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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
(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, 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 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)
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 LENDERS, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For The Six Months Ended June 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 LENDERS, LTD.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
<CAPTION>
June 30, 1996 December 31, 1995
------------- -------------
<S> <C> <C>
ASSETS
CASH $ 43,838 $ 150,582
NOTE RECEIVABLE FROM AFFILIATE 3,108,601 3,228,601
LOAN COSTS 26,879 35,839
Total Assets $ 3,179,318 $ 3,415,022
========== ==========
LIABILITIES AND PARTNERS' EQUITY
PARTNERS' EQUITY 3,179,318 3,415,022
Total Liabilities &
Partners' Deficit$ 3,179,318 $ 3,415,022
========== ==========
<FN>
See notes to financial statements.
/TABLE
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<TABLE>
HICKORY LENDERS, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter to Date Year to Date
Ending JUNE 30,
----------------------------------
1996 1995 1996 1995
<S> <C> <C> <C> <C>
REVENUE:
Interest $ 2,578 $ 1,748 $ 2,578 1,748
EXPENSES:
State Income Tax 1,121 - 1,121 -
Legal & Accounting Fees 3,691 1,469 12,267 10,669
General & Admin. Expenses 2 312 299
Mortgage Servicing Fee 1,750 1,750 3,500 3,500
Amortization 4,480 4,480 8,960 8,960
Total Expenses 11,042 7,701 26,160 23,428
NET LOSS $ (8,464)$(5,953)$(23,582)(21,680)
<FN>
See notes to financial statements
</TABLE>
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<TABLE>
HICKORY LENDERS, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
JUNE 30,
--------------------------
1996 1995
<S> <C> <C>
Cash Flows from Operating Activities:
Net Loss $ (23,583) $(21,680)
Adjustments to reconcile Net
Income to Net Cash used in
Operating Activities:
Amortization 8,960 8,960
Total Adjustments 8,960 8,960
Net Cash used in
Operating Activities (14,623) (12,720)
Cash Flows from Financing Activities:
Distribution to Partners (212,121) -
Principal payments received 120,000 -
Net Cash used in Financing Activities: (92,121)
Net Increase/(Decrease) in
Cash and Cash Equivalents (106,744) (12,720)
CASH AT JANUARY 1, 150,582 68,851
CASH AT JUNE 30, 43,838 $ 56,131
========= ========
<FN>
See notes to financial statements.
</TABLE>
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HICKORY LENDERS, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Six Months Ended June 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 six month
period ended June 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 six months were as follows:
<TABLE>
<CAPTION>
1996 1995
-------- -------
<S> <C> <C>
Management Fees $3,500 $ 3,500
</TABLE>
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
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 and are not expected to fluctuate in the future.
There were no sales during the second quarter of 1996. During the
first quarter of 1996, the Borrower sold 17 lots at the
Hendersonville Property for $21,500 per lot. From these proceeds,
$120,000 in interest was paid to the Lender. The remaining
proceeds were retained to cover operating expenses.
FINANCIAL CONDITION
LIQUIDITY
At June 30, 1996 the Registrant had approximately $42,088 in cash
reserves. These funds are expected to be sufficient through 1996.
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PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
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 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
222 PARTNERS, INC.
General Partner
Date: August 14, 1996 By:/s/ Steven D. Ezell
President
Date: August 14, 1996 By:/s/ Michael A. Hartley
Secretary/Treasurer
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<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<CASH> 43,838
<SECURITIES> 0
<RECEIVABLES> 3,108,601
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,179,318
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,179,318
<TOTAL-LIABILITY-AND-EQUITY> 3,179,318
<SALES> 0
<TOTAL-REVENUES> 2,578
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 26,160
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (23,583)
<INCOME-TAX> 0
<INCOME-CONTINUING> (23,583)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (23,583)
<EPS-PRIMARY> (5.61)
<EPS-DILUTED> 0
</TABLE>
