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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, 1996.
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
1996 1995
(unaudited) (audited)
---------- ----------
<S> <C> <C>
CURRENT ASSETS:
Cash- Sav.& Time Deposits $ 183,395 $ 138,563
Accounts Receivable - Net 549,658 427,627
Accounts Receivable - Affiliates 104,869 116,196
Mortgages & Notes - Affiliates 124,210 174,210
Mortgages & Notes - Receivable 145,325 174,258
Inventory 87,267 12,368
Prepaid Expenses 130,579 174,010
Interest Receivable 396,412 323,399
----------- -----------
Total Current Assets: $ 1,727,996 $ 1,547,161
PROPERTY, PLANT & EQUIPMENT:
Land $ 1,221,367 $ 1,221,369
Buildings & Building Improvements 2,603,958 2,591,209
Furn. Fixtures & Equip. 1,221,603 1,172,517
Leasehold Improvements 43,883 44,449
----------- -----------
Total Prop. & Equipment: 5,090,811 5,029,539
Less: Accum. Depreciation (1,230,531) (1,208,551)
----------- -----------
Total Prop. & Equip. (net): $ 3,860,280 $ 3,820,988
OTHER ASSETS:
Mortg. & Notes Receivable $ 6,529,338 $ 6,534,076
Mortg. & Notes - Affiliates 1,180,807 1,141,160
Investments 1,105,646 579,832
Investments - Partnerships 1,574,295 1,512,526
Trademarks & Tradename 1,112,404 1,107,004
Other Assets 16,778 16,699
----------- -----------
Total Other Assets: $11,519,268 $10,891,297
TOTAL ASSETS: $17,107,544 $16,259,446
=========== ===========
</TABLE>
SOUTHERN SCOTTISH INNS, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDER'S EQUITY
<TABLE>
<CAPTION>
March 31 December 31
1996 1995
------- -----------
<S> <C> <C>
CURRENT LIABILITIES:
Accounts Payable $ 173,909 $ 135,951
Interest Payable 84,039 81,471
Taxes Payable 440,202 408,942
Other Taxes Payable 428,582 293,822
Accrued Liabilities 734,460 654,201
Mortgages & Notes Payable 343,304 459,280
Mortgages & Notes - Affiliates 270,560 319,140
Current Deferred Tax Liabilities -0- 301,927
----------- -----------
Total Current Liabilities: $ 2,475,056 $ 2,654,734
LONG TERM DEBT:
Mortgages & Notes Payable $ 2,401,113 $ 2,374,664
Mortgages & Notes - Affiliates 335,933 335,933
----------- -----------
Total Long Term Debt: $ 2,737,046 $ 2,710,577
DEFERRED CREDITS:
Deferred Income - Installment $ 1,323,412 $ 1,323,412
Deferred Income Taxes 280,055 17,655
----------- -----------
Total Deferred Amounts: $ 1,603,467 $1,341,067
Total Liabilities &
Deferred Credits: $ 6,815,569 $ 6,706,378
----------- -----------
MINORITY INTEREST 783,980 788,261
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 2,759,567 27598,567
Current Year's Income 743,188
----------- -----------
Total Stockholder's Equity: $ 9,323,729 $ 8,740,454
TOTAL LIABILITIES &
STOCKHOLDER'S EQUITY: $17,107,544 $16,259,446
=========== ===========
</TABLE>
SOUTHERN SCOTTISH INNS, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE
THREE MONTHS ENDED
MARCH 31,
1996 1995
---- ----
<S> <C> <C>
REVENUES:
Franchise Division $ 545,561 $ 637,953
Interest Income 248,071 201,312
Lease Income 210,861 192,265
Income From Investments 850,167 -0-
Income From Furnitue Sales 18,538 -0-
Gain On Sale Of Properties -0- 541,274
Other Income 1,734 34,735
----------- -----------
Total Revenues: $ 1,874,932 $ 1,607,539
COSTS AND EXPENSES:
Operating Expense $ 999,462 $ 882,749
Interest Expense 59,955 67,633
Furniture Cost 26,757 -0-
Depreciation & Amortization 22,547 22,737
Other Non-Operating Exp. 81,129 -0-
----------- -----------
Total Costs & Expenses $ 1,189,850 $ 973,119
NET EARNINGS: $ 685,082
Minority Interest in Income of
Consolidated Subsidiaries * 58,106
NET INCOME (LOSS) $ 743,188 $ 634,420
=========== ==========
</TABLE>
* Minority Interest in Income is itemized for the first time by
the auditors
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, 1995,
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: August 8, 1995 By: Jack M. Dubard
---------------------------
Jack M. Dubard, President
(Chief Financial Officer)
Date: August 8, 1995 By: Mary R. Dubard
----------------------------
Mary R. Dubard, Corp.
Secretary
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<FISCAL-YEAR-END>
DEC-31-1996
<PERIOD-END>
MAR-31-1995
<PERIOD-TYPE>
3-MOS
<CASH>
183,395
<SECURITIES>
0
<RECEIVABLES>
1,457,334
<ALLOWANCES>
0
<INVENTORY>
87,267
<CURRENT-ASSETS>
1,727,996
<PP&E>
5,090,811
<DEPRECIATION>
1,230,531
<TOTAL-ASSETS>
17,107,544
<CURRENT-LIABILITIES>
2,475,056
<BONDS>
2,737,046
<COMMON>
5,963,039
0
0
<OTHER-SE>
4,328,936
<TOTAL-LIABILITY-AND-EQUITY>
17,107,544
<SALES>
0
<TOTAL-REVENUES>
1,874,932
<CGS>
0
<TOTAL-COSTS>
1,189,850
<OTHER-EXPENSES>
0
<LOSS-PROVISION>
0
<INTEREST-EXPENSE>
0
<INCOME-PRETAX>
743,188
<INCOME-TAX>
0
<INCOME-CONTINUING>
743,188
<DISCONTINUED>
0
<EXTRAORDINARY>
0
<CHANGES>
0
<NET-INCOME>
743,188
<EPS-PRIMARY>
.18
<EPS-DILUTED>
.18
</TABLE>
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