<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
or
[ ] Transition Report Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934
For Quarterly Period Ended MARCH 31, 1996
Commission file number 33-22420-A
INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP
(Exact name of Registrant as specified in its charter)
<TABLE>
<S> <C>
NORTH CAROLINA 56-1610635
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
</TABLE>
INTERSTATE TOWER P. O. BOX 1012
CHARLOTTE, NC 28201-1012
(Address of principal executive offices)
(Zip Code)
(704) 379-9164
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the Registrant has (1) filed all reports
required to be filed required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding twelve 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 the past 90 days.
Yes X No
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.
5,100 limited partnership units outstanding at April 30, 1996
Page 1 of 8 Sequentially Numbered Pages
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INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP
CONDENSED BALANCE SHEETS
AS OF MARCH 31, 1996 AND DECEMBER 31, 1995
<TABLE>
<CAPTION>
March 31,
1996 December 31,
(Unaudited) 1995
----------- ------------
<S> <C> <C>
ASSETS:
Land Held for Sale $4,261,551 $4,261,551
Cash and Cash Equivalents 2,730 1,140
Other Assets 1,330 1,330
---------- ----------
$4,265,611 $4,264,021
========== ==========
LIABILITIES AND PARTNERS' EQUITY (DEFICIT):
Note Payable $ 17,000 $10,000
Accrued Liabilities 79,584 76,639
---------- ----------
96,584 86,639
---------- ----------
Class A Limited Partners' Interest 4,169,030 4,177,384
Subordinated Limited Partners' Interest 88 88
General Partners' Interest (91) (90)
---------- ----------
4,169,027 4,177,382
---------- ----------
$4,265,611 $4,264,021
========== ==========
</TABLE>
See Notes to Condensed Financial Statements
2
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INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP
CONDENSED STATEMENT OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Three
Months Months
Ended Ended
March 31, March 31,
1996 1995
--------- ---------
<S> <C> <C>
INCOME:
Interest Income $ 17 $ 13
------- --------
17 13
EXPENSES:
Interest Expense $ 320 $ 0
Property Taxes 0 356
Professional and Legal Fees 7,379 10,087
General and Administrative Costs 673 16
------- --------
Total Expenses 8,372 10,459
------- --------
NET LOSS ($8,355) ($10,446)
======= ========
NET LOSS ALLOCATION:
General Partners (1) (1)
Class A Limited Partners (8,354) (10,445)
------- --------
Total Net Loss
Allocated to Partners ($8,355) ($10,446)
======= ========
CLASS A LIMITED PARTNERSHIP
UNITS OUTSTANDING 5,100 5,100
------- --------
NET LOSS PER CLASS A
LIMITED PARTNERSHIP UNIT $ (1.64) $ (2.05)
======= ========
</TABLE>
See Notes to Condensed Financial Statements
3
<PAGE> 4
INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP
CONDENSED STATEMENT OF PARTNERS' EQUITY (DEFICIT)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Unaudited)
<TABLE>
<CAPTION>
Subordinated
General Limited Limited
Partners Partners Partner Total
-------- -------- ------------ -----
<S> <C> <C> <C> <C>
Partners' Equity (Deficit)
at December 31, 1994 ($88) $4,199,114 $89 $4,199,115
Net Loss for the Three Months
Ended March 31, 1995 (1) (10,445) 0 (10,446)
---- ---------- --- ----------
PARTNERS' EQUITY (DEFICIT)
AT MARCH 31, 1995 ($89) $4,188,669 $89 $4,188,669
==== ========== === ==========
</TABLE>
<TABLE>
<CAPTION>
Subordinated
General Limited Limited
Partners Partners Partner Total
-------- -------- -------- ---------
<S> <C> <C> <C> <C>
Partners' Equity (Deficit)
at December 31, 1995 ($90) $4,177,384 $88 $4,177,382
Net Loss for the Three Months
Ended March 31, 1996 (1) (8,354) 0 (8,355)
---- ---------- --- ----------
PARTNERS' EQUITY (DEFICIT)
AT MARCH 31, 1996 ($91) $4,169,030 $88 $4,169,027
==== ========== === ==========
</TABLE>
See Notes to Condensed Financial Statements
4
<PAGE> 5
INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP
CONDENSED STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
March 31, March 31,
1996 1995
(Unaudited) (Unaudited)
------------ ------------
<S> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Loss ($8,355) ($10,446)
Adjustments to reconcile net loss to
net cash provided by (used for) operations:
Increase in Property Taxes Payable 0 356
Increase in Accrued Liabilities 2,945 8,501
------- --------
Net Cash Provided by (Used for) Operating Activities (5,410) (1,589)
CASH FLOW FROM FINANCING ACTIVITIES:
Increase in Note Payable 7,000 0
------- --------
Net Cash Provided by Financing Activities 7,000 0
Increase (Decrease) in Cash and Cash Equivalents 1,590 (12,035)
------- --------
Cash and Cash Equivalents at Beginning of period 1,140 1,858
------- --------
Cash and Cash Equivalents at End of Period $ 2,730 ($10,177)
======= ========
</TABLE>
See Notes to Condensed Financial Statements
5
<PAGE> 6
INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
MARCH 31, 1996
1. BASIS OF PRESENTATION:
The accompanying unaudited condensed financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and the instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three month period ended March 31, 1996 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 1996.
2. ORGANIZATION AND SUMMARY OF ACCOUNTING POLICIES:
Interstate Land Investors I Limited Partnership (the "Partnership" or
"Registrant") is a North Carolina limited partnership. The Partnership filed a
registration statement in 1988 and offered the sale of the limited partnership
interests to persons who were admitted as limited partners. The offering
became effective September 7, 1988 and was terminated September 30, 1988.
Capital Contributions of $100 were received from the general partners and
$5,100,000 from the limited partners. The limited partnership interests were
sold in $1,000 units. On April 30, 1996 there were 520 unit holders of record.
The Partnership's business now consists of holding for investment, disposing,
and otherwise dealing in 97 acres of undeveloped land (the "Property") located
in York County, South Carolina. As of April 30, 1996, the Partnership held all
97 acres of the Property.
INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
1. LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 1996, the Registrant had $2,730 on hand in the form of cash and
cash equivalents. These funds will be maintained as working capital reserves
and will be used to fund future operating costs of the Registrant. The
Registrant anticipates that it will incur operating expenses during 1996 that
will require cash payment in excess of the cash and cash equivalents on hand as
of March 31, 1996. The Registrant has executed a note payable to a General
Partner in the amount of $50,000 which will be drawn down as funding for
working capital is needed. The note will accrue interest at the rate of prime
plus two percent and will extend through the term of the partnership, due upon
the sale of the Property.
6
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Until the Registrant disposes of its approximately 96.74 acre tract of land
located in York County, South Carolina, its only sources of additional capital
are loans and the interest earned on its short-term investments.
2. RESULTS OF OPERATIONS
The Partnership reported a net loss of $8,355 for the three months
ended March 31, 1996 as compared to $10,446 for the three months ended March
31, 1995. The decrease in net loss is due to the following:
Professional and legal fees decreased from $10,087 for the three
months ended March 31, 1995 to $7,379 for the three months ended March 31, 1996
due to a timing difference from 1995 to 1996 in payments made for accounting
and tax services.
INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27 - Financial Data Schedule (for SEC use only)
7
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SIGNATURE
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.
INTERSTATE LAND INVESTORS I
LIMITED PARTNERSHIP
(REGISTRANT)
BY: /s/ J. CHRISTOPHER BOONE
-------------------------------------
J. CHRISTOPHER BOONE
ISC REALTY CORPORATION,
GENERAL PARTNER AND PRINCIPAL
EXECUTIVE OFFICER, PRINCIPAL
FINANCIAL OFFICER OF THE REGISTRANT
DATE: MAY 10, 1996
-------------------------
8
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<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF INTERSTATE LAND INVESTORS I FOR THE THREE MONTHS ENDED
MARCH 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 2,730
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,730
<PP&E> 4,261,551
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,265,611
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4,169,027
<TOTAL-LIABILITY-AND-EQUITY> 4,265,611
<SALES> 0
<TOTAL-REVENUES> 17
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 8,052
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 320
<INCOME-PRETAX> (8,355)
<INCOME-TAX> 0
<INCOME-CONTINUING> (8,355)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (8,355)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
