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: June 30, 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>2
THE MARINA LIMITED PARTNERSHIP
FORM 10-Q
Table of Contents
PART I. FINANCIAL INFORMATION Page No.
Item 1. Financial Statements (unaudited)
A. Balance Sheets - June 30, 1995,
and December 31, 1994. 3
B. Statements of Earnings -
Comparative three months ended
June 30, 1995, and 1994. 4
C. Statements of Earnings -
Comparative six months ended
June 30, 1995, and 1994. 5
D. Statements of Cash Flows -
Comparative six months ended
June 30, 1995, and 1994. 6
Item 2. Management's Discussion and
Analysis of Financial Condition
and Results of Operations. 7
PART II. OTHER INFORMATION
(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.)
Signature 9
<PAGE>3
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.
A. THE MARINA LIMITED PARTNERSHIP
Balance Sheets
June 30, 1995, and December 31, 1994
(Unaudited)
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
Assets
Cash and cash equivalents $4,887,504 4,266,499
Contracts receivable from
homesite sales 1,365,068 787,467
Other receivables and assets 632,664 598,264
Home and homesites available
for sale 1,103,793 630,145
Land and land improvements 2,257,090 2,973,830
Marina property and equipment,
net 1,725,414 1,551,904
Commercial properties, net 1,478,262 1,515,684
Recreational facilities, net 432,653 -
Investment in Marina I 1,810,911 1,710,911
Investment in Flatfork Creek
Utility 89,860 146,184
Investment in Dockside Cafe 252,229 278,229
$16,035,448 14,459,117
Liabilities and Partners' Equity
Accounts payable 451,792 302,233
Construction costs payable 300,000 199,325
Accrued bonuses 78,823 47,535
Homesite and commercial sale
deposits 184,800 43,000
Deferred revenues 608,911 95,519
Amount payable as trustee 13,092 27,055
1,637,418 714,667
Partners' equity:
General partner
- 196,714 units 4,245,689 4,021,726
Limited partners
- 478,421 units 10,152,341 9,722,724
Total partners' equity 14,398,030 13,744,450
$ 16,035,448 14,459,117
</TABLE>
<PAGE>4
B. THE MARINA LIMITED PARTNERSHIP
Statements of Earnings
Three Months Ended June 30, 1995, and 1994
(Unaudited)
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
Revenues:
Homesite sales $ 1,304,000 1,234,986
Marina operations
and boat sales 1,450,195 1,592,735
Interest income 83,212 52,034
Rental income, net 56,831 50,120
Gain on sales of land
held for investment 191,468 -
Equity in earnings of
investee companies 59,676 -
Recreational facilities 6,575 -
3,151,957 2,929,875
Expenses:
Cost of home and homesites
sold and related expenses 459,780 711,012
Marina operations and
cost of boat sales 978,315 1,146,715
General and administrative 175,601 162,529
Management fees paid to
general partner 20,000 23,500
1,633,696 2,043,756
Net earnings 1,518,261 886,119
Net earnings attributable to
general partner 442,376 258,189
Net earnings attributable to
limited partners $1,075,885 627,930
Weighted average number of
limited partner units
outstanding 478,421 478,421
Net earnings per limited
partner unit $ 2.25 1.31
</TABLE>
<PAGE>5
C. THE MARINA LIMITED PARTNERSHIP
Statements of Earnings
Six Months Ended June 30, 1995, and 1994
(Unaudited)
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
Revenues:
Homesite sales $1,633,000 2,164,986
Marina operations
and boat sales 1,602,076 1,739,661
Interest income 164,452 91,278
Rental income, net 89,385 80,825
Gain on sales of land
held for investment 498,372 -
Equity in earnings of
investee companies 217,676 -
Recreational facilities 30,929 -
4,235,890 4,076,750
Expenses:
Cost of home and
homesites sold and
related expenses 652,277 1,274,859
Marina operations and
cost of boat sales 1,220,149 1,395,324
General and
administrative 335,914 334,735
Management fees paid
to general partner 23,700 27,100
2,232,040 3,032,018
Net earnings 2,003,850 1,044,732
Net earnings attributable to
general partner 583,862 304,404
Net earnings attributable to
limited partners $1,419,988 740,328
Weighted average number of
limited partner units
outstanding 478,421 478,421
Net earnings per limited
partner unit $ 2.97 1.55
</TABLE>
<PAGE>6
D. THE MARINA LIMITED PARTNERSHIP
Statements of Cash Flows
Six Months Ended June 30, 1995, and 1994
(Unaudited)
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
Cash flows from operating
activities:
Net earnings $2,003,850 1,044,732
Items which do not
provide (use) cash:
Depreciation 101,840 111,589
Equity in earnings of
investee companies (217,676) -
Increase in contracts
receivable (577,601) (289,094)
Gain on sales of land
held for investment (498,373) -
Cost of homesites sold 509,106 1,112,624
Deferred revenues 513,392 315,914
Other non-cash items,
net 288,247 55,101
Net cash provided by
operating activities 2,122,785 2,350,866
Cash flows from investing
activities:
Investment in Marina I 200,000 (200,000)
Investment in Dockside
Cafe - (132,000)
Marina property and
equipment (235,767) (34,396)
Homesites available for
sale (1,023,207) (383,784)
Land and land development
costs (921,759) (160,248)
Commercial properties (2,161) (404,464)
Recreational facilities (432,653) -
Proceeds from sales of
land held for investment 2,278,000 -
Net cash used by
investing activities (137,547) (1,314,892)
Cash flows from financing
activities:
Distribution to partners (1,350,270) (675,135)
Amount payable as trustee (13,963) 877
Utility refunds received - 6,590
Net cash used by
financing activities (1,364,233) (667,668)
Net increase in cash
and cash equivalents 621,005 368,306
Cash and cash equivalents
at beginning of period 4,266,499 2,994,279
Cash and cash equivalents
at end of period $4,887,504 3,362,585
</TABLE>
<PAGE>7
ITEM 2. THE MARINA LIMITED PARTNERSHIP MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS FOR THE THREE MONTHS AND SIX MONTHS
ENDED JUNE 30, 1995, AND 1994.
The Partnership's net earnings for the second
quarter of 1995 were $1,518,000, as compared to net
earnings of $886,000 for the second quarter of 1994.
Revenues for the second quarter of 1995 were $3,152,000
compared to $2,930,000 for the second quarter of 1994.
Net earnings for the first six months of 1995 were
$2,004,000, as compared to $1,045,000 for the first six
months of 1994. Revenues were $4,236,000 for the first
six months of 1995, as compared to $4,077,000 for the
first six months of 1994.
During the first six months of 1995, the Partnership
sold three homesites from Bridgewater, the Partnership's
first single-family homesite project located near Geist
Marina and 16 homesites from Cambridge, a single-family
homesite project located at Geist Lake. The Partnership is
completing development of 65 homesites in the fifth section
Cambridge. The 19 homesites sold in the first six months of
1995, compares with 22 homesites sold in 1994, four
of which were from Bridgewater and 18 of which were from
Cambridge. Earnings from homesite sales were $981,000 in
the first six months of 1995, compared with $890,000 in
the first six months of 1994. During the first six
months of 1995, the Partnership spent $1,023,000 for
improvements to its residential homesite projects
compared to $384,000 spent in the first six months 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 18 homesites in Cambridge in the first six
months of 1995, compared to two homesites sold in the
first six months of 1994. The Partnership recognized
$300,000 in equity earnings from Marina I from its
homesite sales in the first six months 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 1995.
In May, 1995, the Partnership sold 1.5 acres of
commercial property at Geist Crossing for $600,000 for
retail shops. A gain of $191,000 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. 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 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.
<PAGE>8
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 $26,000
in the first six months of 1995.
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
$540,000 in the first six months of 1995 for construction
of this building. In 1995, the Partnership plans to
spend an additional $560,000 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.
Net revenues from marina operations and boat sales
increased by $38,000 to $382,000 for the first six months
of 1995, compared to $344,000 for the first six months of
1994. The increase in net revenues results from a
reduction in maintenance and depreciation expense at
Morse Marina. As of June 30, 1995, the Partnership
collected $396,000 of advance dock rental toward the 1995
boating season. This compared to $386,000 collected as
of June 30, 1994. The rental payments are deferred when
received and recognized as earned during the April to
September boating season.
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.
<PAGE>9
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: August 14, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary information extracted from the financial
statements contained in the filer's 10-Q for the quarter ended June 30,
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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 4,887,504
<SECURITIES> 0
<RECEIVABLES> 1,997,732
<ALLOWANCES> 0
<INVENTORY> 1,103,793
<CURRENT-ASSETS> 0
<PP&E> 5,893,419
<DEPRECIATION> 0
<TOTAL-ASSETS> 16,035,448
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 14,398,030
<TOTAL-LIABILITY-AND-EQUITY> 16,035,448
<SALES> 3,235,076
<TOTAL-REVENUES> 4,235,890
<CGS> 1,872,426
<TOTAL-COSTS> 2,232,040
<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> 2,003,850
<EPS-PRIMARY> 2.97
<EPS-DILUTED> 2.97
</TABLE>
