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, 1998 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 4-3021790
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(State or other jurisdiction of I.R.S. Employer
incorporation or organization Identification No.)
2210 Northpoint Parkway, 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, 1998
<CAPTION>
ASSETS
<S> <C>
CURRENT ASSETS
Cash 325,555
Investments, short term 1,100,905
Accounts Receivable, no allowance deemed necessary 721,174
Deferred crop costs 199,000
Advances for farm costs 181,935
Deposits and other prepaids 0
----------------
Total Current Assets 2,528,569
PROPERTY AND EQUIPMENT
Land 1,100,814
Orchards 2,216,717
Equipment 1,158,856
Buildings 141,100
----------------
4,617,500
Less accumulated depreciation 2,530,844
----------------
2,086,656
4,615,225
================
LIABILITIES AND PARTNERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities 19,276
Payables to general partner and related parties 103,142,
Current portion of long-term debt 24,000
----------------
Total Current Liabilities 146,417
LONG-TERM DEBT, less current portion 384,000
PARTNERS' EQUITY 4,084,807
================
4,615,225
<FN>
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.
</FN>
</TABLE>
<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 $162,450.00 per quarter. This rate of distributions
is planned to continue as long as reserves remain steady. There is no current
intention to increase the distributions beyond the current level 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 1998. 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 bad weather during the almond pollination in February and
March, the 1998 crop is expected to be smaller than the 1997 crop. It is to
early to determine what effect, if any, that this may have on 1998 almond
prices.
<PAGE>
PART II
Item No.
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
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (Identify
specific financial statements) AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 325,555
<SECURITIES> 1,100,905
<RECEIVABLES> 721,174
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,528,569
<PP&E> 4,617,500
<DEPRECIATION> 2,530,844
<TOTAL-ASSETS> 4,615,225
<CURRENT-LIABILITIES> 146,417
<BONDS> 0
0
0
<COMMON> 4,084,807
<OTHER-SE> 4,615,225
<TOTAL-LIABILITY-AND-EQUITY> 0
<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>
