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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, 1999 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.
YES [ X ] NO [ ]
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COMMUNITY INVESTMENT PARTNERS, L.P.
INDEX
Page
Number
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
Schedule of Portfolio Investments 3
Statement of Financial Condition 4
Statement of Income 5
Statement of Cash Flows 6
Statement of Changes in Partnership Capital 7
Notes to Financial Statements 8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9
Part II. OTHER INFORMATION <F*>
Item 1. Legal Proceedings 10
Item 6. Exhibits and Reports on Form 8-K 10
Signatures 11
[FN]
<F*> Items 2,3,4 and 5 are omitted as they are not applicable
2
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 1999
<CAPTION>
____________________________________________________________________________________________
Company Nature of Business
Investment Date Investment Cost Fair Value
____________________________________________________________________________________________
<C> <S> <C> <C>
SAZTEC INTERNATIONAL, INC. Provides services for database
(SAZZ) construction and information
conversion
June 7, 1990 27,100 shares Common Stock $ 78,324 $ 7,046
INTERMEDIA Organized to install and provide
COMMUNICATIONS OF private, dedicated telecommunication
FLORIDA (ICIX) lines using fiber optic cable
May 31, 1991 13,070 shares Common Stock 18,397 347,989
CITATION COMPUTERS Provides clinical
(CITA) laboratory information
October 31, 1991 13,680 shares of Common
Stock 33,578 23,940
ISOLYSER COMPANY, INC. Makes healthcare disposables
(OREX) from hot-water soluble
polymer
August 30, 1996 68,563 shares of Common
Stock 262,203 182,117
-------- --------
TOTAL INVESTMENTS $392,502 $561,092
======== ========
____________________________________________________________________________________________
The accompanying notes are an integral part of these financial statements.
</TABLE>
3
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF FINANCIAL CONDITION
(UNAUDITED)
<CAPTION>
March 31, December 31,
1999 1998
__________________________________________________________________________________________
ASSETS
------
<S> <C> <C>
Investments at Fair Value
(cost $392,502 and $392,502, respectively) $561,092 $327,320
Cash and Cash Equivalents 212,075 212,383
-------- --------
TOTAL ASSETS $773,167 $539,703
======== ========
LIABILITIES AND PARTNERSHIP CAPITAL
-----------------------------------
Liabilities:
Accounts Payable and Accrued Expenses $ 17,500 $ 14,000
-------- --------
TOTAL LIABILITIES 17,500 14,000
-------- --------
Partnership Capital:
Capital - Limited Partners 623,359 436,053
Capital - General Partners 132,308 89,650
-------- --------
TOTAL PARTNERSHIP CAPITAL 755,667 525,703
-------- --------
TOTAL LIABILITIES AND
PARTNERSHIP CAPITAL $773,167 $539,703
======== ========
__________________________________________________________________________________________
The accompanying notes are an integral part of these financial statements.
</TABLE>
4
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF INCOME
(UNAUDITED)
<CAPTION>
Three Months Three Months
Ended Ended
March 31, 1999 March 31, 1998
_________________________________________________________________________________________
INCOME
------
<S> <C> <C>
Dividend and Interest Income $ - $ 3,703
-------- ---------
TOTAL INCOME - 3,703
-------- ---------
EXPENSES
--------
Professional Fees 6,295 3,986
Directors Fees - 1,000
Other - -
-------- ---------
TOTAL EXPENSES 6,295 4,986
-------- ---------
Net (Loss) before Realized Gains and
Unrealized Gains (Losses) (6,295) (1,283)
Net Realized Gains on
Sale of Investments 2,487 527,207
Net Unrealized Gains (Losses) on
Investments 233,772 (211,724)
-------- ---------
NET (LOSS) INCOME $229,964 $314,200
======== =========
Per Unit Information:
Net (Loss) Income $ 2.13 $ 2.91
======== =========
Net Asset Value $ 7.01 $ 15.79
======== =========
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.
</TABLE>
5
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
Three Months Three Months
Ended Ended
March 31, 1999 March 31, 1998
__________________________________________________________________________________________
<S> <C> <C>
CASH FLOWS (USED) PROVIDED BY OPERATING ACTIVITIES:
Net income $ 229,964 $ 314,200
Adjustments to reconcile net income to net
cash provided by operating activities -
Sale of portfolio investments - 602,690
Net realized gains on sale of portfolio investments - (527,207)
Unrealized (gains) losses on portfolio investments (233,772) 211,724
Decrease in accrued interest receivable - 56,167
Increase in accounts
and accrued expenses 3,500 3,250
--------- ---------
Net cash (used) provided by
operating activities (308) 660,824
--------- ---------
CASH FLOWS USED IN FINANCING ACTIVITIES:
Capital distribution - (754,740)
--------- ---------
Net cash used in financing activities - (754,740)
--------- ---------
Net decrease in cash and cash equivalents (308) (93,916)
CASH AND CASH EQUIVALENTS, beginning of period 212,383 146,085
--------- ---------
CASH AND CASH EQUIVALENTS, end of period $ 212,075 52,169
========= =========
__________________________________________________________________________________________
The accompanying notes are an integral part of these financial statements.
</TABLE>
6
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF CHANGES IN PARTNERSHIP CAPITAL
(UNAUDITED)
<CAPTION>
Three Months Ended March 31, 1999 and 1998
Limited Partners General Partners Total
________________________________________________________________________________________________________
<S> <C> <C> <C>
Balance, December 31, 1997 $1,754,109 $ 389,828 $2,143,937
Net Income 255,916 58,284 314,200
Distribution (614,740) (140,000) (754,740)
---------- --------- ----------
Balance, March 31, 1998 $1,395,285 $ 308,112 $1,703,397
========== ========= ==========
Balance, December 31, 1998 $ 436,053 $ 89,650 $ 525,703
Net Income 187,306 42,658 229,964
---------- --------- ----------
Balance, March 31, 1999 $ 623,359 $ 132,308 $ 755,667
========== ========= ==========
________________________________________________________________________________________________________
The accompanying notes are an integral part of these financial statements.
</TABLE>
7
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
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., LLLP (Management), a limited liability
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. Due to the inherent uncertainty of valuation, those estimated
values for portfolio investments carried at cost may differ
significantly from the values that would have been used had a ready
market for the investment existed, and the differences could be material
to the financial statements. 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.
Investment transactions are recorded on a trade date basis. Income is
recorded on an accrual basis.
8
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Part I. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
COMMUNITY INVESTMENT PARTNERS, L.P.
MANAGEMENT'S FINANCIAL DISCUSSION
RESULTS OF OPERATIONS
Net income for the first quarter of 1999 was $229,964, compared to
net income of $314,200 for the first quarter of 1998. Net income for the
quarter ending March 31, 1999 was comprised of $233,772 in unrealized
gains. Unrealized gains were primarily due to significant increases in
share prices of Intermedia Communications, Inc. and Isolyser Company,
Inc.
Additional investments have not been made during the first quarter of
1999. The future income or loss of the Partnership is contingent upon
the performance of the portfolio investments and the ability to find
suitable investment alternatives.
INVESTMENT TRANSACTIONS
The Partnership did not participate in any portfolio investment
transactions during the period ended March 31, 1999.
LIQUIDITY AND CAPITAL RESOURCES
Total Partnership capital was $755,667 as of March 31, 1999, which
consisted of $623,359 in limited partner capital and $132,308 in general
partner capital. Net income for the quarter was allocated to the limited
partners in the amount of $187,306 and to the general partners in the
amount of $42,658.
As of March 31, 1999, the Partnership had $212,075 in cash and cash
equivalents.
SUBSEQUENT EVENTS
None
YEAR 2000 ISSUE
Although the Partnership has no Year 2000 issues that would result
from its own information systems, the Partnership has investments in
publicly and privately placed securities and loans. The Partnership may
be exposed to credit risk to the extent that the related borrowers are
materially adversely impacted by the Year 2000 issue.
9
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Part II. OTHER INFORMATION
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 June
30, 1998.
10
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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.
COMMUNITY INVESTMENT PARTNERS, L.P.
By: CIP Management, L.P., LLLP, Managing General Partner
By: CIP Management, Inc., its Managing General Partner
<TABLE>
<S> <C> <C>
/s/ Daniel A. Burkhardt
_______________________ President, Treasurer and Director May 10, 1999
Daniel A. Burkhardt
/s/ Ray L. Robbins
_______________________ Vice-President and Director May 10, 1999
Ray L. Robbins
</TABLE>
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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, 1999 and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 392,502
<INVESTMENTS-AT-VALUE> 561,092
<RECEIVABLES> 0
<ASSETS-OTHER> 212,075
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 773,167
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,500
<TOTAL-LIABILITIES> 17,500
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 107,820
<SHARES-COMMON-PRIOR> 107,820
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 755,667
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 2,487
<APPREC-INCREASE-CURRENT> 233,772
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,295
<AVERAGE-NET-ASSETS> 640,685
<PER-SHARE-NAV-BEGIN> 4.88
<PER-SHARE-NII> 2.13
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.01
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
