SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended: March 31, 1995 Commission File Number: 0-13174
THE MARINA LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Indiana 35-1689935
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
11691 Fall Creek Road, Indianapolis, IN 46256
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (317) 845-0270
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 the past 90 days.
YES X NO
PAGE
<PAGE>
Table of Contents
PART I. FINANCIAL INFORMATION Page No.
Item 1. Financial Statements (unaudited)
A. Balance Sheets - March 31, 1995, and
December 31, 1994. 3
B. Statements of Earnings - Comparative three
months ended March 31, 1995, and 1994. 4
C. Statements of Cash Flows - Comparative three
months ended March 31, 1995, and 1994. 5
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations. 6
PART II. OTHER INFORMATION
(Except for Item 6(a), the items of Part II are
inapplicable or the answers thereto are negative and,
accordingly, no reference is made to said items in
this report.)
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
27 Financial Data Schedule
Signature 8
PAGE
<PAGE>
PART I - FINANCIAL INFORMATION
THE MARINA LIMITED PARTNERSHIP
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
The financial information incorporated in this form reflects all
adjustments which are, in the opinion of management, necessary to a fair
statement of the results for the interim period.
<TABLE>
<CAPTION>
A. THE MARINA LIMITED PARTNERSHIP
Balance Sheets
March 31, 1995, and December 31, 1994
(Unaudited)
1995 1994
<C> <C>
<S>
Assets
Cash and cash equivalents $ 5,097,091 4,266,499
Contracts receivable from homesite sales 828,959 787,467
Other receivables and assets 901,029 598,264
Home and homesites available for sale 855,286 630,145
Land and land improvements 2,179,783 2,973,830
Marina property and equipment, net 1,737,119 1,551,904
Commercial properties, net 1,497,633 1,515,684
Recreational facilities, net 425,000 -
Investment in Marina I 1,700,911 1,710,911
Investment in Flatfork Creek Utility 146,184 146,184
Investment in Dockside Cafe 246,229 278,229
$ 15,615,224 14,459,117
Liabilities and Partners' Equity
Accounts payable 314,638 302,233
Construction costs payable 300,000 199,325
Accrued bonuses 38,139 47,535
Homesite and commercial sale deposits 17,600 43,000
Deferred revenues 687,753 95,519
Amount payable as trustee 27,055 27,055
1,385,185 714,667
Partners' equity:
General partner - 196,714 units 4,163,212 4,021,726
Limited partners - 478,421 units 10,066,827 9,722,724
Total partners' equity 14,230,039 13,744,450
$ 15,615,224 14,459,117
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B. THE MARINA LIMITED PARTNERSHIP
Statements of Earnings
Three Months Ended March 31, 1995, and 1994
(Unaudited)
1995 1994
<S> <C> <C>
Revenues:
Homesite sales $ 329,000 930,000
Marina operations and boat sales 151,881 146,926
Interest income 81,239 39,245
Rental income, net 32,555 30,704
Gain on sales of land held for investment 306,905 -
Equity in earnings of investee companies 158,000 -
Recreational facilities 24,354 -
1,083,934 1,146,875
Expenses:
Cost of home and homesites sold
and related expenses 192,498 563,847
Marina operations and cost of boat sales 241,833 248,609
General and administrative 160,314 172,206
Management fees paid to general partner 3,700 3,600
598,345 988,262
Net earnings 485,589 158,613
Net earnings attributable to
general partner 141,486 46,215
Net earnings attributable to
limited partners $ 344,103 112,398
Weighted average number of limited
partner units outstanding 478,421 478,421
Net earnings per limited partner unit $ .72 .23
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
C. THE MARINA LIMITED PARTNERSHIP
Statements of Cash Flows
Three Months Ended March 31, 1995, and 1994
(Unaudited)
1995 1994
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 485,589 158,613
Items which do not provide (use) cash:
Depreciation 50,920 55,795
Equity in earnings of investee companies (158,000) -
Increase in contracts receivable (41,492) (291,967)
Gain on sales of land held for investment (306,906) -
Cost of homesites sold 154,755 493,922
Deferred revenues 592,234 477,631
Other non-cash items, net (325,156) (370,542)
Net cash provided by
operating activities 451,944 523,452
Cash flows from investing activities:
Investment in Marina I 200,000 -
Investment in Dockside Cafe - -
Marina property and equipment (216,343) (89,865)
Homesites available for sale (420,349) (231,324)
Land and land development costs (435,920) (72,191)
Commercial properties (1,740) (647)
Recreational facilities (425,000) -
Proceeds from sales of land held for investment 1,678,000 -
Net cash provided (used) by
investing activities 378,648 (394,027)
Cash flows from financing activities:
Utility refunds received - 6,589
Net cash provided by
financing activities - 6,589
Net increase in cash
and cash equivalents 830,592 136,014
Cash and cash equivalents at
beginning of period 4,266,499 2,994,279
Cash and cash equivalents at
end of period $ 5,097,091 3,130,293
</TABLE>
<PAGE>
<PAGE>
ITEM 2. THE MARINA LIMITED PARTNERSHIP MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS FOR THE QUARTER ENDED MARCH 31, 1995, AND 1994.
The Partnership's net earnings for the first quarter of 1995
were $486,000, as compared to net earnings of $159,000 for the
first quarter of 1994. Revenues for the first quarter of 1995 were
$1,084,000 compared to $1,147,000 for the first quarter of 1994.
The Partnership sold one waterfront homesite from Bridgewater,
the Partnership's first single-family homesite project located near
Geist Marina. The Partnership sold four homesites from the first
two sections of Cambridge, a single-family homesite project located
at Geist Lake, for a total of five homesites sold by the
Partnership in the first quarter of 1995. This compares with ten
homesites sold in 1994, two of which were from Bridgewater and
eight of which were from Cambridge. Earnings from homesite sales
were $137,000 in the first quarter of 1995, compared with $366,000
in the first quarter of 1994. During the first quarter of 1995,
the Partnership spent $420,000 for improvements to its residential
homesite projects compared to $231,000 spent in the first quarter
of 1994.
The Partnership is general partner of The Marina I L.P., an
Indiana limited partnership ("Marina I"), which developed 29 of the
71 homesites in the first two sections of Cambridge, (the
Partnership developed the other 42 homesites). Marina I also
developed 112 homesites in sections three and four of Cambridge.
Marina I sold 12 homesites in Cambridge in the first quarter of
1995. There were no homesites sold in the first quarter of 1994.
The Partnership recognized $190,000 in equity earnings from Marina
I from its homesite sales in the first quarter of 1995. The
Partnership, as general partner of Marina I, and the sole limited
partner each received a distribution of $200,000 from Marina I in
the first quarter of 1995.
In January 1995, the Partnership sold 1.3 acres of commercial
property at Geist Crossing to a national drug store chain for
$675,000, which resulted in a gain of $217,000. In February 1995,
the Partnership sold .5 acres of commercial property at Geist
Crossing for $200,000 to a fast-food chain for additional parking.
A gain of $11,000 was recognized on the sale. In March 1995, the
Partnership sold 5 acres of commercial property at Geist Crossing
for $803,000 for retail shops connected to the Kroger store. A
gain of $79,000 was recognized.
The Partnership is a limited partner of Dockside Cafe L.P., an
Indiana limited partnership ("Dockside Cafe"), which operates the
Blue Heron at Marina Village, and Carrigan Crossing at Morse
Marina. The Partnership recognized an equity loss from Dockside
Cafe of $32,000 in the first quarter of 1995.
<PAGE>
<PAGE>
The opening of the Blue Heron restaurant at Geist Marina in
1993 was the first step in the re-development of the Geist Marina
area, and the creation of Marina Village. The Partnership began
construction of an office and retail building at Marina Village in
1994, which will include 12,000 square feet of retail space and
8,000 square feet of office space. The Partnership spent $239,000
in the first quarter of 1995 for construction of the building. In
1995, the Partnership plans to spend an additional $860,000 to
complete construction of the building.
In March 1995, the Partnership purchased the recreational
facilities at Geist Lake for $425,000 from The New Shorewood
Limited Partnership, the successor to The Shorewood Corporation.
The Partnership's residential developments have access to the newly
acquired recreational facilities.
On April 17, 1995, the Partnership made a cash distribution to
the partners of record on April 3, 1995, of $2.00 per unit of
partnership interest, for a total of $1,350,270. This compares to
a partnership distribution of $1.00 per unit made on April 18,
1994.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
27 Financial Data Schedule.
PAGE
<PAGE>
SIGNATURE
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.
THE MARINA LIMITED PARTNERSHIP
(Registrant)
By: /s/ Jane E. Nold Shriner
Jane E. Nold Shriner
Vice President and
Chief Financial Officer
The Marina II Corporation
General Partner of
The Marina Limited Partnership
DATE: May 9, 1995
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS CONTAINED IN THE FILER'S FORM 10-Q FOR THE QUARTER ENDED
MARCH 31, 1995, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000803605
<NAME> THE MARINA LIMITED PARTNERSHIP
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 5,097,091
<SECURITIES> 0
<RECEIVABLES> 1,729,988
<ALLOWANCES> 0
<INVENTORY> 855,286
<CURRENT-ASSETS> 0
<PP&E> 5,839,535
<DEPRECIATION> 0
<TOTAL-ASSETS> 15,615,224
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 14,230,039
<TOTAL-LIABILITY-AND-EQUITY> 15,615,224
<SALES> 480,881
<TOTAL-REVENUES> 1,083,934
<CGS> 434,331
<TOTAL-COSTS> 598,345
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 485,589
<EPS-PRIMARY> .72
<EPS-DILUTED> .72
</TABLE>
