UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C. 20549

                           FORM 10-KSB
                           -----------

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

    For the Fiscal Year ended September 30, 2005
                              ------------------

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

    For the transition period form ________ to _________

                 Commission file number 0-8463
                                        ------

                     PISMO COAST VILLAGE, INC.
          ---------------------------------------------
          (Name of small business issuer in its charter)

         California                       95-2990441
---------------------------------     ---------------------
(State or other jurisdiction          (IRS Employer ID No.)
of incorporation or organization)

       165 South Dolliver Street, Pismo Beach, CA  93449
     -----------------------------------------------------
     (Address of Principal Executive Offices)   (Zip Code)

            Issuer's telephone number (805)773-5649
                                      -------------

Securities registered under Section 12(b) of the Exchange Act:

   Title of Each Class                 Name of Each Exchange
                                        on Which Registered
   -------------------                 ---------------------
          N/A                                    N/A

Securities registered under Section 12(g) of the Exchange Act:

                            Common Stock
                            ------------
                          (Title of Class)

Check whether the issuer is not required to file reports pursuant
to Section 13 or 15(d) of the Exchange Act. ____

Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past
12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. X  YES   ___ NO

<Page>

Check if there is no disclosure of delinquent filers in response
to Item 405 of Regulation S-B in this form, and no disclosure
will be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by
reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB.   XX

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes ___ No  X

State issuer's revenues for its most recent fiscal year.
$4,691,070.

State the aggregate market value of the voting and non-voting
common equity held by non-affiliates computed by reference to the
price at which the common equity was sold, or the average bid and
asked price of such common equity, as of the last business day of
the registrant's most recently completed fiscal quarter. $47,709,000.

(ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE
YEARS)

Check whether the issuer has filed all documents and reports
required to be filed by Section 12, 13, or 15 (d) of the Exchange
Act after the distribution of securities under a plan confirmed
by a court [ ]Yes [ ] No

             (APPLICABLE ONLY TO CORPORATE REGISTRANTS)

State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date.
1,800

                DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's Notice of 2006 Definitive Proxy
Statement for the Annual Meeting of Shareholders to be held
January 21, 2006 are incorporated by reference into Part III.
Transitional Small Business Disclosure Format
(Check one): Yes __; No  X

<Page>

                          FORM 10-KSB
                            PART I

ITEM 1. DESCRIPTION OF BUSINESS

a. BUSINESS DEVELOPMENT
Pismo Coast Village, Inc., the "Registrant" or the "Company," was
incorporated under the laws of the State of California on April
2, 1975. The Company's sole business is owning and operating a
recreational vehicle resort (hereinafter the "Resort") in Pismo
Beach, California. The Resort has continued to enhance its
business by upgrading facilities and services to better serve
customers.

b. BUSINESS OF ISSUER
The Company is engaged in only one business, namely, the
ownership and operation of the Resort. The Company generates
revenue from rental of camping sites, recreational vehicle
storage, recreational vehicle repair and retail sales from a
general store and recreational vehicle parts store. Accordingly,
all of the revenues, operating profit (loss) and identifiable
assets of the Company are attributable to a single industry
segment.

Pismo Coast Village, Inc. is a full-service 400 space
recreational vehicle resort. Its resort operations include site
rentals, RV storage business, video arcade, Laundromat, and other
income sources related to the operation. The retail operations
include a general store, RV parts store, and RV repair shop. In
addition, the Company has a recreation department that provides a
youth program and recreational equipment rentals.

PUBLIC AND SHAREHOLDER USERS
The present policy of the Company is to offer each shareholder
the opportunity for 45 days of free use of sites at the Resort,
25 days may be used during prime time and 20 days during non-
prime time. The free use of sites by shareholders is managed by
designating the nights of the year as prime time and non-prime
time. A prime time night is one that is most in demand, for
example, Memorial Day Weekend and the period from mid-June until
Labor Day. Non-prime time is that time with the least demand.
Each shareholder is furnished annually a calendar that designates
the prime and non-prime time days; it also provides a schedule of
when reservations can be made and the procedure for making
reservations. Shareholder's free use of sites average
approximately 21% to 23% annually (refer to Item 6. Result of
Operations MD&A, page 10).

<Page>

SEASONAL ASPECTS OF BUSINESS
The business of the Company is seasonal and is concentrated
during prime days of the year which are defined as follows:
President's Day Weekend, Easter week, Memorial Day Weekend,
summer vacation months, Labor Day, Thanksgiving Weekend and
Christmas vacation.

WORKING CAPITAL REQUIREMENTS
By accumulating reserves during the prime seasons, the Company is
able generally to meet its working capital needs during off-
season. Industry practice is to accumulate funds during the prime
season, and use such funds, as necessary, in the off-season. The
Company has arranged, but not used, a $500,000 line of credit to
ensure funds are available, if necessary, in the off-season.

COMPETITION
The Company is in competition with nine other RV parks located
within a five-mile radius. Since its property is the only
property located adjacent to the beach, it has a competitive
edge. The Company is recognized as a recreational vehicle resort
rather than a park because of its upgraded facilities and
amenities which include 28 Channels of Satellite TV, a heated
pool, a miniature golf course and a recreational program. The
Resort is noted for its ability to provide full service which
includes RV storage and RV repair and service. The Resort is
consistently given high ratings by industry travel guides based
on resort appearance, facilities offered, and recreational
programs. In Fiscal Year 2004, Pismo Coast Village, Inc. was
awarded the designation of RV Park of the Year, Mega Park
Category 2004, by the California Travel Parks Association (CTPA).
In November 1999, Pismo Coast Village, Inc. was awarded the
designation of RV Park of the Year, Large Park Category 1999, by
the National Association of RV Parks and Campgrounds (ARVC) which
has a membership of more than 3,600 properties. These factors
allow the Resort to price its site rental fees above most of its
competition based on perceived value received.

Competition for the tourist market is keen between the cities on
the Central Coast of California. Resort management and staff are
involved with the City of Pismo Beach, Chamber of Commerce,
Conference and Visitors Bureau, and are major sponsors in
cooperative events and advertising. The Resort continues to
market off-season discounts and place advertisements in trade
publications and industry directories. In addition, the Company
places its brochure with companies selling or renting
recreational vehicles and has found the Resort's Internet web
page to be very effective. The marketing program also targets
groups and clubs by offering group discounts, meeting facilities,
and catering services. The Company's marketing plan was funded by
$38,792 for Fiscal Year 2005 which was developed out of operating
revenues. The major source of the Company's business is repeat
business, which has been developed by attention to good customer
service and providing quality recreational facilities.

<Page>

ENVIRONMENTAL REGULATION
The Company is affected by federal, state and local antipollution
laws and regulations. Due to the nature of its business
operations (camping, RV storage and small retail store sales) the
discharge of materials into the environment is not considered to
be of a significant concern, and the EPA has not designated the
Company as a potentially responsible party for clean up of
hazardous waste.

The main property of the Resort is located within the boundaries
of those lands under the review and purview of the Coastal
Commission of the State of California and the City of Pismo
Beach. The water and sewer systems are serviced by the City of
Pismo Beach. The Company was subject to state and federal
regulations regarding the Fiscal Year 1996 reconstruction of an
outflow structure that empties into Pismo Creek at the north
boundary of the Resort. Because the Resort is within the wetlands
area, the California Coastal Commission required permits for
repair and construction to be reviewed by the following agencies:
City of Pismo Beach, State Lands Commission, Regional Water
Quality Board, State of California, California Department of Fish
and Game, State Department of Parks and Recreation and the Army
Corps of Engineers. The requirement for these permits involved
the diversion of capital from operations, but did not increase
cost of debt financing.

EMPLOYEES
As of September 30, 2005, the Company employed approximately 51
people with 21 of these on a part-time basis and 30 on full-time
basis. Due to the seasonal nature of the business, additional
staff is needed during peak periods and fewer during the off-
season. Staffing levels during the fiscal year ranged from
approximately 50 employees to 64 employees. Management considers
its labor relations to be good.

ADDITIONAL INFORMATION
The Company has remained conservative when considering rates and
rate increases. As a result of experiencing increasing
operational expenses and conducting a local comparative rate
study, the Board voted to increase nightly rates effective
October 1, 2004. These new rates range from $34 to $37 per night
during the off-season and $43 to $47 per night during prime time.
It is anticipated the proposed rates will continue to market site
usage at is highest value and not negatively impact the Company's
ability to capture an optimum market share.

<Page>

c. REPORTS TO SECURITY HOLDERS
Pismo Coast Village files quarterly reports, an annual report,
and periodic reports providing the public with current
information about the Company and its operations with the
Securities and Exchange Commission. The public may read and copy
any materials filed with the SEC at the SEC's Public Reference
Room at 100 F Street NE, Room 1580, Washington, D.C. 20549-0102.
The public may also obtain information on the operation of the
Public Reference Room by calling the SEC at 1-800-SEC-0330. The
SEC maintains an Internet site (http://www.sec.gov) that contains
reports, proxy and information statements, and other information
regarding issuers that file electronically with the SEC.

Additionally, the Company makes available on its website,
www.pismocoastvillage.com, access to its annual report on Form
10-KSB, quarterly reports on Form 10-QSB, current reports on Form
8-KSB, and all amendments to those reports as soon as reasonably
practicable after such material is electronically filed with or
furnished to the Securities and Exchange Commission.

ITEM 2. DESCRIPTION OF PROPERTY
The Company's principal asset consists of the Resort which is
located at 165 South Dolliver Street in Pismo Beach, California.
The Resort is built on a 26-acre site and includes 400 campsites
with full hookups and nearby restrooms with showers and common
facilities, such as a video arcade, recreation hall, general
store, swimming pool, Laundromat, and three playgrounds.

In 1980 the Company purchased a 2.1 acre parcel of real property
located at 2250 22nd Street, Oceano, California, at a price of
$66,564. The property is being used by the Company as a storage
facility for recreational vehicles. The storage capacity of this
lot is approximately 123 units.

In 1981 the Company exercised an option and purchased a 3.3 acre
parcel located at 300 South Dolliver Street, Pismo Beach,
California, at a price of $300,000. The property, which
previously had been leased by the Company, is used primarily as a
recreational vehicle storage yard. The storage capacity of this
lot is approximately 220 units.

In 1988, the Company purchased approximately 0.6 acres of
property at 180 South Dolliver Street, Pismo Beach, California,
across the street from the main property, consisting of a large
building with a storefront and one large maintenance bay in the
rear. Also, on the property is a smaller garage-type building
with three parking stalls. The Company enlarged its recreational
vehicle repair operation, added RV storage for approximately
eleven units and developed the storefront into a RV parts store.
The property was purchased for $345,000, of which $300,000 was
financed and paid in full during Fiscal Year 1997.

<Page>

On December 31, 1998, the Company closed escrow on a parcel of
property to be developed as an additional RV storage facility.
The 5.5 acre property is located in Oceano adjacent to existing
Company RV storage. On October 14, 1999, construction was
completed and the Company received County approval to occupy the
premises. The property was purchased for $495,000, of which
$395,000 was financed and paid in full in July 2000. Development
cost amounted to $195,723 and was allocated from operational cash
flow.

On February 28, 2003 the Company closed escrow on a parcel of
property to be developed as an additional RV storage facility.
The 4.7 acre property is located in Oceano and was purchased for
$650,000, of which $500,000 was financed. The note on this
property was paid off in September 2005. The project is currently
in the permitting process and is expected to accept new storage
units during Fiscal Year 2006.

There is no deferred maintenance on any of the Resort's
facilities. The Company's facilities are in good condition and
adequate to meet the needs of the shareholder users as well as
the public users. The Company continues to develop sufficient
revenue from general public sites sales to support a continued
positive maintenance program and to meet the demands of
shareholders use of free sites.

The Resort, RV Repair Shop and Parts Store and four storage
facilities constitute substantially all the Company's property,
and are owned in fee. Two storage lots and beach access used by
the shareholders and general public visitors are leased by the
Company pursuant to the herein below described leases.

1. TRAILER STORAGE YARDS
In 1986 the Company leased a parcel of land 100 feet wide by
1,600 feet long from the Union Pacific Railroad Corporation. The
property is being used by the Company as a storage facility for
recreational vehicles. Capital improvements in the amount of
$40,000 were made to this property, which provides storage for
approximately 160 units. The property was leased for $950 per
month the first year, $1,400 per month for the second year, with
continuing years tied to the "CPI" Index, or Fair Market Value of
the property according to the lease agreement. On July 29, 2005
Union Pacific Railroad Corporation sold the property to the
Weyrick Family Trust who now has entered into a five-year lease
agreement with the Company effective October 1, 2005. During
Fiscal Year 2005, lease payments were made in the amount of
$41,822, Fiscal Year 2006 lease payments will be $57,600, and
Fiscal Year 2007 lease payments will be $57,600, plus applicable
changes in index or valuation.

<Page>

In 1991 the Company developed a lease for a five-acre RV storage
lot at the Oceano Airport clear zone as storage for approximately
350 RVs. This lot was developed to replace a 100-unit storage lot
that was closed when the lease was not renewed. The original
lease on the storage lot was for five years and the Company has
executed a third five-year option with the County of San Luis
Obispo. Construction was completed in January 1992 and capital
improvements in the amount of $330,768 were made to this property
of which $300,000 was financed and paid in full during Fiscal
1997.

Lease payments for the first year of control and occupancy area
were $1,500 per month, $2,000 per month for the second year and
continuing years are tied to the "CPI" index. During Fiscal Year
2005, lease payments were made in the amount of $31,624, Fiscal
Year 2006 lease payments will be $31,624 plus applicable changes
in index, and Fiscal Year 2007 will be determined by the
execution of a fourth five-year extension.

2. AMENDMENT NO. 4 TO CONTRACT PISMO STATE BEACH, LOCATED IN SAN
LUIS OBISPO COUNTY, PISMO COAST VILLAGE, INC., DATED JULY 1976.
(Pertaining to the Boardwalk Concession Contract for construction
and maintenance of three boardwalks to the beach for pedestrians
at Pismo State Beach and to provide for continued access through
the sand dunes to the State Beach abutting the Resort.) This
contract is between the Company and the State of California
Department of Parks and has been renewed annually since June 30,
1984. The contract was originally assigned by the former owner to
the Company by an assignment, dated December 1, 1975. Continued
ocean access is granted annually by payment of a license fee of
$400.

The Resort leases out areas to other companies to insure that the
best service and equipment are available for guest use. These
areas are leased from the Company pursuant to the herein below
described leases.

1. RECREATIONAL ARCADE AGREEMENT WITH COIN AMUSEMENTS, INC.
This agreement is dated November 1, 2005, and pursuant to this
agreement, the Company granted Coin Amusements, Inc. the
concession to operate various coin-operated game units at the
Resort. The one year term expires on October 31, 2006, and
continued renewal is expected without significant impact.

<Page>

2. WEB SERVICE COMPANY, GOLETA, CA
The five-year lease expired on July 22, 2002, and was reissued
for a seven-year period which will expire on October 31, 2009,
and grants to Web Service Company the right to place and service
coin-operated laundry machines at the Resort on a 50-50 basis for
all revenues derived from their use. On October 10, 2002, Web
replaced all 18 washers and 18 dryers with new equipment.
Continued renewal is expected without significant impact.

3. PISMO COAST INVESTMENTS
The Company has renewed a lease agreement with Ms. Jeanne Sousa,
a California Corporations Licensed Broker, for the lease of a
200-square foot building at the Resort from which she conducts
sales activities in the Company's stock. The term of the lease is
for three years commencing on January 1, 2004 and ending on
December 31, 2006. Termination or cancellation may be made by
either Lessor or Lessee by giving the other party sixty (60) days
written notice.

ITEM 3. LEGAL PROCEEDINGS
No pending legal proceedings against the Company other than
routine litigation incidental to the business.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Paragraph inapplicable.

                             PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

a. MARKET INFORMATION
There is no market for the Company's common stock, and there are
only limited or sporadic transactions in its stock. Ms. Jeanne E.
Sousa, a licensed broker/dealer, handled sales of the Company
shares as Pismo Coast Investments. The last transaction the
Company is aware of occurred on September 20, 2005 at a price of
$27,000 for one share conveyed. This price was used for
computation of aggregate market value of Company stock on page 2
of this Report.


The following table sets forth the high and low closing sales
prices as reported by Pismo Coast Investments for the period
October 1, 2003 to September 30, 2005.

<table>

Fiscal Year Ended September 30, 2004
------------------------------------

<caption>

                                            High       Low
                                            ----       ---

                                       <c>        <c>

First Quarter                             $17,000    $17,000
Second Quarter                            $18,500    $17,000
Third Quarter                             $20,000    $18,500
Fourth Quarter                            $22,000    $20,000

<Page>

Fiscal Year Ended September 30, 2005
------------------------------------

                                            High       Low
                                            ----       ---

First Quarter                             $25,000    $22,000
Second Quarter                            $25,000    $25,000
Third Quarter                             $26,000    $25,000
Fourth Quarter                            $27,000    $26,000

</table>

b. HOLDERS
The approximate number of holders of the Company's common stock
on September 30, 2005 was 1,534.

c. DIVIDENDS
The Company has paid no dividends since it was organized in 1975,
and although there is no legal restriction impairing the right of
the Company to pay dividends, the Company does not intend to pay
dividends in the foreseeable future. The Company selects to
invest its available working capital to enhance the facilities at
the Resort.

d. SECURITIES AUTHORIZED FOR ISSUANCE UNDER
    EQUITY COMPENSATION PLANS
The Company does not currently have securities authorized for
issuance under equity compensation plans.

e. RECENT SALES OF UNREGISTERED SECURITIES: USE OF PROCEEDS
    FROM REGISTERED SECURITIES
The Company does not have sales of unregistered securities.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Statements in this Annual Report on Form 10-KSB which express the
"Belief," "Anticipation," "Intention" or "Expectation," as well
as other statements which are not historical fact, and statements
as to business opportunities, market conditions, and operating
performance insofar as they may apply prospectively, are forward-
looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and involve risks and uncertainties
that could cause actual results to differ materially from those
projected.

Pismo Coast Village, Inc. operates as a 400 space recreational
vehicle resort. The Corporation includes additional business
operations to provide its users with a full range of services
expected of a recreational resort. These services include a
store, video arcade, Laundromat, recreational vehicle repair, RV
parts shop and an RV storage operation.

<Page>

The Corporation is authorized to issue 1,800 shares, of one
class, all with equal voting rights and all being without par
value. Transfers of shares are restricted by Company bylaws. One
such restriction is that transferees must acquire shares with
intent to hold the same for the purpose of enjoying camping
rights and other benefits to which a shareholder is entitled.
Each share of stock is intended to provide the shareholder with
the opportunity for 45 days of free site use per year. However,
if the Corporation is unable to generate sufficient funds from
the public, the Company may be required to charge shareholders
for services.

Management is charged with the task of developing sufficient
funds to operate the Resort through site sales to general public
guests by allocating a minimum of 175 sites to general public use
and allocating a maximum of 225 sites for shareholder free use.
The other service centers are expected to generate sufficient
revenue to support themselves and/or produce a profit.

Certain information included herein contains statements that may
be considered forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, such as
statements relating to anticipated expenses, capital spending and
financing sources. Such forward-looking information involves
important risks and uncertainties that could significantly affect
anticipated results in the future and, accordingly, such results
may differ from those expressed in any forward-looking statements
made herein. These risks and uncertainties include, but are not
limited to, those relating to competitive industry conditions,
California tourism and weather conditions, dependence on existing
management, leverage and debt service, the regulation of the
recreational vehicle industry, domestic or global economic
conditions and changes in federal or state tax laws or the
administration of such laws.

CURRENT OPERATING PLANS
The Board of Directors continues its previously established
policy by adopting a stringent, conservative budget for Fiscal
Year 2006, which projects a positive cash flow of approximately
$929,996 from operations. While the Company projects a positive
cash flow, this cannot be assured for Fiscal Year 2006.

<Page>

Capital expenditures planned for 2006 include the continued
enhancement of RV sites and services, development of a new RV
storage property, pool renovation, road paving and expansion of
the General Store. These investments are projected to be
approximately $710,000 some of which can be deferred, if
necessary. These proposed capital improvements will be funded
from cash from operations, from existing working capital, and, if
necessary, from financing obtained by the Company. Thus, budgeted
cash flow for the year is expected to be within the Company's
capabilities based on its present working capital position. These
capital expenditures are expected to increase the Resort's value
to its shareholders and the general public.

FINANCIAL CONDITION
The business of the Company is seasonal and is concentrated on
prime days of the year which are defined as follows: President's
Day Weekend, Easter week, Memorial Day Weekend, summer vacation
months, Labor Day, Thanksgiving Weekend, and Christmas vacation.
There are no known trends which affect business or affect
revenue.

The Company develops its income from two sources: (a) Resort
Operations, consisting of revenues generated from RV site
rentals, from RV storage space operations, and from lease
revenues from Laundromat and arcade operations by third party
lessees; and (b) Retail Operations, consisting of revenues from
general store operations and from RV parts and service
operations.

The Company completed its plan to aggressively reduce debt by
eliminating, by early payoff, all outstanding loan balances in
July 2000. With the purchase of a new storage property in
February 2003, the Company obtained financing from a local
institution. Following the Company's philosophy on debt, the loan
was paid off early in September 2005. The Company continues its
policy to adopt conservative budgets with managed capital
outlays.

The Company has arranged a $500,000 line of credit that is
currently not drawn on. The Company has no other liabilities to
creditors other than current accounts payable arising from its
normal day-to-day operations and advance Resort rental
reservation deposits, none of which are in arrears.

<Page>

The Company reached a settlement with the Internal Revenue
Service in Fiscal Year 2003 regarding an audit of the 1999 tax
return. As a result of the audit, incremental taxes were paid to
total $117,600 federal liability and an additional $30,050 state
liability for the years ended September 30, 2000 and 2001. The
incremental taxes related to nondeductible variable costs
associated with shareholder usage of the park. Current and future
impact of shareholder nondeductible variable costs will be based
on a formula agreed to in the settlement of the audit.

LIQUIDITY
The Company's policy is to use its ability to generate operating
cash flow to meet its expected future needs for internal growth.
The Company has continued to maintain sufficient cash so as to
not require the use of a short-term line of credit during the
off-season period, and the Company expects to be able to do so
(although no assurance of continued cash flow can be given).

Net cash provided by operating activities totaled $643,315 in
2005, compared to $985,870 in 2004. This decrease is primarily a
result of deferred income tax, reduced prepaid income taxes, and
a decrease in rental deposits. The decrease in rental deposits is
a timing issue and does not in itself reflect a trend in business
activity.

During Fiscal Year 2005, cash investments of $386,523 included
complete renovation of fifty-nine RV sites, road paving, and
computer equipment. During Fiscal Year 2004, cash investments of
$254,817 included complete renovation of twenty-seven RV sites,
purchase of a new truck, road paving, and Resort entrance
enhancements.

The Company has continued to maintain sufficient cash from
operations to not require the addition of long-term debt.
However, with the purchase of the new RV storage property in
February 2003, long-term financing was acquired from a lending
institution. This financing was eliminated with early pay off in
September 2005. With the possibility of requiring additional
funds for planned capital improvements and the winter season, the
Company maintains a $500,000 Line of Credit to insure funds will
be available if required. In anticipation of future large
projects, the Board of Directors has instructed management to
build operational cash balances.

Fiscal Year 2005's current ratio (current assets to current
liabilities) of 2.20 decreased from Fiscal Year 2004's current
ratio of 2.27. The decrease in current ratio is the result of
decreased cash and cash equivalents after paying off the note in
September 2005 and an increase in accounts payable.

<Page>

Working Capital decreased to $932,869 at the end of Fiscal Year
2005 compared with $1,029,306 at year end Fiscal Year 2004. This
decrease is a result of early payoff of the storage property note
in September 2005.

CAPITAL RESOURCES AND PLANNED EXPENDITURES
The Company plans capital expenditures of $710,000 in Fiscal Year
2006 to further enhance the Resort facilities and services,
develop a new RV storage facility, renovate thirty-nine
campsites, and expand the General Store. Funding for these
projects is expected to be from normal operating cash flows and,
if necessary, supplemented with outside financing. These capital
expenditures are expected to increase the Resort's value to its
shareholders and the general public.

RESULTS OF OPERATIONS

YEAR TO YEAR COMPARISON

INCOME: Increased over the prior fiscal year ended September 30,
2004, by $483,921, or 11.5%.

<table>

                      INCOME BY SEGMENT
                      -----------------

<caption>

                               2005              2004
                               ----              ----

OCCUPANCY
---------


                            <c>               <c>

% of Shareholder Site Use      22.6%             23.9%
% of Paid Site Rental          48.8%             48.8%
% Total Site Occupancy         71.6%             72.7%
% of Storage Rental            99.7%             99.7%
  Average Paid Site           $39.12            $34.69

RESORT OPERATIONS
-----------------

Site Rental               $2,795,475        $2,472,438
Storage Operations           718,178           663,751
Support Operations           170,312           157,283
                          ----------        ----------
  Total                    3,683,965         3,293,472

RETAIL OPERATIONS
-----------------

Store                        663,820           585,283
RV Repair/Parts store        330,104           320,146
  Total                      993,924           905,429
                          ----------        ----------

INTEREST INCOME               13,181             8,248

OTHER INCOME

TOTAL INCOME              $4,691,070        $4,207,149
                          ==========        ==========

</table>

<Page>

Occupancy rates on the previous table are calculated based on the
quantity occupied as compared to the total sites available for
occupancy (i.e., total occupied to number of total available).
Average paid site is based on site revenue and paid sites. Resort
support operations include revenues received from the arcade,
Laundromat, recreational activities, and other less significant
sources.

2005 COMPARED WITH 2004
Resort operations income increased $390,493, or 11.8%, primarily
due to a $323,037, or 13.0%, increase in site revenue. In
addition, the Resort realized an increase of $54,427, or 8.2%, in
RV storage and spotting activity. While paid site nights and
storage occupancy remained even with the previous year, the
increased income is a reflection of rate increases in both
segments effective October 1, 2004. Occupancy projections
continue to look strong as the local region enjoys mild weather
and an ongoing positive trend of outdoor recreation and camping.

Retail operations income increased $88,495, or 9.8%, due to a
$78,538, or 13.4%, increase in General Store sales. These
increases are a result of management's continuing program to
increase retail, from increased occupancy, efforts to stock more
appropriate items, more effectively merchandise, and pay greater
attention to customer service.

Interest Income increased 59.8% to $13,181 over the previous year
as a result of current financial institution trends of improved
interest rates, and increased cash and cash equivalents
throughout most of the year. Reserves are maintained in
preparation for capital expenditure projects to improve the
Resort's facilities and services.

Operating Expenses increased $181,513, or 6.3%, as a result of
payroll, employee health benefits, accounting expenses, and
Resort maintenance expenses. Maintaining the conservative
approach, most expense items were managed well below Plan and in
many categories below the previous year. The Board of Directors
has directed management to continue maintenance projects as
needed to provide a first class resort for campers using
recreational vehicles.

Depreciation Expense decreased 0.7% due to certain assets
reaching the end of their depreciable life and the 2005 capital
expenditure items will receive depreciation benefit over a longer
period.

<Page>

Interest Expense decreased from $34,552 in Fiscal Year 2004 to
$34,296 in 2005. This expense was due to financing the new RV
storage property of which the loan was eliminated by early pay
off in September 2005. The Company currently has no long-term
debt.

Loss on Disposal of Fixed Assets for 2005 was a zero balance
compared to $16,181 for 2004. This reflects that there was no
reclassification or disposal of fixed assets.

Income before provision for taxes on income of $725,884, a 61.0%
increase above last year, is reflective of the Company's current
pricing policies and continuing efforts to maximize Resort
services and value. This figure also represents management's
effort to control expenses.

Net income increased by $156,478, or 67%, over a net income of
$233,206 the previous year. This increase in net income is a
reflection of positive business performance in 2005.

INFLATION has not had a significant impact on our profit
position. The Company has increased rates which have more than
compensated for the rate of inflation.

FUTURE OPERATING RESULTS could be unfavorably impacted to the
extent that changing prices result in lower discretionary income
for customers and/or increased transportation costs to the
Resort. In addition, increasing prices affects operations and
liquidity by raising the replacement cost of property and
equipment.

ITEM. 7 FINANCIAL STATEMENTS

<Page>

                 REPORT OF INDEPENDENT REGISTERED
                     PUBLIC ACCOUNTING FIRM





To the Board of Directors and
Stockholders of Pismo Coast Village, Inc.
Pismo Beach, California

We have audited the accompanying balance sheets of Pismo Coast
Village, Inc. (a California corporation) as of September 30,
2005, and the related statements of operations and retained
earnings and cash flows for the year ended September 30, 2005.
These financial statements are the responsibility of the
company's management. Our responsibility is to express an opinion
on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.

In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Pismo Coast Village, Inc. as of September 30, 2005, and the
results of its operations and its cash flows for the year ended
September 30, 2005 in conformity with accounting principles
generally accepted in the United States of America.


                         BROWN ARMSTRONG PAULDEN
                         McCOWN STARBUCK & KEETER
                         ACCOUNTANCY CORPORATION



Bakersfield, California
October 28, 2005

<Page>

                 REPORT OF INDEPENDENT REGISTERED
                      PUBLIC ACCOUNTING FIRM



To the Board of Directors and
Stockholders of Pismo Coast Village, Inc.
Pismo Beach, California

We have audited the accompanying balance sheet of Pismo Coast
Village, Inc. (a California corporation) as of September 30,
2004, and the related statements of income and retained earnings
and cash flows for the year ended September 30, 2004. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audit in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.

In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Pismo Coast Village, Inc. as of September 30, 2004, and the
results of its operations and its cash flows for the year ended
September 30, 2004 in conformity with accounting principles
generally accepted in the United States of America.



GLENN, BURDETTE, PHILLIPS & BRYSON

Glenn, Burdette, Phillips & Bryson
Certified Public Accountants
A Professional Corporation
San Luis Obispo, CA 93401
October 27, 2004

<Page>

<table>

                  PISMO COAST VILLAGE, INC.
                        BALANCE SHEETS
                 SEPTEMBER 30, 2005 AND 2004
                 ---------------------------

<caption>

                                            2005           2004
                                            ----           ----

                                     <c>            <c>
              ASSETS
              ------

Current Assets
--------------

Cash and cash equivalents               $1,296,196     $1,531,424
Investment in certificate of deposit       101,033         98,921
Accounts receivable                         10,322         10,478
Inventory                                  117,555         97,080
Current deferred taxes                      52,400         44,600
Prepaid income taxes                        81,700
Prepaid expenses                            49,341         54,032
                                        ----------     ----------
 Total current assets                    1,708,547      1,836,535

Pismo Coast Village Recreational
 Vehicle Resort and Related Assets -
 Net of Accumulated Depreciation         6,734,744      6,750,139

Other Assets                                31,620         18,961
------------                            ----------     ----------

 Total Assets                           $8,474,911     $8,605,635
                                        ==========     ==========

  LIABILITIES AND STOCKHOLDERS' EQUITY
  ------------------------------------

Current Liabilities
-------------------

Accounts payable and accrued
 liabilities                            $  104,379     $   73,690
Accrued salaries and vacation              137,979        110,791
Rental deposits                            533,320        576,097
Income taxes payable                                       37,400
Current portion of long-term debt                           9,251
                                        ----------     ----------

 Total current liabilities                 775,678        807,229
                                        ----------     ----------

Long-Term Liabilities
---------------------

Long-term deferred taxes                   270,000        278,200
N/P to Santa Lucia Bank                                   480,657
                                        ----------     ----------
 Total long-term liabilities               270,000        758,857
                                        ----------     ----------
 Total Liabilities                       1,045,678      1,566,086
                                        ----------     ----------

Stockholders' Equity
--------------------

Common stock - no par value, issued
 and outstanding 1,800 shares            5,647,708      5,647,708
Retained earnings                        1,781,525      1,391,841
                                        ----------     ----------
 Total stockholders' equity              7,429,233      7,039,549
                                        ----------     ----------

 Total Liabilities and
  Stockholders' Equity                  $8,474,911     $8,605,635
                                        ==========     ==========
</table>

The accompanying notes are an integral part of these financial
statements.

<Page>

<table>

                     PISMO COAST VILLAGE, INC.
             STATEMENTS OF INCOME AND RETAINED EARNINGS
              YEARS ENDED SEPTEMBER 30, 2005 AND 2004
             ------------------------------------------

<caption>

                                           2005          2004
                                           ----          ----

Income
------

                                     <c>           <c>

Resort operations                       $3,683,965    $3,293,472
Retail operations                          993,924       905,429
                                        ----------    ----------
 Total income                            4,677,889     4,198,901
                                        ----------    ----------

Costs and Expenses
------------------

Operating expenses                       3,035,992     2,854,479
Cost of goods sold                         492,980       446,324
Depreciation                               401,918       404,907
                                        ----------    ----------

 Total costs and expenses                3,930,890     3,705,710
                                        ----------    ----------

Income (loss) from operations              746,999       493,191
                                        ----------    ----------

Other Income (Expense)
----------------------

Interest and dividend income                13,181         8,248
Interest expense                           (34,296)      (34,552)
Loss on sale of fixed assets                             (16,181)
                                        -----------   -----------
 Total other income (expense)              (21,115)      (42,485)
                                        -----------   -----------

Income Before Provision for Taxes          725,884       450,706
---------------------------------

Income Tax Expense                         336,200       217,500
------------------                      -----------   -----------

Net Income                                 389,684       233,206
----------

Retained Earnings-Beginning
 of Period                               1,391,841     1,158,635
---------------------------             -----------   -----------

Retained Earnings-End of Period         $1,781,525    $1,391,841
-------------------------------         ===========   ===========

Net Income Per Share                       $216.49       $129.56
--------------------                    ===========   ===========

</table>

The accompanying notes are an integral part of these financial
statements.

<Page>


<table>

                    PISMO COAST VILLAGE, INC.
                    STATEMENTS OF CASH FLOWS
             YEARS ENDED SEPTEMBER 30, 2005 AND 2004
             ---------------------------------------

<caption>

                                             2005         2004
                                         ----------   -----------


                                      <c>          <c>

Cash Flows From Operating Activities
------------------------------------

Net income                               $  389,684   $  233,206
 Adjustments to reconcile net
  income to net cash provided
   by operating activities:
Depreciation                                401,918      404,907
Deferred income tax                         (16,000)      73,900
Loss on disposal of fixed assets                          16,181
(Increase) decrease in
 accounts receivable                            156       (2,068)
(Increase) in inventory                     (20,475)      (8,905)
(Increase) decrease in
 prepaid expenses                             4,691       (4,988)
(Increase) in prepaid income taxes          (81,700)      94,200
(Increase) in other assets                  (12,659)      (1,205)
Increase (decrease) in accounts
 payable and accrued liabilities             30,689      (22,350)
(Decrease) in accrued salaries
 and vacation                                27,188       16,495
Increase in rental deposits                 (42,777)     149,097
Decrease in income taxes payable            (37,400)      37.400
                                         -----------  ----------
 Total adjustments                          253,631      752,664
                                         -----------  ----------

Net cash provided by
 operating activities                       643,315      985,870
                                         -----------  -----------

Cash Flows From Investing Activities
------------------------------------

Investment in certificate of deposit         (2,112)     (97,812)
Capital expenditures                       (386,523)    (254,817)
                                         -----------  -----------

Net cash used in investing activities      (388,635)    (352,629)

Cash Flows From Financing Activities
------------------------------------

Principal repayments of note payable       (489,908)      (6,927)
                                         -----------  -----------

 Net cash used in financing activities     (489,908)      (6,927)
                                         -----------  -----------

Net increase (decrease) in cash and
 cash equivalents                          (235,228)     626,314

Cash and Cash Equivalents -
 Beginning of Year                        1,531,424      905,110
---------------------------             -----------  -----------

Cash and Cash Equivalents -
 End of Year                             $1,296,196   $1,531,424
---------------------------             ===========  ============

Schedule of Payments of Interest and Taxes
------------------------------------------
Cash paid for income tax                 $  437,530   $   12,000
Cash paid for interest                   $   34,296   $   34,552

</table>

The accompanying notes are an integral part of these financial
statements.

<Page>

                   PISMO COAST VILLAGE, INC.
                 NOTES TO FINANCIAL STATEMENTS
                  SEPTEMBER 30, 2005 AND 2004
                 -----------------------------


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
---------------------------------------------------

A.  Nature of Business
    ------------------

Pismo Coast Village, Inc. (Company) is a recreational vehicle
camping resort. Its business is seasonal in nature and
historically the fourth quarter, the summer, is its busiest and
most profitable.

B.  Inventory
    ---------

Inventory has been valued at the lower of cost or market on a
first-in, first-out basis. Inventory is comprised primarily of
goods in the general store and parts in the RV shop.

C.  Depreciation and Amortization
    -----------------------------

Depreciation of property and equipment is computed using straight
line method based on the cost of the assets, less allowance for
salvage value, where appropriate. Depreciation rates are based
upon the following estimated useful lives:

   Building and park improvements          5 to 40 years
   Furniture, fixtures, equipment and
     leasehold improvements                3 to 31.5 years
   Transportation equipment                5 to 10 years

D.  Earnings Per Share
    ------------------

The earnings (losses) per share are based on the 1,800 shares
issued and outstanding.

E.  Cash and Cash Equivalents
    -------------------------

For purposes of the statements of cash flows, the Company considers
all highly liquid investments including certificates of
deposit with maturities of three months or less when purchased,
to be cash equivalents.

F.  Concentration of Credit Risk
    ----------------------------

At September 30, 2005, the Company had cash deposits in excess of
the $100,000 federally insured limit with Santa Lucia Bank of
$1,036,364. Santa Lucia Bank however has entered into a "contract
for deposit of moneys" for $1,500,000 with the Company. This
contract states that Santa Lucia Bank will keep as security for
the Company's deposits up to $1,500,000 in U.S. Treasury
securities with City National Bank of Beverly Hills. The Company
receives statements monthly from City National Bank indicating
the funds held in trust.

G.  Use of Estimates
    ----------------

The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America requires the Company to make estimates and assumptions
that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.

<Page>

PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2005 AND 2003
PAGE 2
-----------------------------


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
---------------------------------------------------


H.  Revenue and Cost Recognition
    ----------------------------

The Company's revenue is recognized on the accrual basis as
earned based on the date of stay. Expenditures are recorded on
the accrual basis whereby expenses are recorded when incurred,
rather than when paid.

I.  Advertising
    -----------

The Company follows the policy of charging the costs of
non-direct response advertising to expense as incurred.
Advertising expense was $38,792 and $34,409 for the years ended
September 30, 2005 and 2004, respectively.

J.  Reclassifications
    -----------------

Certain prior period balances have been reclassified to conform
with current period presentation.


NOTE 2 - PISMO COAST VILLAGE RECREATIONAL VEHICLE RESORT AND RELATED
ASSETS
------------------------------------------------------------

At September 30, 2005 and 2004, property and equipment included
the following:

<table>
<caption>

                                            2005         2004
                                        ----------    ----------


                                     <c>           <c>
  Land                                  $3,860,629    $3,860,629
  Building and park improvements         7,740,770     7,424,401
  Furniture, fixtures, equipment and
   leasehold improvements                  563,140       541,162
  Transportation equipment                 391,111       391,111
  Construction in progress                  79,380        31,207
                                        -----------  ------------
                                        12,635,030    12,248,510
Less: accumulated depreciation          (5,900,286)   (5,498,371)
                                        -----------   -----------
                                        $6,734,744    $6,750,139
                                        ===========   ===========

</table>

Depreciation expense for the years ended September 30, 2005 and
2004 was $401,918 and $404,907, respectively.

NOTE 3 - LINE OF CREDIT
-----------------------

The Company has a revolving line of credit for $500,000 with
Santa Lucia Bank which expires March 2006. The interest rate is
variable at one percent over West Coast Prime with an initial
rate of 6.5 percent and an interest rate of 7.75 percent at
September 30, 2005. The purpose of the line of credit is to
augment operating cash needs in off-season months. There were no
outstanding amounts as of September 30, 2005 or 2004.

NOTE 4 - COMMON STOCK
---------------------

Each share of stock is intended to provide the shareholder with a
maximum free use of the park for 45 days per year. If the Company
is unable to generate sufficient funds from the public, the
Company may be required to charge shareholders for services.

<Page>

PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2005 AND 2004
PAGE 3
------------------------------


NOTE 4 - COMMON STOCK (Continued)
---------------------

A shareholder is entitled to a pro rata share of any dividends as
well as a pro rata share of the assets of the Company in the
event of its liquidation or sale. The shares are personal
property and do not constitute an interest in real property. The
ownership of a share does not entitle the owner to any interest
in any particular site or camping period.

NOTE 5 - INCOME TAXES
---------------------

The provision for income taxes consists of the following
components:

<table>
<caption>

                                    2005           2004
                                  --------       --------


                               <c>            <c>

Current:
 Federal                          $283,700       $ 97,300
 State                              72,100         46,300
                                  --------       --------
                                   355,800        143,600
                                  --------       --------

Deferred:
 Federal                           (22,900)        69,400
 State                               3,300          4,500
                                  --------       --------
                                  $336,200       $217,500
                                  ========       ========

</table>

The deferred tax assets (liabilities) are comprised of the
following:

<table>
<caption>

                              2005                  2004
                      -------------------   -------------------
                      Current   Long-term    Current   Long-term
                      -------   ---------    -------   ---------


                  <c>        <c>         <c>       <c>

Deferred tax assets:
 Federal             $ 49,100   $           $ 40,900  $
 State                  3,300                  3,700
Deferred tax liabilities:
 Federal                         (231,500)              (242,600)
 State                            (38,500)               (35,600)
                     --------   ----------  --------    ---------
                     $ 52,400   $(270,000)  $ 44,600   $(278,200)
                     ========   ==========  ========   ==========

</table>

The deferred tax assets (liabilities) consist of the following
temporary differences:

<table>
<caption>
                                             2005        2004
                                          ----------  ----------


                                       <c>         <c>

Depreciation                              $(269,900)  $(278,200)
                                          ----------  -----------
 Total gross deferred tax liabilities      (269,900)   (278,200)
                                          ----------  -----------
Vacation accrual                             15,900      17,800
Federal benefit of state taxes               36,400      26,800
                                          ---------   ----------
 Total gross deferred tax assets             52,300      44,600
                                          ---------   ----------
                                          $(217,600)  $(233,600)
                                          ==========  ===========

</table>

The Company has not recorded a valuation allowance for deferred
tax assets since the benefit is expected to be realized in the
following year.

<Page>

PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2005 AND 2004
PAGE 4
-----------------------------


NOTE 5 - INCOME TAXES (Continued)
---------------------

The effective income tax rate varies from the statutory federal
income tax rate as follows:

<table>
<caption>

                                                 2004     2003
                                                 ----     ----


                                              <c>      <c>

Statutory federal income tax rate                34.0%    34.0%
Increase (decrease):
 State income taxes, net of federal benefit       6.8      7.5
 Effect of graduated tax rates
 Nondeductible variable costs
  of shareholder usage                            5.9      9.2
 Incremental tax due to resolution
  of tax audit
 Benefit from additional depreciation
  on prior year tax return                                (2.4)
                                                 -----    -----
   Effective Income Tax Rate                     46.7%    48.3%
                                                 =====    =====

</table>

Effective September 30, 1993, the Company adopted Statement of
Financial Accounting Standard No. 109, "Accounting for Income
Taxes" (SFAS 109). SFAS 109 requires, among other things, a
change from the deferred to the asset-liability method of
computing deferred income taxes. SFAS 109 also requires that if
income is expected for the entire year, but there is a net loss
to date, a tax benefit is recognized based on the annual
effective tax rate. The Company has not recorded a valuation
allowance for deferred tax assets since the benefit is expected
to be realized in the following year.

The difference between the effective tax rate and the statutory
tax rates is due primarily to the effects of the graduated tax
rates, state taxes net of the federal tax benefit, and
nondeductible variable costs of shareholder usage.

<Page>

PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2005 AND 2004
PAGE 5
------------------------------


NOTE 6 - OPERATING EXPENSES
---------------------------

Operating expenses for the years ended September 30, 2005 and
2004 consisted of the following:

<table>
<caption>

                                              2005        2004
                                           ---------   ----------

                                        <c>         <c>
Administrative salaries                    $ 297,875   $ 301,975
Advertising and promotion                     38,792      34,409
Auto and truck expense                        66,797      49,716
Bad debts                                        321         487
Contract services                            108,826     119,859
Corporation expense                           42,355      42,219
Custodial supplies                            13,991      12,850
Direct labor                               1,043,396     903,748
Employee travel and training                  27,435      22,888
Equipment lease                                2,881       4,846
Insurance                                    336,586     359,380
Miscellaneous                                 32,007      34,394
Office supplies and expense                   52,894      49,689
Payroll tax expense                          122,968     112,159
Pension plan match                            13,976      10,849
Professional services                         68,238      45,192
Property taxes                                60,880      49,709
Recreational supplies                          6,786       8,184
Rent - storage lots                           73,446      71,633
Repairs and maintenance                      143,743     119,704
Retail operating supplies                      7,733       5,040
Security                                       2,935      35,454
Service charges                               86,187      82,332
Taxes and licenses                             7,507       7,410
Telephone                                     31,818      30,848
Uniforms                                      17,543      14,885
Utilities                                    328,076     324,620
                                          ----------  ----------
  Total Operating Expenses                 $3,035,992  $2,854,479
                                           ==========  ==========

</table>

NOTE 7 - OPERATING LEASES
-------------------------

The Company leases two pieces of property to use as storage lots.
One is leased under a cancelable month-to-month lease. The other
was renewed effective January 2001, for five years. Monthly lease
payments are currently $2,605 and are increased annually based on
the Consumer Price Index.

The Company also leases an ATM machine for the public's use in
the General Store. Lease payments on the ATM machine are $152 per
month through May 2006.

Future minimum lease payments under the second property lease and
the obligation to lease equipment are as follows:

<table>
<caption>

         Year Ended September 30,
                   
                     <c>
                   2006                    $  9,031
                                           ========

</table>

Rent expense under these agreements was $75,270 and $73,506 for
the years ended September 30, 2005 and 2004, respectively.

<Page>


PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2005 AND 2004
PAGE 6
-----------------------------


NOTE 8 - EMPLOYEE RETIREMENT PLANS
----------------------------------

The Company is the sponsor of a 401(k) profit-sharing pension
plan, which covers substantially all full-time employees.
Employer profit sharing contributions are discretionary and are
determined on an annual basis. The employer matching portion of
the plan requires a 50% match of employee contributions up to a
2.5% of total compensation. The contribution to the pension plan
for the years ended September 30, 2005 and 2004, is $13,976 and
$10,849, respectively.

NOTE 9 - SUBSEQUENT EVENTS
--------------------------

The Company converted its 401(k) profit sharing pension plan to a
401(k) safe harbor plan effective October 1, 2005. Under this
plan, employees working more than 1,000 hours annually are
eligible for participation in the plan after one year of service.
The Company matches employee contributions up to 4% of
compensation. The profit sharing element of the plan is funded at
the annual discretion of the Board of Directors. Employees are
fully vested when their participation in the plan begins.

Effective October 1, 2005, the Company entered into an agreement
to lease a storage lot for five years at a rate of $4,800 per
month. This lease replaces the cancelable month-to-month lease
referred to in Note 7 above. Future minimum lease payments on the
new lot lease are as follows:

<table>
<caption>

        Year Ended September 30,
        ------------------------
                 
                     <c>
                 2006                    $ 57,600
                 2007                    $ 57,600
                 2008                    $ 57,600
                 2009                    $ 57,600
                 2010                    $ 57,600
                                         --------
                                         $288,000
                                         ========

</table>

<Page>

                 INDEPENDENT AUDITOR'S REPORT
                  ON ADDITIONAL INFORMATION







To the Board of Directors and
Stockholders of Pismo Coast Village, Inc.
Pismo Beach, California


Our report on our audits of the basic financial statements of
Pismo Coast Village, Inc. as of September 30, 2005 and 2004
appears on page 3. Those audits were made for the purpose of
forming an opinion on the basic financial statements taken as a
whole. The statements of operations (unaudited) for the three
months ended September 30, 2005 and 2004 are presented for
purposes of additional analysis and are not a required part of
the basic financial statements. Such information has not been
subjected to the auditing procedures applied in the audits of the
basic financial statements, and, accordingly, we express no
opinion on it.




                         BROWN ARMSTRONG PAULDEN
                         McCOWN STARBUCK & KEETER
                         ACCOUNTANCY CORPORATION





Bakersfield, California
October 28, 2005

<Page>

<table>

                  PISMO COAST VILLAGE, INC.
               STATEMENTS OF INCOME (UNAUDITED)
        THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
        ----------------------------------------------

<caption>

                                          2005          2004
                                       ----------   ----------

<s                                    
           <c>

Income
------

Resort operations                      $1,275,035   $1,157,402
Retail operations                         348,669      325,032
                                       -----------  -----------

 Total income                           1,623,704    1,482,434
                                       -----------  -----------

Costs and Expenses
------------------

Operating expenses                        911,763      815,306
Cost of goods sold                        172,747      159,738
Depreciation                              101,376      100,877
                                       -----------  -----------
 Total costs and expenses               1,185,886    1,075,921
                                       -----------  -----------

 Income from operations                   437,818      406,513
                                       ----------   -----------

Other Income (Expense)
----------------------

Interest and dividend income                4,247        2,056
Interest expense                           (6,958)      (8,485)
Loss on sale of fixed assets                           (16,181)
                                       -----------  -----------

 Total other income (expense)              (2,711)     (22,610)
                                       -----------  -----------

Income Before Provision For Taxes         435,107      383,903
---------------------------------

Income Tax Expense                        202,900      185,300
------------------                    ------------  -----------

Net Income                            $   232,207   $  198,603
----------                            ============  ===========

Net Income Per Share                  $    129.00   $   110.34
--------------------                  ============  ===========

</table>

<Page>

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
         ACCOUNTING AND FINANCIAL DISCLOSURE
Inapplicable.

ITEM 8a. CONTROLS AND PROCEDURES

a. EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Within the 90 days prior to the date of this report, the Company
carried out an evaluation, under the supervision and with the
participation of the Company's management, including the
Company's Chief Executive Officer and Chief Financial Officer, of
the effectiveness of the design and operation of the Company's
disclosure controls and procedures pursuant to Exchange Act rule
13a-14c. Based upon the evaluation, the Chief Executive Officer
and Chief Financial Officer concluded that the Company's
disclosure controls and procedures are effective.

b. CHANGES IN INTERNAL CONTROLS
There have been no significant changes in the Company's internal
controls or in other factors that could significantly affect
internal controls subsequent to the date of their evaluation.

ITEM 8b. OTHER INFORMATION
Inapplicable.

                            PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL
         PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE
         EXCHANGE ACT

a. The Company's Directors were chosen at the Shareholder's
Annual Meeting on January 15, 2005. The Directors serve for one
year, or until their successors are elected. The names, ages,
background and other information concerning the Directors,
including other offices held by the Directors with the Company,
are set forth below.

The following is a list of the Company's Directors and Executive
Officers setting forth their functions and experience. There is
no understanding or agreement under which the Directors hold
office.

HOWARD ALLARD, Director                                    Age 80
Howard Allard has a master's degree in education administration
from California State University, Sacramento. He was an
elementary school principal in the Rio Linda Union School
District for twenty-nine years prior to his retirement in 1985.
Mr. Allard has been a partner since 1978 in Allard Enterprises
which maintains rental properties, and has also been a partner
since 1982 in Allard Limousine. Mr. Allard has been on the Board
since March 1980, and has served three years as President, two
years as Secretary, and one year as Vice President -
Administration.

<Page>

LOUIS BENEDICT, Director                                   Age 78
Louis Benedict served in the U. S. Navy from 1944 to 1946, and
again during the Korean War, from 1952 to 1953. He attended the
University of Southern California, majoring in electrical
engineering, and following that earned a B. S. degree in
electrical engineering at the University of Colorado. Mr.
Benedict was employed from 1957 to 1962 as a project engineering
manager with Lockheed Missiles and Space, from 1962 to 1964 as a
vice president with William A. Revelle Corporation, and from 1964
to 1966 as an engineering section manager with Lockheed Missiles
and Space. From 1966 to 1975 he was employed as the director of
subcontract administration with Litton Industries, from 1975 to
1994 as vice president of contract administration for Datametrics
Corporation, and from 1994 until his retirement in 1998 as a
consultant in the field of U. S. defense contracts
administration. Mr. Benedict has served on the Board of Directors
since November 2002.

NANCY BRADY, Director                                      Age 63
Nancy Brady was employed most recently as the operations manager
for Walter Mortensen Insurance from 1991 to 2002. Prior to that
time, she and her husband owned their own insurance agency. She
holds the CPCU (Chartered Property and Casualty Underwriter)
designation along with the ARM (Associate in Risk Management)
degree. She is currently serving on the Board of Directors for
both the Stockdale Women's Organization and the Child Guidance
Guild of Bakersfield. Mrs. Brady has served on the Board of
Directors since November 2003.

KURT BRITTAIN, Director and Vice President - Secretary     Age 75
After his Marine Corps service, Mr. Brittain was employed for
more than thirty-three years by Orange County, California, prior
to his retirement in 1986. His background includes public works,
flood control and manager of the county's harbors, beaches and
parks system. He was in charge of three harbors, seven beaches
and more than twenty-six parks, three of which were camping
parks. He has completed extension courses in business
administration, management, recreation and real estate. Mr.
Brittain has been a member of the Board from March 1990 to July
1999 and from January 2002 to present, serving one year as Vice
President - Administration and five years as Executive Vice
President. He is currently serving a fourth year as Vice
President - Secretary.

HARRY BUCHAKLIAN, Director                                 Age 73
Harry Buchaklian has a B.A. degree from C.S.U.F. in industrial
arts, and a secondary level teaching credential in laboratory
electronics and small engine repair. His career included
employment as an assistant manager with Western Auto Stores,
electronics instructor at Fresno Technical College and technical
supervisor for Sears Roebuck. He retired from Sears Roebuck in
1994. He has been a member of the Board from March 1981 to
January 1992 and from September 1995 to present, serving one year
as Executive Vice President, and as a chairman of the Policy and
Audit Committees.

<Page>

DOUGLAS EUDALY, Director                                   Age 74
Douglas Eudaly has an associate of arts degree from Fresno City
College in elementary education, and a bachelor's degree in
elementary education from Fresno State College. He has done
doctoral studies at Nova University in Ft. Lauderdale, Florida,
and received a Ph.D. from Clayton Theological Institute in
Clayton, California. Dr. Eudaly holds life teaching credentials
for elementary and junior high schools, and administrative
credentials for preschool through adult school. He retired from
the Fresno Unified School District in 1991 with thirty-one years
of service credit--the last five years as program director for
the Disability Awareness Program. Dr. Eudaly was president of the
Fresno Teachers' Association in 1970-1971, as well as chairman of
the district's negotiating council and served one term as chief
negotiator. He has served three years as president of the board
of directors for Friendship Center for the Blind, and as chairman
of several advisory committees for food banks and other nonprofit
organizations. He served more than three years as the deacon
chairman at the Evangelical Free Church of Fresno. Dr. Eudaly has
served on the Board since January 2002.

ED FIGUEROA, Director                                      Age 62
Mr. Figueroa majored in aeronautics at Reedley College and
obtained his airframe & power plant license in 1964. In 1970 he
started working in the heating and air-conditioning field as a
service manager and service technician with Jack's Refrigeration,
Inc. Mr. Figueroa purchased the company in 1993, and managed the
business until his retirement in December 2004. Mr. Figueroa
continues to have a C-20 contractor's license, specializing in
custom residential and design-built commercial heating and air-
conditioning systems. His company also specialized in sheet metal
fabricating and installation and service repairs on commercial
and residential systems. Mr. Figueroa has served on the Board
since November 2003.

WILLIAM FISCHER, Director                                  Age 71
William (Bill) Fischer, has been married forty-nine years and
served in the U. S. Air Force during the Korean War. He is a
graduate of California State University, Northridge, with a B. S.
degree in accounting. He worked in the aerospace, entertainment
and public utility industries until 1969 when he was hired by
Getty Oil Company's corporate office as an accounting supervisor.
Texaco, Inc. acquired Getty Oil in 1985 and he was promoted to
manager of benefits plan's accounting. Mr. Fischer was
responsible for the Savings/Thrift, 401-K, and ESOP Plans
administration until 1989 when he elected early retirement. He
then went into residential real estate and was a financial
consultant to various companies until 2001, and has active real
estate broker and tax preparer licenses. He is a member of the
Veterans of Foreign Wars, Elks, Moose, and Knights of Columbus
organizations. He looks forward to contributing his financial and
real estate backgrounds to the Board. Mr. Fischer has been on the
Board since January 2002.

<Page>

NORMAN GOULD, Director                                     Age 86
Norman Gould has a B.A. in education and an M.A. in
administration. His occupation prior to retirement in 1987 was as
the superintendent of schools for Madera County. He was a member
of the board of directors of Kingsview, Inc. from 1968 to 1980
and held the positions of vice chairman and chairman of the
board, and serves on the board of directors of Valley Teen Ranch,
Inc. Mr. Gould is currently president of the California Retired
Teachers Foundation, a nonprofit corporation. He has been a
member of the Board from March 1976 to March 1991 and from March
1993 to present, serving nine years as President, one year as
Treasurer and two years as Secretary.

R. ELAINE HARRIS, Director                                 Age 67
R. Elaine Harris retired in 1990 from Pacific Telephone with
thirty-one years service, starting in the business office, then
advancing to facility administrator the last ten years of that
time. She was active with the Jaycettes Club and has worked on
several political campaigns. She is now enjoying retirement and
feels very blessed serving on the Board since January 2000. She
is looking forward to continuing serving the shareholders.

GLENN HICKMAN, Director and Executive Vice President       Age 72
Glenn Hickman has a B.A. in business and a secondary teaching
credential from Fresno State University. His occupation prior to
retirement in 1995 was as a financial analyst and office
supervisor for Cal Resources, a subsidiary of Shell Oil Company.
Mr. Hickman has been a member of the Board since July 1999, and
is currently serving a fourth year as Executive Vice President.

TERRIS HUGHES, Director                                    Age 56
Terris (Terry) Hughes holds an A.A. degree from Bakersfield
Junior College in police science. He was employed by Cal
Resources LLC for twenty-three years, from 1973 to 1997, holding
the position of senior training technician for the last ten years
of that time. He is currently employed as an internal consultant
for Aera Energy LLC, an oil industry company formed in 1997
between the Shell Oil and Mobil Oil Corporations. His duties are
to serve as a behavior base safety advisor and provide safety
training to Aera Energy LLC employees. Mr. Hughes has been a
member of the Board since January 1996, and served one year as
Vice President - Policy.

RONALD NUNLIST, Director and Vice President - Policy       Age 67
Ronald Nunlist was employed in the oil business for many years.
From 1995 to 1997 he was employed as an operations foreman by Cal
Resources LLC, an oil industry company owned by Shell Oil
Corporation. From 1997 until his retirement in 1999, Mr. Nunlist
was employed as a logistics specialist by Aera Energy LLC, an oil
industry company formed between the Shell Oil and Mobil Oil
Corporations. He has been a member of the Board since January
1986, serving five years as President, and is currently serving a
fourth year as Vice President - Policy.


<Page>

GEORGE PAPPI, JR., Director                                Age 43
Mr. Pappi's current occupation is as a fraud investigator for
State Farm Insurance. Other positions held during his seventeen
years of employment with State Farm Insurance include office
manager, property and bodily injury adjustor, fire and casualty
(with extensive construction background), risk management and
commercial insurance. He graduated from Cal Poly Pomona with a
B.S. in management and human resources. He resides in La Verne,
California and is actively involved in local community and church
activities and the United Way organization. Mr. Pappi has been a
member of the Board of Directors since January 2004.

JERALD PETTIBONE, Director and President                   Age 79
Jerry Pettibone sold and retired from his company, Pettibone
Signs, in Santa Cruz in October 1988. He started the company
which operated statewide in 1960. Active in trade associations,
he served on the board of directors of the National Electric Sign
Association, and on the board of directors of the World Sign
Association, serving as national president in 1985 and 1986. He
served on the board of directors of the California Electric Sign
Association for twenty-two years and was elected a director
emeritus. He has been a member of the Board since January 1993,
including three years as Chief Financial Officer, and is
currently serving a ninth year as President.

GARY WILLEMS, Director                                     Age 51
Gary Willems holds a B.A. degree in music education and a
California life teaching credential from Fresno Pacific
University. Mr. Willems has been teaching music since 1977, and
since 1985 has been the director of bands at Reedley High School.
He is an active member of the California Band Directors'
Association and is the past president of Fresno and Madera
Counties Music Educators' Association. Mr. Willems has served on
the Board of Directors since January 2001.

JACK WILLIAMS, Director, Chief Financial Officer and
Vice President - Finance                                   Age 55
Mr. Williams graduated from San Diego State University in 1974
with a B.S. in accounting. Following that, he has been employed
in the field of accounting in a variety of industries, including
agriculture, construction, heavy equipment sales, and
manufacturing. He was employed as a financial analyst by Texaco
Oil Corporation in the Bakersfield area from 1997 until 1999, and
as Chief Financial Officer for Goodwill Industries of South-
Central California from March 2000 to November 2004. Mr. Williams
is currently employed as Controller for Diversified Utilities
Services, a position he has held since April 2005. He established
his own C.P.A. practice in 1983, which he continues to own and
operate. Mr. Williams has been a member of the Board since
January 1995, and is currently serving a ninth year as Chief
Financial Officer and Vice President - Finance.

<Page>

CHARLES ZAHKA, Director                                    Age 79
Charles Zahka retired as vice president of the Broadway
Department Stores in 1990 after twenty years. Following that, he
served as a private management consultant until he opted for full
retirement in 2005. Mr. Zahka is president of the Stroke
Association of Southern California and vice chairman of the
Better Business Bureau of the Southland. He has been a member of
the Board since March 1988, and has served one year as Secretary
and one year as President.

b. OTHER OFFICERS AND SIGNIFICANT EMPLOYEES
JAY JAMISON, Assistant Corporate Secretary and Chief Operating
Officer/General Manager                                    Age 52
Jay Jamison has been employed by the Company since June 1997 as
General Manager and serves as Assistant Corporate Secretary. In
May 2005, the Board changed his title to Chief Operating
Officer/General Manager. He has a B.S. degree in Agricultural
Management from Cal Poly San Luis Obispo, graduating in 1976. Mr.
Jamison was raised on his family's guest ranch, Rancho Oso, in
Santa Barbara County, which included a recreational vehicle park,
resident summer camp, equestrian facilities and numerous resort
amenities. He worked on the ranch throughout his childhood and
after college. The family business was sold in 1983, at which
time Mr. Jamison was hired by Thousand Trails, Inc., a private
membership resort, as a Resort Operations Manager. His last ten
years at Thousand Trails were spent managing a 200-acre, 518-
site, full-service resort near Hollister, California. He also
managed Thousand Trails resorts in Acton and Idyllwild in
Southern California. Prior to his employment with the Company,
Mr. Jamison was a General Manager with Skycrest Enterprises in
Redding and managed Sugarloaf Marina and Resort on Lake Shasta in
Northern California between January 1995 and June 1997. He is
active in the Resort and Commercial Recreation Association and is
also a member of the American Quarter Horse Association. Mr.
Jamison was appointed to and has served as a commissioner on the
Pismo Beach Conference and Visitors Bureau since February 1998,
and since August 1999 has served as Chair. At the National
Association of RV Parks and Campgrounds' Annual Convention in
November 1999, Mr. Jamison was appointed to the ARVC Board of
Directors representing the ten western states. At the 2001 Annual
Convention, he was elected Treasurer of the National Association,
and in November 2004 he was reelected to serve a fourth one year
term. In June of 2002, Mr. Jamison was installed as a Director on
the Board for the San Luis Obispo County Chapter of the American
Red Cross, and in June 2005 was elected Second Vice-Chair.

c. FAMILY RELATIONSHIPS
There are no familial relationships between the Directors nor
between the Directors and the Officers.

<Page>

d. INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS
To the knowledge of the Company, none of the officers or
directors have been personally involved in any bankruptcy or
insolvency proceedings. To the knowledge of the Company, none of
the directors or officers have been convicted in any criminal
proceedings (excluding traffic violations and other minor
offenses) or are the subject of a criminal proceeding which is
presently pending, nor have such persons been the subject of any
order, judgment, or decree of any court of competent
jurisdiction, permanently or temporarily enjoining them from
acting as an investment advisor, underwriter, broker or dealer in
securities, or as an affiliated person, director or insurance
company, or from engaging in or continuing in any conduct or
practice in connection with any such activity or in connection
with the purchase or sale of any security, nor were any of such
persons the subject of a federal or state authority barring or
suspending, for more than 60 days, the right of such person to be
engaged in any such activity, which order has not been reversed
or suspended.

e. AUDIT COMMITTEE FINANCIAL EXPERT
The Company's Board of Directors has not yet designated an Audit
Committee expert.

f. CODE OF ETHICS
On November 8, 2003, our board of directors adopted our code of
ethical conduct that applies to all the Company's employees and
directors, including our principal executive officer, principal
financial officer, principal accounting officer or controller,
and persons performing similar functions.

We believe the adoption of our Code of Ethical Conduct is
consistent with the requirements of the Sarbanes-Oxley Act of
2002.

The Company's Code of Ethical Conduct is designed to deter
wrongdoing and to promote:

* Honest and ethical conduct, including the ethical handling of
actual or apparent conflicts of interest between personal and
professional relationships;

* Full, fair, accurate, timely and understandable disclosure in
reports and documents that we file or submit to the Securities
and Exchange Commission and in other public communications made
by us;

* Compliance with applicable governmental laws, rules and
regulations;

* The prompt internal reporting to an appropriate person or
persons identified in the code of violations of our Code of
Ethical Conduct; and

* Accountability for adherence to the Code.

<Page>

g. COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT
Section 16(a) of the Securities Exchange Act of 1934, as amended,
requires our officers, directors and persons who own more than
ten percent of a registered class of our equity securities within
specified time periods to file certain reports of ownership and
changes in ownership with the SEC. The Company is not aware of
any failure to file reports or report transactions in a timely
manner during the fiscal year ended September 30, 2005, by any
director or officer.

ITEM 10. EXECUTIVE COMPENSATION
The following table shows the salary and bonus paid by the
Company to Jay Jamison, Chief Operating Officer/General Manager
and Assistant Corporate Secretary for the fiscal year ending
September 30, 2005. No other employee received compensation
exceeding $100,000 during the last fiscal year.

<table>

                   SUMMARY COMPENSATION TABLE
                   --------------------------

<caption>

Name and Principal Position        Year      Salary    Bonus
---------------------------        ----      ------    ------

                                <c>       <c>       <c>

Jay Jamison, Chief Operating
Officer/General Manager and        2005      $90,000   $22,500
Assistant Corporate Secretary

</table>

The Company has no outstanding options, warrants or rights to
purchase any of its securities, whether held by Directors,
officers or any other persons. Nor does the Company have any
outstanding loans or other indebtedness to any Director or
officer. Since the beginning of the fiscal year, the Company has
not entered into nor does it propose to enter into any
transactions of a material nature with any officer or director or
any corporation or other business entity in which any officer or
director may have an economic interest.

REMUNERATION OF DIRECTORS AND OFFICERS
The directors and officers received no cash remuneration for
their service. However, the directors and officers are entitled
to mileage reimbursement for travel to and from meetings upon
request. In addition, they are entitled to use of the Resort for
attending meetings and are provided with food and refreshments in
connection with Board Meetings. The aggregate value of the
foregoing during the fiscal year ended September 30, 2005, was
estimated at $19,951.45.


OPTIONS, WARRANTS OR RIGHTS
The Company has no outstanding options, warrants or rights to
purchase any of its securities.

INDEBTEDNESS OF MANAGEMENT
No member of management was indebted to the Company during it's
last fiscal year.

<Page>

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
          MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION
PLANS
Not applicable.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

a. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
No person owns beneficially of record more than 5% of the
Company's securities.

b. SECURITY OWNERSHIP OF MANAGEMENT.
The following sets forth the securities beneficially owned,
directly, by all directors and officers as a group as of
September 30, 2005:

<table>
<caption>
                                             Amount of  Percent
Board Member                 Title of Class  Ownership  of Class
------------                 --------------  ---------  --------

                          <c>             <c>        <c>

Howard Allard                 Common Stock     1 Share   0.056%
5161 Diablo Drive
Sacramento CA 95842

Louis Benedict                Common Stock     1 Share   0.056%
20955 De Mina Street
Woodland Hills CA 91364

Nancy Brady                   Common Stock     1 Share   0.056%
8808 O'Meara Court
Bakersfield CA 93311

Kurt Brittain                 Common Stock     2 Shares  0.111%
12105 Center Avenue
San Martin CA 95046

Harry Buchaklian              Common Stock     1 Share   0.056%
1361 East Ticonderoga Drive
Fresno CA 93720

Douglas Eudaly                Common Stock     6 Shares  0.333%
3918 North Carruth Avenue
Fresno CA 93705

Ed Figueroa                   Common Stock     2 Shares  0.111%
23157 East South Avenue
Reedley CA 93654

William Fischer               Common Stock     1 Share   0.056%
1947 Sienna Lane
Simi Valley CA 93065

<Page>

                                             Amount of  Percent
Board Member                 Title of Class  Ownership  of Class
------------                 --------------  ---------  --------

Norman Gould                  Common Stock     1 Share   0.056%
10597 Road 30
Madera CA 93637

R. Elaine Harris              Common Stock     4 Shares  0.222%
3418 El Potrero Lane
Bakersfield CA 93304

Glenn Hickman                 Common Stock     1 Share   0.056%
3584 West Wathen Avenue
Fresno CA 93711

Terris Hughes                 Common Stock     1 Share   0.056%
2426 Sunset Street
Wasco CA 93280

Ronald Nunlist                Common Stock     4 Shares  0.222%
1105 Minter Avenue
Shafter CA 93263

George Pappi, Jr              Common Stock     1 Share   0.056%
5728 Via De Mansion
La Verne CA 91750

Jerald Pettibone              Common Stock     2 Shares  0.056%
4179 Court Drive
Santa Cruz CA 95062

Gary Willems                  Common Stock     2 Shares  0.111%
479 South Oak Drive
Reedley CA 93654

Jack Williams                 Common Stock     1 Share   0.056%
7801 Revelstoke Way
Bakersfield CA 93309

Charles Zahka                 Common Stock     1 Shares  0.056%
6300 Alonzo Way
Encino CA 91316

All Officers and
Directors as a Group          Common Stock    33 Shares  1.833%

</table>

All such shares are owned beneficially and of record, and there
are no additional shares known to the Company for which the
listed beneficial owner has the right to acquire beneficial
ownership as specified in Rule 13D-3(d)(1) of the Exchange Act.

c. CHANGES IN CONTROL
Not applicable.

<Page 39>

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
There have been no transactions during the past two years, or
proposed transactions, to which the Company was or is to be a
party, in which any of the officers, directors, nominees, named
shareholders, or family members of any such persons, had or is to
have a direct or indirect material interest, other than
transactions where competitive bids determine the rates or
charges involved, or where the amount involved does not exceed
$60,000, or where the interest of the party arises solely from
the ownership of securities of the Company and the party received
no extra or special benefit that was not shared by all
shareholders.

ITEM 13. EXHIBITS

a. EXHIBITS AND INDEX OF EXHIBITS
Documents filed as part of the report:

  Report of Independent Registered Public Accounting Firm

  Prior Auditor's Report for 2004

  Balance Sheets as of September 30, 2005 and 2004

  Statements of Income and Retained Earnings
   for the years ended September 30, 2005 and 2004

  Statements of Cash Flows
   for the years ended September 30, 2005 and 2004

  Notes to Financial Statements
   For the years ended September 30, 2005 and 2004

  Independent Auditor's Report on Additional Information

  Statements of Income (Unaudited)
   for the three months ended September 30, 2005 and 2004

b. REPORTS ON FORM 8-K
As reported by the Company on Form 8-K dated July 5, 2005, the
Audit Committee of the Board of Directors selected the firm of
Brown Armstrong Paulden McCown Starbuck & Keeter Accountancy
Corporation to replace the firm of Glenn, Burdette, Phillips, and
Bryson, who resigned as the Company's principal accountants
midterm due to their firm's decision to cease performing audits
for SEC engagements effective May 31, 2005.

<Page>

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
As reported by the Company on Form 8-K dated July 5, 2005, the
Audit Committee of the Board of Directors selected the firm of
Brown Armstrong Paulden McCown Starbuck & Keeter Accountancy
("Brown Armstrong") Corporation to replace the firm of Glenn,
Burdette, Phillips, and Bryson ("GBPB"). The firm of Brown
Armstrong served as independent certified public accountants for
the Company for its fiscal year ended September 30, 2005, and
this firm has been selected to serve as the Company's accountants
for Fiscal Year 2006.

Audit services performed by Brown Armstrong for the year ended
September 30, 2005, consisted of examination of the financial
statements of the Company, certain services related to filings
with the Securities and Exchange Commission, and consultation on
matters related to accounting and financial reporting. All such
services were approved by the Board of Directors, which has
determined the firm of Brown Armstrong to be fully independent of
the operations of the Company.

AUDIT FEES
As a result of two firms performing the responsibilities of
independent auditors during the fiscal year ended September 30,
2005, payments were dispersed to GBPB and Brown Armstrong. The
Company's auditors (Brown Armstrong) for the fiscal year ended
September 30, 2005 billed the Company an aggregate of $25,000 for
professional services rendered in connection with their audit of
the Company's financial statements. The Company also paid Brown
Armstrong $3,000 for their review of the quarterly report for the
period ending 6/30/05. In addition, GBPB billed the Company an
aggregate of $14,000 for their review of the Company's quarterly
reports on Form 10-QSB ending 12/31/04 and 3/31/05 during Fiscal
Year 2005.

For the fiscal year ended September 30, 2004, GBPB, the Company's
auditors, during that fiscal year, billed the Company an
aggregate of $15,000 for professional services rendered by GBPB
in connection with their audit of the Company's financial
statements. In addition, GBPB billed the Company an aggregate of
$11,450 for their review of the Company's quarterly reports on
Form 10-QSB during Fiscal 2004 (that is, for the periods ended
6/30/04, 3/31/04 and 12/31/03 respectively).

AUDIT-RELATED FEES
The Company paid no audit-related fees for services reasonably
related to performance of the audit or review of the Company's
financial statements for the fiscal years ending September 30,
2005 and September 30, 2004.

TAX FEES
For the fiscal year ended September 30, 2004, the Company paid
GBPB $3,889 for tax fees consisting of tax planning, consulting,
and tax return review.

<Page>

ALL OTHER FEES
GBPB billed the Company an additional $3,815 for professional
services rendered during Fiscal Year 2005 for services not
otherwise described above. Brown Armstrong billed the Company an
additional $14,599 for professional services rendered during
Fiscal 2005 for services not otherwise described above. All other
fees related to services traditionally provided by auditors,
including work performed in connection with income tax services,
were compatible with GBPB's and Brown Armstrong's independence.

AUDIT COMMITTEE'S PREAPPROVAL POLICIES AND PROCEDURES
For the fiscal year ended September 30, 2004, GBPB billed the
Company an additional $4,491 for professional services rendered
for services not otherwise described above. All other fees relate
to services traditionally provided by auditors, including work
performed in connection with income tax services, were compatible
with GBPB's independence.

For the fiscal years ending September 30, 2005 and September 30,
2004, all audit related services, tax services and other services
were pre-approved by the Audit Committee, which concluded that
the provision of such services by Brown Armstrong and GBPB were
compatible with the maintenance of that firm's independence in
the conduct of its auditing function.

<Page>

                           SIGNATURES
                           __________

In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

PISMO COAST VILLAGE, INC.

By: JERALD PETTIBONE                      Date: NOVEMBER 12, 2005
    Jerald Pettibone, President
    and Chairman of the Board

In accordance with the Exchange Act, this report has been signed
below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.


By: KITTY KARSTETTER                      Date: NOVEMBER 12, 2005
    Kitty Karstetter, Controller
    and Principal Accounting Officer

By: JERALD PETTIBONE                      Date: NOVEMBER 12, 2005
    Jerald Pettibone, President
    and Chairman of the Board and Director

By: GLENN HICKMAN                         Date: NOVEMBER 12, 2005
    Glenn Hickman, Executive Vice President
    and Director

By: KURT BRITTAIN                         Date: NOVEMBER 9, 2005
    Kurt Brittain, Vice President - Secretary
    and Director

By: JACK WILLIAMS                         Date: NOVEMBER 9, 2005
    Jack Williams, Chief Financial Officer,
    Vice President - Finance and Director

By: RONALD NUNLIST                        Date: NOVEMBER 12, 2005
    Ronald Nunlist, Vice President - Policy
    and Director

By: HOWARD ALLARD                         Date: NOVEMBER 12, 2005
    Howard Allard, Director

By: LOUIS BENEDICT                        Date: NOVEMBER 12, 2005
    Louis Benedict, Director

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By: NANCY BRADY                           Date: NOVEMBER 12, 2005
    Nancy Brady, Director

By: HARRY BUCHAKLIAN                      Date: NOVEMBER 12, 2005
    Harry Buchaklian, Director

By: DOUGLAS EUDALY                        Date: NOVEMBER 12, 2005
    Douglas Eudaly, Director

By: ED FIGUEROA                           Date: NOVEMBER 12, 2005
    Ed Figueroa, Director

By:                                       Date:
    William Fischer, Director

By: NORMAN GOULD                          Date: NOVEMBER 12, 2005
    Norman Gould, Director

By: R. ELAINE HARRIS                      Date: NOVEMBER 12, 2005
    R. Elaine Harris, Director

By: TERRIS HUGHES                         Date: NOVEMBER 12, 2005
    Terris Hughes, Director

By: GEORGE PAPPI, JR.                     Date: NOVEMBER 12, 2005
    George Pappi, Jr., Director

By: GARY WILLEMS                          Date: NOVEMBER 12, 2005
    Gary Willems, Director

By: CHARLES ZAHKA                         Date: NOVEMBER 12, 2005
    Charles Zahka, Director

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