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Previous: SOUTHERN SCOTTISH INNS INC, 10-Q, 1995-11-17 |
Next: SOUTHERN SCOTTISH INNS INC, 10-Q/A, 1995-11-17 |
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 30, 1995.
Commission file number 0-7107
SOUTHERN SCOTTISH INNS, INC.
LOUISIANA 72-0711739
- -------------------------------- ------------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1726 Montreal Circle, Tucker, Georgia 30084
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 404-938-5966
------------
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 be subject to such filing
requirements for the past 90 days.
Yes ____________ No _____X _____
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
<TABLE>
<CAPTION>
Date Class Outstanding
- ----------------------------------------------------------------
<C> <C> <C>
June 30, 1995 Common Stock 2,322,466 Shares
</TABLE>
SOUTHERN SCOTTISH INNS, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
------
<TABLE>
<CAPTION>
September 30 December 31
1995 1994
(unaudited) (audited)
---------- ----------
<S> <C> <C>
CURRENT ASSETS:
Cash- Sav.& Time Deposits $ 137,483 $ 83,355
Accounts Receivable 1,119,072 635,648
Mortgages & Notes Receivable 200,136 308,675
Inventory 12,506 12,506
Prepaid Expenses 64,961 128,442
Interest Receivable 190,199 213,365
----------- -----------
Total Current Assets: $ 1,724,357 $ 1,381,991
PROPERTY, PLANT & EQUIPMENT:
Land & Land Improvements $ 1,152,811 $ 1,202,811
Buildings 2,583,617 2,946,353
Furn. Fixtures & Equip. 1,099,894 1,025,187
Leasehold Improvements 50,790 0
----------- -----------
Total Prop. & Equipment: 4,887,112 5,177,358
Less: Accum. Depreciation (974,589) (1,086,631)
----------- -----------
Total Prop. & Equip. (net): $ 3,912,523 $ 4,089,218
OTHER ASSETS:
Mortg. & Notes Receivable $ 7,213,309 $ 6,198,869
Investments 1,153,210 166,744
Organizational Costs (net) -0- -0-
Investment-Partnerships 983,166 1,151,550
Utility Deposits 4,070 2,820
Trademarks & Tradename 1,353,161 1,353,161
Deferred Int. Receivable -0- -0-
Prepaid Expenses -0- -0-
----------- -----------
Total Other Assets: $10,706,916 $ 8,873,144
TOTAL ASSETS: $16,343,796 $14,344,353
=========== ===========
</TABLE>
SOUTHERN SCOTTISH INNS, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDER'S EQUITY
<TABLE>
<CAPTION>
September 30 December 31
1995 1994
------- -----------
<S> <C> <C>
CURRENT LIABILITIES:
Accounts Payable $ 181,623 $ 133,392
Interest Payable 166,876 84,826
Taxes Payable 319,583 521,283
Accrued Liabilities 447,105 409,048
Mortgages & Notes Payable 430,954 853,485
Capital Lease Obligations 752 752
Note Discounts 143,533 139,649
----------- -----------
Total Current Liabilities: $ 1,690,426 $ 2,142,435
LONG TERM DEBT:
Mortgages & Notes Payable $ 3,057,739 $ 2,125,004
Capital Lease Obligations -0- -0-
----------- -----------
Total Long Term Debt: $ 3,057,739 $ 2,125,004
DEFERRED CREDITS:
Deferred Income Taxes $ -0- $ -0-
Deferred Income 1,582,627 1,336,460
----------- -----------
Total Deferred Credits: $ 1,582,627 $1,336,460
Total Liabilities &
Deferred Credits: $ 6,330,792 $ 5,603,899
----------- -----------
STOCKHOLDER'S EQUITY:
Common Stock-No Par Value Auth.
5,000,000 Sh. Issued &
Outstanding 2,322,466 $ 5,963,039 $ 5,963,039
Paid-In Capital 42,201 42,201
Retained Earnings 1,998,099 1,998,099
Current Year's Income 1,180,791
----------- -----------
Total 9,184,130 8,003,339
Minority Interest 828,874 737,115
----------- -----------
Total Stockholder's Equity: $10,013,004 $ 8,740,454
TOTAL LIABILITIES &
STOCKHOLDER'S EQUITY: $16,343,796 $14,344,353
=========== ===========
</TABLE>
SOUTHERN SCOTTISH INNS, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE
NINE MONTHS ENDED
SEPTEMBER 30,
1995 1994
---- ----
<S> <C> <C>
REVENUES:
Franchise Division $ 2,252,413 $ 2,264,444
Financing Revenues 165,824 318,248
Interest Income 575,345 685,778
Lease Income 1,224,434 550,652
Income From Investments -0- 90,176
Gain On Sale Of Properties 466,000 177,849
----------- -----------
Total Revenues: $ 4,684,016 $ 4,087,147
COSTS AND EXPENSES:
Operating Expense $ 3,152,747 $ 3,279,465
Interest Expense 206,540 193,359
Depreciation & Amortization 92,225 49,678
Other Non-Operating Exp. 51,713 103,141
----------- -----------
Total Costs & Expenses $ 3,503,225 $ 3,625,643
NET INCOME (LOSS): $ 1,180,791 $ 461,504
=========== ===========
NOTE TO FORM 10 Q
A summary of the registrant's significant accounting policies is
set forth in Note 1 to the consolidated financial statements of
the registrant and its subsidiaries in the registrant's Annual
Report on Form 10-K for the fiscal year ended December 31, 1994,
filed with the Securities and Exchange Commission, which report
should be read in conjunction with this interim report.
In the opinion of management, the accompanying interim financial
statements reflect all adjustments which are necessary to a fair
statement of the results for the interim periods presented.
Item 6. Reports on Form 8-K.
(a) No reports are required to be furnished in accordance with
17 C.F.R. Section 229.601.
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 hereunto duly authorized.
SOUTHERN SCOTTISH INNS, INC.
Date: September 17, 1995 By: __________________________
Jack M. Dubard, President
(Chief Financial Officer)
Date: September 17, 1995 By: __________________________
Mary R. Dubard, Corp.
Secretary
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<FISCAL-YEAR-END>
DEC-31-1995
<PERIOD-END>
SEP-30-1995
<PERIOD-TYPE>
9-MOS
<CASH>
137,483
<SECURITIES>
0
<RECEIVABLES>
1,509,407
<ALLOWANCES>
0
<INVENTORY>
12,506
<CURRENT-ASSETS>
1,724,357
<PP&E>
4,887,112
<DEPRECIATION>
974,589
<TOTAL-ASSETS>
16,343,796
<CURRENT-LIABILITIES>
1,690,426
<BONDS>
3,057,739
<COMMON>
5,963,039
0
0
<OTHER-SE>
4,049,965
<TOTAL-LIABILITY-AND-EQUITY>
16,343,796
<SALES>
0
<TOTAL-REVENUES>
4,684,016
<CGS>
0
<TOTAL-COSTS>
3,503,225
<OTHER-EXPENSES>
0
<LOSS-PROVISION>
0
<INTEREST-EXPENSE>
0
<INCOME-PRETAX>
1,180,791
<INCOME-TAX>
0
<INCOME-CONTINUING>
1,180,791
<DISCONTINUED>
0
<EXTRAORDINARY>
0
<CHANGES>
0
<NET-INCOME>
1,180,791
<EPS-PRIMARY>
.18
<EPS-DILUTED>
.18
</TABLE>
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