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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 September 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 Nine Months Ended September 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>
September 30, December 31,
1999 1998
--------- ------------
<S> <C> <C>
ASSETS
Cash $ 31,620 $ 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 $2,815,556 $ 2,900,075
========== ==========
LIABILITIES AND PARTNERS' EQUITY
Accounts payable $ 50,608 $ 27,402
PARTNERS' EQUITY:
Limited Partners, 7,500 units
outstanding 2,764,854 2,872,575
General Partner 94 98
Total Partners' Equity 2,764,948 2,872,673
Total Liabilities & Partners' Equity $2,815,556 $ 2,900,075
========== ==========
<FN>
See 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 Nine Months Ended
September 30,
---------------------------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUE:
LAND SALES:
Sale Proceeds $ - $ 900,000 $ - $ 1,223,500
Cost of Land and
Improvements Sold - (693,001) - (1,030,028)
Closing Costs - (57,750) - (85,475)
Gain on Sale of
Land & Improvements - 149,249 - 107,997
Interest 162 1,248 485 8,094
Miscellaneous 250 250 250 288
------ ------- -------- ---------
Total Revenue 412 150,747 735 116,379
EXPENSES:
Property Taxes 40,162 25,613 40,220 25,957
Grounds Maintenance 11,652 2,281 17,267 12,103
Management Fees 3,500 3,500 10,500 10,500
Legal & Accounting Fees 775 - 15,985 16,784
General & Admin. Expenses 681 - 1,130 967
Other Operating Expenses - 2,786 23,357 8,457
------ ------ --------- --------
Total Expenses 56,770 34,180 108,459 74,768
NET (LOSS) INCOME $ (56,358) $116,567 $ (107,724) $41,611
Net (Loss) Income per limited
partner unit $ (7.51) $ 15.54 $ (14.36) $ 5.55
<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
SEPTEMBER 30,
------------
1999 1998
---- ----
<S> <C> <C>
Cash Flows from Operating Activities:
Net (Loss) Income $ (107,724) $41,611
Adjustments to reconcile Net (Loss)
Income to Net Cash (used in)
provided by Operating Activities:
Increase in Restricted Cash (80) (177,482)
Increase in Accounts Payable 23,206 45,191
Increase in Accounts Receivable (4,042) -
Cost of Land & Improvements Sold - 1,030,028
Cost of Land & Improvements - (152,691)
--------- ---------
Net Cash (used in) provided by
Operating Activities (88,640) 786,657
Cash Flows from financing activities:
Cash distribution to Partners - (900,000)
Net Decrease in Cash (88,640) (113,343)
CASH AT JANUARY 1, 120,260 146,668
CASH AT SEPTEMBER 30, $ 31,620 $ 33,325
========= =========
<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 and Nine Months Ended September 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 nine month period ended September 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 nine months were as follows:
1999 1998
[S] [C] [C]
Management Fees $ 10,500 $ 10,500
Accounting Fees $ 2,600 $ 2,950
C. COMPREHENSIVE INCOME
During the nine month periods ended September 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 income (loss).
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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 property sales during 1999. As of October 31,
1999, the Registrant held 3.1 acres in Lebanon, Tennessee and all
land originally purchased (113 acres) in Macon, Georgia.
Overall expenses of the Registrant have not changed significantly
from prior quarters except for property taxes. Assessed values on
the Macon, Georgia property increased in 1999.
During the fourth quarter, Management will update its evaluation of
the values of the Property and if necessary, any impairment
reserves will be recorded.
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.
Contingency plans are being developed in the event that any
critical system 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 September 30, 1999, the Registrant had approximately $14,097 in
cash reserves. The General Partner does not expect the current
cash balance to be sufficient to cover the cash needs of the
Registrant for the next year, but restricted development funds are
expected to be released before the end of the year providing
sufficient cash to meet the annual operating expenses.
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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: November 11, 1999 By:/s/ Steven D. Ezell
President
Date: November 11, 1999 By:/s/ Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1999
<CASH> 14,097
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 2,764,038
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,815,556
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,764,948
<TOTAL-LIABILITY-AND-EQUITY> 2,815,556
<SALES> 0
<TOTAL-REVENUES> 734
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 108,459
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (107,724)
<INCOME-TAX> 0
<INCOME-CONTINUING> (107,724)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (107,724)
<EPS-BASIC> (14.36)
<EPS-DILUTED> (14.36)
</TABLE>
