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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, 1997
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 Six Months Ended June 30, 1997
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,
1997 1996
<S> <C> <C>
CASH 23,000 $249,016
NOTES RECEIVABLE
FROM AFFILIATE 183,889 183,889
INTEREST RECEIVABLE
FROM AFFILIATE 13,704 4,585
LOAN COSTS 89,779 97,941
Total Assets 310,372 $535,431
========= ========
LIABILITIES AND PARTNERS' EQUITY
ACCRUED STATE INCOME TAX 30,816 $30,816
ACCOUNTS PAYABLE 6,000 -
PARTNERS' EQUITY 273,556 504,615
Total Liabilities &
Partners' Equity 310,372 $535,431
======== =========
<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,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
REVENUES:
Interest Income 6,941 9,849 $11,475 18,492
----- ------ ------ -------
6,941 9,849 11,475 18,492
EXPENSES:
Legal & Account. 6,000 2,450 7,099 5,197
Amortization 4,081 4,081 8,162 8,162
----- ----- ----- -----
10,081 6,531 15,261 13,359
Net Earnings (3,140) 3,318 (3,786) 5,133
====== ===== ======= =======
<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,
1997 1996
<S> <C> <C>
Cash Flows from Operating Activities:
Net Earnings (3,786) 5,133
Adjustments to reconcile Net Earnings to
Net Cash provided by Operating Activities:
Amortization 8,162 8,162
Increase in Interest Rec. (9,119) (17,286)
Change in Accounts Payable 6,000 -
------- -------
Total Adjustments 5,043 (9,124)
Net Cash provided by
Operating Activities 1,257 (3,991)
Cash Flows from Financing Activities:
Cash Distribution (227,273) -
------- -----------
Net Cash used in
Financing Activities (227,273) -
Net Change in Cash (226,016) (3,991)
CASH AT JANUARY 1, 249,016 50,698
CASH AT JUNE 30, 23,000 46,707
======= =======
<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 June 30, 1997
(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, 1996. 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, 1997 may
not be indicative of the results that may be expected for the
year ending December 31, 1997.
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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, 1997
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 1997. Operations of the Registrant are comparable to
prior quarters with the exception of interest income. In 1997,
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 $23,001 at July
31, 1997, 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, 1997 By: /s/Steven D. Ezell
General Partner
By: 222 PARTNERS, INC.
General Partner
Date: August 14, 1997 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-31-1996
<PERIOD-END> JUN-30-1997
<CASH> 23000
<SECURITIES> 0
<RECEIVABLES> 183889
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 310372
<CURRENT-LIABILITIES> 6000
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 273556
<TOTAL-LIABILITY-AND-EQUITY> 310372
<SALES> 0
<TOTAL-REVENUES> 11475
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 15261
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (3786)
<INCOME-TAX> 0
<INCOME-CONTINUING> (3786)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3786)
<EPS-PRIMARY> (1)
<EPS-DILUTED> (1)
</TABLE>
