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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, 1998
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, 1998
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,
1998 1997
------- -------
ASSETS
CASH $ 17,430 $ 146,668
LAND and IMPROVEMENTS
HELD FOR INVESTMENT 4,107,113 3,963,911
Total Assets $ 4,124,543 $ 4,110,579
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $15,241 $42,649
Accounts Payable-
Affiliate 54,000 -
Total Liabilities 69,241 42,649
PARTNERS' EQUITY:
Limited Partners, units
outstanding 7,500 4,055,204 4,067,832
General Partner 98 98
Total partners'equity 4,055,302 4,067,930
Total Liabilities &
Partners' Equity $4,124,543 $4,110,579
========== ==========
<FN>
See notes to financial statements.
/TABLE
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LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Quarter and Year
Ending March 31,
1998 1997
REVENUE:
Interest Income $ 5,780 -
Total Revenue $ 5,780 -
EXPENSES:
Management Fees 3,500 3,500
Legal & Accounting Fees 10,000 11,776
General & Admin. Expenses 108 1,687
Other Operating Expenses 4,800 2,177
Total Expenses $ 18,408 $ 19,140
NET LOSS $(12,628) $(19,140)
<FN>
See notes to financial statements
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LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Year-to-date
MARCH 31,
1998 1997
Cash Flows from Operating Activities:
Net Loss $(12,628) $(19,140)
Adjustments to reconcile
Net Loss to Net Cash used
in Operating Activities:
Cost of Land Improvements (143,202) -
Decrease in Accounts Payable(27,408) (21,924)
Increase in Accounts
Payable - Affiliate 54,000 -
Net Cash used in
Operating Activities (129,328) (41,064)
Cash Flows from Financing Activities
Cash Distribution - (225,000)
Net Decrease in
Cash and Cash Equivalents (129,238) (266,064)
CASH AT JANUARY 1, 146,668 514,612
CASH AT MARCH 31, $ 17,430 $248,548
========= ========
<FN>
See 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, 1998
(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, 1997.
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, 1998 may
not be indicative of the results that may be expected for the
year ending December 31, 1998.
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:
1998 1997
Management Fees $3,500 $3,500
/TABLE
LMR LAND COMPANY, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three Months Ended March 31, 1998
(continued) (Unaudited)
C. COMPREHENSIVE INCOME
Effective January 1, 1998, the Partnership adopted Statement
of Financial Accounting Standards (SFAS) No. 130, Reporting
Comprehensive Income. SFAS No. 130 establishes standards for
reporting and display of comprehensive income and its
components in a full set of general-purpose financial
statements and requires that all components of comprehensive
income be reported in a financial statement that is displayed
with the same prominence as other financial statements.
Comprehensive income is defined as the change in equity of a
business enterprise, during a period, associated with
transactions and other events and circumstances from non-owner
sources. It includes all changes in equity during a period
except those resulting from investments by owners and
distributions to owners. During the three month periods ended
March 31, 1998, and 1997, the Partnership had no components of
comprehensive income. Accordingly, comprehensive income for
each of the periods was the same as net income.
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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, 1998.
There have been no sales during the first quarter of 1998. On
April 2, 1998, the Registrant sold 8.8 acres of the Lebanon
Property for gross proceeds of $293,500. Proceeds were retained to
meet operating expenses.
Overall operations of the Registrant have not changed significantly
from prior quarters.
FINANCIAL CONDITION
LIQUIDITY
At May 1, 1998, the Registrant had approximately $108,038 in cash
reserves. These funds are expected to be sufficient through 1998.
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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 1998
(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, 1998 By:/s/ Steven D. Ezell
___________________
President
Date: May 15, 1998 By:/s/ Michael A. Hartley
______________________
Secretary/Treasurer