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 June 30, 1997
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
June 30, 1997:
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
June 30, 1997 and December 31, 1996
(Unaudited)
June 30, December 31,
1997 1996
Assets
Cash and cash equivalents $1,478,355
1,593,823
Elliott Ranch - held for sale 2,957,135
2,886,201
Other assets 33,980 73,834
$4,469,470 4,553,858
Liabilities and Partners' Equity
Liabilities:
Accrued expenses and other liabilities $ 20,486
29,481
Partners' equity:
Units of limited partnership
issued, 3,523,680 4,377,887
4,452,441
Units of general partnership
issued, 39,643 71,097
71,936
Total partners' equity 4,448,984
4,524,377
$4,469,470 4,553,858
See accompanying note to financial statements.
E & J PROPERTIES, LTD.
(A California Limited Partnership)
(Unaudited)
Statements of Earnings
For the Six Months For the Three Months
Ended June 30, Ended June 30,
1997 1996 1997
1996
Revenues:
Interest and rental income $ 44,590 52,290 22,069
24,828
Expenses:
Property taxes 16,514 16,727 8,257
8,363
Depreciation 0 1,911
0 478
General and administrative 103,469 100,792 43,012
45,241
119,983 118,430 51,269 54,082
Net earnings (loss) $(75,393) (67,140) (29,200)
(29,254)
Net earnings (loss) per unit $ (0.02) (0.02) (0.01)
(0.01)
Units outstanding 3,563,323 3,563,323 3,563,323
3,563,323
Statements of Cash Flow
For the
Six Months
Ended June 30,
1997 1996
Cash flows from operating activities:
Net earnings (loss) $ (75,393) (67,140)
Depreciation 0 1,911
Decrease in other assets 39,854 25,171
Increase (decrease) in liabilities ( 8,995)
(16,039)
Net cash flow from operating activities (44,534)
(56,097)
Cash expenditures for Elliott Ranch (70,934) (132,119)
Net increase in cash and cash equivalents (115,468) (188,216)
Beginning cash and cash equivalents 1,593,823 1,959,778
Ending cash and cash equivalents $1,478,355 1,771,562
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 June 30, 1997
and the results of operations for the three and six months then ended, and cash
flow for the six 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. The Elliott
Ranch is currently being offered for sale with a listing price of $15,250,000.
Two offers has been received to purchase which were rejected as they did not
include acceptable purchase terms in the opinion of the General Partner.
Operations for the six months ended June 30, 1997 compared to the six months
ended June 30, 1996:
Revenues were down 20% (from $52,290 to $44,590) primarily because the cash
funds that generate interest income were down 16%. Expenses were approximately
the same for each six-month period at $119,983 for 1997 and $119,430 for 1996.
Operations for the three months ended June 30, 1997 compared to the three
months ended June 30, 1997:
Revenues were down 11% (from $24,828 to $22,069) primarily because the cash
funds that generate interest income were down 7%. Expenses were down 5% (from
$54,082 to $51,369) primarily because of lower legal expenses.
PART II - OTHER INFORMATION AND SIGNATURES
Items 1 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: August 11, 1997 /s/
Elaine McKeon
Elaine McKeon, General Partner
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<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
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