<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 March 31, 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)
Suite 345, 222 Third Avenue North, Nashville, Tennessee 37201
(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 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 Three Months Ended March 31, 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>
March 31, December 31,
1995 1994
------------- -------------
<S> <C> <C>
ASSETS
CASH $ 443,511 $ 484,714
RECEIVABLE FROM AFFILIATE 42,476 42,476
LAND HELD FOR INVESTMENT 3,974,437 3,974,437
Total Assets $ 4,460,424 $ 4,501,627
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $ 15,893 $ 13,949
ACCRUED PROPERTY TAXES - 52,985
DEPOSITS ON LAND SALE CONTRACTS 55,000 22,500
PARTNERS' EQUITY 4,389,531 4,412,193
Total Liabilities & Partners' Equity $ 4,460,424 $ 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 and
Year to Date Ending
MARCH 31,
_____________________
1995 1994
____ ____
<S> <C> <C>
REVENUE:
Land Sales
Sale Proceeds $ $ 58,715
Cost of Land Sold (12,786)
Closing Costs (2,611)
Gain on Sale 43,318
Total Revenue $ - $ 43,318
EXPENSES:
Property Taxes -
Management Fees 3,500 3,500
Legal & Accounting Fees 13,400 400
General & Admin. Expenses 664 402
Other Operating Expenses 5,098 6,703
Amortization - -
Total Expenses $ 22,662 $ 11,005
NET INCOME (LOSS) $(22,662) $ 32,313
<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
MARCH 31,
__________________________
1995 1994
____ ____
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $(22,662) $ 32,313
Adjustments to reconcile Net Income
to Net Cash used in Operating Activities:
Change in Accounts Payable 1,944 12,101
Change in Accrued Property Taxes (52,985) (48,422)
Gain on Sale - (25,318)
Increase in Deposits 32,500 -
Total Adjustments (18,541) (61,639)
Net Cash used in Operating Activities (41,203) (29,326)
Cash Flows from Investing Activities:
Proceeds from Land Sale - 38,104
Net Cash provided by Investing Activities - 38,104
Net Increase/(Decrease) in Cash and
Cash Equivalents (41,203) 8,778
CASH AT JANUARY 1, 484,714 481,416
CASH AT MARCH 31, $ 443,511 $ 490,194
======== ========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 6
LMR LAND COMPANY, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Three Months Ended March 31, 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 three month period ended March 31, 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 22, 1986. Compensation earned for these services in the first three
months were as follows:
<TABLE>
<CAPTION>
1995 1994
________ ________
<S> <C> <C>
Management Fees $3,500 $3,500
Accounting Fees 400 400
</TABLE>
<PAGE> 7
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 1995.
There have not been sales during the first quarter of 1995, although 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 May 1, 1995, the Registrant has 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
except for the increase in legal and accounting fees. This increase is due to
timing of audit and tax bills. The actual increase in audit and tax preparation
fees was minimal.
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 on the Property.
There is currently no development on the Macon Property.
LIQUIDITY
At May 1, 1995, the Registrant had approximately $456,000 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 First 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: May 11, 1995 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: May 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 MARCH 31, 1995 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<CASH> 443,511
<SECURITIES> 0
<RECEIVABLES> 42,476
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 443,511
<PP&E> 3,974,437
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,460,424
<CURRENT-LIABILITIES> 70,893
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 4,389,531
<TOTAL-LIABILITY-AND-EQUITY> 4,460,424
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 22,662
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (22,662)
<INCOME-TAX> 0
<INCOME-CONTINUING> (22,662)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (22,662)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
