FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
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 0-16847
COACHMAN INNS INCOME LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Oklahoma 73-1289509
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
301 N.W. 63rd, Suite 500, Oklahoma City, OK 73116
(Address of principal executive offices) (Zip Code)
(405)-840-4667
Registrant's telephone number, including area code
Not applicable
(Former name, former address and former fiscal year,
changed since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) for 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 ____
No __X__
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
The following financial statements, in the opinion of Management,
reflect all adjustments (none of which was other than a normal recurring
adjustment) necessary for a fair presentation of results of operations for
such periods. Results for interim periods should not be considered
indicative of results for a full year.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Material Changes in Financial Position
From December 31, 1994 to September 30, 1995, Current Assets
increased by $54,103 due to seasonal fluctuation in business which causes
increases in cash and accounts receivable. Cash increased by $44,529 and
account receivable increased by $12,726. Total Assets increased by
$54,618. Current Liabilities increased $62,073 due to an increase in
accounts payable caused by seasonal fluctuation.
The Partnership is a partner of GEM Partnership which owns the
Anaheim, California property. The Partnership also holds notes from the
General Partner of that partnership totalling $250,000. The Partnership
has been notified that the General Partner of the GEM Partnership is in
default on several mortgages, including those on the Anaheim property.
He is known to be contemplating bankruptcy. How this will effect the
Partnership is unknown at this time.
The real estate note and mortgage on the San Antonio, Texas property
matures on April 4, 1996. The Partnership is seeking to refinance the
property.
Material Changes in Results of Operations
Hotel revenues for the three and nine months decreased by $4,444 and
$10,001 respectively compared to the same period of 1994. Total
Expenses decreased by $7,245 and $35,636 for three and nine months
compared to 1994. Income from Operations increased by $2,801 and
$25,635 for three and nine months compared to 1994. Net Income was
$40,311 compared with a loss of $3,219 for nine months ended
September 30, 1995 and 1994.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Partnership is not a party to any current or pending material legal
proceeding. However, the Partnership has been notified that the General
Partner of GEM Partnership owner of the Anaheim property is in default
on several mortgages including those on the property. How this will effect
the Partnership is unknown at this time.
Item 6. Exhibits and Reports on Form 8-K
No report on Form 8-K has been filed during the quarter for which this
report is filed.
SIGNATURES
FORM 10-Q
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.
COACHMAN INNS INCOME LIMITED
PARTNERSHIP (Registrant)
By its General Partner,
COACHMAN INNS OF AMERICA, INC.
November 10, 1995 By:/s/Dennis D. Bradford
Dennis D. Bradford,
Chief Executive Officer and
Chief Financial Officer
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
September 30, 1995 AND DECEMBER 31, 1994
Sept 30, Dec 31,
1995 1994
----------- -----------
ASSETS
CURRENT ASSETS:
Cash $ 87,569 $ 43,040
Accounts Receivable 29,010 29,564
Allowance for Doubtful Accounts (9,104) --
Accounts Receivable-Affiliates 25,206 5,479
Notes Receivable-Related Party 67,026 64,369
Supplies 28,038 26,023
Prepaid Expenses 0 5,167
--------- ---------
Total Current Assets 227,745 173,642
Land 475,000 475,000
Motels 1,941,854 1,933,229
Equipment & Furniture & Fixtures 410,476 404,064
--------- ---------
2,827,330 2,812,293
Accumulated Depreciation (821,310) (783,143)
--------- ---------
Net Property and Equipment 2,006,020 2,029,150
Investment In Land Held for Development 678,560 678,560
Capitalized Loan Cost, Net of Accumulated
Amortization of $52,356 in 1995
and $41,646 in 1994 7,203 17,913
Other Assets 54,636 20,281
--------- ----------
Total Other Assets 740,399 716,754
--------- ----------
TOTAL ASSETS $2,974,164 $2,919,546
=========== ===========
LIABILITIES:
CURRENT LIABILITIES:
Current Maturities:
Coachman Incorporated $ 35,702 $ 35,702
Other 28,778 28,778
Accounts payable and Accrued Liabilities 117,356 55,283
--------- ---------
Total Current Liabilities 181,836 119,763
Long-Term Debt
Coachman Incorporated 410,184 436,658
Other 2,215,859 2,237,151
--------- ---------
Total Liabilities 2,807,879 2,793,572
Partners' Capital 125,974 125,974
Year to Date Income/(Loss) 40,311
--------- ---------
Total Partners' Capital 166,285 125,974
--------- ---------
TOTAL LIABILITIES AND
PARTNERS' CAPITAL $2,974,164 $2,919,546
========== ==========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
AND THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
THREE MONTHS ENDED NINE MONTHS ENDED
Sept 30, Sept 30, Sept 30, Sept, 30
1995 1994 1995 1994
-------- -------- -------- ---------
Revenues:
Motel Revenues $311,444 $315,888 $827,301 $837,302
Expenses:
Motel Operating Expenses 126,607 124,893 334,612 337,543
Depreciation & Amortization 16,332 21,295 48,878 67,557
General and Administrative 73,885 77,881 205,793 219,819
-------- -------- -------- --------
216,824 224,069 589,283 624,919
-------- -------- -------- --------
Income From Operations 94,620 91,819 238,018 212,383
-------- -------- -------- --------
Other Income (Expense):
Interest income 0 2,657 2,725 3,040
Interest expense (66,430) (67,874) (200,432) (212,204)
--------- --------- --------- ---------
Total Other Income (Expense) (66,430) (65,217) (197,707) (209,164)
--------- --------- --------- ---------
Net Income (Loss) 28,190 26,602 40,311 3,219
========= ========= ========= =========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
NINE MONTHS ENDED
Sept 30, Sept 30,
1995 1994
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) 40,311 3,219
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities
Depreciation and amortization 48,878 67,557
(Increase) Decrease in
Accounts receivable-trade 9,658 (42,753)
(Increase) Decrease in
Accounts receivable-Affiliates (19,727) 0
(Increase) Decrease in
Note receivable-Related party (2,657) 0
(Increase) Decrease in Supplies (2,015) (6,740)
(Increase) Decrease in Prepaids 5,167 0
Increase (Decrease) in Accounts
payable & Accrued liabilities 62,073 32,959
Net change in Other Assets (34,354) 0
---------- ----------
Net Cash Provided by (Used in)
Operating Activities 107,334 54,242
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (15,039) (39,762)
---------- ----------
Net Cash Provided by (Used in)
Investing Activities (15,039) (39,762)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on note payable
and long-term debt (47,766) (43,532)
---------- ----------
Net Cash Provided by (Used in)
Financing Activities (47,766) (43,532)
---------- ----------
Net Increase (Decrease) in Cash 44,529 (29,052)
CASH, beginning of period 43,040 102,692
---------- ----------
CASH, end of period 87,569 73,640
========== ==========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER' CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
Balance - December 31, 1993 $171,119
Net Loss for 1994 (45,145)
---------
Balance - December 31, 1994 $125,974
Net Income for Nine Months
Ended Sept. 30, 1995 40,311
---------
Balance - Sept. 30, 1995 $166,285
=========
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<PERIOD-END> SEP-30-1995
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<ALLOWANCES> (9,104)
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