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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, 1997
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: 33-5785-A
NASHVILLE LAND FUND, LTD.
(Exact name of Registrant as specified in its charter)
Tennessee 62-1271664
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification)
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
NASHVILLE LAND FUND, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For the Six Months Ended June 30, 1997
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>
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<CAPTION>
June 30, December 31,
1997 1996
-------- ------------
<S> <C> <C>
ASSETS
CASH $ 57,335 $ 153,733
LAND HELD FOR INVESTMENT,less
valuation allowance of $877,154 4,097,037 4,066,832
OTHER ASSETS 2,975 275
--------- ---------
Total Assets 4,157,347 4,220,840
========= =========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE 608 32,536
PARTNERS' EQUITY:
Limited Partners, 7,500 units
outstanding 4,153,653 4,188,218
Special Limited Partner 4 4
General Partner 82 82
Total Partners' equity 4,156,739 4,188,304
---------- ---------
Total Liabilities &
Partners' Equity 4,157,347 4,220,840
========== =========
<FN>
See notes to financial statements.
/TABLE
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<TABLE>
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter to Date Year to Date
Ending June 30,
-----------------------------------------
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUE:
Miscellaneous $ 758 200 758 500
Interest 2,841 3,021 2,841 3,021
Total Revenue $ 3,599 3,221 3,599 3,521
EXPENSES:
State income tax - 8,829 - 8,829
Maintenance 2,624 5,000 5,930 10,000
Management Fees 3,500 3,500 7,000 7,000
Legal & Accounting Fees 7,243 5,023 18,393 16,500
General & Admin. Exp. 1,231 1,972 3,841 5,767
Total Expenses 14,598 24,324 35,164 48,096
NET LOSS $ (10,999) $(21,103) $(31,565) $(44,575)
<FN>
See notes to financial statements
</TABLE>
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<TABLE>
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
June 30,
---------------------
1997 1996
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net income $ (31,565) $(44,575)
Adjustments to reconcile
Net income to net cash used in
operating activities:
Change in accounts payable (31,928) -
Decrease in accrued taxes - (35,236)
Increase in other assets (2,700) -
Total adjustments (34,628) (35,235)
Net cash used in
operating activities (66,193) (79,811)
Cash Flows from investing activities:
Change in land improvements (30,205) 3,150
Net Cash provided by
investing activities (30,205) 3,150
Net Increase/(Decrease) in
Cash and Cash Equivalents (96,398) (76,661)
CASH AT JANUARY 1, 153,733 163,842
CASH AT JUNE 30, 57,335 87,181
<FN>
See notes to financial statements.
</TABLE>
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NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended June 30, 1997
(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, 1996. 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, 1997 may not be indicative of the results
that may be expected for the year ending December 31, 1997.
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>
1997 1996
________ ________
<S> <C> <C>
Management Fees $ 7,000 $ 7,000
Accounting Fees 1,700 1,600
</TABLE>
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
There have been no sales during the first six months of 1997.
Overall operations of the Registrant are minimal and have not fluctuated
signficantly. State Income tax expense is incurred on the receipt of non-bank
interest income. The Registrant has not received any non-bank interest in 1997.
The 1996 state income tax expense was recorded when the tax was paid on note
interest earned in 1995.
FINANCIAL CONDITION
As of July 30, 1997, the Registrant has $ 52,044 in cash reserves. These funds
are expected to be sufficient through 1997.
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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.
NASHVILLE LAND FUND, LTD.
By: 222 PARTNERS, INC.
General Partner
Date: August 14, 1997 By: /s/ Steven D. Ezell
President
Date:August 14, 1997 By: /s/ Michael A. Hartley
Secretary/Treasurer
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<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1997
<CASH> 57335
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 4097037
<DEPRECIATION> 0
<TOTAL-ASSETS> 4157347
<CURRENT-LIABILITIES> 608
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4156739
<TOTAL-LIABILITY-AND-EQUITY> 4157347
<SALES> 0
<TOTAL-REVENUES> 3599
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 35164
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (31565)
<INCOME-TAX> 0
<INCOME-CONTINUING> (31565)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (31565)
<EPS-PRIMARY> (4.21)
<EPS-DILUTED> (4.21)
</TABLE>
