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 June 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 June 30, 1995, Current Assets increased by $33,158
due to seasonal fluctuation in business which causes increases in cash and
accounts receivable. Cash increased by $18,490 and account receivable
increased by $7,831. Total Assets increased by $33,158. Current Liabilities
increased $43,951 due to an increase in accounts payable caused by seasonal
fluctuation.
Material Changes in Results of Operations
Hotel revenues for the three and six months decreased by $6,354 and $5,557
respectively compared to the same period of 1994. Total Expenses decreased
by $15,226 and $28,398 for three and six months compared to 1994. Income
from Operations increased by $8,872 and $22,834 for three and six months
compared to 1994.. Net Income was $12,121 compared with a loss of $23,383
for six months ended June 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.
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.
August 14, 1995 By:/s/Dennis D. Bradford
Dennis D. Bradford,
Chief Executive Officer and
Chief Financial Officer
<TABLE>
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
JUNE 30, 1995 AND DECEMBER 31, 1994
<CAPTION>
June 30, December 31,
1995 1994
----------- -----------
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash $ 61,530 $ 43,040
Accounts Receivable 37,395 29,564
Allowance for Doubtful Accounts (9,104) --
Accounts Receivable-Affiliates 25,206 5,479
Notes Receivable-Related Party 67,026 64,369
Supplies 24,747 26,023
Prepaid Expenses 0 5,167
--------- ---------
Total Current Assets 206,800 173,642
Land 475,000 475,000
Motels 1,933,229 1,933,229
Equipment & Furniture & Fixtures 404,064 404,064
--------- ---------
2,812,293 2,812,293
Accumulated Depreciation (808,589) (783,143)
--------- ---------
Net Property and Equipment 2,003,704 2,029,150
Investment In Land Held for Development 678,560 678,560
Capitalized Loan Cost, Net of Accumulated
Amortization of $48,747 in 1995
and $41,646 in 1994 10,812 17,913
Other Assets 44,260 20,281
--------- ----------
Total Other Assets 733,632 716,754
--------- ----------
TOTAL ASSETS $2,944,136 $2,919,546
=========== ===========
LIABILITIES:
CURRENT LIABILITIES:
Current Maturities:
Coachman Incorporated $ 35,702 $ 35,702
Other 28,778 28,778
Accounts payable and Accrued
Liabilities 99,234 55,283
--------- ---------
Total Current Liabilities 163,714 119,763
Long-Term Debt
Coachman Incorporated 419,207 436,658
Other 2,223,120 2,237,151
--------- ---------
Total Liabilities 2,806,041 2,793,572
Partners' Capital 125,974 125,974
Year to Date Income/(Loss) 12,121
--------- ---------
Total Partners' Capital 138,095 125,974
--------- ---------
TOTAL LIABILITIES AND
PARTNERS' CAPITAL $2,944,136 $2,919,546
========== ==========
</TABLE>
<TABLE>
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
AND THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
June 30, June 30, June 30, June 30,
1995 1994 1995 1994
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenues:
Motel Revenues $273,865 $280,219 $515,857 $521,414
Expenses:
Motel Operating Expenses 109,370 117,106 208,005 212,650
Depreciation & Amortization 16,243 21,941 32,546 46,262
General and Administrative 73,537 75,329 131,908 141,938
-------- -------- -------- --------
199,150 214,376 372,459 400,850
-------- -------- -------- --------
Income From Operations 74,715 65,843 143,398 120,564
-------- -------- -------- --------
Other Income (Expense):
Interest income 0 72 2,725 383
Interest expense (66,784) (80,681) (134,002) (144,330)
--------- --------- --------- ---------
Total Other Income (Expense) (66,784) (80,681) (131,277) (143,947)
--------- --------- --------- ---------
Net Income (Loss) $ 7,931 $(14,766) $ 12,121 $(23,383)
========= ========= ========= =========
</TABLE>
<TABLE>
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
<CAPTION>
SIX MONTHS ENDED
June 30, June 30,
1995 1994
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 12,121 $ (23,383)
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities
Depreciation and amortization 32,546 46,262
(Increase) Decrease in
Accounts receivable-trade 1,273 (32,065)
(Increase) Decrease in
Accounts receivable-Affiliates (19,727) 0
(Increase) Decrease in
Note receivable-Related party (2,657) 0
(Increase) Decrease in Supplies 1,276 (1,115)
(Increase) Decrease in Prepaids 5,167 0
Increase (Decrease) in Accounts
payable & Accrued liabilities 43,951 20,410
Net change in Other Assets (23,978) 0
--------- ---------
Net Cash Provided by (Used in)
Operating Activities 49,972 10,109
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures 0 (26,871)
--------- ---------
Net Cash Provided by (Used in)
Investing Activities 0 (26,871)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on note payable
and long-term debt (31,482) (28,690)
--------- ---------
Net Cash Provided by (Used in)
Financing Activities (31,482) (28,690)
--------- ---------
Net Increase (Decrease) in Cash 18,490 45,452
CASH, beginning of period 43,040 102,692
--------- ---------
CASH, end of period $ 61,530 $ 57,240
========= =========
</TABLE>
<TABLE>
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER' CAPITAL
FOR THE SIX MONTHS ENDED JUNE 30, 1995
<S> <C>
Balance - December 31, 1993 $171,119
Net Loss for 1994 (45,145)
---------
Balance - December 31, 1994 $125,974
Net Income for Six Months
Ended June 30, 1995 12,121
---------
Balance - June 30, 1995 $138,095
=========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 61530
<SECURITIES> 0
<RECEIVABLES> 129627
<ALLOWANCES> 9104
<INVENTORY> 0
<CURRENT-ASSETS> 206800
<PP&E> 2812293
<DEPRECIATION> 808589
<TOTAL-ASSETS> 2944136
<CURRENT-LIABILITIES> 163714
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 2944136
<SALES> 0
<TOTAL-REVENUES> 518582
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 372459
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 134002
<INCOME-PRETAX> 12121
<INCOME-TAX> 0
<INCOME-CONTINUING> 12121
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12121
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
