EFTA01090677.pdf

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% EFTA01090677 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. EFTA01090678