<PAGE> 1
FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the 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: 33-3955-A
MOORE'S LANE PROPERTIES, LTD.
(Exact name of Registrant as specified in its charter)
Tennessee 62-1271931
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification)
One Belle Meade Place, 4400 Harding Road, Suite 500, Nashville,
Tennessee 37205
(Address of principal executive office) (Zip Code)
(615) 292-1040
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if 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) of
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 at least the past 90 days.
YES X NO ___
<PAGE> 2
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
MOORE'S LANE PROPERTIES, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For the Six Months Ended June 30, 1995
INDEX
Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Cash Flows 5
Notes to Financial Statements 6
<PAGE> 3
<TABLE>
MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<CAPTION>
June 30, December 31,
1995 1994
------------- -------------
<S> <C> <C>
ASSETS
CASH $ 194,561 $ 72,022
LAND HELD FOR INVESTMENT 2,951,485 3,384,976
OTHER ASSETS 2,178 12,754
Total Assets $ 3,148,224 $ 3,469,752
=========== ============
LIABILITIES AND PARTNERS' EQUITY
NOTE PAYABLE (PRIVATE) $ - $ 175,000
ACCOUNTS PAYABLE &
ACCRUED EXPENSES 49,243 84,796
ACCRUED INTEREST PAYABLE - 8,723
MINORITY INTEREST IN JOINT VENTURE 100 100
PARTNERS' EQUITY 3,098,881 3,201,133
Total Liabilities &
Partners' Equity $ 3,148,224 $ 3,469,752
========== ==========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 4
<TABLE>
MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter Ending Year to Date Ending
June 30, June 30,
__________________ _____________________
1995 1994 1995 1994
____ ____ ____ ____
<C> <C> <C> <C>
REVENUE:
Land Sales
Sale Proceeds $ - $ - $1,753,930 $ -
Cost of Land
Sold - - 515,491 -
Selling
Expenses - - 177,622 -
-------- -------- ---------- --------
Gain on Land - - $1,060,817 -
Interest Income 4,680 96 4,813 136
Miscellaneous - 600 700 1,200
Total Revenue $4,680 $ 696 $1,066,330 $ 1,336
EXPENSES:
Engineering Fees 2,439 2,729 (222) 4,847
Property Taxes (114) - 1,032 (6,024)
Interest Expense - 12,904 2,528 23,435
Management Fees 3,901 3,901 7,802 7,802
Legal &
Accounting Fees 2,076 15,829 16,775 16,229
General & Admin.
Expenses - 1,701 1,875 1,961
Amortization - - 11,754 -
_______ _______ _______ _______
Total Expenses $ 8,302 $ 37,064 $ 41,544 $ 48,250
NET INCOME (LOSS) $(3,622) $(36,368) $1,024,786 $(46,914)
<FN>
See notes to financial statements
</TABLE>
<PAGE> 5
<TABLE>
MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
June 30,
__________________________
1995 1994
____ ____
<C> <C>
Cash Flows from
Operating Activities:
Net Income $1,024,786 $(46,914)
Adjustments to reconcile
Net Income to Net Cash
used in Operating Activities:
Change in Accounts Payable (35,553) (23,582)
Change in Other Assets 10,576 -
Gain on Land Sale (1,060,817) -
Change in Accrued
Interest Payable (8,723) 10,058
Change in Cash-
Interest Reserve - 10,491
Total Adjustments (1,094,517) (3,033)
Net Cash used in
Operating Activities (69,731) (49,947)
Cash Flows from
Investing Activities:
Proceeds from Land Sale 1,576,308 -
Land Improvements (82,000) (5,329)
Net Cash provided by
Investing Activities 1,494,308 (5,329)
Cash Flows from
Financing Activities:
Reduction of Note Payable-Bank (400,251)
Reduction of Note Payable-Other (100,000)
Change in Note Payable-Private (175,000) 525,001
Cash Distribution to Partners (1,127,038) -
Net Cash Used in
Financing Activities (1,302,038) 24,750
Net Increase/(Decrease)
in Cash and
Cash Equivalents 122,539 (30,526)
CASH AT JANUARY 1, 72,022 106,114
CASH AT June 30, $ 194,561 $ 75,588
========== =========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 6
MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended June 30, 1995
(Unaudited)
A.ACCOUNTING POLICIES
The unaudited financial statements presented herein have been
prepared in accordance with the instructions to Form 10-Q and
do not include all of the information and note disclosures
required by generally accepted accounting principles. These
statements should be read in conjunction with the financial
statements and notes thereto included in the Partnership's Form
10-K for the year ended December 31, 1994. In the opinion of
management, such financial statements include all adjustments,
consisting only of normal recurring adjustments, necessary to
summarize fairly the Partnership's financial position and
results of operations. The results of operations for the six
month period ended June 30,1995 may not be indicative of the
results that may be expected for the year ending December 31,
1995.
B.RELATED PARTY TRANSACTIONS
The General Partner and its affiliates have been actively
involved in managing the Partnership's operations as described
in the Prospectus dated April 22, 1986. Compensation earned for
these services in the first six months were as follows:
<TABLE>
<CAPTION>
1995 1994
________ ________
<S> <C> <C>
Management Fees $ 7,802 $ 7,802
Accounting Fees 1,600 800
</TABLE>
C.NOTE PAYABLE
The note payable represented a $175,000 long-term note payable
to a private lending source. The note accrued simple interest
at an annual rate of 4% over the Nations Bank Prime Rate charged
by Nations Bank of Tennessee. The note was secured by a
mortgage on land held for investment. Semi-annual interest
payments were due on April 28 and October 28. The note was
fully retired on February 10, 1995.
<PAGE> 7
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED JUNE 30, 1995.
During the first quarter of 1995, the Registrant had two sales
totalling six acres. Proceeds were used to fully retire the Note
Payable (Private) and make a distribution to the partners. There
were no sales during the second quarter. The Registrant has
received three contracts for a total of approximately 32
acres. The General Partner expects sales for approximately 8
acres to close in the third quarter. The contract for the
remaining 24 acres will likely close in 1996. There are several
contingencies for these sales to close. Therefore there can be
no assurances that the contingencies will be met and that the sale
will close.
Operating expenses of the Registrant are comparable to the prior
year's quarter except for the following variances. Due to the
early retirement of the Note Payable-Private, the unamortized loan
costs of $11,754 were included in general and administrative
expenses. The credit balance in Engineering fees is due to a
refund of fees expensed in the prior year. The decline in
interest expense is a result of retiring in full the Note Payable
during the first quarter of 1995.
FINANCIAL CONDITION
DEVELOPMENT
The General Partner has no plans for development of the Property
except for that pertaining to specific sales.
LIQUIDITY
As of June 30, 1995, the Registrant had a cash balance of
$194,561 which the General Partner believes will sufficiently
cover operating expenses for the next two years.
<PAGE> 8
PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule for Second Quarter
of 1995
(b) No 8-K's have been filed during this quarter.
<PAGE> 9
SIGNATURES
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.
MOORE'S LANE PROPERTIES, LTD.
By: 222 PARTNERS, INC.
General Partner
Date: August 11, 1995 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: August 11, 1995 By:/s/ Michael A. Hartley
______________________
Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE
QUARTERLY FINANCIAL STATEMENTS FOR THE QUARTER ENDED JUNE 30, 1995
AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> JUN-30-1995
<CASH> 194,561
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 194,561
<PP&E> 2,951,485
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,148,224
<CURRENT-LIABILITIES> 49,243
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 3,098,881
<TOTAL-LIABILITY-AND-EQUITY> 3,148,224
<SALES> 1,753,930
<TOTAL-REVENUES> 1,759,443
<CGS> 515,491
<TOTAL-COSTS> 693,041
<OTHER-EXPENSES> 39,016
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,528
<INCOME-PRETAX> 1,024,786
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,024,786
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,024,786
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
