irvine CA 92618

(800) 600-5113

Page 2: 2nd Quarter Investment Updates
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Table of Contents

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Letter From The Manager

Warrior Golf Development

Warrior Golf Properties

Warrior Golf Management

Warrior Golf Equities

IBS Reporting

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Page 2 .....................................................................................

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Page 6 - 7 ...............................................................................

Page 4: 2nd Quarter Investment Updates
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LETTER FROM THE MANAGER The 2nd quarter of 2012 saw a continued improvement of both revenue and cost controls at our properties. Warrior Golf Properties, LLC and Warrior Golf Management, LLC were able to post enough profit to warrant a distribution to the Members. The NGF in conjunction with golf Datatech, reported that year-to-date through April 2012, rounds played are up 20%. While our economy started out strong in 2012 reports now suggest we are weakening. We feel that although sluggish, the overall economy will continue to improve and that rounds played and revenues for golf course properties will strengthen in the next few years. Many developers who built during the mid to late 2000s will likely be unable to refinance distressed properties with maturing debt. This fact is good for us in two ways (1st) 100-150 golf course closures (net closings after additions) will serve to reduce competion and (2nd) allow significant opportunities to acquire properties at rock bottom prices. We continue to view the current environment as a generational opportunity to acquire undervalued assets in the golf market for income and equity growth. In fact, we have recently closed on Royal St. Augustine in Florida which was added to the Warrior Golf Equities, LLC portfolio. Additionally, we formed the Warrior Golf Capital, LLC to accommodate the purchase of Baneberry Golf Resort in Tennessee and funding for this property should be completed by the end of the 3rd quarter. Our newest acquisition when completed will be Lakota Canyon Ranch, a golf course and real-estate development project in Colorado that will bring our total number of properties owned and under management to 13. We are carefully looking for more while the opportunity exists. I invite you to visit our properties and enjoy a round of golf. Brendan Flaherty LLC Manager

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Page 6: 2nd Quarter Investment Updates

8:49 AM 09/10/12 Accrual Basis

Warrior Golf Development, LLC Profit & Loss by Class

April through June 2012

Total Huntington Total Marion Total Runaway WGD, LLC TOTAL

Ordinary Income/Expense

Income

Sales 42,471.41 83,343.72 236,469.37 0.00 362,284.50

Total Income 42,471.41 83,343.72 236,469.37 0.00 362,284.50

Cost of Goods Sold

Cost of Goods Sold - Pro Shop 4,186.00 6,229.80 14,482.00 0.00 24,897.80

Cost of Goods Sold - F&B 521.44 3,662.54 70,465.74 0.00 74,649.72

Total COGS 4,707.44 9,892.34 84,947.74 0.00 99,547.52

Gross Profit 37,763.97 73,451.38 151,521.63 0.00 262,736.98

Expense

Sales Tax 2,850.66 6,547.47 8,082.69 0.00 17,480.82

Course Maintenance 10,211.69 14,940.81 15,650.46 0.00 40,802.96

Payroll Expenses 34,255.11 45,072.11 98,960.16 0.00 178,287.38

Administrative Expenses 8,128.68 108,254.09 72,928.97 7,825.00 197,136.74

Total Expense 55,446.14 174,814.48 195,622.28 7,825.00 433,707.90

Net Ordinary Income -17,682.17 -101,363.10 -44,100.65 -7,825.00 -170,970.92

Other Income/Expense

Other Income

Other Income 0.00 0.00 17,466.87 0.00 17,466.87

Total Other Income 0.00 0.00 17,466.87 0.00 17,466.87

Other Expense

81450 · Interest Income 0.00 0.00 0.00 -3.49 -3.49

Total Other Expense 0.00 0.00 0.00 -3.49 -3.49

Net Other Income 0.00 0.00 17,466.87 3.49 17,470.36

Net Income -17,682.17 -101,363.10 -26,633.78 -7,821.51 -153,500.56

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Page 7: 2nd Quarter Investment Updates

10:27 AM 09/04/12 Accrual Basis

Warrior Golf Properties, LLC Profit & Loss by Class

April through June 2012

Apr - Jun 12

Ordinary Income/Expense

Income

Sales 205,218.87

Total Income 205,218.87

Cost of Goods Sold

Cost of Goods Sold- Pro Shop 6,559.85

Cost of Goods Sold - F&B 9,247.12

Total COGS 15,806.97

Gross Profit 189,411.90

Expense

Course Maintenance 42,149.24

Payroll Expenses 58,367.62

Administrative Expenses 28,618.26

Other Expenses 10,654.35

Total Expense 139,789.47

Net Ordinary Income 49,622.43

Net Income 49,622.43

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Page 8: 2nd Quarter Investment Updates

10:36 AM 09/04/12 Accrual Basis

Warrior Golf Management, LLC Profit & Loss by Class

April through June 2012

Total Broadmoor Total Heddles Total Nocona WGM, LLC TOTAL

Ordinary Income/Expense

Income

Sales 375,615.38 119,414.99 37,167.09 532,197.46

Total Income 375,615.38 119,414.99 37,167.09 532,197.46

Cost of Goods Sold

Cost of Goods Sold - Pro Shop 13,485.87 13,243.90 5,482.00 32,211.77

Cost of Goods Sold - F&B 23,127.94 4,114.75 1,154.04 28,396.73

Total COGS 36,613.81 17,358.65 6,636.04 60,608.50

Gross Profit 339,001.57 102,056.34 30,531.05 471,588.96

Expense

Payroll Expenses 103,011.71 45,446.03 49,331.15 197,788.89

Administrative Expenses 59,898.03 46,161.01 37,210.21 11,230.34 154,499.59

Other Expenses 4,587.28 8,208.00 2,486.01 15,281.29

Total Expense 167,497.02 99,815.04 89,027.37 11,230.34 367,569.77

Net Ordinary Income 171,504.55 2,241.30 (58,496.32) (11,230.34) 104,019.19

Net Income 171,504.55 2,241.30 (58,496.32) (11,230.34) 104,019.19

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Page 9: 2nd Quarter Investment Updates

1:27 PM 09/04/12 Accrual Basis

Warrior Golf Equities, LLC Profit & Loss by Class

April through June 2012

Total Asheboro Total Cimarron Total Whispering WGE, LLC TOTAL

Ordinary Income/Expense

Income

Sales 102,233.26 378,488.62 59,178.51 0.00 539,900.39

Total Income 102,233.26 378,488.62 59,178.51 0.00 539,900.39

Cost of Goods Sold

Cost of Goods Sold - Pro Shop 6,982.00 9,490.84 0.00 0.00 16,472.84

Cost of Goods Sold - F&B 7,718.81 22,198.03 0.00 0.00 29,916.84

Total COGS 14,700.81 31,688.87 0.00 0.00 46,389.68

Gross Profit 87,532.45 346,799.75 59,178.51 0.00 493,510.71

Expense

Payroll Expenses 74,836.79 213,226.30 38,256.08 0.00 326,319.17

Administrative Expenses 154,258.54 277,266.07 55,453.94 11,825.00 498,803.55

Other Expenses 2,192.44 34,638.39 388.69 0.00 37,219.52

Total Expense 231,287.77 525,130.76 94,098.71 11,825.00 862,342.24

Net Ordinary Income -143,755.32 -178,331.01 -34,920.20 -11,825.00 -368,831.53

Net Income -143,755.32 -178,331.01 -34,920.20 -11,825.00 -368,831.53

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Page 10: 2nd Quarter Investment Updates

FutureIBS Reporting

The following is a more detailed breakdown of individual course activity asreported through the IBS point of sale system. Only The Asheboro Country Club is shown and it is not 100% verified or complete but they do give you a flavor for how future reports will look.

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Page 11: 2nd Quarter Investment Updates

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Page 12: 2nd Quarter Investment Updates

INVESTMENT UPDATE2ND QUARTER 2012

Prepared for the LLC members

By the Manager

WARRIOR GOLF DEVELOPMENT, LLC

WARRIOR GOLF PROPERTIES, LLC

WARRIOR GOLF MANAGEMENT, LLC

WARRIOR GOLF EQUITIES, LLC

15 Mason Irvine CA 92618

(877) 393-3437

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