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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, 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
MOORE'S LANE PROPERTIES, LTD. AND SUBSIDIARY
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For the Three Months Ended March 31, 2000 and 1999
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>
March 31, December 31,
2000 1999
<S> <C> <C>
ASSETS
CASH $ 342,280 $ 289,876
RESTRICTED CASH 351,442 480,442
LAND AND IMPROVEMENTS
HELD FOR INVESTMENT 572,966 565,616
OTHER ASSETS - 1,000
Total Assets $1,266,688 $ 1,336,934
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE &
ACCRUED EXPENSES $ - 68,730
PAYABLE TO RELATED PARTY 4,634 -
MINORITY INTEREST IN
CONSOLIDATED JOINT VENTURE 100 100
TOTAL LIABILITIES 4,734 68,830
PARTNERS' EQUITY
Limited Partners (7,500
units outstanding) 868,842 874,992
General partners 7,844 7,844
Special Limited Partners 385,268 385,268
Total partners' equity 1,261,954 1,268,104
Total Liabilities &
Partners' Equity $ 1,266,688 $ 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
MARCH 31,
2000 1999
<C> <C>
REVENUE:
Land Sales:
Sales Of Land & Improvements $ - $ 1,468,530
Cost of Land &
Improvements Sold (438,543)
Selling Expenses (133,787)
Gain on Land Sales - 896,200
Interest Income - 2,077
Miscellaneous 5,000 1,400
Total Revenue $ 5,000 $ 899,677
EXPENSES:
Property Taxes - 40,938
Management Fees 3,901 3,901
Legal & Accounting Fees 5,136 4,500
General & Admin. Expenses 2,113 508
Interest Expense - 1,898
Total Expenses $ 11,150 $ 51,745
NET INCOME (LOSS) BEFORE
MINORITY INTEREST $ (6,150) $ 847,932
Minority Interest - (144,500)
Net Income (Loss) $ (6,150) $ 703,432
<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>
Three months
Ended
MARCH 31,
2000 1999
<S> <C> <C>
Cash Flows from
Operating Activities:
Net (Loss) Income $ (6,150) $ 703,432
Adjustments to reconcile
Net (Loss) Income to Net Cash
provided by (used in)
Operating Activities:
Change in Restricted Cash 129,000 (1,670)
Cost of Land and Improvements Sold - 438,543
Cost of Land Improvements (7,350) (93,671)
Change in Other Assets 1,000 (3,229)
Decrease in Accounts
Payable & Accrued Expenses (68,730) (111,209)
Increase in Payable to Related
Party 4,634 (126,500)
Decrease in Minority Interest - -
Net Cash provided by (used in)
Operating Activities 52,404 805,696
Cash Flows From Financing
Activities-Distributions To
Partners - (706,521)
Net Increase (Decrease)in Cash 52,404 99,175
CASH AT JANUARY 1, 289,876 5,809
CASH AT MARCH 31, $342,280 $ 104,984
======= ========
<FN>
See accompanying notes to financial statements.
</TABLE>
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MOORE'S LANE PROPERTIES, LTD. AND SUBSIDIARY
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Three Months Ended March 31, 2000 and 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, 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
three-month period ended March 31, 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 three
months were as follows:
2000 1999
PAYMENTS TO MINORITY INTEREST HOLDER
Commissions(selling expenses) $ - $ 44,056
Development Fees(selling expenses) - 29,371
PAYMENTS TO AFFILIATE OF GENERAL PARTNER
Management Fees $ 3,901 3,901
Commissions(selling expenses) - $ 44,056
Accounting Fees 500 500
C. COMPREHENSIVE INCOME
During the three month periods ended March 31, 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 (loss).
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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, 2000.
There were no sales during the first quarter of 2000. In 1999, the
Registrant sold 6.5 acres for net proceeds of $1.3 million. All
loans and payables were paid off, $706,521 was distributed to the
partners, and the remaining proceeds were retained to meet
operating expense. The Registrant has xx acres left for sale.
Expenses of the Registrant are comparable with prior quarters
except for the following. Property tax expense in 1999 is for
rollback property taxes. The Registrant was required to pay
rollback property taxes on the property sold. The remaining land
held is not subject to any additional rollback taxes. The lack of
interest expense in 2000 is due to the retirement of all debt
during the first quarter of 1999.
FINANCIAL CONDITION
LIQUIDITY
As of April 30, 2000, the Registrant had an operating cash
balance of $332,845 that the General Partner believes will
sufficiently cover operating expenses for the next year, and an
escrow cash balance of $350,442 to be used on development.
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 Partnership divided the Plan into five major
phases-assessment, planning, conversion, implementation and
testing. The plan was completed in mid 1999. The total remediation
costs for the plan were not material to the operation or liquidity
of the partnerships. The Registrant had no significant operational
difficulties related to Year 2000 issue. Management does not
expect any issues or operational problems related to Year 2000
issues in the future.
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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 2000
(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, 2000 By:/s/ Steven D. Ezell
President
Date: May 15, 2000 By:/s/ Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 342,280
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 572,966
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,266,688
<CURRENT-LIABILITIES> 4,634
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,261,954
<TOTAL-LIABILITY-AND-EQUITY> 1,266,688
<SALES> 0
<TOTAL-REVENUES> 5,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 11,148
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (6,148)
<INCOME-TAX> 0
<INCOME-CONTINUING> (6,148)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,148)
<EPS-BASIC> (.82)
<EPS-DILUTED> (.82)
</TABLE>
