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Previous: SOUTHEASTERN PUBLIC SERVICE CO, 8-K, 1995-10-06 |
Next: SOUTHWEST GAS CORP, S-3/A, 1995-10-06 |
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, 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 770-938-5966
- ------------
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.
Date Class
Outstanding
- ----------------------------------------------------------------
June 30, 1995 Common Stock
2,322,466 Shares
SOUTHERN SCOTTISH INNS, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS
------
March 31
December 31
1995
1994
(unaudited)
(audited)
----------
- ----------
<S> <C> <C>
CURRENT ASSETS:
Cash- Sav.& Time Deposits $ 70,400 $
83,355
Accounts Receivable 951,234
635,648
Mortgages & Notes Receivable 246,186
308,675
Inventory 12,506
12,506
Prepaid Expenses 46,312
128,442
Interest Receivable 172,214
213,365
-----------
- -----------
Total Current Assets: $ 1,498,852 $
1,381,991
PROPERTY, PLANT & EQUIPMENT:
Land & Land Improvements $ 1,156,867 $
1,202,811
Buildings 2,633,617
2,946,353
Furn. Fixtures & Equip. 993,126
1,025,187
Leasehold Improvements 3,007
3,007
-----------
- -----------
Total Prop. & Equipment: 4,786,619
5,177,358
Less: Accum. Depreciation (955,459)
(1,088,140)
-----------
- -----------
Total Prop. & Equip. (net): $ 3,831,160 $
4,089,218
OTHER ASSETS:
Mortg. & Notes Receivable $ 7,212,514 $
6,198,869
Investments 640,479
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: $10,193,390 $
8,873,144
TOTAL ASSETS: $15,523,402
$14,344,353
===========
===========
</TABLE>
SOUTHERN SCOTTISH INNS, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDER'S EQUITY
<TABLE>
<CAPTION>
March 31
December 31
1995
1994
-------
- -----------
<S> <C> <C>
CURRENT LIABILITIES:
Accounts Payable $ 294,561 $
133,392
Interest Payable 159,070
84,826
Taxes Payable 420,944
521,283
Accrued Liabilities 414,520
409,048
Mortgages & Notes Payable 676,343
853,485
Capital Lease Obligations 752
752
Note Discounts 143,533
139,649
-----------
- -----------
Total Current Liabilities: $ 2,109,723 $
2,142,435
LONG TERM DEBT:
Mortgages & Notes Payable $ 2,572,948 $
2,125,004
Capital Lease Obligations -0-
-0-
-----------
- -----------
Total Long Term Debt: $ 2,572,948 $
2,125,004
DEFERRED CREDITS:
Deferred Income Taxes $ -0- $
-0-
Deferred Income 1,517,002
1,336,460
-----------
- -----------
Total Deferred Credits: $ 1,517,002
$1,336,460
Total Liabilities &
Deferred Credits: $ 6,199,673 $
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 1,943,093
1,998,099
Current Year's Income 634,420
-----------
- -----------
Total 8,582,753
8,003,339
Minority Interest 740,976
737,115
-----------
- -----------
Total Stockholder's Equity: $ 9,323,729 $
8,740,454
TOTAL LIABILITIES &
STOCKHOLDER'S EQUITY: $15,523,402
$14,344,353
===========
===========
</TABLE>
SOUTHERN SCOTTISH INNS, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
FOR
THE
THREE
MONTHS ENDED
MARCH
31,
1995
1994
----
----
<S> <C> <C>
REVENUES:
Franchise Division $ 632,535 $
628,902
Financing Revenues 113,691
201,549
Interest Income 201,312
157,031
Lease Income 192,265
28,824
Income From Investments -0-
3,316
Gain On Sale Of Properties 541,274
-0-
-----------
- -----------
Total Revenues: $ 1,681,077 $
1,019,622
COSTS AND EXPENSES:
Operating Expense $ 961,705 $
875,993
Interest Expense 67,633
71,325
Depreciation & Amortization 22,737
28,494
Other Non-Operating Exp. -0-
11,367
-----------
- -----------
Total Costs & Expenses $ 1,052,075 $
987,179
NET INCOME (LOSS): $ 629,002 $
32,443
===========
===========
</TABLE>
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. Exhibits and Reports on Form 8-K.
(a) No exhibits 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: October 4, 1995 By: Jack M. Dubard
---------------------------
Jack M. Dubard, President
(Chief Financial Officer)
Date: October 4, 1995 By: Mary R. Dubard
----------------------------
Mary R. Dubard, Corp.
Secretary
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