CORE:
2011 Income Statement - Modified Cash Basis (1)
(000's) Actual
VT D
Net Change in Members 79
Revenue
Membership - New 2.257
Membership Renewals 4.977
F&B Restaurant 1.684
F&B Events 2.115
Accomodations 283
Wellness Revenue 837
Sponsorships & Other Revenue 332
Gross Revenue 12,485
Founding Member Cr & Dscnts (621)
Other Discounts & Allowances
Less Discounts & Allowances (621)
Net Revenue 11,864
Membership Direct Expenses 2,095
F&B Direct Costs 3,163
Accomodations Direct Expenses 203
Wellness Direct Expenses 1,116
Sponsorships & Other Revenue 78
Direct Expenses 6.656
Membership 5,139
Food & Beverage 635
Accomodations 80
Wellness (279)
Sponsorships & Other Revenue 254
Discounts & Allowances (621i
Gross Profit 5,208
%of Revenue 43.9%
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General & Admin Expenses (excl Depr/Amort)
Payroll, Taxes & Benefits - Gross 4,268
Less Charged to Direct Expenses 3.538
G&A Wages. Taxes & Benefits 730
Bonuses (for all elig emplyees)
Contract Labor 29
G&A Wages. Taxes & Benefits 759
Occupancy Costs 2.651
Professional Fees 84
Other G&A Costs 576
Total G&A Costs 4.070
Sales & Marketing 310
Total SG&A 4.380
Operating Profit/ (Loss)
% of Revenue
Debt Forgiveness
Restructuring Costs (One-Time Charge)
Other IncomegSponse)
Depreciation/Amortization
Property & Equipment
Stan up costs, net
Trademark, net of accumulated amortization
Loan acquisition costs, net of accumulated amortization
Other
Interest Income/(Expense) (2)
Net Profit I (Loss) (1.365
it, of Revenue -11.5
(1) All revenue and costs are recorded on an incu red (accrual) basis,
except for membership fees. Membership fees (initiation fees and
dues) are recorded in the month the member signs up or renews.
Accordingly rent expense ($1491( per month) is reflected each month,
although payment is deferred until September.
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