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
March 31, 1996 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
<PAGE>
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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 - March 31, 1996, and
December 31, 1995. 3
B. Statements of Earnings - Comparative
three months ended March 31, 1996,
and 1995. 4
C. Statements of Cash Flows - Comparative
three months ended March 31, 1996,
and 1995. 5
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations. 6
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 8
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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.
A. THE MARINA LIMITED PARTNERSHIP
<TABLE>
Balance Sheets
March 31, 1996, and December 31, 1995
(Unaudited)
<CAPTION>
1996 1995
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 5,889,117 5,307,824
Contracts receivable
from homesite sales 1,272,591 1,928,269
Other receivables and
assets 1,010,658 621,232
Home and homesites
available for sale 932,063 908,310
Land and land
improvements 1,811,198 1,701,135
Marina property and
equipment, net 2,140,958 2,079,206
Commercial properties,
net 2,629,331 2,534,875
Recreational facilities,
net 415,910 421,491
Other investments
Marina I 1,633,038 1,870,668
Dockside Cafe 205,920 228,587
Flatfork Creek Utility 87,164 89,704
$ 18,027,948 17,691,301
LIABILITIES AND PARTNERS'
EQUITY
Accounts payable 274,441 366,302
Construction costs payable 21,129 79,931
Accrued bonuses 15,525 83,087
Deferred revenues and sale
deposits 752,138 128,073
Amount payable to Flatfork
Creek Utility 183,750 235,200
Amount payable as trustee 13,092 13,092
1,260,075 905,685
Partners' equity:
General partner -
196,714 units 4,902,661 4,907,830
Limited partners -
478,421 units 11,865,212 11,877,786
TOTAL PARTNERS'
EQUITY 16,767,873 16,785,616
$ 18,027,948 17,691,301
</TABLE>
B. THE MARINA LIMITED PARTNERSHIP
<TABLE>
Statements of Earnings
Three Months Ended March 31, 1996, and 1995
(Unaudited)
<CAPTION>
1996 1995
<S> <C> <C>
Revenues:
Homesite sales $ 163,000 329,000
Marina operations 134,709 151,881
Equity in earnings of investee
companies 109,460 158,000
Interest income 103,133 81,239
Rental income, net 50,106 32,555
Recreational facilities, net (27,133) 24,354
Gain on sales of land held for
investment - 306,905
533,275 1,083,934
Expenses:
Cost of homesites sold
and related expenses 76,406 192,498
Marina operations 248,831 241,833
General and administrative 226,570 160,314
Management fees paid to general
partner 3,725 3,700
555,532 598,345
NET (LOSS) EARNINGS (22,257) 485,589
Net (loss) earnings attributable to
general partner (6,485) 141,486
Net (loss) earnings attributable to
limited partners $ (15,772) 344,103
Weighted average number of limited
partner units outstanding 478,421 478,421
Net (loss) earnings per limited
partner unit $ (.03) .72
</TABLE>
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C. THE MARINA LIMITED PARTNERSHIP
<TABLE>
Statements of Cash Flows
Three Months Ended March 31, 1996, and 1995
(Unaudited)
<CAPTION>
1996 1995
<S> <C> <C>
Cash flows from operating activities:
Net (loss) earnings $(22,257) 485,589
Items which do not provide (use) cash:
Depreciation of properties 67,940 50,920
Equity in earnings of investee
companies (109,460) (158,000)
Decrease (increase) in contracts
receivable 655,678 (41,492)
Gain on sales of land held for
investment - (306,906)
Homes and homesite development
costs (51,747) (420,349)
Cost of homesites sold 25,851 154,755
Other non-cash items, net 23,766 267,078
NET CASH PROVIDED BY OPERATING
ACTIVITIES 589,771 31,595
Cash flows from investing activities:
Investment in Marina I 397,630 200,000
Investment in Dockside Cafe (25,333) -
Marina property and equipment (104,320) (216,343)
Land and land development costs (161,607) (435,920)
Commercial properties (119,362) (1,740)
Recreational facilities - (425,000)
Proceeds from sales of land held
for investment - 1,678,000
NET CASH (USED) PROVIDED BY
INVESTING ACTIVITIES (12,992) 798,997
Cash flows from financing activities:
Utility refunds received 4,514 -
NET CASH PROVIDED BY
FINANCING ACTIVITIES 4,514 -
NET INCREASE IN CASH
AND CASH EQUIVALENTS 581,293 830,592
Cash and cash equivalents at
beginning of period 5,307,824 4,266,499
Cash and cash equivalents at
end of period $5,889,117 5,097,091
/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 QUARTER
ENDED MARCH 31, 1996, AND 1995.
The Partnership's net loss for the first quarter of
1996 was $22,000, as compared to net earnings of $486,000
for the first quarter of 1995. The decrease in net
earnings in the first quarter of 1996, when compared to
the first quarter of 1995, is primarily due to the lack
of commercial land sales. Revenues for the first quarter
of 1996 were $533,000 compared to $1,084,000 for the
first quarter of 1995.
There were no gains on sale of land held for
investment during the first quarter of 1996. During the
first quarter of 1995, the Partnership sold 6.8 acres of
commercial property at Geist Crossing for a total of
$1,678,000. Gains of $307,000 were recognized on these
sales in the first quarter of 1995.
The Partnership sold one waterfront homesite from
Bridgewater, the Partnership's first single-family
homesite development in the first quarter of 1996. This
compares with five homesites sold by the Partnership in
the first quarter of 1995, one of which was from
Bridgewater and four of which were from Cambridge.
Earnings from homesite sales were $87,000 in the first
quarter of 1996, compared with $137,000 in the first
quarter of 1995.
The Partnership is the general partner of The Marina
I L.P., an Indiana limited partnership ("Marina I"),
which has developed homesites in the first four sections
of Cambridge. Marina I sold 10 homesites in Cambridge in
the first quarter of 1996, compared to 12 homesites sold
in the first quarter of 1995. The Partnership recognized
$160,000 in equity earnings from Marina I from its
homesite sales in the first quarter of 1996, compared to
$190,000 recognized in the first quarter of 1995. The
Partnership, received a distribution of $398,000 from
Marina I in the first quarter of 1996.
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 an equity loss
from Dockside Cafe of $48,000 in the first quarter of
1996, compared to an equity loss of $32,000 in the first
quarter of 1995. The Partnership contributed $25,000 as
operating capital to Dockside Cafe during the first
quarter of 1996.
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Rental income was $50,000 in the first quarter of
1996, compared to $33,000 in the first quarter of 1995,
an increase of $18,000. Rental income at Marina Village,
net of expenses, accounted for $24,000 of this increase,
while rental income at the Blue Heron and Carrigan
Crossing decreased by $6,000.
General and administrative expenses increased to
$227,000 in the first quarter of 1996, compared to
$160,000 in the first quarter of 1995. This increase
primarily results from an increase in salaries and wages
of $37,000, and an increase in professional fees of
$25,000.
On April 18, 1996, the Partnership made a cash
distribution to the partners of record on April 4, 1996,
of $3.25 per unit of partnership interest, for a total of
$2,194,000. This compares to a partnership distribution
of $2.00 per unit made on April 17, 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: May 13, 1996
<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, 1996, 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-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 5,889,117
<SECURITIES> 0
<RECEIVABLES> 2,283,249
<ALLOWANCES> 0
<INVENTORY> 932,063
<CURRENT-ASSETS> 0
<PP&E> 6,997,397
<DEPRECIATION> 0
<TOTAL-ASSETS> 18,027,948
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 16,767,873
<TOTAL-LIABILITY-AND-EQUITY> 18,027,948
<SALES> 297,709
<TOTAL-REVENUES> 533,275
<CGS> 325,237
<TOTAL-COSTS> 555,532
<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> (22,257)
<EPS-PRIMARY> (.03)
<EPS-DILUTED> (.03)
</TABLE>
