UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 1997
Commission file Number 0-14422
RIVERCHASE INVESTORS I, LTD.
(Exact name of registrant as specified in its charter.)
Florida 64-0712672
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2101 6th Avenue North, STE 750,
Birmingham, AL 35203-2764
(Address of principal executive offices (Zip Code)
Registrant's telephone number, including area code:
(205) 250-8700
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 of the Registrant's Limited Partnership
Units of Ownership outstanding as of March 31, 1997: 11,052.
<PAGE>
<TABLE>
PART I. - FINANCIAL INFORMATION
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
March 31, 1997 AND DECEMBER 31, 1996
(Unaudited)
<CAPTION>
March 31, 1997 December 1996
(Unaudited) (Audited)
-------------- --------------
ASSETS
<S> <C> <C>
Cash $ 236,258 $ 124,242
Restricted cash 34,406 34,406
Accounts receivable 1,282 13,205
Prepaid expenses 20,795 27,223
--------- ---------
Total current assets 292,741 199,076
Property, plant and equipment:
Land 2,102,784 2,102,784
Buildings 6,588,513 6,586,431
Furniture and fixtures 977,432 975,845
Land improvements 96,501
95,951
Equipment 16,717 16,717
--------- ---------
9,781,947 9,777,728
Less accumulated depreciation 2,575,440 2,529,208
--------- ---------
7,206,507 7,248,520
Other assets:
Deposits 4,796 4,796
--------- ---------
Total assets $7,504,044 $7,452,392
========= =========
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S> <C> <C>
Accounts payable $ 10,678 $ 13,034
Other accrued liabilities 48,580 9,234
Tenant deposits 27,752 24,497
Unearned rent 5,801 4,991
Due to affiliate 0 14,723
--------- ---------
Total current liabilities 92,811 66,479
General partners' deficit (20,666) (20,919)
Limited partners' capital
(11,052 units) 7,431,899 7,406,832
--------- ---------
Total partners' capital $7,411,233 $7,385,913
--------- ---------
Total liabilities and
partners' capital $7,504,044 $7,452,392
========= =========
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED
MARCH 31, 1997 AND 1996
(Unaudited)
<CAPTION>
Three months ended
March 31
----------------------------
1997 1996
------ ------
<S> <C> <C>
Revenues:
Rents $ 339,481 $ 385,226
Interest 1,544 2,340
Other 16,334 12,063
------- -------
Total revenues 357,359 399,629
Expenses:
General and
administrative 18,639 19,521
Salaries and wages 23,220 34,252
Taxes and licenses 43,118 43,413
Management fees 17,802 19,461
Repairs and maintenance 60,139 72,476
Utilities 27,082 27,307
Insurance 6,498 4,127
Depreciation
and amortization 46,232 43,271
------- -------
Total expenses 242,730 263,828
------- -------
Net income $ 114,629 $ 135,801
======= =======
Net income per limited
partnership unit $ 10.37 $ 12.29
======= =======
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF PARTNERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
<CAPTION>
General Limited
Partners Partners Total
---------- ---------- ----------
<S> <C> <C> <C>
Three months ended March 31, 1996:
Balance at December 31, 1995 $ (20,206) $ 7,477,441 $ 7,457,235
Net income 1,358 134,443 135,801
Capital distributions (1,563) (154,728) (156,291)
--------- --------- ---------
Balance at March 31, 1996 $ (20,411) $ 7,457,156 $ 7,436,745
========= ========= =========
Three months ended March 31, 1997:
Balance at December 31, 1996 $ (20,919) $ 7,406,832 $ 7,385,913
Net income 1,146 113,483 114,629
Capital distributions ( 893) ( 88,416) ( 89,309)
--------- --------- ---------
Balance at March 31, 1997 $ (20,666) $ 7,431,899 $ 7,411,233
========= ========== =========
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
<CAPTION>
1997 1996
--------- ---------
<S> <C> <C>
Operating activities:
Net income $ 114,629 $ 135,801
------- -------
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 46,232 43,271
Changes in operating assets
and liabilities:
Accounts receivable 11,923 5,444
Prepaid expenses 6,428 5,308
Accrued liabilities 39,346 42,119
Accounts payable (2,356) (4,769)
Tenant security deposits 3,255 (316)
Unearned rent 810 (375)
Due to affiliate (14,723) (16)
------- -------
Net cash provided by
operating activities 205,544 226,467
------- -------
Investing activities:
Capital expenditures ( 4,219) (30,648)
------- -------
Net cash used in
investing activities ( 4,219) (30,648)
------- -------
Financing activities:
Distributions to partners (89,309) (156,291)
------- -------
Net cash used in
financing activities (89,309) (156,291)
------- -------
Increase in cash 112,016 39,528
Cash, beginning of period 124,242 187,282
------- -------
Cash, end of period $ 236,258 $ 226,810
======= =======
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
FOR THE QUARTER ENDED MARCH 31, 1997
NOTE 1. THE PARTNERSHIP
Riverchase Investors I, Ltd. ("the Partnership") is a limited partnership
organized under the laws of the State of Florida, pursuant to a Certificate and
Agreement of Limited Partnership dated February 22, 1985, as amended and
restated as of December 30, 1985. The Partnership owns and operates 248
apartment units in Temple Terrace, Florida. The Partnership leases the apartment
units to individuals under short-term lease agreements.
<PAGE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
MARCH 31, 1997
LIQUIDITY AND CAPITAL RESOURCES
Cash flow at the property is generated from the rental of apartment units.
During the first quarter the property's physical occupancy rate averaged 90.7%
and it generated sufficient cash to meet the financial obligations of the
Partnership and pay a cash distribution of $167,455 in the second quarter of
1997. The total of cash distributions paid to Partners in the first and second
quarters of 1997 amounts to $256,764 or $23 per Limited Partnership unit of
ownership.
Cash and equivalents increased to $236,258 at March 31, 1997 from $124,242 at
December 31, 1996. The increase is due to cash retained to pay for the accrued
liabilities which will come due at the end of the year.
The Partnership's budgeted capital expenditures in 1997 is approximately
$200,000. These capital improvements are for the exterior painting, renovation
of the pool area, driveway repairs, landscaping, and refurbishing the rental
center. Less than five percent of these capital expenses had been made as of the
end of the quarter.
RESULTS OF OPERATIONS
The occupancy rate decreased by approximately 7.7% for the first quarter of 1997
when compared to the first quarter of 1996, which resulted in the decrease in
first quarter rent revenues. The average occupancy rate was 90.7% in the first
quarter of 1997 as compared to 98.4% in the first quarter of 1996. As a result,
year-to-date total rent revenues decreased by approximately $45,750 or 11.9% due
primarily to decreased occupancy rates.
While first quarter 1997 revenues decreased compared to first quarter 1996
revenues, total expenses decreased approximately $20,000. The majority of the
decrease in expenses, approximately $12,300, was related to repairs and
maintenance expense, while salaries and wages decreased about $11,000. The
decrease in salaries and wages was the result of a reduction in the maintenance
staff.
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Inapplicable
ITEM 2. CHANGES IN SECURITIES
Inapplicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Inapplicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF
SECURITY HOLDERS
Inapplicable
ITEM 5. OTHER INFORMATION
Inapplicable
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits
Exhibit 27. Financial Data Schedule
b. Reports on Form 8-K
None were filed for the quarter
ended March 31, 1997
<PAGE>
RIVERCHASE INVESTORS I, LTD.
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange
Act of 1934, as amended, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
RIVERCHASE INVESTORS I, LTD.
Registrant
May 14, 1997 /s/ Thomas H. Lowder
Date Thomas H. Lowder
General Partner
May 14, 1997 /s/ Howard B. Nelson, Jr.
Date Howard B. Nelson, Jr.
Principal Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-Mos
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Mar-31-1997
<CASH> 270,664
<SECURITIES> 0
<RECEIVABLES> 1,282
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 292,741
<PP&E> 9,781,947
<DEPRECIATION> 2,575,440
<TOTAL-ASSETS> 7,504,044
<CURRENT-LIABILITIES> 92,811
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 7,411,233
<TOTAL-LIABILITY-AND-EQUITY> 7,504,044
<SALES> 0
<TOTAL-REVENUES> 357,359
<CGS> 0
<TOTAL-COSTS> 242,730
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 114,629
<INCOME-TAX> 0
<INCOME-CONTINUING> 114,629
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 114,629
<EPS-PRIMARY> 10.27
<EPS-DILUTED> 10.27
<FN>
The earnings per share data noted above refers to net income per limited
partnership unit.
</FN>
</TABLE>
