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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, 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 Nine Months Ended September 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)
September 30, December 31,
1995 1994
------------- -------------
ASSETS
CASH $ 262,724 68,851
NOTE RECEIVABLE FROM AFFILIATE 3,328,601 3,454,300
INTEREST RECEIVABLE
FROM AFFILIATE - 84,301
LOAN COSTS 40,319 53,759
Total Assets $ 3,631,644 3,661,211
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE 300 -
PARTNERS' EQUITY 3,631,344 3,661,211
Total Liabilities &
Partners' Deficit $ 3,631,644 3,661,211
========== ==========
<FN>
See notes to financial statements.
/TABLE
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HICKORY LENDERS, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Quarter Ending Year to Date Ending
SEPTEMBER 30, SEPTEMBER 30,
________________ _____________________
1995 1994 1995 1994
____ ____ ____ ____
REVENUE:
Interest $ - - 1,748 3,383
EXPENSES:
State Income Tax - - - 2,378
Legal &
Accounting Fees 823 300 11,492 10,690
General &
Admin. Expenses 1,134 24 1,433 893
Mortgage
Servicing Fee 1,750 1,750 5,250 5,250
Amortization 4,480 4,480 13,440 13,440
Total Expenses 8,187 6,554 31,615 32,651
NET LOSS $(8,187) (6,554) (29,867) (29,269)
<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
SEPTEMBER 30,
__________________________
1995 1994
____ ____
Cash Flows from Operating Activities:
Net Loss $ (29,867) (29,269)
Adjustments to reconcile Net
Income to Net Cash used in
Operating Activities:
Amortization 13,440 13,440
Increase in Accounts Payable 300 -
Payments received on Interest
Receivable from Affiliate 84,301 275,000
Total Adjustments 98,041 288,440
Net Cash used in
Operating Activities 68,174 259,171
Cash Flows from Financing Activities:
Payment received on
Note Receivable 125,699 -
Distribution
to Partners - (339,393)
Net Increase/(Decrease) in Cash
and Cash Equivalents 193,873 (80,222)
CASH AT JANUARY 1, 68,851 148,459
CASH AT SEPTEMBER 30, $ 262,724 68,237
========= ========
<FN>
See notes to financial statements.
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HICKORY LENDERS, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Nine Months Ended September 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 nine
month period ended September 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. Compensation
earned for these services in the first nine months were as
follows:
1995 1994
________ ________
Management Fees $ 5,250 5,250
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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, 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.
In 1991 due to a lack of payments made on the Lender Financing,
the Registrant discontinued accruing interest income on the Note
Receivable. Payments received on the Note subsequent to this
policy change reduced the accrued interest receivable balance.
During the third quarter of 1995, the Registrant received a
$210,000 payment from Hickory Hills, Ltd. This payment
extinguished the interest receivable and $125,699 was used to
reduce principal.
Operating expenses of the Registrant are comparable to the prior
year's quarter and are not expected to fluctuate in the future.
During 1995, the Owner sold thirty lots from the Hendersonville
Property and 3.5 acres of the Nashville Property. From these
proceeds, a $210,000 payment was made on the Lender Financing and
the remaining proceeds were retained to cover development and
operating expenses.
FINANCIAL CONDITION
LIQUIDITY
At September 30, 1995, the Registrant had approximately $262,724
in cash reserves. These funds are expected to be sufficient
through 1995. On October 20, 1995, $210,000 was distributed to
the partners. The remaining funds are expected 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 Third 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: November 13, 1995 By:/s/ Steven D. Ezell
______________________
Steven D. Ezell
President
Date: November 13, 1995 By:/s/ Michael A. Hartley
______________________
Michael A. Hartley
Secretary/Treasurer