FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR QUARTER ENDED DECEMBER 31, 1999 COMMISSION FILE NUMBER 0-
12895
ALL-STATE PROPERTIES L.P.
(Exact name of registrant as specified in its charter)
Delaware 59-2399204
(State or other jurisdiction or (I.R.S. Employer
incorporation or organization) Identification No.)
5500 NW 69th Avenue, Lauderhill, FL 33319
(Address of principal executive offices) (Zip Code)
Mailing address:
P.O. Box 5524, Fort Lauderdale, FL 33310-5524
Registrant's telephone number, including area code (954) 572-2113
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
Indicate the number of limited partnership units outstanding as of
the latest practicable date.
Class Outstanding at December 31, 1999
Limited Partnership Units 3,118,303 Units
ALL-STATE PROPERTIES L.P.
(A LIMITED PARTNERSHIP)
* * * * * * * * * * * * * *
FINANCIAL STATEMENTS AND SCHEDULES
SIX MONTHS ENDED DECEMBER 31, 1999
Page 1
ALL-STATE PROPERTIES L.P.
(A LIMITED PARTNERSHIP)
I N D E X
ITEM DESCRIPTION NUMBER
PART I Index 1
Financial Information:
Condensed Balance Sheets -
December 31, 1999 and June 30, 1999 2
Condensed Statements of Operations -
Three Months and Six Months ended
December 31, 1999 and 1998 3
Condensed Statements of Cash Flows -
Six Months ended December 31, 1999
and 1998 4
Financial Data Schedule 5
Notes to Condensed Financial Statements -
December 31, 1999 and 1998 6
Management's Discussion and Analysis of
the Financial Condition and Results of
Operations - December 31, 1999 7
Condensed Financial Information for City
Planned Communities and Unicom Partnership,
Ltd., 50% and 49-1/2% owned Real Estate
Partnerships, respectively - December 31,
1999, 1998, and June 30, 1999 8-9
Exhibit - Computation of Income (Loss) per
partnership Unit - six months ended
December 31, 1999 and 1998 10
PART II Other Information 11
Signatures 12
Page 2
ALL-STATE PROPERTIES L.P.
(A LIMITED PARTNERSHIP)
CONDENSED BALANCE SHEETS
DECEMBER 31, 1999 AND JUNE 30, 1999
(UNAUDITED)
DECEMBER JUNE
31, 1999 30, 1999
Assets
Cash $ 12,203 $ 20,425
Other assets 1,210 1,210
Total Assets $ 13,413 $ 21,635
Liabilities and Partners' Capital
(Deficit)
Liabilities:
Notes payable - related party $ 210,580 $ 194,805
Notes payable 599,432 573,225
Accounts payable and other
liabilities 36,957 30,474
4% convertible subordinated
debentures due 1989 2,595,976 2,563,433
Partnership distributions payable 252,496 252,496
$ 3,695,441 $ 3,614,433
Deficiency in real estate joint
venture $ 1,015,561 $ 1,015,561
Partners' Deficit $ (4,470,330) $ (4,383,983)
Notes receivable - officers/partners $ (227,259) $ (224,376)
$ (4,697,589) $ (4,608,359)
Total Liabilities and Partners'
Capital (Deficit) $ 13,413 $ 21,635
See notes to financial statements.
Page 3
ALL-STATE PROPERTIES L.P.
(A LIMITED PARTNERSHIP)
CONDENSED STATEMENTS OF OPERATIONS
THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
DECEMBER 31, DECEMBER 31
1 9 9 9 1 9 9 8 1 9 9 9 1 9 9 8
<S> <C> <C> <C> <C>
REVENUES:
Partnership loss $ - $ (8,015) $ - $ (13,915)
Other income 1,577 1,964 3,264 3,898
$ 1,577 $ (6,051)$ 3,264 $ (10,017)
Total Net Revenues
(Expenses) $ 1,577 $ (6,051)$ 3,264 $ (10,017)
COST AND EXPENSES:
Selling, general and
administrative $ 13,954 $ 40,037 $ 24,632 $ 46,095
Interest 32,191 28,858 64,985 57,715
$ 46,145 $ 68,895 $ 89,617 $ 103,810
NET LOSS $ (44,568) $ (74,946)$ (86,353) $(113,827)
NET (LOSS) INCOME PER
PARTNERSHIP UNIT (0.01) (0.03) (0.03) (0.04)
CASH DISTRIBUTIONS PER
UNIT NONE NONE NONE NONE
</TABLE>
See notes to financial statements.
Page 4
ALL-STATE PROPERTIES L.P.
(A LIMITED PARTNERSHIP)
CONDENSED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998
(UNAUDITED)
1 9 9 9 1 9 9 8
CASH FLOW FROM OPERATING ACTIVITIES:
Cash received from other activities $ 734 $ 1,370
Cash paid for selling, general and
administrative expenses (18,143) (11,460)
Interest paid - -
Net Cash Provided (Used) by
Operating Activities $ (17,409) $ (10,090)
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from notes receivable -
related party - net $ 9,187 $ 7,974
Net Cash Provided (Used) by
Financing Activities $ 9,187 $ 7,974
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ (8,222) $ (2,116)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR 20,425 4,037
CASH AND CASH EQUIVALENTS AT END
OF PERIOD $ 12,203 $ 1,921
RECONCILIATION OF NET (LOSS)
TO NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES:
Net (loss) $ (86,353) $ (113,827)
CHANGES IN ASSETS AND LIABILITIES:
(Increase) decrease in accounts
receivable and other assets $ - $ 1,664
Increase in accrued interest
receivable (2,883) (2,820)
Decrease in equity in partnerships - 13,915
Increase in accounts payable and
accrued expenses 6,489 32,971
Increase in 4% convertible
debentures interest 32,543 32,542
Increase (decrease)in notes
payable 26,207 18,937
Increase in note payable - CPC 6,588 14,502
Total Adjustments $ 68,944 $ 111,711
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES $ (17,409) $ (2,116)
See notes to financial statements.
Page 5
ALL-STATE PROPERTIES L.P.
(A LIMITED PARTNERSHIP)
FINANCIAL DATA SCHEDULE
SIX MONTHS ENDED DECEMBER 31, 1999 AND
THREE MONTHS ENDED SEPTEMBER 30, 1999
(UNAUDITED)
DECEMBER SEPTEMBER
31, 1999 30, 1999
EXHIBIT 27
Cash $ 12,203 $ 20,379
Receivables 1,210 1,210
Total Assets 13,413 21,589
Notes Payable 810,012 794,260
Convertible Subordinated
Debentures 2,595,976 2,579,705
Partners' Deficit (4,470,330) (4,425,768)
Total Liabilities and
Partners' Deficit 13,413 21,589
Total Revenues 3,264 1,687
Total Cost and Expenses 89,617 43,472
Net Income (Loss) (86,353) (41,785)
Loss Per Partnership Unit (0.03) (0.015)
See notes to financial statements.
Page 6
ALL-STATE PROPERTIES L.P.
(A LIMITED PARTNERSHIP)
NOTES TO CONDENSED FINANCIAL STATEMENTS
SIX MONTHS ENDED DECEMBER 31 1999 AND 1998
(UNAUDITED)
1. The financial statement information for the six months ended
December 31, 1999 and 1998 is unaudited. However, the
information contained therein reflects all adjustments which
are, in the opinion of management, necessary to present a fair
statement of the results of the interim period.
On November 3, 1986, Wimbledon Development Ltd. (a limited
partnership) was formed to construct and sell condominium units
on land acquired from All-State Properties L.P. (hereafter "the
Company"). The Company has a 99% limited partnership interest
in Wimbledon Development Ltd. and the remaining ownership is
being held by a corporation controlled by the president of the
Company. The Corporation is the general partner of the
partnership and is responsible for the management of Wimbledon
Development Ltd. The Company includes in its accounts the
assets, liabilities, revenues and expenses of Wimbledon
Development Ltd. All significant intercompany accounts and
transactions have been eliminated.
2. On September 20, 1984 the stockholders of All-State Properties
Inc. ("All-State") approved a plan of liquidation. Pursuant to
the plan, All-State distributed its interest in City Planned
Communities ("CPC") and its other assets to a limited
partnership, All-State Properties L.P., in exchange for units
of limited partnership interest which were then distributed to
the stockholders.
The liquidation of All-State Properties Inc. and the related
transfer of assets and liabilities to the new limited
partnership was accounted for under the pooling of interest
method. Under this method all assets and liabilities were
transferred to the newly formed limited partnership at
historical costs. Prior to the transfer, All-State acquired
1,240,700 shares of its common stock from its largest
stockholder. The acquisition of these shares resulted in a
charge to stockholders' equity of $5,250,000 which caused the
newly-formed limited partnership to commence operations with a
negative partners' capital account. This negative partners'
capital will be eliminated as income is recognized from CPC.
3. Unicom Partnership, Ltd. ("Unicom") (a limited partnership) was
formed in October 1986 to acquire land from "CPC" for the
purpose of constructing and operating a 324 unit adult rental
retirement project. All-State and entities under common control
with other partners of "CPC" have a 99% limited partnership
interest in Unicom. Accordingly, the beneficial owners of
Unicom are substantially the same as those of "CPC". Therefore,
the financial statements for CPC and Unicom are presented on a
combined basis to offer a complete representation of the
related entities.
Page 7
ALL-STATE PROPERTIES L.P.
(A LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
DECEMBER 31, 1999
FINANCIAL CONDITION
Registrant's source of working capital consists of cash
received from borrowings and loans received from Unicom Partnership
Ltd. No cash was available for distribution during the six months
ended December 31, 1999.
In consideration of cash advances made and services rendered by
certain individuals to Unicom, Unicom agreed to distribute 26.76%
(including 5% to the general partner of the Company) of any of its
cash that becomes available for distribution to those individuals.
The balance of any cash that becomes available for distribution up
to $13,351,210 will be distributed to the Company and Newnel
Partnership for the benefit of CPC. After $13,351,210 is
disbursed, remaining cash will be distributed 26.76% to the
aforementioned individuals and the remainder as follows:
1.34% to F. Trace, Inc., the former general partner of Unicom
49.33% to Newnel Partnership
3.58% to certain individuals who made cash advances to Unicom
on behalf of the Company
45.75% to the Company
100.00%
Subsequently, of the holders of the 26.76%, individuals
receiving 23.27% were admitted as limited partners of Unicom, with
the 3.49% remaining as non-partner distributees. Restating the
above to reflect the admission of the aforesaid individuals as
limited partners, the cash flow available for distribution after
the payment of the $13,351,210 will be distributed as follows:
3.49% to the non-partner distributees
As to the partners:
1.00% to F. Trace, Inc., the former general partner of
Unicom
23.27% to the newly admitted limited partners
36.12% to Newnel Partnership.
36.12% to the Company (including 2.62% given to certain
individuals who made cash advances to Unicom on
behalf of the Company)
100.00%
The amount of the distribution to be received by the Company is
the same under both of the above calculations.
Page 8
ALL-STATE PROPERTIES L.P.
(A LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
DECEMBER 31, 1999
FINANCIAL CONDITION (Continued)
In addition, CPC assigned 9.00% of any of its cash that becomes
available for distribution to certain individuals for funds
advanced by them to CPC.
Certain individuals advanced funds to the Company. In
consideration of those advances, the Company assigned to those
individuals 10.23% of distributions received by it from CPC, after
deducting the amounts necessary to repay the funds advanced by
them.
Results of operations for the six months ended December 31, 1999
were a penny a share less than the six month period ended December
31, 1998 due to a reduction in selling, general and administrative
expenses.
Page 9
CONDENSED FINANCIAL INFORMATION FOR REAL ESTATE PARTNERSHIPS
CITY PLANNED COMMUNITIES & UNICOM PARTNERSHIP, LTD.
CONDENSED COMBINED BALANCE SHEETS
DECEMBER 31, 1999 AND JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
DECEMBER JUNE
31, 1999 30, 1999
<S> <C> <C>
ASSETS:
Property and equipment - net of
depreciation $ 25,897,961 $ 26,296,778
Cash 1,702,019 1,526,882
Cash-restricted 747,619 734,986
Real estate held for sale (cost) 9,666 9,666
Deferred and prepaid expenses 1,118,397 1,457,164
Other assets 511,161 571,678
Notes receivable - related party 314,140 -
Total $ 30,300,963 $ 30,597,154
LIABILITIES AND PARTNERS' CAPITAL
(DEFICIT):
Mortgage payable, including
accrued interest $27,049,346 $26,985,002
Accounts payable and other
liabilities 1,844,448 2,031,219
Notes payable - related parties 261,596 380,627
Unamortized interest mortgage
modification 2,237,348 2,276,756
Option deposits 4,500,000 4,500,000
Note payable 55,062 27,413
Partners' capital (deficit) (5,646,837) (5,603,863)
Total $ 30,300,963 $ 30,597,154
</TABLE>
See notes to financial statements.
Page 10
CONDENSED FINANCIAL INFORMATION FOR REAL ESTATE PARTNERSHIPS
CITY PLANNED COMMUNITIES & UNICOM PARTNERSHIP, LTD.
CONDENSED COMBINED PROFIT AND LOSS INFORMATION
THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
DECEMBER 31, DECEMBER 31,
1 9 9 9 1 9 9 8 1 9 9 9 1 9 9 8
<C> <C> <C> <C>
<S>
REVENUES:
Rental $ - $ - $ - $ -
Interest and
other 8,429 4,773 14,352 9,610
Lease income 1,369,304 1,217,469 3,204,232 2,358,278
Total $ 1,377,733 $ 1,222,242 $ 3,218,584 $ 2,367,888
EXPENSES:
General and
administra-
tive $ 367,903 $ 221,763 $ 700,804 $ 394,826
Interest 556,641 501,810 1,137,989 1,092,048
Depreciation
and amortiza-
tion 261,722 253,722 523,445 507,445
Taxes and
insurance 230,015 226,218 530,937 345,259
$ 1,416,281 $1,203,513 $ 2,893,175 $ 2,339,578
NET PROFIT
(LOSS) $ (38,548) $ 18,729 $ 325,409 $ 28,310
</TABLE>
See notes to financial statements.
Page 11
ALL-STATE PROPERTIES L.P.
(A LIMITED PARTNERSHIP)
EXHIBIT - COMPUTATION OF INCOME (LOSS) PER PARTNERSHIP UNIT
SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998
(UNAUDITED)
1 9 9 9 1 9 9 8
Partnership units outstanding 3,118,303 3,118,303
Net Income (Loss) $ (86,353) $ (113,827)
Net Income (Loss) Per Partnership
Unit $ (0.03) $ (0.04)
See notes to financial statements.
Page 12
ALL-STATE PROPERTIES L.P.
(A LIMITED PARTNERSHIP)
PART II - OTHER INFORMATION
ITEM 1 - Legal Proceedings
A limited partnership in which the Company is the limited
partner has been named as a defendant in a lawsuit
seeking all damages allowable under the Florida Wrongful
Death Act. On or about April 17, 1998, one of the
decedents was operating a motor vehicle in the parking
lot of a condominium developed by the defendant limited
partnership when she drove said vehicle into a canal
abutting but not part of the condominium property. The
other decedent was a passenger in said vehicle.
The Company does not believe it has any liability.
ITEM 2 - Changes in Securities
There were no changes in the right of limited partners
during the quarter covered by this report.
ITEM 3 - Defaults Upon Senior Securities
There were no defaults by Registrant on its senior
securities during the quarter covered by this report.
ITEM 4 - Submission of Matters to Vote of Security Holders
No matters were submitted during the quarter covered by
this report to a vote of limited partners.
ITEM 5 - Other Information
None
ITEM 6 - Exhibits and Reports on Form 8-K
(a) Exhibit - Computation of earnings per partnership
unit.
(b) Exhibit - Form 8-K filed October 8, 1999,
incorporated by reference.
Page 13
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934,
Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
ALL-STATE PROPERTIES L.P.
By: __________________________
STANLEY ROSENTHAL
General Partner
Dated: February 12,2000
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> DEC-31-1999
<CASH> 12,203
<SECURITIES> 0
<RECEIVABLES> 1,210
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 13,413
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> (4,470,330)
<TOTAL-LIABILITY-AND-EQUITY> 13,413
<SALES> 0
<TOTAL-REVENUES> 3,264
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 24,632
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 64,985
<INCOME-PRETAX> (86,353)
<INCOME-TAX> 0
<INCOME-CONTINUING> (86,353)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (86,353)
<EPS-BASIC> (0.03)
<EPS-DILUTED> 0
</TABLE>
