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FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the period ended June 30, 2001
or
[ ] Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the transition period from _______ to _____________
Commission File Number: 33-11396-A
LMR LAND COMPANY, LTD.
(Exact name of Registrant as specified in its charter)
Tennessee | 62-1299384 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification) |
4400 Harding Road, Suite 500,Nashville, Tennessee | 37205 |
(Address of principal executive office) | (Zip Code) |
(615) 292-1040(Registrant's telephone number, including area code)
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 at least the past 90 days.
YES X NO ___
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
LMR LAND COMPANY, LTD.
(A Limited Partnership)
FINANCIAL STATEMENTS
For The Three and Six Months Ended June 30, 2001 and 2000
(Unaudited)
INDEX
Financial Statements:
Balance Sheets 3
Statements of Operations 4
Statements of Cash Flows 5
Notes to Financial Statements 6
LMR LAND COMPANY, LTD.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
| | June 30, | December 31, |
| 2001 | 2000 |
| | | |
ASSETS | | |
| | | |
Cash | $420,271 | $442,317 |
Restricted cash | 10,523 | 10,523 |
Land and improvements held for investment | 730,045 | 730,045 |
| | |
Total Assets | $1,160,839 | $1,182,885 |
| | | |
| | | |
| | | |
| | | |
LIABILITIES AND PARTNERS' EQUITY | | |
| | | |
Liabilities: | | |
Accounts payable and accrued expenses | $10,126 | $8,928 |
Property taxes payable | 15,661 | 10,103 |
| | | |
Total liabilities | 25,787 | 19,031 |
| | | |
Partners' equity: | | |
| | | |
Limited partners, 7,500 units outstanding | 1,135,052 | 1,163,854 |
General partner | - | - |
| | | |
Total partners' equity | 1,135,052 | 1,163,854 |
| | | |
Total liabilities and partners' equity | $1,160,839 | $1,182,885 |
| | |
See accompanying notes to financial statements.
LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
| Three months ended | Six months ended |
| | June 30, |
| | 2001 | 2000 | 2001 | 2000 |
| | | | | |
REVENUE: | | | | |
| | | | |
Land sales | | | | |
| | | | | |
Sale proceeds | - | $7,400,000 | - | $7,400,000 |
Cost of land and improvements sold | - | (1,837,043) | - | (1,837,043) |
Closings costs | - | (474,946) | - | (474,946) |
| | | | | |
Gain on sale of land and improvements | - | 5,088,010 | - | 5,088,010 |
| | | | | |
Interest income | $76 | 176 | $264 | 283 |
Other income | 6,227 | - | 6,227 | - |
| | | | | |
Total revenue | $6,303 | 5,088,187 | $6,491 | 5,088,294 |
| | | | | |
EXPENSES: | | | | |
| | | | | |
Management fees | 3,500 | 3,500 | 7,000 | 7,000 |
Legal and accounting fees | 15,299 | 11,027 | 20,799 | 15,615 |
General and administration expenses | 1,035 | 1,245 | 1,892 | 2,028 |
Other operating expenses | - | 4,709 | - | 4,709 |
Property taxes | 2,779 | 10,731 | 5,602 | 10,731 |
| | | | | |
Total expenses | $22,613 | 31,212 | $35,293 | 40,083 |
| | | | | |
NET (LOSS) INCOME | $(16,310) | 5,056,975 | $(28,802) | 5,048,211 |
| | | | | |
Net (loss) incomeper limited partner unit (7,500 units outstanding) | $(2.17) | $674.26 | $(3.84) | $673.09 |
See accompanying notes to financial statements
LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
| Six months ended June 30, |
| 2001 | 2000 |
Cash Flows from Operating Activities: | | |
| | | |
Net (loss) income | $(28,802) | $5,048,211 |
| | | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | | |
| | | |
Cost of land and improvements sold | - | 1,837,043 |
Increase in accounts payable and accrued expenses | 1,198 | 11,582 |
Increase in property taxes payable | 5,558 | - |
| | | |
Net cash provided by operating activities | 6,756 | 6,896,836 |
| | |
| | | |
Net (decrease) increase in cash | (22,046) | 6,896,836 |
| | | |
Cash at beginning of period | 442,317 | 310,703 |
Cash at end of period | $420,271 | $7,207,539 |
| | | |
| | | |
See accompanying notes to financial statements.
LMR LAND COMPANY, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three and Six Months Ended June 30, 2001 and 2000
(Unaudited)
A.ACCOUNTING POLICIES
The unaudited financial statements presented herein have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the financial statements and notes thereto included in the Partnership's Form 10-K for the year ended December 31, 2000. In the opinion of management, such financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to summarize fairly the Partnership's financial position and results of operations. The results of operations for the six-month period ended June 30, 2001 may not be indicative of the results that may be expected for the year ending December 31, 2001.
B.RELATED PARTY TRANSACTIONS
The General partner and its affiliates have been actively involved in managing the Partnership's operations. Compensation earned for these services in the first six months were as follows:
| | 2001 | 2001 |
| | | |
Management Fees | 7,000 | 7,000 |
Accounting Fees | 11,550 | 10,933 |
C. COMPREHENSIVE INCOME
During the six-month periods ended June 30, 2001 and 2000, the Partnership had no components of other comprehensive income. Accordingly, comprehensive (loss) income for each of the periods was the same as net (loss) income.
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Item 2:
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED JUNE 30, 2001.
There have been no sales during the second quarter of 2001. Overall operations of the Registrant have not changed significantly from the quarter ended June 30, 2000. The Registrant received a refund of $6,227 for Tennessee Franchise and Excise taxes, which is included in other income for 2001.
FINANCIAL CONDITION
LIQUIDITY
At July 31, 2001, the Registrant had approximately $420,007 in cash reserves. These funds are expected to be sufficient to fund operations through 2001.
PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
(b) No 8-K's have been filed during this quarter.
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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.
LMR LAND COMPANY, LTD.
By: 222 LMR, LTD.
General Partner
By:222 PARTNERS, INC.
General Partner
Date: August 14, 2001 | By:/s/ Steven D. Ezell |
| | President |
Date: August 14, 2001 | By:/s/ Michael A. Hartley |
| | Secretary/Treasurer |
