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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, 1999
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 and Six Months Ended June 30, 1999 and 1998
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>
June 30, December 31,
1999 1998
--------- ------------
<S> <C> <C>
ASSETS
CASH $ 47,870 $ 120,260
RESTRICTED CASH 15,856 15,776
ACCOUNTS RECEIVABLE 4,041 -
LAND AND IMPROVEMENTS HELD
FOR INVESTMENT 2,764,039 2,764,039
Total Assets $ 2,831,806 $ 2,900,075
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE & ACCRUED EXPENSES $ 10,499 $ 27,402
PARTNERS' EQUITY:
Limited Partners, 7,500 units
outstanding 2,821,209 2,872,575
General Partner 98 98
Total partners' equity 2,821,307 2,872,673
---------- --------
Total Liabilities & Partners' Equity $ 2,831,806 $ 2,900,075
========== ========
<FN>
See accompanying notes to financial statements.
</TABLE>
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<TABLE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
June 30,
---------------------------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUE:
LAND SALES:
Sale Proceeds $ - $323,500 - 323,500
Cost of Land and
Improvements Sold - (337,027) - (337,027)
Closing Costs - (27,725) - (27,725)
Loss on Sale of
Land & Improvements - (41,252) - (41,252)
Interest 95 1,066 322 6,846
Miscellaneous - 38 - 38
------ ------- -------- -----
Total Revenue 95 (40,148) 322 (34,368)
EXPENSES:
Grounds Maintenance 5,615 9,822 5,615 9,822
Management Fees 3,500 3,500 7,000 7,000
Legal & Accounting Fees 11,710 6,784 15,210 16,784
General and Administrative
Expenses 448 1,203 505 1,311
Other Operating
Expenses 18,459 871 23,358 5,671
------ ------ --------- ------
Total Expenses 39,732 22,180 51,688 40,588
NET LOSS $ (39,637) (62,328) (51,366) (74,956)
Net Loss per limited
partner unit $ (5.28) (8.31) (6.85) (9.99)
<FN>
See accompanying notes to financial statements
</TABLE>
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<TABLE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
------------
1999 1998
---- ----
<S> <C> <C>
Cash Flows from Operating Activities:
Net Loss $ (51,366) $(74,956)
Adjustments to reconcile Net Loss
to Net Cash used in Operating Activities:
Increase in Restricted Cash (80) (176,463)
Increase in Accounts Receivable (4,041) -
Increase (Decrease) in Accounts
Payable and Accrued Expenses (16,903) 56,350
Cost of Land & Improvements Sold - 337,027
Cost of Land & Improvements - (143,202)
Net Cash used in
Operating Activities (72,390) (1,244)
Net Decrease in Cash (72,390) (1,244)
CASH AT JANUARY 1, 120,260 146,668
CASH AT JUNE 30, $ 47,870 $ 145,424
<FN>
See accompanying notes to financial statements.
</TABLE>
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LMR LAND COMPANY, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three and Six Months Ended June 30, 1999 and 1998
(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, 1998. 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, 1999
may not be indicative of the results that may be expected for the
year ending December 31, 1999.
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:
1999 1998
---- ----
Management Fees $ 7,000 $7,000
Accounting Fees 2,100 2,450
C. COMPREHENSIVE INCOME
During the three and six month periods ended June 30, 1999,
and 1998, the Partnership had no components of other comprehensive
income. Accordingly, comprehensive income for each of the periods
was the same as net loss.
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
There were no sales during 1999. As of July 31,1999, the
Registrant held 3.1 acres in Lebanon, Tennessee and all
land originally purchased in Macon, Georgia.
Overall expenses of the Registrant have not changed significantly
from prior quarters.
Year 2000
In 1998, the Partnership initiated a plan ("Plan") to identify, and
remediate "Year 2000" issues within each of its significant
computer programs and certain equipment which contain
microprocessors. The Plan is addressing the issue of computer
programs and embedded computer chips being unable to distinguish
between the year 1900 and the year 2000, if a program or chip uses
only two digits rather than four to define the applicable year.
The Partnership has divided the Plan into five major
phases-assessment, planning, conversion, implementation and
testing. After completing the assessment and planning phases
earlier year, the Partnership is currently in the conversion,
implementation, and testing phases. Systems which have been
determined not to be Year 2000 compliant are being either replaced
or reprogrammed, and thereafter tested for Year 2000 compliance.
The Plan anticipates that by mid-1999 the conversion,
implementation and testing phases will be completed. Management
believes that the total remediation costs for the Plan will not be
material to the operations or liquidity of the Partnership.
The Partnership is in the process of identifying and contacting
critical suppliers and other vendors whose computerized systems
interface with the Partnership's systems, regarding their plans and
progress in addressing their Year 2000 issues. The Partnership has
received varying information from such third parties on the state
of compliance or expected compliance. Contingency plans are being
developed in the event that any critical supplier or customer is
not compliant.
The failure to correct a material Year 2000 problem could result in
an interruption in, or failure of, certain normal business
activities or operations. Such failures could materially and
adversely affect the Partnership's operations, liquidity and
financial condition. Due to the general uncertainty inherent in
the Year 2000 problem, resulting in part from the uncertainty of
the Year 2000 readiness of third-party suppliers and customers, the
Partnership is unable to determine at this time whether the
consequences of Year 2000 failures will have a material impact on
the Partnership's operations, liquidity or financial condition.
FINANCIAL CONDITION
LIQUIDITY
At July 31, 1999, the Registrant had approximately $ 13,901 in cash
reserves. This balance may not be sufficient to meet the operating
needs of the Registrant. Unless there are property sales, the
General Partner will assist the Registrant in meeting operational
needs through affiliated loans.
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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 13, 1999 By:/s/ Steven D. Ezell
President
Date: August 13, 1999 By:/s/ Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1999
<CASH> 47,870
<SECURITIES> 0
<RECEIVABLES> 4,041
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 2,764,039
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,831,806
<CURRENT-LIABILITIES> 10,499
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,821,307
<TOTAL-LIABILITY-AND-EQUITY> 2,831,806
<SALES> 0
<TOTAL-REVENUES> 322
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 51,688
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (51,366)
<INCOME-TAX> 0
<INCOME-CONTINUING> (51,366)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (51,366)
<EPS-BASIC> (6.85)
<EPS-DILUTED> (6.85)
</TABLE>
