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, 1998
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, 1998:
3,523,680 Units
There was very little trading activity for these units during the last three
months, however a price range of $0.25 to $3.00 is indicated.
PART I - FINANCIAL INFORMATION
E & J PROPERTIES, LTD.
(A California Limited Partnership)
Balance Sheets
September 30, 1998 and December 31, 1997
(Unaudited)
September 30, December 31,
1998 1997
Assets
Cash and cash equivalents $ 889,616
1,239,738
Elliott Ranch - held for sale 21,744
3,092,928
Other assets 11,425
71,174
$ 922,785 4,403,840
Liabilities and Partners' Equity
Liabilities:
Accrued expenses and other liabilities $
220,068 24,051
Partners' equity:
Units of limited partnership
issued, 3,523,680 694,788
4,309,461
Units of general partnership
issued, 39,643 7,929
70,328
Total partners' equity
702,717 4,379,789
$ 922,785 4,403,840
See accompanying note to financial statements.
E & J PROPERTIES, LTD.
(A California Limited Partnership)
(Unaudited)
Statements of Earnings
For the Six Months For the Three Months
Ended September 30, Ended September 30,
1998 1997 1998 1997
Revenues:
Interest and rental income $ 72,201 66,086
35,255 21,496
Gain on sale of Elliott Ranch 9,275,471 - 9,275,471
- 9,347,672 66,086 9,310,
726 21,496
Expenses:
Property taxes 22,324 24,935
5,141 8,422
General and administrative 174,458 146,105 67,257
42,635
196,782 171,040 72,398 51,057
Net earnings (loss) $9,150,890 (104,954) 9,238,328
(29,561)
Net earnings (loss) per unit $ 2.57 (0.03)
2.59 (0.01)
Units outstanding 3,563,323 3,563,323 3,563,323
3,563,323
Statements of Cash Flow
For the
Six Months
Ended September 30,
1998 1997
Cash flows from operating activities:
Net earnings (loss) $ 9,150,890 (104,954)
Decrease in other assets 59,749 58,424
Increase (Decrease) in liabilities 196,017
(13,324)
Recovery of cost of Elliott Ranch 3,273,000
- -
Net cash flow from operating activities 12,679,656
(59,854)
Cash expenditures for Elliott Ranch (201,815)
(68,599)
Cash distribution to unitholders (12,827,963) -
Net increase in cash and cash equivalents (350,122)
(128,453)
Beginning cash and cash equivalents 1,239,738 1,593,823
Ending cash and cash equivalents $ 889,616 1,465,370
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,
1998 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
Operations consist of the sale of the Elliott Ranch, interest and rental
income and general and administrative expenses. The Limited Partnership closed
escrow on August 24, 1998 on the last major parcel of the Elliott Ranch that
resulted in a net profit of $9,275,471 and a recovery of it costs in the amount
of $3,273,000. These proceeds were used to make a cash distribution to the
unitholders on September 3, 1998 in the amount of $12,827,963 ($3.60 per unit).
The remaining parcel of land (approximately 56 acres) of the Elliott Ranch
closed escrow on November 2, 1998 at a sales price of $227,080. The only
remaining holdings consist of various mineral rights reserved from prior real
estate sales. The Limited Partnership intends to dispose of such mineral
rights as soon as possible.
E & J Properties, Ltd. has commenced efforts to wind up the affairs and
business of E & J Properties, Ltd. and dissolve the partnership. While the
exact date of such dissolution cannot be accurately predicted at this time, the
General Partner intends to achieve the dissolution as soon as practically
possible.
PART II - OTHER INFORMATION AND SIGNATURES
Items 1 to 5
Nothing to report.
Item 6 Three reports on From 8-K were filed in the third quarter of 1998
regarding the sale of the Elliott Ranch.
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: November 13, 1998 /s/ Elaine
McKeon
Elaine McKeon, General Partner