EFTA01090673.pdf

CORE: 2009 Income Statement - Modified Cash Basis (1) (000's) Actual YTD Net Change In Members (64) Revenue Membership - New 2,455 Membership Renewals 4,365 F&B Restaurant 1,627 F&B Events 1,552 Accomodations 342 Wellness Revenue 1,117 Sponsorships & Other Revenue 147 Gross Revenue 11,605 Founding Member Cr & Dscnts (615) Other Discounts & Allowances Less Discounts & Allowances (615) Net Revenue 10,990 Membership Direct Expenses 1,014 F&B Direct Costs 3,375 Accomodations Direct Expenses 232 Wellness Direct Expenses 1,391 Sponsorships & Other Revenue 16 Direct Expenses 6,027 Membership 5,806 Food & Beverage (196) Accomodations 110 Wellness (273) Sponsorships & Other Revenue 131 Discounts & Allowances (615) Gross Profit 4,963 %of Revenue 45.2% EFTA01090673 General & Admin Expenses (excl DeprlAmort) Payroll, Taxes & Benefits - Gross 4,723 Less Charged to Direct Expenses (3,832 GM Wages, Taxes & Benefits 890 Bonuses (for all elig emplyees) Contract Labor 89 GM Wages, Taxes & Benefits 979 Occupancy Costs 2.526 Professional Fees 188 Other G&A Costs 634 Total GM Costs 4,328 Sales & Marketing 662 Total SG&A 4.990 Operating Profit! (Loss) (27 %of Revenue -0.2% Debt Forgiveness Restructuring Costs (One-Time Charge) (125 Other IncomedExpense) (2 DepreciafionfAmodization (2.064 Property & Equipment (2.064 Start up costs, net Trademark, net of accumulated amortization Loan acquisition costs, net of accumulated amortization Other Interest Income/(Evense) (2) 015 Net Profit! (Loss) (2.334 %of Revenue -21.2% (1) All revenue and costs are recorded on an incurred (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 ($149K per month) is reflected each month, although payment is deferred until September. (2) Interest expense in 2008 is detailed as follows: bank $144K, RFR (landlord) $1,418K and FM's $2,425K. In 2009 only. bank . . interest is shown. [Balance sheet and cash flow will reflect EFTA01090674