<PAGE> 1
FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the period ended June 30, 1995
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from __________ to _______________
Commission File Number: 33-11396-A
LMR LAND COMPANY, LTD.
(Exact name of Registrant as specified in its charter)
Tennessee 62-1299384
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification)
One Belle Meade Place, 4400 Harding Road, Suite 500, Nashville, Tennessee 37205
(Address of principal executive office) (Zip Code)
(615) 292-1040
(Registrant's telephone number, including area code)
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 at least the past 90 days.
YES X NO ___
<PAGE> 2
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
LMR LAND COMPANY, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For The Six Months Ended June 30, 1995
INDEX
Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Cash Flows 5
Notes to Financial Statements 6
<PAGE> 3
<TABLE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<CAPTION>
June 30, December 31,
1995 1994
------------- -------------
<S> <C> <C>
ASSETS
CASH $ 496,463 $ 484,714
RECEIVABLE FROM AFFILIATE 40,627 42,476
LAND HELD FOR INVESTMENT 3,974,437 3,974,437
__________ __________
Total Assets $ 4,511,527 $ 4,501,627
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $ 13,993 $ 13,949
ACCRUED PROPERTY TAXES - 52,985
DEPOSITS ON LAND SALE CONTRACTS 75,000 22,500
PARTNERS' EQUITY 4,422,534 4,412,193
__________ __________
Total Liabilities & Partners' Equity $ 4,511,527 $ 4,501,627
========== ==========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 4
<TABLE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter Ending Year to Date Ending
JUNE 30, JUNE 30,
____________________ _____________________
1995 1994 1995 1994
____ ____ ____ ____
<S> <C> <C> <C> <C>
REVENUE:
Land Sales
Sale Proceeds $ - $ - $ - $58,714
Cost of Land Sold - - - 2,611
Closing Costs - - - 12,786
______ ______ ______ ______
Gain on Sale - - - 43,317
Interest 13,118 7,027 13,118 7,027
Miscellaneous 30,722 10,000 30,722 10,000
______ ______ ______ ______
Total Revenue $43,840 $17,027 $43,840 $60,344
EXPENSES:
Property Taxes (45) (54) 272 (54)
Management Fees 3,500 3,500 7,000 7,000
Legal & Accounting
Fees 2,150 14,668 15,550 15,068
General & Admin.
Expenses 227 1,897 891 2,299
Other Operating
Expenses 5,005 5,870 9,786 12,573
______ ______ ______ ______
Total Expenses $10,837 $25,881 $33,499 $36,886
______ ______ ______ ______
NET INCOME (LOSS) $33,003 $(8,854) $10,341 $23,458
<FN>
See notes to financial statements
</TABLE>
<PAGE> 5
<TABLE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
JUNE 30,
__________________________
1995 1994
____ ____
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ 10,341 $23,458
Adjustments to reconcile Net Income
to Net Cash used in Operating Activities:
Change in Accounts Payable 44 2,372
Change in Accrued Property Taxes (52,985) (48,422)
Gain on Sale - (43,317)
Increase in Deposits 52,500 -
Change in Receivable 1,849 -
______ ______
Total Adjustments 1,408 (89,367)
Net Cash provided by (used
in) Operating Activities 11,749 (65,909)
Cash Flows from Investing Activities:
Proceeds from Land Sale - 56,103
Land Improvements - (20,000)
______ ______
Net Cash provided by Investing Activities - 36,103
Net Increase/(Decrease) in Cash and
Cash Equivalents 11,749 (29,806)
CASH AT JANUARY 1, 484,714 481,416
CASH AT JUNE 30, $496,463 $451,610
======== ========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 6
LMR LAND COMPANY, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended June 30, 1995
(Unaudited)
A.ACCOUNTING POLICIES
The unaudited financial statements presented herein have been prepared in
accordance with the instructions to Form 10-Q and do not include all of the
information and note disclosures required by generally accepted accounting
principles. These statements should be read in conjunction with the
financial statements and notes thereto included in the Partnership's Form 10-
K for the year ended December 31, 1994. In the opinion of management, such
financial statements include all adjustments, consisting only of normal
recurring adjustments, necessary to summarize fairly the Partnership's
financial position and results of operations. The results of operations for
the six month period ended June 30, 1995 may not be indicative of the
results that may be expected for the year ending December 31, 1995.
B.RELATED PARTY TRANSACTIONS
The General Partner and its affiliates have been actively involved in
managing the Partnership's operations as described in the Prospectus dated
April 1, 1987. Compensation earned for these services in the first six
months were as follows:
<TABLE>
<CAPTION>
1995 1994
________ ________
<S> <C> <C>
Management Fees $ 3,500 $3,500
Accounting Fees 1,600 1,600
</TABLE>
<PAGE> 7
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED JUNE 30, 1995.
There have been no sales during the first six months of 1995. During the second
quarter, the Registrant received a $30,722 refund of excess construction escrow
funds related to the sale of the Roanoke Property in 1993. This deposit was
recorded as miscellaneous income as it reduces the cost of land sold.
The Registrant has received a contract for the sale of approximately 16 acres
for the Lebanon Property for a price of about $600,000. The potential
purchaser is an apartment developer. This sale is expected to close in the
third quarter. The Registrant continues to work with the developer on the
contract for the entire Macon Property. As of June 30, 1995, the Registrant
received a total of $75,000 in non-refundable earnest money. There are
several contingencies for these sales to close. Therefore, there can be
no assurances that the contingencies will be met and that the sales will close.
Operating expenses of the Registrant are comparable to the prior year's quarter
and are not expected to fluctuate significantly in the future.
FINANCIAL CONDITION
DEVELOPMENT
The City of Lebanon continues to develop a road through the Registrant's Lebanon
Property. The City will fund the construction. The Registrant is working with
the City on the location of the road through the Property.
There is currently no development on the Macon Property.
LIQUIDITY
At July 1, 1995, the Registrant had approximately $496,000 in cash reserves.
These funds are expected to be sufficient through 1995.
<PAGE> 8
PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule for Second Quarter of 1995
(b) No 8-K's have been filed during this quarter.
<PAGE> 9
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.
LMR LAND COMPANY, LTD.
By: 222 LMR, LTD.
General Partner
By:222 PARTNERS, INC.
General Partner
Date: August 11, 1995 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: August 11, 1995 By:/s/ Michael A. Hartley
______________________
Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE
QUARTERLY FINANCIAL STATEMENTS FOR THE QUARTER ENDED JUNE 30, 1995
AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> JUN-30-1995
<CASH> 496,463
<SECURITIES> 0
<RECEIVABLES> 40,627
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 496,463
<PP&E> 3,974,437
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,511,527
<CURRENT-LIABILITIES> 13,993
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 4,422,534
<TOTAL-LIABILITY-AND-EQUITY> 4,511,527
<SALES> 0
<TOTAL-REVENUES> 43,840
<CGS> 0
<TOTAL-COSTS> 33,499
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 10,341
<INCOME-TAX> 0
<INCOME-CONTINUING> 10,341
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,431
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
