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 March 31, 1997
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
March 31, 1997:
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
March 31, 1997 and December 31, 1996
(Unaudited)
March 31, December 31,
1997 1996
Assets
Cash and cash equivalents $ 1,571,325 1,593,823
Elliott Ranch 2,887,631 2,886,201
Other assets 51,191 73,834
$ 4,510,147 4,553,858
Liabilities and Partners' Equity
Liabilities:
Accrued expenses and
other liabilities $ 31,963 29,481
Partners' equity:
Units of limited partnership
issued, 3,523,680 4,406,762 4,452,441
Units of general partnership
issued, 39,643 71,422 71,936
Total partners' equity 4,478,184 4,524,377
$ 4,510,147 4,553,858
See accompanying note to financial statements.
E & J PROPERTIES, LTD.
(A California Limited Partnership)
For the Three Months Ended March 31, 1997 and 1996
(Unaudited)
Statements of Earnings
1997 1996
Revenues:
Interest and rental income $ 22,521 27,462
Expenses:
Property taxes 8,257 8,364
Depreciation - 1,433
General and administrative 60,457 55,551
68,714 65,348
Net earnings (loss) $ (46,193) (37,886)
Net earnings (loss) per unit $ (0.01) (0.01)
Units outstanding 3,563,323 3,563,323
Statements of Cash Flow
1997 1996
Cash flows from operating activities:
Net earnings (loss) $ (46,193) (37,886)
Depreciation -
1,433
Decrease in other assets 22,443
15,705
Increase (Decrease) in liability 2,482
(4,525)
Net cash flow from operating
activities (21,068)
(25,273)
Expenditures for Elliott Ranch (1,430)
(35,821)
Net decrease in cash and cash
equivalents (22,498) (61,094)
Beginning cash and equivalents 1,593,823 1,959,778
Ending cash and cash equivalents $1,571,323 1,898,684
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 March 31, 1997
and the results of operations for the three months then ended, and cash flow
for the three 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 - 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: April 31, 1997 /s/ Elaine McKeon
Elaine McKeon
General Partner