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, 1999 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 Identification No.)
incorporation or organization
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, 1997
ASSETS
CURRENT ASSETS
Cash 25,238
Investments, short term 434,793
Accounts Receivable, no allowance deemed necessary 624,629
Deferred crop costs 174,100
Advances for farm costs 277,451
Deposits and other prepaids 0
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Total Current Assets 1,536,211
PROPERTY AND EQUIPMENT
Land 1,100,800
Orchards 2,216,700
Equipment 1,158,900
Buildings 141,100
4,617,500
Less accumulated depreciation 2,881,654
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1,735,846
3,272,056
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LIABILITIES AND PARTNERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities 16,091
Payables to general partner and related parties 0
Current portion of long-term debt 24,000
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Total Current Liabilities 40,091
LONG-TERM DEBT, less current portion 348,000
PARTNERS' EQUITY 2,883,965
3,272,056
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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
The Partnership liquidity continues to decrease. Distributions to
Limited Partners have decreased to $57,000.00 per quarter. Due to the
decreasing reserves and the current state of the almond market,
distributions may be suspended in the fourth quarter until almond market
conditions improve.
Results of Operations
The Partnership continued to operate at a break-even rate in the second
quarter 1999. 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.
Because of the good weather during the almond pollination in February
and March, the 1999 crop is expected to be largest ever. The California
Almond Control Board has declared a 23% set aside. The declared set aside
can not be sold and the Partnership will not be paid for these products.
The effect of this record crop has been to reduce almond prices for the
1999 crop to the lowest level in the last 10 years.
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