The company also has subisdiaries involved in the manufacture and sale of drop-in bedliners and other truck accessories for the original equipment manufacturers and automotive aftermarket business.
The company has previously announced plans to develop a large sports and entertainment complex in Mount Morris Township, MI, but the company says in a Securities and Exchange Commission filing statement it has been unable to obtain the necessary funding for the project and is evaluating its options.
"If we cannot obtain sufficient capital to develop the complex we will need to consider an alternative plan," the company says in the statement.
For 2003, Sports Resorts recorded revenue of $22.5 million as compared to 2002 revenue of $19.4 million. The company reported 2003 net income of $1.2 million or $0.02 per share, which includes an income tax benefit of $1.4 million. In 2002, the company reported a net loss of $263,000, or $0.01 per share, which includes an income tax benefit of $1 million and the write-down of impaired goodwill of $1.1 million.
Company chairman Donald J. Williamson, and his wife, Patsy Williamson, own approximately 96% of the company's stock.
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