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, 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 0-16847
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, 1995 to September 30, 1996, Current Assets increased by
$74,051 due to seasonal fluctuation in business which causes increases in
cash and accounts receivable. Cash increased by $82,306 and account
receivable decreased by $4,904 Total Assets increased by $78,391. Current
Liabilities increased $67,723 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 matured on
April 4, 1996. The lender has agreed to extend the note for a period of three
years ending in October, 1999.
Material Changes in Results of Operations
Hotel revenues for the three and nine months increased by $12,480 and $113,478
respectively compared to the same period of 1995. Total Expenses increased by
$28,739 and $85,580 for three and nine months compared to 1995. Income from
Operations decreased by $16,259 for three months and increased by $27,898 for
nine months compared to 1995. Net Income was $69,532 compared with $40,311
for nine months ended September 30, 1996 and 1995. Increases in Revenues are
due primarily to an increase in occupancy by increased utilization by Brooks Air
Force Base.
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 13, 1996 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, 1996 AND DECEMBER 31, 1995
Sept. 30, Dec. 31,
1996 1995
----------- -----------
ASSETS
CURRENT ASSETS:
Cash $ 91,566 $ 9,260
Accounts Receivable 13,467 18,371
Allowance for Doubtful Accounts -- --
Accounts Receivable-Affiliates 26,836 26,166
Notes Receivable-Related Party 67,026 67,026
Supplies 27,113 27,281
Prepaid Expenses 0 3,853
----------- -----------
Total Current Assets 226,008 151,957
Land 475,000 475,000
Motels 1,942,298 1,941,854
Equipment & Furniture & Fixtures 412,229 410,842
----------- -----------
2,829,527 2,827,696
Accumulated Depreciation (865,417) (834,870)
----------- -----------
Net Property and Equipment 1,964,110 1,992,826
Investment In Land Held for Development 678,560 678,560
Capitalized Loan Cost, Net of Accumulated
Amortization of $59,537 in 1996
and $55,965 in 1995 22 3,594
Other Assets 114,296 77,668
----------- -----------
Total Other Assets 792,878 759,822
----------- -----------
TOTAL ASSETS $ 2,982,996 $ 2,904,605
=========== ===========
LIABILITIES:
CURRENT LIABILITIES:
Current Maturities:
Coachman Incorporated $ 39,051 $ 35,702
Other 31,791 28,778
Accounts payable and Accrued Liabilities 192,380 131,019
----------- -----------
Total Current Liabilities 263,222 195,499
Long-Term Debt
Coachman Incorporated 368,649 400,956
Other 2,181,816 2,208,373
----------- -----------
Total Liabilities 2,813,687 2,804,828
Partners' Capital 99,777 99,777
Year to Date Income/(Loss) 69,532
----------- -----------
Total Partners' Capital 169,309 99,777
----------- -----------
TOTAL LIABILITIES AND
PARTNERS' CAPITAL $ 2,982,996 $ 2,904,605
=========== ===========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
AND THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
THREE MONTHS ENDED NINE MONTHS ENDED
Sept 30, Sept 30, Sept 30, Sept, 30
1996 1995 1996 1995
--------- --------- --------- ---------
Revenues:
Motel Revenues $ 323,924 $ 311,444 $ 940,779 $ 827,301
Expenses:
Motel Operating Expenses 155,147 126,607 398,085 334,612
Depreciation & Amortization 4,427 16,332 34,001 48,878
General and Administrative 85,989 73,885 242,777 205,793
--------- --------- --------- ---------
245,563 216,824 674,863 589,283
--------- --------- --------- ---------
Income From Operations 78,361 94,620 265,916 238,018
--------- --------- --------- ---------
Other Income (Expense):
Interest income 0 0 0 2,725
Interest expense (63,356) (66,430) (196,384) (200,432)
--------- --------- --------- ---------
Total Other Income (Expense) (63,356) (66,430) (196,384) (197,707)
--------- --------- --------- ---------
Net Income (Loss) 15,005 28,190 69,532 40,311
========= ========= ========= =========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
NINE MONTHS ENDED
Sept 30, Sept 30,
1996 1995
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 69,532 $ 12,121
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities
Depreciation and amortization 34,001 32,546
(Increase) Decrease in
Accounts receivable-trade 4,904 1,273
(Increase) Decrease in
Accounts receivable-Affiliates (670) (19,727)
(Increase) Decrease in
Note receivable-Related party 0 (2,657)
(Increase) Decrease in Supplies 168 1,276
(Increase) Decrease in Prepaids 3,853 5,167
Increase (Decrease) in Accounts
payable & Accrued liabilities 61,361 43,951
Net change in Other Assets (36,627) (23,978)
---------- ---------
Net Cash Provided by (Used in)
Operating Activities 136,522 49,972
---------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Prop & Equip (1,714) 0
---------- ---------
Net Cash Provided by (Used in)
Investing Activities (1,714) 0
---------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable
Payments on notes payable (52,502) (31,482)
---------- ---------
Net Cash Provided by (Used in)
Financing Activities (52,502) (31,482)
---------- ---------
Net Increase (Decrease) in Cash 82,306 18,490
CASH, beginning of period 9,260 43,040
---------- ---------
CASH, end of period $ 91,566 $ 61,530
========== =========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER' CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
Balance - December 31, 1994 $125,974
Net Loss for 1995 (26,197)
--------
Balance - December 31, 1995 $ 99,777
Net Income for Nine Months
Ended Sept. 30, 1996 69,532
--------
Balance - Sept. 30, 1996 $169,309
========
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<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 91,566
<SECURITIES> 0
<RECEIVABLES> 107,329
<ALLOWANCES> 0
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<OTHER-SE> 163,909
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<INTEREST-EXPENSE> 196,384
<INCOME-PRETAX> 69,532
<INCOME-TAX> 0
<INCOME-CONTINUING> 69,532
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