SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 1995 Commission File Number 2-95219
INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Massachusetts 04-2859087
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization
One International Place, Boston, MA 02110
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (617) 330-8600
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
<PAGE>
INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP
STATEMENT OF OPERATIONS
(UNAUDITED) (NOTE 1)
<TABLE>
PART I - FINANCIAL INFORMATION
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
---------------------- ---------------
1995 1994 1995 1994
---------- -------- -------- ------
<S> <C> <C> <C> <C>
Fruit Sales $3,293,769 $2,995,201 $4,008,318 $3,852,835
Less - Harvesting expenses 812,702 774,080 1,038,772 910,484
---------- ---------- ---------- ----------
Net Fruit Sales 2,481,067 2,221,121 2,969,546 2,942,351
Cost of Fruit Sales 1,370,655 1,323,830 1,769,115 1,566,556
---------- ---------- ---------- ----------
Operating Margin 1,110,412 897,291 1,200,431 1,375,795
Other Revenues:
Interest income 53,256 24,748 75,652 40,361
Other Expenses:
Interest expense 651,821 572,058 1,296,478 1,137,829
Grove management fees 49,417 38,973 100,900 99,559
Partnership management fees 75,000 80,000 150,000 155,000
Real estate taxes 17,929 37,100 32,629 70,588
Amortization 11,416 11,416 22,832 22,832
Building depreciation 1,822 2,368 4,190 4,736
General Administrative 16,357 12,078 34,462 45,381
---------- ---------- ---------- ----------
823,762 753,993 1,641,491 1,535,925
---------- ---------- ---------- ----------
Net Income/(Loss) $ 339,906 $ 168,046 $ (365,408) $ (119,769)
========== ========== ========== ==========
Net Income/(Loss)
allocated to General Partner $ 33,991 $ (16,805) $ (36,541) $ (11,977)
========== ========== ========== ==========
Net Income/(Loss)
allocated to Limited Partners $ 305,915 $ (151,241) $ (328,867) $ (107,792)
========== ========== ========== ==========
Net Loss per Unit of Limited
Partnership Interest $ 19.74 $ (9.76) $ (21.22) (6.95)
========== ========== ========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP
BALANCE SHEETS
ASSETS
(NOTE 1)
<TABLE>
June 30, December 31,
1995 1994
(Unaudited) (Audited)
<S> <C> <C>
Current Assets:
Cash and cash equivalents......................................... $ 3,852,892 $ 3,124,628
Accounts receivable............................................... - 99,102
Inventory......................................................... 1,133,733 1,769,116
Other assets...................................................... 38,120 48,757
----------- -----------
$ 5,024,745 $ 5,041,603
Property, net......................................................... 18,739,278 19,064,407
Deferred financing costs............................................. 27,524 50,356
----------- -----------
$23,791,547 $24,156,366
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Current Liabilities:
Notes payables ................................................... $21,616,860 $ -
Accrued interest.................................................. 1,019,267 1,186,622
Other liabilities................................................. 292,150 124,206
----------- -----------
22,298,277 1,310,828
Long-term notes payable............................................... - 21,616,860
Partners' Capital:
Limited Partners, $1,000 stated value per
Unit; 15,500 Units authorized, issued
and outstanding................................................ 1,927,548 2,256,415
General Partner................................................... (1,064,278) (1,027,737)
----------- -----------
$23,791,547 $24,156,366
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
(UNAUDITED) (NOTE 1)
<TABLE> SIX MONTHS ENDED
JUNE 30,
-------------
1995 1994
-------- ------
<S> <C> <C>
Cash Flows From Operating Activities:
Cash received from customers...................................... $ 4,107,420 $ 3,855,752
Cash paid to suppliers............................................ (1,978,622) (2,116,948)
Interest received................................................. 75,652 40,361
Interest paid..................................................... (1,463,833) (641,898)
----------- -----------
Net cash provided by operating activities......................... 740,617 1,137,267
----------- -----------
Cash Flows From Investing Activities:
Capital expenditures.............................................. (12,353) -
----------- --------
Net cash used in investing activities............................. (12,353) -
----------- --------
Net Increase (Decrease) in Cash and Cash
Equivalents....................................................... 728,264 1,137,267
----------- -----------
Cash and Cash Equivalents at Beginning
of Period......................................................... 3,124,628 2,475,681
----------- -----------
Cash and Cash Equivalents at End of Period............................ $ 3,852,892 $ 3,612,948
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
(CONTINUED)
(UNAUDITED) (NOTE 1)
<TABLE>
Reconciliation of net loss to net cash provided by operating activities:
SIX MONTHS ENDED
JUNE 30,
-------------
1995 1994
-------- ------
<S> <C> <C>
Net (Loss) Income $ (365,408) $ (119,769)
Adjustments to Reconcile
Net Loss to Net Cash Provided
(Used) By Operating Activities:
Depreciation and amortization................................ 27,022 27,569
Decrease (Increase) in:
Accounts Receivable..................................... 99,102 (67,959)
Inventory............................................... 635,383 331,829
Prepaid Expense......................................... 10,637 2,917
Accrued Interest Receivable............................. - 444
Increase (Decrease) in:
Accrued Interest........................................ (167,355) 495,931
Other Assets/Liabilities................................ 167,944 134,769
Depreciation capitalized to inventory........................ 333,292 331,536
----------- -----------
Net Cash Provided by Operating Activities............................. $ 740,617 $ 1,137,267
=========== ===========
</TABLE>
Disclosure of accounting policy:
For purposes of the statement of cash flows, the company considers all highly
liquid debt instruments purchased with a maturity of three months or less to be
cash equivalents.
The accompanying notes are an integral part of these financial statements.
<PAGE>
INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(UNAUDITED) (NOTE 1)
<TABLE>
Limited Partners General
Units Capital Partner Total
<S> <C> <C> <C> <C>
Balance, December 31, 1994 15,500 $2,256,415 $(1,027,737) $1,228,678
Net Loss (328,867) (36,541) (365,408)
---------- ---------- ----------- ----------
Balance, June 30, 1995 15,500 1,927,548 $(1,064,278) 863,270
========== ========== =========== ==========
Balance, December 31, 1993 15,500 $3,412,696 $ (899,261) $2,513,435
Net Loss (107,792) (11,977) (119,769)
---------- ---------- ----------- ----------
Balance, June 30, 1994 15,500 $3,304,904 $ (911,238) $2,393,666
========== ========== =========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
Cash and equivalents of approximately $3,852,890 at June 30, 1995 are sufficient
to meet the Partnership's working capital and liquidity requirements. See below
for discussion on the Mortgages Payable.
RESULTS OF OPERATIONS/VARIATIONS IN INTERIM PERIODS
The principal differences between the results of operations for the second
quarter of 1995 and that of 1994 are as follows:
1) A significant increase in the portion of crop harvested during the
quarter, coupled with a somewhat larger crop anticipated for the current
year in comparison to the prior one were noted. In the second quarter
of 1994, the Registrant harvested approximately 304,560 boxes (46% of
the approximately 660,110 boxes harvested for the 1993-1994 crop year).
In the second quarter of 1995, the Registrant harvested approximately
467,640 boxes (64% of the 733,000 boxes estimated for the 1994-1995 crop
year).
2) A slight decrease in the pounds-solid per box and a slight increase in
the price received per pound solid were noted. During 1994
approximately $540,000 was recognized under participation agreements
with fruit processors with respect to the previous crop year. To date
settlements for participation agreements have not been received for the
1993-1994 crop year.
3) Harvesting expenses were consistent at $1.94 per box in 1995 and 1994.
4) Cost of fruit sales per box (which consist primarily of inventoried
horticultural costs) increased slightly from $3.34 in 1994 to $3.35 in
1995.
5) Interest expense for the six months ended June 30, 1995 increased as a
result of the increase in the prime rate on the first mortgage.
6) Interest income increased due to the increase in cash and cash
equivalents.
7) Mortgages payable are due January 31, 1996. Due to the continued weak
per pound solid prices for oranges, the partnership believes that a
sale or refinancing may not produce adequate proceeds to repay such
debts. The Partnership has commenced discussions with the second
mortgage lender regarding this issue, but no agreement has been reached
to date.
The accompanying notes are an integral part of these financial statements.
<PAGE>
PART II - OTHER INFORMATION
All items are inapplicable.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
INDIAN RIVER CITRUS INVESTORS
LIMITED PARTNERSHIP
(Registrant)
By: Winthrop Agricultural Management, II, Inc.
General Partners
By: /s/Philip J. Brannigan, Jr.
Philip J. Brannigan, Jr.
Chief Accounting Officer
By: /s/Richard J. McCready
Richard J. McCready
Chief Operating Officer
DATED: August 14, 1995
The accompanying notes are an integral part of these financial statements.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information
extracted from unaudited financial statements for the
six month period ending June 30, 1995 and is
qualified in its entirety by reference to such financial
statements
</LEGEND>
<CIK> 0000760612
<NAME> Indian River Citrus Inves
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<EXCHANGE-RATE> 1.00000
<CASH> 3,852,892
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 1,133,733
<CURRENT-ASSETS> 38,120
<PP&E> 24,469,930
<DEPRECIATION> 5,730,652
<TOTAL-ASSETS> 23,791,547
<CURRENT-LIABILITIES> 22,928,277
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 863,270
<TOTAL-LIABILITY-AND-EQUITY> 23,791,547
<SALES> 0
<TOTAL-REVENUES> 4,083,970
<CGS> 1,769,115
<TOTAL-COSTS> 1,356,763
<OTHER-EXPENSES> 27,022
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,296,478
<INCOME-PRETAX> (365,408)
<INCOME-TAX> 0
<INCOME-CONTINUING> (365,408)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (365,408)
<EPS-PRIMARY> (21.220)
<EPS-DILUTED> 0.000
</TABLE>
