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, 1998
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, 1998
3,523,680 Units
There was very little trading activity for these units during the last three
months, however a price range of $275 to $3.25 is indicated.
PART I - FINANCIAL INFORMATION
E & J PROPERTIES, LTD.
(A California Limited Partnership)
Balance Sheets
March 31, 1998 and December 31, 1997
(Unaudited)
March 31, December 31,
1998 1997
Assets
Cash and cash equivalents $ 1,267,252 1,239,738
Elliott Ranch (held for sale) 3,092,928
3,092,928
Other assets 56,871 71,174
$ 4,417,051 4,403,840
Liabilities and Partners' Equity
Liabilities:
Accrued expenses and
other liabilities $ 88,122 24,051
Partners' equity:
Units of limited partnership
issued, 3,523,680 4,259,167 4,309,461
Units of general partnership
issued, 39,643 69,762 70,328
Total partners' equity 4,328,929 4,379,789
$ 4,417,051 4,403,840
See accompanying note to financial statements.
E & J PROPERTIES, LTD.
(A California Limited Partnership)
For the Three Months Ended March 31, 1998 and 1997
(Unaudited)
Statements of Earnings
1998 1997
Revenues:
Interest and rental income $ 18,441 22,521
Expenses:
Property taxes 8,781 8,257
General and administrative 60,520 60,457
69,301 68,714
Net earnings (loss) $ (50,860) (46,193)
Net earnings (loss) per unit $ (0.01) (0.01)
Units outstanding 3,563,323 3,563,323
Statements of Cash Flow
1998 1997
Cash flows from operating activities:
Net earnings (loss) $ (50,860) (46,193)
Decrease in other assets 14,303
22,643
Increase (Decrease) in liabilities 64,071
2,482
Net cash flow from operating
activities 27,514
(21,068)
Expenditures for Elliott Ranch -
(1,430)
Net decrease in cash and cash
equivalents 27,514 (22,498)
Beginning cash and equivalents 1,239,738 1,593,823
Ending cash and cash equivalents $ 1,267,252 1,571,325
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, 1998
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. On February
25, 1998, the Partnership entered into an agreement to sell approximately 1,850
acres of the Elliott Ranch for a price of $12,825,000. The Buyer has until May
26, 1998 to conduct feasibility studies of the property and on or before May
26, 1998 must determine whether to consummate the purchase.
Operations for the three months ended March 31, 1998 compared to the three
months ended March 31, 1997.
Revenues were down 18% (from $22,521 to $18,441) primarily because the cash
funds that generate interest income were down 19%. Expenses were up 1% (from
$68,714 to $69,301) primarily due to an increase in property tax expense.
PART II - OTHER INFORMATION AND SIGNATURES
Items 1 - 5 Nothing to report.
Item 6 Two reports on Form 8-K were filed in the first quarter of 1998
regarding the potential sale of substantially all of the Elliott
Ranch.
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: May 8, 1998 /s/ Elaine McKeon
Elaine McKeon
General Partner
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<PERIOD-END> MAR-31-1998
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