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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE QUARTER ENDED SEPTEMBER 30, 1996
Commission File Number 0-10503
CONTINENTAL MORTGAGE AND EQUITY TRUST
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(Exact Name of Registrant as Specified in Its Charter)
California 94-2738844
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
10670 North Central Expressway, Suite 300, Dallas, TX 75231
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(Address of Principal Executive Offices) (Zip Code)
(214) 692-4700
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(Registrant's Telephone Number,
Including Area Code)
Indicate by check mark whether the 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 requirements for the past 90 days. Yes X No
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Shares of Beneficial Interest,
no par value 4,185,240
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(Class) (Outstanding at July 26, 1996)
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This Form 10-Q/A amends the Registrant's quarterly report on Form 10-Q for the
quarter ended September 30, 1996 as follows:
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS - page 4
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CONTINENTAL MORTGAGE AND EQUITY TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
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1996 1995 1996 1995
------------ ------------ ------------ ------------
(dollars in thousands, except per share)
<S> <C> <C> <C> <C>
Revenue
Rentals ....................... $ 11,435 $ 9,612 $ 33,205 $ 27,318
Interest ...................... 268 196 821 600
------------ ------------ ------------ ------------
11,703 9,808 34,026 27,918
Expenses
Property operations ........... 7,188 5,896 20,091 16,456
Interest ...................... 3,254 2,481 9,317 6,998
Depreciation .................. 1,271 1,103 3,565 3,133
Provision for losses .......... (884) -- (884) 541
Advisory fee to affiliate ..... 449 394 1,300 1,139
General and administrative .... 461 299 1,400 928
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11,739 10,173 34,789 29,195
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Loss from operations ........... (36) (365) (763) (1,277)
Equity in income of
partnerships ................. 21 28 197 213
Gain on sale of real estate .... 3,598 -- 9,397 --
------------ ------------ ------------ ------------
Income (loss) before
extraordinary gain ........... 3,583 (337) 8,831 (1,064)
Extraordinary gain ............. 149 -- 812 --
------------ ------------ ------------ ------------
Net income (loss) .............. $ 3,732 $ (337) $ 9,643 $ (1,064)
============ ============ ============ ============
Earnings per share
Income (loss) before extra-
ordinary gain ............... $ .86 $ (.08) $ 2.08 $ (.24)
Extraordinary gain ............ .04 -- .20 --
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Net income (loss) ............. $ .90 $ (.08) $ 2.28 $ (.24)
============ ============ ============ ============
Weighted average shares of
beneficial interest used in
computing earnings per share .. 4,184,086 4,377,156 4,243,754 4,377,171
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these Consolidated Financial
Statements.
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