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

                             FORM 10-KSB
(Mark One)
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

    For the Fiscal Year ended September 30, 2004

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

    For the transition period from ________ 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 (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 is not contained 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

State issuer's revenues for its most recent fiscal year.
$4,207,149.00.

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 second fiscal quarter.
$38,852,000.00.

(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 2005 Definitive Proxy
Statement for the Annual Meeting of Shareholders to be held
January 15, 2005 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. Shareholders' free use of sites average
approximately 21% to 23% annually, refer to Item 6. Result of
Operations MD&A, page 11.


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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.


<Page>


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
$34,409 for Fiscal Year 2004 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.

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.


<Page>


EMPLOYEES

As of September 30, 2004, the Company employed approximately 55
people with 26 of these on a part-time basis and 29 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 42 employees to 63 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 expenses
and conducting a local comparative rate study, the Board voted to
increase selected nightly rates effective October 1, 2003.
Subsequently, in response to increasing operational expenses,
especially related to utilities, insurance, and labor, the Board
voted to increase all nightly rates effective January 1, 2004.
These new rates range from $31 to $34 per night during the off-
season and $38 to $42 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.

(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 450 Fifth Street NW, Washington, D.C. 20549. 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.


<Page>


ITEM 2. DESCRIPTION OF PROPERTIES

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.

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 project is currently
in the permitting process and is expected to accept new storage
units during Fiscal Year 2005.


<Page>


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. During Fiscal Year 2004, lease payments were
made in the amount of $40,830, Fiscal Year 2005 lease payments
will be $42,055, and Fiscal Year 2006 lease payments will be
$42,055, plus applicable changes in index or valuation.

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 RV's. 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 for the second year and continuing
years are tied to the "CPI" index. During Fiscal Year 2004, lease
payments were made in the amount of $30,804, Fiscal Year 2005
lease payments will be $31,260 plus applicable changes in index,
and Fiscal Year 2006 lease payments will be $31,260 plus index
changes.


<Page>


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, 2004 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, 2005, and
continued renewal is expected without significant impact.

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, 2007.
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.


<Page>


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

Paragraph inapplicable.

                             PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED SHAREHOLDER 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 21, 2004, at a price of
$22,000 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, 2002 to September 30, 2004.

<table>

Fiscal Year Ended September 30, 2003
____________________________________


<caption>

                                            High       Low
                                            ____       ___


                                       <c>        <c>

First Quarter                             $13,500    $13,500
Second Quarter                            $14,000    $14,000
Third Quarter                             $15,000    $14,000
Fourth Quarter                            $17,000    $15,000

Fiscal Year Ended September 30, 2004
____________________________________
                                            High       Low
                                            ____       ___

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

</table>

(b.) HOLDERS

The approximate number of holders of the Company's common stock
on September 30, 2004 was 1,542.

(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.


<Page>


(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 OF FINANCIAL
        CONDITION AND RESULTS OF OPERATIONS.

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.

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.


Page 11 of 45


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 2005, which projects a positive cash flow of approximately
$1,006,486 from operations. While the Company projects a positive
cash flow, this cannot be assured for Fiscal Year 2005.

Capital expenditures planned for 2005 include the continued
enhancement of RV sites and services, development of a new RV
storage property, expansion of the General Store, and the
installation of a kitchen in the Clubhouse. These investments are
projected to be approximately $570,000 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.

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.


<Page>


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. 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.

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. The impact of
these nondeductible costs for the year ending September 30, 2003
is included in last year's provision for income taxes. 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 $985,870 in
2004, compared to $412,650 in 2003. This increase is primarily a
result of prepaid income taxes, depreciation, increase in rental
deposits, and increase in operational expenses.


<Page>


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. During
Fiscal Year 2003, cash investments of $989,636 included a down
payment of a new RV storage property, construction of two new
restroom/shower facilities, complete renovation of thirty-six RV
sites, purchase of a new trailer tow truck, addition to the
corporate office building, and the installation of an RV storage
security system.

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. With the possibility of requiring additional funds
for planned capital improvements and the winter season, the
Company established 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 2004's current ratio (current assets to current
liabilities) of 2.27 increased from Fiscal Year 2003's current
ratio of 1.89. The increase in current ratio is the result of
increased cash and cash equivalents, increased investment in
certificates of deposit, and decreased accounts payable and
accrued liabilities.

Working Capital increased to $1,029,306 at the end of Fiscal Year
2004 compared with $555,787 at year end Fiscal Year 2003. This
increase is a result of limited planned capital improvements in
2004 in preparation for capital projects in 2005.

CAPITAL RESOURCES AND PLANNED EXPENDITURES

The Company plans capital expenditures of $570,000 in Fiscal Year
2005 to further enhance the resort facilities and services,
develop a new RV storage facility, renovate fifty-nine campsites,
expand the General Store, and install a kitchen in the Clubhouse.
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,
2003, by $275,154, or 7.0%.


<Page>


<table>

                      INCOME BY SEGMENT

<caption>
                               2004              2003
                               ____              ____


                           <c>               <c>

OCCUPANCY
% of Shareholder Site Use      23.9%             23.2%
% of Paid Site Rental          48.8%             46.9%
% Total Site Occupancy         72.7%             70.2%
% of Storage Rental            99.7%             99.5%
  Average Paid Site           $34.69            $32.66

RESORT OPERATIONS
Site Rental               $2,472,438        $2,237,783
Storage Operations          $663,751          $643,233
Support Operations          $157,283          $189,756
  Total                   $3,293,472        $3,070,772

RETAIL OPERATIONS
Store                       $585,283          $531,418
RV Repair/Parts store       $320,146          $321,557
  Total                     $905,429          $852,975

INTEREST INCOME               $8,248           $12,797

OTHER INCOME                     -0-               -0-

TOTAL INCOME              $4,207,149        $3,936,544

</table>

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.

2004 COMPARED WITH 2003

Resort operations income increased $222,700, or 7.2%, primarily
due to a $234,655, or 10.5%, increase in site revenue. Also, the
Resort realized an increase of $20,518, or 3.2%, in RV storage
and spotting activity. 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 $52,454, or 6.1%, due to a
$53,865, or 10.1% 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.


<Page>


Interest Income decreased 35.5% as a result of current financial
institution trends of minimal interest rates. While it is
recognized 2004 cash reserves increased above Fiscal Year 2003
levels, low interest rates negatively impacted interest income.
These reserves are maintained in preparation for capital
expenditure projects to improve the Resort's facilities and
services.

Operating Expenses increased $80,005, or 2.9%, as a result of
electricity, payroll, and payroll-related expenses such as health
insurance and workers' compensation. 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 increased 11.0% due to the purchase of
equipment, property improvements, and elimination of the assets
deemed to no longer have a useful life.

Interest Expense increased from $31,777 in Fiscal Year 2003 to
$34,552 in 2004 due to financing the purchase of the new RV
storage property.

Loss on Disposal of Fixed Assets for 2004 of $16,181 represents
the reclassification of certain assets determined to no longer
have a useful life.

Income before provision for taxes on income of $450,706, a 48.7%
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 $250,674 over a net loss of $17,468 the
previous year. This increase in net income is a reflection of
positive business performance in 2004 compared to the substantial
incremental federal and state taxes paid as a result of the
Internal Revenue Service tax audit settlement in 2003. The loss
of $17,468 for Fiscal Year 2003 is the first negative net income
for the Company in fourteen years.

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.


<Page>


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>


                 INDEPENDENT AUDITORS' REPORT
                 ____________________________





Board of Directors
Pismo Coast Village, Inc.
Pismo Beach, California 93449

We have audited the accompanying balance sheets of Pismo Coast
Village, Inc. (a California corporation) as of September 30, 2004
and 2003, and the related statements of operations and retained
earnings and cash flows for the years then ended. 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 auditing standards
generally accepted in the United States of America. Those
standards require that we plan and perform the audits 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, 2004 and 2003,
and the results of its operations and its cash flows for the
years then ended, 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
1150 Palm Street
San Luis Obispo, CA 93401

October 27, 2004


<Page>


<table>

                  PISMO COAST VILLAGE, INC.
                        BALANCE SHEETS
                 SEPTEMBER 30, 2004 AND 2003
                 ___________________________

<caption>

         ASSETS                           2004           2003
         ______                           ____           ____



                                     <c>            <c>

Current Assets
______________

Cash and cash equivalents               $1,531,424     $  905,110
Investment in certificate of deposit        98,921          1,109
Accounts receivable                         10,478          8,410
Inventory                                   97,080         88,175
Current deferred taxes                      44,600         34,200
Prepaid income taxes                                       94,200
Prepaid expenses                            54,032         49,044
                                        __________     __________

 Total current assets                    1,836,535      1,180,248

Pismo Coast Village Recreational
 Vehicle Resort and Related
  Assets - net                           6,750,139      6,916,410

Other Assets                                18,961         17,756
____________                            __________     __________

 Total Assets                           $8,605,635     $8,114,414
                                        ==========     ==========

               LIABILITIES AND STOCKHOLDERS' EQUITY
               ____________________________________

Current Liabilities
___________________

Accounts payable and accrued
 liabilities                               $73,690        $96,040
Accrued salaries and vacation              110,791         94,296
Rental deposits                            576,097        427,000
Income taxes payable                        37,400
Current portion of long-term debt            9,251          7,125
                                        __________     __________

 Total current liabilities                 807,229        624,461

Long-Term Liabilities
_____________________

Long-term deferred taxes                   278,200        193,900
N/P Santa Lucia Bank                       480,657        489,710
                                        __________     __________

 Total liabilities                       1,566,086      1,308,071
                                        __________     __________

Stockholders' Equity
____________________

Common stock - no par value, issued
 and outstanding 1,800 shares            5,647,708      5,647,708
Retained earnings                        1,391,841      1,158,635
                                        __________     __________

 Total stockholders' equity              7,039,549      6,806,343
                                        __________     __________

 Total Liabilities and
  Stockholders' Equity                  $8,605,635     $8,114,414
                                        ==========     ==========

</table>

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


<Page>


<table>

                     PISMO COAST VILLAGE, INC.
          STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
              YEARS ENDED SEPTEMBER 30, 2004 AND 2003

<caption>
                                           2004          2003
                                           ____          ____


                                     <c>           <c>

Income
______

Resort operations                       $3,293,472    $3,070,772
Retail operations                          905,429       852,975
                                        ___________   __________

 Total income                            4,198,901     3,923,747
                                        ___________   __________

Costs and Expenses
__________________

Operating expenses                       2,854,479     2,774,474
Cost of goods sold                         446,324       423,423
Depreciation                               404,907       364,795
                                        ___________   __________

 Total costs and expenses                3,705,710     3,562,692
                                        ___________   __________

 Income from operations                    493,191       361,055

Other Income (Expense)
______________________

Interest income                              8,248        12,797
Interest expense                           (34,552)      (31,777)
Loss on sale of fixed assets               (16,181)      (38,993)
                                        ___________   ___________

 Total other income (expense)              (42,485)      (57,973)
                                        ___________   ___________

Income Before Provision
 for Income Taxes                          450,706       303,082

Income Tax Expense                         217,500       320,550
                                        ___________   ___________

Net Income (Loss)                          233,206       (17,468)

Retained Earnings-Beginning
 of Year                                 1,158,635     1,176,103
                                        ___________   ___________

Retained Earnings-End of Year           $1,391,841    $1,158,635
                                        ===========   ===========

Net Income (Loss) Per Share                $129.56        $(9.70)
                                        ===========   ===========

</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, 2004 AND 2003

<caption>

                                            2004         2003
                                            ____         ____


                                      <c>          <c>

Cash Flows From Operating Activities
____________________________________

Net income (loss)                        $  233,206   $  (17,468)
                                         ___________  ___________

 Adjustments to reconcile net income
 (loss) to net cash provided by
 operating activities:
Depreciation                                404,907      364,795
Deferred income tax                          73,900       73,700
Loss on disposal of fixed assets             16,181       38,993
(Increase) decrease in accounts receivable   (2,068)         691
Increase in inventory                        (8,905)      (6,590)
(Increase) decrease in prepaid expenses      (4,988)     (18,568)
Increase in prepaid income taxes             94,200      (71,200)
Increase in other assets                     (1,205)      (5,019)
Increase (decrease) in accounts payable
 and accrued liabilities                    (22,350)      16,435
(Decrease) in accrued salaries and vacation  16,495       (6,209)
Increase in rental deposits                 149,097       43,090
Decrease in income taxes payable             37,400
                                         ___________  ___________

Total adjustments                           752,664      430,118
                                         ___________  ___________

Net cash provided by operating
 activities                                 985,870      412,650
                                         ___________  ___________


Cash Flows From Investing Activities
____________________________________

Investment in certificate of deposit        (97,812)      (1,109)
Capital expenditures                       (254,817)    (989,636)
                                         ___________  ___________

Net cash used in investing activities      (352,629)    (990,745)
                                         ___________  ___________

Cash Flows From Financing Activities
____________________________________

Principal repayments of note  payable        (6,927)      (3,165)
                                         ___________  ___________

Net cash used in financing activities        (6,927)      (3,165)
                                         ___________  ___________


Net (decrease) increase in cash and
 cash equivalents                           626,314     (581,260)

Cash and Cash Equivalents -
 Beginning of Year                          905,110    1,486,370
                                        ___________  ___________

Cash and Cash Equivalents -
 End of Year                             $1,531,424   $  905,110
                                        ===========  ===========

Schedule of Payments of Interest and Taxes
__________________________________________

Cash paid for income tax                 $   12,000   $  341,050
Cash paid for interest                   $   34,552   $   31,777

</table>

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


<Page>

                   PISMO COAST VILLAGE, INC.
                 NOTES TO FINANCIAL STATEMENTS
                  SEPTEMBER 30, 2004 AND 2003
                  _____________________________

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
generates the most revenue.

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 RV shop.

C.  Property and Equipment
    ______________________

Property and equipment are stated at cost. Normal, recurring,
repair and maintenance costs are charged to expense as incurred.
All major renovations, which will result in an extended
productive life, are capitalized as park improvements or
leasehold improvements. Depreciation of property and equipment is
computed using an accelerated 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, 2003, the Company had cash deposits in excess of
the $100,000 federally insured limit with Santa Lucia Bank of
$375,126. 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.


<Page>


PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2004 AND 2003
PAGE 2
_____________________________

Note 1 - Summary of Significant Accounting Policies (Continued)
_______________________________________________________________



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.

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 $34,409 and $47,316 for the years ended
September 30, 2004 and 2003, respectively.

Note 2 - Pismo Coast Village Recreational Vehicle Resort and
Related Assets
____________________________________________________________

At September 30, 2004 and 2003, property and equipment included
the following:

<table>

<caption>
                                            2004         2003
                                            ____         ____


                                     <c>           <c>

  Land                                  $4,612,507    $4,612,507
  Building and park improvements         6,884,659     6,802,315
  Furniture, fixtures, equipment and
   leasehold improvements                  329,026       267,662
  Transportation equipment                 391,111       443,476
  Construction in progress                  31,207         8,113
                                        ___________   ___________

                                        12,248,510    12,134,073
Less: accumulated depreciation          (5,498,371)   (5,217,663)
                                        ___________  ____________

                                        $6,750,139    $6,916,410
                                        ===========   ===========
</table>


<Page>

PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2004 AND 2003
PAGE 3
_____________________________

Note 3 - Line of Credit
_______________________

The Company has a revolving line of credit for $500,000 with
Santa Lucia Bank which expires March 2005. The interest rate is
variable at one percent over West Coast Prime with an initial
rate of 5.0 percent and an interest rate of 5.0 percent at
September 30, 2004. 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, 2004 or 2003.

Note 4 - Note Payable
_____________________

The Company secured permanent financing on the purchase of
storage lot land in Oceano with Santa Lucia Bank. The loan is for
a term of ten years with a variable interest rate based on the
West Coast Prime index plus 1% with a minimum rate of 7.5% and a
maximum rate of 11%. The payments are $3,673 per month with the
balance of the note due upon maturity in June 2013. The interest
rate at September 30, 2003, was 7.5%.

Future principal payments on the note payable are as follows:

<table>

<caption>


                                        <c>
     Year Ending September 30,
     _________________________

                2005                       $  9,251
                2006                          8,308
                2007                          8,953
                2008                          9,648
                2009                         10,397
             Thereafter                     443,351
                                           ________

                                           $489,908
                                           ========

</table>

Note 5 - 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.

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.


<Page>


PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2004 AND 2003
PAGE 4
_____________________________

Note 6 - Income Taxes
_____________________

The provision for income taxes consists of the following
components:

<table>

<caption>

                                     2004           2003
                                     ____           ____


                               <c>            <c>

Current:
 Federal                          $ 97,300       $ 66,200
 State                              46,300         33,000
 Incremental federal tax due
  to resolution of tax audit                      117,600
 Incremental state tax due to
  resolution of federal tax audit                  30,050
                                  ________       ________

                                   143,600        246,850
Deferred:
 Federal                            69,400         67,300
 State                               4,500          6,400
                                  ________       ________

                                  $217,500       $320,550
                                  ========       ========

</table>

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

<table>

<caption>

                            2004                   2003
                    ____________________   ____________________



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

                     Current   Long-term   Current    Long-term
                     _______   _________   _______    _________

Deferred tax assets:
 Federal            $  40,900  $           $  31,400  $
 State                  3,700                  2,800
Deferred tax liabilities:
 Federal                        (242,600)              (163,700)
 State                           (35,600)               (30,200)
                    _________   _________  _________   _________

                    $  44,600  $(278,200)  $  34,200  $(193,900)
                    =========  ==========  =========  ==========

</table>

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

<table>

<caption>

                                             2004        2003
                                             ____        ____


                                       <c>         <c>

Depreciation                              $(278,200)  $(193,900)
                                          __________  __________

 Total gross deferred tax liabilities      (278,200)   (193,900)
                                          __________  __________

Vacation accrual                             17,800      13,700
Federal benefit of state taxes               26,800      20,500
                                          __________  __________

 Total gross deferred tax assets             44,600      34,200
                                          __________  __________

                                          $(233,600)  $(159,700)
                                          ==========  ==========

</table>


<Page>


PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2004 AND 2003
PAGE 5
_____________________________

Note 6 - Income Taxes (Continued)
_________________________________

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 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       7.5      8.6
 Effect of graduated tax rates                            (2.0)
 Nondeductible variable costs
  of shareholder usage                            9.2     13.5
 Incremental tax due to resolution
  of tax audit                                            48.9
 Benefit from additional depreciation
  on prior year tax return                       (2.4)
 Miscellaneous                                             3.0
                                                 _____   ______

   Effective Income Tax Rate                     48.3%   106.0%
                                                 =====   ======

</table>

The Company recorded incremental tax expenses during the year
ended September 30, 2003, related to (1) the resolution of an IRS
audit for the years ending September 30, 2000 and 2001, (2)
amended state tax returns for the years ending September 30, 2000
and 2001, and (3) additional amounts paid with the federal and
state income tax returns for the year ending September 30, 2002.
The incremental taxes related to nondeductible variable costs
associated with shareholder usage of the park. The impact of
these nondeductible costs for the year ending September 30, 2003,
is included in the current provision for income taxes.


<Page>


PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2004 AND 2003
PAGE 6
_____________________________

Note 7 - Operating Expenses
___________________________

Operating expenses for the years ended September 30, 2004 and
2003, consisted of the following:

<table>

<caption>

                                               2004        2003
                                               ____        ____


                                        <c>         <c>

Administrative salaries                    $  312,824  $  259,944
Advertising and promotion                      34,409      47,316
Auto and truck expense                         49,716      57,847
Bad debts                                         487       1,207
Contract services                             119,859     148,433
Corporation expense                            42,219      42,247
Custodial supplies                             12,850      14,732
Direct labor                                  903,748     813,069
Employee travel and training                   22,888      21,665
Equipment lease                                 4,846       3,679
Insurance                                     359,380     315,478
Miscellaneous                                  34,394      29,614
Office supplies and expense                    49,689      38,171
Payroll tax expense                           112,159      91,602
Professional services                          45,192      71,713
Property taxes                                 49,709      52,494
Recreational supplies                           8,184       7,109
Rent - storage lots                            71,633      69,705
Repairs and maintenance                       119,704     112,522
Retail operating supplies                       5,040       5,095
Security                                       35,454     119,803
Service charges                                82,332      73,641
Taxes and licenses                              7,410       8,691
Telephone                                      30,848      32,037
Uniforms                                       14,885      14,826
Utilities                                     324,620     321,834
                                           __________  __________

 Total Operating Expenses                  $2,854,479  $2,774,474
                                           ==========  ==========

</table>


<Page>


PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2004 AND 2003
PAGE 7
_____________________________

Note 8 - 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 with an option
to extend for an additional 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>

                   2005                    $32,468
                   2006                      8,878
                                           ________

                                           $41,346
                                           =======
</table>


Rent expense under these agreements was $73,506 and $69,705 for
the years ended September 30, 2004 and 2003, respectively.

Note 9 - Employee Retirement Plans
__________________________________

The Company is the sponsor of a 401(k) profit-sharing pension
plan, which covers substantially all full-time employees.
Employer contributions are discretionary and are determined on an
annual basis. The contribution to the pension plan, which is
reported under direct labor, for the years ended September 30,
2004 and 2003, is $10,849 and $10,562, respectively.


<Page>


                   INDEPENDENT AUDITORS' REPORT
                     ON ADDITIONAL INFORMATION
                   ____________________________





Board of Directors
Pismo Coast Village, Inc.
Pismo Beach, California 93449

Our report on our audits of the basic financial statements of
Pismo Coast Village, Inc. as of September 30, 2004 and 2003,
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, 2004 and 2003, 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.


GLENN, BURDETTE, PHILLIPS & BRYSON

Glenn, Burdette, Phillips & Bryson
Certified Public Accountants
A Professional Corporation
1150 Palm Street
San Luis Obispo, CA 93401

October 27, 2004


<Page>

<table>


                    PISMO COAST VILLAGE, INC.
              STATEMENTS OF OPERATIONS (UNAUDITED)
          THREE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
          ______________________________________________


<caption>
                                             2004       2003
                                             ____       ____


                                    <c>          <c>

Income
______

Resort operations                      $1,157,402   $1,095,770
Retail operations                         325,032      311,341
                                       ___________  ___________

 Total income                           1,482,434    1,407,111

Costs and Expenses
__________________

Operating expenses                        815,306      771,920
Cost of goods sold                        159,738      151,358
Depreciation                              100,877       95,449
                                       ___________  ___________

 Total costs and expenses               1,075,921    1,018,727
                                       ___________  ___________

 Income from operations                   406,513      388,384

Other Income (Expense)
______________________

Interest income                             2,056        2,267
Interest expense                           (8,485)     (13,440)
Loss on sale of fixed assets              (16,181)     (38,993)
                                       ___________  ___________

 Total other income (expense)             (22,610)     (50,166)
                                       ___________  ___________

Income Before Provision For
 Income Taxes                             383,903      338,218

Provision for Tax Expense                 185,300      192,266
                                      ____________  ___________

Net Income                            $   198,603   $  145,952
                                      ============  ===========

Earnings Per Share                    $    110.34   $    81.08
                                      ============  ===========

</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-14(c). 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.


                            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 17, 2004. 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 79
Howard Allard has a Master's degree in education administration
from California State University, Sacramento. Mr. Allard was an
elementary school principal in the Rio Linda Union School
District for 29 years prior to retirement in 1985. He 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 77
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
Sub-Contract Administration with Litton Industries, from 1975 to
1994 as Vice -President of Contract Administration for
Datametrics Corporation, and from 1994 to 1998 as a consultant in
the field of U. S. Defense Contracts Administration. Mr. Benedict
retired in 1998. He has been served on the Board of Directors
since November 2002.

NANCY BRADY, Director                                     Age 62
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 Bakersfield Host Lions Club 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 74
After his Marine Corps service, Mr. Brittain was employed for
more than 33 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 26 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, five years as Executive Vice President, and he is
currently serving a third year as Vice President - Secretary.


<Page>


HARRY BUCHAKLIAN, Director                               Age 72
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 has 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.


J. RUSSELL CARLSON, Director                              Age 61
Mr. Carlson holds a B. A. degree in music education and a
California Life Teaching Credential from CSU Fresno. Mr. Carlson
taught instrumental music for twenty-one years in Reedley and
Visalia, California, prior to his retirement in 2002. Prior to
teaching, he worked as service manager for American Air Company
and Sequoia Plumbing, a mechanical engineer and plumbing company
in Visalia, California for eight years. He also owned a Napa Auto
Parts store in Exeter, California, for eight years. Mr. Carlson
has served on the Board since January 2002.

DOUGLAS EUDALY, Director                                 Age 73
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. He holds Life Teaching Credentials for
Elementary and Junior High School, and Administrative Credentials
for preschool through adult school. He retired from the Fresno
Unified School District in 1991 with 31 years of service credit--
he 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 over three years as the Deacon Chairman
at the Evangelical Free Church of Fresno. Dr. Eudaly has served
on the Board since January 2002.


<page>


ED FIGUEROA, Director                                     Age 61
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 manages the
business, which built a new, larger facility in 2000. Mr.
Figueroa has a C-20 Contractor's license, specializing in custom
residential and design-built commercial heating and air-
conditioning systems. His company also specializes 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 70
William (Bill) Fischer, has been married 47 years and served in
the U. S. Air Force during the Korean War. Mr. Fischer 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.
Subsequently, Texaco, Inc., acquired Getty Oil in 1985 and he was
promoted to Manager of Benefits Plans 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 also has been a
financial consultant to various companies until 2001. He 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 of Directors.
Mr. Fischer has served on the Board since January 2002.

NORMAN GOULD, Director                                    Age 85
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. He is currently 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.


<Page>


R. ELAINE HARRIS, Director                                Age 66
R. Elaine Harris retired in 1990 from Pacific Telephone with 31
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 71
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 third year as Executive Vice President.

TERRIS HUGHES, Director                                   Age 55
Terris (Terry) Hughes holds an A.A. degree from Bakersfield
Junior College in police science. He was employed by Cal
Resources LLC for 23 years, from 1973 to 1997, holding the
position of senior training technician for the last 10 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 66
Ronald Nunlist was employed in the oil business for many years.
From 1995 to June 1997 he was employed as an operations foreman
by Cal Resources LLC, an oil industry company owned by Shell Oil
Corporation. Mr. Nunlist was then employed as a logistics
specialist by Aera Energy LLC, an oil industry company formed
between the Shell Oil and Mobil Oil Corporations, from 1997 until
his retirement in 1999. He has been a member of the Board since
January 1986, serving five years as President, and is currently
serving a third year as Vice President - Policy.


<Page>


JERALD PETTIBONE, Director and President                  Age 78
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 - 1986. He
served on the board of directors of the California Electric Sign
Association for 22 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
an eighth year as President.

GARY WILLEMS, Director                                  Age 50
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 54
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. Mr. Williams established his own C.P.A. practice
in 1983. He was employed as a Financial Analyst by Texaco Oil
Corporation in the Bakersfield area from 1997 until 1999. Mr.
Williams has been employed with Goodwill Industries of South-
Central California as a Chief Financial Officer since 2000. He
has
been a member of the Board of Directors since January 1995, and
is currently serving an eighth year as Chief Financial Officer
and Vice President - Finance.

CHARLES ZAHKA, Director                                   Age 78
Charles Zahka retired as vice president of the Broadway
Department Stores in 1990 after 20 years. He presently serves as
a private management consultant. 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 served one year as Secretary
and one year as President.


<Page>


(b.) Other Officers and Significant Employees:

JAY JAMISON, Assistant Corporate Secretary and
 General Manager                                       Age 51
Jay Jamison has been employed by the Company since June 1997 as
General Manager and serves as Assistant Corporate Secretary. 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 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 2003 he was reelected to
serve a third 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 2003 was
elected Treasurer, a position he still holds. He was also elected
to serve as Second Vice Chair of the Chapter in June 2004.

(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 accounting
supervisor, 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;


<Page>


* 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.


(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, 2003, by any
director or officer.

ITEM 10. EXECUTIVE COMPENSATION

No Officer or Director was paid more than $100,000 during the
past fiscal year.

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, 2004, was
estimated at $18,051.92.

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 its
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, 2004:

<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 Avenue
Sacramento CA 95842

Louis Benedict                Common Stock    1 Share    0.056%
2955 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

J. Russell Carlson            Common Stock    2 Shares   0.111%
1286 West Eymann Avenue
Reedley CA 93654

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


<Page>


                                            Amount of  Percent
Board Member                 Title of Class  Ownership  of Class
____________                 ______________  _________  ________

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

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

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    34 Shares  1.833%

</table>


<Page>


All such shares are owned beneficially and of record, 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

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 AND REPORTS ON FORM 8-K

(a.) EXHIBITS AND INDEX OF EXHIBITS.

Documents filed as part of the report:

  Independent Auditor's Report

  Balance Sheets as of September 30, 2004 and 2003

  Statements of Operations and Retained Earnings (Deficit) for
  the years ended September 30, 2004 and 2003

  Statements of Cash Flows for the years ended September 30,
  2004 and 2003

  Notes to Financial Statements

(b.) Reports on Form 8-K:  None have been filed during the last
     quarter of the period covered by this report.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table sets for the aggregate fees billed by our
independent accountants, Glenn Burdette, Phillips & Bryson, for
the years ended September 30, 2004 and 2003.


<Page>

<table>

<caption>

                                        2004        2003
                                      _______     _______

  
                                 <c>         <c>

  Audit fees (1)                      $26,450     $26,250
  Audit-related fees (2)                 0            0
  Tax fees (3)                          3,889       2,925
  All other fees (4)                    4,691       3,065
                                      _______     ________

   Total                              $35,030     $32,240
                                      =======     =======

</table>

(1) Audit fees are fees for professional services rendered for
the audit of the Company's annual financial statements, reviews
of financial statements included in the Company's Forms 10-QSB,
and reviews of documents filed with the U. S. Securities and
Exchange Commission.

(2) Audit related fees consist of fees for services reasonably
related to performance of the audit or review of the Company's
financial statements. For 2004 and 2003, these services include
quarterly reviews of financial information.

(3) Tax fees consist of tax planning, consulting and tax return
reviews.

(4) Other fees consist of work on registration statements under
the Securities Act of 1933.

The Audit Committee of Pismo Coast Village, Inc., has adopted
policies for the preapproval of all audit and non-audit services
provided by the company's independent auditor. The policy
requires preapproval by the Audit Committee of specifically
defined audit and non-audit services. Unless the specific service
has been previously preapproved with respect to that year, the
Audit Committee must approve the permitted service before the
independent auditor is engaged to perform it.


<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: /s/ Jerald Pettibone                  Date: November 13, 2004
    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: /s/ Kitty Karstetter                  Date: November 13, 2004
    Kitty Karstetter, Accounting Supervisor
    and Principal Accounting Officer


By: /s/ Jerald Pettibone                  Date: November 13, 2004
    Jerald Pettibone, President
    and Chairman of the Board

By: /s/ Glenn Hickman                     Date: November 13, 2004
    Glenn Hickman, Executive Vice President
    and Director

By: /s/ Kurt Brittain                     Date: November 13, 2004
    Kurt Brittain, Vice President - Secretary
    and Director

By: /s/ Jack Williams                     Date: November 13, 2004
    Jack Williams, Chief Financial Officer,
    Vice President - Finance and Director

By: /s/ Ronald Nunlist                    Date: November 13, 2004
    Ronald Nunlist, Vice President - Policy and Director

By: /s/ Howard Allard                     Date: November 13, 2004
    Howard Allard, Director

By: /s/ Louis Benedict                    Date: November 13, 2004
    Louis Benedict, Director

By: /s/ Nancy Brady                       Date: November 13, 2004
    Nancy Brady, Director


<Page>


By: /s/ Harry Buchaklian                  Date: November 13, 2004
    Harry Buchaklian, Director

By: /s/ J. Russell Carlson                Date: November 13, 2004
    J. Russell Carlson, Director

By: /s/ Douglas Eudaly                    Date: November 13, 2004
    Douglas Eudaly, Director

By: /s/ Ed Figueroa                       Date: November 13, 2004
    Ed Figueroa

By: /s/ William Fischer                   Date: November 13, 2004
    William Fischer, Director

By: /s/ Norman Gould                      Date: November 13, 2004
    Norman Gould, Director

By: /s/ R. Elaine Harris                  Date: November 13, 2004
    R. Elaine Harris, Director

By: /s/ Terris Hughes                     Date: November 13, 2004
    Terris Hughes, Director

By: /s/ Gary Willems                      Date: November 13, 2004
    Gary Willems, Director

By: /s/ Charles Zahka                     Date: November 13, 2004
    Charles Zahka, Director


<Page>