UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                                450 Fifth Street
                             Washington, D.C. 20549

                                   FORM 10-QSB

                  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


                For the Quarterly Period Ended September 30, 1999

                           Commission File NO. 0-3858


                        INTERNATIONAL LEISURE HOSTS, LTD.
             ------------------------------------------------------
             (Exact name of Registrant as specified in its charter)


               Wyoming                                           86-0224163
   -------------------------------                           -------------------
   (State or other jurisdiction of                             (IRS Employer
    incorporation or organization)                           Identification No.)


    3207 S. Hardy Drive Tempe, AZ                                  85282
---------------------------------------                          ----------
(Address of principal executive office)                          (Zip Code)


         Issuer's telephone number, including area code (480) 829-7600

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Securities  Exchange  Act  during the 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:

                               YES [X]      NO [ ]

State the number of shares outstanding of each of the issuer's classes of common
stock as of the close of the latest  practicable date. There were 694,477 shares
of $.01 par value common stock outstanding as of September 30, 1999.

                                  Page 1 of 12
<PAGE>
                         PART I - FINANCIAL INFORMATION

ITEM 1 - Summarized Financial Information

                        INTERNATIONAL LEISURE HOSTS, LTD.
                 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS


                                                     September 30,   March 31,
                                                         1999          1999
                                                      -----------   -----------
ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                           $   826,045   $   296,291
  Accounts receivable                                       1,501         9,854
  Merchandise inventories                                  92,956        92,481
  Prepaid expenses and other                               25,151        18,936
                                                      -----------   -----------
      Total current assets                                945,653       417,562
                                                      -----------   -----------
PROPERTY AND EQUIPMENT:
  Buildings and improvements                            5,474,057     5,421,138
  Equipment                                             1,822,336     1,815,620
  Leasehold improvements                                  325,600       325,600
  Construction in process                                 801,741       446,206
                                                      -----------   -----------
      Total property and equipment                      8,423,734     8,008,564
  Less accumulated depreciation and amortization        2,425,719     2,215,754
                                                      -----------   -----------
      Property and equipment - net                      5,998,015     5,792,810
                                                      -----------   -----------
DEPOSITS                                                                  1,500
                                                      -----------   -----------
TOTAL                                                 $ 6,943,668   $ 6,211,872
                                                      ===========   ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
  Note payable under line of credit
    from related party                                $ 1,460,000   $ 1,460,000
  Accounts payable:
      Trade                                               232,409       110,240
      Related party                                        20,613
      Construction                                         33,219
  Income taxes payable                                    225,832       117,684
  Accrued liabilities                                      56,483        44,257
  Advance deposits                                         80,712       166,842
                                                      -----------   -----------
      Total current liabilities                         2,109,268     1,899,023
DEFERRED INCOME TAXES                                     193,076       193,076
                                                      -----------   -----------
      Total liabilities                                 2,302,344     2,092,099
                                                      -----------   -----------
COMMITMENTS AND CONTINGENCIES (NOTE 2)
SHAREHOLDERS' EQUITY:
  Preferred stock, $5 par value - authorized
    100,000 shares: none issued
  Common stock, $.01 par value - authorized
    2,000,000 shares: 718,373 shares issued                 7,184         7,184
  Additional paid-in capital                              656,426       656,426
  Retained earnings                                     4,056,326     3,534,075
  Less common stock in treasury -
    at cost, 23,896 shares                                (78,612)      (77,912)
                                                      -----------   -----------
      Total shareholders' equity                        4,641,324     4,119,773
                                                      -----------   -----------
TOTAL                                                 $ 6,943,668   $ 6,211,872
                                                      ===========   ===========

See notes to unaudited condensed consolidated financial statements

                                  Page 2 of 12
<PAGE>
                        INTERNATIONAL LEISURE HOSTS, LTD.
              UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

<TABLE>
<CAPTION>
                                                  Six months ended         Three months ended
                                                    September 30,             September 30,
                                               -----------------------   -----------------------
                                                  1999         1998         1999         1998
                                               ----------   ----------   ----------   ----------
<S>                                            <C>          <C>          <C>          <C>
REVENUES:
  Sales of merchandise                         $1,538,327   $1,383,150   $1,182,571   $1,053,476
  Room, cabin and trailer space rentals         1,509,505    1,400,341    1,176,005    1,078,791
  Other rentals and income                        206,398      152,450      158,657      125,760
  Net gain on asset disposals                      11,159       11,904       13,209        4,694
  Interest                                          7,170        1,233        5,727        1,152
                                               ----------   ----------   ----------   ----------
    Total revenues                              3,272,559    2,949,078    2,536,169    2,263,873
                                               ----------   ----------   ----------   ----------
COSTS AND EXPENSES:
  Cost of merchandise                             908,231      842,801      698,796      657,401
  Operating                                     1,172,825    1,132,623      746,677      669,525
  General and administrative                       37,502       33,849       12,031       13,959
  General and administrative - related party       72,101       67,125       37,945       34,911
  Depreciation and amortization                   213,889      172,656      107,058       87,833
  Interest - related party                         36,760       39,836       16,580       17,058
                                               ----------   ----------   ----------   ----------
    Total costs and expenses                    2,441,308    2,288,890    1,619,087    1,480,687
                                               ----------   ----------   ----------   ----------
Income before income taxes                        831,251      660,188      917,082      783,186

Provision for income taxes                        309,000      233,000      318,000      271,000
                                               ----------   ----------   ----------   ----------
NET INCOME                                     $  522,251   $  427,188   $  599,082   $  512,186
                                               ==========   ==========   ==========   ==========
NET INCOME
  PER COMMON SHARE                             $     0.75   $     0.62   $     0.86   $     0.74
                                               ==========   ==========   ==========   ==========
</TABLE>

See notes to unaudited condensed consolidated financial statements

                                  Page 3 of 12
<PAGE>
                        INTERNATIONAL LEISURE HOSTS, LTD.
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                         Six months ended
                                                           September 30,
                                                     --------------------------
                                                        1999           1998
                                                     -----------    -----------
OPERATING ACTIVITIES:
  Net income                                         $   522,251    $   427,188
  Adjustments to reconcile net income to net cash
    provided by operating activities:
      Depreciation and amortization                      213,889        172,656
      Net (gain) on asset disposals                      (11,159)       (11,904)
  Changes in assets and liabilities:
      Accounts receivable                                  8,353         13,915
      Accounts receivable from related party                             82,800
      Merchandise inventories                               (475)       (38,496)
      Prepaid expenses and other                          (4,715)       (63,060)
      Accounts payable - trade                           122,169         92,232
      Accounts payable - related party                    20,613         17,234
      Accounts payable - construction                     33,219        179,465
      Income taxes payable                               108,148              0
      Accrued liabilities                                 12,226        253,343
      Advance deposits                                   (86,130)       (34,036)
                                                     -----------    -----------
          Net cash provided by operating activities      938,389      1,091,337
                                                     -----------    -----------
INVESTING ACTIVITIES:
      Purchases of property and equipment               (451,685)      (737,433)
      Proceeds from sale of property and equipment        43,750         16,210
                                                     -----------    -----------
        Net cash used in investing activities           (407,935)      (721,223)
                                                     -----------    -----------
FINANCING ACTIVITIES:
      Common stock purchased for treasury                   (700)             0
                                                     -----------    -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS                529,754        370,114

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD           296,291        212,593
                                                     -----------    -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD             $   826,045    $   582,707
                                                     ===========    ===========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION - Cash paid for interest                 $    60,390    $    49,981
                                                     ===========    ===========
            - Cash paid for income taxes             $    70,000    $         0
                                                     ===========    ===========

See notes to unaudited condensed consolidated financial statements

                                  Page 4 of 12
<PAGE>
                        INTERNATIONAL LEISURE HOSTS, LTD.

         NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
           For the Six Month Periods Ended September 30, 1999 and 1998

1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

International  Leisure  Hosts,  Ltd.  (the  "Company")  operates in one business
segment,  the  ownership and  operation of Flagg Ranch  Resort,  a  full-service
resort motel and trailer park located in the John D.  Rockefeller  Jr.  Memorial
Parkway,  approximately  four miles north of Grand Teton  National  Park and two
miles south of the southern entrance to Yellowstone National Park.

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  information and with the  instructions  to Form 10-QSB.  Accordingly,
they do not  include all of the  information  and notes  required  by  generally
accepted accounting principles for complete financial statements. In the opinion
of management, all adjustments and reclassifications  considered necessary for a
fair and comparable  presentation  have been made and are of a normal  recurring
nature.  Operating  results for the six months ended  September 30, 1999 are not
necessarily  indicative  of the results that may be expected for the year ending
March 31, 2000. The enclosed financial  statements should be read in conjunction
with the  consolidated  financial  statements and notes thereto  included in the
Company's Annual Report on Form 10-KSB for the year ended March 31, 1999.

SIGNIFICANT ACCOUNTING POLICIES are as follows:

a.   MERCHANDISE   INVENTORIES  are  stated  at  the  lower  of  aggregate  cost
     (first-in, first-out basis) or market.

b.   PROPERTY  AND  EQUIPMENT  are stated at cost.  Depreciation  is computed by
     straight-line  and  accelerated  methods over the  estimated  useful lives,
     which range from 5 to 40 years, for such assets. Leasehold improvements are
     amortized using the  straight-line  method over the lesser of the estimated
     useful life of the related asset or the term of the lease.

     The  Company  reviews  the  carrying  values of its  long-lived  assets and
     identifiable intangibles for possible impairment whenever events or changes
     in circumstances indicate that the carrying amount of assets to be held and
     used may not be  recoverable.  For assets to be  disposed  of, the  Company
     reports long-lived assets and certain identifiable intangibles at the lower
     of carrying amount or fair value less cost to sell.

c.   INCOME TAXES - Deferred  income taxes have been  provided for the temporary
     differences between financial statement and income tax reporting on certain
     transactions.

d.   USE OF ESTIMATES - The  preparation  of financial  statements in conformity
     with  generally  accepted  accounting   principles   necessarily   requires
     management  to make  estimates  and  assumptions  that affect the  reported
     amounts of assets and liabilities  and disclosure of contingent  assets and

                                  Page 5 of 12
<PAGE>
     liabilities  at the  date of the  financial  statements  and  the  reported
     amounts of  revenues  and  expenses  during the  reporting  period.  Actual
     results could differ from those estimates.

e.   NET INCOME  (LOSS) PER COMMON SHARE - Net income (loss) per common share is
     computed by dividing net income  (loss) by the weighted  average  number of
     common shares  outstanding.  The weighted  average  number of common shares
     outstanding  was 694,519 and 694,577 shares for the six month periods ended
     September 30, 1999 and 1998, respectively.

f.   STATEMENTS  OF CASH  FLOWS - For  purposes  of the  condensed  consolidated
     statements  of cash  flows,  cash and cash  equivalents  represent  cash in
     banks,  money  market  funds,  and  certificates  of deposit  with  initial
     maturities of three months or less.

g.   ESTIMATED  FAIR VALUE OF FINANCIAL  INSTRUMENTS - The Company has estimated
     the fair value of its financial  instruments  using available  market data.
     However,  considerable  judgment is required in interpreting market data to
     develop estimates of fair value. The use of different market assumptions or
     methodologies  may have a material  effect on the estimates of fair values.
     The  carrying  values  of  cash,  receivables,  lines of  credit,  accounts
     payable,  accrued expenses,  and long-term debt approximate fair values due
     to the short-term maturities or market rates of interest.

h.   NEW  ACCOUNTING  PRONOUNCEMENT  - In June 1998,  the  Financial  Accounting
     Standards  Board  ("FASB")  issued SFAS No. 133,  ACCOUNTING FOR DERIVATIVE
     INSTRUMENTS AND HEDGING ACTIVITIES, but has delayed the effective date from
     fiscal years beginning after June 15, 1999 to June 15, 2000. Management has
     not  completed  the  analysis of the effects  SFAS No. 133 will have on its
     financial  statements.  SFAS No. 133  establishes  accounting and reporting
     standards  for  derivative   instruments,   including  certain  derivatives
     embedded in other contracts,  and for hedging activities.  It requires that
     entities record all  derivatives as either assets or liabilities,  measured
     at fair value.

2. COMMITMENTS AND CONTINGENCIES

The Company receives its operating  authorization from the National Park Service
("NPS").  The NPS Contract (the "Contract") which became effective on January 1,
1990, will expire on December 31, 2009.  Under the terms of the Contract,  prior
to November  30,  2000,  the Company is  required to move its  existing  54-unit
riverside motel from its current location to the high ground above the river, to
provide  for new  employee  housing and make  certain  other  improvements.  The
Company has chosen to meet these  requirements by moving the riverside motel and
converting it into employee housing,  plus building  additional employee support
facilities, which began in summer 1998, with expected completion in summer 2000.
The remaining  cost of this  relocation is estimated to be between  $850,000 and
$1,150,000  depending on the number of employee  housing units and the extent of
additional  improvements  required by the NPS. If the Company builds new lodging
units to replace the 54-unit riverside motel, the additional cost to build these
units is estimated to be between $1,000,000 and $1,200,000. This would result in
a combined total cost of relocation and new  construction of between  $1,850,000
and  $2,350,000.  The  Company  has not made a decision  at this time  regarding
replacing the riverside motel with new lodging units.

                                  Page 6 of 12
<PAGE>
The Contract fee to the NPS is calculated at 2% of gross  receipts (as defined),
subject to review and possible  adjustment  every five years. For the six months
ended  September  30, 1999 and 1998,  this fee  amounted to $63,450 and $58,000,
respectively.

Flagg Ranch faces competition from hotels,  camping areas and trailer facilities
in Yellowstone and Grand Teton National Parks, as well as from a large number of
hotels and motels in Wyoming,  Montana and Idaho, offering some facilities which
are similar to those offered by Flagg Ranch. In addition,  the business of Flagg
Ranch is susceptible to weather conditions and unfavorable trends in the economy
as a whole.  Business  could be  significantly  affected  depending upon actions
which might be taken by the NPS if cutbacks are made to their budget. If the NPS
decides to close  Yellowstone  National Park for the winter  months,  then Flagg
Ranch would have to discontinue its winter operations. NPS budget cutbacks could
also  negatively  impact  the  length of the  summer  season  and the  number of
visitors to the Parks and have a  corresponding  negative  impact on Flagg Ranch
revenues.

On May 20, 1997,  the Fund for Animals,  Biodiversity  Legal  Foundation et. al.
filed a lawsuit  against  the NPS  challenging  the action of the NPS  regarding
winter use of Yellowstone  and Grand Teton National  Parks.  The plaintiffs have
asked the Federal Court to stop winter  activities,  primarily  snowmobiling and
related snow grooming,  until environmental impacts are documented. A settlement
agreement was reached that requires the NPS to prepare an  environmental  impact
statement ("EIS").  In July 1999 a draft EIS was prepared and made available for
public comment  (comment  period ends December 1, 1999).  The NPS will prepare a
final EIS some time around  October  2000.  If the NPS is required to suspend or
terminate winter activities in Yellowstone National Park, Flagg Ranch would have
to suspend or discontinue its winter operations.

3. TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTIES

General and administrative  expenses for the six months ended September 30, 1999
and 1998 include  management  fees and  administrative  expenses paid to related
parties of  approximately  $58,000 and $67,000,  respectively.  Related  parties
during the six months ended  September  30, 1999 and 1998 refer to the Company's
majority owner, Robert Walker, or his affiliated companies.

During October 1998, the Company incurred borrowings under a line of credit from
a related party (see Note 4 below).  Interest paid pursuant to these  borrowings
for the six months ended September 30, 1999 totaled $60,390.

4. NOTE PAYABLE UNDER LINE OF CREDIT

During  October  1998,  the  Company  entered  into a line of  credit  agreement
("Agreement")  with an affiliated  company  expiring  September 30, 1999,  which
provides for secured borrowings of up to $1,500,000 at an interest rate of prime
plus .5 percent. Borrowings under the Agreement are collateralized by the assets
and  improvements  of Flagg Ranch.  The Company has borrowed  $1,460,000 on this
line of credit as of September  30, 1999.  The terms of the  Agreement  contain,
among other  provisions,  requirements  for  maintaining  minimum cash flows (as
defined in the  Agreement) and places  limitations  on the Company's  ability to
make loans.  As of September 30, 1999 the Company was not in compliance with the
minimum  cash flow  requirement.  On October 1, 1999 the  Agreement  was renewed
until September 30, 2000.

                                  Page 7 of 12
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

The statements contained in this Report regarding  management's  anticipation of
the Company's facility completion schedules, quality of facilities,  fulfillment
of National Park Service  requirements,  consumer response to marketing efforts,
ability to offset  inflation  and  adequacy of  financing,  constitute  "forward
looking"  statements  within the  meaning of the Private  Securities  Litigation
Reform  Act  of  1995.  Management's  anticipation  is  based  upon  assumptions
regarding  levels  of  competition,   acceptance  of  facilities  by  consumers,
favorable weather  conditions,  ability to complete facility  construction,  the
market in which the Company operates, the stability of the economy and stability
of the regulatory environment.  Any of these assumptions could prove inaccurate,
and therefore  there can be no assurance that the forward-  looking  information
will prove to be accurate.

The  Company's  net income  for the six  months  ended  September  30,  1999 was
$522,000  ($.75 per share).  This  compares to net income of $427,000  ($.62 per
share) for the six months  ended  September  30, 1998.  The $95,000  increase in
income was due primarily to increased revenues. The Company's net income for the
quarter ended September 30, 1999 was $599,000 ($.86 per share). This compares to
net income of $512,000  ($.74 per share) for the  quarter  ended  September  30,
1998.  Changes in the  Company's  revenues and expenses for the six months ended
September  30,  1999 and 1998  are  summarized  below.  These  changes  are also
representative  of the changes that occurred  during the current quarter period.
All  references to years  represent the six month period ending  September 30 of
the stated year.

Flagg Ranch,  the principal  business of the Company,  is operated as a seasonal
resort.  The two  seasons  coincide  with  the  opening  and  closing  dates  of
Yellowstone  and  Grand  Teton  National  Parks.  The  summer  season  runs from
approximately  May 15 through  October 15 and the winter  season  runs from late
December  through  mid-March.  Therefore,  the first quarter ended June 30, 1999
consists of only forty-five days of operations.

REVENUES

Total  revenues  for  1999  increased  by  $323,000  or 11% from  1998.  Of this
increase,  $17,000  was from  motel  and  cabin  rentals,  $93,000  from RV park
rentals, $32,000 from food and beverage revenue, $39,000 in grocery store sales,
$51,000 in gift shop sales,  $33,000 in gasoline sales,  $18,000 from float trip
revenue, $30,000 from horse rental revenue, and $10,000 in miscellaneous income.
The primary  reasons for the  increases in all revenue  categories is an overall
increase in the number of guests staying at Flagg Ranch as well as an associated
increase in per capita spending by the Company's guests.

EXPENSES

The ratio of cost of merchandise  sold to sales of merchandise  was 59% and 61%,
respectively, in 1999 and 1998. Operating expenses increased by $40,000 or 4% in
1999 as  compared to 1998.  The ratio of  operating  expenses  to total  revenue
decreased  to 36% in 1999 from 38% in 1998.  The primary  increase in  operating
expenses was $32,000 in outside  services.  Other increases  included $18,000 in
utilities, $5,000 in office supplies, $4,000 in repairs and maintenance, $10,000
in advertising,  $5,000 in travel agent commissions, $4,000 in printing, $12,000
in  insurance  and a number of other expenses totaling $11,000. Offsetting these

                                  Page 8 of 12
<PAGE>
increases were decreases of $42,000 in operating supplies,  $6,000 in telephone,
$3,000 in  Company  travel,  $5,000 in  licenses  and fees and a number of other
decreases totaling $5,000. The increase in depreciation expense was attributable
to the transfer of finished  construction  to fixed assets from  construction in
process.

INFLATION

The Company expects that it will be able to offset increased costs and expenses,
principally  labor,  caused by inflation,  by increasing  prices on its services
with minimal effect on operations.

LIQUIDITY AND CAPITAL RESOURCES

During  the last  fiscal  year,  the  Company  began a project to  relocate  the
riverside  motel and other  buildings  located  along the Snake  River to higher
ground  for use as  employee  dormitories  as well  as the  construction  of new
employee RV spaces and other  ancillary  buildings.  During the six months ended
September 30, 1999, the Company incurred costs of approximately $400,000 related
to the above  construction  projects.  In addition the Company has purchased new
vehicles and other  construction  equipment at a cost of $52,000.  The Company's
working capital increased to a negative  $1,164,000 at September 30, 1999 from a
negative $1,481,000 at March 31, 1999.

The Company may incur  additional costs of between $850,000 and $1,150,000 prior
to November 30, 2000 to relocate  employee  housing units as required  under the
NPS Contract.  The Company intends to fund these  improvements  through existing
cash funds and cash generated from operations,  plus additional  borrowings from
lenders. Cash generated from operations was $964,000, $432,000, and $430,000 for
the fiscal years ended 1999,  1998 and 1997,  respectively.  Cash generated from
operations for the six months ended September 30, 1999 and 1998 was $948,000 and
$1,091,000,  respectively.  The construction funds will have to be obtained from
outside sources to the extent they exceed cash generated from operations.  There
is no guarantee that the Company will be able to procure  financing on favorable
terms.

YEAR 2000 COMPLIANCE

The Year 2000 Issue is the result of computer  programs  being written using two
digits  rather than four to define the  applicable  year.  Any of the  Company's
computer programs that have  time-sensitive  software may recognize a date using
"00" as the year 1900 rather than the year 2000.  This could  result in a system
failure or miscalculations causing disruptions of operations,  including,  among
other things, a temporary inability to process  transactions,  send invoices, or
engage in similar normal business activities.

Both the Company's  accounting  software as well as its reservation  systems are
already year 2000 compliant.  Management has determined that the year 2000 issue
will not pose significant  operational  problems for its computer systems.  As a
result,  all  costs  associated  with this  conversion  are  being  expensed  as
incurred.

                                  Page 9 of 12
<PAGE>
In  addition,  the  Company  has  communicated  with  others  with  whom it does
significant  business to determine their Year 2000 compliance  readiness and the
extent to which the Company is  vulnerable  to any third party Year 2000 issues.
However,  there can be no guarantee that the systems of other companies on which
the  Company's  systems  rely will be  timely  converted,  or that a failure  to
convert  by another  company,  or a  conversion  that is  incompatible  with the
Company's systems, would not have a material adverse effect on the Company.

                                  Page 10 of 12
<PAGE>
                           PART II - OTHER INFORMATION


ITEM 1.   LEGAL PROCEEDINGS

          None.

ITEM 2.   CHANGES IN SECURITIES

          None.

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES

          None.

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

          None.

ITEM 5.   OTHER MATERIALLY IMPORTANT EVENTS

          None.

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

          (a)  1. Financial Statements
                                                                            Page
     The following financial statements of International Leisure
Hosts, Ltd. are included in Part I, Item 1:

          Condensed Consolidated Balance Sheets - September 30, 1999
          (Unaudited) and March 31, 1999                                       2

          Condensed Consolidated Statements of Income - 3 and 6 months
          ended September 30, 1999 and 1998 (Unaudited)                        3

          Condensed Consolidated Statements of Cash Flows- 3 and 6
          months ended September 30, 1999 and1998 (Unaudited)                  4

          Notes to unaudited condensed consolidated financial statements       5

     3.   The following exhibits are incorporated by reference as indicated:

     3.1  By-Laws-Adopted June 22, 1992
          Filed with Form 10-K dated March 31, 1992

                                  Page 11 of 12
<PAGE>
     3.2  Articles of  Incorporation-filed  with Form 10-K dated March 31, 1986,
          pages 32-41

     10.1 United  States  Department  of  the  Interior  National  Park  Service
          Contract-filed with Form 10-Q dated December 31, 1989

In accordance with the  requirements of the Exchange Act, the registrant  caused
this report to be signed by the undersigned, thereunto duly authorized.

                        INTERNATIONAL LEISURE HOSTS, LTD.
                                  (REGISTRANT)


DATE: November 10, 1999                 BY: /s/ Robert L. Walker
                                            ------------------------------------
                                            Robert L. Walker
                                            Chairman and Chief Executive Officer



DATE: November 10, 1999                 BY: /s/ Michael P. Perikly
                                            ------------------------------------
                                            Michael P. Perikly
                                            President and Principal Financial
                                            Officer

                                  Page 12 of 12