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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 June 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)
(Former name, former address and former fiscal year,
if changed since last report.)
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 Six Months Ended June 30, 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>
June 30, December 31,
2000 1999
<S> <C> <C>
ASSETS
CASH $ 384,115 $ 289,876
RESTRICTED CASH 283,844 480,442
LAND AND IMPROVEMENTS
HELD FOR INVESTMENT 572,966 565,616
OTHER ASSETS - 1,000
Total Assets $1,240,925 $ 1,336,934
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE &
ACCRUED EXPENSES $ - 68,730
MINORITY INTEREST IN
CONSOLIDATED JOINT VENTURE 100 100
TOTAL LIABILITIES 100 68,830
PARTNERS' EQUITY
Limited Partners (7,500
units outstanding) 847,713 874,992
General partners 7,844 7,844
Special Limited Partners 385,268 385,268
Total partners' equity 1,240,825 1,268,104
Total Liabilities &
Partners' Equity $1,240,925 $ 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 SIX MONTHS ENDED
June 30,
----------------
2000 1999 2000 1999
<S> <C> <C> <C> <C>
REVENUE:
Land Sales
Sale Proceeds $ - 579,640 - 2,048,170
Cost of Land Sold - (132,883) - (571,426)
Selling Expenses - (52,460) - (186,247)
Gain on land sales - 394,297 - 1,290,497
Interest Income - 400 - 2,477
Miscellaneous - - 5,000 1,400
Total Revenue - 394,697 5,000 1,294,374
EXPENSES:
Property Taxes - 3,616 - 44,554
Interest Expense - - - 1,898
Management Fees 3,901 3,901 7,802 7,802
Legal &
Accounting Fees 12,406 13,379 17,542 17,879
General & Admin.
Expenses 882 384 2,995 892
Architect & Engineering 2,065 - 2,065 -
Ground Maintenance 1,875 1,200 1,875 1,200
Total Expenses 21,129 22,480 32,279 74,225
NET INCOME (LOSS) BEFORE
MINORITY INTEREST (21,129) 372,217 (27,279) 1,220,149
Minority Interest - - - (144,500)
NET (LOSS) INCOME $(21,129) 372,217 (27,279) 1,075,649
Net Income
per limited
partner unit $ (2.82) 49.63 (3.64) 143.42
<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>
SIX MONTHS ENDED
June 30,
2000 1999
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income (loss) $ (27,279) $ 1,075,649
Adjustments to reconcile
Net Income (loss) to Net Cash provided by
Operating Activities:
Decrease in Restricted Cash 196,598 19,531
Increase in accounts receivable - -
Cost of Land & Improvements Sold - 571,426
Cost of Land & Improvements (7,350) (150,388)
Decrease Increase in Accounts
Payable & Accrued Expenses (68,730) (111,209)
Decrease (Increase) in Other
Assets 1,000 (3,229)
Decrease in Payable to Related
Party - (126,500)
Net Cash provided by
Operating Activities 94,239 1,275,280
Cash Flows from Financing Activities -
Distributions to Partners - (706,521)
Net Increase in Cash 94,239 568,759
CASH AT JANUARY 1, 289,876 5,809
CASH AT June 30, $ 384,115 $ 574,568
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<FN>
See accompanying notes to consolidated 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 and Six Months Ended June 30, 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 six
month period ended June 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 six months were as
follows:
<TABLE>
<CAPTION>
2000 1999
---- ----
<S> <C> <C>
Fees to Affiliate of General Partner
Management Fees $ 7,802 $ 7,802
Accounting Fees 12,908 2,650
Commissions (Selling Expenses) - 44,056
Fees to Minority Interest Holder
Development Fees (Selling Expenses) - 40,989
Commissions (Selling Expenses) - 61,483
</TABLE>
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MOORE'S LANE PROPERTIES, LTD. AND SUBSIDIARY
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the Three and Six Months Ended June 30, 2000 and 1999
(Unaudited)
C. COMPREHENSIVE INCOME
During the three and six month periods ended June 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 (loss) income.
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
There were no sales during 2000. During the second quarter of
1999, the Registrant had one sale where approximately 2.3 acres
were sold for net proceeds of approximately $527,000. In July
2000, the Registrant sold approximately 2.3 acres of land for net
proceeds of approximately $814,000. These sale proceeds were used
to make a $1.2 cash distribution to the partners.
Operations of the Registrant are comparable with prior quarters
except for the following. The 1999 property tax expense is for
rollback taxes related to the land sold. The Registrant was
required to pay rollback property taxes on the property sold in
1999. The City and County collect rollback taxes when certain land
zoned for agricultural use is sold. The tax is equal to
approximately 3 years taxes at a commercial rate. The General
Partner does not expect to pay any additional roll back taxes.
FINANCIAL CONDITION
LIQUIDITY
As of July 31, 2000, the Registrant had an operating cash
balance of $348,870 that the General Partner believes will
sufficiently cover operating expenses for the next year, and an
escrow cash balance of $283,842 to be used to fund 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
(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:August 13, 2000 By:/s/ Steven D. Ezell
President
Date:August 13, 2000 By:/s/ Michael A. Hartley
Secretary/Treasurer
