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Previous: CONSOLIDATED TECHNOLOGY GROUP LTD, 10-Q, 1996-08-19 |
Next: REGENCY AFFILIATES INC, 10-Q, 1996-08-19 |
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, 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
------
June 30 December 31
1996 1995
(unaudited) (audited)
---------- ----------
<S> <C> <C>
CURRENT ASSETS:
Cash- Sav.& Time Deposits $ 256,498 $ 138,563
Accounts Receivable - Net 608,056 427,627
Accounts Receivable - Affiliates 103,910 116,196
Mortgages & Notes - Affiliates 124,210 174,210
Mortgages & Notes - Receivable 156,797 174,258
Inventory 81,667 12,368
Prepaid Expenses 120,587 174,010
Loan Employees 8,347 6,512
Interest Receivable 475,906 323,399
----------- -----------
Total Current Assets: $ 1,935,978 $ 1,547,161
PROPERTY, PLANT & EQUIPMENT:
Land $ 1,221,367 $ 1,221,369
Buildings & Building Improvements 2,795,537 2,591,209
Furn. Fixtures & Equip. 1,225,775 1,172,517
Leasehold Improvements 43,884 44,449
----------- -----------
Total Prop. & Equipment: 5,286,563 5,029,539
Less: Accum. Depreciation (1,238,047) (1,208,551)
----------- -----------
Total Prop. & Equip. (net): $ 4,048,516 $ 3,820,988
OTHER ASSETS:
Mortg. & Notes Receivable $ 6,396,602 $ 6,534,076
Mortg. & Notes - Affiliates 1,189,555 1,141,160
Investments 1,137,056 579,832
Investments - Partnerships 1,582,115 1,512,526
Trademarks & Tradename 1,112,404 1,107,004
Other Assets 16,778 16,699
----------- -----------
Total Other Assets: $11,434,510 $10,891,297
TOTAL ASSETS: $17,419,004 $16,259,446
=========== ===========
</TABLE>
SOUTHERN SCOTTISH INNS, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDER'S EQUITY
<TABLE>
<CAPTION>
June 30 December 31
1996 1995
------- -----------
<S> <C> <C>
CURRENT LIABILITIES:
Accounts Payable $ 259,970 $ 135,951
Interest Payable 87,230 81,471
Taxes Payable 289,133 408,942
Other Taxes Payable 478,498 293,822
Accrued Liabilities 777,915 654,201
Mortgages & Notes Payable 389,767 459,280
Mortgages & Notes - Affiliates 265,961 319,140
Current Deferred Tax Liabilities -0- 301,927
----------- -----------
Total Current Liabilities: $ 2,548,474 $ 2,654,734
LONG TERM DEBT:
Mortgages & Notes Payable $ 2,614,740 $ 2,374,664
Mortgages & Notes - Affiliates 335,933 335,933
----------- -----------
Total Long Term Debt: $ 2,950,673 $ 2,710,577
DEFERRED CREDITS:
Deferred Income - Installment $ 1,323,412 $ 1,323,412
Deferred Income Taxes 280,054 17,655
----------- -----------
Total Deferred Amounts: $ 1,603,466 $1,341,067
Total Liabilities &
Deferred Credits: $ 7,102,612 $ 6,706,378
----------- -----------
MINORITY INTEREST 812,059 788,261
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 739,525
----------- -----------
Total Stockholder's Equity: $ 9,504,332 $ 8,740,454
TOTAL LIABILITIES &
STOCKHOLDER'S EQUITY: $17,419,004 $16,259,446
=========== ===========
</TABLE>
SOUTHERN SCOTTISH INNS, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE
THREE MONTHS ENDED
JUNE 30,
1996 1995
---- ----
<S> <C> <C>
REVENUES:
Franchise Division $ 1,134,968 $ 1,449,324
Interest Income 441,483 418,817
Lease Income 381,076 900,532
Income From Investments 850,167 -0-
Income From Furniture Sales 99,472 -0-
Gain On Sale Of Properties -0- 541,274
Other Income 5,696 107,847
----------- -----------
Total Revenues: $ 2,912,862 $ 3,342,520
COSTS AND EXPENSES:
Operating Expense $ 1,891,968 $ 2,206,522
Interest Expense 123,652 142,306
Furniture Cost 55,819 -0-
Depreciation & Amortization 30,062 45,475
Other Non-Operating Exp. 82,154 51,713
----------- -----------
Total Costs & Expenses $ 2,183,655 $ 2,446,016
NET EARNINGS: $ 729,206
Minority Interest in Income of
Consolidated Subsidiaries 10,319
NET INCOME (LOSS) $ 739,525 $ 896,504
=========== ==========
</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, 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 16, 1995 By: Jack M. Dubard
---------------------------
Jack M. Dubard, President
(Chief Financial Officer)
Date: August 16, 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>
JUN-30-1996
<PERIOD-TYPE>
6-MOS
<CASH>
256,498
<SECURITIES>
0
<RECEIVABLES>
1,597,813
<ALLOWANCES>
0
<INVENTORY>
81,667
<CURRENT-ASSETS>
1,935,978
<PP&E>
5,286,563
<DEPRECIATION>
1,238,047
<TOTAL-ASSETS>
17,419,004
<CURRENT-LIABILITIES>
2,548,474
<BONDS>
2,950,673
<COMMON>
5,963,039
0
0
<OTHER-SE>
5,956,818
<TOTAL-LIABILITY-AND-EQUITY>
17,419,004
<SALES>
0
<TOTAL-REVENUES>
2,912,862
<CGS>
0
<TOTAL-COSTS>
2,183,655
<OTHER-EXPENSES>
0
<LOSS-PROVISION>
0
<INTEREST-EXPENSE>
0
<INCOME-PRETAX>
739,525
<INCOME-TAX>
0
<INCOME-CONTINUING>
739,525
<DISCONTINUED>
0
<EXTRAORDINARY>
0
<CHANGES>
0
<NET-INCOME>
739,525
<EPS-PRIMARY>
.18
<EPS-DILUTED>
.18
</TABLE>
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