<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 March 31, 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 LENDERS, LTD.
(Exact name of Registrant as specified in its charter)
Tennessee 62-1336905
(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)
Suite 345, 222 Third Avenue North, Nashville, Tennessee 37201
(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 LENDERS, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For The Three Months Ended March 31, 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 LENDERS, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<CAPTION>
March 31, December 31,
1995 1994
------------- -------------
<S> <C> <C>
ASSETS
CASH $ 58,804 $ 68,851
NOTE RECEIVABLE FROM AFFILIATE 3,454,300 3,454,300
INTEREST RECEIVABLE FROM AFFILIATE 84,301 84,301
LOAN COSTS 49,279 53,759
Total Assets $ 3,646,684 $ 3,661,211
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE 1,200 -
PARTNERS' EQUITY 3,645,484 3,661,211
Total Liabilities &
Partners' Deficit $ 3,646,684 $ 3,661,211
========== ==========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 4
<TABLE>
HICKORY LENDERS, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter and
Year to Date Ending
MARCH 31,
_____________________
1995 1994
____ ____
<S> <C> <C>
REVENUE:
None - -
EXPENSES:
Legal & Accounting Fees $ 9,200 $ 300
General & Admin. Expenses 297 299
Mortgage Servicing Fee 1,750 1,750
Amortization 4,480 4,480
Total Expenses $ 15,727 $ 6,829
NET INCOME (LOSS) $ (15,727) $ (6,829)
<FN>
See notes to financial statements
</TABLE>
<PAGE> 5
<TABLE>
HICKORY LENDERS, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
MARCH 31,
__________________________
1995 1994
____ ____
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income (Loss) (15,727) $ (6,829)
Adjustments to reconcile Net
Income to Net Cash used in
Operating Activities:
Amortization 4,480 4,480
Payments received on Interest
Receivable from Affiliate - 100,000
Increase in Accounts Payable 1,200 -
Total Adjustments 5,680 104,480
Net Cash used in
Operating Activities (10,047) 97,651
Net Increase/(Decrease) in
Cash and Cash Equivalents (10,047) 97,651
CASH AT JANUARY 1, 68,851 148,459
CASH AT MARCH 31, $ 58,804 $ 246,110
========= ========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 6
HICKORY LENDERS, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Three Months Ended March 31, 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 three
month period ended March 31, 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 April 22, 1986. Compensation earned for
these services in the first three months were as follows:
<TABLE>
<CAPTION>
1995 1994
________ ________
<S> <C> <C>
Management Fees $ 1,750 $ 1,750
</TABLE>
<PAGE> 7
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 1995.
The Partnership's primary business is to lend monies to Hickory
Hills, Ltd. Due to the nature of the Registrant, all activity is
a result of transactions in Hickory Hills, Ltd., the loan holder.
The Registrant continues its policy begun in 1991 of not
recognizing interest income for financial reporting purposes on
the Lender Financing. This policy was accepted upon the
recommendation of the Registrant's principal accountants because
there had not been any payments made on the Lender Financing since
inception and there has been no independent verification of the
value of the land held as collateral. Interest income will be
recognized for tax and loan payment purposes.
Operating expenses of the Registrant are comparable to the prior
year's quarter except for the increase in legal & accounting fees.
This increase is due to timing of audit and tax bills. The actual
increase in audit and tax preparation fees was minimal.
During the first quarter of 1995, Hickory Hills, Ltd. sold three
lots at 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. Hickory Hills, Ltd. has received a contract for the sale of
3.5 acres of the Nashville Property for a price of $140,000.
However, there are several contingencies for these sales to
close. Therefore, there can be no assurances that the contingencies
will be met and that the sales will close.
FINANCIAL CONDITION
LIQUIDITY
At March 31, 1995, the Registrant had approximately $58,804 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 the First 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 LENDERS, LTD.
By: 222 HICKORY, LTD.
General Partner
By:222 PARTNERS, INC.
General Partner
Date: May 17, 1995 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: May 17, 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 MARCH 31, 1995 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<CASH> 58,804
<SECURITIES> 0
<RECEIVABLES> 3,538,601
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 108,083
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,646,684
<CURRENT-LIABILITIES> 1,200
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 3,645,484
<TOTAL-LIABILITY-AND-EQUITY> 3,646,684
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 15,727
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (15,727)
<INCOME-TAX> 0
<INCOME-CONTINUING> (15,727)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (15,727)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
