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 September 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 October 5, 1997: 11,052.
<PAGE>
<TABLE>
PART I. - FINANCIAL INFORMATION
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
(Unaudited)
<CAPTION>
September 30, 1997 December 31,1996
(Unaudited) (Audited)
-------------- --------------
ASSETS
<S> <C> <C>
Cash $ 306,971 $ 124,242
Restricted cash 26,433 34,406
Accounts receivable 2,999 13,205
Prepaid expenses 5,765 27,223
--------- ---------
Total current assets 342,168 199,076
Property, plant and equipment:
Land 2,102,784 2,102,784
Buildings 6,610,328 6,586,431
Furniture and fixtures 1,000,558 975,845
Land improvements 118,950 95,951
Building improvements 0 0
Equipment 25,235 16,717
--------- ---------
9,857,855 9,777,728
Less accumulated depreciation 2,669,586 2,529,208
--------- ---------
7,188,269 7,248,520
Other assets:
Deposits 4,921 4,796
--------- ---------
Total assets $7,535,358 $7,452,392
========= =========
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S> <C> <C>
Accounts payable $ 9,078 $ 13,034
Other accrued liabilities 136,825 9,234
Tenant deposits 26,648 24,497
Unearned rent 6,864 4,991
Due to affiliate 5,020 14,723
--------- ---------
Total current liabilities 184,435 66,479
General partners' deficit (21,269) (20,919)
Limited partners' capital
(11,052 units) 7,372,192 7,406,832
--------- ---------
Total partners' capital 7,350,923 7,385,913
--------- ---------
Total liabilities and
partners' capital $7,535,358 $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 NINE MONTHS
ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
<CAPTION>
Three months ended Nine months ended
September 30 September 30
------------------- ------------------
1997 1996 1997 1996
------ ------ ------ ------
<S> <C> <C> <C> <C>
Revenues:
Rents $ 311,319 $ 343,450 $ 992,468 $1,093,598
Interest 3,380 2,438 7,174 6,984
Other 22,943 13,172 53,705 32,391
------- ------- ------- -------
Total revenues 337,642 359,060 1,053,347 1,132,973
Expenses:
General and
administrative 20,530 17,825 56,255 64,350
Salaries and wages 25,091 30,795 71,445 96,071
Taxes and licenses 42,858 34,707 128,574 121,533
Management fees 16,542 17,532 52,160 55,654
Repairs and maintenance 51,901 63,530 161,352 198,192
Utilities 32,142 32,382 90,197 88,125
Insurance 6,580 5,637 19,576 13,891
Depreciation
and amortization 47,682 44,395 140,378 131,480
------- ------- ------- -------
Total expenses 243,326 246,803 719,937 769,296
------- ------- ------- -------
Net income $ 94,316 $ 112,257 $ 333,410 $ 363,677
======= ======= ======= =======
Net income per limited
partnership unit $ 8.45 $ 10.06 $ 29.87 $ 32.58
======= ======= ======= =======
<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 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
<CAPTION>
General Limited
Partners Partners Total
---------- ---------- ----------
<S> <C> <C> <C>
Nine months ended September 30, 1996:
Balance at December 31, 1995 $ (20,206) $ 7,477,441 $ 7,457,235
Net income 3,637 360,040 363,677
Capital distributions (4,354) (431,028) (435,382)
--------- --------- ---------
Balance at September 30, 1996 $ (20,923) $ 7,406,453 $ 7,385,530
========= ========= =========
Nine months ended September 30, 1997:
Balance at December 31, 1996 $ (20,919) $ 7,406,832 $ 7,385,913
Net income 3,334 330,076 333,410
Capital distributions (3,684) (364,716) (368,400)
--------- --------- ---------
Balance at September 30, 1997 $ (21,269) $ 7,372,192 $ 7,350,923
========= ========== =========
<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 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
<CAPTION>
1997 1996
--------- ---------
<S> <C> <C>
Operating activities:
Net income $ 333,410 $ 363,677
------- -------
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 140,378 131,480
Changes in operating assets
and liabilities:
Accounts receivable 10,206 (10,123)
Prepaid expenses 21,458 4,705
Accrued liabilities 127,591 120,743
Accounts payable (3,956) (9,518)
Tenant security deposits 2,151 (6,098)
Unearned rent 1,873 (2,382)
Deposits (125) -0-
Restricted cash 7,973 -0-
------- -------
Net cash provided by
operating activities 640,959 592,484
------- -------
Investing activities:
Capital expenditures (80,127) (78,188)
------- -------
Net cash used in
investing activities (80,127) (78,188)
------- -------
Financing activities:
Distributions to partners (368,400) (435,382)
Decrease in due to affiliate (9,703) (16)
------- -------
Net cash used in
financing activities (378,103) (435,398)
------- -------
Increase in cash 182,729 78,898
Cash, beginning of period 124,242 187,282
------- -------
Cash, end of period $ 306,971 $ 266,180
======= =======
<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 SEPTEMBER 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
SEPTEMBER 30, 1997
LIQUIDITY AND CAPITAL RESOURCES
Cash flow at the property is generated from the rental of apartment units.
During the third quarter of 1997 the property's physical occupancy averaged
84.3% and it generated sufficient cash to meet the financial obligations of the
Partnership and pay a cash distribution of $122,800 in the fourth quarter of
1997. The total of cash distributions paid to Partners during 1997 amounts to
$491,200 or $44 per Limited Partnership unit of ownership.
Cash and equivalents increased to $306,971 at September 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 capital expenditures through the third quarter of 1997 are
approximately $80,000 of the $200,000 budgeted. These capital improvements are
for the exterior painting, renovation of the pool area, driveway repairs,
landscaping, and refurbishing the rental center.
RESULTS OF OPERATIONS
The occupancy rate decreased by approximately 4.0% for the third quarter of 1997
when compared to the third quarter of 1996, which resulted in the decrease in
third quarter rent revenues. The average occupancy rate was 84.3% in the third
quarter of 1997 as compared to 88.3% in the third quarter of 1996. Total rent
revenues decreased by approximately $32,000 or 9.4% for the third quarter of
1997 when compared to the third quarter of 1996. Year-to-date total revenues
decreased by approximately $100,000 or 9.3% when compared to total revenues of
1996.
While third quarter 1997 revenues decreased compared to third quarter 1996
revenues, third quarter expenses decreased approximately $3,500. Year-to-date
total expenses decreased by
approximately $50,000 when compared to 1996. The majority of the decrease in
expenses, approximately $36,000 related to a decrease in repairs and maintenance
expense. While approximately $24,000 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 September 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
November 14, 1997 _/s/ Thomas H. Lowder_____
Date Thomas H. Lowder
General Partner
November 14, 1997 _/s/ Howard B. Nelson_____
Date Howard B. Nelson
Principal Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-01-1997
<PERIOD-END> Sep-30-1997
<PERIOD-TYPE> 9-Mos
<CASH> 306,971
<SECURITIES> 0
<RECEIVABLES> 2,999
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 342,168
<PP&E> 9,857,855
<DEPRECIATION> 2,669,586
<TOTAL-ASSETS> 7,535,358
<CURRENT-LIABILITIES> 184,435
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 7,350,923
<TOTAL-LIABILITY-AND-EQUITY> 7,535,358
<SALES> 0
<TOTAL-REVENUES> 1,053,347
<CGS> 0
<TOTAL-COSTS> 719,937
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 333,410
<INCOME-TAX> 0
<INCOME-CONTINUING> 333,410
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 333,410
<EPS-PRIMARY> 29.87
<EPS-DILUTED> 29.87
<FN>
The earnings per share data noted above refers to net income per limited
partnership unit.
</FN>
</TABLE>
