UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
X Quarterly Report Under Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the Quarter Ended June 30, 1996
OR
___ Transition Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the transition period from __________to__________
Commission File Number 0-14409
DELPHI FILM ASSOCIATES V
(Exact name of registrant as specified in its charter)
New York 13-3276727
(State or other jurisdiction of (IRS
Employer
incorporation or organization) Identification
No.)
666 Third Avenue, New York, New York 10017
(Address of principal executive offices) (Zip Code)
(212) 983-9040
(Registrant's telephone number, including area code)
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>
DELPHI FILM ASSOCIATES V
(A New York Limited Partnership)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
June December
30, 31,
1996 1995
<S> <C> <C>
ASSETS
Cash $ $
130 191
Short-Term Investments 1,093 1,079
Receivable from Columbia-Delphi
V
Productions (Note 2) 209 186
Receivable from Tri-Star-Delphi
V
Productions (Note 2)
474 493
Total $ $
Assets 1,906 1,949
LIABILITIES AND PARTNERS'
CAPITAL
Liabilities:
Accrued Expenses and Accounts $ $
Payable 44 91
Total
Liabilities 44 91
Partners' Capital (Note 2):
General Partner 66 66
Limited Partners
1,796 1,792
Total
Partners' Capital 1,862 1,858
Total
Liabilities and Partners'
$ $
Capital 1,906 1,949
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES V
(A New York Limited Partnership)
STATEMENTS OF OPERATIONS
(000's Omitted, except net (loss) profit per unit)
Unaudited
<TABLE>
<CAPTION>
For the Three Months For the Six Months
Ended June 30, Ended
June 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Interest Income $ $ $ $
15 15 29 31
Expenses:
Management Fee 0 100 0 200
Operating Expenses
76 10 140 16
76 110 140 216
Loss before Share of
Profit
in Motion Picture (61) (95) (111) (185)
Ventures
Share of Profit in
Motion
Picture Venture--
Columbia-
Delphi V Productions 11 39 58 42
Share of Profit in
Motion
Picture Venture--
TriStar-
Delphi V Productions
38 41 57 54
Net (Loss) Profit $ $ $ $
(12) (15) 4 (89)
Net (Loss) Profit Per
Unit of
Limited Partnership
Interest
(8,000 units) $ $ $ $
(1) (2) 1 (11)
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES V
(A New York Limited Partnership)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Six Months Ended June 30,
1996 1995
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Profit (Loss) $ $
4 (89)
Adjustments to reconcile Net
Profit (Loss) to net
cash used by operating
activities:
Share of Profit in Motion (115) (96)
Picture Ventures
Distributions from Joint 115 97
Ventures
Changes in Assets and
Liabilities:
Increase in Prepaid 0 (200)
Expense
Increase in Receivables
from Joint
Ventures, net (4) (12)
Decrease in Accrued
Expenses and
Accounts Payable
(47) (60)
Net Cash Used by
Operating Activities (47) (360)
Cash Flow From Investing
Activities:
Purchases of Short-Term (1,535) (1,084)
Investments
Redemptions of Short-Term
Investments 1,521 1,068
Net Cash Used by Investing
Activities (14) (16)
Decrease In Cash (61) (376)
Cash at beginning of period
191 482
Cash at end of period $ $
130 106
See accompanying notes to the financial statements
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES V
(A New York Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change
in the information disclosed in the notes to financial
statements of the Partnership included in the Annual
Report on Form 10-K for the year ended December 31, 1995.
The information furnished includes all adjustments which
are, in the opinion of management, necessary to present
fairly the financial position of the Partnership as of
June 30, 1996 and the results of operations and cash
flows for the periods ended June 30, 1996 and 1995.
Results of operations for the three and six month periods
ended June 30, 1996 are not necessarily indicative of the
results that may be expected for the entire fiscal year.
2. Current Operations
As of June 30, 1996, all twenty-five films in which
the Partnership has an interest have been released. All
of these films have completed their theatrical release
and are being distributed in various ancillary markets.
Based on the anticipated performance of one film
released through the Tri-Star Joint Venture, it is
expected that the Distributor of the Tri-Star Joint
Venture will be required to make an Additional Payment
with respect to that film. Accordingly, distribution
fees earned and expected to be earned by the Distributor
of the Tri-Star Joint Venture as of June 30, 1996 of
approximately $353,000 have been accrued by the
Partnership as a receivable from the Tri-Star Joint
Venture.
For the purpose of computing the net (loss) profit
per unit, the net (loss) profit for the period is
allocated 99% to the limited partners and 1% to the
General Partner.
3. Additional Information
Additional information, including the audited year
end 1995 Financial Statements and the Summary of
Significant Accounting Policies, is included in the
Partnership's Annual Report on Form 10-K for the year
ended December 31, 1995 on file with the Securities and
Exchange Commission.
<PAGE>
Management's Discussion and Analysis of Financial
Condition
and Results of Operations
a. Financial Condition
The Partnership has satisfied its commitments to
contribute funds to the Joint Ventures for the production
of, and acquisition of interests in, films. As of June
30, 1996, the Partnership held cash of approximately
$130,000 and short-term investments of approximately
$1,093,000.
Since the Partnership's obligations to make
contributions to the Joint Ventures for the production
of, and acquisition of interests in, films have been
satisfied, all revenue received by the Partnership is
used to pay operating expenses of the Partnership and to
make cash distributions to partners.
The Partnership commenced cash distributions to its
partners in October 1987. Distributions through June 30,
1996 to the limited partners have aggregated $3,300 per
unit (66% of the limited partners original investment in
the Partnership).
b. Results of Operations
The Partnership's operating results are primarily
dependent upon the operating results of the Joint
Ventures and are significantly impacted by the Joint
Ventures' policies.
The performance of each film is based upon the amount
expended for production and other costs associated with a
film and the revenue generated by a film. The amount and
timing of revenue generated by each film is dependent
upon the degree of acceptance by the consumer public and
the particular ancillary market in which the film is then
being exhibited.
Additionally, each Joint Venture has recorded income
with respect to Additional Payments, to the extent
available, which has allowed it to recover its investment
in films.
For the three months ended June 30, 1996, the
Columbia Joint Venture had
a net profit of which the Partnership's share was
approximately $11,000, due primarily to the profitable
results of one film. The Tri-Star Joint Venture had a
net profit of which the Partnership's share was
approximately $38,000, due primarily to the profitable
results of certain films. In addition, the Partnership
earned approximately $15,000 of interest income from its
short-term investments and incurred approximately $76,000
of expenses from its operations, resulting in an overall
net loss to the Partnership of approximately $12,000.
For the three months ended June 30, 1995, the
Columbia Joint Venture had a net profit of which the
Partnership's share was approximately $39,000, due
primarily to the profitable results of one film. The Tri-
Star Joint Venture had a net profit of which the
Partnership's share was approximately $41,000, due
primarily to the profitable results of one film. In
addition, the Partnership earned approximately $15,000 of
interest income from its short-term investments and
incurred approximately $110,000 of expenses from its
operations, resulting in an overall net loss to the
Partnership of approximately $15,000.
For the six months ended June 30, 1996, the Columbia
Joint Venture had a net profit of which the Partnership's
share was approximately $58,000, due primarily to the
profitable results of one film. The Tri-Star Joint
Venture had a net profit of which the Partnership's share
was approximately $57,000, due primarily to the
profitable results of certain films. In addition, the
Partnership earned approximately $29,000 of interest
income from its short-term investments and incurred
approximately $140,000 of expenses from its operations,
resulting in an overall net profit to the Partnership of
approximately $4,000.
For the six months ended June 30, 1995, the Columbia
Joint Venture had a net profit of which the Partnership's
share was approximately $42,000, due primarily to the
profitable results of one film. The Tri-Star Joint
Venture had a net profit of which the Partnership's share
was approximately $54,000, due primarily to the
profitable results of one film. In addition, the
Partnership earned approximately $31,000 of interest
income from its short-term investments and incurred
approximately $216,000 of expenses from its operations,
resulting in an overall net loss to the Partnership of
approximately $89,000.
Interest income for the three month period ended June
30, 1996 as compared with the corresponding period in
1995 was virtually unchanged.
The decrease in interest income for the six month
period ended June 30, 1996 as compared with the
corresponding period in 1995 is due primarily to lower
interest rates earned on short-term investments during
1996.
The decrease in the Partnership's total expenses for
the three and six month periods ended June 30, 1996 as
compared with the corresponding periods in 1995 is
primarily attributable to the Management Fee incurred in
1995 and not in 1996 offset, in part, by an increase in
Operating Expenses. The increase in Operating Expenses
is primarily attributable to the reimbursement to the
General Partner for out-of-pocket expenses incurred in
connection with its management of the Partnership's
business in lieu of the Management Fee paid to the
General Partner prior to 1996.
<PAGE>
COLUMBIA-DELPHI V PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
December
June 30, 31,
1996 1995
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization
of $241,445 and $241,322, $ $
respectively 722 845
Motion Picture Costs Recoverable
from
Additional Payments 921 921
Receivable from Columbia
Pictures
(Distributor)
1,194 1,158
Total $ $
Assets 2,837 2,924
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to Columbia Pictures $ $
Industries, Inc. 1,906 1,893
Payable to Delphi Film
Associates V 209 186
Total
Liabilities 2,115 2,079
Venturers' Capital:
Columbia Pictures Industries, 722 845
Inc.
Delphi Film Associates V
0 0
Total
Venturers' Capital 722 845
Total
Liabilities and Venturers'
$ $
Capital 2,837 2,924
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI V PRODUCTIONS
(A Joint Venture)
STATEMENTS OF OPERATIONS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Three Months For the Six Months
Ended June 30, Ended
June 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Net Revenues From Motion
Picture Exploitation $ $ $ $
59 161 351 443
Less: Amortization
(Recapture) of
Motion Picture
Production
and
Advertising Costs 22 (134) 123 146
Income from Operations 37 295 228 297
Additional Payments
Accrual 0 47 0 181
Net Income $ $ $ $
37 342 228 478
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI V PRODUCTIONS
(A Joint Venture)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Six Months Ended June 30,
1996 1995
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Income $ $
228 478
Adjustments to reconcile Net
Income to
net cash provided by
operating activities:
Amortization of Motion Picture
Production
and Advertising Costs 123 146
Accrued Distributions 112 (25)
toVenturers
Changes in Assets and
Liabilities:
Increase in Payable to
Delphi Film
Associates V 23 10
Increase (Decrease) in
Payable to Columbia
Pictures Industries, 13 (595)
Inc.
(Increase) Decrease in
Receivable from
Columbia Pictures (36) 766
(Distributor)
Increase in Motion Picture
Costs
Recoverable from
Additional Payments 0 (181)
Net Cash Provided by Operating
Activities 463 599
Cash Flow From Financing
Activities:
Distributions to Venturers
(463) (599)
Net Cash Used by Financing
Activities (463) (599)
Net Change in Cash 0 0
Cash at beginning of period
0 0
Cash at end of period $ $
0 0
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI V PRODUCTIONS
(A Joint Venture)
NOTES TO FINANCIAL STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change
in the information disclosed in the notes to financial
statements of the Joint Venture included in the Annual
Report on Form 10-K of Delphi Film Associates V (the
"Partnership") for the year ended December 31, 1995. The
information furnished includes all adjustments which are,
in the opinion of management, necessary to present fairly
the financial position of the Joint Venture as of June
30, 1996 and the results of its operations and cash flows
for the periods ended June 30, 1996 and 1995. Results of
operations for the period ended June 30, 1996 are not
necessarily indicative of the results that may be
expected for the entire fiscal year.
2. Current Operations
All eleven films in which the Joint Venture has an
interest have completed their theatrical release and are
being distributed in various ancillary markets. For the
three and six month periods ended June 30, 1996 the Joint
Venture is reporting net revenue from Motion Picture
Exploitation of $59,000 and $351,000, respectively, due
primarily to the performance of the films in the
worldwide free television market and one film's
performance in the international video market.
For the three and six month periods ended June 30,
1995, the Joint Venture reported net revenue from Motion
Picture Exploitation of $161,000 and $443,000,
respectively, due primarily to the performance of certain
films in the worldwide free television market. For the
six month period ended June 30, 1995, the Joint Venture
has recorded an increase in the Additional Payment
accrual of $181,000 due to changes in the estimated
distribution fee to be earned by its Distributor.
3. Additional Information
Additional information, including the audited year
end 1995 Financial Statements and the Summary of
Significant Accounting Policies, is included in the
Annual Report on Form 10-K of the Partnership for the
year ended December 31, 1995.
<PAGE>
TRI-STAR -DELPHI V PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
December
June 30, 31,
1996 1995
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization of
$57,479 and $57,443, $ $
respectively 329 365
Motion Picture Costs Recoverable
from
Additional Payments 779 895
Receivable from TriStar
Pictures, Inc.
(Distributor)
767 820
Total $ 1,875 $
Assets 2,080
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to TriStar Pictures, $ 1,072 $
Inc. 1,222
Payable to Delphi Film
Associates V 474 493
Total
Liabilities 1,546 1,715
Venturers' Capital:
TriStar Pictures, Inc. 329 365
Delphi Film Associates V
0 0
Total
Venturers' Capital 329 365
Total
Liabilities and Venturers'
$ 1,875 $
Capital 2,080
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRI-STAR-DELPHI V PRODUCTIONS
(A Joint Venture)
STATEMENTS OF OPERATIONS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Three Months For the Six Months
Ended June 30, Ended June 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Net Revenues From Motion
Picture
Exploitation $ $ $ $
144 184 241 218
Less: Amortization of
Motion
Picture
Production and
Advertising
Costs 16 28 36 28
Income from Operations 128 156 205 190
Additional Payments
Recapture (60) (93) (116) (101)
Net Income $ $ $ $
68 63 89 89
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRI-STAR - DELPHI V PRODUCTIONS
(A Joint Venture)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Six Months Ended June 30,
1996 1995
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Income $ $
89 89
Adjustments to reconcile Net
Income to
net cash provided by
operating activities:
Amortization of Motion Picture
Production
and Advertising Costs 36 28
Accrued Distributions 169 131
toVenturers
Changes in Assets and
Liabilities:
(Decrease) Increase in
Payable to Delphi
Film Associates V (19) 2
Decrease in Payable to (150) (133)
TriStar Pictures, Inc.
Decrease in Receivable
from TriStar
Pictures, Inc. 53 30
(Distributor)
Decrease in Motion Picture
Costs
Recoverable from
Additional Payments 116 101
Net Cash Provided by
Operating Activities 294 248
Cash Flow From Financing
Activities:
Distributions to Venturers
(294) (248)
Net Cash Used by
Financing Activities (294) (248)
Net Change in Cash 0 0
Cash at beginning of period
0 0
Cash at end of period $ $
0 0
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRI-STAR - DELPHI V PRODUCTIONS
(A Joint Venture)
NOTES TO FINANCIAL STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change
in the information disclosed in the notes to financial
statements of the Joint Venture included in the Annual
Report on Form 10-K of Delphi Film Associates V (the
"Partnership") for the year ended December 31, 1995. The
information furnished includes all adjustments which are,
in the opinion of management, necessary to present fairly
the financial position of the Joint Venture as of June
30, 1996 and the results of its operations and cash flows
for the periods ended June 30, 1996 and 1995. Results of
operations for the period ended June 30, 1996 are not
necessarily indicative of the results that may be
expected for the entire fiscal year.
2. Current Operations
All fourteen films in which the Joint Venture has an
interest have completed their theatrical release and are
being distributed in various ancillary markets. For the
three and six months period ended June 30, 1996, the
Joint Venture is reporting net revenue of $144,000 and
$241,000, respectively, due primarily to the performance
of certain films in the pay television and worldwide
free television markets. For the six month period ended
June 30, 1996, the Joint Venture has recorded a decrease
in the Additional Payment accrual of $116,000 due to a
change in the estimated distribution fee to be earned by
its Distributor.
For the three and six month periods ended June 30,
1995, the Joint Venture reported net revenue of $184,000
and $218,000, respectively, due primarily to the
performance of certain films in the pay television,
worldwide free television and foreign theatrical markets.
For the six month period ended June 30, 1995, the Joint
Venture recorded a decrease in the Additional Payment
accrual of $101,000 due to a change in the estimated
distribution fee to be earned by its Distributor.
3. Additional Information
Additional information, including the audited year
end 1995 Financial Statements and the Summary of
Significant Accounting Policies, is included in the
Annual Report on Form 10-K of the Partnership for the
year ended December 31, 1995.
<PAGE>
PART II
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3.Defaults Upon Senior Securities
None
Item 4.Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6.Exhibits and Reports on Form 8-K
A). Exhibits
<TABLE>
<CAPTION>
EXHIBIT
NUMBERDESCRIPTIONPAGE NUMBER
<S> <C>
<C>
27 Financial Data
Schedule
</TABLE>
B). Reports on Form 8-K
None
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned,
thereunto duly authorized.
DELPHI
FILM ASSOCIATES V
A New
York Limited Partnership
By:
DELPHI MANAGEMENT ASSOCIATES,
General Partner
By: ML
Film Entertainment Inc.,
Managing Partner
August 13, 1996 /s/ Diane
T. Herte
Date Diane T.
Herte
Treasurer of the Managing Partner of the
General
Partner
(principal financial officer and principal
accounting officer of the Registrant)
August 13, 1996 /s/ Steven
N. Baumgarten
Date Steven N.
Baumgarten
Director
and Vice President of the
Managing
Partner of the General Partner
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial
information extracted from Balance Sheets and Statement
of Operations for the second quarter ended June 30, 1996
Form 10Q of Delphi Film Associates V and is qualified in
its entirety by reference to such financial statements.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 130,000
<SECURITIES> 1,093,000
<RECEIVABLES> 683,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,906,000
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 1,862,000
<TOTAL-LIABILITY-AND-EQUITY> 1,906,000
<SALES> 0
<TOTAL-REVENUES> 29,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 140,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 4,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,000
<EPS-PRIMARY> 1.00
<EPS-DILUTED> 0
</TABLE>
