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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: 33-31295
COOL SPRINGS, L.P.
(Exact name of Registrant as specified in its charter)
Tennessee 62-1424812
(State or other jurisdiction of (I.R.S.
Employer
incorporation or organization)
Identification)
One Belle Meade Place,4400 Harding Road,Suite
500,Nashville,TN 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 1. FINANCIAL INFORMATION
Item 1. Financial Statement.
COOL SPRINGS, L.P.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 1996
INDEX
Financial Statement
Balance Sheet 3
Statement of Operations 4
Statement of Cash Flows 5
Note to Financial Statements 6
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<TABLE>
COOL SPRINGS, L.P.
(A Limited Partnership)
BALANCE SHEET
(Unaudited)
<CAPTION>
ASSETS
March 31, December 31,
1996 1995
<S> <C> <C>
CASH $ 86,057 $ 94,635
LAND HELD FOR INVESTMENT 7,073,065 7,216,339
ESCROW DEPOSITS 544,637 0
ACCOUNTS RECEIVABLE 5,000 0
LOAN COSTS,less accumulated
amortization of $5,792 in
1996 & $5,037 in 1995 252 1,007
Total Assets $ 7,709,011 $7,311,981
========== ==========
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES:
Accrued Property Taxes $ - $ 12,382
Accounts Payable 559,755 221
Payable to related party 9,141 9,141
Accrued Interest - 8,034
Note Payable - 250,000
Total Liabilities 568,896 279,778
PARTNERS' EQUITY 7,140,115 7,032,203
Total Liabilities &
Partners' Equity $7,709,011 $7,311,981
========== ==========
<FN>
See notes to financial statements.
/TABLE
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<TABLE>
COOL SPRINGS, L.P.
(A Limited Partnership)
STATEMENT OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter &
Year-to-date
Ending March 31,
1996 1995
<S> <C> <C>
REVENUES:
Land Sales
Sale Proceeds $950,000 -
Cost of Land Sold (718,337) -
Closing Costs (82,559) -
Gain on Sale 149,104 -
Interest 38
Total Revenue $149,142 -
EXPENSES:
Architect & Engineer Fees 20,065 1,044
Property Tax - -
Legal & Accounting 10,377 11,900
General & Administration 2,048 725
Amortization 755 3,295
Interest Expense 4,985 3,162
Other Operating Expenses 3,000 3,000
Total Expenses 41,230 23,126
NET INCOME (LOSS) 107,912 $(23,126)
<FN>
See notes to financial statements
/TABLE
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<TABLE>
COOL SPRINGS, L.P.
(A Limited Partnership)
STATEMENT OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
March 31,
1996 1995
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income (Loss) $ 107,912 $(23,126)
Adjustments to reconcile Net
Income (Loss) to Net Cash used
in Operating Activities:
Amortization 755 3,295
Change in Accounts Payable 559,534 2,091
Change in Prepaid Interest - 551
Interest in Accts.Receivable (5,000) -
Change in Payable to
Related Party - 6,000
Change in Interest Payable (8,034) 2,610
Decrease in Accrued
Property Taxes (12,382) (12,848)
Increase in Escrow Deposits (544,637) -
Gain on Sale (149,104) -
Total Adjustments (158,868) 1,699
Net Cash used in Operating Act. (50,956) (21,427)
Cash Flows from Investing Activities
Proceeds from Land Sale 867,441 -
Cost of Land Improvements (575,063) -
Net Cash provided by
Investing Activities 292,378 -
Cash Flows from Financing Activities
Reduction of Note Payable (250,000) -
NET CHANGE IN CASH (8,578) (21,427)
CASH AT JANUARY 1, 94,635 22,136
CASH AT MARCH 31, $86,057 $ 709
========= =========
<FN>
See notes to financial statements.
/TABLE
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COOL SPRINGS, L.P.
(A Limited Partnership)
NOTES TO THE 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 ending March 31, 1996 may not be indicative of the
results that may be expected for the year ending December
31, 1996.
B. RELATED PARTY TRANSACTIONS
The General Partner and its affiliates have been actively
involved in managing the property. Landmark Realty Services
Corporation, an affiliate of the General Partner, has been
reimbursed for their costs which totaled $3,000 and $3,000
for March 31, 1996 and 1995, respectively.
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Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
During the first quarter of 1996, the Registrant sold
approximately 4.4 acres for net proceeds of $867,441.
From these proceeds, the General Partner retired the
loan secured in 1994. Also from these proceeds,
$544,637 was retained to fund specific development.
Overall operations of the Registrant have not
fluctuated significantly except for Architect and
Engineer fees which increased due to the sale in 1996.
Financial Condition and Liquidity
As of April 30, 1996, the Registrant had $86,459 in
cash reserves. The General Partners believe that this
amount is sufficient to cover all development and
operating needs of the Registrant for the next year.
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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.
COOL SPRINGS, L.P.
By: 222 C.S., L.P.
General Partner
Date: May 15, 1996 By: /s/ Steven D. Ezell
General Partner
By: 222 PARTNERS, INC.
General Partner
Date: May 15, 1996 By: /s/Michael A. Hartley
Secretary/Treasurer
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<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000856141
<NAME> COOL SPRINGS, LP
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 86,057
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 7,073,065
<DEPRECIATION> 0
<TOTAL-ASSETS> 7,709,011
<CURRENT-LIABILITIES> 559,755
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 7,140,115
<TOTAL-LIABILITY-AND-EQUITY> 7,709,011
<SALES> 950,000
<TOTAL-REVENUES> 149,142
<CGS> 718,337
<TOTAL-COSTS> 800,896
<OTHER-EXPENSES> 41,230
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,985
<INCOME-PRETAX> 107,912
<INCOME-TAX> 0
<INCOME-CONTINUING> 107,912
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 107,912
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
