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FORM 10-Q.--QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
(As last amended in Rel. No. 31326, eff. 10/22/92.)
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: 33-22908-A
NORTH LENDERS, L.P.
(Exact name of Registrant as specified in its charter)
Delaware 62-1356791
(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 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 Statement
NORTH LENDERS, L.P.
(A Limited Partnership)
FINANCIAL STATEMENTS
For The Three 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>
NORTH LENDERS, L.P.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
ASSETS
<CAPTION>
June 30, December 31,
1996 1995
<S> <C> <C>
CASH 46,707 $50,698
NOTES RECEIVABLE
FROM AFFILIATE 346,678 346,678
INTEREST RECEIVABLE
FROM AFFILIATE 28,472 11,186
LOAN COSTS 106,102 114,264
Total Assets 527,959 $522,826
========= ========
LIABILITIES AND PARTNERS' EQUITY
ACCRUED STATE INCOME TAX 30,816 $30,816
PARTNERS' EQUITY 497,143 492,010
Total Liabilities &
Partners' Equity 527,959 $522,826
======== =========
<FN>
See notes to financial statements.
/TABLE
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<TABLE>
NORTH LENDERS, L.P.
(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>
REVENUES:
Interest Income $9,849 $12,062 $18,492 $ 27,439
Additional Int. - 2,741 - 319,718
----- ------ ------ -------
9,849 14,803 18,492 347,157
EXPENSES:
Legal & Account. 2,445 1,564 4,822 7,564
Amortization 4,081 - 8,162 8,162
General & Admin.
Expenses 5 - 375 397
----- ----- ----- -----
6,531 1,564 13,359 16,123
Net Earnings 3,318 13,239 5,133 331,034
====== ====== ======= =======
<FN>
See notes to financial statements
/TABLE
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<TABLE>
NORTH LENDERS, L.P.
(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 Earnings 5,133 331,034
Adjustments to reconcile Net Earnings to
Net Cash provided by Operating Activities:
Amortization 8,162 8,162
Increase in Interest Rec. (17,286) (25,416)
Change in Accounts Payable - (148)
Interest Payments. recv'd on
Note Receivable - 30,446
------- -------
Total Adjustments (9,124) 13,044
Net Cash provided by
Operating Activities (3,991) 344,078
Cash Flows from Investing Activities:
Principal Payments received on
Note Receivable from Affil - 922,830
------- --------
Net Cash Provided by
Investing Activities - 922,830
Cash Flows from Financing Activities:
Cash Distribution - (1,221,591)
------- -----------
Net Cash used in
Financing Activities - (1,221,591)
Net Change in Cash (3,991) 45,317
CASH AT JANUARY 1, 50,698 50,607
CASH AT JUNE 30 , 46,707 95,924
======= ========
<FN>
See notes to financial statements.
/TABLE
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NORTH LENDERS, L.P.
(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.
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Item 2:Management's Discussion and Analysis of
Financial Condition and Results of Operations
Results of Operations for the Quarter ended June 30, 1996
The Partnership's primary business is to lend monies to North By
Northeast, L.P. ("the Borrower").
Due to the nature of the Registrant, all activity is a result of
transactions in North by Northeast, Ltd. (the "Borrower"), and
North by Northeast Land Partners (the "Land Partnership"), the
investment of North by Northeast, Ltd.
There have been no sales by the Land Partnership during the first
six months of 1996. Operations of the Registrant are comparable to
prior quarters with the exception of interest income. The decrease
in interest income is due to "additional interest" earned in 1995
and a lack of "additional interest" in 1996. "Additional interest"
is earned when the required interest payment to the Registrant
exceeds the interest accrued through that date. Interest payments
are a function of time and principal but also include a portion of
the proceeds from sales at the Land Partnership level.
Due to the minimal expenses that the Registrant incurs, the General
Partner believes that the present cash balance of $46,707 at July
31, 1996, will provide sufficient liquidity for the future.
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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.
NORTH LENDERS, L.P.
By: 222 NORTH, LTD.
General Partner
Date: August 14, 1996 By: /s/Steven D. Ezell
General Partner
By: 222 PARTNERS, INC.
General Partner
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> 46,707
<SECURITIES> 0
<RECEIVABLES> 346,678
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 527,959
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 497,143
<TOTAL-LIABILITY-AND-EQUITY> 527,959
<SALES> 0
<TOTAL-REVENUES> 18,492
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 13,359
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 5,133
<INCOME-TAX> 0
<INCOME-CONTINUING> 5,133
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5,133
<EPS-PRIMARY> 2.74
<EPS-DILUTED> 0
</TABLE>
