<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 March 31, 1996
______________
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.)
12555 Manchester Road
St. Louis, Missouri 63131
_______________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 515-2000
__________________
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)
March 31, December 31,
1996 1995
ASSETS
Cash and cash equivalents $ 735,610 $ 395,499
Investments (at fair market value, cost
$1,449,327 and $1,641,327 respectively)3,352,699 3,217,156
Accrued interest receivable 6,538 8,022
_____________ _____________
Total Assets $ 4,094,847 $ 3,620,677
=========== =============
LIABILITIES AND PARTNERSHIP CAPITAL
Accounts payable & accrued expenses $ 12,100 $ 43,018
_____________ _____________
Total Liabilities 12,100 43,018
_____________ _____________
Partnership Capital:
Capital - Limited Partners 3,333,282 2,921,886
Capital - General Partners 749,465 655,773
_____________ _____________
Total Partnership Capital 4,082,747 3,577,659
_____________ _____________
Total Liabilities and Partnership
Capital $ 4,094,847 $ 3,620,677
============= =============
The accompanying notes are an integral part of these financial
statements.
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COMMUNITY INVESTMENT PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS
Company March 31, 1996
Initial Investment Nature of Business Fair Market
Date Investment Cost Value
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 45,000 shares Common
Stock 126,000 826,875
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 1,122,050
Citation Computers Provider of clinical
(Cita) laboratory information
October 31, 1991 27,480 shares of
Common Stock 67,250 381,285
<PAGE>
COMMUNITY INVESTMENT PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS
Company March 31, 1996
Initial Investment Nature of Business Fair Market
Date Investment Cost Value
PDT, Inc. Develops, manufactures
and markets the drugs
devices use in Photodynamic
Therapy.
May 28, 1992 2,323.50 shares of Common
Stock 9,294 137,087
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
_________ _________
$1,449,327 $3,352,699
========= =========
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COMMUNITY INVESTMENT PARTNERS, L.P.
INCOME STATEMENT
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
1996 1995
INCOME
Interest income $ 2,646 $ 1,120
Gain on sale of investments 714,000 -
_____________ _____________
Total Income 716,646 1,120
EXPENSES
Amortization of deferred organizational costs - 4,058
Professional fees - 7,000
Trustee fees - 202
Miscellaneous expenses - 250
_____________ _____________
Total Expenses - 11,510
_____________ _____________
Net income (loss) before unrealized gains 716,646 $ (10,390)
Unrealized gain (loss) on investments 327,543 (175,829)
_____________ _____________
Net Income (Loss) $ 1,044,189 $ (186,219)
=========== =============
Per Unit Information:
Net income (loss) $ 9.22 $ (1.73)
=========== =============
Net asset value (as of March 31, 1996 and
December 31, 1995) $ 37.87 $ 33.18
=========== =============
Units Outstanding:
Limited Partners 87,820 87,820
General Partners 20,000 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)
Three Months Ended March 31,
1996 1995
CASH FLOWS PROVIDED (USED) BY OPERATING
ACTIVITIES:
Net income (loss) $ 1,044,189 $ (186,219)
Adjustments to reconcile net income to net
cash provided by operating activities -
Amortization of deferred organization costs - 4,058
Sale of portfolio investments 906,000 -
Net realized gain on sale of portfolio
investments (714,000) -
Unrealized (gain) loss on investments (327,543) 175,829
Distribution to unitholders (539,100) -
Decrease in accrued interest
receivable 1,483 297
Decrease in accounts payable (30,918) -
_____________ _____________
Total cash provided (used) by
operating activities 340,111 (6,035)
_____________ _____________
Net increase (decrease) in cash 340,111 (6,035)
CASH AND EQUIVALENTS, beginning of year 395,499 143,314
_____________ _____________
CASH AND EQUIVALENTS, end of year $ 735,610 $ 137,279
============ =============
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 March 31, 1995 and 1996
Limited Partners GeneralPartners Totals
Balance December 31, 1994 $2,632,198 $ 589,800 $ 3,221,998
Net loss (151,677) (34,542) (186,219)
____________ ____________ ____________
Balance March 31, 1995 $2,480,521 $ 555,258 $ 3,035,779
Balance December 31, 1995 $2,921,886 $ 655,773 $ 3,577,659
Net income 850,496 193,693 1,044,189
Distribution (439,100) (100,000) (539,100)
____________ ____________ ____________
Balance March 31, 1996 $3,333,282 $ 749,465 $ 4,082,747
========== ============ ============
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.
<PAGE>
COMMUNITY INVESTMENT PARTNERS, L.P.
MANAGEMENT'S FINANCIAL DISCUSSION
RESULTS OF OPERATIONS
Net income for the three months ended March 31, 1996, was
$1,044,189 compared to a net loss of $186,219 for the same period
ended 1995. Net income is primarily attributable to realized gains of
$714,000 and unrealized gains of $327,543. The Partnership sold shares
of Citation Computer Systems, Inc. and Intermedia Communications of
Florida, which resulted in realized gains of $358,750 and $355,250,
respectively. There were no expenses during the three months ended
March 31, 1996.
Cash flows for the three months ended March 31, 1995, resulted from
operating activities, primarily from the investment sales and
decreased accrued interest receivable. Cash was used to decrease
accounts payable and accrued expenses and make distributions to
unitholders.
FINANCIAL CONDITION
At March 31, 1996, CIP held $2,484,240 in publicly traded
investments. Investments totaling $868,459 were recorded at
historical cost.
CIP owns 108,400 shares of Saztec International, Inc. As of March
31, 1996, the market value of the shares if $16,943. Saztec provides
services for database construction and information conversion.
CIP owns 45,000 shares of common stock in Intermedia
Communications. As of March 31, 1996, the market value of the shares
is $826,875. Intermedia was organized to install and provide private,
dedicated telecommunication lines using fiber optic cable.
CIP holds a limited partnership interest, in Micro Partners, L.P.,
valued at $1,122,050. Micro Partners was formed to acquire an
interest in Microtek Medical, Inc., a manufacturer of disposable
<PAGE>
medical products.
CIP owns 27,480 shares of common stock in Citation Computers. As
of March 31, 1996, the value of the shares is $381,285. Citation is a
provider of clinical laboratory information.
CIP currently owns approximately 2,323 shares of common stock of
PDT, Inc. As of March 31, 1996, the value of the stock is $137,087.
PDT develops, manufactures and markets the drug devices used in
Photodynamic Therapy.
CIP owns 5,769 shares of 6% Class A cumulative convertible
preferred stock and 5,625 shares of Class B convertible preferred
stock in Innovation Medical Technologies, Inc. CIP also has invested
in two term notes, bearing interest at 5%, valued at $53,500.
Innovation manufactures highly specialized medical instrument for rust
in ophthalmic surgery.
CIP has invested $574,965 in limited partnership interests in
Vision Partners, L.P. Vision Partners owns stock in Family Vision
Center, Inc., which operates leased optical departments in host
stores.
LIQUIDITY AND CAPITAL RESOURCES
The partnership's total capital of $4,082,747 as of March 31, 1996,
consisted of $3,333,282 in limited partner capital and $749,465 in
general partner capital. Net income for the quarter was allocated to
the limited partners in the amount of $850,496 and to the general
partners in the amount of $193,693. During the first quarter, a
$539,100 distribution was made to unitholders. Of this amount,
$439,100 went to limited partners and $100,000 went to general
partners. 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.
<PAGE>
SUBSEQUENT EVENTS
Subsequent to March 31, 1996, Microtek was sold, pending approval
by the shareholders and review by the SEC. CIP advanced $256,412,
representing its pro-rata share of the debt reduction necessary to
dissolve the existing partnership. At the close of the sale, CIP will
receive 88,221 shares of Microtek, currently valued at $16.50 per
share, or $1,455,647. These shares will be exchanged, at a ratio to
be determined, for shares of the purchasing company. The transaction
is expected to be completed during the second quarter of 1996.
CIP sold 8,000 shares of Citation Computer Systems and 8,000 shares
of Intermedia Communications of Florida, in various sales, which
resulted in gains of $119,855 and $177,100, respectively.
<PAGE>
COMMUNITY INVESTMENT PARTNERS, L.P.
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 March 31, 1996.
<PAGE>
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 May 10, 1996
/s/Ray L. Robbins Vice-President
_______________________ and Director May 10, 1996
Ray L. Robbins
<PAGE>
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 May 10, 1996
Vice-President
_______________________ and Director May 10, 1996
Ray L. Robbins
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<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 March 31, 1996 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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