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, 1997
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,
1997 1996
<S> <C> <C>
ASSETS
Cash $ $
255 70
Short-Term Investments 1,236 1,081
Receivable from Columbia-Delphi
V
Productions (Note 2) 313 247
Receivable from Tri-Star-Delphi
V
Productions (Note 2)
88 452
Total $ $
Assets 1,892 1,850
LIABILITIES AND PARTNERS'
CAPITAL
Liabilities:
Accrued Expenses and Accounts $ $
Payable 50 61
Total
Liabilities 50 61
Partners' Capital (Note 2):
General Partner 66 65
Limited Partners
1,776 1,724
Total
Partners' Capital 1,842 1,789
Total
Liabilities and Partners'
$ $
Capital 1,892 1,850
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 For the Six Months
Ended June 30, Ended
June 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Interest Income $ $ $ $
12 15 24 29
Expenses:
Operating Expenses
93 76 172 140
93 76 172 140
Loss before Share of
Profit
in Motion Picture (81) (61) (148) (111)
Ventures
Share of Profit in
Motion
Picture Venture--
Columbia-
Delphi V Productions 33 11 93 58
Share of Profit in
Motion
Picture Venture--Tri-
Star-
Delphi V Productions
56 38 108 57
Net Profit (Loss) $ $ $ $
8 (12) 53 4
Net Profit (Loss) Per
Unit of
Limited Partnership
Interest
(8,000 units) $ $ $ $
1 (1) 7 1
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,
1997 1996
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Profit $ $
53 4
Adjustments to reconcile Net
Profit to net
cash provided (used) by
operating activities:
Share of Profit in Motion (201) (115)
Picture Ventures
Distributions from Joint 201 115
Ventures
Changes in Assets and
Liabilities:
Decrease (Increase) in
Receivables from
Joint Ventures, net 298 (4)
Decrease in Accrued
Expenses and
Accounts Payable
(11) (47)
Net Cash Provided (Used)
by Operating
Activities
340 (47)
Cash Flow From Investing
Activities:
Purchases of Short-Term (1,230) (1,535)
Investments
Redemptions of Short-Term
Investments 1,075 1,521
Net Cash Used by Investing
Activities (155) (14)
Increase (Decrease) In Cash 185 (61)
Cash at beginning of period
70 191
Cash at end of period $ $
255 130
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, 1996.
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, 1997 and the results of operations and cash
flows for the periods ended June 30, 1997 and 1996.
Results of operations for the three and six month periods
ended June 30, 1997 are not necessarily indicative of the
results that may be expected for the entire fiscal year.
2. Current Operations
As of June 30, 1997, 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.
The Partnership received approximately $409,000 in
June 1997 representing its share of the Tri-Star Joint
Venture's Additional Payment relating to one film.
For the purpose of computing the net profit per unit,
the net 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 1996 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, 1996 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 commitment to
contribute funds to the Joint Ventures for the production
of, and acquisition of interests in, films. As of June
30, 1997, the Partnership held cash of approximately
$255,000 and short-term investments of approximately
$1,236,000.
The Partnership has begun evaluating the value of its
interest in the film assets for the purpose of possibly
selling that interest and liquidating the Partnership.
The General Partner anticipates that the Partnership may
be liquidated in late 1997 or early 1998. No assurance
can be provided that the film assets will be sucessfully
sold, or if sold, when such sale would occur. Upon the
ultimate sale of the film assets, the Partnership will
commence taking steps to dissolve and liquidate. Cash
distributions as a result of the liquidation may be made
to the partners to the extent, and only to the extent,
the proceeds from a sale of the Partnership's interest in
the film assets in connection with the liquidation are in
excess of the Distributors' entitlement to the recoupment
of the Additional Payments and a reserve for the
Partnership's remaining obligations and operating
expenses.
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 (for
other than Unrecouped Films) is used to pay operating
expenses of the Partnership and to make cash
distributions to partners. The Partnership does not
currently anticipate significant future revenues and
accordingly, the Partnership does not currently
anticipate making cash distributions to partners on a
quarterly basis. However, the Partnership may make
future distributions if it realizes proceeds from its
interest in films or from the sale of its interest in
films (should such a sale occur) net of a reserve for the
Partnership's operating expenses.
The Partnership commenced cash distributions to its
partners in October 1987. Distributions through June 30,
1997 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, 1997, the
Columbia Joint Venture had a net profit of which the
Partnership's share was approximately $33,000, 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 $56,000, due
primarily to the profitable results of certain films. In
addition, the Partnership earned approximately $12,000 of
interest income from its short-term investments and
incurred approximately $93,000 of expenses from its
operations, resulting in an overall net profit to the
Partnership of approximately $8,000.
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 six months ended June 30, 1997, the Columbia
Joint Venture had a net profit of which the Partnership's
share was approximately $93,000, 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 $108,000, due primarily to the
profitable results of certain films. In addition, the
Partnership earned approximately $24,000 of interest
income from its short-term investments and incurred
approximately $172,000 of expenses from its operations,
resulting in an overall net profit to the Partnership of
approximately $53,000.
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.
Interest income for the three and six month periods
ended June 30, 1997 as compared with the corresponding
periods in 1996 was virtually unchanged.
The increase in the Partnership's total expenses for
the three and six month periods ended June 30, 1997 as
compared with the corresponding periods in 1996 is
primarily attributable to an increase in Operating
Expenses. The increase in Operating Expenses is
primarily attributable to an increase in professional
fees.
<PAGE>
COLUMBIA-DELPHI V PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
December
June 30, 31,
1997 1996
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization
of $241,778 and $241,483, $ $
respectively 389 684
Receivable from Columbia
Pictures
(Distributor)
1,288 803
Total $ $
Assets 1,677 1,487
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to Columbia Pictures $ $
Industries, Inc. 975 556
Payable to Delphi Film
Associates V 313 247
Total
Liabilities 1,288 803
Venturers' Capital:
Columbia Pictures Industries, 389 684
Inc.
Delphi Film Associates V
0 0
Total
Venturers' Capital 389 684
Total
Liabilities and Venturers'
$ $
Capital 1,677 1,487
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,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Net Revenues From Motion
Picture Exploitation $ $ $ $
508 59 1,141 351
Less: Amortization of
Motion
Picture
Production and
Advertising
Costs 104 22 295 123
Net Income $ $ $ $
404 37 846 228
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,
1997 1996
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Income $ $
846 228
Adjustments to reconcile Net
Income to
net cash provided by
operating activities:
Amortization of Motion Picture
Production
and Advertising Costs 295 123
Accrued Distributions (485) 112
toVenturers
Changes in Assets and
Liabilities:
Increase in Payable to
Delphi Film
Associates V 66 23
Increase in Payable to
Columbia Pictures
Industries, Inc. 419 13
Increase in Receivable from
Columbia
Pictures (Distributor)
(485) (36)
Net Cash Provided by Operating
Activities 656 463
Cash Flow From Financing
Activities:
Distributions to Venturers
(656) (463)
Net Cash Used by Financing
Activities (656) (463)
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, 1996. 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, 1997 and the results of its operations and cash flows
for the periods ended June 30, 1997 and 1996. Results of
operations for the period ended June 30, 1997 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, 1997 the Joint
Venture is reporting net revenue from Motion Picture
Exploitation of $508,000 and $1,141,000, respectively,
due primarily to the performance of the films in the
worldwide free television and domestic home video
markets.
For the three and six month periods ended June 30,
1996, the Joint Venture reported 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.
3. Additional Information
Additional information, including the audited year
end 1996 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, 1996.
<PAGE>
TRI-STAR -DELPHI V PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
December
June 30, 31,
1997 1996
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization of
$57,803 and $57,803, $ $
respectively 5 5
Motion Picture Costs Recoverable
from
Additional Payments 0 728
Receivable from TriStar
Pictures, Inc.
(Distributor)
672 650
Total $ $
Assets 677 1,383
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to TriStar Pictures, $ $
Inc. 584 926
Payable to Delphi Film
Associates V 88 452
Total
Liabilities 672 1,378
Venturers' Capital:
TriStar Pictures, Inc. 5 5
Delphi Film Associates V
0 0
Total
Venturers' Capital 5 5
Total
Liabilities and Venturers'
$ 677 $
Capital 1,383
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,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Net Revenues From Motion
Picture
Exploitation $ $ $ $
93 144 209 241
Less: Amortization of
Motion
Picture
Production and
Advertising
Costs 0 16 0 36
Income from Operations 93 128 209 205
Additional Payments
Recapture 0 (60) 0 (116)
Net Income $ $ $ $
93 68 209 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,
1997 1996
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Income $ $
209 89
Adjustments to reconcile Net
Income to
net cash provided by
operating activities:
Amortization of Motion Picture
Production
and Advertising Costs 0 36
Accrued Distributions (112) 169
toVenturers
Changes in Assets and
Liabilities:
Decrease in Payable to
Delphi Film
Associates V (364) (19)
Decrease in Payable to (342) (150)
TriStar Pictures, Inc.
(Increase) Decrease in
Receivable from
TriStar Pictures, (22) 53
Inc. (Distributor)
Decrease in Motion Picture
Costs
Recoverable from
Additional Payments 728 116
Net Cash Provided by
Operating Activities 97 294
Cash Flow From Financing
Activities:
Distributions to Venturers
(97) (294)
Net Cash Used by
Financing Activities (97) (294)
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, 1996. 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, 1997 and the results of its operations and cash flows
for the periods ended June 30, 1997 and 1996. Results of
operations for the period ended June 30, 1997 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 month periods ended June 30, 1997, the
Joint Venture is reporting net revenue of $93,000 and
$209,000, respectively, due primarily to the performance
of certain films in the worldwide free television market.
For the three and six month periods ended June 30,
1996 the Joint Venture reported 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
periods ended June 30, 1996, the Joint Venture 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.
3. Additional Information
Additional information, including the audited year
end 1996 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, 1996.
<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, 1997 /s/ Roger
F. Castoral, Jr.
Date
Roger F. Castoral, Jr.
Vice
President and Treasurer of the
Managing Partner of the General Partner
(principal financial officer and principal
accounting officer of the Registrant)
August 13 , 1997 /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, 1997
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-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 255,000
<SECURITIES> 1,236,000
<RECEIVABLES> 401,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,892,000
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 1,842,000
<TOTAL-LIABILITY-AND-EQUITY> 1,892,000
<SALES> 0
<TOTAL-REVENUES> 24,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 172,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 53,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 53,000
<EPS-PRIMARY> 7.00
<EPS-DILUTED> 0
</TABLE>
