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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
September 30, 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: 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)
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 Nine Months Ended September 30, 1996
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)
September 30, December 31,
1996 1995
------------- -------------
ASSETS
CASH $ 535,095 $ 484,893
RECEIVABLE FROM AFFILIATE 40,628 40,628
LAND HELD FOR INVESTMENT 3,875,411 3,974,437
Total Assets $4,451,134 $ 4,499,958
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $ 15,146 $ 15,078
ACCRUED PROPERTY TAXES 31,901 20,278
DEPOSITS ON LAND SALE CONTRACTS - 100,000
PARTNERS' EQUITY 4,404,087 4,364,602
Total Liabilities & Partners' Equity$4,451,134 $ 4,499,958
========== ==========
<FN>
See notes to financial statements.
/TABLE
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LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Quarter Ending Year to Date Ending
SEPTEMBER 30, SEPTEMBER 30,
_____________________ __________________
1996 1995 1996 1995
____ ____ _____ _____
REVENUE:
Land Sales
Sale Proceeds $ 93,800 - 93,800 -
Cost of Land Sold (87,546) - (87,546) -
Closing Costs (5,785) - (5,785) -
Gain on Sale 469 - 469 -
Interest 112 - 11,866 13,118
Miscellaneous 5,585 250 5,585 30,972
Expired Land Option - - 100,000 -
Total Revenue 6,166 250 117,920 44,090
EXPENSES:
Property Taxes 32,244 31,326 32,786 31,598
Management Fees 3,500 3,500 10,500 10,500
Legal & Accounting Fees 400 923 17,695 16,473
Administation Exp - 2,188 2,302 3,079
Land Maintenace Exp 6,168 2,268 15,152 11,124
Total Expenses 42,312 40,205 78,435 72,774
NET INCOME(LOSS) (36,146) (39,955) 39,485 (28,684)
<FN>
See notes to financial statements
5,
LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Year-to-date
SEPTEMBER 30,
__________________________
1996 1995
____ ____
Cash Flows from Operating Activities:
Net Income $ 39,485 $ (28,684)
Adjustments to reconcile Net Income
to Net Cash used in Operating Activities:
Change in Accounts Payable 68 (620)
Change in Accrued Property Taxes 11,623 (21,112)
Increase in Deposits (100,000) 77,500
Gain on Land Sale (469) -
Change in Receivable - 1,849
Total Adjustments (88,778) 57,617
Net Cash provided by (used
in) Operating Activities (49,293) 28,933
Cash Flows from Investing Activities:
Proceeds from Land Sale 88,015 -
Land Improvements (8,520) -
Refund of Bond money 20,000
Net Cash provided by
Investing Activities 99,495 -
Net increase/decrease in Cash
and Cash Equivalents 50,202 28,933
CASH AT JANUARY 1, 484,893 484,714
CASH AT SEPTEMBER 30, 535,095 $ 513,647
======== ========
<FN>
See notes to financial statements.
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LMR LAND COMPANY, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Nine Months Ended September 30, 1996
(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, 1995.
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 nine month period ended
September 30, 1996 may not be indicative of the results that
may be expected for the year ending December 31, 1996.
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 nine months
were as follows:
1996 1995
________ ________
Management Fees $ 10,500 $10,500
Accounting Fees 2,100 2,000
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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 SEPTEMBER 30, 1996.
During the third quarter of 1996 the Registrant sold
approximately 6.6 acres of the Lebanon Property. During the
second quarter of 1996, the sale contract for the entire Macon
Property expired. The $100,000 in non-refundable earnest money
was reclassified to reflect Expired option money revenue. During
the second quarter of 1995, the Registrant received a $30,722
refund of excess construction escrow funds related to the sale of
the Roanoke Property in 1993. This receipt reduces the cost of
land sold for the 1993 sale transaction and is therefore
reflected as revenue in 1995.
Overall operations of the Registrant have not changed
significantly from prior quarters.
FINANCIAL CONDITION
DEVELOPMENT
The City of Lebanon completed the road through the Registrant's
Lebanon Property. This road provides access to approximately 40
acres of land and opens them up for sale.
There is currently no development on the Macon Property.
LIQUIDITY
At October 31, 1996, the Registrant had approximately $516,054 in
cash reserves. These funds are expected to be sufficient through
1997.
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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.
LMR LAND COMPANY, LTD.
By: 222 LMR, LTD.
General Partner
By: 222 PARTNERS, INC.
General Partner
Date: November 14, 1996 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: November 14, 1996 By:/s/ Michael A. Hartley
______________________
Michael A. Hartley
Secretary/Treasurer