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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, 1995
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 HILLS, LTD.
(Exact name of Registrant as specified in its charter)
Tennessee 62-1336904
(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)
Suite 500, 4400 Harding Road, Nashville, Tennessee 37205
(Former name, former address and former fiscal year, if changed since last
report.)
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 HILLS, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For The Three Months Ended March 31, 1995
INDEX
Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Cash Flows 5
Notes to Financial Statements 6
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HICKORY HILLS, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, December 31,
1995 1994
------------- -------------
ASSETS
CASH $ 363,989 $ 387,330
LAND & IMPROVEMENTS HELD
FOR INVESTMENT 3,174,098 3,204,826
OTHER ASSETS 465 465
Total Assets $ 3,538,552 $ 3,592,621
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCRUED INTEREST PAYABLE $ 1,572,529 $ 1,486,171
ACCRUED PROPERTY TAXES - 35,441
NOTE PAYABLE TO AFFILIATE 3,454,300 3,454,300
OTHER ACCRUED EXPENSES 37,630 36,200
PARTNERS' DEFICIT (1,525,907) (1,419,491)
Total Liabilities &
Partners' Deficit $3,538,552 $ 3,592,621
========== ===========
<FN>
See notes to financial statements.
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HICKORY HILLS, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Quarter and
Year to Date Ending
MARCH 31,
_____________________
1995 1994
____ ____
REVENUE:
Land Sales
Sale Proceeds $ 58,500 $ 275,500
Cost of Land Sold 47,642 (278,340)
Closing Costs 3,459 (18,529)
Gain(Loss) on Sale of Land 7,399 (39,369)
Interest Income 1,267 610
Total Revenue $ 8,666 $ (38,759)
EXPENSES:
Management Fees 750 750
Legal & Accounting Fees 10,200 300
General & Admin. Expenses 1,745 4,008
Land Maintenance Fees 16,029 13,795
Interest Expense 86,358 86,357
Total Expenses $ 115,082 $ 105,210
NET INCOME (LOSS) $(106,416) $ (143,698)
<FN>
See notes to financial statements
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HICKORY HILLS, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Year-to-date
MARCH 31,
__________________________
1995 1994
____ ____
Cash Flows from
Operating Activities:
Net Income $(106,416) $(143,968)
Adjustments to reconcile
Net Income to Net Cash used
in Operating Activities:
Interest Payments made
on Note Payable - (100,000)
Increase in Accrued
Interest Payable 86,358 86,358
Change in Accrued
Property Taxes (35,441) (37,303)
(Gain)Loss on Sale of Land (7,399) 36,369
Increase in Accrued Expenses 1,430 (1,053)
Total Adjustments 44,948 (12,629)
Net Cash used in
Operating Activities (61,468) (156,597)
Cash Flows from Investing Activities:
Proceeds from Land Sale 55,041 238,970
Cost of Land Improvements (16,914) (86,398)
Net Cash provided by
Investing Activities 38,127 152,572
Net Increase/(Decrease)
in Cash and Cash Equivalents (23,341) (4,025)
CASH AT JANUARY 1, 387,330 393,425
CASH AT MARCH 31, $ 363,989 $ 389,400
======== ========
<FN>
See notes to financial statements.
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HICKORY HILLS, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Three Months Ended March 31, 1995
(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, 1994. 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, 1995 may not be indicative of the
results that may be expected for the year ending December 31,
1995.
B.RELATED PARTY TRANSACTIONS
The General Partner and its affiliates have been actively
involved in managing the Partnership's operations as described
in the Prospectus dated April 22, 1986. Compensation earned
for these services in the first three months were as follows:
1995 1994
________ ________
Management Fees $ 750 $ 750
Real Estate Brokerage
Commission 1,755 9,150
Accounting Fees 300 300
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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, 1995.
During the first quarter of 1995, the Registrant sold three lots at the
Hendersonville Property for $19,500 per lot. The sale proceeds were retained to
cover operating expenses. Lot sales from the Hendersonville Property are
progressing at a moderate pace. The Registrant has received a contract for the
sale of 3.5 acres of the Nashville Property for a price of $140,000. However,
there are several contingencies for these sales to close. Therefore, there
can be no assurances that the contingencies will be met and that the sales
will close.
Operating expenses of the Registrant are comparable to the prior year's quarter
except the increase in legal & accounting fees. This increase is due to timing
of audit and tax bills. The actual increase in audit and tax preparation fees
was minimal.
FINANCIAL CONDITION
DEVELOPMENT
The Registrant began Phase III of the Hendersonville Property development. This
development is expected to cost approximately $300,000. It should be complete
in the third quarter of 1995 and will make approximately 30 lots available for
sale.
LIQUIDITY
As of March 31, 1995, the Registrant had approximately $363,989 in cash
reserves. These funds are expected to be sufficient through 1995.
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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 1995
(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 HILLS, LTD.
By: 222 HICKORY, LTD.
General Partner
By:222 PARTNERS, INC.
General Partner
Date: May 17, 1995 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: May 17, 1995 By:/s/ Michael A. Hartley
______________________
Michael A. Hartley
Secretary/Treasurer