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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, 1998
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 and Nine Months Ended September 30, 1998 and 1997
INDEX
Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Cash Flows 5
Notes to Consolidated Financial Statements 6
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<TABLE>
MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<CAPTION>
September 30, December 31,
1998 1997
-------- ------------
<S> <C> <C>
ASSETS
CASH $127,990 $192,693
RESTRICTED CASH 524,956 742,843
LAND HELD FOR INVESTMENT 1,233,832 1,692,659
OTHER ASSETS 1,000 1,000
Total Assets $ 1,887,778 $ 2,629,195
=========== ============
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE &
ACCRUED EXPENSES $ 100,000 $ 47,832
MINORITY INTEREST IN JOINT VENTURE 100 100
PARTNERS' EQUITY:
Limited Partners (7,500 units
outstanding) 1,233,498 2,397,794
General Partner 13,388 3,953
Special Limited Partners 540,792 179,516
Total partners equity 1,787,678 2,581,263
Total Liabilities &
Partners' Equity $1,887,778 $ 2,629,195
========== ==========
<FN>
See notes to consolidated financial statement
/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 September 30,
---------------------
1998 1997 1998 1997
<S> <C> <C> <C> <C>
REVENUE:
Land Sales
Sale Proceeds $1,025,000 $2,333,480 $2,448,096 $2,760,130
Cost of Land Sold (233,174)(1,105,415) (702,617)(1,300,379)
Selling Expenses (94,805) (233,643) (225,609) (287,468)
Gain on Land Sales 697,021 994,422 1,519,870 1,172,283
Interest Income 401 2,412 11,111 5,754
Miscellaneous 40 - 140 33
Total Revenue 697,462 996,834 1,531,121 1,178,070
EXPENSES:
Property Taxes 9,300 47,456 62,229 57,391
Interest Expense - 6,411 - 22,098
Management Fees 3,901 3,901 11,703 11,703
Legal &
Accounting Fees - (8,150) 18,403 18,310
General & Admin.
Expenses 86 1,933 6,114 4,272
Total Expenses 13,287 51,551 98,449 113,774
NET INCOME $684,175 $945,283 $1,432,672 $1,064,296
<FN>
See notes to consolidated 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,
1998 1997
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ 1,432,672 $ 1,064,296
Adjustments to reconcile
Net Income to Net Cash Provided
by Operating Activities:
Decrease (increase) in
Restricted Cash 217,887 (473,929)
Increase in Other Assets - (500)
Cost of Land & Improvements Sold 702,617 1,300,379
Cost of Land & Improvements (243,790) (790,540)
Increase (decrease) in Accounts
Payable & Accrued Expenses 52,168 (99,613)
Net Cash provided by
Operating Activities 2,161,554 1,000,093
Cash Flows from Investing Activities:
Cash Distributions to Partners (2,226,257) (528,863)
Net (decrease)increase in Cash (64,703) 471,230
CASH AT JANUARY 1, 192,693 26,406
CASH AT September 30, $ 127,990 $ 497,636
======== ==========
<FN>
See notes to consolidated financial statements.
/TABLE
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MOORE'S LANE PROPERTIES, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Three and Nine Months Ended September 30, 1998
(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, 1997. 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, 1998 may not be indicative of
the results that may be expected for the year ending December
31,1998.
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:
1998 1997
Management Fees $ 11,703 $ 11,703
Accounting Fees $ 3,100 $ 2,300
C. COMPREHENSIVE INCOME
Effective January 1, 1998, the Partnership adopted Statement of
Financial Accounting Standards (SFAS) No. 130 Reporting
Comprehensive Income. SFAS No. 130 establishes standards for
reporting and display of comprehensive income and its components in
a full set of general-purpose financial statements and requires
that all components of comprehensive income be reported in a
financial statement that is displayed with the same prominence as
other financial statements. Comprehensive income is defined as the
change in equity of a business enterprise, during a period,
associated with transactions and other events and circumstances
from non-owner sources. It includes all changes in equity during
a period except those resulting from investments by owners and
distributions to owners. During the nine month periods ended
September 30, 1998 and 1997, the Partnership had no components of
comprehensive income. Accordingly, comprehensive income for each
of the periods was the same as net income.
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
During the third quarter of 1998, the Registrant had one sale of
3.2 acres. The proceeds combined with the second quarter sales
were used to make a cash distribution to the partners of
$2,226,010. The remaining proceeds were reserved to cover
development costs related to the sales. As of October 31, 1998,
the Registrant had 20.8 acres remaining to sell.
Operations of the Registrant are comparable with prior quarters
except for the interest income and interest expense. Interest
income is higher in 1998 as compared to 1997 due to higher cash
balances. The decrease in interest expense is due to the Note
payable which the Registrant borrowed in April 1997 and retired in
full in the fourth quarter of 1997. The Registrant had no interest
bearing liabilities in 1998.
The General Partner has evaluated the impact of year 2000 issues on
our computer systems and applications. The Registrant is affected
by a single personal computer and a commercial software package.
Both are Y2K compliant.
FINANCIAL CONDITION
LIQUIDITY
As of October 31, 1998, the Registrant had an operating cash
balance of $ 113,157 that the General Partner believes will
sufficiently cover operating expenses for the next year. All
development plans are reserved for in the $527,455 of escrowed cash
balances held at October 31, 1998.
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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:November 16, 1998 By:/s/ Steven D. Ezell
President
Date:November 16, 1998 By:/s/ Michael A. Hartley
Secretary/Treasurer
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<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1998
<CASH> 127,990
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 1,233,832
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,887,778
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,787,678
<TOTAL-LIABILITY-AND-EQUITY> 1,887,778
<SALES> 2,448,096
<TOTAL-REVENUES> 1,531,121
<CGS> 702,617
<TOTAL-COSTS> 928,226
<OTHER-EXPENSES> 98,449
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,432,672
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,432,672
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,432,672
<EPS-PRIMARY> 191.02
<EPS-DILUTED> 191.02
</TABLE>
