<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 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: 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)
222 Third Avenue North, Suite 345, Nashville, Tennessee 37201
(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 Three Months Ended March 31, 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>
March 31, December 31,
1995 1994
------------- -------------
<S> <C> <C>
ASSETS
CASH $ 199,903 $ 72,022
LAND HELD FOR INVESTMENT 3,039,128 3,384,976
OTHER ASSETS 4,128 12,754
Total Assets $ 3,243,159 $ 3,469,752
========== ==========
LIABILITIES AND PARTNERS' EQUITY
NOTE PAYABLE (PRIVATE) - 175,000
ACCOUNTS PAYABLE &
ACCRUED EXPENSES 52,913 84,796
ACCRUED INTEREST PAYABLE - 8,723
MINORITY INTEREST IN JOINT VENTURE 100 100
PARTNERS' EQUITY 3,190,146 3,201,133
Total Liabilities &
Partners' Equity $ 3,243,159 $ 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 and
Year to Date Ending
MARCH 31,
_____________________
1995 1994
____ ____
<C> <C>
REVENUE:
Land Sales
Sale Proceeds $ 1,753,930 $ -
Cost of Land Sold 427,848 -
Selling Expenses 177,622 -
Gain on Land 1,148,460 -
Interest Income 133 40
Miscellaneous 700 600
Total Revenue $ 1,149,293 $ 640
EXPENSES:
Engineering Fees (2,961) $ 2,118
Property Taxes 1,147 (6,024)
Interest Expense 2,528 10,531
Management Fees 3,901 3,901
Legal & Accounting Fees 14,700 400
General & Admin. Expenses 13,927 260
Total Expenses $ 33,242 $ 11,186
NET INCOME (LOSS) $ 1,116,051 $ (10,546)
<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
MARCH 31,
__________________________
1995 1994
____ ____
<C> <C>
Cash Flows from
Operating Activities:
Net Income $ 1,116,051 $ (10,546)
Adjustments to reconcile
Net Income to Net Cash
used in Operating Activities:
Change in Accounts Payable (31,883) (21,702)
Change in Other Assets 8,626 -
Gain on Land Sale (1,148,460) -
Change in Accrued
Interest Payable (8,723) -
Total Adjustments (1,180,440) (21,702)
Net Cash used in
Operating Activities (64,389) (32,248)
Cash Flows from
Investing Activities:
Proceeds from Land Sale 1,576,308 -
Land Improvements (82,000) -
Net Cash provided by
Investing Activities 1,494,308 -
Cash Flows from
Financing Activities:
Reduction of Note Payable (175,000) -
Increase in Note Payable -
Cash Distribution to Partners (1,127,038) -
Net Cash Used in
Financing Activities (1,302,038) -
Net Increase/(Decrease)
in Cash and
Cash Equivalents $ 127,881 (32,248)
CASH AT JANUARY 1, 72,022 116,605
CASH AT MARCH 31, $ 199,903 $ 84,357
========== ========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 6
MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Three Months Ended March 31, 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 nine
month period ended March 31,1995 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 nine months were as follows:
<TABLE>
<CAPTION>
1995 1994
________ ________
<S> <C> <C>
Management Fees $ 3,901 $ 3,901
Accounting Fees 400 400
</TABLE>
C.NOTE PAYABLE
The note payable represents 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 MARCH 31, 1995.
During the first quarter of 1995, the Registrant had two sales
totally six acres. Proceeds were used to fully retire the Note
Payable Private and make a distribution to the partners of over
a million dollars. The General Partner is actively pursuing other
sales contracts. Sales activity for the property is increasing.
Operating expenses of the Registrant are comparable to the prior
year's quarter except for the following variances. The increase
in Legal & Accounting fees is due to the timing of audit and tax
preparation fee payments. The actual increase in these fees in
minimal. General & Administrative expenses include the loan costs
incurred with the Note Payable-Private of $11,754. These costs
were originally capitalized; due to the early Note retirement, the
remaining asset balance was fully amortized. The credit balance
in Engineering fees is due to the reimbursement in the first
quarter of fees expended and paid 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 March 31, 1995, the Registrant had a cash balance of
$199,903 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 First 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: May 17, 1995 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: May 17, 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 MARCH 31, 1995 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<CASH> 199,903
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 199,903
<PP&E> 3,039,128
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,243,159
<CURRENT-LIABILITIES> 52,913
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 3,190,246
<TOTAL-LIABILITY-AND-EQUITY> 3,243,159
<SALES> 1,753,930
<TOTAL-REVENUES> 1,754,763
<CGS> 427,848
<TOTAL-COSTS> 605,470
<OTHER-EXPENSES> 30,714
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,528
<INCOME-PRETAX> 1,116,051
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,116,051
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,116,051
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
