FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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 number 0-16847
COACHMAN INNS INCOME LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Oklahoma 73-1289509
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
301 N.W. 63rd, Suite 500, Oklahoma City, OK 73116
(Address of principal executive offices) (Zip Code)
(405)-840-4667
Registrant's telephone number, including area code
Not applicable
(Former name, former address and former fiscal year,
changed since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) for 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 ____ No __X__
APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12, 13 or 15(d)
of the Securities Exchange Act of 1934 subsequent to the distribution of
securities under a plan confirmed by a court.
Yes _____ No _____
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
The following financial statements, in the opinion of
Management, reflect all adjustments (none of which was other than a
normal recurring adjustment) necessary for a fair presentation of results
of operations for such periods. Results for interim periods should not
be considered indicative of results for a full year.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Material Changes in Financial Position
From December 31, 1995 to March 31, 1996, Current Assets increased by
$54,169 due to seasonal fluctuation in business which causes increases in
cash and accounts receivable. Cash increased by $50,681 and accounts
receivable increased by $7,143. Total Assets increased by only $391 due
to a decrease in other assets of $40,215 caused by the real estate escrow
account paying 1995 real estate taxes. Current Liabilities decreased by
$17,288 caused by seasonal fluctuation.
Material Changes in Results of Operations
Hotel revenues for the three months increased by $57,184 over the same
period of 1995. Total Expenses increased by $19,516 due to additional
operating expenses caused by increased occupancies. Income from
Operations increased by $37,668. Net Income was $40,349 compared
with $4,190 for the same period of 1995.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Partnership is not a party to any current or pending material legal
proceeding.
Item 6. Exhibits and Reports on Form 8-K
No report on Form 8-K has been filed during the quarter for which this
report is filed.
SIGNATURES
FORM 10-Q
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.
COACHMAN INNS INCOME LIMITED
PARTNERSHIP (Registrant)
By its General Partner,
COACHMAN INNS OF AMERICA, INC.
May 15, 1996 By:/s/Dennis D. Bradford
Dennis D. Bradford,
Chief Executive Officer and
Chief Financial Officer
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
March 31, 1996 AND DECEMBER 31, 1995
March 31, December 31,
1996 1995
---------- -----------
ASSETS
CURRENT ASSETS:
Cash $ 59,941 $ 9,260
Accounts Receivable 25,514 18,371
Allowance for Doubtful Accounts -- --
Accounts Receivable-Affiliates 26,166 26,166
Notes Receivable-Related Party 67,026 67,026
Supplies 27,479 27,281
Prepaid Expenses 0 3,853
---------- ----------
Total Current Assets 206,126 151,957
Land 475,000 475,000
Motels 1,942,298 1,941,854
Equipment & Furniture & Fixtures 412,229 410,842
---------- ----------
2,829,527 2,827,696
Accumulated Depreciation (847,898) (834,870)
---------- ----------
Net Property and Equipment 1,981,629 1,992,826
Investment In Land Held for Development 678,560 678,560
Capitalized Loan Cost, Net of Accumulated
Amortization of $59,504 in 1996
and $55,965 in 1995 55 3,594
Other Assets 37,844 77,668
---------- ----------
Total Other Assets 716,459 759,822
---------- ----------
TOTAL ASSETS $2,904,214 $2,904,605
========== ===========
LIABILITIES:
CURRENT LIABILITIES:
Current Maturities:
Coachman Incorporated $ 39,051 $ 35,702
Other 31,791 28,778
Accounts payable and Accrued Liabilities 107,369 131,019
---------- ----------
Total Current Liabilities 178,211 195,499
Long-Term Debt
Coachman Incorporated 388,170 400,956
Other 2,197,707 2,208,373
---------- ----------
Total Liabilities 2,764,088 2,804,828
Partners' Capital 99,777 99,777
Year to Date Income/(Loss) 40,349
---------- ----------
Total Partners' Capital 140,126 99,777
---------- ----------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $2,904,214 $2,904,605
========== ==========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED March 31, 1996 AND 1995
THREE MONTHS ENDED
March 31, March 31,
1996 1995
----------- -----------
Revenues:
Motel Revenues $ 299,176 $ 241,992
Expenses:
Motel Operating Expenses 112,955 98,635
Depreciation & Amortization 16,542 16,303
General and Administrative 63,328 58,371
---------- ----------
Total Expenses 192,825 173,309
---------- ----------
Income From Operations 106,351 68,683
---------- ----------
Other Income (Expense):
Interest income 0 2,725
Interest expense (66,002) (67,218)
---------- ----------
Total Other Income (Expense) (66,002) (64,493)
---------- -----------
Net Income (Loss) 40,349 4,190
========== ===========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED March 31, 1996 AND 1995
THREE MONTHS ENDED
March 31, March 31,
1996 1995
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 40,349 $ 4,190
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities
Depreciation and amortization 16,542 16,303
(Increase) Decrease in
Accounts receivable-trade (7,143) 4,241
(Increase) Decrease in
Accounts receivable-Affiliates 0 (14,103)
(Increase) Decrease in
Note receivable-Related party 0 (2,657)
(Increase) Decrease in Supplies (198) 847
(Increase) Decrease in Prepaids 3,853 4,456
Increase (Decrease) in Accounts
payable & Accrued liabilities (23,650) 34,198
Net change in Other Assets 39,825 (12,890)
----------- -----------
Net Cash Provided by (Used in)
Operating Activities 69,578 34,585
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,807) 0
----------- -----------
Net Cash Provided by (Used in)
Investing Activities (1,807) 0
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on note payable
and long-term debt (17,090) (15,556)
----------- -----------
Net Cash Provided by (Used in)
Financing Activities (17,090) (15,556)
----------- -----------
Net Increase (Decrease) in Cash 50,681 19,029
CASH, beginning of period 9,260 43,040
----------- -----------
CASH, end of period $ 59,941 $ 62,069
=========== ===========
COACHMAN INNS INCOME LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER' CAPITAL
FOR THE THREE MONTHS ENDED MARCH 31, 1996
Balance - December 31, 1994 $125,974
Net Loss for 1995 (26,197)
---------
Balance - December 31, 1995 $ 99,777
Net Income for Three Months
Ended March 31, 1996 40,349
---------
Balance - March 31, 1996 $140,126
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