<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 29, 1995
Commission file number 0-18042
COMMUNITY INVESTMENT PARTNERS, L.P.
__________________________________________________________________
(Exact name of registrant as specified in its charter)
MISSOURI 43-1531582
_________________________________________________________________
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
201 Progress Parkway
Maryland Heights, Missouri 63043
_________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 851-2000
_______________
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 the past 90 days. (1) YES X NO
_____
(2) YES NO X
______
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COMMUNITY INVESTMENT PARTNERS, L.P.
INDEX
Page Number
Part I FINANCIAL INFORMATION
Item 1 Financial Statements
Balance Sheet .........................................3
Schedule of Portfolio Investments .....................4
Income Statement ......................................6
Statement of Cash Flows ...............................7
Statement of Changes in Partnership Capital ...........8
Notes to Financial Statements .........................9
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations...................10
Part II. OTHER INFORMATION *
Item 1. Legal Proceedings....................................11
Item 6. Exhibits and Reports on Form 8-K.....................11
Signatures...........................................12
* Items 2,3,4 and 5 are omitted as they are not applicable
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COMMUNITY INVESTMENT PARTNERS, L.P.
BALANCE SHEET
(Unaudited)
September 30, December 31,
1995 1994
ASSETS
Investments (at fair market value, cost
$1,706,974 and $1,818,607, as of
September 30, 1995 and
December 31, 1994, respectively $ 3,212,554 $ 3,075,566
Cash and cash equivalents 79,078 143,314
Deferred organizational costs, net - 4,058
Accrued interest receivable 3,863 4,160
_____________ _____________
Total Assets $ 3,295,495 $ 3,227,098
=========== ===========
LIABILITIES AND PARTNERSHIP CAPITAL
Accrued expenses $ - $ 5,100
_____________ _____________
Total Liabilities - 5,100
_____________ _____________
Capital - Limited Partners 2,692,061 2,632,198
Capital - General Partners 603,434 589,800
_____________ _____________
Total Partnership Capital 3,295,495 3,221,998
_____________ _____________
Total Liabilities and
Partnership Capital $ 3,295,495 $ 3,227,098
=========== ===========
The accompanying notes are an integral part of these financial
statements.
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COMMUNITY INVESTMENT PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS
Sept. 30, 1995
Company Nature of Business Fair Market
Initial Investment Investment Cost Value
Date
Saztec International,
Inc. Provides services for database
(Sazz) construction and
information conversion
June 7, 1990 108,400 shares Common
Stock $ 78,324 $ 16,943
Intermedia
Communications of
Florida Organized to install and
(ICIX) provide private, dedicated
telecommunication lines
using fiber optic cable
May 31, 1991 70,000 shares Common
Stock 196,000 1,067,500
Innovation Medical
Technologies, Inc. Manufactures highly
specialized medical instruments
for use in ophthalmic surgery
July 26, 1991 5,769 shares of 6% Class A
Cumulative Convertible
Preferred Stock 149,994 149,994
March 11, 1992 5,625 shares of Class B
Convertible Preferred
Stock 90,000 90,000
September 30, 1992 5% Term Notes, due
December 31, 1995. 36,000 36,000
May 26, 1994 5% Term Notes, due
December 31, 1997. 17,500 17,500
Micro Partners, L.P. Formed to acquire an
(Microtek-Mtmi) interest in Microtek Medical,
Inc. a manufacturer of
disposable medical products
September 30, 1991 Limited Partnership
Interests 300,000 428,259
Citation Computers Provider of clinical
(Cita) laboratory information
October 31, 1991 102,480 shares of Common
Stock 250,250 550,830
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PDT, Inc. Develops, manufactures
(Pdti) and markets the drugs
devices use in Photodynamic
Therapy.
May 28, 1992 6,970.50 shares of Common
Stock 13,941 280,563
Vision Partners, L.P. Owns stock in Family
Vision Center, Inc., which
operates leased optical
departments in host stores.
October 19, 1992 Limited Partnership
Interests 450,000 450,000
December 1, 1993 Limited Partnership
Interest 124,965 124,965
_________ _________
$1,706,974$3,212,554
========= =========
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COMMUNITY INVESTMENT PARTNERS, L.P.
INCOME STATEMENT
(Unaudited)
Three Months Ended Nine Months Ended
Sept.30, Sept.30, Sept.30 Sept.30,
1995 1994 1995 1994
INCOME
Interest income $ 1,482 $ 1,083 $ 4,123 $ 2,114
Earnings from investments - - - 731
Realized gain (loss) on
sale of investment 369,611 - 373,953 (89,643)
_________ _________ _________ _________
Total Income 371,093 1,083 378,076 (86,798)
_________ _________ _________ _________
EXPENSES
Amortization of deferred
organizational costs - 6,087 4,058 18,261
Professional fees - 5,850 7,000 5,850
Legal fees 1,753 214 1,753 1,633
Trustee fees 245 187 676 373
Directors' fees - - - 1,000
Other 363 - 613 250
_________ _________ _________ _________
Total Expenses 2,361 12,338 14,100 27,367
_________ _________ _________ _________
Net income (loss) before
unrealized gains (losses) 368,732 (11,255) 363,976 (114,165)
Unrealized gain on
investments 311,982 132,631 248,621 160,376
_________ _________ _________ _________
Net income $680,714 $121,376 $612,597 $ 46,211
======= ======= ======= =======
Per unit of Partnership interest:
Net income $ 6.31 $ 1.13 $ 5.68 $ .43
======= ======= ======= =======
Net asset value
(9/95 and 12/94) $ 30.56 $ 29.88
======= =======
Units Outstanding:
Limited Partners 87,820
General Partners 20,000
The accompanying notes are an integral part of these financial
statements.
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COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
1995 1994
CASH FLOWS USED BY OPERATING
ACTIVITIES:
Net income $ 612,597 $ 46,211
Adjustments to reconcile net income
to net cash provided by operating
activities -
Sale (purchase) of portfolio
investments 484,255 (21,850)
Realized (gain) loss on portfolio
investments (372,621) 95,000
Unrealized gain on portfolio
investments (248,621) (160,376)
Amortization of deferred
organization costs 4,058 18,260
Decrease in accured interest
receivable 297 222
Decrease in accured expenses (5,100) (4,236)
Distribution to unitholders (539,100) -
_____________ _____________
Total cash used for operating
activities $ (64,235) $ (26,769)
_____________ _____________
Net decrease in cash (64,235) (26,769)
CASH AND EQUIVALENTS,
beginning of year 143,314 157,604
_____________ _____________
CASH AND EQUIVALENTS, end of year $ 79,079 $ 130,835
============ ============
The accompanying notes are an integral part of these financial
statements.
<PAGE>
COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF CHANGES IN PARTNERSHIP CAPITAL
(Unaudited)
Three Months Ended Sept.30, 1995 and 1994
Limited General
Partners Partners Totals
Balance December 31, 1993 $2,642,873 $ 592,232 $3,235,105
Net income 38,673 7,538 46,211
__________ ___________ __________
Balance September 30, 1994 $2,681,546 $ 599,770 $3,281,316
Balance December 31, 1994 $2,632,198 $ 589,800 $3,221,998
Capital Distribution (439,100) (100,000) (539,100)
Net income 498,963 113,634 612,597
___________ ___________ ___________
Balance September 30, 1995 $2,692,061 $ 603,434 $3,295,495
The accompanying notes are an integral part of these financial
statements.
<PAGE>
COMMUNITY INVESTMENT PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
BASIS OF PRESENTATION
Community Investment Partners, L.P. (CIP) is a limited
partnership which has elected to be a business development
company under the Investment Company Act of 1940, as amended. As
a business development company, the partnership is required to
invest at least 70% of its total assets in qualifying investments
as specified in the Investment Company Act. CIP Management, L.P.
(Management), a limited partnership, is the Managing General
Partner of CIP. Management is responsible for making all
decisions regarding CIP's investment portfolio. CIP is no longer
making initial investments.
All portfolio investments are carried at cost until
significant developments affecting an investment provide a basis
for revaluation. Thereafter, portfolio investments are carried
at fair value as obtained from outside sources or at a value
determined quarterly by the Managing General Partner under the
supervision of the Independent General Partners. Investments in
securities traded on a national securities exchange are valued at
the latest reported sales price on the last business day of the
period. If no sale has taken place, the securities are valued at
the last bid price. If no bid price has been reported, or if no
exchange quotation is available, the securities are valued at the
quotation obtained from an outside broker.
COMMUNITY INVESTMENT PARTNERS, L.P.
MANAGEMENT'S FINANCIAL DISCUSSION
RESULTS OF OPERATIONS
Net income for the three months ended September 30, 1995, was
$680,714. Net income excluding unrealized gain on investments
was $368,732. Interest income was derived from interest on cash
balances. The Partnership sold shares in Intermedia
Communications of Florida, Saztec International, Inc. and PDT,
Inc. which resulted in gains (losses) of $206,494, ($14,801), and
$180,928, respectively. A gain of $1,332 was realized from a
previous sale of Intermedia Communications of Florida. Expenses
were for legal and trustee fees.
Net income for the nine months ended September 30, 1995, was
$612,597. Net income excluding unrealized gain on investments
was $363,976. Interest income was derived from interest on cash
balances. The Partnership sold shares in Intermedia
Communications of Florida, Saztec International, Inc. and PDT,
Inc. which resulted in gains (losses) of $206,494, ($14,801), and
$180,928, respectively. Expenses were primarily for professional
fees, amortization of deferred organizational costs, legal and
trustee fees.
Cash flows for the nine months ended September 30, 1995,
resulted from operating activities, primarily from the investment
sales and decrease in accrued interest receivable. Cash was used
to decrease accrued expenses and for a distribution to
unitholders.
FINANCIAL CONDITION
Incorporated by reference from Schedule of Portfolio Investments,
page 4.
LIQUIDITY AND CAPITAL RESOURCES
The partnership's total capital of 3,295,495 as of September
30, 1995, consisted of $2,692,061 in limited partner capital and
$603,434 in general partner capital. Net income for the quarter
was allocated to the limited partners in the amount of $498,963
and to the general partners in the amount of $113,634. During
the 3rd quarter, a $539,100 distribution was made to unitholders.
Of this amount, $439,100 went to limited partners and $100,000
went to general partner. The partnership intends to invest its
cash balances in U.S. Government securities, investment grade
state and municipal bonds, certificates of deposit at banks with
at least $25 million in assets, or investment grade money market
securities sold by banks.
COMMUNITY INVESTMENT PARTNERS, L.P.
SUBSEQUENT EVENTS
Subsequent to September 30, 1995, CIP sold 4,647 shares of
PDT, Inc. which resulted in a gain of $125,993. The Parnership
also sold 25,000 shares of Citation Computers for a gain of
$71,500.
Item 1: Legal Proceedings
The partnership is not a party to any material pending legal
proceedings.
Item 6: Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
No reports were filed on Form 8-K for the quarter ended
September 30, 1995.
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.
COMMUNITY INVESTMENT PARTNERS, L.P.
By: CIP Management, L.P., Managing General Partner
By: CIP Management, inc., Its Managing General Partner
/s/Daniel A. Burkhardt President, Treasurer
_______________________ and Director
Daniel A. Burkhardt November 10, 1995
/s/Ray L. Robbins Vice-President
_______________________ and Director November 10, 1995
Ray L. Robbins
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.
COMMUNITY INVESTMENT PARTNERS, L.P.
By: CIP Management, L.P., Managing General Partner
By: CIP Management, inc., Its Managing General Partner
President, Treasurer
_______________________ and Director
Daniel A. Burkhardt November 10, 1995
Vice-President
_______________________ and Director November 10, 1995
Ray L. Robbins
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements for Community Investment Partners, L.P. for the
quarter ended September 29, 1995 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
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<NAME> COMMUNITY INVESTMENT PARTNERS, L.P.
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