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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, 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: 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)
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)
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 ___
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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, 1996
INDEX
Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Cash Flows 5
Notes to Financial Statements 6
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<TABLE>
MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<CAPTION>
September 30, December 31,
1996 1995
------------- -------------
<S> <C> <C>
ASSETS
CASH $ 45,751 $ 156,971
ESCROW DEPOSITS RESTRICTED 406,361 358,320
LAND HELD FOR INVESTMENT 2,515,272 2,448,411
OTHER ASSETS 1,000 1,000
Total Assets $2,968,384 $2,964,702
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE &
ACCRUED EXPENSES 44,257 55,767
MINORITY INTEREST IN JOINT VENTURE 100 100
PARTNERS' EQUITY 2,924,027 2,908,835
Total Liabilities &
Partners' Equity $ 2,968,384 $ 2,964,702
========== ==========
<FN>
See notes to financial statements.
/TABLE
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<TABLE>
MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter Ending Year to Date
September 30, September 30,
1996 1995 1996 1995
<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 Sale - - 1,060,817
Interest Income 264 287 4,129 5,099
Miscellaneous 49,428 - 49,428 701
Total Revenue 49,692 287 53,557 1,066,617
EXPENSES:
Engineering Fees - (4,004) - (4,225)
Property taxes - - - 1,032
Interest Expense 500 - 500 2,528
Management Fees 3,901 3,901 11,703 11,703
Legal & Accounting Fees 1,566 523 24,641 17,698
Amortization - - - 11,754
General & Admin. Expenses 77 2,614 1,521 4,488
Total Expenses $ 6,044 3,034 38,365 44,978
NET INCOME (LOSS) $ 43,648 (2,747) 15,192 1,021,639
<FN>
See notes to financial statements
</TABLE>
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<TABLE>
MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
September 30,
1996 1995
<C> <C>
Cash Flows from
Operating Activities:
Net Income $ 15,192 1,021,639
Adjustments to reconcile
Net Income to Net Cash
used in Operating Activities:
Change in Accounts Payable (11,510) (41,351)
Gain on Land Sale - (1,060,817)
Change in Accrued Interest Payable - (8,723)
Change in Other Assets - 10,577
Change in Escrow Deposits (48,041)
Total Adjustments (59,551) (1,100,314)
Net Cash used in
Operating Activities (44,359) (78,675)
Cash Flows from Investing Activities:
Proceeds from Land Sale - 1,576,308
Land Improvements (66,861) (102,811)
Net Cash (used in)/provided by
Investing Activities (66,861) 1,473,497
Cash Flows from
Financing Activities:
Cash Distribution to Partners - (1,125,000)
Reduction of Note Payable-Bank - -
Change in Note Payable-Other - (175,000)
Net Cash Used in Financing Activities - (1,300,000)
Net Decrease in Cash and
Cash Equivalents (111,220) 94,822
CASH AT JANUARY 1, 156,971 72,022
CASH AT SEPTEMBER 30, $ 45,751 $ 166,844
========== =========
<FN>
See notes to financial statements.
/TABLE
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MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Nine Months Ended September 30, 1996
(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,
1996 may not be indicative of the results that may be
expected for the year ending December 31, 1996.
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>
1996 1995
________ ________
<S> <C> <C>
Management Fees $ 11,703 11,703
Accounting Fees 2,300 2,000
</TABLE>
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of operations for the quarter ended September 30, 1996.
There have been no sales during 1996. The Registrant has two
contracts for the sale of approximately five acres. There are
several contingencies for this sales to close. Therefore, there
can be no assurance that the contingencies will be met and that
the sales will close.
Operations of the Registrant have been comparable to prior
quarters with few exceptions. Miscellaneous income in 1996
represents a refund of impact fees received from the City of
Franklin. This income is a result of the road development that
the Registrant has completed in the City of Franklin. Interest
expense decreased due to the retiring of the Note Payable-
Private in February 1995. Amortization expenses consist of the
loan costs incurred while securing the note payable and were
fully amortized when the note was retired.
FINANCIAL CONDITION
DEVELOPMENT
Infrastructure development on the Property which began in 1995
continues according to plan. Completion is expected in 1997.
This development, which was initiated by a sale in December
1995, includes finishing Mallory Station Road through the
Property with utilities and constructing two detention ponds.
LIQUIDITY
As of October 31, 1996, the Registrant had an operating cash
balance of $ 18,090 which the General Partner believes will
sufficiently cover operating expenses for the rest of the year,
and an escrow cash balance of $303,360 to be used on
development.
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PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit 27 - Financial Data Schedule
(b) No 8-K's have been filed during this quarter.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of1934, the Registrant has duly caused this report to be signed
onits behalf by the undersigned, thereunto duly authorized.
MOORE'S LANE PROPERTIES, LTD.
By: 222 PARTNERS, INC.
General Partner
Date: November 14, 1996 By:/s/ Steven D. Ezell
President
Date: November 14, 1996 By:/s/ Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1996
<CASH> 45,751
<SECURITIES> 406,361
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 2,515,272
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,968,384
<CURRENT-LIABILITIES> 44,257
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,924,127
<TOTAL-LIABILITY-AND-EQUITY> 2,968,384
<SALES> 0
<TOTAL-REVENUES> 53,557
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 38,365
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 15,192
<INCOME-TAX> 0
<INCOME-CONTINUING> 15,192
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 15,192
<EPS-PRIMARY> 2.03
<EPS-DILUTED> 0
</TABLE>
