<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 June 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 ___
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PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
HICKORY HILLS, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For The Six Months Ended June 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>
June 30, December 31,
1995 1994
------------- -------------
<S> <C> <C>
ASSETS
CASH $ 466,518 $ 387,330
LAND & IMPROVEMENTS HELD
FOR INVESTMENT 3,097,054 3,204,826
OTHER ASSETS 6,080 465
Total Assets $3,569,652 $ 3,592,621
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCRUED INTEREST PAYABLE $ 1,659,846 $ 1,486,171
ACCRUED PROPERTY TAXES - 35,441
NOTE PAYABLE TO AFFILIATE 3,454,300 3,454,300
OTHER ACCRUED EXPENSES 38,502 36,200
PARTNERS' DEFICIT (1,582,996) (1,419,491)
Total Liabilities &
Partners' Deficit $ 3,569,652 $ 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
June 30, June 30,
______________ _____________________
1995 1994 1995 1994
____ ____ ____ ____
<S> <C> <C> <C> <C>
REVENUE:
Land Sales
Sale Proceeds $117,000 $436,000 $175,500 $693,500
Cost of
Land Sold (86,087) (377,092) (133,729) (632,440)
Closing Costs (6,526) (24,044) (9,985) (42,573)
Gain(Loss) on
Sale of Land 24,387 34,864 31,786 18,487
Interest Income 8,548 5,759 9,815 6,369
Miscellaneous - 1,516 - 1,516
Total Revenue 32,935 42,139 41,601 26,372
EXPENSES:
Management Fees 750 750 1,500 1,500
Legal &
Accounting Fees 1,193 11,681 11,393 11,981
General & Admin.
Expenses 3,294 9,508 5,040 13,516
Land Maint. Fees 3,084 207 13,498 14,003
Interest Expense 87,317 87,317 173,675 173,764
Total Expenses 95,638 109,463 205,106 214,674
NET INCOME (LOSS) $(62,703) $(67,324) $(163,505) $(188,302)
<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
JUNE 30,
__________________________
1995 1994
____ ____
<S> <C> <C>
Cash Flows from
Operating Activities:
Net Income $(163,505) $(188,302)
Adjustments to reconcile
Net Income to Net Cash used
in Operating Activities:
Interest Payments made
on Note Payable - (275,000)
Increase in Accrued
Interest Payable 173,675 173,674
Change in Accrued
Property Taxes (35,441) (37,303)
(Gain)Loss on Sale of Land (31,786) (18,487)
Change in Other Assets (5,615) -
Increase in Accrued Expenses 2,302 (19,392)
________ ________
Total Adjustments 103,135 (176,508)
Net Cash used in
Operating Activities (60,370) (364,810)
Cash Flows from Investing
Activities:
Proceeds from Land Sale 165,515 650,927
Cost of Land Improvements (25,957) (266,257)
________ ________
Net Cash provided by
Investing Activities 139,558 384,670
Net Increase/(Decrease)
in Cash and Cash Equivalents 79,188 19,860
CASH AT JANUARY 1, 387,330 393,425
CASH AT JUNE 30, $466,518 $413,285
======== ========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 6
HICKORY HILLS, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended June 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 six
month period ended June 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 as described
in the Prospectus dated December 3, 1987. Compensation earned
for these services in the first three months were as follows:
<TABLE>
<CAPTION>
1995 1994
________ ________
<S> <C> <C>
Management Fees $ 1,500 1,500
Real Estate Brokerage
Commission 5,265 19,380
Accounting Fees 1,200 600
</TABLE>
<PAGE> 7
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED June 30, 1995.
During the first quarter of 1995, the Registant sold three lots.
During the second quarter of 1995, the Registrant sold six lots
from the Hendersonville Property for $19,500 per lot. The sale
proceeds were retained to cover operating expenses. Lot sales
from the Hendersonville Property are progressing at a moderate
pace. The contract received for the sale of 3.5 acres of the
Nashville Property for a price of $140,000 is expected to close
during the third quarter. However, there are several
contingencies for this sale to close. Therefore, there can be
no assurances that the contingencies will be met and that the sale
will close.
Operating expenses of the Registrant are comparable to the prior
year's quarter except for the fluctuation in sales. During the
first six months of 1994, 37 lots from the Hendersonville Property
and 1.63 acres from the Nashville Property were sold. During the
same period in 1995, nine lots from the Hendersonville Property
were sold but at a price higher than the 1994 sales price. The
reduction in General and Administrative expenses is due to bank
charges incurred in 1994 while securing letters of credit
necessary for development. These costs were not necessary in
1995.
FINANCIAL CONDITION
DEVELOPMENT
The Registrant began Phase III of the Hendersonville Property
development. This development is expected to cost approximately
$300,000. It should be complete in the third quarter of 1995 and
will make approximately 30 lots available for sale.
LIQUIDITY
As of June 30, 1995, the Registrant had approximately $466,518 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 Second 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: August 14, 1995 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: August 14, 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 JUNE 30, 1995
AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> JUN-30-1995
<CASH> 466,518
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 466,518
<PP&E> 3,097,054
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,569,652
<CURRENT-LIABILITIES> 38,502
<BONDS> 5,114,146
<COMMON> 0
0
0
<OTHER-SE> (1,582,996)
<TOTAL-LIABILITY-AND-EQUITY> 3,569,652
<SALES> 175,500
<TOTAL-REVENUES> 185,315
<CGS> 133,729
<TOTAL-COSTS> 143,714
<OTHER-EXPENSES> 31,431
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 173,675
<INCOME-PRETAX> (163,505)
<INCOME-TAX> 0
<INCOME-CONTINUING> (163,505)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (163,505)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
