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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 June 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)
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 ___
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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 Six Months Ended June 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>
June 30, December 31,
1996 1995
-------- ------------
<S> <C> <C>
ASSETS
CASH $ 22,985 $ 156,971
ESCROW DEPOSITS RESTRICTED 415,137 358,320
LAND HELD FOR INVESTMENT 2,510,538 2,448,411
OTHER ASSETS 1,000 1,000
Total Assets $ 2,949,660 $ 2,964,702
=========== ============
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE &
ACCRUED EXPENSES 70,521 55,767
MINORITY INTEREST IN JOINT VENTURE 100 100
PARTNERS' EQUITY 2,879,039 2,908,835
Total Liabilities &
Partners' Equity $2,949,660 $ 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 to Date Year to Date
Ending June 30,
----------------
1996 1995 1996 1995
<S> <C> <C> <C> <C>
REVENUE:
Land Sales
Sale Proceeds - - - $1,753,930
Cost of Land Sold - - - 515,491
Selling Expenses - - - 177,622
Gain on sale - - - 1,060,817
Interest Income 3,147 4,680 3,865 4,813
Miscellaneous - - - 700
Total Revenue 3,147 $4,680 3,865 1,066,330
EXPENSES:
Interest Expense - - - 2,528
Management Fees 3,901 3,901 7,802 7,802
Legal &
Accounting Fees 9,875 2,076 21,887 16,775
General & Admin.
Expenses 1,886 2,325 3,972 2,685
Amortization - - - 11,754
Total Expenses $15,662 $ 8,302 $33,661 $ 41,544
NET INCOME (LOSS) (12,515) $(3,622) $(29,796) $1,024,786
<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
June 30,
1996 1995
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $(29,796) $1,024,786
Adjustments to reconcile
Net Income to Net Cash
used in Operating Activities:
Change in Accounts Payable 14,754 (35,553)
Change in Other Assets - 10,576
Gain on Land Sale - (1,060,817)
Change in Accrued
Interest Payable - (8,723)
Change in Escrow Deposits (56,817) -
Total Adjustments (42,063) (1,094,517)
Net Cash used in
Operating Activities (71,859) (69,731)
Cash Flows from Investing Activities:
Proceeds from Land Sale - 1,576,308
Land Improvements (62,127) (82,000)
Net Cash provided by
Investing Activities (62,127) 1,494,308
Cash Flows from Financing Activities:
Change in Note Payable-Private - (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 (133,986) 122,539
CASH AT JANUARY 1, 156,971 72,022
CASH AT June 30, $ 22,985 $ 194,561
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<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 Six Months Ended June 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 six
month period ended June 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 six months were as
follows:
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
Management Fees $7,802 $ 7,802
Accounting Fees 1,900 1,600
</TABLE>
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
There have been no sales during the first six months of 1996.
Operations of the Registrant have been comparable to prior quarters
with few exceptions. Legal and accounting expense increased due to additional
charges for Edgar filings. 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
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 June 30, 1996, the Registrant had an operating cash
balance of $22,985 which the General Partner believes will
sufficiently cover operating expenses for the remainder of the year,
and an escrow cash balance of $415,137 to be used
on development.
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PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
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 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 14, 1996 By:/s/ Steven D. Ezell
President
Date:August 14, 1996 By:/s/ Michael A. Hartley
Secretary/Treasurer
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