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: Commission File Number
September 30, 1995 0-13174
THE MARINA LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Indiana 35-1689935
(State or other jurisdiction (I.R.S. Employer
of 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
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THE MARINA LIMITED PARTNERSHIP
FORM 10-Q
Table of Contents
PART I. FINANCIAL INFORMATION Page No.
Item 1. Financial Statements (unaudited)
A. Balance Sheets - September 30, 1995,
and December 31, 1994. 3
B. Statements of Earnings - Comparative
three months ended September 30, 1995,
and 1994. 4
C. Statements of Earnings - Comparative
nine months ended September 30, 1995,
and 1994. 5
D. Statements of Cash Flows - Comparative
nine months ended September 30, 1995,
and 1994. 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations. 7
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 9
(a) Exhibits
Signatures 9
Exhibit Index 9
Exhibit 27 10
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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>
A. THE MARINA LIMITED PARTNERSHIP
<CAPTION>
Balance Sheets
September 30, 1995, and December 31, 1994
(Unaudited)
1995 1994
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 5,933,616 $ 4,266,499
Contracts receivable from
homesite sales 2,020,330 787,467
Other receivables and assets 529,357 598,264
Home and homesites
available for sale 1,011,999 630,145
Land and land improvements 1,823,863 2,863,199
Marina property and
equipment, net 1,719,012 1,551,904
Commercial properties, net 2,489,316 1,626,315
Recreational facilities, net 432,653 -
Investment in Marina I 1,748,411 1,710,911
Investment in Flatfork
Creek Utility 102,860 146,184
Investment in Dockside Cafe 263,829 278,229
$ 18,075,246 14,459,117
LIABILITIES AND PARTNERS' EQUITY
Accounts payable 1,316,887 302,233
Construction costs payable 182,941 199,325
Accrued bonuses 119,120 47,535
Homesite and commercial
sale deposits 8,900 43,000
Deferred revenues 128,923 95,519
Amount payable as trustee 13,092 27,055
1,769,863 714,667
Partners' equity:
General partner -
196,714 units 4,767,905 4,021,726
Limited partners -
478,421 units 11,537,478 9,722,724
TOTAL PARTNERS' EQUITY 16,305,383 13,744,450
$ 18,075,246 14,459,117
</TABLE>
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<TABLE>
B. THE MARINA LIMITED PARTNERSHIP
<CAPTION>
Statements of Earnings
Three Months Ended September 30, 1995, and 1994
(Unaudited)
1995 1994
<S> <C> <C>
Revenues:
Homesite sales $ 2,664,000 $560,631
Marina operations and boat sales 1,196,005 1,026,978
Interest income 112,735 57,427
Rental income, net 35,836 69,446
Gain on sales of land held for
investment - 66,814
Equity in earnings of investee
companies 299,600 474,000
Recreational facilities 70,046 -
4,378,222 2,255,296
Expenses:
Cost of homesites sold
and related expenses 1,593,806 258,412
Marina operations and cost of
boat sales 661,009 594,811
General and administrative 183,054 179,990
Management fees paid to general
partner 33,000 23,700
2,470,869 1,056,913
NET EARNINGS 1,907,353 1,198,383
Net earnings attributable to
general partner 555,745 349,173
Net earnings attributable to
limited partners $ 1,351,608 $849,210
Weighted average number of limited
partner units outstanding 478,421 478,421
Net earnings per limited partner unit $2.83 1.78
</TABLE>
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<TABLE>
C. THE MARINA LIMITED PARTNERSHIP
<CAPTION>
Statements of Earnings
Nine Months Ended September 30, 1995, and 1994
(Unaudited)
1995 1994
<S> <C> <C>
Revenues:
Homesite sales $4,297,000 $2,725,617
Marina operations and boat sales 2,798,081 2,766,639
Interest income 277,187 148,705
Rental income, net 125,221 150,271
Gain on sales of land held
for investment 498,372 66,814
Equity in earnings of investee
companies 517,276 474,000
Recreational facilities 100,975 -
8,614,112 6,332,046
Expenses:
Cost of homesites sold
and related expenses 2,246,084 1,533,271
Marina operations and cost of
boat sales 1,881,157 1,990,135
General and administrative 518,968 514,725
Management fees paid to general
partner 56,700 50,800
4,702,909 4,088,931
NET EARNINGS 3,911,203 2,243,115
Net earnings attributable to
general partner 1,139,607 653,576
Net earnings attributable to
limited partners $ 2,771,596 1,589,539
Weighted average number of
limited partner units outstanding 478,421 478,421
Net earnings per limited partner unit $ 5.79 3.32
</TABLE>
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<TABLE>
D. THE MARINA LIMITED PARTNERSHIP
<CAPTION>
Statements of Cash Flows
Nine Months Ended September 30, 1995, and 1994
(Unaudited)
1995 1994
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 3,911,203 $2,243,115
Items which do not provide (use) cash:
Depreciation 152,760 167,992
Equity in earnings of investee
companies (517,276) (474,000)
Increase in contracts receivable (1,232,863) (200,639)
Gain on sales of land held
for investment (498,373) (66,814)
Cost of homesites sold 1,934,546 1,301,874
Deferred revenues 33,404 (48,514)
Other non-cash items, net 1,128,547 121,209
NET CASH PROVIDED BY
OPERATING ACTIVITIES 4,911,948 3,044,223
Cash flows from investing activities:
Investment in Marina I 500,000 200,000
Investment in Dockside Cafe 30,000 (132,000)
Marina property and equipment (260,494) (40,310)
Homesites available for sale (2,356,853) (623,444)
Land and land development costs (716,223) (261,540)
Commercial properties (922,375) (472,796)
Recreational facilities (432,653) -
Proceeds from sales of land held
for investment 2,278,000 359,293
NET CASH USED BY
INVESTING ACTIVITIES (1,880,598) (970,797)
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 1,667,117 1,405,758
Cash and cash equivalents at
beginning of period 4,266,499 2,994,279
Cash and cash equivalents at
end of period $ 5,933,616 4,400,037
</TABLE>
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ITEM 2. THE MARINA LIMITED PARTNERSHIP MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS FOR THE THREE MONTHS AND NINE
MONTHS ENDED SEPTEMBER 30, 1995, AND 1994.
The Partnership's net earnings for the third quarter of
1995 were $1,907,000, as compared to net earnings of
$1,198,000 for the third quarter of 1994. Revenues for
the third quarter of 1995 were $4,378,000 compared to
$2,255,000 for the third quarter of 1994.
Net earnings for the first nine months of 1995 were
$3,911,000, as compared to $2,243,000 for the first
nine months of 1994. Revenues were $8,614,000 for the
first nine months of 1995, as compared to $6,332,000
for the first nine months of 1994.
During the first nine months of 1995, the Partnership
sold four homesites from Bridgewater, the Partnership's
first single-family homesite project located near Geist
Marina and 34 homesites from Cambridge, a single-family
homesite project located at Geist Lake. The
Partnership completed development of 65 homesites in
the fifth section of Cambridge. Of the 34 homesites
sold in Cambridge in 1995, 26 homesites were from the
newly completed fifth section. The Partnership accrued
$789,000 as accounts payable to Marina I in the third
quarter of 1995 for Marina I's share of profit earned
on homesites sold in the fifth section of Cambridge by
the Partnership where the land was partially owned by
Marina I. The 38 homesites sold in the first nine
months of 1995 compares with 28 homesites sold in the
first nine months of 1994, four of which were from
Bridgewater and 24 of which were from Cambridge.
Earnings from homesite sales were $2,051,000 in the
first nine months of 1995, compared with $1,192,000 in
the first nine months of 1994. During the first nine
months of 1995, the Partnership spent $2,357,000 for
improvements to its residential homesite projects
compared to $623,000 spent in the first nine months of
1994.
The Partnership is the 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 31 homesites in Cambridge in the first
nine months of 1995, compared to 21 homesites sold in
the first nine months of 1994. The Partnership
recognized $545,000 in equity earnings from Marina I
from its homesite sales in the first nine months of
1995. The Partnership, as general partner of Marina I,
and the sole limited partner each received a
distribution of $500,000 from Marina I in 1995.
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During 1995, the Partnership sold 8.3 acres of
commercial property at Geist Crossing for a total of
$2,278,000. Gains of $498,000 were recognized on these
sales in 1995.
The Partnership is a limited partner of Dockside Cafe
L.P., an Indiana limited partnership ("Dockside Cafe"),
which operates the Blue Heron restaurant at Marina
Village, and the Carrigan Crossing restaurant at Morse
Marina. The Partnership recognized equity earnings
from Dockside Cafe of $16,000, and received a
distribution of $30,000 from Dockside Cafe in the first
nine 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 completed construction of an
office and retail building at Marina Village in the
third quarter of 1995. This new building includes
12,000 square feet of retail space, of which 9,000
square feet has been leased, and 8,000 square feet of
office space, of which 2,000 square feet is the office
of the Partnership. The Partnership spent $940,000 in
the first nine months of 1995 for construction of this
building. Additional amounts will be expended for
tenant finishings in 1995.
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
generated by the recreational facilities for the first
nine months of 1995 were $101,000.
Net revenues from marina operations and boat sales
increased by $140,000 to $917,000 for the first nine
months of 1995, compared to $777,000 for the first nine
months of 1994. The increase in net revenues results
from a reduction in maintenance and depreciation
expense at Morse Marina, and an increase in net gas
sales.
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 $1,350,000. This compares to a partnership
distribution of $1.00 per unit made on April 18, 1994.
<PAGE>
<PAGE>9
PART II - OTHER INFORMATION
Item 6.
(a) Exhibits.
27 Financial Data Schedule for Quarter
Ended September 30, 1995
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: November 10, 1995
EXHIBIT INDEX
Exhibit No. Description Page
27 Financial Data Schedule for 10
Quarter Ended September 30,
1995
<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
SEPTEMBER 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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 5,933,616
<SECURITIES> 0
<RECEIVABLES> 2,549,687
<ALLOWANCES> 0
<INVENTORY> 1,011,999
<CURRENT-ASSETS> 0
<PP&E> 6,464,844
<DEPRECIATION> 0
<TOTAL-ASSETS> 18,075,246
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 16,305,383
<TOTAL-LIABILITY-AND-EQUITY> 18,075,246
<SALES> 7,095,081
<TOTAL-REVENUES> 8,614,112
<CGS> 4,127,241
<TOTAL-COSTS> 4,702,909
<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> 3,911,203
<EPS-PRIMARY> 5.79
<EPS-DILUTED> 5.79
</TABLE>
