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 March 31, 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>
March December
31, 31,
1996 1995
<S> <C> <C>
ASSETS
Cash $ $
135 191
Short-Term Investments 1,093 1,079
Receivable from Columbia-Delphi
V
Productions (Note 2) 211 186
Receivable from Tri-Star-Delphi
V
Productions (Note 2)
508 493
Total $ $
Assets 1,947 1,949
LIABILITIES AND PARTNERS'
CAPITAL
Liabilities:
Accrued Expenses and Accounts $ $
Payable 73 91
Total
Liabilities 73 91
Partners' Capital (Note 2):
General Partner 66 66
Limited Partners
1,808 1,792
Total
Partners' Capital 1,874 1,858
Total
Liabilities and Partners'
$ $
Capital 1,947 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 profit (loss) per unit)
Unaudited
<TABLE>
<CAPTION>
For the
Three Months Ended March 31,
1996 1995
<S> <C> <C>
Interest Income $ $
14 16
Expenses:
Management Fee 0 100
Operating Expenses
64 6
64 106
Loss before Share of
Profit
in Motion Picture (50) (90)
Ventures
Share of Profit in
Motion
Picture Venture--
Columbia-
Delphi V Productions 47 3
Share of Profit in
Motion
Picture Venture--
TriStar-
Delphi V Productions
19 13
Net Profit (Loss) $ $
16 (74)
Net Profit (Loss) Per
Unit of
Limited Partnership
Interest
(8,000 units) $ $
2 (9)
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 Three Months Ended March 31,
1996 1995
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Profit (Loss) $ $
16 (74)
Adjustments to reconcile Net
Profit (Loss) to net
cash used by operating
activities:
Share of Profit in Motion (66) (16)
Picture Ventures
Distributions from Joint 66 17
Ventures
Changes in Assets and
Liabilities:
Increase in Prepaid 0 (300)
Expense
(Increase) Decrease in
Receivables from
Joint Ventures, net (40) 21
Decrease in Accrued
Expenses and
Accounts Payable
(18) (21)
Net Cash Used by
Operating Activities (42) (373)
Cash Flow From Investing
Activities:
Purchases of Short-Term (99) (15)
Investments
Redemptions of Short-Term
Investments 85 0
Net Cash Used by Investing
Activities (14) (15)
Decrease In Cash (56) (388)
Cash at beginning of period
191 482
Cash at end of period $ $
135 94
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
March 31, 1996 and the results of operations and cash
flows for the periods ended March 31, 1996 and 1995.
Results of operations for the period ended March 31, 1996
are not necessarily indicative of the results that may be
expected for the entire fiscal year.
2. Current Operations
As of March 31, 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 March 31, 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 profit (loss)
per unit, the net profit (loss) 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 March
31, 1996, the Partnership held cash of approximately
$135,000 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 March
31, 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.
Amounts contributed toward each film are compared
periodically to the expected total revenue to be
generated for that film, and write-downs may occur to the
extent the amounts invested exceed the expected total
revenue for that film.
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 March 31, 1996, the
Columbia Joint Venture had
a net profit of which the Partnership's share was
approximately $47,000, 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 $19,000, due primarily to the profitable
results of certain films. In addition, the Partnership
earned approximately $14,000 of interest income from its
short-term investments and incurred approximately $64,000
of expenses from its operations, resulting in an overall
net profit to the Partnership of approximately $16,000.
For the three months ended March 31, 1995, the
Columbia Joint Venture had a net profit of which the
Partnership's share was approximately $3,000, 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 $13,000, due
primarily to the profitable results of certain films. In
addition, the Partnership earned approximately $16,000 of
interest income from its short-term investments and
incurred approximately $106,000 of expenses from its
operations, resulting in an overall net loss to the
Partnership of approximately $74,000.
The decrease in interest income for the three month
period ended March 31, 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 month period ended March 31, 1996 as
compared with the corresponding period in 1995 is
primarily attributable to the Management Fee paid in 1995
and the absence of the Management Fee 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>
March December
31, 31,
1996 1995
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization
of $241,423 and $241,322, $ $
respectively 744 845
Motion Picture Costs Recoverable
from
Additional Payments 921 921
Receivable from Columbia
Pictures
(Distributor)
1,314 1,158
Total $ $
Assets 2,979 2,924
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to Columbia Pictures $ $
Industries, Inc. 2,024 1,893
Payable to Delphi Film
Associates V 211 186
Total
Liabilities 2,235 2,079
Venturers' Capital:
Columbia Pictures Industries, 744 845
Inc.
Delphi Film Associates V
0 0
Total
Venturers' Capital 744 845
Total
Liabilities and Venturers'
$ $
Capital 2,979 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 Ended March 31,
1996 1995
<S> <C> <C>
Net Revenues From Motion
Picture Exploitation $ $
292 282
Less: Amortization of
Motion
Picture
Production and
Advertising
Costs 101 280
Income from Operations 191 2
Additional Payments
Accrual 0 134
Net Income $ $
191 136
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 Three Months Ended March 31,
1996 1995
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Income $ $
191 136
Adjustments to reconcile Net
Income to
net cash provided by
operating activities:
Amortization of Motion Picture
Production
and Advertising Costs 101 280
Accrued Distributions (104) (36)
toVenturers
Changes in Assets and
Liabilities:
Increase (Decrease) in
Payable to Delphi Film
Associates V 25 (20)
Increase (Decrease) in
Payable to Columbia
Pictures Industries, 131 (554)
Inc.
(Increase) Decrease in
Receivable from
Columbia Pictures (156) 708
(Distributor)
Increase in Motion Picture
Costs
Recoverable from
Additional Payments 0 (134)
Net Cash Provided by Operating
Activities 188 380
Cash Flow From Financing
Activities:
Distributions to Venturers
(188) (380)
Net Cash Used by Financing
Activities (188) (380)
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 March
31, 1996 and the results of its operations and cash flows
for the periods ended March 31, 1996 and 1995. Results
of operations for the period ended March 31, 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 month period ended March 31, 1996 the Joint Venture
is reporting net revenue from Motion Picture Exploitation
of $292,000 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 month period ended March 31, 1995, the
Joint Venture reported net revenue from Motion Picture
Exploitation of $282,000, due primarily to the
performance of certain films in the worldwide free
television market. For the three month period ended
March 31, 1995, the Joint Venture has recorded an
increase in the Additional Payment accrual of $134,000
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>
March December
31, 31,
1996 1995
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization of
$57,463 and $57,443, $ $
respectively 345 365
Motion Picture Costs Recoverable
from
Additional Payments 839 895
Receivable from TriStar
Pictures, Inc.
(Distributor)
873 820
Total $ 2,057 $
Assets 2,080
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to TriStar Pictures, $ 1,204 $
Inc. 1,222
Payable to Delphi Film
Associates V 508 493
Total 1,712
Liabilities 1,715
Venturers' Capital:
TriStar Pictures, Inc. 345 365
Delphi Film Associates V
0 0
Total
Venturers' Capital 345 365
Total
Liabilities and Venturers'
$ 2,057 $
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 Ended March 31,
1996 1995
<S> <C> <C>
Net Revenues From Motion
Picture
Exploitation $ $
97 34
Less: Amortization of
Motion
Picture
Production and
Advertising
Costs 20 0
Income from Operations 77 34
Additional Payments
Recapture (56) (8)
Net Income $ $
21 26
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 Three Months Ended March 31,
1996 1995
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Income $ $
21 26
Adjustments to reconcile Net
Income to
net cash provided by
operating activities:
Amortization of Motion Picture
Production
and Advertising Costs 20 0
Accrued Distributions 3 98
toVenturers
Changes in Assets and
Liabilities:
Increase (Decrease) in
Payable to Delphi
Film Associates V 15 (1)
Decrease in Payable to (18) (97)
TriStar Pictures, Inc.
(Increase) Decrease in
Receivable from
TriStar Pictures, Inc. (53) 90
(Distributor)
Decrease in Motion Picture
Costs
Recoverable from
Additional Payments 56 8
Net Cash Provided by
Operating Activities 44 124
Cash Flow From Financing
Activities:
Distributions to Venturers
(44) (124)
Net Cash Used by
Financing Activities (44) (124)
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 March
31, 1996 and the results of its operations and cash flows
for the periods ended March 31, 1996 and 1995. Results
of operations for the period ended March 31, 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 month period ended March 31, 1996, the Joint
Venture is reporting net revenue of $97,000 due primarily
to the performance of certain films in the pay
television and worldwide free television markets. For
the three month period ended March 31, 1996, the Joint
Venture has recorded a decrease in the Additional Payment
accrual of $56,000 due to a change in the estimated
distribution fee to be earned by its Distributor
For the three month period ended March 31, 1995, the
Joint Venture reported net revenue of $34,000 due
primarily to the performance of certain films in the pay
television market. For the three month period ended
March 31, 1995, the Joint Venture recorded a decrease in
the Additional Payment accrual of $8,000 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
May 14, 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)
May 14, 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 first quarter ended March 31, 1996
Form 10Q of Delphi Film Associates V and is qualified in
its entirety by reference to such financial statements.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 135,000
<SECURITIES> 1,093,000
<RECEIVABLES> 719,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,947,000
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 1,874,000
<TOTAL-LIABILITY-AND-EQUITY> 1,947,000
<SALES> 0
<TOTAL-REVENUES> 14,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 64,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 16,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 16,000
<EPS-PRIMARY> 2.00
<EPS-DILUTED> 0
</TABLE>
