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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 March 31, 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)
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 Statement
NORTH LENDERS, L.P.
(A Limited Partnership)
FINANCIAL STATEMENTS
For The Three Months Ended March 31, 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>
March 31, December 31,
1996 1995
<S> <C> <C>
CASH $47,951 $50,698
NOTES RECEIVABLE FROM AFFILIATE 346,678 346,678
INTEREST RECEIVABLE FROM AFFILIATE 19,829 11,186
LOAN COSTS 110,183 114,264
Total Assets $524,641 $522,826
========= ========
LIABILITIES AND PARTNERS' EQUITY
ACCRUED STATE INCOME TAX $30,816 $30,816
PARTNERS' EQUITY 493,825 492,010
Total Liabilities &
Partners' Equity $524,641 $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 &
Year-to Date
Ending March 31,
1996 1995
<S> <C> <C>
REVENUES:
Interest Income $8,643 $332,354
EXPENSES:
Legal & Accounting 2,377 6,000
Amortization 4,081 4,081
General & Administrative Exp. 370 397
Total Expenses 6,828 10,478
Net Earnings $1,815 $321,876
======== =======
<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
March 31,
1996 1995
<S> <C> <C>
Cash Flows from Operating Activities:
Net Earnings $1,815 $321,876
Adjustments to reconcile Net Earnings to
Net Cash (used in)/provided by
Operating Activities:
Amortization 4,081 4,081
Accrued Interest (8,643) (15,377)
Change in Acct. Rec. - (2,250)
Change in Acct. Pay. - 800
Interest Payments. recv'd on
Note Receivable - 30,446
Total Adjustments (4,562) 17,700
Net Cash (used in)/provided by
Operating Activities (2,747) 339,576
Cash Flows from Financing Activities
Cash Distribution - (1,221,591)
Cash Flows from Investing Activities
Principal payments received - 922,830
Net Change in Cash (2,747) 40,815
CASH AT JANUARY 1, 50,698 50,607
CASH AT MARCH 31, $47,951 $91,422
======= =======
<FN>
See notes to financial statements.
/TABLE
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NORTH LENDERS, L.P.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three Months Ended March 31, 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 three month period ended March 31, 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 March 31,
1996
The Partnership's primary business is to lend monies to
North By Northeast, Ltd.
Due to the nature of the Registrant, all activity is a
result of transactions in North by Northeast, Ltd, the
loan holder, and North by Northeast Land Partners (Land
Partnership), the investment of North by Northeast,
Ltd.
There have been no sales by the Land Partnership during
the first quarter 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 the large profit earned on the sales
at the Land Partnership level during the first quarter
of 1995. From these sales, the required distribution
to the Lender exceeded the interest accrued through
that date, generating "additional interest" as defined
in the Lender Financing agreement. In 1996, accrued
interest expense on the Lender Financing decreased due
to a lower debt balance.
Due to the minimal expenses that the Registrant incurs,
the General Partner believes that the present cash
balance of $46,951 at April 30, 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 for the First
Quarter of 1996
(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: May 14, 1996 By: /s/Steven D. Ezell
General Partner
By: 222 PARTNERS, INC.
General Partner
Date: May 14, 1996 By: /s/Michael A. Hartley
Secretary/Treasurer
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<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000835959
<NAME> NORTH LENDERS, L P
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 47,951
<SECURITIES> 0
<RECEIVABLES> 346,678
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 524,641
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 493,825
<TOTAL-LIABILITY-AND-EQUITY> 524,641
<SALES> 0
<TOTAL-REVENUES> 8,643
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 6,828
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,815
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,815
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,815
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
