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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 June 30, 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 Six Months Ended June 30, 1996
INDEX
Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Cash Flows 5
Notes to Financial Statements 6
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<TABLE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<CAPTION>
June 30, December 31,
1996 1995
--------- ------------
<S> <C> <C>
ASSETS
CASH $ 431,743 $ 484,893
RECEIVABLE FROM AFFILIATE 40,628 40,628
LAND HELD FOR INVESTMENT 3,982,957 3,974,437
Total Assets 4,455,328 4,499,958
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $ 15,185 $ 15,078
ACCRUED PROPERTY TAXES - 20,278
DEPOSITS ON LAND SALE CONTRACTS - 100,000
PARTNERS' EQUITY 4,440,143 4,364,602
---------- --------
Total Liabilities & Partners' Equity 4,455,328 4,499,958
========== ========
<FN>
See notes to financial statements.
/TABLE
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<TABLE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter to Date Year to Date
Ending June 30,
---------------------------------------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUE:
Interest $ 11,665 $13,118 $11,665 $13,118
Expired land purchase
option 100,000 - 100,000 -
Return of escrow funds - 30,722 - 30,722
----- -------- ----- ------
Total Revenue 111,665 $43,840 111,665 43,840
EXPENSES:
Property Taxes 606 (45) 543 272
Management Fees 3,500 3,500 7,000 7,000
Legal & Accounting Fees 5,119 2,150 17,295 15,550
General & Admin. Expenses1,775 227 2,303 891
Other Operating Expenses 8,771 5,005 8,983 9,786
------ --------- ------ --------
Total Expenses 19,771 10,837 36,124 33,499
------ --------- ------ --------
NET INCOME (LOSS) $ 91,894 $33,003 $75,541 $10,341
<FN>
See notes to financial statements
</TABLE>
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<TABLE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
JUNE 30,
------------
1996 1995
---- ----
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ 75,541 $ 10,341
Adjustments to reconcile Net Income
to Net Cash used in Operating Activities:
Change in Accounts Payable 107 44
Change in Accrued Tax Pay. (20,278) (52,985)
Change in Deposits (100,000) 52,500
Change in Receivable - 1,849
-------- ---------
Total Adjustments (120,171) 1,408
Net Cash provided by (used
in) Operating Activities (44,630) 11,749
Cash Flows from Investing Activities:
Land Improvements (8,520) -
Net Increase/(Decrease) in Cash and
Cash Equivalents (53,150) 11,749
CASH AT JANUARY 1, 484,893 484,714
CASH AT JUNE 30, 431,743 $496,463
======== ==========
<FN>
See notes to financial statements.
</TABLE>
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LMR LAND COMPANY, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended June 30, 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 six month period
ended June 30, 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 six months were as follows:
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
Management Fees $ 7,000 $ 7,000
Accounting Fees 1,700 1,600
</TABLE>
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
There have been no sales during the first six months of 1996.
During the second quarter of 1996, the sale contract for the entire
Macon Property expired. The $100,000 in non-refundable earnest
money was reclassified to reflect Expired option money revenue.
During the second quarter of 1995, the Registrant received a
$30,722 refund of excess construction escrow funds related to the
sale fo the Roanoke Property in 1993. This receipt reduces the
cost of land sold for the 1993 sale transaction and is therefore
reflected as revenue in 1995.
Overall operations of the Registrant have not changed significantly
from prior quarters.
FINANCIAL CONDITION
DEVELOPMENT
The City of Lebanon completed a road through the
Registrant's Lebanon Property. The City funded the construction.
There is currently no development on the Macon Property.
LIQUIDITY
At July 31, the Registrant had approximately $444,523 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
(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: August 14, 1996 By:/s/ Steven D. Ezell
President
Date: August 14, 1996 By:/s/ Michael A. Hartley
Secretary/Treasurer
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<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 431,743
<SECURITIES> 0
<RECEIVABLES> 40,628
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 3,982,957
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,455,328
<CURRENT-LIABILITIES> 15,185
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4,440,143
<TOTAL-LIABILITY-AND-EQUITY> 4,455,328
<SALES> 0
<TOTAL-REVENUES> 111,665
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 36,124
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 75,541
<INCOME-TAX> 0
<INCOME-CONTINUING> 75,541
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 75,541
<EPS-PRIMARY> 10.07
<EPS-DILUTED> 0
</TABLE>
