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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, 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 Months Ended March 31, 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>
March 31, December 31,
1999 1998
------- -------
<S> <C> <C>
ASSETS
CASH $ 87,507 120,260
RESTRICTED CASH 15,856 15,776
ACCOUNTS RECEIVABLE 4,041 -
LAND AND IMPROVEMENTS
HELD FOR INVESTMENT 2,764,039 2,764,039
Total Assets $ 2,871,443 $ 2,900,075
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE AND
ACCRUED EXPENSES $ 10,499 $ 27,402
PARTNERS' EQUITY:
Limited Partners, 7,500
units outstanding 2,860,846 2,872,575
General Partner 98 98
Total partners'
equity 2,860,944 2,872,673
Total Liabilities &
Partners' Equity $ 2,871,443 $ 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 March 31,
1999 1998
<S> <C> <C>
REVENUE:
Interest Income $ 227 5,780
Total Revenue 227 5,780
EXPENSES:
Management Fees 3,500 3,500
Legal & Accounting Fees 3,500 10,000
General & Admin. Expenses 57 108
Other Operating Expenses 4,899 4,800
Total Expenses 11,956 18,408
NET LOSS $ (11,729) $ (12,628)
<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>
Three months ended
MARCH 31,
1999 1998
<S> <C> <C>
Cash Flows from Operating Activities:
Net Loss $ (11,729) (12,628)
Adjustments to reconcile
Net Loss to Net Cash used
in Operating Activities:
Increase in Accounts
Receivable (4,041) -
Cost of Land Improvements - (143,202)
Decrease in Accounts Payable
and Accrued Expenses (16,903) (27,408)
Increase in Accounts
Payable - Affiliate - 54,000
Increase in Restricted Cash (80) -
Net Cash used in
Operating Activities (32,753) (129,238)
Net Decrease in Cash (32,753) (129,238)
CASH AT JANUARY 1, 120,260 146,668
CASH AT MARCH 31, $ 87,507 $ 17,430
======= ========
<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 Months Ended March 31, 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 three month period ended March 31, 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 three
months were as follows:
<TABLE>
<CAPTION>
1999 1998
<S> <C> <C>
Management Fees $3,500 $3,500
Accounting Fees 500 -
Development Fees 4,899 -
/TABLE
<PAGE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three Months Ended March 31, 1999 and 1998
(continued) (Unaudited)
C. COMPREHENSIVE INCOME
During the three month periods ended March 31, 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 FOR THE QUARTER ENDED MARCH 31, 1999.
There have been no sales during the first quarter of 1999. Overall
operations of the Registrant have not changed significantly from
prior quarters.
FINANCIAL CONDITION
LIQUIDITY
At May 1, 1999, the Registrant had approximately $56,294 in cash
reserves. These funds are expected to be sufficient to fund
operations through 1999.
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.
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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 1999
(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 15, 1999 By:/s/ Steven D. Ezell
___________________
President
Date: May 15, 1999 By:/s/ Michael A. Hartley
______________________
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<CASH> 87,507
<SECURITIES> 0
<RECEIVABLES> 4,041
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 2,764,039
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,891,443
<CURRENT-LIABILITIES> 10,499
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,860,944
<TOTAL-LIABILITY-AND-EQUITY> 2,871,443
<SALES> 0
<TOTAL-REVENUES> 227
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 11,956
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (11,729)
<INCOME-TAX> 0
<INCOME-CONTINUING> (11,729)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (11,729)
<EPS-PRIMARY> (1.56)
<EPS-DILUTED> (1.56)
</TABLE>
