1
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, 1997
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 ___
2
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, 1997
INDEX
Financial Statements:
Balance Sheets 3
Statements of Operations 4
Statements of Cash Flows 5
Notes to Financial Statements 6
3
LMR LAND COMPANY, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September December 31,
1997 1996
--------- ------------
ASSETS
CASH $ 199,138 $ 514,612
RECEIVABLE FROM AFFILIATE 40,628 40,628
LAND HELD FOR INVESTMENT 3,875,411 3,875,411
Total Assets 4,115,177 4,430,651
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $ 10,499 $ 39,948
PARTNERS' EQUITY:
Limited Partners, 7,500 units
outstanding 4,104,579 4,390,604
General Partner 99 99
Total partners' equity 4,104,678 4,390,703
---------- --------
Total Liabilities & Partners' Equity 4,115,177 4,430,651
========== ========
<FN>
See notes to financial statements.
/TABLE
4
LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Quarter Ending Year to Date Ending
SEPTEMBER 30, SEPTEMBER 30,
_____________________ __________________
1997 1996 1997 1996
____ ____ _____ _____
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 8,713 11,866
Miscellaneous 250 5,585 250 5,585
Expired Land Option - - - 100,000
Total Revenue 250 6,166 8,963 117,920
EXPENSES:
Property Taxes 31,769 32,244 31,769 32,786
Management Fees 3,500 3,500 10,500 10,500
Legal &
Accounting Fees - 400 16,638 17,695
Administration Expense 20 - 2,467 2,302
Land Maintenance Exp 1,880 6,168 8,614 15,152
Total Expenses 37,169 42,312 69,988 78,435
NET INCOME(LOSS) (36,919) (36,146) (61,025) 39,485
<FN>
See notes to financial statements
5,
LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Year-to-date
SEPTEMBER 30,
__________________________
1997 1996
____ ____
Cash Flows from Operating Activities:
Net Income $(61,025) $ 39,485
Adjustments to reconcile Net Income
to Net Cash used in Operating Activities:
Change in Accounts Payable (29,449) 68
Change in Accrued Property Taxes - 11,623
Increase in Deposits - (100,000)
Gain on Land Sale - (469)
Change in Receivable - -
Total Adjustments (29,449) (88,778)
Net Cash provided by (used
in) Operating Activities (90,474) (49,293)
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
Cash Flows from Financing Activities:
Cash Distribution (225,000) -
Net increase/decrease in Cash
and Cash Equivalents (315,474) 50,202
CASH AT JANUARY 1, 514,612 484,893
CASH AT SEPTEMBER 30, 199,138 $ 535,095
======== ========
<FN>
See notes to financial statements.
6
LMR LAND COMPANY, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Nine Months Ended September 30, 1997
(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, 1996. 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, 1997 may not be
indicative of the results that may be expected for the year ending December
31, 1997.
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:
1997 1996
________ ________
Management Fees $ 10,500 $10,500
Accounting Fees 2,100 2,000
7
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED SEPTEMBER 30, 1996.
There have been no sales during 1997. 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. This was a single event not expected to recur in the future. The
decline in interest income is due to lower cash balances. Overall expenses of
the Registrant have not changed significantly from prior quarters. Land
maintenance expense has declined due to sales of land.
On February 27, 1997, the Registrant distributed $225,000 of excess operating
reserves to the partners.
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.
There is currently no development for the Macon Property.
LIQUIDITY
At October 31, 1997, the Registrant had approximately $199,053 in cash
reserves. These funds are expected to be sufficient through 1997.
8
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.
9
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 21, 1997 By:/s/ Steven D. Ezell
Steven D. Ezell
President
Date: November 21, 1997 By:/s/ Michael A. Hartley
Michael A. Hartley
Secretary/Treasurer