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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, 1999
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 ___
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PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
MOORE'S LANE PROPERTIES, LTD. AND SUBSIDIARY
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For the Three and Nine Months Ended September 30, 1999 and 1998
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.
AND SUBSIDIARY
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<CAPTION>
September 30, December 31,
1999 1998
-------- ------------
<S> <C> <C>
ASSETS
CASH $ 71,886 $ 5,809
RESTRICTED CASH 575,886 609,504
LAND HELD FOR INVESTMENT 742,199 1,266,988
OTHER ASSETS 4,229 1,000
Total Assets $1,394,200 $ 1,883,301
=========== ============
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE &
ACCRUED EXPENSES $ - $ 116,209
PAYABLE TO RELATED PARTY - 126,500
MINORITY INTEREST IN
CONSOLIDATED JOINT VENTURE 100 100
TOTAL LIABILITIES 100 242,809
PARTNERS' EQUITY:
Limited Partners (7,500 units
outstanding) 961,929 1,131,940
General Partner 4,322 5,085
Special limited Partners 427,849 503,467
Total partners equity 1,394,100 1,640,492
Total Liabilities &
Partners' Equity $ 1,394,200 $1,883,301
========== ==========
<FN>
See accompanying notes to consolidated financial statement
</TABLE>
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<TABLE>
MOORE'S LANE PROPERTIES, LTD.
AND SUBSIDIARY
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Three Months Ended Nine Months Ended
Ending September 30,
---------------------
1999 1998 1999 1998
<S> <C> <C> <C> <C>
REVENUE:
Land Sales:
Sales of Land
& Improvements $ 805,672 $1,025,000 $2,853,842 $2,448,096
Cost of Land and
Improvements Sold (162,599) (233,174) (734,025) (702,617)
Selling Expenses (74,375) (94,805) (260,622) (225,609)
Gain on Land Sales 568,698 697,021 1,859,195 1,519,870
Interest Income 3,365 401 5,842 11,111
Miscellaneous - 40 1,400 140
Total Revenue 572,063 697,462 1,866,437 1,531,121
EXPENSES:
Property Taxes (5,175) 9,300 39,379 62,229
Interest Expense - - 1,898 -
Management Fees 3,901 3,901 11,703 11,703
Legal &
Accounting Fees 1,125 - 19,004 18,403
General & Administrative
Expenses 739 86 2,831 6,114
Land maintenance expenses 4,732 - 4,732 -
Total Expenses 5,322 13,287 79,547 98,449
NET INCOME BEFORE
MINORITY INTEREST 566,741 684,175 1,786,890 1,432,672
Minority Interest (204,000) 378,420 (348,500) 378,420
NET INCOME $ 362,741 $ 305,755 $1,438,390 $1,054,252
Net Income per
limited partner unit $ 48.36 $ 40.77 $ 191.78 $ 140.57
<FN> See accompanying notes to consolidated financial statements
</TABLE>
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<TABLE>
MOORE'S LANE PROPERTIES, LTD.
AND SUBSIDIARY
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Nine Months Ended
September 30,
1999 1998
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ 1,438,390 $ 1,432,672
Adjustments to reconcile
Net Income to Net Cash Provided
by Operating Activities:
Decrease in Restricted Cash 33,618 217,887
Increase in Other Assets (3,229) -
Cost of Land & Improvements Sold 734,025 702,617
Cost of Land & Improvements (209,236) (243,790)
Increase (decrease) in Accounts
Payable & Accrued Expenses (116,209) 52,168
Decrease in Payable to
Related Party (126,500) -
Net Cash provided by
Operating Activities 1,750,859 2,161,554
Cash Flows from Investing Activities:
Cash Distributions to Partners (1,684,782) (2,226,257)
Net increase(decrease) in Cash 66,077 (64,703)
CASH AT JANUARY 1, 5,809 192,693
CASH AT September 30, $ 71,886 $ 127,990
<FN>
See accompanying 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, 1999
(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, 1998. 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, 1999 may not be indicative of
the results that may be expected for the year ending December
31,1999.
Certain reclassifications have been made to conform to the
current year presentation.
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:
1999 1998
Management Fees $ 11,703 $ 11,703
Accounting Fees $ 3,150 $ 3,100
C. COMPREHENSIVE INCOME
During the three and nine month periods ended September 30,
1999,and 1998, the Partnership had no components of other
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 1999, the Registrant had one sale of
2.3 acres. The proceeds combined with the second quarter sales
were used to make a cash distribution to the limited partners of
$978,260. The remaining proceeds were reserved to cover
development costs related to the sales. As of October 31, 1999,
the Registrant had 10.2 acres remaining to sell.
Operations of the Registrant are comparable with prior quarters
except for property taxes. Property taxes for the nine months
ended September 30 consist only of property tax allocations from
sales of land during the year. 1998 taxes included allocations for
roll back taxes and current year taxes. Property taxes in 1999
include an allocation of current year taxes only. The property
will no longer be assessed rollback taxes.
During the fourth quarter, Management will update its evaluation of
the values of the Property and if necessary, any impairment
reserves will be recorded.
Year 2000
In 1998, the Partnership initiated a plan ("Plan") to identify, and
remediate "Year 2000" issues within each of its significant
computer programs and certain equipment which contain
microprocessors. The Plan is addressing the issue of computer
programs and embedded computer chips being unable to distinguish
between the year 1900 and the year 2000, if a program or chip uses
only two digits rather than four to define the applicable year.
The Partnership has divided the Plan into five major
phases-assessment, planning, conversion, implementation and
testing. After completing the assessment and planning phases
earlier year, the Partnership is currently in the conversion,
implementation, and testing phases. Systems which have been
determined not to be Year 2000 compliant are being either replaced
or reprogrammed, and thereafter tested for Year 2000 compliance.
Contingency plans are being developed in the event that any
critical system is not compliant.
The failure to correct a material Year 2000 problem could result in
an interruption in, or failure of, certain normal business
activities or operations. Such failures could materially and
adversely affect the Partnership's operations, liquidity and
financial condition. Due to the general uncertainty inherent in
the Year 2000 problem, resulting in part from the uncertainty of
the Year 2000 readiness of third-party suppliers and customers, the
Partnership is unable to determine at this time whether the
consequences of Year 2000 failures will have a material impact on
the Partnership's operations, liquidity or financial condition.
FINANCIAL CONDITION
LIQUIDITY
As of October 31, 1999, the Registrant had an operating cash
balance of $ 88,110 that the General Partner believes will
sufficiently cover operating expenses for the next year. All
development plans are reserved for in the $525,759 of escrowed cash
balances held at October 31, 1999.
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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, 1999 By:/s/ Steven D. Ezell
President
Date:November 16, 1999 By:/s/ Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1999
<CASH> 71,886
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 742,199
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,394,200
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,394,100
<TOTAL-LIABILITY-AND-EQUITY> 1,394,200
<SALES> 2,853,842
<TOTAL-REVENUES> 1,866,437
<CGS> 734,025
<TOTAL-COSTS> 994,647
<OTHER-EXPENSES> 79,547
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,438,390
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,438,390
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,438,390
<EPS-BASIC> 191.79
<EPS-DILUTED> 191.79
</TABLE>
