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, 1996___________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, 1996_________
Common STock-$.50 par value 1,583,563 Shares
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UPTOWNER INNS, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
ASSETS
SEPTEMBER 30, JUNE 30 ,
1996 1995 1996
(Unaudited) (Unaudited)
CURRENT ASSETS:
Cash $ 294,187 $ 292,792 $ 463,998
Investments 579,439 -0-
Accounts & Notes Rec. 41,591 104,157 54,656
Inventories 10,863 11,610 9,226
Prepaid Expenses 17,877 6,073 28,398
TOTAL CURRENT ASSETS 364,518 994,071 556,278
PROPERTY, PLANT AND EQUIPMENT
Land 1,381,323 808,921 1,087,921
Building & Improvement 5,322,204 5,322,204 5,322,204
Construction in Progress 199,311 -0- 143,390
Furniture & Equipment 1,449,174 1,398,230 1,442,494
TOTAL 8,352,012 7,529,355 7,996,009
Less: Accumulated Depreciation
and Amortization 3,662,479 3,452,423 3,610,706
TOTAL PROPERTY, PLANT
AND EQUIPMENT 4,689,533 4,076,932 4,385,303
OTHER ASSETS:
Deposits and Other 69,460 4,185 69,804
TOTAL OTHER ASSETS 69,460 4,185 69,804
TOTAL ASSETS 5,123,511 5,075,188 5,011,385
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<PAGE>
UPTOWNER INNS, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
LIABILITIES AND STOCKHOLDERS' EQUITY
SEPTEMBER 30, JUNE 30,
1996 1995 1996
(Unaudited) (Unaudited)
CURRENT LIABILITIES:
Accounts Payable $ 155,291 $ 20,111 $ 71,182
Accrued Liabilities 77,864 89,759 94,041
Taxes Other Than Federal
Income Taxes 130,603 83,239 107,742
Notes Payable
Current Portion of
Long-Term Debt. 277,925 261,946 277,925
TOTAL CURRENT LIABILITIES 641,683 455,055 550,890
LONG-TERM LIABILITIES
Notes &
Mortgages Payable 2,269,588 2,470,569 2,322,279
TOTAL LONG-TERM LIABILITIES 2,269,588 2,470,569 2,322,279
TOTAL LIABILITIES 2,911,271 2,925,624 2,873,169
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 388,168 325,492 314,144
TOTAL STOCKHOLDERS
EQUITY 2,212,240 2,149,564 2,138,216
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY 5,123,511 5,075,188 5,011,385
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<PAGE>
UPTOWNER INNS, INC., AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30
3 MONTHS 3 MONTHS
9/30/96 9/30/95
REVENUES:
Rooms $ 395,568 $ 402,897
Food & Beverage 86,378 111,515
Telephone 8,008 8,567
Rents 57,026 54,028
Other 10,937 17,644
TOTAL REVENUE 557,917 594,651
COSTS AND EXPENSES:
Operating Departments
Cost of Sales 48,790 58,539
Salaries & Wages 117,814 114,033
Other 62,373 48,507
General Admin. 27,064 35,276
Advertising 16,856 19,178
Utilites 33,246 35,272
Repair & Maint. 23,503 23,245
Interest 48,222 52,542
Taxes & Licenses 40,640 39,457
Insurance 13,612 13,133
Deprec. & Amort. 51,773 58,650
TOTAL COST AND EXPENSE 483,893 497,832
OPERATING INCOME 74,024 96,819
OTHER INCOME (EXPENSE)
Interest Income -0- 8,364
NET INCOME (LOSS) BEFORE TAXES 74,024 105,183
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 74,024 100,806
EARNINGS PER SHARE .05 .06
DIVIDENDS PER SHARE $ -0- $ -0-
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<PAGE>
UPTOWNER INNS, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30
1996 1995
Cash Flow From Operating Activities:
Net Income (Accrual Basis; from
Statement of Income $ 74,024 $ 100,806
Add (Deduct) to Reconcile Net Income to
Net Cash Flow:
Accts. Receivables (Increase) Decrease 13,065 (18,094)
Inventories (Increase) Decrease (1,637) (907)
Prepaid Expenses Decrease (Increase) 10,521 12,637
Accounts Payable (Decrease) Increase 84,109 (12,481)
Accrued Liabilities (Decrease) Increase (16,177) 125
Taxes Other Than Federal Income Tax
Increase (Decrease) 22,861 (74,997)
Deposits (Decrease) 344 -0-
Depreciation and
Amortization Expense 51,773 58,650
NET CASH OUTFLOW FROM OPERATIONS 238,883 65,739
Cash Flow from Investing Activities:
Cash Outflows:
Paid for Operational Assets & Other (356,003) (10,986)
NET CASH INFLOW (OUTFLOW) FROM INVESTING
ACTIVITIES (356,003) (10,986)
Cash Flow from Financing Activities:
Cash Outflows:
Payment on Notes and Mortgages (52,691) (57,372)
NET CASH INFLOW (OUTFLOW) FROM FINANCING
ACTIVITIES (52,691) (57,372)
Net Increases (Decreases) in Cash Plus Cash
Equivalents for the Three Months (169,811) ( 2,619)
Cash Plus Cash Equivalents at July 1 463,998 874,850
Cash Plus Cash Equivalents at September 30 294,187 872,231
Cash Paid for Interest in the Three Month 47,027 51,347
Cash Pd for Income Taxes in The Three Months -0- 4,377
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<PAGE>
UPTOWNER INNS, INC., AND SUBSIDAIRIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
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, 1996.
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UPTOWNER INNS, INC., AND SUBSIDIARIES
MANAGEMENTS DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SEPTEMBER 30, 1996
The significant changes in operating results for the periods compared is
the 1.8% decrease in room revenues and a decrease in Food and Beverage of
22.5%. Rents increased 5.5% and other revenues were lower by 38%. Total
revenues were up down 6.2%. The decline in the food and beverage revenues has
resulted from competition in the area and difficulties in getting good
personnel in other areas.
Costs and Expenses were down overall by 2.8% due to decreases in most
areas of expenses. As a result, operating income was down from $96,819 to
$74,024 before taxes. The decline in revenues is the main cause of the
decline in expenses, but expenses are at the general level needed to maintain
operations.
Due to the expenditures for property to construct a new motel, the
working capital has decreased from 2.2 at 09/30/95 to 1.01 at 06/30/96 and .56
at 09/30/96. This was anticipated and should not deteriorate further as the
expansion will be financed by notes from this date forward.
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UPTOWNER INNS, INC., AND SUBSIDIARIES
SIGNATURES
SEPTEMBER 30, 1996
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: November 08, 1996 By Violet Midkiff
Violet Midkiff
President
Date: November 08, 1996 By James R. Camp
James R. Camp
Treasurer
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<PAGE>
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<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> SEP-30-1996
<CASH> 294,187
<SECURITIES> 0
<RECEIVABLES> 41,591
<ALLOWANCES> 0
<INVENTORY> 10,863
<CURRENT-ASSETS> 364,518
<PP&E> 8,352,012
<DEPRECIATION> 3,662,479
<TOTAL-ASSETS> 5,123,511
<CURRENT-LIABILITIES> 641,683
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0
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<COMMON> 791,782
<OTHER-SE> 1,032,290
<TOTAL-LIABILITY-AND-EQUITY> 5,123,511
<SALES> 86,378
<TOTAL-REVENUES> 557,917
<CGS> 48,790
<TOTAL-COSTS> 483,893
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 48,222
<INCOME-PRETAX> 74,024
<INCOME-TAX> 0
<INCOME-CONTINUING> 74,024
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