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: September, 2001 Commission File Number: 33-10196
--------------- --------
(Exact name of registrant as specified in its charter)
California Almond Investors I
-----------------------------
A California Limited Partnership
California 94-3021790
- --------------------------------------------------------------------------------
(State or other jurisdiction of I.R.S. Employer Identification No.)
incorporation or organization
2210 Northpoint Parkway, Santa Rosa, CA 95407
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(707) 579-3742
- --------------------------------------------------------------------------------
(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 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
September 30, 2001
ASSETS
CURRENT ASSETS
Cash 119,131
Investments, short term 15,825
Accounts Receivable, no allowance deemed necessary 85,626
Inventory-In Process 834,154
Deferred crop costs 167,522
Advances for farm costs -29126
Deposits and other prepaids 8215
------------
Total Current Assets 1,201,347
PROPERTY AND EQUIPMENT
Land 1,100,814
Orchards 2,216,717
Equipment 1,158,855
Buildings 141,071
4,617,457
Less accumulated depreciation -3,383,087
------------
1,234,370
2,435,717
============
LIABILITIES AND PARTNERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities 63,860
Payables to general partner and related parties 0
Current portion of long-term debt 24,000
------------
Total Current Liabilities 87,860
LONG-TERM DEBT, less current portion 300,000
PARTNERS' EQUITY 2,047,857
2,435,717
============
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
The Partnership liquidity has been greatly reduced due to the reduced
final payment for the 2000 crop and the small delivery payments received for the
2001 crop. The final payment for the 2000 crop was $90,803.72 less that accrued
on December 31, 2000. This years delivery payment is averaging approximately
$0.40 cents per pound. This compares to over $0.50 cents per pound received in
2000.
Unless there is a change in future cash receipts, the Partnership will have to
secure crop financing to complete the cultivation and harvest of the 2002 crop.
Results of Operations
The Partnership continued to operate at a break-even rate in the third
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 approximately 850
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
November 14, 2001 By: /s/ David A. Bade
---------------------------------------
David A. Bade
President