UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q
(mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 2002
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 000-16757
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CONCORD MILESTONE PLUS, L.P.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 52-1494615
- -------------------------------------- ------------------------------------
(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
200 CONGRESS PARK DRIVE
SUITE 103
DELRAY BEACH, FLORIDA 33445
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(Address of Principal Executive Offices) (Zip Code)
(561) 394-9260
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Registrant's Telephone Number, Including Area Code
150 East Palmetto Park Road, Suite 400, Boca Raton, Florida 33432
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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.
Yes [X] No [ ]
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONCORD MILESTONE PLUS, L.P.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
SEPTEMBER 30, 2002 (UNAUDITED) AND DECEMBER 31, 2001
September 30, December 31,
2002 2001
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Assets:
Property:
Building and improvements, at cost $16,224,839 $16,068,049
Less: accumulated depreciation 8,278,976 7,814,386
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Building and improvements, net 7,945,863 8,253,663
Land, at cost 10,987,034 10,987,034
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Property, net 18,932,897 19,240,697
Cash and cash equivalents 979,758 705,399
Accounts receivable 143,399 206,749
Restricted cash 321,679 230,673
Debt financing costs, net 156,669 180,169
Prepaid expenses and other assets, net 110,399 67,821
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Total assets $20,644,801 $20,631,508
=========== ===========
Liabilities:
Mortgage loans payable $15,737,845 $15,912,710
Accrued interest 107,094 111,892
Deposits 84,682 82,498
Accrued expenses and other liabilities 291,928 194,032
Accrued expenses payable to affiliates 61,507 42,580
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Total liabilities 16,283,056 16,343,712
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Commitments and Contingencies
Partners' capital:
General partner (78,948) (79,687)
Limited partners:
Class A Interests, 1,518,800 4,440,693 4,367,483
Class B Interests, 2,111,072 - -
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Total partners' capital 4,361,745 4,287,796
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Total liabilities and partners' capital $20,644,801 $20,631,508
=========== ===========
See Accompanying Notes to Financial Statements
-2-
CONCORD MILESTONE PLUS, L.P.
(A LIMITED PARTNERSHIP)
STATEMENTS OF REVENUES AND EXPENSES
(UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
September 30, September 30,
2002 2001
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Revenues:
Rent $638,288 $653,137
Reimbursed expenses 144,513 109,360
Interest and other income 54,077 9,240
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Total revenues 836,878 771,737
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Expenses:
Interest expense 328,798 333,601
Depreciation and amortization 167,027 165,167
Management and property expenses 295,542 245,471
Administrative and management fees to affiliates 52,714 49,688
Professional fees and administrative expenses 17,932 21,801
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Total expenses 862,013 815,728
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Net loss $(25,135) $(43,991)
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Net loss attributable to:
Limited partners $(24,883) $(43,551)
General partner (252) (440)
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Net loss $(25,135) $(43,991)
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Loss per weighted average
Limited Partnership 100 Class A
Interests outstanding, basic & diluted $ (1.65) $ (2.90)
======== ========
Weighted average number of 100
Class A interests outstanding 15,188 15,188
======== ========
See Accompanying Notes to Financial Statements
-3-
CONCORD MILESTONE PLUS, L.P.
(A LIMITED PARTNERSHIP)
STATEMENTS OF REVENUES AND EXPENSES
(UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
September 30, September 30,
2002 2001
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Revenues:
Rent $1,976,879 $1,997,901
Reimbursed expenses 412,915 348,409
Bad debts recovered 116,328 -
Interest and other income 70,245 26,835
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Total revenues 2,576,367 2,373,145
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Expenses:
Interest expense 979,293 993,257
Depreciation and amortization 492,759 489,453
Management and property expenses 810,962 765,543
Administrative and management fees to affiliates 159,271 150,953
Professional fees and administrative expenses 60,133 78,174
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Total expenses 2,502,418 2,477,380
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Net income (loss) $73,949 $ (104,235)
========== ==========
Net income (loss) attributable to:
Limited partners $ 73,210 $ (103,193)
General partner 739 (1,042)
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Net income (loss) $ 73,949 $ (104,235)
========== ==========
Income (loss) per weighted average
Limited Partnership 100 Class A
Interests outstanding, basic & diluted $ 4.87 $ (6.86)
========== ==========
Weighted average number of 100
Class A interests outstanding 15,188 15,188
========== ==========
See Accompanying Notes to Financial Statements
-4-
CONCORD MILESTONE PLUS, L.P.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
(UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002
General Class A Class B
Total Partner Interests Interests
----- ------- --------- ---------
PARTNERS' CAPITAL (DEFICIT)
January 1, 2002 $4,287,796 $(79,687) $4,367,483 $0
Net Income 73,949 739 73,210 0
---------- --------- ---------- --
PARTNERS' CAPITAL (DEFICIT)
September 30, 2002 $4,361,745 $ (78,948) $4,440,693 $0
========== ========= ========== ==
See Accompanying Notes to Financial Statements
-5-
CONCORD MILESTONE PLUS, L.P.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
September 30, September 30,
2002 2001
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 73,949 $(104,235)
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation and amortization 492,759 489,453
Change in operating assets and liabilities:
Decrease in accounts receivable 63,350 23,652
Increase in prepaid expenses and other assets, net (47,247) (30,177)
Decrease in accrued interest (4,798) (4,753)
Increase in accrued expenses, deposits,
and other liabilities 100,080 96,838
Increase (decrease) in accrued expenses payable to affiliates 18,927 (14,575)
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Net cash provided by operating activities 697,021 456,203
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CASH FLOWS FROM INVESTING ACTIVITIES:
Property improvements (156,790) (150,496)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in restricted cash (91,006) (91,370)
Principal repayments on mortgage loans payable (174,865) (160,949)
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Net cash used in financing activities (265,871) (252,319)
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NET INCREASE
CASH AND CASH EQUIVALENTS 274,359 53,388
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 705,399 625,426
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CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 979,758 $ 678,814
========= =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Cash paid during the period for interest $ 984,091 $ 998,010
========= =========
See Accompanying Notes to Financial Statements
-6-
INDEPENDENT ACCOUNTANTS' REVIEW REPORT
To the Board of Directors of
Concord Milestone Plus, L.P.
We have reviewed the accompanying balance sheet of Concord Milestone Plus, L.P.
(the "Partnership") as of September 30, 2002, and the related statements of
revenues and expenses, changes in partners' capital, and cash flows for the
three month and nine month periods ended September 30, 2002 and September 30,
2001. These financial statements are the responsibility of the management of the
Partnership.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material modifications that should
be made to the accompanying financial statements for them to be in conformity
with generally accepted accounting principles.
/s/ Ahearn, Jasco + Company, P.A.
AHEARN, JASCO + COMPANY, P.A.
Certified Public Accountants
Pompano Beach, Florida
November 8, 2002
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CONCORD MILESTONE PLUS, L.P.
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002
The accompanying financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included. The
financial statements as of and for the periods ended September 30, 2002 and 2001
are unaudited. The financial statements for the periods ended September 30, 2002
and 2001 have been reviewed by an independent public accountant pursuant to Rule
10-01(d) of Regulation S-X following applicable standards for conducting such
reviews, and the report of the accountant is included as part of this filing.
The results of operations for the interim periods shown in this report are not
necessarily indicative of the results of operations for the fiscal year. Certain
information for 2001 has been reclassified to conform to the 2002 presentation.
These interim financial statements should be read in conjunction with the annual
financial statements and footnotes included in the Partnership's financial
statements filed on Form 10-K for the year ended December 31, 2001.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
GENERAL
This Form 10-Q and the documents incorporated herein by reference, if any,
contain forward-looking statements that have been made within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Private Securities Litigation
Reform Act of 1995 provides a "safe harbor" for certain forward-looking
statements. When used in this Quarterly Report on Form 10-Q, the words
"estimate," "plan," "project," "anticipate," "expect," "intend," "outlook,"
"believe," and other similar expressions are intended to identify
forward-looking statements and information. Actual results may differ materially
from any results which might be projected, forecasted, estimated or budgeted by
the Partnership due to certain risks and uncertainties. Such forward-looking
statements are based on current expectations, estimates and projections about
the Partnership's (as defined below) industry, management beliefs, and certain
assumptions made by the Partnership's management and involve known and unknown
risks, uncertainties and other factors. Such factors include the following:
general economic and business conditions, which will, among other things, affect
the demand for retail space or retail goods, availability and creditworthiness
of prospective tenants, lease rents and the terms and availability of financing;
risks of real estate development and acquisition; governmental actions and
initiatives; and environmental and safety requirements. These statements are not
guarantees of future performance and are subject to certain risks, uncertainties
and assumptions that are difficult to predict; therefore, actual results may
differ materially from those expressed or forecasted in any such forward-looking
statements.
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ORGANIZATION AND CAPITALIZATION
Concord Milestone Plus, L.P., a Delaware limited partnership (the
"Partnership"), was formed on December 12, 1986, for the purpose of investing in
existing income-producing commercial and industrial real estate. The Partnership
began operations on August 20, 1987, and currently owns and operates three
shopping centers located in Searcy, Arkansas; Valencia, California; and Green
Valley, Arizona.
The Partnership commenced a public offering on April 8, 1987 in order to
fund the Partnership's real property acquisitions. The Partnership terminated
its public offering on April 2, 1988 and was fully subscribed to with a total of
16,452 Bond Units and 15,188 Equity Units issued. Each Bond Unit consisted of
$1,000 principal amount of Bonds and 36 Class B Interests. The Partnership
redeemed all of the outstanding Bonds as of September 30, 1997 with the proceeds
of three new fixed rate mortgage loans. Each Equity Unit consists of 100 Class A
Interests and 100 Class B Interests. Capital contributions to the Partnership
consisted of $15,187,840 from the sale of the Equity Units and $592,272 from the
sale of the Class B interests in connection with the Bond Units.
RESULTS OF OPERATIONS
COMPARISON OF THREE MONTHS ENDED SEPTEMBER 30, 2002 TO THREE MONTHS ENDED
SEPTEMBER 30, 2001
The Partnership recognized a net loss of $25,135 for the three months ended
September 30, 2002 as compared to a net loss of $43,991 for the same period in
2001. The decrease in loss is primarily due to the following factors:
(i) An increase in revenue of $65,141 or 8.44% to $836,878 for three months
ended September 30, 2002 as compared to $771,737 for three months ended
September 30, 2001. The net increase is due to the following: a) an increase of
$35,153 in accrued insurance and taxes reimbursed expense b) a decrease in base
rent of $14,849 due to the increase in vacancy in Green Valley and c)an increase
in the amount of $44,836 primarily due to a winning appeal of 1997-2001 for
Valencia's real estate direct tax assessment, which was awarded in the third
quarter ending September 30, 2002.
(ii) A increase in management and property expenses of $50,071 or 20.39% to
$295,542 for the three months ended September 30, 2002 as compared to $245,471
for the three months ended September 30, 2001. This increase is primarily due to
the increase in insurance expenses.
COMPARISON OF NINE MONTHS ENDED SEPTEMBER 30, 2002 TO NINE MONTHS ENDED
SEPTEMBER 30, 2001
The Partnership recognized net income of $73,949 for the nine months ended
September 30, 2002 as compared to a net loss of $104,235 for the same period in
2001.The change is primarily due to the following factors:
(i) An increase in revenue of $203,222 or 8.56% to $2,576,367 for nine
months ended September 30, 2002 as compared to $2,373,145 for nine months ended
September 30, 2001. The net increase is due to the following: a) the recovery of
rent of $116,328 as a result of a tenant bankruptcy settlement, which was
recorded as income in this period, even though the rent was charged to the
tenant from June 2000 to July 2001, but the income was never recognized due to
the poor financial condition of the tenant; b) an increase of $64,506 in accrued
insurance and taxes reimbursed expenses c) a decrease in base rent of $21,022
due to the increase in vacancies in Green Valley and d) an increase in the
amount of $43,410 primarily due to a winning appeal of 1997-2001 for Valencia's
real estate direct tax assessment, which was awarded in the third quarter ending
September 30, 2002.
-9-
(ii) An increase in management and property expenses of $45,419 or 5.93% to
$810,962 for the nine months ended September 30, 2002 as compared to $765,543
for the nine months ended September 30, 2001. This increase is primarily due to
the increase in insurance expense.
(iii) A decrease in professional fees and other expenses of $18,041 or
23.07% to $60,133 for the nine months ended September 30, 2002 as compared to
$78,174 for the nine months ended September 30, 2001. This decrease is primarily
due to expenses incurred in 2001 that were not incurred in 2002. The timing of
these expenses varies from year to year.
LIQUIDITY AND CAPITAL RESOURCES
The General Partner believes that the Partnership's expected revenue and
working capital is sufficient to meet the Partnership's current and future
operating requirements for the next 12 months. Nevertheless, because the cash
revenues and expenses of the Partnership will depend on future facts and
circumstances relating to the Partnership's properties, as well as market and
other conditions beyond the control of the Partnership, a possibility exists
that cash flow deficiencies may occur.
During February 1999, the Partnership received notice from Abco, the
principal anchor tenant at the Green Valley Property, that Abco would not be
renewing its lease at the expiration of its term on July 31, 1999. Abco vacated
its space in May, 1999. This space represents about 20% of the Green Valley
Property's leaseable area. The Partnership retained a large regional real estate
brokerage firm to market the space. Such brokerage firm was replaced in 2000 by
another large regional brokerage firm. No replacement tenant has been
identified. The building of a Safeway Supermarket in the year 2002 near the
Green Valley Mall will have an adverse effect on leasing the Green Valley space.
Many of the tenants at the Green Valley Property have short term leases. It is
not possible to determine the long- term effects of the vacancy of the Green
Valley space. To date, the vacancy of the Green Valley space has not had a
material adverse effect on the results of operations at the Green Valley
Property by impairing the Partnership's ability to retain other tenants or to
renew their leases on favorable terms. However, no assurances can be given that
the continued Green Valley space vacancy won't cause existing tenants to leave,
or won't cause tenant renewals to be at lower rental rates. The Partnership
cannot predict how soon such space will be leased and the terms of such new
lease. Currently, approximately $150,000 of the Partnership's working capital is
being held in escrow in connection with the refinancing by the holder of the
first mortgage on the Green Valley Property pending the resolution of the
vacancy in this unoccupied anchor tenant space. These funds are available to
offset cash costs of leasing the former Abco space to a new tenant or tenants.
The Partnership has made distributions to its partners in the past.
Distributions were suspended after the second quarter of 1999 following the
departure of Abco from the Green Valley Property. Additionally, several capital
projects were undertaken and completed at the Properties. The Partnership will
evaluate the amount of future distributions, if any, on a quarter by quarter
basis. No assurances can be given as to the timing or amount of any future
distributions by the Partnership.
Management is not aware of any other significant trends, events, commitments
or uncertainties that will or are likely to materially impact the Partnership's
liquidity.
The cash on hand at September 30, 2002 may be used to fund (a) costs
associated with releasing the Green Valley space should the costs of releasing
exceed the $150,000 already held in escrow by the Lender for this purpose and
(b) other general Partnership purposes.
-10-
Net cash provided by operating activities of $697,021 for the nine months
ended September 30, 2002 included (i) a net income of $73,949, (ii) non-cash
adjustments of $492,759 for depreciation and amortization expense and (iii) a
net change in operating assets and liabilities of $130,313.
Net cash provided by operating activities of $456,203 for the nine months
ended September 30, 2001 included (i) a net loss of $104,235, (ii) non-cash
adjustments of $489,453 for depreciation and amortization expense and (iii) a
net change in operating assets and liabilities of $70,985.
Net cash used in investing activities of $156,790 for the nine months ended
September 30, 2002 was for capital expenditures for property improvements.
Net cash used in investing activities of $150,496 for the nine months ended
September 30, 2001 was for capital expenditures for property improvements.
Net cash used in financing activities of $265,871 for the nine months ended
September 30, 2002 include (i) principal repayments on mortgage loans payable of
$174,865 and (ii) an increase in restricted cash of $91,006.
Net cash used in financing activities of $252,319 for the nine months ended
September 30, 2001 include (i) principal repayments on mortgage loans payable of
$160,949 and (ii) an increase in restricted cash of $91,370.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
The Partnership, in its normal course of business, is theoretically exposed
to interest rate changes as they relate to real estate mortgages and the effect
of such mortgage rate changes on the values of real estate. However, for the
Partnership, all of its mortgage debt is at fixed rates, for extended terms, and
the General Partner believes would be unaffected by any sudden change in
interest rates. The Partnership's possible risk is from increases in long-term
real estate mortgage rates that may occur over a number of years, as this may
decrease the overall value of real estate. Since the Partnership has the intent
to hold its existing mortgages to maturity (or until the sale of a Property),
the General Partner believes there is no interest rate market risk on the
Partnership's results of operations or its working capital position.
The Partnership's cash equivalents and short-term investments, if any,
generally bear variable interest rates. Changes in the market rates of interest
available will affect from time-to-time the interest earned by the Partnership.
Since the Partnership does not rely on its interest earnings to fund working
capital needs, changes in these interest rates will not have a material impact
on the Partnership's results of operations or working capital position.
-11-
ITEM 4. EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES.
(a) Evaluation of disclosure controls and procedures. The principal executive
officer and principal financial officer of the General Partner have evaluated
the effectiveness of the Partnership's "disclosure controls and procedures" (as
defined in the Securities Exchange Act of 1934, as amended, Rules 13a- 14(c) and
15d-14(c) as of November 8, 2002 (the "Evaluation Date") and have concluded
that, as of the Evaluation Date, the Partnership's disclosure controls and
procedures were adequate to ensure that material information relating to the
Partnership was accumulated and made known to them on a timely basis.
(b) Changes in internal controls. There were no significant changes in the
Partnership internal controls or in other factors that could significantly
affect the Partnership's disclosure controls subsequent to the Evaluation Date
and, subsequent to such date, no corrective actions with regard to significant
deficiencies and material weaknesses were taken.
-12-
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBIT:
Number Description of Document
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3.1 Amended and Restated Agreement of Limited Partnership of Concord
Milestone Plus, L.P. Incorporated herein by reference to Exhibit A
to the Registrant's Prospectus included as Part I of the
Registrant's Post-Effective Amendment No. 3 to the Registrant's
Registration Statement on Form S-11 (the "Registration Statement")
which was declared effective on April 3, 1987.
3.2 Amendment No. 1 to Amended and Restated Agreement of Limited
Partnership of Concord Milestone Plus, L.P., included as Exhibit
3.2 to Registrant's Form 10-K for the fiscal year ended December
31, 1987 ("1987 Form 10-K"), which is incorporated herein by
reference.
3.3 Amendment No. 2 to Amended and Restated Agreement of Limited
Partnership of Concord Milestone Plus, L.P. included as Exhibit
3.3 to the 1987 form 10-K, which is incorporated herein by
reference.
3.4 Amendment No. 3 to Amended and Restated Agreement of Limited
Partnership of Concord Milestone Plus, L.P. included as Exhibit
3.4 to the 1987 Form 10-K, which is incorporated herein by
reference.
3.5 Amendment No. 4 to Amended and Restated Agreement of Limited
Partnership of Concord Milestone Plus, L.P. included as Exhibit
3.5 to the 1987 Form 10-K, which is incorporated herein by
reference.
3.6 Amendment No. 5 to Amended and Restated Agreement of Limited
Partnership of Concord Milestone Plus, L.P. included as Exhibit
3.6 to Registrant's Form 10-K for the fiscal year ended December
31, 1988, which is incorporated herein by reference.
99-1 Certifications by the principal executive officer, pursuant to
section 906 of the Sarbanes - Oxley Act of 2002.
99-2 Certifications by the principal financial officer, pursuant to
section 906 of the Sarbanes - Oxley Act of 2002.
(b) REPORTS:
No reports on form 8-K were filed during the quarter covered by this Report.
-13-
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.
DATE: November 8, 2002 CONCORD MILESTONE PLUS, L.P.
---------------- ----------------------------
(Registrant)
BY: CM PLUS CORPORATION
--------------------------
General Partner
By: /S/ Leonard Mandor
--------------------------
Leonard Mandor
President
By: /S/ Patrick Kirse
--------------------------
Patrick Kirse
Treasurer and Controller
-14-
CERTIFICATION BY PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Concord Milestone Plus, L.P. (the
"Partnership") on Form 10-Q for the period ended September 30, 2002 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Leonard Mandor, President of CM Plus Corporation, the General Partner of the
Partnership, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the issuer.
By: CM Plus Corporation,
General Partner
DATE: November 8, 2002 /S/ Leonard Mandor
---------------- -----------------------
Leonard Mandor
President
-15-
CERTIFICATION BY PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Concord Milestone Plus, L.P. (the
"Partnership") on Form 10-Q for the period ended September 30, 2002 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Patrick Kirse, Treasurer and Controller of CM Plus Corporation, the General
Partner of the Partnership, certify, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the
best of my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the issuer.
By: CM Plus Corporation,
General Partner
DATE: November 8, 2002 /S/ Patrick Kirse
---------------- -------------------------
Patrick Kirse
Treasurer and Controller
-16-
CERTIFICATION BY PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Concord Milestone Plus, L.P. (the
"Partnership") on Form 10-Q for the period ended September 30, 2002 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Leonard Mandor, President of CM Plus Corporation, the General Partner of the
Partnership, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002, that:
(1) I have reviewed this quarterly report on Form 10-Q of Concord Milestone
Plus, L.P.;
(2) Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered in
this quarterly report;
(3) Based on my knowledge, the financial statements and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations of the
registrant as of, and for, the periods presented in this quarterly report;
(4) The registrant's other certifying officer and I are responsible for
establishing and maintaining internal disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we
have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries is made known to us by others within those
entities, particularly during the period in which this quarterly report
is being prepared;
b) evaluated the effectiveness of the registrant's internal disclosure
controls and procedures as of a date within 90 days prior to the filing
date of this quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of our internal disclosure controls and procedures based
on our evaluation as of the Evaluation Date;
(5) The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent function):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to
record, process, summarize and report financial data and have
identified for the registrant's auditors any material weakness in
internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
(6) The registrant's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weakness.
By: CM Plus Corporation,
General Partner
DATE: November 8, 2002 /S/ Leonard Mandor
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Leonard Mandor
President
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CERTIFICATION BY PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Concord Milestone Plus, L.P. (the
"Partnership") on Form 10-Q for the period ended September 30, 2002 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Patrick Kirse, Treasurer and Controller of CM Plus Corporation, the General
Partner of the Partnership, certify, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, that:
(1) I have reviewed this quarterly report on Form 10-Q of Concord Milestone
Plus, L.P.;
(2) Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered in
this quarterly report;
(3) Based on my knowledge, the financial statements and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations of the
registrant as of, and for, the periods presented in this quarterly report;
(4) The registrant's other certifying officer and I are responsible for
establishing and maintaining internal disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we
have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries is made known to us by others within those
entities, particularly during the period in which this quarterly report
is being prepared;
b) evaluated the effectiveness of the registrant's internal disclosure
controls and procedures as of a date within 90 days prior to the filing
date of this quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of our internal disclosure controls and procedures based
on our evaluation as of the Evaluation Date;
(5) The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent function):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to
record, process, summarize and report financial data and have
identified for the registrant's auditors any material weakness in
internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
(6) The registrant's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weakness.
By: CM Plus Corporation,
General Partner
DATE: November 8, 2002 /S/ Patrick Kirse
---------------- ----------------------------
Patrick Kirse
Treasurer and Controller
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