<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 September 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 Nine Months Ended September 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>
September 30, December 31,
1995 1994
------------- -------------
<S> <C> <C>
ASSETS
CASH $ 513,647 $ 484,714
RECEIVABLE FROM AFFILIATE 40,627 42,476
LAND HELD FOR INVESTMENT 3,974,437 3,974,437
Total Assets $4,528,711 $ 4,501,627
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $ 13,329 $ 13,949
ACCRUED PROPERTY TAXES 31,873 52,985
DEPOSITS ON LAND SALE CONTRACTS 100,000 22,500
PARTNERS' EQUITY 4,383,509 4,412,193
Total Liabilities & Partners' Equity $4,528,711 $ 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
SEPTEMBER 30, SEPTEMBER 30,
________________ _____________________
1995 1994 1995 1994
____ ____
<S> <C> <C> <C> <C>
REVENUE:
Land Sales
Sale Proceeds $ - 5,000 - 63,714
Cost of Land Sold - - - (12,786)
Closing Costs - - - (2,611)
Gain on Sale - - - 48,317
Interest - - 13,118 6,941
Miscellaneous 250 - 30,972 10,000
Total Revenue 250 5,000 44,090 65,258
EXPENSES:
Property Taxes 31,326 399 31,598 345
Management Fees 3,500 3,500 10,500 10,500
Legal & Accounting
Fees 923 400 16,473 15,468
General & Admin.
Expenses 2,188 570 3,079 2,869
Other Operating
Expenses 2,268 7,274 11,124 19,847
Total Expenses 40,205 12,143 72,774 49,029
NET INCOME (LOSS) (39,955) (7,143) (28,684) 16,229
<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
SEPTEMBER 30,
__________________________
1995 1994
____ ____
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ (28,684) $ 16,229
Adjustments to reconcile Net Income
to Net Cash used in Operating Activities:
Change in Accounts Payable (620) 2,102
Change in Accrued Property Taxes (21,112) (48,422)
Increase in Deposits 77,500 -
Gain on Land Sale - (48,317)
Change in Receivable 1,849 -
Total Adjustments 57,617 (94,637)
Net Cash provided by (used
in) Operating Activities 28,933 (78,408)
Cash Flows from Investing Activities:
Proceeds from Land Sale - 61,103
Land Improvements - (20,000)
Net Cash provided by
Investing Activities - 41,103
Net increase/decrease in Cash
and Cash Equivalents 28,933 (37,305)
CASH AT JANUARY 1, 484,714 481,416
CASH AT SEPTEMBER 30, $ 513,647 $ 441,111
======== ========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 6
LMR LAND COMPANY, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Nine Months Ended September 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 nine month period ended September 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. Compensation earned for these services
in the first nine months were as follows:
<TABLE>
<CAPTION>
1995 1994
________ ________
<S> <C> <C>
Management Fees $ 10,500 $10,500
Accounting Fees 2,000 1,850
</TABLE>
<PAGE> 7
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED SEPTEMBER 30, 1995.
There have been no sales during 1995. In May 1995 the Registrant received a
$30,722 refund of excess construction escrow funds related to the 1993 sale of
the Roanoke Property. This deposit was recorded as miscellaneous income.
The Registrant has received a contract for the sale of approximately 14 acres
for the Lebanon Property for a price of about $560,000. The potential
purchaser is an apartment developer. The Registrant continues to work with
the developer on the contract for the entire Macon Property. As of September
30, 1995, the Registrant had received a total of $100,000 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 except for
the increase in interest income which is due to the Registrant's higher cash
balances. The increase in property tax expense is the result of a timing
difference in the accrual of the tax liability.
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 September 30, 1995, the Registrant had approximately $513,647 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 Third 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: November 13, 1995 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: November 13, 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 SEPTEMBER 30, 1995 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1995
<CASH> 513,647
<SECURITIES> 0
<RECEIVABLES> 40,627
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 513,647
<PP&E> 3,974,437
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,528,711
<CURRENT-LIABILITIES> 45,202
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 4,383,509
<TOTAL-LIABILITY-AND-EQUITY> 4,528,711
<SALES> 0
<TOTAL-REVENUES> 44,090
<CGS> 0
<TOTAL-COSTS> 72,774
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (28,684)
<INCOME-TAX> 0
<INCOME-CONTINUING> (28,684)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (28,684)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
