SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15(d) of the Securities Exchange
Act of 1954
For Quarter Ended: June, 2001 Commission File Number: 33-10196
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(Exact name of registrant as specified in its charter)
California Almond Investors I
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A California Limited Partnership
California 94-3021790
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(State or other jurisdiction of I.R.S. Employer
incorporation or organization Identification No.)
2210 Northpoint Parkway, Santa Rosa, CA 95407
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(Address of principal executive offices) (Zip Code)
(707) 579-3742
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(Registrant's telephone number, including area code)
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(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 the past 90 days.
[X] Yes [ ] No
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
See following pages.
CALIFORNIA ALMOND INVESTORS I
(A CALIFORNIA LIMITED PARTNERSHIP)
BALANCE SHEET
June 30, 2001
ASSETS
CURRENT ASSETS
Cash 141,693
Investments, short term 114,816
Accounts Receivable, no allowance deemed necessary 200,652
Inventory-In Process 493,089
Deferred crop costs 167,522
Advances for farm costs -26,238
Deposits and other prepaids 11,092
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Total Current Assets 1,102,626
PROPERTY AND EQUIPMENT
Land 1,100,814
Orchards 2,216,717
Equipment 1,158,855
Buildings 141,071
4,617,457
Less accumulated depreciation -3,348,226
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1,269,231
2,371,857
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LIABILITIES AND PARTNERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities 0
Payables to general partner and related parties 0
Current portion of long-term debt 24,000
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Total Current Liabilities 24,000
LONG-TERM DEBT, less current portion 300,000
PARTNERS' EQUITY 2,047,857
2,371,857
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The financial statements, in the opinion of management, reflect all adjustments
necessary to fairly state the financial position and the results of operations.
These results are not necessarily to be considered indicative of the results for
the entire year.
PART I-FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Liquidity and Capital Resources
Although Partnership liquidity continues to decrease as production
costs for the 2001 crop continue, the Partnership will have sufficient
liquidity to complete the harvest and delivery of the current crop.
Results of Operations
The Partnership continued to operate at a break-even rate in the second
quarter 2001. This result is not indicative of the results for the entire
fiscal year, due to the seasonal nature of the almond growing business.
Almonds are harvested in August through October and the crop revenues and
expenses are recognized at that time. Since the partnership's crop care has
not been completed for this growing season, it is not possible to say if
cultural costs will be higher or lower than last year's costs. At this time
though, it seems that cultural costs will be substantially the same as last
year.
Almond Market
The 2001 almond crop is currently projected to be between 850 and 900
million pounds, which would be a record crop. If this estimate is correct,
almond prices for the 2001 crop could average below $0.80 per pound. This
has had a depressing effect on the value of almond orchards in California,
and has produced an almond orchard market with few buyers and many sellers.
It is not anticipated that situation will change in the near future.
PART II
Item No.
1. Material developments in connection with legal proceeding - not
applicable
2. Material modification of rights of registrant's securities - not
applicable
3. Defaults on senior securities - not applicable
4. Submission of matters to a vote of security holders - not applicable
5. Other events of importance - not applicable
6. Exhibits and Reports on Form 8-K - not applicable
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.
CALIFORNIA ALMOND INVESTORS I
A California limited partnership
By: Vintech Almond Advisers, Inc.
A California corporation,
Managing General Partner
By:
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David A. Bade
President