|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 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 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.
<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>
June 30 December 31
1995 1994
(unaudited) (audited)
---------- ----------
<S> <C> <C>
CURRENT ASSETS:
Cash- Sav.& Time Deposits $ 75,627 $ 83,355
Accounts Receivable 1,054,054 635,648
Mortgages & Notes Receivable 225,907 308,675
Inventory 12,506 12,506
Prepaid Expenses 60,247 128,442
Interest Receivable 208,676 213,365
----------- -----------
Total Current Assets: $ 1,637,017 $ 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. 1,112,356 1,025,187
Leasehold Improvements 7,495 3,007
----------- -----------
Total Prop. & Equipment: 4,856,279 5,177,358
Less: Accum. Depreciation (976,595) (1,086,631)
----------- -----------
Total Prop. & Equip. (net): $ 3,879,684 $ 4,089,218
OTHER ASSETS:
Mortg. & Notes Receivable $ 7,214,313 $ 6,198,869
Investments 1,093,645 166,744
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: $10,648,355 $ 8,873,144
TOTAL ASSETS: $16,165,056 $14,344,353
=========== ===========
</TABLE>
SOUTHERN SCOTTISH INNS, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDER'S EQUITY
<TABLE>
<CAPTION>
June 30 December 31
1995 1994
------- -----------
<S> <C> <C>
CURRENT LIABILITIES:
Accounts Payable $ 332,024 $ 133,392
Interest Payable 167,339 84,826
Taxes Payable 273,485 521,283
Accrued Liabilities 428,157 409,048
Mortgages & Notes Payable 448,633 853,485
Capital Lease Obligations 752 752
Note Discounts 143,533 139,649
----------- -----------
Total Current Liabilities: $ 1,793,923 $ 2,142,435
LONG TERM DEBT:
Mortgages & Notes Payable $ 3,106,044 $ 2,125,004
Capital Lease Obligations -0- -0-
----------- -----------
Total Long Term Debt: $ 3,106,044 $ 2,125,004
DEFERRED CREDITS:
Deferred Income Taxes $ -0- $ -0-
Deferred Income 1,558,877 1,336,460
----------- -----------
Total Deferred Credits: $ 1,558,877 $1,336,460
Total Liabilities &
Deferred Credits: $ 6,458,844 $ 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 896,504
----------- -----------
Total 8,899,843 8,003,339
Minority Interest 806,369 737,115
----------- -----------
Total Stockholder's Equity: $ 9,706,212 $ 8,740,454
TOTAL LIABILITIES &
STOCKHOLDER'S EQUITY: $16,165,056 $14,344,353
=========== ===========
</TABLE>
SOUTHERN SCOTTISH INNS, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
JUNE 30,
1995 1994
---- ----
<S> <C> <C>
REVENUES:
Franchise Division $ 1,449,324 $ 1,393,431
Financing Revenues 107,847 265,407
Interest Income 418,817 347,423
Lease Income 900,532 388,176
Income From Investments -0- 90,177
Gain On Sale Of Properties 466,000 28,945
----------- -----------
Total Revenues: $ 3,342,520 $ 2,513,559
COSTS AND EXPENSES:
Operating Expense $ 2,206,522 $ 1,943,741
Interest Expense 142,306 139,443
Depreciation & Amortization 45,475 116,054
Other Non-Operating Exp. 51,713 46,122
----------- -----------
Total Costs & Expenses $ 2,446,016 $ 2,245,360
NET INCOME (LOSS): $ 896,504 $ 268,199
=========== ===========
</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. 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: October 6, 1995 By: Jack M. Dubard
----------------------------
Jack M. Dubard, President
(Chief Financial Officer)
Date: October 6, 1995 By: Mary Ruth Dubard
---------------------------
Mary R. Dubard, Corp.
Secretary
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<FISCAL-YEAR-END>
DEC-31-1995
<PERIOD-END>
JUN-30-1995
<PERIOD-TYPE>
6-MOS
<CASH>
75,627
<SECURITIES>
0
<RECEIVABLES>
1,488,637
<ALLOWANCES>
0
<INVENTORY>
12,506
<CURRENT-ASSETS>
1,637,017
<PP&E>
4,856,279
<DEPRECIATION>
976,595
<TOTAL-ASSETS>
16,165,056
<CURRENT-LIABILITIES>
1,793,923
<BONDS>
3,106,044
<COMMON>
5,963,039
0
0
<OTHER-SE>
3,743,173
<TOTAL-LIABILITY-AND-EQUITY>
16,165,056
<SALES>
0
<TOTAL-REVENUES>
3,342,520
<CGS>
0
<TOTAL-COSTS>
2,446,016
<OTHER-EXPENSES>
0
<LOSS-PROVISION>
0
<INTEREST-EXPENSE>
0
<INCOME-PRETAX>
896,504
<INCOME-TAX>
0
<INCOME-CONTINUING>
896,504
<DISCONTINUED>
0
<EXTRAORDINARY>
0
<CHANGES>
0
<NET-INCOME>
896,504
<EPS-PRIMARY>
.18
<EPS-DILUTED>
.18
</TABLE>
|
|