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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, 1996
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 ___
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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, 1996
INDEX
Financial Statements:
Balance Sheets 3
Statements of Operations 4
Statements of Cash Flows 5
Notes to Financial Statements 6
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<TABLE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
<CAPTION>
March 31, December 31,
1996 1995
------- -------
<S> <C> <C>
ASSETS
CASH $ 468,477 $ 484,893
RECEIVABLE FROM AFFILIATE 40,628 40,628
LAND HELD FOR INVESTMENT 3,974,437 3,974,437
Total Assets $ 4,483,542 $ 4,499,958
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $35,293 $15,078
ACCRUED PROPERTY TAXES - 20,278
DEPOSITS ON LAND
SALE CONTRACTS 100,000 100,000
PARTNERS' EQUITY 4,348,249 4,364,602
Total Liabilities &
Partners' Equity $4,483,542 $4,499,958
========== ==========
<FN>
See notes to financial statements.
/TABLE
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<TABLE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter and Year
Ending March 31,
1996 1995
<S> <C> <C>
REVENUE:
Total Revenue $ - $ -
EXPENSES:
Management Fees 3,500 3,500
Legal & Accounting Fees 12,177 13,400
General & Admin. Expenses 528 664
Other Operating Expenses 148 5,098
Total Expenses $ 16,353 $ 22,662
NET LOSS $(16,353) $(22,662)
<FN>
See notes to financial statements
</TABLE>
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<TABLE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
MARCH 31,
1996 1995
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $(16,353) $(22,662)
Adjustments to reconcile
Net Income to Net Cash
used in Operating Activities:
Change in Accounts Payable 20,215 1,944
Change in Accrued
Property Taxes (20,278) (52,985)
Increase in Deposits - 32,500
Total Adjustments (63) (18,541)
Net Cash used in
Operating Activities (16,416) (41,203)
Net Increase/(Decrease) in
Cash and Cash Equivalents (16,416) (41,203)
CASH AT JANUARY 1, 484,893 484,714
CASH AT MARCH 31, $468,477 $443,511
========= ========
<FN>
See notes to financial statements.
</TABLE>
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LMR LAND COMPANY, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three Months Ended March 31, 1996
(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, 1995.
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, 1996 may
not be indicative of the results that may be expected for the
year ending December 31, 1996.
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 three
months were as follows:
<TABLE>
<CAPTION>
1996 1995
<S> <C> <C>
Management Fees $3,500 $3,500
Accounting Fees 400 400
</TABLE>
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Item 2:
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 1996.
There have been no sales during the first quarter of 1996, although
the Registrant continues to work with the developer on the contract
for the entire Macon Property. As of March 31, 1996, the
Registrant has received a total of $100,000 in non-refundable
earnest money. There are several contingencies for this sale to
close. Therefore, there can be no assurance that the contingencies
will be met and that the sale will close.
Overall operations of the Registrant have not changed significantly
from prior quarters.
FINANCIAL CONDITION
DEVELOPMENT
The City of Lebanon continues to develop a road through the
Registrant's Lebanon Property. The City will fund the construction
and it is expected to be completed mid-year 1996.
There is currently no development on the Macon Property.
LIQUIDITY
At May 1, 1996, the Registrant had approximately $433,737 in cash
reserves. These funds are expected to be sufficient through 1996.
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PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule for the First
Quarter of 1996
(b) No 8-K's have been filed during this quarter.
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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 13, 1996 By:/s/ Steven D. Ezell
___________________
President
Date: May 13, 1996 By:/s/ Michael A. Hartley
______________________
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000809938
<NAME> LMR LAND COMPANY, LTD.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 468,477
<SECURITIES> 0
<RECEIVABLES> 40,628
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 3,974,437
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,483,542
<CURRENT-LIABILITIES> 35,292
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4,348,249
<TOTAL-LIABILITY-AND-EQUITY> 4,483,542
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 16,353
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (16,353)
<INCOME-TAX> 0
<INCOME-CONTINUING> (16,353)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (16,353)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
