<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, 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)
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)
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>
<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, 1996
INDEX
Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Cash Flows 5
Notes to Financial Statements 6
<PAGE>
<PAGE> 3
<TABLE>
MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<CAPTION>
March 31, December 31,
1996 1995
----------- -------------
<S> <C> <C>
ASSETS
CASH $65,973 156,971
RESTRICTED CASH 420,028 358,320
LAND HELD FOR INVESTMENT 2,448,411 2,448,411
OTHER ASSETS 1,000 1,000
Total Assets $2,935,412 $ 2,964,702
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE &
ACCRUED EXPENSES 43,757 55,767
MINORITY INTEREST
IN JOINT VENTURE 100 100
PARTNERS' EQUITY 2,891,555 2,908,835
Total Liabilities &
Partners' Equity $2,935,412 $2,964,702
========== ==========
<FN>
See notes to financial statements.
/TABLE
<PAGE>
<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,
1996 1995
<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 718 133
Miscellaneous - 700
Total Revenue $ 718 $1,149,293
EXPENSES:
Property Taxes - 1,147
Interest Expense - 2,528
Management Fees 3,901 3,901
Legal & Accounting Fees 13,200 14,700
General & Admin. Expenses 898 10,966
Total Expenses $ 17,999 $ 33,242
NET INCOME (LOSS) $ (17,281) $1,116,051
<FN>
See notes to financial statements
</TABLE>
<PAGE>
<PAGE> 5
<TABLE>
MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
MARCH 31,
_________________
1996 1995
____ ____
<C> <C>
Cash Flows from
Operating Activities:
Net Income $ (17,281) $1,116,051
Adjustments to reconcile
Net Income to Net Cash
used in Operating Activities:
Change in A/P (12,009) (31,883)
Change in Other Assets - 8,626
Gain on Land Sale - (1,148,460)
Change in Interest Payable - (8,723)
Change in Restr. Cash (61,708) -
Total Adjustments (73,717) (1,180,440)
Net Cash used in
Operating Activities (90,998) (64,389)
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)
Cash Distribution to Partners - (1,127,038)
Net Cash Used in
Financing Activities - (1,302,038)
Net Increase/(Decrease)in Cash
and Cash Equivalents $(90,998) 127,881
CASH AT JANUARY 1, 156,971 72,022
CASH AT MARCH 31, $ 65,973 $ 199,903
======== ========
<FN>
See notes to financial statements.
/TABLE
<PAGE>
<PAGE> 6
MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Three Months Ended March 31, 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 three month period
ended March 31, 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 three months were as
follows:
<TABLE>
<CAPTION>
1996 1995
________ ________
<S> <C> <C>
Management Fees $ 3,901 $ 3,901
Accounting Fees 400 400
</TABLE>
<PAGE>
<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,
1996.
There have been no sales during the first quarter of
1996. Operations of the Registrant have been comparable
to prior quarters except for the fluctuation resulting
from the retirement of the Note Payable in February 1995.
Interest expense decreased due to the retiring of the
Note Payable-Private in February 1995. General and
Administrative expenses for 1995 include amortization of
loan costs incurred with this Note Payable. Originally
capitalized, these costs were fully amortized due to the
early note retirement.
FINANCIAL CONDITION
DEVELOPMENT
During 1995, the General Partner began a new phase of
development on the Property. 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. This development is
expected to cost approximately $700,000, of which
$358,000 was retained from the December sale.
LIQUIDITY
As of April 30, 1996, the Registrant had an operating
cash balance of $59,972 which the General Partner
believes will sufficiently cover operating expenses for
the next two years, and an escrow cash balance of
$420,240 to be used on development.
<PAGE>
<PAGE> 8
PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule for the
First Quarter of 1996
(b) No 8-K's have been filed during this quarter.
<PAGE>
<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 13, 1996 By:/s/ Steven D. Ezell
___________________
President
Date: May 13, 1996 By:/s/ Michael A. Hartley
______________________
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000790609
<NAME> MOORE'S LANE PROPERTIES, LTD.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 65,973
<SECURITIES> 420,028
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 2,448,411
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,935,412
<CURRENT-LIABILITIES> 43,757
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,891,555
<TOTAL-LIABILITY-AND-EQUITY> 2,935,412
<SALES> 0
<TOTAL-REVENUES> 718
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 17,999
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (17,281)
<INCOME-TAX> 0
<INCOME-CONTINUING> (17,281)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (17,281)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
