SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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FORM 10-Q/A
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
- ---- SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 1997
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OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
- ---- SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 033-80104
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GRANITE DEVELOPMENT PARTNERS, L.P.
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(Exact name of registrant as specified in its charter)
Delaware 34-1754061
- --------------------------------- -------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
1250 Terminal Tower, 50 Public Square, Cleveland, Ohio 44113
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 216-621-6060
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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 been subject to such filing requirements
for the past 90 days. YES X NO
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<TABLE>
GRANITE DEVELOPMENT PARTNERS, L.P.
(A Delaware Limited Partnership)
BALANCE SHEETS
<CAPTION>
October 31, January 31,
1997 1997
----------- -----------
(Unaudited) (Restated)
<S> <C> <C>
ASSETS
LAND $ 3,927,204 $ 4,472,219
LAND IMPROVEMENTS 3,065,206 2,476,446
----------- -----------
6,992,410 6,948,665
RESTRICTED CASH EQUIVALENTS 1,419,922 4,602,891
MORTGAGE NOTES RECEIVABLE 3,731,959 6,323,446
INVESTMENTS IN AND ADVANCES TO
JOINT VENTURES 28,440,418 25,866,537
OTHER ASSETS
Mortgage procurement costs, net of
accumulated amortization of
$1,791,218 at October 31, 1997 and
$1,446,575 at January 31, 1997 489,383 826,126
Organization costs, net of
accumulated amortization of
$628,806 at October 31, 1997 and
$449,697 at January 31, 1997 119,311 298,420
Cash 1,240,033 286,988
Interest receivable 6,857,530 5,207,019
Other 80,500 55,000
Commission receivable - 17,392
Administrative fee receivable 105,000 60,000
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8,891,757 6,750,945
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$49,476,466 $50,492,484
=========== ===========
</TABLE>
<TABLE>
GRANITE DEVELOPMENT PARTNERS, L.P.
(A Delaware Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Nine Months Ended
October 31,
---------------------------
1997 1996
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(Restated)
<S> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net loss $(1,302,126) $ (1,178,988)
Adjustments to reconcile net loss to net cash
provide by (used in) operating activities:
Amortization 523,752 480,210
Income from joint ventures (1,105,454) (485,828)
Changes in operating assets and liabilities:
(Increase) decrease in land and
land improvements (43,745) 5,056,746
Decrease (increase) in restricted
cash equivalents 3,182,969 (2,978,523)
Decrease (increase) in mortgage
notes receivable 2,591,487 (1,488,164)
Increase in interest receivable (1,650,511) (2,065,248)
Increase in other assets (25,500) -
Decrease in commission receivable 17,392 -
Increase in administrative fee receivable (45,000) (85,000)
Increase in accounts payable 64,127 178,924
Increase in accrued fees, partner 419,307 845,573
Increase in accrued interest 1,061,989 960,278
Increase (decrease) in accrued
real estate taxes 26,885 (128,181)
(Decrease) increase in deposits (2,229,039) 927,484
Increase in deferred income 1,410,956 1,336,835
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Net cash provided by
operating activities 2,897,489 1,376,118
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CASH FLOW FROM INVESTING ACTIVITIES:
Distribution from affiliate 642,600 -
Investments in and advances to affiliates (2,111,027) (1,100,013)
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Net cash used in investing activities (1,468,427) (1,100,013)
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from loan payable-Sunrise - 190,000
Repayment of mortgage notes payable (468,117) (19,260)
Repayment mortgage notes payable - (4,000,000)
Increase in mortgage procurement costs (7,900) (17,000)
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Net cash used in financing activities (476,017) (3,846,260)
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Increase (decrease) in cash 953,045 (3,570,155)
Cash at beginning of the period 286,988 3,635,578
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Cash at end of the period $ 1,240,033 $ 65,423
=========== ============
Supplemental Disclosure of Cash Flow Information
Cash Paid during the period for:
Interest $ 2,082,700 $ 2,119,748
Real estate taxes $ 104,876 $ 353,761
<FN>
See notes to financial statements.
</FN>
</TABLE>
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 thereunto duly authorized.
Granite Development Partners, L.P.
(Registrant)
DATE: 12/15/97 /s/ Robert F. Monchein
-------- Robert F. Monchein
President
FC-Granite, Inc., the general partner
of Granite Development Partners, L.P.
DATE: 12/15/97 /s/ Mark A. Ternes
-------- Mark A. Ternes
Controller
FC-Granite, Inc., the general partner
of Granite Development Partners, L.P.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> OCT-31-1997
<CASH> 1240033
<SECURITIES> 0
<RECEIVABLES> 3731959
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 6992410
<DEPRECIATION> 0
<TOTAL-ASSETS> 49476466
<CURRENT-LIABILITIES> 0
<BONDS> 36442355
<COMMON> 0
0
0
<OTHER-SE> 1374464
<TOTAL-LIABILITY-AND-EQUITY> 49476466
<SALES> 0
<TOTAL-REVENUES> 1145548
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1144783
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3144689
<INCOME-PRETAX> (1302126)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1302126)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
