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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 June 30, 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: 33-18089-A
HICKORY LENDERS, LTD.
(Exact name of Registrant as specified in its charter)
Tennessee 62-1336905
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification)
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
HICKORY LENDERS, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For The Three and Six Months Ended June 30, 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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HICKORY LENDERS, LTD.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
June 30, December 31,
2000 1999
--------- --------
ASSETS
Cash $ 58,582 $ 36,981
Restricted cash 111,278 188,072
Accounts Receivable 19,494 -
Land & Improvements Held
For Investment 1,293,805 1,312,304
Total Assets $ 1,483,159 $ 1,537,357
========== =========
LIABILITIES AND PARTNERS' EQUITY
Accounts payable $ 75,700 $ 84,494
Partners' Equity:
Limited Partners (4,200 units
outstanding) 1,407,459 1,452,863
General Partner - -
Total Partners' Equity $1,483,159 $ 1,537,357
========== ==========
<FN>
See accompanying notes to financial statements.
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HICKORY LENDERS, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30,
----------------------------------
2000 1999 2000 1999
REVENUE:
Land Sales $20,000 - 20,000 -
Cost of Land Sold (43,591) - (43,591) -
Selling Expenses (390) - (390) -
======= ======= ====== =====
Loss of Land Sales (23,981) - (23,981) -
Interest Income $ 1,511 - 2,769 -
======= ======== ======= ======
Net Revenue (22,470) - (21,212) -
EXPENSES:
Legal & Accounting Fees 8,564 9,953 16,970 12,225
Property Management Fee 1,750 1,750 3,500 3,500
General Administration 2,351 - 3,722 -
Total Expenses 12,664 11,703 24,191 15,725
NET LOSS $ (35,135) (11,703) (45,404) (15,725)
Net Loss per limited
partner unit $ (8.37) (2.79) (10.81) (3.74)
<FN>
See accompanying notes to financial statements
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HICKORY LENDERS, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
SIX MONTHS ENDED
JUNE 30,
2000 1999
Cash Flows from Operating Activities:
Net Loss $(45,404) (15,725)
Adjustments to reconcile Net
Loss to Net Cash provided by
Operating Activities:
Decrease in Restricted Cash 76,794 -
(Decrease) Increase in Accounts
Payable (8,794) 59,000
Increase in Accounts Receivable (19,494) -
Cost of Land Sold 43,591 -
Cost of Land Improvements (25,092) -
Net Cash provided by
Operating Activities 21,601 43,275
Net increase in Cash 21,601 43,275
CASH AT JANUARY 1, 36,981 192,414
CASH AT JUNE 30, $ 58,582 $ 235,689
========= ========
<FN>
See accompanying notes to financial statements.
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HICKORY LENDERS, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three and Six Months Ended June 30, 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 tosummarize
fairly the Partnership's financial position and results of
operations. The results of operations for the six month
period ended June 30, 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 six months
were as follows:
2000 1999
Management Fees $ 3,500 $ 3,500
Accounting Fees $ 8,503 1,800
C. COMPREHENSIVE INCOME
During the three and six month periods ended June 30, 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 JUNE 30, 2000.
The Partnership's primary business was to lend monies to Hickory
Hills, Ltd. On December 31, 1998, the Partnership began the
process of foreclosing on the debt to Hickory Hills, Ltd. after
the note matured and payment was not made. The General Partner
determined that the value of the underlying collateral could not
result in full payment of the principal and accrued interest.
Foreclosure proceedings were completed on June 29, 1999.
The Registrant's primary business is now to develop and dispose of
certain undeveloped real properties located in Nashville, Davidson
County, Tennessee and Hendersonville, Sumner County, Tennessee (the
"Properties").
The general partner and its affiliates have been actively involved
in managing the Partnership and the Property.
During the second quarter of 2000, the Registrant sold one lot from
the Hendersonville Property. This sale generated a loss due to
additional site work necessary to prepare the site for the seller.
The Registrant has 5 lots remaining in the Hendersonville Property.
Overall expenses of the Property have not flucuated significantly
from the prior quarters.
FINANCIAL CONDITION
LIQUIDITY
At June 30, 2000, the Registrant had approximately $178,490 in cash
reserves. These funds are expected to be sufficient to fund
operations through 2000.
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PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule
(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.
HICKORY LENDERS, LTD.
By: 222 HICKORY, LTD.
General Partner
222 PARTNERS, INC.
General Partner
Date: August 13, 2000 By:/s/ Steven D. Ezell
President
Date: August 13, 2000 By:/s/ Michael A. Hartley
Secretary/Treasurer