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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, 2000
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
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,
2000 1999
-------- ------------
<S> <C> <C>
ASSETS
CASH $ 202,945 $ 289,876
RESTRICTED CASH 283,842 480,442
LAND AND IMPROVEMENTS
HELD FOR INVESTMENT 363,395 565,616
OTHER ASSETS - 1,000
ACCOUNTS RECEIVABLE 5,800 -
Total Assets $ 855,982 $ 1,336,934
=========== ============
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE &
ACCRUED EXPENSES $ 38,309 $ 68,730
MINORITY INTEREST IN
CONSOLIDATED JOINT VENTURE 100 100
TOTAL LIABILITIES 38,409 68,830
PARTNERS' EQUITY:
Limited Partners (7,500 units
outstanding) 564,126 874,992
General Partner 4,137 7,844
Special limited Partners 249,310 385,268
Total partners equity 817,573 1,268,104
Total Liabilities &
Partners' Equity $ 855,982 $ 1,336,934
========== ==========
<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 OPERATIONS
(Unaudited)
<CAPTION>
Three Months Ended Nine Months Ended
Ending September 30,
---------------------
2000 1999 2000 1999
<S> <C> <C> <C> <C>
REVENUE:
Land Sales:
Sales of Land
& Improvements $1,430,383 $ 805,672 $1,430,383 $2,853,842
Cost of Land and
Improvements Sold (209,571) (162,599) (209,571) (734,025)
Selling Expenses (144,830) (74,375) (144,830) (260,622)
Gain on Land Sales 1,075,982 568,698 1,075,982 1,859,195
Interest Income - 3,365 - 5,842
Miscellaneous - 5,000 1,400
Total Revenue 1,075,982 572,063 1,080,982 1,866,437
EXPENSES:
Property Taxes 49,867 (5,175) 49,867 39,379
Interest Expense - - - 1,898
Management Fees 3,901 3,901 11,703 11,703
Legal &
Accounting Fees 500 1,125 18,042 19,004
General & Administrative
Expenses 822 739 5,881 2,831
Land maintenance expenses 3,600 4,732 5,475 4,732
Total Expenses 58,690 5,322 90,968 79,547
NET INCOME BEFORE
MINORITY INTEREST 1,017,292 566,741 990,014 1,786,890
Minority Interest (244,893) (204,000) (244,893) (348,500)
NET INCOME $ 772,399 362,741 $ 745,121 $1,438,390
Net Income per
limited partner unit$ 102.99 $ 48.36 $ 99.35 $ 191.78
<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,
2000 1999
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ 745,121 $1,438,390
Adjustments to reconcile
Net Income to Net Cash Provided
by Operating Activities:
Decrease in Restricted Cash 196,600 33,618
Decrease (Increase)in
Other Assets 1,000 (3,229)
Increase in Accounts Receivable (5,800) -
Cost of Land & Improvements Sold 209,571 734,025
Cost of Land & Improvements (7,350) (209,236)
Decrease in Accounts
Payable & Accrued Expenses (30,421) (116,209)
Decrease in Payable to
Related Party - (126,500)
Net Cash provided by
Operating Activities 1,108,721 1,750,859
Cash Flows from Investing Activities:
Cash Distributions to Partners (1,195,652) (1,684,782)
Net (decrease) increase in Cash (86,931) 66,077
CASH AT JANUARY 1, 289,876 5,809
CASH AT September 30, $ 202,945 $ 71,886
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, 2000
(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, 1999. 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, 2000 may not be indicative of
the results that may be expected for the year ending December
31, 2000.
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:
Fees to Affiliate of General Partner
2000 1999
Management Fees $ 11,703 $ 11,703
Accounting Fees $ 12,745 $ 3,150
Fees to Minority Interest Holder
Development Fees (Selling expense)$ 28,608 $ _
Commissions (Selling expense) $ 69,023 $ -
C. COMPREHENSIVE INCOME
During the three and nine month periods ended September 30,
2000,and 1999, 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 2000, the Registrant had two sales
totaling 3.3 acres. The proceeds were used to make a cash
distribution to the partners of approximately $1,195,000 The
remaining proceeds were reserved to cover operating costs of the
partnership. As of October 31, 2000, the Registrant had 6.9 acres
remaining to sell.
Operations of the Registrant are comparable with prior quarters.
During the fourth quarter, management will update its evaluation of
the values of the Property and if necessary, any impairment will be
recorded.
FINANCIAL CONDITION
LIQUIDITY
As of October 31, 2000, the Registrant had an operating cash
balance of $ 205,948 that the General Partner believes will
sufficiently cover operating expenses for the next year. All
development plans are reserved for in the $278,842 of escrowed cash
balances held at October 31, 2000.
In June 1998, the Financial Accounting Standards Board issued SFAS
No. 133, "Accounting for Derivative Instruments and Hedging
Activities." SFAS No. 133 established reporting standards for
derivative instruments, including certain derivative instruments
embedded in other contracts. Under SFAS No. 133, the Company would
recognize all derivatives as either assets or liabilities, measured
at fair value, in the statement of financial position. In July
1999, SFAS No. 137 "Accounting for Derivative Instruments and
Hedging Activities - Deferral of Effective Date of FASB No. 133, An
Amendment of FASB Statement No. 133" was issued deferring the
effective date of SFAS No. 133 to fiscal years beginning after June
15, 2000. In June 2000, SFAS No. 138 "Accounting for Certain
Derivative Instruments and Certain Hedging Activities, an Amendment
of FASB No. 133" was issued clarifying the accounting for
derivatives under the new standard. The General Partner believes
these pronouncements will have no impact on its consolidated
financial statements.
In December 1999, the Securities and Exchange Commission issued
Staff Accounting Bulletin No. 101 "Revenue Recognition in Financial
Statements" ("SAB 101"). SAB 101 establishes specific criterion
for revenue recognition. In June 2000, the Securities and Exchange
Commission issued ("SAB 101B"), which amends SAB 101 no later than
the fourth quarter of its fiscal year ending December 31, 2000.
The General Partner believes that this SAB will have no impact on
the Company's revenue recognition and presentation policies.
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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 14, 2000 By:/s/ Steven D. Ezell
President
Date:November 14, 2000 By:/s/ Michael A. Hartley
Secretary/Treasurer
