<PAGE> 1
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, 1995
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: 33-18089-A
HICKORY HILLS, LTD.
(Exact name of Registrant as specified in its charter)
Tennessee 62-1336904
(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)
(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 at least the past 90 days.
YES X NO ___
<PAGE> 2
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
HICKORY HILLS, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For The Nine Months Ended September 30, 1995
INDEX
Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Cash Flows 5
Notes to Financial Statements 6
<PAGE> 3
<TABLE>
HICKORY HILLS, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<CAPTION>
September 30, December 31,
1995 1994
------------- -------------
<S> <C> <C>
ASSETS
CASH $ 650,270 $ 387,330
LAND & IMPROVEMENTS HELD
FOR INVESTMENT 2,826,280 3,204,826
OTHER ASSETS 280 465
Total Assets $ 3,476,830 $ 3,592,621
========== ===========
LIABILITIES AND PARTNERS' EQUITY
ACCRUED INTEREST PAYABLE $ 1,538,122 $ 1,486,171
ACCRUED PROPERTY TAXES - 35,441
NOTE PAYABLE TO AFFILIATE 3,454,300 3,454,300
OTHER ACCRUED EXPENSES 50,051 36,200
PARTNERS' DEFICIT (1,565,643) (1,419,491)
Total Liabilities &
Partners' Deficit $ 3,476,830 $ 3,592,621
=========== ===========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 4
<TABLE>
HICKORY HILLS, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter Ending Year to Date Ending
September 30, September 30,
______________ _____________________
1995 1994 1995 1994
____ ____ ____ ____
<S> <C> <C> <C> <C>
REVENUE:
Land Sales
Sale Proceeds $ 583,510 - $ 759,010 $ 693,500
Cost of
Land Sold (422,044) - (555,773) (632,440)
Closing Costs (47,422) - (59,207) (42,573)
Gain(Loss) on
Sale of Land 114,044 - 144,030 18,487
Interest Income 3,733 1,069 13,548 7,397
Miscellaneous - - - 1,516
Total Revenue 117,777 1,069 157,578 27,400
EXPENSES:
Management Fees 750 750 2,250 2,250
Legal &
Accounting Fees 1,248 300 12,641 12,282
General & Admin.
Expenses 3,548 415 8,588 5,967
Land Maint. Fees 4,802 4,416 18,300 26,382
Interest Expense 88,276 88,276 261,951 261,950
Total Expenses 98,624 94,157 303,730 308,831
NET INCOME (LOSS) 19,153 (93,088) (146,152) (281,431)
<FN>
See notes to financial statements
</TABLE>
<PAGE> 5
<TABLE>
HICKORY HILLS, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
SEPTEMBER 30,
__________________________
1995 1994
____ ____
<S> <C> <C>
Cash Flows from
Operating Activities:
Net Income (146,152) (281,431)
Adjustments to reconcile
Net Income to Net Cash used
in Operating Activities:
Interest Payments made
on Note Payable (210,000) (275,000)
Increase in Accrued
Interest Payable 261,951 261,950
Change in Accrued
Property Taxes (35,441) (37,303)
Change in Other Assets 185 -
Gain on Sale of Land (144,030) (18,487)
Increase in Accrued Expenses 13,851 (19,875)
Total Adjustments (113,484) (88,715)
Net Cash used in
Operating Activities (259,636) (370,146)
Cash Flows from Investing Activities:
Net Sale Proceeds 699,803 650,927
Land Improvements (177,227) (301,177)
Net Cash provided by
Investing Activities 522,576 349,750
Net Increase/(Decrease)
in Cash and Cash Equivalents 262,940 (20,396)
CASH AT JANUARY 1, 387,330 393,425
CASH AT SEPTEMBER 30, $650,270 $373,029
======== ========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 6
HICKORY HILLS, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Nine Months Ended September 30, 1995
(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, 1994. 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, 1995 may not be indicative of
the results that may be expected for the year ending December
31, 1995.
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:
<TABLE>
<CAPTION>
1995 1994
________ ________
<S> <C> <C>
Management Fees $ 2,250 2,250
Real Estate Brokerage
Commission 24,314 19,380
Accounting Fees 1,500 1,200
</TABLE>
<PAGE> 7
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED September 30, 1995.
During the third quarter of 1995, the Registrant sold 21 lots of
the Hendersonville Property for gross proceeds of $429,110 and
3.86 acres of the Nashville Property for $154,400. A payment of
$210,000 was made to the Lender and the remaining proceeds were
retained for operating and development.
Operating expenses of the Registrant are comparable to the prior
year's except for the fluctuation in sales. During 1994, 37 lots
from the Hendersonville Property and 1.63 acres from the Nashville
Property were sold. During the same period in 1995, thirty lots
from the Hendersonville Property were sold but at a price higher
than the 1994 sales price and 3.86 acres of the Nashville Property
were sold.
FINANCIAL CONDITION
DEVELOPMENT
During the third qarter of 1995, the Registrant completed Phase
III of the Hendersonville Property. This development opened up
30 lots which have all been sold. The Registrant also began
development of Phase IV which will open up an additional 31 lots
and is expected to cost approximately $275,000.
LIQUIDITY
As of September 30, 1995, the Registrant had approximately
$650,270 in cash reserves. These funds are expected to be
sufficient through 1995.
<PAGE> 8
PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule for Third Quarter of
1995
(b) No 8-K's have been filed during this quarter.
<PAGE> 9
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.
HICKORY HILLS, LTD.
By: 222 HICKORY, LTD.
General Partner
By:222 PARTNERS, INC.
General Partner
Date: November 13, 1995 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: November 13, 1995 By:/s/ Michael A. Hartley
______________________
Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
QUARTERLY FINANCIAL STATEMENTS FOR THE QUARTER ENDED SEPTEMBER 30, 1995 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1995
<CASH> 650,270
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 650,270
<PP&E> 2,826,280
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,476,830
<CURRENT-LIABILITIES> 50,051
<BONDS> 4,992,422
<COMMON> 0
0
0
<OTHER-SE> (1,565,643)
<TOTAL-LIABILITY-AND-EQUITY> 3,476,830
<SALES> 759,010
<TOTAL-REVENUES> 772,558
<CGS> 555,773
<TOTAL-COSTS> 614,980
<OTHER-EXPENSES> 41,779
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 261,951
<INCOME-PRETAX> (146,152)
<INCOME-TAX> 0
<INCOME-CONTINUING> (146,152)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (146,152)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
