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, 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
June 30, 1998:
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 $3.00 is indicated.
PART I - FINANCIAL INFORMATION
E & J PROPERTIES, LTD.
(A California Limited Partnership)
Balance Sheets
June 30, 1998 and December 31, 1997
(Unaudited)
June 30, December 31,
1998 1997
Assets
Cash and cash equivalents $1,521,830
1,239,738
Elliott Ranch (held for sale) 3,095,287
3,092,928
Other assets
44,592 71,174
$4,661,709 4,403,840
Liabilities and Partners' Equity
Liabilities:
Accrued expenses and other liabilities $ 369,358
24,051
Partners' equity:
Units of limited partnership
issued, 3,523,680 4,222,996
4,309,461
Units of general partnership
issued, 39,643
69,355 70,328
Total partners' equity 4,292,351
4,379,789
$4,661,709 4,403,840
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,
1998 1997
1998 1997
Revenues:
Interest and rental income $ 36,946 44,590
18,505 22,069
Expenses:
Property taxes 17,183 16,514
8,402 8,257
General and administrative 107,201 103,469 46,681
43,012
124,384 119,983
55,083 51,269
Net earnings (loss) $ (87,438) (75,393)
(36,578) (29,200)
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,
1998 1997
Cash flows from operating activities:
Net earnings (loss) $ (87,438)
(75,393)
Decrease in other assets 26,582
39,854
Increase (decrease) in liabilities (1) 345,307
(8,995)
Net cash flow from operating activities 284,451
(44,534)
Cash expenditures for Elliott Ranch (2,359)
(70,934)
Net increase in cash and cash equivalents 282,092 (115,468)
Beginning cash and cash equivalents 1,239,738 1,593,823
Ending cash and cash equivalents $1,521,830 1,478,355
(1) In 1998, includes deposits in the amount of $350,000 relating to the sale
of the Elliott Ranch.
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, 1998
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. In the
first half of the year, the Partnership entered into two agreements to sell the
remaining land of the Elliott Ranch for an aggregate price of $13,027,000. It
is anticipated that escrows will close in the third quarter of 1998 if the
sales are consummated.
Operations for the six months ended June 30, 1998 compared to the six months
ended June 30, 1998:
Revenues were down 17% (from $44,590 to $36,590) primarily because the cash
funds that generate interest income were down 10% (interest rates were slightly
higher). Expenses were up 4% (from $119,983 to $124,385) primarily due to
increased professional fees.
Operations for the three months ended June 30, 1998 compared to the three
months ended June 30, 1998:
Revenues were down 19% (from $22,069 to $18,505) primarily because the cash
funds that generate interest income were down 12% (interest rates were slightly
higher). Expenses were up 7% (from $51,269 to $55,083) primarily due to
increased professional fees.
PART II - OTHER INFORMATION AND SIGNATURES
Items 1 to 5 Nothing to report.
Item 6 Three reports on Form 8-K were filed in the second quarter of
1998 regarding the potential
sale of the remaining land 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: July 27, 1998 /s/ Elaine
McKeon
Elaine McKeon, General Partner
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