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 June 30, 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 August 5, 1997: 11,052.
<PAGE>
<TABLE>
PART I. - FINANCIAL INFORMATION
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
JUNE 30, 1997 AND DECEMBER 31, 1996
(Unaudited)
<CAPTION>
June 30, 1997 December 31,1996
(Unaudited) (Audited)
-------------- --------------
ASSETS
<S> <C> <C>
Cash $ 267,082 $ 124,242
Restricted cash 34,406 34,406
Accounts receivable 2,789 13,205
Prepaid expenses 13,371 27,223
--------- ---------
Total current assets 317,648 199,076
Property, plant and equipment:
Land 2,102,784 2,102,784
Buildings 6,595,167 6,586,431
Furniture and fixtures 986,250 975,845
Land improvements 101,596 95,951
Building improvements 0 0
Equipment 21,384 16,717
--------- ---------
9,807,181 9,777,728
Less accumulated depreciation 2,621,905 2,529,208
--------- ---------
7,185,276 7,248,520
Other assets:
Deposits 4,921 4,796
--------- ---------
Total assets $7,507,845 $7,452,392
========= =========
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S> <C> <C>
Accounts payable $ 6,511 $ 13,034
Other accrued liabilities 90,133 9,234
Tenant deposits 29,030 24,497
Unearned rent 7,047 4,991
Due to affiliate 7,881 14,723
--------- ---------
Total current liabilities 140,602 66,479
General partners' deficit (21,096) (20,919)
Limited partners' capital
(11,052 units) 7,389,339 7,406,832
--------- ---------
Total partners' capital 7,368,243 7,385,913
--------- ---------
Total liabilities and
partners' capital $7,508,845 $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 AND SIX MONTHS
ENDED JUNE 30, 1997 AND 1996
(Unaudited)
<CAPTION>
Three months ended Six months ended
June 30 June 30
------------------- ------------------
1997 1996 1997 1996
------ ------ ------ ------
<S> <C> <C> <C> <C>
Revenues:
Rents $ 341,669 $ 364,922 $ 681,150 $ 750,148
Interest 2,250 2,206 3,794 4,546
Other 14,427 7,155 30,761 19,219
------- ------- ------- -------
Total revenues 358,346 374,283 715,705 773,913
Expenses:
General and
administrative 17,128 27,004 35,725 46,525
Salaries and wages 23,134 31,024 46,354 65,276
Taxes and licenses 42,858 43,413 85,716 86,826
Management fees 17,815 18,661 35,618 38,122
Repairs and maintenance 49,312 61,940 109,451 134,416
Utilities 30,973 28,436 58,055 55,743
Insurance 6,498 4,128 12,996 8,254
Depreciation
and amortization 46,465 43,814 92,696 87,085
------- ------- ------- -------
Total expenses 234,183 258,420 476,611 522,247
------- ------- ------- -------
Net income $ 124,163 $ 115,863 $ 239,094 $ 251,666
======= ======= ======= =======
Net income per limited
partnership unit $ 11.12 $ 10.38 $ 21.42 $ 22.54
======= ======= ======= =======
<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 SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(Unaudited)
<CAPTION>
General Limited
Partners Partners Total
---------- ---------- ----------
<S> <C> <C> <C>
Six months ended June 30, 1996:
Balance at December 31, 1995 $ (20,206) $ 7,477,441 $ 7,457,235
Net income 2,517 249,149 251,666
Capital distributions (3,014) (298,404) (301,418)
--------- --------- ---------
Balance at June 30, 1996 $ (20,703) $ 7,428,186 $ 7,407,483
========= ========= =========
Six months ended June 30, 1997:
Balance at December 31, 1996 $ (20,919) $ 7,406,832 $ 7,385,913
Net income 2,391 236,703 239,094
Capital distributions (2,568) (254,196) (256,764)
--------- --------- ---------
Balance at June 30, 1997 $ (21,096) $ 7,389,339 $ 7,368,243
========= ========== =========
<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 SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(Unaudited)
<CAPTION>
1997 1996
--------- ---------
<S> <C> <C>
Operating activities:
Net income $ 239,094 $ 251,666
------- -------
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 92,696 87,085
Changes in operating assets
and liabilities:
Accounts receivable 10,416 5,403
Prepaid expenses 13,852 10,728
Accrued liabilities 80,899 83,001
Accounts payable (6,523) (9,769)
Tenant security deposits 4,533 (2,442)
Unearned rent 2,056 245
Deposits (125) -0-
------- -------
Net cash provided by
operating activities 436,898 425,917
------- -------
Investing activities:
Capital expenditures (30,452) (59,446)
------- -------
Net cash used in
investing activities (30,452) (59,446)
------- -------
Financing activities:
Distributions to partners (256,764) (301,418)
Decrease in due to affiliate (6,842) (16)
------- -------
Net cash used in
financing activities (263,606) (301,434)
------- -------
Increase in cash 142,840 65,037
Cash, beginning of period 124,242 187,282
------- -------
Cash, end of period $ 267,082 $ 252,319
======= =======
<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 JUNE 30, 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
JUNE 30, 1997
LIQUIDITY AND CAPITAL RESOURCES
Cash flow at the property is generated from the rental of apartment units.
During the second quarter of 1997 the property's physical occupancy averaged
91.3% and it generated sufficient cash to meet the financial obligations of the
Partnership and pay a cash distribution of $111,636 in the third quarter of
1997. The total of cash distributions paid to Partners during 1997 amounts to
$368,400 or $33 per Limited Partnership unit of ownership.
Cash and equivalents increased to $267,082 at June 30, 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. Approximately twenty percent of these capital expenditures had been made
as of the end of the quarter.
RESULTS OF OPERATIONS
The occupancy rate decreased by approximately 1.2% for the second quarter of
1997 when compared to the second quarter of 1996, which resulted in the decrease
in second quarter rent revenues. The average occupancy rate was 91.3% in the
second quarter of 1997 as compared to 92.5% in the second quarter of 1996. Total
rent revenues decreased by approximately $70,000 or 9.3% for the second quarter
of 1997 when compared to the second quarter of 1996.
While second quarter 1997 revenues decreased compared to second quarter 1996
revenues, total expenses decreased approximately $45,000. The majority of the
decrease in expenses, approximately $23,000 was related to repairs and
maintenance expense. While approximately $19,000 was related to salaries and
wages. 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 June 30, 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
August 14, 1997 /s/ Thomas H. Lowder
Date Thomas H. Lowder
General Partner
August 14, 1997 /s/ Howard B. Nelson
Date Howard B. Nelson
Principal Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 267,082
<SECURITIES> 0
<RECEIVABLES> 2,789
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 310,767
<PP&E> 9,807,181
<DEPRECIATION> 2,621,905
<TOTAL-ASSETS> 7,493,083
<CURRENT-LIABILITIES> 140,601
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 7,368,244
<TOTAL-LIABILITY-AND-EQUITY> 7,493,083
<SALES> 0
<TOTAL-REVENUES> 715,706
<CGS> 0
<TOTAL-COSTS> 476,611
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 239,095
<INCOME-TAX> 0
<INCOME-CONTINUING> 239,095
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 239,094
<EPS-PRIMARY> 21.42
<EPS-DILUTED> 21.42
<FN>
The earnings per share data noted above refers to net income per limited
partnership unit.
</FN>
</TABLE>
