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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
FOR THE QUARTER ENDED DECEMBER 31, 1993
Commission file number 1-6848
UNITED INNS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 58-0707789
State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization
5100 POPLAR AVENUE, SUITE 2300
MEMPHIS, TENNESSEE 38137
(Address of principal executive offices and zip code)
Issuer's telephone number, including area code: (901) 767-2880
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding 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
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As of December 31, 1993, 2,640,909 shares of the Common Stock, $1.00 par
value, of the Registrant were outstanding.
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PART I FINANCIAL INFORMATION
Note C -- Deferred Income Taxes
Effective October 1, 1993, the Registrant changed its method of accounting
for income taxes to the asset and liability method required by Statement of
Financial Accounting Standards No. 109. Prior years' financial statements were
not restated. The cumulative effect of adopting this accounting statement was
immaterial.
Following is a summary of the significant components of the Registrant's
deferred tax assets and liabilities:
<TABLE>
<CAPTION>
December 31, 1993 September 30, 1993
----------------- ------------------
<S> <C> <C>
Depreciation $11,642,497 $11,305,775
Other 394,670 394,670
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Gross deferred tax liabilities 12,037,167 11,700,445
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Tax credit and net operating loss
carryforwards (8,869,594) (8,128,967)
Vacation (260,587) (283,566)
Other (444,226) (469,854)
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Gross deferred tax assets (9,574,407) (8,882,387)
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Valuation allowance 2,623,594 2,903,824
---------- ----------
$ 5,086,354 $ 5,721,882
---------- ----------
---------- ----------
</TABLE>
For the quarter, differences between the federal statutory tax rate and the
Registrant's effective tax rate are immaterial.
A valuation allowance has been established for that portion of NOL and tax
credit carryforwards not offset by existing taxable differences reversing within
the carryforward period.
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
UNITED INNS, INC.
September 26, 1994 By: /s/ J. Don Miller
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J. Don Miller, Vice President and Chief
Accounting Officer
