[TEST]
<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended March 31, 1995
Commission File Number 33-14003
SIGNATURE X LTD. LIMITED PARTNERSHIP
----------------------------------------------------------
(Exact name of registrant as specified in its charter)
Indiana 35-1687036
- ------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
250 East 96th Street, Suite 450
Indianapolis, Indiana 46240
- --------------------------------------- --------------
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (317) 581-1111
Check whether the Registrant (1) has filed all reports required
to be filed by Sections 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months, and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
---- ----
<PAGE>
SIGNATURE X LTD. LIMITED PARTNERSHIP
INDEX
Part I - FINANCIAL INFORMATION
- ------------------------------
Item 1. Financial Statements (Unaudited)
Balance Sheets
March 31, 1995 and December 31, 1994
Statements of Operations
Three months ended March 31, 1995 and 1994
Statement of Partners' Equity
Three months ended March 31, 1995
Statements of Cash Flows
Three months ended March 31, 1995 and 1994
Note to Financial Statements
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Part II - OTHER INFORMATION
- ---------------------------
<PAGE>
<TABLE>
SIGNATURE X LTD. LIMITED PARTNERSHIP
Balance Sheets
(Unaudited)
<CAPTION>
March 31, December 31,
1995 1994
------------- -------------
ASSETS
<S> <C> <C>
Current assets:
Cash and short-term cash investments $ 163,600 208,858
Investments held by trustee 80,531 3,148
------------- -------------
Cash and cash equivalents 244,131 212,006
Accounts receivable 49,507 52,702
Linen inventory 70,813 70,813
Other current assets 19,768 29,131
------------- -------------
Total current assets 384,219,219 364,652
------------- -------------
Property and equipment:
Land 1,693,614 1,693,614
Land improvements 384,346 384,347
Buildings 6,862,247 6,846,694
Furniture and equipment 1,747,698 1,711,625
------------- -------------
10,687,905 10,636,280
Less accumulated depreciation 2,873,549 2,803,658
------------- -------------
Net property and equipment 7,814,356 7,832,622
Furniture and equipment reserves 93,864 90,524
Deferred costs, net of accumulated
amortization of $285,108 and $281,181 134,468 138,395
------------- -------------
$ 8,426,907 8,426,193
============= =============
LIABILITIES AND PARTNERS' EQUITY
Current liabilities:
Current portion of long-term debt 90,749 89,044
Accounts payable 31,243 24,554
Accrued payroll and related taxes 39,368 31,456
State and local taxes 59,552 55,591
Accrued interest 91,108 23,421
------------ -------------
Total current liabilities 312,020 224,066
Long-term debt, less current portion 5,269,514 5,283,835
Note payable to general partner 2,377,361 2,377,361
Advances from general partner 279,065 259,065
------------ -------------
Total liabilities 8,237,960 8,144,327
Partners' equity 188,947 281,866
------------ -------------
$ 8,426,907 8,426,193
============ =============
<PAGE>
SIGNATURE X LTD. LIMITED PARTNERSHIP
Statements of Operations
(Unaudited)
<CAPTION>
Three Months Ended
March 31
--------------------------
1995 1994
----------- ------------
<S> <C> <C>
Revenue:
Room revenue $ 577,029 571,633
Other hotel revenue 30,380 26,401
Interest 1,653 677
609,062 598,711
Cost and expenses:
Hotel operations 233,406 210,927
Salaries and benefits 180,232 155,194
Management and franchise fees 54,198 53,276
Advertising and reservations 21,077 20,718
Interest 139,249 143,256
Depreciation and amortization 73,819 93,705
701,981 677,076
Net loss (92,919) (78,365)
General partner's interest
in net loss (13,938) (11,755)
Limited partner's interest
in net loss $ (78,981) (66,610)
Average number of limited partner
units outstanding 364 364
Net loss per limited
partner unit $ (217) (183)
<PAGE>
SIGNATURE X LTD. LIMITED PARTNERSHIP
Statement of Partners' Equity
Three months ended March 31, 1995
(Unaudited)
<CAPTION>
General Limited
Partner Partners Total
---------- ---------- ----------
<S> <C> <C> <C>
Balance at December 31, 1994 $ 41,897 239,969 281,866
Net loss (13,938) (78,981) (92,919)
---------- ---------- ----------
Balance at March 31, 1995 $ 27,959 160,988 188,947
========== ========== ==========
Accumulated balances:
Capital contributions 404,445 3,640,000 4,044,445
Offering expenses - (455,000) (455,000)
Net loss (376,486) (3,024,012) (3,400,498)
---------- ----------- -----------
Balance at March 31, 1995 $ 27,959 160,988 188,947
========== =========== ===========
<PAGE>
SIGNATURE X LTD. LIMITED PARTNERSHIP
Statements of Cash Flows
Three months ended March 31, 1995 and 1994
(Unaudited)
<CAPTION>
1995 1994
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (92,919) (78,366)
Items which do not use (provide) cash:
Depreciation of property and equipment 69,892 89,778
Amortization of deferred costs 3,927 3,927
Accrued revenue and other expenses, net 98,807 96,113
----------- -----------
Net cash provided by operating activities 79,707 111,452
----------- -----------
Cash flows from investing activities:
Additions to furniture and equipment reserves, net (54,966) (16,756)
Furniture and equipment reserve funds used
for operating expenses - 11,730
----------- -----------
Net cash used in investing activities (54,966) (5,026)
----------- -----------
Cash flows from financing activities:
Payments on long-term debt (12,616) (41,837)
Advance from general partner 20,000 30,000
----------- -----------
Net cash provided by (used in) financing 7,384 (11,837)
----------- -----------
Change in cash and cash equivalents 32,125 94,589
----------- -----------
Cash and cash equivalents at beginning of period 212,006 105,034
----------- -----------
Cash and cash equivalents at end of period $ 244,131 199,623
=========== ===========
Additional disclosures:
Interest paid $ 139,062 142,889
=========== ===========
Additions to property and equipment from
furniture and equipment reserves $ 51,626 34,952
=========== ===========
</TABLE>
<PAGE>
SIGNATURE X LTD. LIMITED PARTNERSHIP
NOTE TO FINANCIAL STATEMENTS (UNAUDITED)
MARCH 31, 1995
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited financial statements have been
prepared in accordance with generally accepted accounting
principles for interim financial information. Accordingly, the
financial statements do not include all of the information and
footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of management,
all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included.
Operating results for the interim period are not necessarily
indicative of the results that may be expected for the year ended
December 31, 1995. For further information, refer to the
financial statements included in the Partnership's annual report
on Form 10-KSB for the year ended December 31, 1994.
<PAGE>
<TABLE>
SIGNATURE X LTD. LIMITED PARTNERSHIP
------------------------------------
MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
---------------------------------------------------------
AND RESULTS OF OPERATIONS
-------------------------
RESULTS OF OPERATIONS
- ---------------------
<CAPTION>
Occupancy Average Daily Rate
--------- ------------------
<S> <C> <C> <C> <C> <C> <C>
Hotel YTD YTD Change YTD YTD Change
3/31/95 3/31/94 3/31/95 3/31/94
Florence 59.0% 61.7% (2.7)% $48.83 $45.97 $2.86
Chester Road 40.7% 43.2% (2.5)% $53.45 $49.99 $3.46
<CAPTION>
QTD QTD Percent
3/31/95 3/31/94 Change
------- ------- -------
<S> <C> <C> <C>
Room & Other Hotel Revenues $607,409 $598,034 1.6%
Interest Income $1,653 $677 144.2%
Operating & Related Expenses $488,913 $440,115 11.1%
Interest Expense $139,249 $143,256 (2.8)%
Depreciation and Amortization $73,819 $93,705 (21.2)%
Net loss ($92,919) ($78,365) 18.6%
</TABLE>
Room and other hotel revenues of the two hotels increased
slightly for the three month period ended March 31, 1995 compared
to the same period in 1994 due to increases in average room
rates.
Operating and related expenses of the hotels consist of the
following costs and expenses - hotel operations, salaries and
benefits, management and franchise fees and advertising and
reservation contributions:
Hotel operations and salaries and benefits represent all of
the operational and administrative costs of operating the
hotels, including all payroll, supply, utilities,
maintenance and miscellaneous expenses. Hotel operations
increased $22,479 as there were higher employment
advertising, Guest transportation and supply costs incurred
in the first quarter of 1995 compared to 1994. Salaries
and benefits increased $25,038 as an adequate managerial
staffing level in 1995 was achieved compared to the first
quarter of 1994.
<PAGE>
Management and franchise fees increased slightly due to the
increase in room and other hotel revenue compared to the
same period last year. These fees represent amounts paid
to Signature Inns, Inc., the general partner of the
Partnership, for property management, accounting services
and franchise fees.
The Partnership contributes to a cooperative advertising
and reservation fund administered by the general partner.
Contributions increased slightly due to the increase in
room and other hotel revenue for the period.
Interest expense represents interest on hotel mortgage loans,
general partner advances and capitalized lease obligations.
Interest expense decreased primarily due to the scheduled
amortization reduction of the notes.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The general partner believes that cash generated from the
operation of the two hotels, along with existing cash balances,
will provide adequate liquidity for the Partnership to meet its
operating needs during the next twelve months.
<PAGE>
PART II - OTHER INFORMATION
- ---------------------------
Item 1. Legal Proceedings
See note below
Item 2. Changes in Securities
See note below
Item 3. Default upon Senior Securities
See note below
Item 4. Submission of matters to a Vote of Security Holders
See note below
Item 5. Other Information
See note below
Item 6. Exhibits and Reports on Form 8-K
See note below
NOTE: The response to each of the above items is not
applicable or is in the negative and does not require a response
pursuant to the instructions.
<PAGE>
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.
SIGNATURE INNS, INC., General Partner
of Signature X Ltd. Limited Partnership
Date May 10, 1994 By__________________________________________
John D. Bontreger, President and C.E.O.
Signature Inns, Inc.
Date May 10, 1994 By__________________________________________
Carney, Vice President Finance and
C.F.O.
Signature Inns, Inc.
Date May 10, 1994 By__________________________________________
Martin D. Brew, Treasurer/Controller
Signature Inns, Inc.
CMF\71342
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Consolidated Balance Statement and Consolidated Statement of Operations of
Signature X Ltd. Limited Partnership as of and for the three months ended March
31, 1995, and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000813826
<NAME> SIGNATURE X LTD L.P.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<CASH> 244,131
<SECURITIES> 0
<RECEIVABLES> 49,507
<ALLOWANCES> 0
<INVENTORY> 70,813
<CURRENT-ASSETS> 384,219
<PP&E> 10,687,905
<DEPRECIATION> 2,873,549
<TOTAL-ASSETS> 8,426,907
<CURRENT-LIABILITIES> 312,020
<BONDS> 8,237,960
<COMMON> 188,947
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 8,426,907
<SALES> 0
<TOTAL-REVENUES> 609,062
<CGS> 0
<TOTAL-COSTS> 562,732
<OTHER-EXPENSES> 13,938
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 139,249
<INCOME-PRETAX> (78,981)
<INCOME-TAX> 0
<INCOME-CONTINUING> (78,981)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (78,981)
<EPS-PRIMARY> (217)
<EPS-DILUTED> (217)
</TABLE>
