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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, 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)
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, 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>
September, December 31,
1997 1996
-------- ------------
<S> <C> <C>
ASSETS
CASH $ 497,636 $ 26,406
ESCROW DEPOSITS RESTRICTED 777,512 303,583
LAND HELD FOR INVESTMENT 2,116,874 2,626,713
OTHER ASSETS 1,500 1,000
Total Assets $ 3,393,522 $ 2,957,702
=========== ============
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE &
ACCRUED EXPENSES 4,456 104,069
MINORITY INTEREST IN JOINT VENTURE 100 100
PARTNERS' EQUITY:
Limited Partners (7,500 units
outstanding) 3,388,966 2,854,086
General Partners - (553)
Total partners equity 3,388,966 2,853,533
Total Liabilities &
Partners' Equity $3,393,522 $ 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 Ending Year to Date
September 30, September 30,
1997 1996 1997 1996
<C> <C> <C> <C>
REVENUE:
Land Sales
Sale Proceeds 2,333,480 - 2,760,130 -
Cost of Land Sold (1,105,415) - (1,300,379) -
Selling Expenses (233,643) - (287,468) -
Gain on Land Sale 994,422 - 1,172,283 -
Interest Income 2,412 264 5,754 4,129
Miscellaneous - 49,428 33 49,428
Total Revenue 996,834 49,692 1,178,070 53,557
EXPENSES:
Property taxes 47,456 - 57,391 -
Int.Exp.& Financing Fees 6,411 500 22,098 500
Management Fees 3,901 3,901 11,703 11,703
Legal & Accounting Fees (8,150) 1,566 18,310 24,641
General & Admin. Expenses 1,933 77 4,272 1,521
Total Expenses $ 51,551 6,044 113,774 38,365
NET INCOME $ 945,283 43,648 1,064,296 15,192
<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,
1997 1996
<C> <C>
Cash Flows from
Operating Activities:
Net Income 1,064,296 15,192
Adjustments to reconcile
Net Income to Net Cash
used in Operating Activities:
Change in Accounts Payable (99,613) (11,510)
Gain on Land Sale (1,172,283) -
Change in Other Assets (500) -
Change in Escrow Deposits (473,929) (48,041)
Total Adjustments (1,746,325) (59,551)
Net Cash used in
Operating Activities (682,029) (44,359)
Cash Flows from Investing Activities:
Proceeds from Land Sale 2,472,662 -
Land Improvements (790,540) (66,861)
Net Cash (used in)/provided by
Investing Activities l,682,122 (66,861)
Cash Flows from
Financing Activities:
Cash Distribution to Partners (528,863) -
Net Cash Used in Financing Activities - -
Net Decrease in Cash and
Cash Equivalents 471,230 (111,220)
CASH AT JANUARY 1, 26,406 156,971
CASH AT SEPTEMBER 30, $497,636 $ 45,751
========== =========
<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, 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 nine month period ended September 30, 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 nine months were as follows:
<TABLE>
<CAPTION>
1997 1996
________ ________
<S> <C> <C>
Management Fees $ 11,703 11,703
Accounting Fees 2,300 2,000
</TABLE>
C. SUBSEQUENT EVENT
On October 24, 1997, the Registrant sold 10 acres for approximately $1.2
million.
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
There were three sales during the second quarter of 1997 totalling $2.3
million dollars in gross proceeds for approximately 15 acres. During the
first quarter of 1997, the Registrant sold 3.71 acres of industrial property
for net proceeds of approximately $372,825. From the sale proceeds, the
$300,000 note payable was retired, approximately $150,000 was reserved for
site development related to the sale sites, and $528,863 was distributed to
the partners.
Operations of the Registrant are comparable with prior quarters except for
the following. Property tax expense is for rollback property taxes. The
Registrant was required to pay rollback property taxes on the property sold
in 1997. The city and county assessed rollback taxes on the date of sale
of certain farm land. The tax is equal to approximately 3 years taxes at a
commercial rate. Certain other parcels of the Registrant's property will be
subject to this rollback tax when sold.
The increase in interest expense and financing fees is due to the $300,000
Note payable secured in April, 1997. The loan was retired in August 1997.
The Registrant incurred interest of approximately $11,000 and financing fees
of approximately $9,000. The Registrant also incurred interest on other
short term loans totalling $2000. The Registrant had no interest bearing
liabilities in 1996.
Legal & Accounting fees were over accrued at June 30, 1997. The correction
of this accrual resulted in a credit balance for the third quarter of 1997.
Legal and accounting fees for 1997 are lower than 1996 due to additional
legal work required in 1996.
LIQUIDITY
As of October 31, 1997, the Registrant had an operating cash balance of $
181,173 which the General Partner believes will sufficiently cover operating
expenses for the rest of the year, and an escrow cash balance of $852,512 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 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: November 21, 1997 By:/s/ Steven D. Ezell
President
Date: November 21, 1997 By:/s/ Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1997
<CASH> 497636
<SECURITIES> 777512
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 2116874
<DEPRECIATION> 0
<TOTAL-ASSETS> 3393522
<CURRENT-LIABILITIES> 4456
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3388966
<TOTAL-LIABILITY-AND-EQUITY> 3393522
<SALES> 2760130
<TOTAL-REVENUES> 1178070
<CGS> 1300379
<TOTAL-COSTS> 1587847
<OTHER-EXPENSES> 91676
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 22098
<INCOME-PRETAX> 1064296
<INCOME-TAX> 0
<INCOME-CONTINUING> 1064296
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1064296
<EPS-PRIMARY> 14.17
<EPS-DILUTED> 14.17
</TABLE>
