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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, 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)
(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, 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>
June 30, December 31,
1997 1996
-------- ------------
<S> <C> <C>
ASSETS
CASH $ 36,030 $ 26,406
ESCROW DEPOSITS RESTRICTED 729,958 303,583
LAND HELD FOR INVESTMENT 2,648,390 2,626,713
OTHER ASSETS 1,000 1,000
Total Assets $ 3,415,378 $ 2,957,702
=========== ============
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE &
ACCRUED EXPENSES 136,465 104,069
NOTE PAYABLE 300,000 -
ACCRUED INTEREST PAYABLE 6,267 -
MINORITY INTEREST IN JOINT VENTURE 100 100
PARTNERS' EQUITY:
Limited Partners (7,500 units
outstanding) 2,972,546 2,854,086
General Partners - (553)
Total partners equity 2,972,546 2,853,533
Total Liabilities &
Partners' Equity $3,415,378 $ 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 to Date Year to Date
Ending June 30,
----------------
1997 1996 1997 1996
<S> <C> <C> <C> <C>
REVENUE:
Land Sales
Sale Proceeds - - $426,650 -
Cost of Land Sold - - (194,964) -
Selling Expenses - - (53,825) -
Gain on sale - - 177,861 -
Interest Income 2,038 3,147 3,342 3,865
Miscellaneous 33 - 33 -
Total Revenue 2,071 3,147 $181,236 3,865
EXPENSES:
Property Taxes - - 9,935 -
Interest Expense 8,267 - 8,267 -
Management Fees 3,901 3,901 7,802 7,802
Legal &
Accounting Fees 13,380 9,875 26,460 23,075
General & Admin.
Expenses 777 1,886 2,339 2,784
Loan closing expense 6,105 - 7,420 -
Total Expenses 32,430 $15,662 $ 62,223 $33,661
NET INCOME (LOSS) (30,359) (12,515) $119,013 $(29,796)
<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,
1997 1996
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $119,013 $(29,796)
Adjustments to reconcile
Net Income to Net Cash
used in Operating Activities:
Change in Accounts Payable 32,396 14,754
Gain on Land Sale (177,861) -
Change in Accrued
Interest Payable 6,267 -
Change in Escrow Deposits (426,375) (56,817)
Total Adjustments (565,573) (42,063)
Net Cash used in
Operating Activities (446,560) (71,859)
Cash Flows from Investing Activities:
Proceeds from Land Sale 372,825 -
Land Improvements (216,641) (62,127)
Net Cash provided by
Investing Activities 156,184 (62,127)
Cash Flows from Financing Activities:
Change in Note Payable 300,000 -
Net Cash Used in
Financing Activities 300,000 -
Net Increase/(Decrease)
in Cash and
Cash Equivalents 9,624 (133,986)
CASH AT JANUARY 1, 26,406 156,971
CASH AT June 30, 36,030 $ 22,985
======== =========
<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, 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 six
month period ended June 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 six months were as
follows:
<TABLE>
<CAPTION>
1997 1996
---- ----
<S> <C> <C>
Management Fees $7,802 $ 7,802
Accounting Fees 1,550 1,900
</TABLE>
C. NOTE PAYABLE
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
There were no sales during the second quarter of 1997, but 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 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 is due to the Note payable
incurred in April, 1997. The Registrant had no interest bearing
liabilities in 1996.
The 1997 loan closing costs were associated with obtaining the Note
payable in the second quarter and are one-time only expenses.
Because of the short loan period (one year), these costs were
expensed and not capitalized and amortized.
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 July 31, 1997, the Registrant had an operating cash
balance of $ 28,598 that the General Partner believes will
sufficiently cover operating expenses for the next year, and an
escrow cash balance of $609,291 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, 1997 By:/s/ Steven D. Ezell
President
Date:August 14, 1997 By:/s/ Michael A. Hartley
Secretary/Treasurer
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<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<CASH> 36,030
<SECURITIES> 729,958
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 2,648,390
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,415,378
<CURRENT-LIABILITIES> 136,465
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,972,546
<TOTAL-LIABILITY-AND-EQUITY> 3,415,378
<SALES> 426,650
<TOTAL-REVENUES> 181,236
<CGS> 194,964
<TOTAL-COSTS> 248,789
<OTHER-EXPENSES> 53,956
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8,267
<INCOME-PRETAX> 119,013
<INCOME-TAX> 0
<INCOME-CONTINUING> 119,013
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 119,013
<EPS-PRIMARY> 15.87
<EPS-DILUTED> 15.87
</TABLE>
