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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, 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 Months Ended March 31, 1998
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,
1998 1997
<S> <C> <C>
ASSETS
CASH $ 122,114 192,693
RESTRICTED CASH 746,349 742,843
LAND HELD FOR INVESTMENT 1,707,121 1,692,659
OTHER ASSETS 1,000 1,000
Total Assets $2,576,584 $ 2,629,195
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE &
ACCRUED EXPENSES 4,568 47,832
MINORITY INTEREST
IN JOINT VENTURE 63 100
PARTNERS' EQUITY
Limited Partners (7,500
units outstanding) 2,388,577 2,397,794
General partners 3,952 3,953
Special Limited Partners 179,424 179,516
Total partners' equity 2,571,953 2,581,263
Total Liabilities &
Partners' Equity $2,576,584 $2,629,195
========== ==========
<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,
1998 1997
<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 9,707 1,304
Total Revenue $ 9,707 $179,165
EXPENSES:
Property Taxes - 9,935
Management Fees 3,901 3,901
Legal & Accounting Fees 11,050 13,080
General & Admin. Expenses 4,103 2,877
Total Expenses $ 19,054 $ 29,793
NET (LOSS)/INCOME BEFORE
MINORITY INTEREST $(9,347) $149,372
Minority Interest (37) -
________ _______
Net (Loss)/Income $ (9,310) $149,372
<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,
1998 1997
<S> <C> <C>
Cash Flows from
Operating Activities:
Net (Loss) Income $ (9,310) $149,372
Adjustments to reconcile
Net (Loss) Income to Net Cash
used in Operating Activities:
Cost of Land and Improvements Sold - 194,964
Cost of Land Improvements (14,462) (12,493)
(Decrease) Increase in A/P (43,264) 97,433
Decrease in Minority Interest (37) -
Increase in Restr. Cash (3,506) (453,823)
Net Cash used in
Operating Activities (24,547)
Net Increase/(Decrease)in Cash
and Cash Equivalents $ (70,579) (24,547)
CASH AT JANUARY 1, 192,693 26,406
CASH AT MARCH 31, $ 122,114 $ 1,859
======== ========
<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, 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
three-month period ended March 31, 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 three
months were as follows:
<TABLE>
<CAPTION>
1998 1997
<S> <C> <C>
Management Fees $ 3,901 $ 3,901
Accounting Fees - -
/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, 1998
(continued) (Unaudited)
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 three month periods ended
March 31, 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
RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 1998.
There were no sales during the first quarter of 1998
Operations of the Registrant are comparable with prior quarters
except the decrease in property taxes. The Registrant was assessed
rollback property taxes on the property sold in 1997. 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
LIQUIDITY
As of April 30, 1998, the Registrant had an operating cash
balance of $108,000 that the General Partner believes will
sufficiently cover operating expenses for the next year, and an
escrow cash balance of $746,920 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 for the First Quarter of 1998
(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, 1998 By:/s/ Steven D. Ezell
President
Date: May 15, 1998 By:/s/ Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1998
<CASH> 122,114
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 1,707,121
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,576,584
<CURRENT-LIABILITIES> 4,568
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,571,953
<TOTAL-LIABILITY-AND-EQUITY> 2,576,584
<SALES> 0
<TOTAL-REVENUES> 9,707
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 19,054
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (9,310)
<INCOME-TAX> 0
<INCOME-CONTINUING> (9,310)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (9,310)
<EPS-PRIMARY> (1.24)
<EPS-DILUTED> (1.24)
</TABLE>
