SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15(d) of the
Securities Exchange Act of 1954
For Quarter Ended: March 31, 1997 Commission File Number: 33-10196
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(Exact name of registrant as specified in its charter)
California Almond Investors I
-----------------------------
A California Limited Partnership
California 94-3021790
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2245 Challenger Way, Suite 100, Santa Rosa, CA 95407
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(Address of principal executive offices) (Zip Code)
(707) 579-3742
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(Registrant's telephone number, including area code)
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(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 the past 90 days. [x] Yes [ ] No
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
See following pages.
<PAGE>
<TABLE>
CALIFORNIA ALMOND INVESTORS I
(A CALIFORNIA LIMITED PARTNERSHIP)
BALANCE SHEET
March 31, 1997
<CAPTION>
ASSETS
CURRENT ASSETS
<S> <C> <C>
Cash 244,441
Investments, short term 1,051,068
Accounts Receivable, no allowance deemed necessary 676,491
Deferred crop costs 204,018
Advances for farm costs 180,520
Deposits and other prepaids 0
----------------
Total Current Assets 2,356,538
PROPERTY AND EQUIPMENT
Land 1,100,814
Orchards 2,216,717
Equipment 1,158,856
Buildings 130,601
----------------
4,606,988
Less accumulated depreciation 2,250,589
----------------
2,356,399
4,712,937
================
LIABILITIES AND PARTNERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities 25,231
Payables to general partner and related parties 0
Current portion of long-term debt 24,000
----------------
Total Current Liabilities 49,231
LONG-TERM DEBT, less current portion 408,000
PARTNERS' EQUITY 4,255,706
4,712,937
================
</TABLE>
The financial statements, in the opinion of management, reflect all
adjustments necessary to fairly state the financial position and the
results of operations. These results are not necessarily to be considered
indicative of the results for the entire year.
<PAGE>
PART I-FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.
Liquidity and Capital Resources
The Partnership liquidity continues to improve. Distributions to
Limited Partners have increased to $120,000.00 per quarter. This rate of
distributions is planned to continue as reserves increase. There is no
current intention to increase the distributions until the Partnership has
paid all of its outstanding debts.
Results of Operations
The Partnership continued to operate at a break-even rate in the first
quarter 1997. This result is not indicative of the results for the entire
fiscal year, due to the seasonal nature of the almond growing business.
Almonds are harvested in August through October and the crop revenues and
expenses are recognized at that time. Since the partnership's crop care has
not been completed for this growing season, it is not possible to say if
cultural costs will be higher or lower than last year's costs. At this time
though, it seems that cultural costs will be substantially the same as last
year.
Because of the good weather during the almond pollination in February
and March, the 1997 crop is expected to be very large. It is to early to
determine what effect, if any, that this may have on 1997 almond prices.
<PAGE>
PART II
Item No.
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1. Material developments in connection with legal proceeding - not
applicable
2. Material modification of rights of registrant's securities - not
applicable
3. Defaults on senior securities - not applicable
4. Submission of matters to a vote of security holders - not applicable
5. Other events of importance - not applicable
6. Exhibits and Reports on Form 8-K - not applicable
<PAGE>
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.
CALIFORNIA ALMOND INVESTORS I
A California limited partnership
By: Vintech Almond Advisers, Inc.
A California corporation,
Managing General Partner
By:
--------------------------------
David Bade
President
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 244,441
<SECURITIES> 1,051,068
<RECEIVABLES> 676,491
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,356,538
<PP&E> 4,606,988
<DEPRECIATION> 2,250,589
<TOTAL-ASSETS> 4,712,937
<CURRENT-LIABILITIES> 49,231
<BONDS> 0
<COMMON> 4,255,706
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 4,712,937
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<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> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
