<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 September 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 Nine Months Ended September 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>
September 30, December 31,
1995 1994
------------- -------------
<S> <C> <C>
ASSETS
CASH $ 166,844 $ 72,022
LAND HELD FOR INVESTMENT 2,972,296 3,384,976
OTHER ASSETS 2,177 12,754
Total Assets $3,141,317 $3,469,752
========== ==========
LIABILITIES AND PARTNERS' EQUITY
NOTE PAYABLE (PRIVATE) $ -0- $ 175,000
ACCOUNTS PAYABLE &
ACCRUED EXPENSES 43,445 84,796
ACCRUED INTEREST PAYABLE - 8,723
MINORITY INTEREST IN JOINT VENTURE 100 100
PARTNERS' EQUITY 3,097,772 3,201,133
Total Liabilities &
Partners' Equity $ 3,141,317 $ 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
September 30, September 30,
_________________ _____________________
1995 1994 1995 1994
____ ____ ____ ____
<C> <C> <C> <C>
REVENUE:
Land Sales - 428,357 1,753,930 428,357
Sale Proceeds
Cost of Land
Sold - (137,078) (515,491) (137,078)
Selling
Expenses - (44,907) (177,622) (44,907)
Gain on Land - 246,372 1,060,817 246,372
Interest Income 287 1,276 5,099 1,412
Miscellaneous - 6,600 701 7,800
Total Revenue 287 254,248 1,066,617 255,584
EXPENSES:
Engineering Fees (4,004) 2,592 (4,225) 7,289
Property Taxes - 12,695 1,032 6,671
Interest Expense - 8,199 2,528 31,634
Management Fees 3,901 3,901 11,703 11,703
Legal &
Accounting Fees 523 400 17,698 16,629
Amortization - - 11,754 -
General & Admin.
Expenses 2,614 263 4,488 2,374
Total Expenses $ 3,034 28,050 44,978 76,300
NET INCOME (LOSS) $(2,747) 226,198 1,021,639 179,284
<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
September 30,
__________________________
1995 1994
____ ____
<C> <C>
Cash Flows from
Operating Activities:
Net Income 1,021,639 178,984
Adjustments to reconcile
Net Income to Net Cash
used in Operating Activities:
Change in Accounts Payable (41,351) (10,148)
Gain on Land Sale (1,060,817) (246,372)
Change in Accrued
Interest Payable (8,723) 3,506
Change in Other Assets 10,577 -
Total Adjustments (1,100,314) (253,014)
Net Cash used in
Operating Activities (78,675) (74,030)
Cash Flows from
Investing Activities:
Proceeds from Land Sale 1,576,308 383,450
Land Improvements (102,811) (5,729)
Net Cash provided by
Investing Activities 1,473,497 377,721
Cash Flows from
Financing Activities:
Cash Distribution to Partners (1,125,000)
Reduction of Note Payable-Bank - (400,251)
Change in Note Payable-Other (175,000) 75,000
Net Cash Used in
Financing Activities (1,300,000) (325,251)
Net Increase/(Decrease)
in Cash and
Cash Equivalents 94,822 (21,560)
CASH AT JANUARY 1, 72,022 116,605
CASH AT SEPTEMBER 30, $ 166,844 95,045
========== =========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 6
MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Nine Months Ended September 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, 1995. 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 nine
month period ended September 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. Compensation
earned for these services in the first nine months were as
follows:
<TABLE>
<CAPTION>
1995 1994
________ ________
<S> <C> <C>
Management Fees $ 11,703 11,703
Accounting Fees 2,000 2,000
</TABLE>
C.NOTE PAYABLE (PRIVATE)
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 SEPTEMBER 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 and third quarters. Of the
contracts executed earlier this year, two contracts totalling
approximately 8 acres are expected to close before year end. The
remaining contract for 24 acres is expected to 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 sales will close.
Operating expenses of the Registrant are comparable to the prior
year's quarter except for the following variances. The decline
in interest expense is a result of retiring in full the Note
Payable during the first quarter of 1995. Due to the early
retirement of the Note Payable-Private, the unamortized loan costs
of $11,754 were expensed during the first quarter of 1995. The
credit balance in engineering fees is due to reversing payables
expensed in the prior year.
FINANCIAL CONDITION
DEVELOPMENT
The General Partner has no plans for development of the Property
except for that pertaining to specific sales.
LIQUIDITY
As of September 30, 1995, the Registrant had a cash balance of
$166,844 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 Third 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: November 13, 1995 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: November 13, 1995 By:/s/ Michael A. Hartley
______________________
Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SUMMARY CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE QUARTERLY
FINANCIAL STATEMENTS FOR THE QARTER ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1995
<CASH> 166,844
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 166,844
<PP&E> 2,972,296
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,141,317
<CURRENT-LIABILITIES> 43,445
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 3,097,772
<TOTAL-LIABILITY-AND-EQUITY> 3,141,317
<SALES> 1,753,930
<TOTAL-REVENUES> 1,066,617
<CGS> 515,491
<TOTAL-COSTS> 693,113
<OTHER-EXPENSES> 42,450
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,528
<INCOME-PRETAX> 1,021,639
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,021,639
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,021,639
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
