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, 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 June 30, 1996, Current Assets increased by
$101,724 due to seasonal fluctuation in business which causes increases in
cash and accounts receivable. Cash increased by $32,988 and account
receivable increased by $101,724. Total Assets increased by $45,490.
Current Liabilities increased $31,966 due to an increase in accounts
payable caused by seasonal fluctuation and increased long term use of the
property. Partner's equity increased by $54,527.
Material Changes in Results of Operations
Hotel revenues for the three and six months increased by $43,841 and
$100,998 respectively compared to the same period of 1995; this was
caused by an increase in occupancy mainly due to increase use, of the
property, by the U.S. Air Force. Total Expenses increased by $37,325
and $56,841 for three and six months compared to 1995 due to an increase
in occupancy. Income from Operations increased by $6,489 and $44,157
for three and six months compared to 1995. Net Income increased by
$6,247 and $42,406.
During the first six months of 1996 the hotel has been updated with new
carpet in halls and many rooms; paint in lobby, rooms and exterior and
new bedspreads. We feel this will enhance the value of the property.
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.
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
JUNE 30, 1996 AND DECEMBER 31, 1995
June 30, December 31,
1996 1995
----------- -----------
ASSETS
CURRENT ASSETS:
Cash $ 42,248 $ 9,260
Accounts Receivable 90,725 18,371
Allowance for Doubtful Accounts -- --
Accounts Receivable-Affiliates 26,166 26,166
Notes Receivable-Related Party 67,026 67,026
Supplies 27,516 27,281
Prepaid Expenses 0 3,853
--------- ---------
Total Current Assets 253,681 151,957
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 (860,967) (834,870)
--------- ---------
Net Property and Equipment 1,968,560 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 49,272 77,668
--------- ----------
Total Other Assets 727,854 759,822
--------- ----------
TOTAL ASSETS $2,950,095 $2,904,605
========== ==========
LIABILITIES:
CURRENT LIABILITIES:
Current Maturities:
Coachman Incorporated $ 39,051 $ 35,702
Other 31,791 28,778
Accounts payable and Accrued
Liabilities 156,570 131,019
---------- ----------
Total Current Liabilities 227,412 195,499
Long-Term Debt
Coachman Incorporated 378,519 400,956
Other 2,189,860 2,208,373
---------- ----------
Total Liabilities 2,795,791 2,804,828
Partners' Capital 99,777 99,777
Year to Date Income/(Loss) 54,527
---------- ----------
Total Partners' Capital 154,304 99,777
---------- ----------
TOTAL LIABILITIES AND
PARTNERS' CAPITAL $2,950,095 $2,904,605
========== ==========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
AND THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
THREE MONTHS ENDED SIX MONTHS ENDED
June 30, June 30, June 30, June 30
1996 1995 1996 1995
---------- ---------- ---------- ----------
Revenues:
Motel Revenues $ 317,679 $ 273,865 $ 616,855 $ 515,857
Expenses:
Motel Operating Expenses 129,983 109,370 242,938 208,005
Depreciation & Amortization 13,032 16,243 29,574 32,546
General and Administrative 93,460 73,537 156,788 131,908
---------- ---------- ---------- ----------
236,475 199,150 429,300 372,459
---------- ---------- ---------- ----------
Income From Operation 81,204 74,715 187,555 143,398
---------- ---------- ---------- ----------
Other Income (Expense):
Interest income 0 0 0 2,725
Interest expense (67,026) (66,784) (133,028) (134,002)
---------- ---------- ---------- ----------
Total Other Income (Expense) (67,026) (66,784) (133,028) (131,277)
---------- ---------- ---------- ----------
Net Income (Loss) 14,178 7,931 54,527 12,121
========== ========== ========== ==========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
SIX MONTHS ENDED
June 30, June 30,
1996 1995
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 54,527 $12,121
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities
Depreciation and amortization 29,574 32,546
(Increase) Decrease in
Accounts receivable-trade (72,354) 1,273
(Increase) Decrease in
Accounts receivable-Affiliates 0 (19,727)
(Increase) Decrease in
Note receivable-Related party 0 (2,657)
(Increase) Decrease in Supplies (235) 1,276
(Increase) Decrease in Prepaids 3,853 5,167
Increase (Decrease) in Accounts
payable & Accrued liabilities 25,551 43,951
Net change in Other Assets 28,397 (23,978)
----------- -----------
Net Cash Provided by (Used in)
Operating Activities 69,313 49,972
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Prop & Equip (1,737) 0
----------- -----------
Net Cash Provided by (Used in)
Investing Activities (1,737) 0
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on note payable
and long-term debt (34,588) (31,482)
----------- -----------
Net Cash Provided by (Used in)
Financing Activities (34,588) (31,482)
----------- -----------
Net Increase (Decrease) in Cash 32,988 18,490
CASH, beginning of period 9,260 43,040
----------- -----------
CASH, end of period $42,248 $61,530
=========== ===========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER' CAPITAL
FOR THE SIX MONTHS ENDED JUNE 30, 1996
Balance - December 31, 1994 $125,974
Net Loss for 1995 (26,197)
------------
Balance - December 31, 1995 $ 99,777
Net Income for Six Months
Ended June 30, 1996 54,527
------------
Balance - June 30, 1996 $154,304
============
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 13, 1996 By:/s/Dennis D. Bradford
Dennis D. Bradford,
Chief Executive Officer and
Chief Financial Officer
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<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 42,248
<SECURITIES> 0
<RECEIVABLES> 183,917
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 253,681
<PP&E> 2,829,527
<DEPRECIATION> (860,967)
<TOTAL-ASSETS> 2,950,095
<CURRENT-LIABILITIES> 227,412
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 154,304
<TOTAL-LIABILITY-AND-EQUITY> 2,950,095
<SALES> 0
<TOTAL-REVENUES> 616,855
<CGS> 0
<TOTAL-COSTS> 429,300
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 133,028
<INCOME-PRETAX> 54,527
<INCOME-TAX> 0
<INCOME-CONTINUING> 54,527
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 54,527
<EPS-PRIMARY> 0
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