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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, 1997
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, 1997
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,
1997 1996
--------- ------------
<S> <C> <C>
ASSETS
CASH $ 236,153 $ 514,612
RECEIVABLE FROM AFFILIATE 40,628 40,628
LAND HELD FOR INVESTMENT 3,875,411 3,875,411
Total Assets 4,152,192 4,430,651
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $ 10,595 $ 39,948
PARTNERS' EQUITY:
Limited Partners, 7,500 units
outstanding 4,141,498 4,390,604
General Partner 99 99
Total partners' equity 4,141,597 4,390,703
---------- --------
Total Liabilities & Partners' Equity 4,152,192 4,430,651
========== ========
<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,
---------------------------------------
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUE:
Interest $ 8,713 $ 11,754 8,713 11,754
Expired land purchase
option - 100,000 - 100,000
------ ------- -------- -----
Total Revenue $ 8,713 111,754 $8,713 111,754
EXPENSES:
Property Taxes - 606 - 543
Management Fees 3,500 3,500 7,000 7,000
Legal & Accounting Fees 4,852 5,119 16,638 17,295
General & Admin. Expenses 759 1,775 2,447 2,302
Other Operating Expenses4,557 8,771 6,734 8,983
------ ------ --------- ------
Total Expenses 13,668 19,771 $32,819 36,123
NET INCOME (LOSS) $ (4,955) $ 91,983 $(24,106) 75,631
<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,
------------
1997 1996
---- ----
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ (24,106) $ 75,541
Adjustments to reconcile Net Income
to Net Cash used in Operating Activities:
Change in Accounts Payable (29,353) 107
Change in Accrued Tax Pay. - (20,278)
Change in Deposits - (100,000)
-------- ---------
Total Adjustments (29,353) (120,171)
Net Cash provided by (used
in) Operating Activities (53,459) (44,630)
Cash Flows from Investing Activities:
Land Improvements - (8,520)
Net Cash used in
Investing Activities - (8,520)
Cash Flows from financing activities:
Cash distribution (225,000) -
Net Increase/(Decrease) in Cash and
Cash Equivalents (278,459) (53,150)
CASH AT JANUARY 1, 514,612 484,893
CASH AT JUNE 30, 236,153 431,743
======== ==========
<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, 1997
(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, 1996. 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, 1997 may not be indicative of the results
that may be expected for the year ending December 31, 1997.
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>
1997 1996
---- ----
<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 1997. 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. This was a single event not expected to recur in the
future. The decline in interest income is due to lower cash balances. Overall
expenses of the Registrant have not changed significantly from prior quarters.
On February 27, 1997, the Registrant distributed $225,000 of excess operating
reserves to the partners.
FINANCIAL CONDITION
LIQUIDITY
At July 31, 1997, the Registrant had approximately $232,504 in cash reserves.
These funds are expected to be sufficient through 1997.
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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, 1997 By:/s/ Steven D. Ezell
President
Date: August 14, 1997 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-31-1996
<PERIOD-END> JUN-30-1997
<CASH> 236153
<SECURITIES> 0
<RECEIVABLES> 40628
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 3875411
<DEPRECIATION> 0
<TOTAL-ASSETS> 4152192
<CURRENT-LIABILITIES> 10595
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4141597
<TOTAL-LIABILITY-AND-EQUITY> 4152192
<SALES> 0
<TOTAL-REVENUES> 8713
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 32819
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (24106)
<INCOME-TAX> 0
<INCOME-CONTINUING> (24106)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (24106)
<EPS-PRIMARY> (3.21)
<EPS-DILUTED> (3.21)
</TABLE>
