SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 10-Q
Quarterly Report under Section 13 or 15 (d) of the
Securities Exchange Act of 1934
For Quarter Ended_SEPTEMBER 30, 1995___________Commission File No.
0-1957
UPTOWNER INNS, INC.
Exact name of registrant as specified in its charter
West Virginia 55-0457171
State or other jusrisdiction of I.R.S. Employer
incorporation or organization Identification Number
1415 4th Avenue, Huntington, West Virginia 25701
Zip Code
Registrants telephone number, including area code (304) 525-7741
Indicate by check mark whether registrant:
(1) Has filed all reports required to be filed by
Section 13 or 15 (d) of the Securities Exchange
Act of 1934 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 requirement for
the past 90 days.
_x_Yes ___No
Indicate the number of Shares outstanding of each of the Issuer's
classes of Common Stock, as of the close of the period covered
by this report.
_________Class___________ Outstanding at _SEPTEMBER 30,
1995_________
Common STock-$.50 par value 1,583,563 Shares
-1-
UPTOWNER INNS, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
ASSETS
SEPTEMBER 30,
JUNE 30 ,
1994 1995
1995
(Unaudited) (Unaudited)
CURRENT ASSETS:
Cash $ 938,921 $ 292,792 $
298,380
Investments 579,439
576,470
Accounts & Notes Rec. 48,742 104,157
86,063
Inventories 9,122 11,610
10,703
Prepaid Expenses 18,275 6,073
18,710
TOTAL CURRENT ASSETS 1,015,060 994,071
990,326
PROPERTY, PLANT AND EQUIPMENT
Land 808,921 808,921
808,921
Building & Improvement 5,347,481 5,322,204
5,322,204
Furniture & Equipment 1,345,565 1,398,230
1,387,244
TOTAL 7,501,967 7,529,355
7,518,369
Less: Accumulated Depreciation
and Amortization 3,275,969 3,452,423
3,393,773
TOTAL PROPERTY, PLANT
AND EQUIPMENT 4,225,998 4,076,932
4,124,596
OTHER ASSETS:
Deposits and Other 4,831 4,185
4,185
TOTAL OTHER ASSETS 4,831 4,185
4,185
TOTAL ASSETS 5,245,889 5,075,188
5,119,107
-2-
UPTOWNER INNS, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
LIABILITIES AND STOCKHOLDERS' EQUITY
SEPTEMBER 30, JUNE
30,
1994 1995
1995
(Unaudited) (Unaudited)
CURRENT LIABILITIES:
Accounts Payable $ 62,451 $ 20,111 $
32,592
Accrued Liabilities 233,435 89,759
89,634
Taxes Other Than Federal
Income Taxes 42,079 83,239
158,236
Notes Payable
Current Portion of
Long-Term Debt. 191,800 261,946
261,946
TOTAL CURRENT LIABILITIES 529,765 455,055
542,408
LONG-TERM LIABILITIES
Notes &
Mortgages Payable 2,774,850 2,470,569
2,527,941
Notes Payable -
Stockholders 95,582 -0-
- -0-
TOTAL LONG-TERM LIABILITIES 2,870,432 2,470,569
2,527,941
TOTAL LIABILITIES 3,400,197 2,925,624
3,070,349
STOCKHOLDER'S EQUITY
Common Stock, par value $0.50 per
share; authorized -
shares; 791,782 791,782
791,782
Additional Paid-In
Capital 1,032,290 1,032,290
1,032,290
Retained Earnings 21,620 325,492
224,686
TOTAL STOCKHOLDERS
EQUITY 1,845,692 2,149,564
2,048,758
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY 5,245,889 5,075,188
5,119,107
-3-
UPTOWNER INNS, INC., AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30
3 MONTHS 3 MONTHS
9/30/94 9/30/95
REVENUES:
Rooms $ 418,070 $
402,897
Food & Beverage 89,404
111,515
Telephone 11,036
8,567
Rents 59,241
54,028
Other 12,009
17,644
TOTAL REVENUE 589,760
594,651
COSTS AND EXPENSES:
Operating Departments
Cost of Sales 56,803
58,539
Salaries & Wages 121,023
114,033
Other 62,976
48,507
General Admin. 43,891
35,276
Advertising 20,060
19,178
Utilites 38,751
35,272
Repair & Maint. 28,383
23,245
Interest 64,477
52,542
Taxes & Licenses 64,533
39,457
Insurance 16,855
13,133
Deprec. & Amort. 62,138
58,650
TOTAL COST AND EXPENSE 579,890
497,832
OPERATING INCOME 9,870
96,819
OTHER INCOME (EXPENSE)
Interest Income -0-
8,364
Gain/Loss on Property, Plant,
and Equipment 281,664
- -0-
NET INCOME (LOSS) BEFORE TAXES 291,534
105,183
FEDERAL INCOME TAXES AND PENALTIES
Provision for Taxes on Income -0-
4,377
Deferred Federal Income Taxes -0-
- -0-
Tax Penalties -0-
- -0-
TOTAL FEDERAL INCOME TAXES -0-
4,377
TOTAL NET INCOME 291,534
100,806
EARNINGS PER SHARE .18
.06
DIVIDENDS PER SHARE $ -0- $
- -0-
-4-
UPTOWNER INNS, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30
1994
1995
Cash Flow From Operating Activities:
Net Income (Accrual Basis; from
Statement of Income $ 291,534 $
100,806
Add (Deduct) to Reconcile Net Income to
Net Cash Flow:
Gain of Sale of Assets (281,664)
Accts. Receivables (Increase) Decrease 3,582
(18,094)
Inventories (Increase) Decrease 9,484
(907)
Prepaid Expenses Decrease (Increase) 2,979
12,637
Accounts Payable (Decrease) Increase 31,143
(12,481)
Accrued Liabilities (Decrease) Increase (2,987)
125
Taxes Other Than Federal Income Tax
Increase (Decrease) 27,177
(74,997)
Deposits, Decrease 8,429
-0-
Depreciation and Amortization Expense
(Including Franchise) 62,138
58,650
NET CASH OUTFLOW FROM OPERATIONS 151,815
65,739
Cash Flow from Investing Activities:
Cash Inflow:
From Sale of Operational Assets 747,523
-0-
Cash Outflows:
Paid for Operational Assets & Other (2,174)
(10,986)
NET CASH INFLOW (OUTFLOW) FROM INVESTING
ACTIVITIES 745,349
(10,986)
Cash Flow from Financing Activities:
Cash Outflows:
Payment on Notes and Mortgages (77,442)
(57,372)
NET CASH INFLOW (OUTFLOW) FROM FINANCING
ACTIVITIES (77,442)
(57,372)
Net Increases (Decreases) in Cash Plus Cash
Equivalents for the Three Months 819,722
(2,619)
Cash Plus Cash Equivalents at July 1 119,199
874,850
Cash Plus Cash Equivalents at September 30 938,921
872,231
Cash Paid for Interest in the Three Month 63,282
51,347
Cash Paid for Income Taxes in The Three Month -0-
4,377
-5-
UPTOWNER INNS, INC., AND SUBSIDAIRIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
1. The financial statements presented reflect Uptowner Inns, Inc.,
and its consolidated subsidiaries: Motel and Restaurant
Supply.
2. The foregoing statements are unaudited; however, in the opinion
of Management, all adjustments (comprising only normal
recurring
accruals) necessary for a fair presentation of the financial
statements have been included. A summary of the Corporation's
significant accounting policies is set forth in Note 1 to the
Consolidated Financial Statements in the Corporation's Annual
Report to shareholders and Form 10-K for June 30, 1995.
-6-
UPTOWNER INNS, INC., AND SUBSIDIARIES
MANAGEMENTS DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SEPTEMBER 30, 1995
The significant changes in operating results for the periods
compared is
the 3.6% decrease in room revenues and a decrease in rents of 8.8%.
Food and
beverage revenues increased 24.7% and other revenues were higher
(46.9%).
Total revenues were up less than 1%.
Costs and Expenses were down overall by 14.1% due to decreases
in all
areas of expenses. As a result, operating income was up from $9870
to $96,819
before taxes. The intent of management to maintain revenues while
controlling
costs has resulted in a much improved operating statement.
The liquidity of the company has continued to improve (2.18
this period
compared to 1.83 at June 30, 1995). This is due to the improved
operating
income and will continue for the next quarter. It is anticipated
that some of
the working capital will be expended to acquire property for a new
motel and
to renew the Holiday Inn franchise.
-7-
UPTOWNER INNS, INC., AND SUBSIDIARIES
SIGNATURES
SEPTEMBER 30, 1995
Pursuant to the requirements of the Securities Exchange Act of
1934,
the registrant has duly caused this report to be signed on its
behalf
by the undersigned thereunto duly authorized.
UPTOWNER INNS,
INC.
(Registrant)
Date: By
Violet Midkiff
President
Date: By
James R. Camp
Treasurer
-8-
