<PAGE>
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 quarterly period ended September 30, 1994
------------------
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 1-9443
------
Red Lion Inns Limited Partnership
- - - --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 94-3029959
- - - --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4001 Main Street, Vancouver, Washington 98663
- - - --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(206) 696-0001
- - - --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
- - - --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
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 the past 90 days. Yes X No .
----- -----
<PAGE>
RED LION INNS LIMITED PARTNERSHIP
REPORT ON FORM 10-Q
For the quarter ended September 30, 1994
Table of Contents
Page
----
PART I. FINANCIAL INFORMATION
ITEM 1 Consolidated Financial Statements (Unaudited):
Consolidated Statements of Income 3-4
Consolidated Balance Sheets 5
Consolidated Statement of Partners' Capital 6
Consolidated Condensed Statements of Cash Flows 7
Notes to Consolidated Financial Statements 8-10
ITEM 2 Management's Discussion and Analysis of
Financial Condition and Results of Operations 11-14
PART II. OTHER INFORMATION
ITEM 6 Exhibits and Reports on Form 8-K 15
2
<PAGE>
PART I: FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements:
- - - -------------------------------------------
CONSOLIDATED STATEMENTS OF INCOME
Red Lion Inns Limited Partnership
and Subsidiary Limited Partnership
(unaudited)
(dollar amounts in thousands
except per unit amounts)
<TABLE>
<CAPTION>
Three Months Ended
September 30,
----------------------
1994 1993
---------- ----------
<S> <C> <C>
REVENUES $10,382 $9,767
OPERATING COSTS AND EXPENSES:
Property taxes 688 685
Base management fee 794 767
Incentive management fee 2,386 1,957
Depreciation and amortization 2,715 2,542
Other 439 386
--------- ---------
Total operating costs and expenses 7,022 6,337
--------- ---------
Operating income 3,360 3,430
INTEREST EXPENSE 2,606 2,559
--------- ---------
Income before income taxes 754 871
Income tax provision 25 54
--------- ---------
NET INCOME $ 729 $ 817
--------- ---------
ALLOCATION OF NET INCOME:
General Partner $ 15 $ 16
--------- ---------
Limited Partners $ 714 $ 801
--------- ---------
NET INCOME PER LIMITED PARTNER
UNIT $ 0.17 $ 0.19
--------- ---------
AVERAGE LIMITED PARTNER UNITS
OUTSTANDING 4,133,500 4,133,500
--------- ---------
</TABLE>
(see notes to financial statements)
3
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME
Red Lion Inns Limited Partnership
and Subsidiary Limited Partnership
(unaudited)
(dollar amounts in thousands
except per unit amounts)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
----------------------
1994 1993
---------- ----------
<S> <C> <C>
REVENUES $ 27,609 $ 25,742
OPERATING COSTS AND EXPENSES:
Property taxes 1,901 2,111
Base management fee 2,273 2,191
Incentive management fee 4,021 2,456
Depreciation and amortization 8,126 7,652
Other 1,391 1,218
---------- ----------
Total operating costs and expenses 17,712 15,628
---------- ----------
Operating income 9,897 10,114
INTEREST EXPENSE 7,747 7,659
---------- ----------
Income before income taxes and cumulative effect
of change in accounting principle 2,150 2,455
Income tax provision 25 171
---------- ----------
Income before cumulative effect of change in
accounting principle 2,125 2,284
Cumulative effect of change in accounting for
income taxes -- 1,351
---------- ----------
NET INCOME $ 2,125 $ 933
---------- ----------
ALLOCATION OF NET INCOME:
General Partner $ 42 $ 19
---------- ----------
Limited Partners $ 2,083 $ 914
---------- ----------
NET INCOME BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE
PER LIMITED PARTNER UNIT $ 0.50 $ 0.54
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING FOR INCOME TAXES PER
LIMITED PARTNER UNIT -- 0.32
---------- ----------
NET INCOME PER LIMITED PARTNER UNIT $ 0.50 $ 0.22
---------- ----------
AVERAGE LIMITED PARTNER UNITS
OUTSTANDING 4,133,500 4,133,500
---------- ----------
</TABLE>
(see notes to financial statements)
4
<PAGE>
CONSOLIDATED BALANCE SHEETS
Red Lion Inns Limited Partnership
and Subsidiary Limited Partnership
(dollar amounts in thousands)
<TABLE>
<CAPTION>
September, 30, December 31,
1994 1993
-------------- -------------
(unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash $ 185 $ 213
Prepaid property taxes 218 --
-------- --------
Total current assets 403 213
-------- --------
PROPERTY AND EQUIPMENT:
Land 17,705 17,713
Buildings and improvements 158,370 156,573
Furnishings and equipment 51,019 45,764
Construction in progress 1,662 2,888
-------- --------
228,756 222,938
Less -- accumulated depreciation (63,062) (55,254)
-------- --------
165,694 167,684
-------- --------
DEFERRED LOAN COSTS, net 61 146
-------- --------
$166,158 $168,043
-------- --------
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Payable to affiliate $ 12,678 $ 8,355
Accrued distributions to partners 2,329 2,329
Interest payable 795 793
Property taxes 696 405
Current portion long-term debt 114,002 1,371
-------- --------
Total current liabilities 130,500 13,253
-------- --------
LONG-TERM DEBT NET OF CURRENT PORTION 9,727 124,023
-------- --------
DEFERRED INCOME TAXES 1,376 1,351
-------- --------
PARTNERS' CAPITAL:
Limited Partners, 4,940,000 units issued 37,039 41,777
Less - 806,500 treasury units, at cost (11,202) (11,202)
-------- --------
Limited Partners, net 25,837 30,575
General Partner (1,282) (1,159)
-------- --------
Total partners' capital 24,555 29,416
-------- --------
$166,158 $168,043
-------- --------
</TABLE>
(see notes to financial statements)
5
<PAGE>
CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL
For the nine months ended September 30, 1994
Red Lion Inns Limited Partnership
and Subsidiary Limited Partnership
(unaudited)
(dollars amounts in thousands)
<TABLE>
<CAPTION>
Limited Partners
----------------------------------------
Issued Units Treasury Units
------------------- -------------------
General
Units Amount Units Amount Partner Total
--------- -------- -------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1993 4,940,000 $41,777 (806,500) $(11,202) $(1,159) $29,416
Distributions to partners -- (6,821) -- -- (165) (6,986)
Net income -- 2,083 -- -- 42 2,125
--------- ------- -------- -------- ------- -------
Balance at September 30, 1994 4,940,000 $37,039 (806,500) $(11,202) $(1,282) $24,555
--------- ------- --------- -------- ------- -------
</TABLE>
(see notes to financial statements)
6
<PAGE>
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Red Lion Inns Limited Partnership
and Subsidiary Limited Partnership
(unaudited)
Increase (decrease) in cash
(dollar amounts in thousands)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
-----------------
1994 1993
------ -------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 2,125 $ 933
Adjustments to reconcile net income to cash
provided from operating activities -
Depreciation and amortization 8,126 7,652
Deferred income taxes 25 1,522
Change in certain current assets and liabilities 4,398 3,357
------- -------
Net cash provided by operating activities 14,674 13,464
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment, net (6,051) (5,038)
Cash reserved for capital improvements (2,273) (2,191)
Cash withdrawn from reserve for capital improvements 2,273 2,191
------- -------
Net cash used in investing activities (6,051) (5,038)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distribution of cash to partners (6,986) (6,986)
Payments on term loan (1,017) (930)
Net repayments on revolving credit facility (648) (183)
------- -------
Net cash used in financing activities (8,651) (8,099)
------- -------
INCREASE (DECREASE) IN CASH (28) 327
CASH AT BEGINNING OF PERIOD 213 168
------- -------
CASH AT END OF PERIOD $ 185 $ 495
------- -------
</TABLE>
(see notes to financial statements)
7
<PAGE>
RED LION INNS LIMITED PARTNERSHIP
AND SUBSIDIARY LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1994
(UNAUDITED)
1. GENERAL
Red Lion Inns Limited Partnership, a Delaware limited partnership (the
"Partnership"), was organized for the purpose of acquiring and owning, through
its subsidiary limited partnership, Red Lion Inns Operating L.P., a Delaware
limited partnership (the "Operating Partnership"), ten Red Lion hotels (the
"Hotels"). On April 14, 1987 (the date of the Partnership's inception), the
Operating Partnership acquired the Hotels from Red Lion, a California limited
partnership ("Red Lion"). Red Lion continues to operate and manage the Hotels
pursuant to a long-term management agreement (the "Management Agreement"). The
general partner of the Partnership and Operating Partnership is Red Lion
Properties, Inc. (the "General Partner"), a wholly-owned subsidiary of Red
Lion.
For further information regarding the organization of the Partnership, reference
is made to the Partnership's 1993 Annual Report on Form 10-K, and to its
registration statement on Form 8-A, as amended, including exhibits, which was
declared effective by the Securities and Exchange Commission (the "Commission")
on April 8, 1987.
2. BASIS OF PRESENTATION
The accompanying consolidated financial statements include the accounts of the
Partnership and those of the Operating Partnership, of which the Partnership
owns 99 percent and the General Partner owns one percent. All significant
intercompany transactions and accounts have been eliminated.
The Partnership has changed the presentation in the accompanying consolidated
statements of income for the quarter and nine months ended September 30, 1994
and 1993, of the operating revenues and expenses relating to the Hotels managed
by Red Lion. The new presentation displays as the Partnership's gross revenues,
the payments received from Red Lion as the Partnership has determined that the
Management Agreement is in substance a lease agreement and that the gross
revenues and gross operating expenses of the Hotels are those of Red Lion and
not those of the Partnership. Previously, the total operating revenues and
expenses of the Hotels were displayed in the Partnership's Consolidated
Statement of Income for additional information purposes. The effect of this new
presentation was to reduce revenues and operating expenses by equal amounts of
$16,086,000 and $15,816,000 in the quarters ended September 30, 1994 and 1993,
respectively, and $48,158,000 and $47,305,000, respectively, in the nine-month
periods then ended. The other consolidated financial statements and the related
notes have been conformed to the new presentation in the income statement.
8
<PAGE>
There was no effect in any period on reported operating income, net income
(loss), net income (loss) per limited partner unit, cash flow available for
distribution and incentive management fees or partners' capital as a result of
this presentation change. There was no change in the Management Agreement. In
connection with the presentation change, the Partnership filed an amended Annual
Report on Form 10-K/A on May 9, 1994.
Certain information and footnote disclosures included in annual financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted in accordance with the rules and regulations of
the Commission. The interim financial statements should be read in conjunction
with the audited financial statements included in the Partnership's 1993 Annual
Report on Form 10-K/A.
The operating results for the current quarter ended September 30, 1994 (the
"Current Quarter") and the nine months then ended do not necessarily indicate
the results expected for the full 1994 year.
In the opinion of management, the accompanying interim financial statements
contain all necessary adjustments, which are of a normal recurring nature, to
present fairly the Partnership's financial condition and results of operations
as of September 30, 1994 and for the quarter and nine months then ended.
3. RELATED PARTY TRANSACTIONS
Amounts payable to affiliate of $12,678,000 at September 30, 1994, consist of
amounts payable to Red Lion for construction costs, payroll and payroll taxes,
support services, base and current incentive management fees, operating
supplies, furnishings, and equipment and other current liabilities arising out
of normal operations in accordance with the Management Agreement. Amounts
payable to affiliate also include the Hotels' net working capital, consisting of
accounts payable, certain taxes other than property and income taxes, cash held
in hotel accounts, accounts receivable, inventories and prepaid expenses. Such
net working capital amounted to $2,072,000 and $1,367,000 at September 30, 1994
and 1993, respectively. Amounts payable to affiliate which are outstanding for
more than 30 days incur interest at a Prime-based interest rate.
Included in long-term debt is a $3.7 million non-interest bearing loan made to
the Partnership by the General Partner and $6 million of non-interest bearing
deferred incentive management fees owed to Red Lion.
9
<PAGE>
4. INCOME TAXES
The Partnership is not currently subject to income taxes because its income is
taxed directly to the partners. During 1987, Congress passed the Omnibus Budget
Reconciliation Act which, among other things, treats certain publicly traded
partnerships as corporations for tax purposes for the years beginning after
December 31, 1987. Publicly-traded partnerships in existence prior to December
18, 1987, such as the Partnership, will not be treated as corporations, for tax
purposes, for ten years or until taxable years beginning after December 31,
1997. The effect of treating publicly traded partnerships as corporations will
be to tax the income of the Partnership at the entity level and reflect
distributions to partners as dividends.
In First Quarter 1993, the Partnership adopted Statement of Financial Accounting
Standards No. 109, "Accounting for Income Taxes" (SFAS109). This statement
requires, among other things, the recording of deferred income taxes based on
the difference between the financial statement and income tax bases of assets
and liabilities using the enacted marginal income tax rate. The cumulative
effect of this accounting change resulted in a non-cash charge to income of
$1,351,000, or $.32 per unit in First Quarter 1993. This charge reflects the
tax effect, as of January 1, 1993, of cumulative differences between the book
and tax bases of the Partnership's assets from depreciation differences that are
estimated to exist after the Partnership becomes a taxable entity. The
Partnership recorded an additional $25,000 of deferred income taxes in the
Current Quarter.
5. SUPPLEMENTAL CASH FLOW DISCLOSURE
During the nine-month periods ended September 30, 1994 and 1993, the Partnership
made interest payments amounting to $7,745,000 and $7,665,000, respectively.
10
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Results of Operations
- - - ---------------------
As discussed in note 2 above, the Partnership displays as its gross revenues the
payments received from Red Lion which represent the gross operating profit of
the Hotels. The following table defines the gross operating profit of the
Hotels:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ---------------------
1994 1993 1994 1993
------- ------- -------- -------
<S> <C> <C> <C> <C>
REVENUES:
Rooms $16,415 $15,969 $44,530 $42,681
Food and beverage 7,649 7,586 24,145 24,085
Other 2,404 2,028 7,092 6,281
------- ------- ------- -------
Total revenues 26,468 25,583 75,767 73,047
OPERATING COSTS AND EXPENSES:
Rooms 3,768 3,680 10,633 10,385
Food and beverage 6,217 6,247 19,456 19,666
Other 945 904 2,783 2,693
Administrative and general 2,061 2,108 6,394 6,086
Sales, promotion and advertising 1,177 1,060 3,463 3,199
Utilities 913 854 2,523 2,448
Repairs and maintenance 1,005 963 2,906 2,828
------- ------- ------- -------
Total operating costs and expenses 16,086 15,816 48,158 47,305
------- ------- ------- -------
Gross operating profit of Hotels $10,382 $ 9,767 $27,609 $25,742
======= ======= ======= =======
</TABLE>
PARTNERSHIP REVENUES: For the Current Quarter, revenues which, as noted above,
represent the payments received from Red Lion, increased to $10.4 million from
$9.8 million in the comparable 1993 quarter, an increase of $.6 million, or
6.1%. For the nine months ended September 30, 1994, revenues increased to $27.6
million from $25.7 million in the comparable 1993 period, an increase of $1.9
million or 7.4%. The changes in specific revenues and expenses, including those
of the Hotels that affect the payments received from Red Lion and thus the
Partnership's revenues and operating results, are discussed below.
HOTEL REVENUES: For the Current Quarter, room revenues increased to $16.4
million from $16.0 million, an increase of $.4 million, or 2.5% from the prior
year quarter. For the nine months ended September 30, 1994, room revenues
increased to $44.5 million from $42.7 million, an increase of $1.8 million, or
4.2%. The increase in room revenues for the Current Quarter and nine months
ended September 30, 1994, is due principally to higher room rates. The average
occupancy rate was lower for the Current Quarter due to the effects of major
renovation work at one of the Partnership hotels.
11
<PAGE>
A summary of occupancy and room rates for the Hotels follows:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- -------------------
1994 1993 1994 1993
--------- --------- --------- --------
<S> <C> <C> <C> <C>
Occupancy Percentage 80.8% 82.8% 75.4% 75.6%
Average Room Rate $72.00 $68.34 $70.54 $67.36
</TABLE>
For the Current Quarter and nine months ended September 30, 1994, food and
beverage revenues, at $7.6 million and $24.1 million, respectively, were
essentially unchanged from the prior year periods.
Other revenues for the Current Quarter and nine months ended September 30, 1994
increased by $.4 million (20%), and $.8 million (12.7%), respectively. The
increases were due to higher meeting room rentals and higher revenues from
auxiliary enterprises including parking and gift shops.
Operating results are affected by seasonality. The Current Quarter results
reflect the late summer and early fall seasons in which revenues are typically
higher than in winter periods.
As discussed in Note 2 above, due to their seasonal nature, operating results
for interim periods do not necessarily indicate the results expected for the
full year.
OPERATING INCOME: For the Current Quarter, operating income before incentive
management fee, depreciation and amortization increased to $8.5 million from
$7.9 million, an increase of $.6 million, or 7.6%. As a percentage of Hotel
revenues, this item increased to 32.1% from 30.9% in the prior year quarter, an
increase of 1.2 points. For the nine months ended September 30, 1994, operating
income before incentive management fee, depreciation and amortization increased
to $22.0 million from the comparable prior year period amount of $20.2 million,
an increase of $1.8 million, or 8.9%. As a percentage of Hotel revenues, this
item increased to 29% from 27.7% in operations in the prior year, an increase of
1.3 points. These increases reflect improvements in operations and lower
workers compensation charges for the Current Quarter.
NET INCOME: For the Current Quarter, net income was $.7 million ($.17 per unit)
compared to the prior year quarter's $.8 million ($.19 per unit). For the nine
months ended September 30, 1994, net income before the change in accounting for
income taxes was $2.1 million ($.50 per unit) compared to the comparable prior
year period amount of $2.3 million ($.54 per unit). The Current Quarter and
nine-month amounts reflect higher incentive management fees which resulted from
the higher cash flow available for incentive management fees.
12
<PAGE>
CASH FLOW AVAILABLE FOR DISTRIBUTION AND INCENTIVE MANAGEMENT FEE: As defined in
the Management Agreement, cash flow available for distributions and incentive
management fee ("Cash Flow") is net income (or loss) before non-cash charges
(principally depreciation and amortization) and incentive management fee, but
after the reserve for capital improvements and principal payments on mortgage
debt. Cash Flow increased in the Current Quarter to $4.7 million ($1.11 per
unit) from the prior year quarter's $4.3 million ($1.01 per unit), an increase
of $.4 million ($.10 per unit), or 9.3%. Cash Flow for the nine months ended
September 30, 1994 increased to $11.0 million ($2.60 per unit) from the
comparable prior year period's $9.4 million ($2.23 per unit), an increase of
$1.6 million ($.37 per unit), or 17%. The increase in Cash Flow is due to the
improvement in operations discussed above.
LIQUIDITY
- - - ---------
During the Current Quarter, cash provided by operating activities was sufficient
to satisfy operating cash requirements. It is expected that, for 1994, cash
provided by both operations and the lending facility discussed below, or other
sources, will be sufficient to meet anticipated cash requirements.
The Operating Partnership has the availability of a $14.1 million revolving loan
facility. During the Current Quarter, average borrowings under the facility
were $11.8 million. The interest rate on the outstanding balance averaged 6%
for the quarter. At September 30, 1994, the balance outstanding under the line
was $11.2 million.
On April 14, 1995, the Partnership's credit agreement, comprising the $102.8
million mortgage note and the above-mentioned revolving loan facility becomes
due. The combined $114 million balance is included under current liabilities on
the accompanying balance sheet. The Partnership intends to either refinance or
obtain an extension for the credit agreement prior to the due date.
On October 20, 1994, the General Partner declared a quarterly cash distribution
of $.55 per unit ($2.20 annualized) for the Current Quarter, payable on November
15, 1994, to unitholders of record on October 31, 1994. This distribution has
been accrued in the accompanying financial statements.
13
<PAGE>
Cash Flow, as defined in the Management Agreement, was sufficient to cover
accrued cash distributions for the quarters and nine-month periods ended
September 30, 1994 and 1993 (thousands):
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -----------------
1994 1993 1994 1993
------- ------- ------- -------
<S> <C> <C> <C> <C>
Net Income $ 729 $ 817 $ 2,125 $ 933
Add (deduct):
Depreciation and amortization 2,715 2,542 8,126 7,652
Incentive management fee 2,386 1,957 4,021 2,456
Deferred income taxes 25 54 25 1,522
Cash reserved for capital improvements (794) (767) (2,273) (2,191)
Repayments on term loan (346) (317) (1,017) (930)
------- ------- ------- -------
Cash flow available for distribution and
incentive management fees 4,715 4,286 11,007 9,442
Cash required for priority distribution (2,329) (2,329) (6,986) (6,986)
------- ------- ------- -------
Cash flow available for incentive
management fees $ 2,386 $ 1,957 $ 4,021 $ 2,456
------- ------- ------- -------
Cash flow available for distribution
and incentive management fees per unit $ 1.11 $ 1.01 $ 2.60 $ 2.23
------- ------- ------- -------
</TABLE>
The year-to-date Cash Flow exceeds accrued cash distributions by $4,021,000. It
is expected that year-to-date cash flow available for incentive management fees
will decrease during the Partnership's fourth quarter. As noted in the
discussion of operations above, the operations of the Hotels are affected by
seasonality with summer and fall revenues typically higher than winter revenues.
Operating results for the interim period do not necessarily indicate the results
expected for the full year.
CAPITAL RESOURCES
- - - -----------------
During the nine months ended September 30, 1994, gross expenditures on capital
improvements amounted to $6.1 million.
14
<PAGE>
RED LION INNS LIMITED PARTNERSHIP
PART II: OTHER INFORMATION
ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K
- - - ------- ---------------------------------
(a) Exhibits: Exhibit 27 - Article 5 Financial Data Schedule for 3rd Quarter
10-Q.
(b) Reports on form 8-K - No reports on Form 8-K were filed during the quarter
for which this report is being filed.
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 in the City of Vancouver, Washington, on
the 14th day of November 1994.
RED LION INNS LIMITED PARTNERSHIP
- - - ---------------------------------
(Registrant)
By: RED LION PROPERTIES, INC.
Its sole General Partner
By: /S/ J. RAY VINGO
---------------------
J. Ray Vingo
Executive Vice President and
Chief Financial Officer
15
<PAGE>
INDEX OF EXHIBITS
Exhibit
Number
- - - ------
27 Article 5 Financial Data Schedule for 3rd Quarter 10-Q
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE COMPANY'S CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 185
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 403
<PP&E> 228,756
<DEPRECIATION> (63,062)
<TOTAL-ASSETS> 166,158
<CURRENT-LIABILITIES> 130,500
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 24,555
<TOTAL-LIABILITY-AND-EQUITY> 166,158
<SALES> 27,609
<TOTAL-REVENUES> 27,609
<CGS> 0
<TOTAL-COSTS> 17,712
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 7,747
<INCOME-PRETAX> 2,150
<INCOME-TAX> 25
<INCOME-CONTINUING> 2,125
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,125
<EPS-PRIMARY> 0.50
<EPS-DILUTED> 0.50
</TABLE>
