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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/A
(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, 1996
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)
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
filedall reports required to be filed by Section 13 or 15(d)
of theSecurities Exchange Act of 1934 during the preceding 12
months (orfor such shorter period that the Registrant was
required to filesuch reports),and (2) has been subject to such
filing requirementsfor 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 Nine Months Ended September 30, 1996
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>
Hickory Hills, Ltd.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
<CAPTION>
September 30, December 31,
1996 1995
------------- ------------
<S> <C> <C>
ASSETS
CASH $ 149,321 $ 259,074
ESCROW DEPOSITS - Restricted 330,799 336,112
LAND & IMPROVEMENTS HELD
FOR INVESTMENT 2,654,777 2,740,975
OTHER ASSETS 280 21,293
Total Assets $ 3,135,177 $ 3,357,454
============ ===========
LIABILITIES AND PARTNERS' EQUITY
ACCRUED INTEREST PAYABLE $ 1,388,350 $ 1,526,399
ACCRUED PROPERTY TAXES - 9,855
NOTE PAYABLE TO AFFILIATE 3,454,300 3,454,300
OTHER ACCRUED EXPENSES 51,600 47,100
PARTNERS' DEFICIT (1,759,073) (1,680,200)
Total Liabilities &
Partners' Deficit $ 3,135,177 3,357,454
=========== ===========
<FN>
See notes to financial statements.
/TABLE
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<TABLE>
HICKORY HILLS, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter Ending Year to Date
Ending September 30,
1996 1995 1996 1995
------- ------- ------- -------
<S> <C> <C> <C> <C>
REVENUE:
Land Sales
Sale Proceeds $ 415,000 583,510 780,500 759,010
Cost of
Land Sold (260,211) (422,044) (515,570)(555,773)
Closing Costs (24,405) (47,422) (51,118) (59,207)
Gain(Loss) on
Sale of Land 130,384 114,044 213,812 144,030
Interest Income 2,067 3,733 15,011 13,548
Total Revenue 132,451 117,777 228,823 157,578
EXPENSES:
Management Fees 750 750 2,250 2,250
Legal &
Accounting Fees 300 1,248 13,282 12,641
General & Admin.
Expenses 851 3,548 6,031 8,588
Land Maint. Fees 8,395 4,802 24,182 18,300
Interest Expense 87,317 88,276 261,951 261,951
Total Expenses 97,613 98,624 307,696 303,730
NET INCOME (LOSS) 34,838 19,153 (78,873)(146,152)
<FN>
See notes to financial statements
</TABLE>
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<TABLE>
HICKORY HILLS, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
SEPTEMBER 30,
--------------
1996 1995
<S> <C> <C>
Cash Flows from
Operating Activities:
Net Income (78,873) (146,152)
Adjustments to reconcile
Net Income to Net Cash used
in Operating Activities:
Interest Payments made
on Note Payable (400,000) (210,000)
Increase in Accrued
Interest Payable 261,951 261,951
Change in Accrued
Property Taxes (9,855) (35,441)
Change in Other Assets 21,013 185
Gain on Sale of Land (213,812) (144,030)
Increase in Accrued Expenses 4,500 13,851
Change in Escrow Deposits 5,313 -
Total Adjustments (330,890) (113,484)
Net Cash used in
Operating Activities (409,763) (259,636)
Cash Flows from Investing Activities:
Net Sale Proceeds 729,382 699,803
Land Improvements (429,372) (177,227)
Net Cash provided by
Investing Activities 300,010 522,576
Net Increase/(Decrease)
in Cash (109,753) 262,940
CASH AT JANUARY 1, 259,074 387,330
CASH AT SEPTEMBER 30, 149,321 $650,270
======== ========
<FN>
See notes to financial statements.
</TABLE>
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HICKORY HILLS, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Nine Months Ended September 30, 1996
(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, 1995. 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, 1996 may not be indicative of
the results that may be expected for the year ending December
31, 1996.
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>
1996 1995
________ ________
<S> <C> <C>
Management Fees $2,250 2,250
Real Estate Brokerage
Commission 23,415 24,314
Accounting Fees 1,600 1,500
</TABLE>
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
During the third quarter of 1996, the Registrant sold 13 lots of
the Hendersonville Property. Three of these lots sold were lake
front lots and sold for $60,000 per lot. The remaining lots
sold at $23,500 per lot. The Registrant has 33 lots remaining
in the Hendersonville Property. From these sale proceeds,
payments of $280,000 were made to the Lender and the remaining
proceeds were retained for operating and development. The
Registrant made payments on the Lender financing totalling
$400,000 for the nine month period ending September 30, 1996.
The Registrant has a contract for the sale of three acres of the
Nashville Property, which is expected to close in mid-November
1996. There are several contingencies for this sales to close.
Therefore, there can be no assurance that the contingencies will
be met and that the sales will close.
Operating expenses of the Registrant are comparable to the prior
year's except for the fluctuation in land maintenance.
FINANCIAL CONDITION
DEVELOPMENT
During the third quarter of 1996, the Registrant completed a
significant portion of Phase V of the Hendersonville Property.
This development opened up 45 lots of which 13 were sold this
quarter. Phase IV and V infrastructure is expected to be
complete by the end of 1996.
LIQUIDITY
As of October 31, 1996, the Registrant had approximately $9,283
in cash reserves and $483,899 in escrow deposits. The shortage
of funds in the operating account is temporary. The General
Partner expects to close on a the three acre sale of the
Nashville Property in mid-November, and funds are expected to be
released from escrow as the development on both Properties
progresses. The General Partner believes that the current cash
balances of the Registrant will provide sufficient liquidity for
its operating and development needs.
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PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) 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
Actof 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 14, 1996 By:/s/ Steven D. Ezell
President
Date: November 14, 1996 By:/s/ Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1996
<CASH> 149,321
<SECURITIES> 330,799
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 2,654,777
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,135,177
<CURRENT-LIABILITIES> 51,600
<BONDS> 3,454,300
0
0
<COMMON> 0
<OTHER-SE> (1,759,073)
<TOTAL-LIABILITY-AND-EQUITY> 3,135,177
<SALES> 780,500
<TOTAL-REVENUES> 228,823
<CGS> 515,570
<TOTAL-COSTS> 566,688
<OTHER-EXPENSES> 45,745
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 261,951
<INCOME-PRETAX> (78,873)
<INCOME-TAX> 0
<INCOME-CONTINUING> (78,873)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (78,873)
<EPS-PRIMARY> 43.81
<EPS-DILUTED> 0
</TABLE>
