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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 MARCH 31, 1997
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>
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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 Three Months Ended March 31, 1997
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>
March 31, December 31,
1997 1996
<S> <C> <C>
ASSETS
CASH $1,859 26,406
RESTRICTED CASH 757,406 303,583
LAND HELD FOR INVESTMENT 2,444,242 2,626,713
OTHER ASSETS 1,000 1,000
Total Assets $3,204,507 $ 2,957,702
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE &
ACCRUED EXPENSES 201,502 104,069
MINORITY INTEREST
IN JOINT VENTURE 100 100
PARTNERS' EQUITY
Limited Partners (7,500
units outstanding) 3,002,905 2,854,086
General partners - (553)
Total partners' equity 3,002,905 2,853,533
Total Liabilities &
Partners' Equity $3,204,507 $2,957,702
========== ==========
<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 and
Year to Date Ending
MARCH 31,
1997 1996
<C> <C>
REVENUE:
Land Sales
Sale Proceeds $426,650 $-
Cost of Land Sold (194,964) -
Selling Expenses (53,825) -
Gain on Land 177,861 -
Interest Income 1,304 718
Total Revenue $179,165 $718
EXPENSES:
Property Taxes 9,935 -
Management Fees 3,901 3,901
Legal & Accounting Fees 13,080 13,200
General & Admin. Expenses 2,877 898
Total Expenses $ 29,793 $ 17,999
NET INCOME (LOSS) $ 149,372 $(17,281)
<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
MARCH 31,
1997 1996
<S> <C> <C>
Cash Flows from
Operating Activities:
Net Income $ 149,372 $(17,281)
Adjustments to reconcile
Net Income to Net Cash
used in Operating Activities:
Change in A/P 97,433 (12,009)
Gain on Land Sale (177,861) -
Change in Restr. Cash (453,823) (61,708)
Total Adjustments (534,251) (73,717)
Net Cash used in
Operating Activities (384,879) (90,998)
Cash Flows from
Investing Activities:
Proceeds from Land Sale 372,825 -
Land Improvements (12,493) -
Net Cash provided by
Investing Activities 360,332 -
Net Increase/(Decrease)in Cash
and Cash Equivalents $ (24,547) (90,998)
CASH AT JANUARY 1, 26,406 156,971
CASH AT MARCH 31, $ 1,859 $ 65,973
======== ========
<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 Three Months Ended March 31, 1997
(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, 1996. 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, 1997 may not be indicative
of the results that may be expected for the year ending
December 31, 1997.
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>
1997 1996
<S> <C><C>
Management Fees $ 3,901 $ 3,901
Accounting Fees - 400
</TABLE>
C. SUBSEQUENT EVENT
On April 30, 1997, the Registrant secured a $300,000 loan
through a private lending source. This loan was used to
relieve a temporary cash short fall until restricted
development funds could be released. The loan matures in 1
year and accrues interest at prime +4%.
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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 MARCH 31, 1997.
During the first quarter of 1997, the Registrant sold 3.71 acres of
industrial property for net proceeds of approximately $372,825.
The proceeds were reserved to cover development costs related to
the sale.
Operations of the Registrant are comparable with prior quarters
except the increase in property taxes. The Registrant was assessed
rollback property taxes on the property sold. The rollback taxes
represent approximately 3 years taxes at a commercial rate for the
property. These taxes are required when the property is sold as a
result of the property being assessed a special reduced rate while
the Registrant owned the property. These rollback taxes are paid
only when land is sold. Certain other parcels of the Registrant's
property will be subject to this rollback tax.
FINANCIAL CONDITION
DEVELOPMENT
The development begun in 1995, finishing Mallory Station Road
through the Property with utilities and constructing two detention
ponds, is still under construction. The parcel sold in the first
quarter of 1997 is included in this development and the sale
proceeds were reserved for this development. Current estimates to
complete this development total approximately $860,000 of which
most is reserved and any additional funds are expected from future
sales.
LIQUIDITY
As of April 30, 1997, the Registrant had an operating cash
balance of $53,160 that the General Partner believes will
sufficiently cover operating expenses for the next year, and an
escrow cash balance of $757,406 to be used on development.
On April 30, 1997, the Registrant secured a $300,000 loan through
a private lending source. This loan was used to relieve a
temporary cash short fall until restricted development funds could
be released. The loan matures in 1 year and accrues interest at
prime +4%.
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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 1997
(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: May 15, 1997 By:/s/ Steven D. Ezell
President
Date: May 15, 1997 By:/s/ Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1997
<CASH> 1,859
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 2,444,242
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,204,507
<CURRENT-LIABILITIES> 201,502
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,002,905
<TOTAL-LIABILITY-AND-EQUITY> 3,204,507
<SALES> 426,650
<TOTAL-REVENUES> 179,165
<CGS> 194,964
<TOTAL-COSTS> 248,789
<OTHER-EXPENSES> 29,793
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 149,372
<INCOME-TAX> 0
<INCOME-CONTINUING> 149,372
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 149,372
<EPS-PRIMARY> 19.92
<EPS-DILUTED> 19.92
</TABLE>
