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 September 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>
September
December 30,
31,
1996
1995
<S> <C>
<C>
ASSETS
Cash $ $
112
191
Short-Term Investments 1,093
1,079
Receivable from Columbia-Delphi
V
Productions 223
186
Receivable from Tri-Star-Delphi
V
Productions (Note 2)
442
493
Total $ $
Assets 1,870
1,949
LIABILITIES AND PARTNERS'
CAPITAL
Liabilities:
Accrued Expenses and
Accounts $ $
Payable 37
91
Total
Liabilities 37
91
Partners' Capital (Note 2):
General Partner 66
66
Limited Partners
1,767
1,792
Total
Partners' Capital 1,833
1,858
Total
Liabilities and Partners'
$ $
Capital 1,870
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 per unit)
Unaudited
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
Ended September 30,
Ended September 30,
1996 1995 1996
1995
<S> <C> <C> <C> <C>
Interest Income $ $ $ $
13 16 42
47
Expenses:
Management Fee 0 100 0
300
Operating Expenses
77 14 217
30
77 114 217
330
Loss before Share of
Profit
in Motion Picture (64) (98) (175)
(283)
Ventures
Share of Profit in
Motion
Picture Venture--
Columbia-
Delphi V Productions 26 5 84 47
Share of Profit in
Motion
Picture Venture--
TriStar-
Delphi V Productions
9 3 66
57 Net Loss $ $ $
$
(29) (90) (25)
(179)
Net Loss Per Unit of
Limited
Partnership Interest
(8,000 units) $ $ $
$
(4) (11) (3)
(22)
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 Nine Months Ended September 30,
1996 1995
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Loss $ $
(25) (179)
Adjustments to reconcile
Net Loss
to net
cash used by operating
activities:
Share of Profit in
Motion (150) (104)
Picture Ventures
Distributions from
Joint 150 109
Ventures
Changes in Assets and
Liabilities:
Increase in Prepaid 0 (100)
Expense
Decrease in Receivables
from Joint
Ventures, net 14 22
Decrease in Accrued
Expenses and
Accounts Payable
(54) (55)
Net Cash Used by
Operating Activities (65) (307)
Cash Flow From Investing
Activities:
Purchases of Short-Term (2,722) (2,268)
Investments
Redemptions of Short-Term
Investments 2,708 2,152
Net Cash Used by
Investing
Activities (14) (116)
Decrease In Cash (79) (423)
Cash at beginning of period
191 482
Cash at end of period $ $
112 59
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 September 30, 1996 and the results
of operations and cash flows for the periods ended
September 30, 1996 and 1995.
Results of operations for the three and nine month
periods ended September 30, 1996 are not necessarily
indicative of the results that may be expected for the
entire fiscal year.
2. Current Operations
As of September 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
September 30, 1996 of approximately $353,000 have been
accrued by the Partnership as a receivable from the
TriStar Joint Venture.
For the purpose of computing the net loss per unit,
the net loss for the periods are 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
September 30, 1996, the Partnership held cash of
approximately $112,000 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
September 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 September 30, 1996, the
Columbia Joint Venture had a net profit of which the
Partnership's share was approximately $26,000, due
primarily to the profitable results of one film. The
TriStar Joint Venture had a net profit of which the
Partnership's share was approximately $9,000, due
primarily to the profitable results of one film. In
addition, the Partnership earned approximately $13,000
of interest income from its short-term investments and
incurred approximately $77,000 of expenses from its
operations, resulting in an overall net loss to the
Partnership of approximately $29,000.
For the three months ended September 30, 1995, the
Columbia Joint Venture had a net loss; however the
Partnership reported a net profit from that Joint
Venture of approximately $5,000, due primarily to the
profitable results of one film. The Tri-Star Joint
Venture had a net loss; however the Partnership
reported a net profit from that Joint Venture of
approximately
$3,000, due primarily to the profitable results of
certain films. In addition, the Partnership earned
approximately $16,000 of interest income from its
shortterm investments and incurred approximately
$114,000 of expenses from its operations, resulting in
an overall net loss to the Partnership of
approximately $90,000.
For the nine months ended September 30, 1996, the
Columbia Joint Venture had a net profit of which the
Partnership's share was approximately $84,000, due
primarily to the profitable results of one film. The
TriStar Joint Venture had a net profit of which the
Partnership's share was approximately $66,000, due
primarily to the profitable results of certain films.
In addition, the Partnership earned approximately
$42,000 of interest income from its short-term
investments and incurred approximately $217,000 of
expenses from its
operations, resulting in an overall net loss to the
Partnership of approximately $25,000.
For the nine months ended September 30, 1995, the
Columbia Joint Venture had a net loss; however the
Partnership reported a net profit from that Joint
Venture of approximately $47,000, due primarily to
the profitable results of one film. The Tri-Star
Joint Venture had a net loss; however the Partnership
reported a net profit from that Joint Venture of
approximately $57,000, due primarily to the
profitable results of one film. In addition, the
Partnership earned approximately $47,000 of interest
income from its short-term investments and incurred
approximately $330,000 of expenses from its
operations, resulting in an overall net loss to the
Partnership of approximately $179,000.
The decrease in interest income for the three and
nine month periods ended September 30, 1996 as
compared with the corresponding periods 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 nine month periods ended September
30, 1996 as compared with the corresponding periods
in 1995 is primarily attributable to the Management
Fee incurred in 1995 and not in 1996 due to the
expiration of the Management Fee arrangement at the
end of 1995 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>
September
December 30,
31,
1996 1995
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization
of $241,462 and $241,322, $ $
respectively 705
845
Motion Picture Costs Recoverable
from
Additional Payments 921
921
Receivable from Columbia
Pictures
(Distributor)
1,205
1,158 Total $ $
Assets 2,831
2,924
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to Columbia Pictures $ $
Industries, Inc. 1,903
1,893
Payable to Delphi Film
Associates V 223
186
Total
Liabilities 2,126
2,079
Venturers' Capital:
Columbia Pictures Industries, 705
845
Inc.
Delphi Film Associates V
0
0
Total
Venturers' Capital 705
845
Total
Liabilities and Venturers'
$ $
Capital 2,831
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 Nine Months
Ended September 30,
Ended September 30,
1996 1995 1996
1995
<S> <C> <C> <C> <C>
Net Revenues From Motion
Picture Exploitation $ $ $ $
103 53 454
496
Less: Amortization of
Motion
Picture
Production and
Advertising
Costs 17 26 140
172
Income from Operations 86 27 314
324
Additional Payments 86
Accrual 0 0
267
Other Expense
0 (1,208) 0
(1,208)
Net Income (Loss) $ $ $ $
86 (1,095) 314
(617)
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 Nine Months Ended September 30,
1996 1995
<S>
<C>
<C>Cash Flow From Operating
Activities:
Net Income (Loss) $ $
314
(617)
Adjustments to reconcile
Net
Income (Loss) to
net cash provided by
operating activities:
Amortization of Motion
Picture
Production
and Advertising
Costs 140
172
Write-off of Receivable
from 0
(1,208)
Distributor
Accrued Distributions 193
1,361
toVenturers
Changes in Assets and
Liabilities:
Increase (Decrease)
in
Payable to Delphi Film
Associates V 37
(21)
Increase (Decrease) in
Payable to Columbia
Pictures
Industries, 10 (1,950)
Inc.
(Increase) Decrease in
Receivable from
Columbia
Pictures (47) 3,446
(Distributor)
Increase in Motion Picture
Costs
Recoverable from
Additional Payments 0 (267)
Net Cash Provided by
Operating
Activities 647 916
Cash Flow From Financing
Activities:
Distributions to Venturers
(647)
(916)
Net Cash Used by
Financing
Activities (647)
(916)
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 September 30,
1996 and the results of its operations and cash flows
for the periods ended September 30, 1996 and 1995.
Results of operations for the period ended September
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 nine month periods ended
September 30, 1996 the Joint Venture is reporting net
revenue from Motion Picture Exploitation of $103,000
and $454,000, respectively, due primarily to the
performance of the films in the worldwide free
television and home video markets.
For the three and nine month periods ended
September 30, 1995, the Joint Venture reported net
revenue from Motion Picture Exploitation of $53,000
and $496,000, respectively, due primarily to the
performance of the films in the worldwide free
television market. For the nine month period ended
September 30, 1995, the Joint Venture has recorded
an increase in the Additional Payment accrual of
$267,000 due to changes in the estimated
distribution fee to be earned by its Distributor.
For the three and nine month periods ended
September 30, 1995, the Joint Venture recorded an
Other Expense of $1,208,000 relating to the write
down of the Receivable from Columbia Pictures
(Distributor) due to the three films which were
fully recouped for both Columbia and Delphi as of
the Additional Payment date. 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>
September
December 30,
31, 1996
1995
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization of
$57,485 and $57,443, $ $
respectively 323 365
Motion Picture Costs Recoverable
from
Additional Payments 763 895
Receivable from TriStar
Pictures, Inc.
(Distributor)
584
820
Total $ 1,670 $
Assets
2,080
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to TriStar
Pictures, $ $
Inc. 905 1,222
Payable to Delphi Film
Associates V 442 493
Total
Liabilities 1,347
1,715
Venturers' Capital:
TriStar Pictures, Inc. 323
365
Delphi Film Associates V
0
0 Total
Venturers' Capital 323
365
Total
Liabilities and Venturers'
$ 1,670 $
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 Nine
Months
Ended September 30, Ended September 30,
1996 1995 1996
1995
<S> <C> <C> <C>
<C>
Net Revenues From Motion
Picture
Exploitation $ $ $
$
36 27 277
245
Less: Amortization of
Motion
Picture
Production and
Advertising
Costs 6 3 42
31
Income from Operations 30 24 235
214
Additional Payments
Recapture (16) (21) (132)
(122)
Other Expense
0 (444) 0
(444)
Net Income (Loss) $ $ $ $
14 (441) 103
(352)
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 Nine Months Ended September 30,
1996 1995
<S> <C> <C>
Cash Flow From Operating
Activities:
Net Income (Loss) $ $
103 (352)
Adjustments to reconcile Net
Income (Loss) to
net cash provided by
operating activities:
Amortization of Motion Picture
Production
and Advertising Costs 42 31
Write-off of Receivable from 0 (444)
Distributor
Accrued Distributions 368 614
toVenturers
Changes in Assets and
Liabilities:
Decrease in Payable to
Delphi Film
Associates V (51) (1)
Decrease in Payable to (317) (613)
TriStar Pictures, Inc.
Decrease in Receivable
from TriStar
Pictures, Inc. 236 936
(Distributor)
Decrease in Motion Picture
Costs
Recoverable from
Additional Payments 132 122
Net Cash Provided by
Operating Activities 513 293
Cash Flow From Financing
Activities:
Distributions to Venturers
(513)
(293)
Net Cash Used by
Financing Activities (513)
(293)
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
10K 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
September 30, 1996 and the results of its operations
and cash flows for the periods ended September 30,
1996 and 1995. Results of operations for the period
ended September 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 nine months period ended
September 30, 1996, the Joint Venture is reporting
net revenue of $36,000 and $277,000, respectively,
due primarily to the performance of certain films in
the pay television and worldwide free television
markets. For the nine month period ended
September 30, 1996, the Joint Venture has recorded a
decrease in the Additional Payment accrual of
$132,000 due to a change in the estimated
distribution fee to be earned by its Distributor.
For the three and nine month periods ended
September 30, 1995, the Joint Venture reported net
revenue of $27,000 and $245,000, respectively, due
primarily to the performance of certain films in the
pay television, worldwide free television and foreign
theatrical markets. For the nine month period ended
September 30, 1995, the Joint Venture recorded a
decrease in the Additional Payment accrual of
$122,000 due to a change in the estimated
distribution fee to be earned by its Distributor.
For the three and nine month periods ended September
30, 1995, the Joint Venture recorded an Other Expense
of $444,000 relating to the write down of the
Receivable from TriStar Pictures, Inc. (Distributor)
due to seven films which were fully recouped for both
TriStar and Delphi as of the Additional Payment date.
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
November 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)
November 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 third quarter ended
September 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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 112,000
<SECURITIES> 1,093,000
<RECEIVABLES> 665,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,870,000
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 1,833,000
<TOTAL-LIABILITY-AND-EQUITY> 1,870,000
<SALES> 0
<TOTAL-REVENUES> 42,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 217,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (25,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (25,000)
<EPS-PRIMARY> (3)
<EPS-DILUTED> 0
</TABLE>
