FORM 10-Q (AMENDED)
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 March 31, 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 __X__ No ____
APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities
under a plan confirmed by a court. 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 March 31, 1995, Current Assets increased by
$26,245 due to seasonal fluctuation in business which causes increases
in cash and accounts receivable. Cash increased by $19,029 and account
receivable increased by $4,869. Total Assets increased by $22,832.
Current Liabilities increased $34,198 due to an increase in accounts
payable caused by seasonal fluctuation.
Material Changes in Results of Operations
Hotel revenues for the three months were almost exactly the same as the
previous year. Total Expenses decreased by $13,165 due to decreases in
General and Administrative Expenses. Income from Operations increased
by $13,962. Net Income was $4,190 compared with a loss of $8,617 for
the same period of 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
MARCH 31, 1995 AND DECEMBER 31, 1994
<CAPTION>
March 31, December 31,
1995 1994
----------- -----------
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash $ 62,069 $ 43,040
Accounts Receivable 34,427 29,564
Allowance for Doubtful Accounts (9,104) --
Accounts Receivable-Affiliates 19,582 5,479
Supplies 25,176 26,023
Prepaid Expenses 711 5,167
----------- -----------
Total Current Assets 199,887 173,642
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 (795,916) (783,143)
----------- -----------
Net Property and Equipment 2,016,377 2,029,150
Investment In Land Held for
Development 678,560 678,560
Capitalized Loan Cost, Net of
Accumulated Amortization of
$45,177 in 1995 and $41,646
in 1994 14,382 17,913
Other Assets 33,172 20,281
------------ ------------
Total Other Assets 726,114 716,754
----------- -----------
TOTAL ASSETS $2,942,378 $2,919,546
=========== ===========
LIABILITIES:
CURRENT LIABILITIES:
Current Maturities:
Coachman Incorporated $ 35,702 $ 35,702
Other 28,778 28,778
Accounts payable and Accrued
Liabilities 89,481 55,283
----------- -----------
Total Current Liabilities 153,961 119,763
Long-Term Debt
Coachman Incorporated 428,030 436,658
Other 2,230,223 2,230,223
---------- ----------
Total Liabilities 2,812,214 2,793,572
Partners' Capital 125,974 125,974
Year to Date Income/(Loss) 4,190
----------- -----------
Total Partners' Capital 130,164 125,974
----------- -----------
TOTAL LIABILITIES AND
PARTNERS' CAPITAL $2,942,378 $2,919,546
=========== ===========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
<CAPTION>
THREE MONTHS ENDED
March 31, March 31,
1995 1994
----------- -----------
<S> <C> <C>
Revenues:
Motel Revenues 241,992 241,195
Expenses:
Motel Operating Expenses 98,635 95,544
Depreciation and Amortization 16,303 24,321
General and Administrative 58,371 66,609
----------- -----------
173,309 186,474
----------- -----------
Income From Operations 68,683 54,721
----------- -----------
Other Income (Expense):
Interest income 2,725 311
Interest expense (67,218) (63,649)
----------- -----------
Total Other Income (Expense) (64,493) (63,338)
----------- -----------
Net Income (Loss) 4,190 (8,617)
=========== ===========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
<CAPTION>
THREE MONTHS ENDED
March 31, March 31,
1995 1994
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) 4,190 (22,957)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities
Depreciation and amortization 16,303 68,324
(Increase) Decrease in Accounts
receivable-trade 4,241 (43,555)
(Increase) Decrease in Accounts
receivable-Affiliates (14,103) 0
(Increase) Decrease in Note
receivable-Related party (2,657) 0
(Increase) Decrease in Supplies 827 0
(Increase) Decrease in Prepaids 4,456 0
Increase (Decrease) in Accounts
payable and Accrued liabilities 34,198 62,624
Net change in Other Assets (12,890) 6,101
---------- -----------
Net Cash Provided by (Used in)
Operating Activities 34,585 70,537
---------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures 0 17,252
---------- -----------
Net Cash Provided by (Used in)
Investing Activities 0 17,252
---------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on note payable
and long-term debt (15,556) (12,123)
---------- -----------
Net Cash Provided by (Used in)
Financing Activities (15,556) (12,123)
---------- -----------
Net Increase (Decrease) in Cash 19,029 75,666
CASH, beginning of period 43,040 91,579
---------- -----------
CASH, end of period 62,069 167,245
========== ===========
<CAPTION>
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER' CAPITAL
FOR THE THREE MONTHS ENDED MARCH 31, 1995
<S> <C>
Balance - December 31, 1993 $171,119
Net Loss for 1994 (45,145)
-------------
Balance - December 31, 1994 $125,974
Net Income for Three Months
Ended March 31, 1995 4,190
-------------
Balance - March 31, 1995 $130,164
============
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 62069
<SECURITIES> 0
<RECEIVABLES> 121035
<ALLOWANCES> 9104
<INVENTORY> 0
<CURRENT-ASSETS> 199887
<PP&E> 2812293
<DEPRECIATION> 795916
<TOTAL-ASSETS> 2942378
<CURRENT-LIABILITIES> 153961
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 2942378
<SALES> 0
<TOTAL-REVENUES> 244717
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 173309
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 67218
<INCOME-PRETAX> 4190
<INCOME-TAX> 0
<INCOME-CONTINUING> 4190
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4190
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
