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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 March 31, 2000
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 (I.R.S. Employer
incorporation or organization) Identification)
One Belle Meade Place, 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 ___
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PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
LMR LAND COMPANY, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For The Three Months Ended March 31, 2000 and 1999
INDEX
Financial Statements:
Balance Sheets 3
Statements of Operations 4
Statements of Cash Flows 5
Notes to Financial Statements 6
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LMR LAND COMPANY, LTD.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
March 31, December 31,
2000 1999
------- -------
ASSETS
CASH 276,438 $ 310,703
RESTRICTED CASH 28,374 10,523
ACCOUNTS RECEIVABLE 4,041 4,041
LAND AND IMPROVEMENTS
HELD FOR INVESTMENT 2,567,088 2,567,088
Total Assets $ 2,875,941 $ 2,892,355
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE AND
ACCRUED EXPENSES $ 21,714 $ 17,665
PARTNERS' EQUITY:
Limited Partners, 7,500
units outstanding 2,854,129 2,874,592
General Partner 98 98
Total partners'
equity 2,854,227 2,874,690
Total Liabilities &
Partners' Equity $ 2,875,941 $ 2,892,355
========== ==========
<FN>
See accompanying notes to financial statements.
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LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three months
Ended March 31,
2000 1999
REVENUE:
Interest Income $ 106 227
Total Revenue 106 227
EXPENSES:
Management Fees 3,500 3,500
Legal & Accounting Fees 4,588 3,500
General & Admin. Expenses 781 57
Other Operating Expenses 11,700 4,899
Total Expenses 20,569 11,956
NET LOSS $ (20,463) $ (11,729)
<FN>
See accompanying notes to financial statements
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LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended
MARCH 31,
2000 1999
Cash Flows from Operating Activities:
Net Loss (20,463) (11,729)
Adjustments to reconcile
Net Loss to Net Cash used
in Operating Activities:
Increase in Accounts
Receivable - (4,041)
Change in Accounts Payable
and Accrued Expenses 4,049 (16,903)
Increase in Restricted Cash (17,851) (80)
Net Cash used in
Operating Activities (34,265) (32,753)
Net Decrease in Cash (34,265) (32,753)
CASH AT JANUARY 1, 310,703 120,260
CASH AT MARCH 31, 276,438 87,507
======= ========
<FN>
See accompanying notes to financial statements.
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LMR LAND COMPANY, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three Months Ended March 31, 2000 and 1999
(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 generally accepted accounting principles. 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, 1999.
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 three month period ended March 31, 2000 may
not be indicative of the results that may be expected for the
year ending December 31, 2000.
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 three
months were as follows:
2000 1999
Management Fees $ 3,500 3,500
Accounting Fees 500 500
Development Fees - 4,899
C. COMPREHENSIVE INCOME
During the three month periods ended March 31, 2000, and 1999,
the Partnership had no components of other comprehensive
income. Accordingly, comprehensive income for each of the
periods was the same as net loss.
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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 MARCH 31, 2000.
There have been no sales during the first quarter of 2000. Overall
operations of the Registrant have not changed significantly from
prior quarters.
FINANCIAL CONDITION
LIQUIDITY
At May 1, 2000, the Registrant had approximately $265,437 in cash
reserves. These funds are expected to be sufficient to fund
operations through 2000.
Year 2000
In 1998, the Partnership initiated a plan ("Plan") to
identify, and remediate "Year 2000" issues within each of its
significant computer programs and certain equipment which contain
microprocessors. The Partnership divided the Plan into five major
phases-assessment, planning, conversion, implementation and
testing. The plan was completed in mid 1999. The total remediation
costs for the plan were not material to the operation or liquidity
of the partnerships. The Registrant had no significant operational
difficulties related to Year 2000 issue. Management does not
expect any issues or operational problems related to Year 2000
issue in the future.
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PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule for the First
Quarter of 2000
(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: May 15, 2000 By:/s/ Steven D. Ezell
___________________
President
Date: May 15, 2000 By:/s/ Michael A. Hartley
______________________
Secretary/Treasurer