2nd Quarter Investment Updates
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Transcript of 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
Table of Contents
1
Letter From The Manager
Warrior Golf Development
Warrior Golf Properties
Warrior Golf Management
Warrior Golf Equities
IBS Reporting
Page 1 .....................................................................................
Page 2 .....................................................................................
Page 3 .....................................................................................
Page 4 .....................................................................................
Page 5 .....................................................................................
Page 6 - 7 ...............................................................................
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
1
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
2
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
3
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
4
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
5
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.
6
War
riorG
olf .
nxt
Mon
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Rev
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sh R
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nt
Mem
ber
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me
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al
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e D
ay L
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1/20
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All D
ay81
657
1
19
4
-
42
-
-
5
-
-
1,27
5
1,51
5
-
5/2/
2012
Wed
Sunn
y Al
l Day
8869
10
-
25
8
13
32
-
-
24
-
-
1,47
1
1,79
7
-
5/3/
2012
Thu
Sunn
y Al
l Day
9070
20
-
48
0
-
14
30
11
19
-
-
2,
434
2,
988
-
5/
4/20
12Fr
iC
loud
y-am
8863
11
-
37
3
-
28
-
-
32
-
-
-
432
-
5/5/
2012
Sat
Clo
udy-
am84
6317
3
660
50
-
-
-
38
-
-
-
748
-
5/6/
2012
Sun
Clo
udy-
am73
6614
-
486
-
3
-
-
20
-
-
-
508
-
5/7/
2012
Mon
Sunn
y Al
l Day
7861
104
-
2,54
0
-
-
-
13
39
-
-
1,64
8
4,24
0
-
5/8/
2012
Tue
Rai
n-th
reat
7565
7
4
162
13
-
-
-
11
-
-
-
185
-
5/9/
2012
Wed
Rai
n-pm
7065
15
4
33
6
-
-
-
11
32
-
-
1,
539
1,
917
-
5/
10/2
012
Thu
Clo
udy-
am72
6533
1
762
-
15
-
15
46
-
-
-
83
8
-
5/
11/2
012
Fri
Sunn
y Al
l Day
7865
33
2
1,
017
38
78
10
-
20
-
-
-
1,
162
-
5/
12/2
012
Sat
Sunn
y Al
l Day
7865
53
2
1,
863
50
61
-
-
94
-
-
-
2,
068
-
5/
13/2
012
Sun
Rai
n-al
l Day
7354
2
-
74
-
-
-
-
-
-
-
-
74
-
5/
14/2
012
Mon
Rai
n-al
l Day
6860
17
-
39
1
-
-
-
-
-
-
-
1,
471
1,
862
-
5/
15/2
012
Tue
Rai
n-th
reat
7865
9
2
115
-
-
-
-
11
-
-
-
12
6
-
5/
16/2
012
Wed
Sunn
y Al
l Day
8565
12
2
26
1
13
47
5
-
8
-
-
-
33
3
-
5/
17/2
012
Thu
Sunn
y Al
l Day
8065
40
1
94
4
13
-
5
6
45
-
-
-
1,
012
-
5/
18/2
012
Fri
Sunn
y Al
l Day
7865
16
4
56
6
25
4
-
-
3
-
-
106
703
-
5/19
/201
2Sa
tSu
nny
All D
ay80
6822
2
831
38
1
50
-
60
-
-
-
98
0
-
5/
20/2
012
Sun
Sunn
y Al
l Day
8068
20
-
64
4
25
1
-
-
16
-
-
-
687
-
5/21
/201
2M
onSu
nny
All D
ay88
6926
3
641
25
49
20
-
23
-
-
88
3
1,
641
-
5/
22/2
012
Tue
Rai
n-pm
8065
4
3
106
-
-
-
-
10
-
-
-
11
6
-
5/
23/2
012
Wed
Sunn
y Al
l Day
8870
8
5
154
-
1
-
-
7
-
-
-
16
2
-
5/
24/2
012
Thu
Sunn
y Al
l Day
8965
27
1
60
4
13
-
-
-
19
-
-
320
956
-
5/25
/201
2Fr
iSu
nny
All D
ay88
6814
3
529
38
1
10
-
75
-
-
-
65
3
-
5/
26/2
012
Sat
Part
ly c
loud
y al
l day
8567
38
2
1,
402
63
17
-
-
15
0
-
-
-
1,63
1
-
5/27
/201
2Su
nSu
nny
All D
ay88
672
-
11
5
50
-
-
-
5
-
-
-
170
-
5/28
/201
2M
onPa
rtly
clo
udy
all d
ay86
7016
2
593
25
-
-
-
72
-
-
-
690
-
5/29
/201
2Tu
eR
ain-
pm88
693
1
84
13
-
-
-
10
-
-
320
426
-
5/30
/201
2W
edSu
nny
All D
ay89
6820
3
492
-
25
10
-
34
-
-
1,48
5
2,04
6
-
5/31
/201
2Th
u
00
28
-
63
0
-
89
10
-
49
-
-
32
0
1,
099
-
-
TO
TALS
600
48
17
,179
500
396
13
0
56
89
3
-
-
11
,466
33,7
64
-
5/1/
2012
H/L
Tem
p
Ashe
boro
Pro
shop
MP
AYA
CT_
AS
+RE
VN
($50
0)$0$5
00$1
,000
$1,5
00$2
,000
$2,5
00$3
,000
$3,5
00$4
,000
$4,5
00
16
1116
2126
31
Dai
ly R
even
ue T
his
Year
Dai
ly R
even
ue L
ast Y
ear
Reve
nue
Tota
ls
Pub
lic G
reen
Fee
s
Mem
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art F
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ch
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ge
Pro
shop
F&
B
F&
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st.
Pro
mo
Mer
ch
Ban
quet
& E
vent
Mem
ber I
ncom
e
Reve
nue
By C
ateg
ory
IBS
Bus
ines
s In
telli
genc
e (C
) 201
0M
onth
ly R
even
ue F
lash
, 1.0
Prin
ted
6/1/
2012
, 11:
28 A
M7
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
23