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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, 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 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)
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)
(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 LENDERS, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For The Six Months Ended June 30, 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 LENDERS, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, December 31,
1995 1994
------------- -------------
ASSETS
CASH $ 56,131 $ 68,851
NOTE RECEIVABLE FROM AFFILIATE 3,454,300 3,454,300
INTEREST RECEIVABLE
FROM AFFILIATE 84,301 84,301
LOAN COSTS 44,799 53,759
Total Assets $ 3,639,531 $ 3,661,211
========== ==========
LIABILITIES AND PARTNERS' EQUITY
PARTNERS' EQUITY $ 3,639,531 $ 3,661,211
Total Liabilities &
Partners' Deficit $ 3,639,531 $ 3,661,211
========== ==========
<FN>
See notes to financial statements.
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HICKORY LENDERS, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Quarter Ending Year to Date Ending
JUNE 30, JUNE 30,
___________________ ____________________
1995 1994 1995 1994
____ ____ ____ ____
REVENUE:
Interest $ 1,748 $ 3,424 $ 1,748 $ 3,424
EXPENSES:
State Income Tax - 2,378 - 2,378
Legal &
Accounting Fees 1,469 10,090 10,669 10,390
General &
Admin. Expenses 2 570 299 869
Mortgage
Servicing Fee 1,750 1,750 3,500 3,500
Amortization 4,480 4,480 8,960 8,960
Total Expenses 7,701 19,268 23,428 26,097
NET LOSS $ (5,953) $(15,844) $(21,680) $(22,673)
<FN>
See notes to financial statements
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HICKORY LENDERS, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Year-to-date
JUNE 30,
__________________________
1995 1994
____ ____
Cash Flows from Operating Activities:
Net Loss $(21,680) $(22,673)
Adjustments to reconcile Net
Income to Net Cash used in
Operating Activities:
Amortization 8,960 8,960
Payments received on Interest
Receivable from Affiliate - 275,000
Total Adjustments 8,960 283,960
Net Cash used in
Operating Activities (12,720) 261,287
Cash Flows from Financing Activities:
Distribution
to Partners - (339,394)
Net Increase/(Decrease) in
Cash and Cash Equivalents (12,720) (78,107)
CASH AT JANUARY 1, 68,851 148,459
CASH AT JUNE 30, $ 56,131 $ 70,352
========= ========
<FN>
See notes to financial statements.
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HICKORY LENDERS, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended June 30, 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 six
month period ended June 30, 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 December 3, 1987. Compensation earned for
these services in the first six months were as follows:
1995 1994
________ ________
Management Fees $ 3,500 3,500
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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, 1995.
The Partnership's primary business is to lend monies to Hickory
Hills, Ltd. Due to the nature of the Registrant, all activity is
a result of transactions in Hickory Hills, Ltd., the loan holder.
The Registrant continues its policy begun in 1991 of not
recognizing interest income for financial reporting purposes on
the Lender Financing. This policy was accepted upon the
recommendation of the Registrant's principal accountants because
there had not been any payments made on the Lender Financing since
inception and there has been no independent verification of the
value of the land held as collateral. Interest income will be
recognized for tax and loan payment purposes.
Operating expenses of the Registrant are comparable to the prior
year's quarter and are not expected to fluctuate in the future.
During the second quarter of 1995, Hicory Hills, Ltd. sold six
lots from 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 contract received for the sale of 3.5 acres
of the Nashville Property for a price of $140,000 is expected to
close during the third quarter. However, there are several
contingencies for this sale to close. Therefore, there can be
no assurances that the contingencies will be met and that the
sale will close.
FINANCIAL CONDITION
LIQUIDITY
At June 30, 1995, the Registrant had approximately $56,131 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 Scheudle for Second 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 LENDERS, LTD.
By: 222 HICKORY, LTD.
General Partner
By:222 PARTNERS, INC.
General Partner
Date: August 14, 1995 By:/s/ Steven D. Ezell
______________________
Steven D. Ezell
President
Date: August 14, 1995 By:/s/ Michael A. Hartley
______________________
Michael A. Hartley
Secretary/Treasurer