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 September 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
September 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 $2.25 to $3.25 is indicated.
PART I - FINANCIAL INFORMATION
E & J PROPERTIES, LTD.
(A California Limited Partnership)
Balance Sheets
September 30, 1997 and December 31, 1996
(Unaudited)
September 30, December 31,
1997 1996
Assets
Cash and cash equivalents $ 1,465,370
1,593,823
Elliott Ranch - held for sale 2,954,800
2,886,201
Other assets 15,410
73,834
$ 4,435,580 4,553,858
Liabilities and Partners' Equity
Liabilities:
Accrued expenses and other liabilities $
16,157 29,481
Partners' equity:
Units of limited partnership
issued, 3,523,680 4,348,655
4,452,441
Units of general partnership
issued, 39,643 70,768
71,936
Total partners' equity 4,419,423
4,524,377
$ 4,435,423 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 September 30, Ended September 30,
1997 1996 1997 1996
Revenues:
Interest and rental income $ 66,086 77,391 21,496
25,101
Expenses:
Property taxes 24,935 25,227 8,422
8,500
Depreciation 0 1,911
0 0
General and administrative 146,105 100,792 42,635
39,401
171,040 167,331 50,057 47,901
Net earnings (loss) $(104,954) (89,940) (29,561)
(22,800)
Net earnings (loss) per unit $ (0.03) (0.03) (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 September 30,
1997 1996
Cash flows from operating activities:
Net earnings (loss) $ (104,954) (89,940)
Depreciation 0 1,911
Decrease in other assets 58,424 47,523
Decrease in liabilities (13,324) (10,690)
Net cash flow from operating activities (59,854)
(51,196)
Cash expenditures for Elliott Ranch (68,599) (152,413)
Net increase in cash and cash equivalents (128,453) (203,609)
Beginning cash and cash equivalents 1,593,823 1,959,778
Ending cash and cash equivalents $1,465,370 1,756,169
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 September 30,
1997 and the results of operations for the three and nine months then ended,
and cash flow for the nine 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 Limited
Partnership has recently signed a non-binding letter of intent to sell the
Elliott Ranch for $13,324,500. The parties are currently negotiating the terms
and conditions of a Purchase and Sale Agreement.
Operations for the nine months ended September 30, 1997 compared to the nine
months ended June 30, 1996:
Revenues were down 15% (from $77,391 to $66,086) primarily because the cash
funds that generate interest income were down 16%. Expenses were up 2% (from
$167,331 to $171,040) primarily due to an increase in insurance expense.
Operations for the three months ended September 30, 1997 compared to the three
months ended September 30, 1997:
Revenues were down 14% (from $25,101 to $21,496) primarily because the cash
funds that generate interest income were down 16%. Expenses were up 5% (from
$47,901 to $51,057) primarily due to increases in insurance expense and
professional fees.
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
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 1,465,370
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,435,580
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 4,419,423
<TOTAL-LIABILITY-AND-EQUITY> 4,435,580
<SALES> 0
<TOTAL-REVENUES> 66,086
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 171,040
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (104,954)
<INCOME-TAX> 0
<INCOME-CONTINUING> (104,954)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (104,954)
<EPS-PRIMARY> (0.03)
<EPS-DILUTED> (0.03)
</TABLE>
