UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(X) Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the period ended March 31, 1996
or
( ) Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
Commission File No. O-9608
E & J PROPERTIES, LTD. (A California Limited Partnership)
(Exact name of registrant as specified in its charter)
California 94-2763152
(State of Organization) (IRS Identification Number)
2710 Gateway Oaks Dr, 300 South, Sacramento, CA 95833
(Address of principal executive office) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER,
INCLUDING AREA CODE: (916) 925-6620
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
Number of units outstanding of issuer's limited partnership
interests as of March 31, 1996:
3,523,680 Units
There was very little trading activity for these units during the
last three months, however a price range of $1.75 to $2.25 is
indicated.
PART I - FINANCIAL INFORMATION
E & J PROPERTIES, LTD.
(A California Limited Partnership)
Balance Sheets
March 31, 1996 and December 31, 1995
(Unaudited)
March 31, December 31,
1996 1995
Assets
Cash and cash equivalents $ 1,898,684 1,959,778
Elliott Ranch 2,704,676 2,670,288
Other assets 45,677 61,382
$ 4,649,037 4,691,448
========= =========
Liabilities and Partners' Equity
Liabilities:
Accrued expenses and
other liabilities $ 32,000 36,525
Partners' equity:
Units of limited partnership
issued, 3,523,680 4,544,070 4,581,535
Units of general partnership
issued, 39,643 72,967 73,388
Total partners' equity 4,617,037 4,654,923
$4,649,037 4,691,448
========= =========
See accompanying note to financial statements.
E & J PROPERTIES, LTD.
(A California Limited Partnership)
For the Three Months Ended March 31, 1996 and 1995
(Unaudited)
Statements of Earnings
1996 1995
Revenues:
Interest and rental income $ 27,462 31,363
Expenses:
Property taxes 8,364 8,200
Depreciation 1,433 1,433
General and administrative 55,551 54,244
65,348 63,877
Net earnings (loss) $ (37,886) (32,514)
========= =========
Net earnings (loss) per unit $ (0.01) (0.01)
========= =========
Units outstanding 3,563,323 3,563,323
========= =========
Statements of Cash Flow
1995 1994
Cash flows from operating activities:
Net earnings (loss) $ (37,886) (32,514)
Depreciation 1,433 1,433
Decrease in other assets 15,705 24,988
Decrease in liabilities (4,525) (3,619)
Net cash flow from operating
activities (25,273) ( 9,712)
Expenditures for Elliott Ranch (35,821) (42,764)
Net decrease in cash and cash
equivalents (61,094) (52,476)
Beginning cash and equivalents 1,959,778 2,194,703
Ending cash and cash equivalents $ 1,898,684 2,142,227
========= =========
E & J PROPERTIES, LTD.
(A California Limited Partnership)
Note to Financial Statements
(Unaudited)
In the opinion of the partnership, the accompanying unaudited
financial statements contain all adjustments (consisting only of
normal recurring accruals) necessary to present fairly financial
position as of March 31, 1996 and the results of operations for
the three months then ended, and cash flow for the three months
then ended.
Management's Discussion and Analysis of
Financial Condition and Results of Operations
The cash currently held by the Limited Partnership is considered
sufficient to meet future liquidity and capital needs.
Operations consist of interest and rental income and rental, and
general and administrative expenses. It is anticipated that
substantial funds will be expended to place the remainder of the
Elliott Ranch in marketable condition and to maximize its value.
PART II - OTHER INFORMATION AND SIGNATURES
Item 1 - Report on Form 8-K dated January 2, 1996:
A Report on Form 8-K dated on January 2, 1996 disclosed the
listing for sale of approximately 1,848 acres of the Elliott
Ranch South property for a price of $15,250,000. It also
disclosed that approval was received from the U.S. Corps of
Engineers to fill wetlands on the Elliott Ranch South and that
approval was received on the Swainson's Hawk Mitigation plan.
Items 2 to 6 Nothing to report.
SIGNATURES
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.
E & J PROPERTIES, LTD.
(Registrant)
Date: April 26, 1996 /s/ Elaine McKeon
Elaine McKeon, General Partner
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