<PAGE>
<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, 2000
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 ___
<PAGE>
<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, 2000 and 1999
INDEX
Financial Statements:
Balance Sheets 3
Statements of Operations 4
Statements of Cash Flows 5
Notes to Financial Statements 6
<PAGE>
<PAGE> 3
<TABLE>
HICKORY LENDERS, LTD.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
<CAPTION>
March 31, December 31,
2000 1999
--------- --------
<S> <C> <C>
ASSETS
Cash $ 3,423 $ 36,981
Restricted cash 205,329 188,072
Land & Improvements Held
For Investment 1,312,304 1,312,304
Total Assets $ 1,521,056 $ 1,537,357
========== =========
LIABILITIES AND PARTNERS' EQUITY
Accounts payable $ 77,555 $ 84,494
Partners' Equity:
Limited Partners (4,200 units
outstanding) 1,443,501 1,452,863
General Partner - -
Total Partners' Equity $ 1,521,056 $ 1,537,357
========== ==========
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<PAGE> 4
<TABLE>
HICKORY LENDERS, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Three months ended
MARCH 31,
____________________
2000 1999
____ ____
<S> <C> <C>
REVENUE:
Interest Income $ 1,258 -
EXPENSES:
Legal & Accounting Fees 8,406 2,272
Property Management Fee 1,750 1,750
Administrative expenses 463 -
Total Expenses 10,619 4,022
NET LOSS $(9,361) $ (4,022)
<FN>
See accompanying notes to financial statements
</TABLE>
<PAGE>
<PAGE> 5
<TABLE>
HICKORY LENDERS, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Three months ended
MARCH 31,
2000 1999
<S> <C> <C>
Cash Flows from Operating Activities:
Net Loss $ (9,361) $(4,022)
Adjustments to reconcile Net
Loss to Net Cash used in
Operating Activities:
Increase in Accounts payable (6,939) -
Increase in Restricted cash (17,258) -
Net Cash used in
Operating Activities (33,558) (4,022)
Net Decrease in Cash (33,558) (4,022)
CASH AT JANUARY 1, 36,981 192,414
CASH AT MARCH 31, $ 3,423 $ 188,392
========= ========
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<PAGE> 6
HICKORY LENDERS, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three Months Ended March 31, 2000 and 1999
(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, 1999. 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, 2000 may not be indicative of the
results that may be expected for the year ending December
31, 2000.
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 three
months were as follows:
2000 1999
Management Fees $ 1,750 $ 1,750
Accounting Fees $ 400 400
C. COMPREHENSIVE INCOME
During the three month periods ended March 31, 2000 and 1999,
the Partnership had no components of other comprehensive
income. Accordingly, comprehensive income for each of the
periods was the same as net loss.
<PAGE>
<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, 2000.
The Partnership's primary business was to lend monies to Hickory
Hills, Ltd. On December 31, 1998, the Partnership began the
process of foreclosing on the debt to Hickory Hills, Ltd. after
the note matured and payment was not made. The General Partner
determined that the value of the underlying collateral could not
result in full payment of the principal and accrued interest.
Foreclosure proceedings were completed on June 29, 1999.
The Registrant's primary business is now to develop and dispose of
certain undeveloped real properties located in Nashville, Davidson
County, Tennessee and Hendersonville, Sumner County, Tennessee (the
"Properties").
The general partner and its affiliates have been actively involved
in managing the Partnership, and the Property. Overall operations
of the Property have not fluctuated significantly from the prior
quarters.
FINANCIAL CONDITION
LIQUIDITY
At April 30, 2000, the Registrant had approximately $86,606 in cash
reserves. These funds are expected to be sufficient to fund
operations through 2000.
Year 2000
In 1998, the Partnership initiated a plan ("Plan") to
identify, and remediate "Year 2000" issues within each of its
significant computer programs and certain equipment which contain
microprocessors. The Partnership divided the Plan into five major
phases-assessment, planning, conversion, implementation and
testing. The plan was completed in mid 1999. The total remediation
costs for the plan were not material to the operation or liquidity
of the partnerships. The Registrant had no significant operational
difficulties related to Year 2000 issue. Management does not
expect any issues or operational problems related to Year 2000
issues in the future.
<PAGE>
<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 2000
(b) No 8-K's have been filed during this quarter.
<PAGE>
<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 15, 2000 By:/s/ Steven D. Ezell
President
Date: May 15, 2000 By:/s/Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 3,423
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 1,312,304
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,505,056
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,443,501
<TOTAL-LIABILITY-AND-EQUITY> 1,496,993
<SALES> 0
<TOTAL-REVENUES> 1,258
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 10,619
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (9,361)
<INCOME-TAX> 0
<INCOME-CONTINUING> (9,361)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (9,361)
<EPS-BASIC> (2.23)
<EPS-DILUTED> (2.23)
</TABLE>
