UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the period ended September 30, 1996
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 No. O-9608
E & J PROPERTIES, LTD. (A California Limited Partnership)
(Exact name of registrant as specified in its charter)
California 94-2763152
(State of Organization) (IRS Identification
Number)
2710 Gateway Oaks Dr, 300 South, Sacramento, CA 95833
(Address of principal executive office) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER,
INCLUDING AREA CODE: (916) 925-6620
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
Number of units outstanding of issuer's limited partnership interests as of
September 30, 1996:
3,523,680 Units
There was very little trading activity for these units during the last three
months, however a price range of $1.75 to $2.25 is indicated.
PART I - FINANCIAL INFORMATION
E & J PROPERTIES, LTD.
(A California Limited Partnership)
Balance Sheets
September 30, 1996 and December 31, 1995
(Unaudited)
September 30, December 31,
1996 1995
Assets
Cash and cash equivalents $1,756,169
1,959,778
Elliott Ranch 2,820,790 2,670,288
Other assets 13,859 61,382
$4,590,818 4,691,448
Liabilities and Partners' Equity
Liabilities:
Accrued expenses and other liabilities 25,835
36,525
Partners' equity:
Units of limited partnership
issued, 3,523,680 4,492,596 4,581,535
Units of general partnership
issued, 39,643 72,387 73,388
Total partners' equity 4,564,983 4,654,923
$4,590,818 4,691,488
See accompanying note to financial statements.
E & J PROPERTIES, LTD.
(A California Limited Partnership)
(Unaudited)
Statements of Earnings
For the Nine Months For the Three Months
Ended September 30, Ended September 30,
1996 1995 1996 1995
Revenues:
Interest and rental income $ 77,391 93,682 25,101
29,047
Expenses:
Property taxes 25,227 24,799 8,500
8,400
Depreciation 1,911 4,300 0
1,433
General and administrative 140,193 143,047 39,401
40,433
167,331 172,146 47,901 50,266
Net earnings (loss) $(89,940) (78,464) (22,800)
(21,219)
Net earnings (loss) per unit $ (0.03) (0.02) (0.01)
Nil
Units outstanding 3,563,323 3,563,323 3,563,323
3,563,323
Statements of Cash Flows
For the Nine Months
Ended September 30,
1996 1995
Cash flows from operating activities:
Net earnings (loss) $ (89,940) (78,464)
Depreciation 1,911 4,300
Decrease in other assets 47,523
55,554
Decrease in liabilities (10,690)
(7,643)
Net cash flow from operating activities (51,196)
(26,253)
Cash expenditures for Elliott Ranch (152,413)
(106,653)
Net decrease in cash and cash equivalents (203,609)
(132,906)
Beginning cash and cash equivalents
1,959,778 2,194,703
Ending cash and cash equivalents $1,756,169 2,061,797
E & J PROPERTIES, LTD.
(A California Limited Partnership)
Note to Financial Statements
(Unaudited)
In the opinion of the partnership, the accompanying unaudited financial
statements contain all adjustments (consisting only of normal recurring
accruals) necessary to present fairly financial position as of September 30,
1996 and the results of operations for the three and nine months then ended,
and cash flow for the nine months then ended.
Management's Discussion and Analysis of
Financial Condition and Results of Operations
The cash currently held by the Limited Partnership is considered sufficient to
meet future liquidity and capital needs. Operations consist of interest and
rental income and rental and general and administrative expenses. It is
anticipated that substantial funds will be expended to place the remainder of
the Elliott Ranch in marketable condition and to maximize its value.
PART II - OTHER INFORMATION AND SIGNATURES
Items 1 to 6 Nothing to report.
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.
E & J PROPERTIES, LTD.
(Registrant)
Date: October 25, 1996 /s/ Elaine McKeon
Elaine McKeon, General Partner