10-Q

 







                        UNITED STATES
                 SECURITIES AND EXCHANGE COMMISSION

                         WASHINGTON, D.C. 20549

                             FORM 10-Q


(X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
    For the period ended September 30, 1997

                                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 No. O-9608


E & J PROPERTIES, LTD. (A California Limited Partnership)
 (Exact name of registrant as specified in its charter)

    California                                   94-2763152
     (State of Organization)                            (IRS Identification
Number)

2710 Gateway Oaks Dr, 300 South, Sacramento, CA                               
95833  
    (Address of principal executive office)                       (Zip Code)


REGISTRANT'S TELEPHONE NUMBER,
INCLUDING AREA CODE:              (916) 925-6620



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    



Number of units outstanding of issuer's limited partnership interests as of
September 30, 1997:

                   3,523,680 Units


There was very little trading activity for these units during the last three
months, however a price range of $2.25 to $3.25 is indicated.







                      PART I - FINANCIAL INFORMATION



                        E & J PROPERTIES, LTD.

                            (A California Limited Partnership)
  
                                 Balance Sheets

                                    September 30, 1997 and December 31, 1996
                                  (Unaudited)



                                       September 30,  December 31,             
                        
           1997          1996    

Assets

Cash and cash equivalents                                      $ 1,465,370     
  
1,593,823

Elliott Ranch - held for sale                                     2,954,800    
  
2,886,201

Other assets                                                 15,410        
73,834

                                                $ 4,435,580       4,553,858


Liabilities and Partners' Equity

Liabilities:

    Accrued expenses and other liabilities                          $    
16,157         29,481


Partners' equity:

    Units of limited partnership
    issued, 3,523,680                                       4,348,655     
4,452,441

    Units of general partnership
    issued, 39,643                                               70,768        
71,936

        Total partners' equity                                        4,419,423 
 4,524,377

                                               $ 4,435,423  4,553,858

See accompanying note to financial statements.




                        E & J PROPERTIES, LTD.
                           (A California Limited Partnership)
                                  (Unaudited)


Statements of Earnings

                             For the Six Months  For the Three Months
                             Ended September 30, Ended September 30,   

                                    1997         1996      1997         1996    

Revenues:
  Interest and rental income           $    66,086      77,391     21,496     
25,101

Expenses:
  Property taxes                             24,935      25,227      8,422     
  8,500  
  Depreciation                                        0        1,911           
 0               0
  General and administrative               146,105    100,792      42,635     
39,401
                                 171,040    167,331      50,057      47,901

Net earnings (loss)                    $(104,954)   (89,940)      (29,561)  
(22,800)

Net earnings (loss) per unit           $    (0.03)       (0.03)     (0.01)     
 (0.01)

Units outstanding                      3,563,323   3,563,323      3,563,323 
3,563,323
 


  Statements of Cash Flow
                                                                      For the
Six Months
                                          Ended September 30,      
                                         1997          1996  
Cash flows from operating activities:
  Net earnings (loss)                       $ (104,954)        (89,940)
  Depreciation                                              0          1,911
  Decrease in other assets                              58,424       47,523
  Decrease in liabilities                             (13,324)      (10,690)

Net cash flow from operating activities                    (59,854)     
(51,196)

Cash expenditures for Elliott Ranch                        (68,599)    (152,413)

Net increase in cash and cash equivalents                (128,453)     (203,609)

Beginning cash and cash equivalents                1,593,823    1,959,778

Ending cash and cash equivalents                 $1,465,370     1,756,169
 




                        E & J PROPERTIES, LTD.
                            (A California Limited Partnership)

                               Note to Financial Statements
                                  (Unaudited)

In the opinion of the partnership, the accompanying unaudited financial
statements contain all adjustments (consisting only of normal recurring
accruals) necessary to present fairly financial position as of September 30,
1997 and the results of operations for the three and nine months then ended,
and cash flow for the nine months then ended.

                             Management's Discussion and Analysis of
                          Financial Condition and Results of Operations

The cash currently held by the Limited Partnership is considered sufficient to
meet future liquidity and capital needs.  Operations consist of interest and
rental income and rental, and general and administrative expenses.  The Limited
Partnership has recently signed a non-binding letter of intent to sell the
Elliott Ranch for $13,324,500. The parties are currently negotiating the terms
and conditions of  a Purchase and Sale Agreement.

Operations for  the nine months ended September 30, 1997 compared to the nine
months ended June 30, 1996:

Revenues were down 15% (from $77,391 to $66,086) primarily because the cash
funds that generate interest income were down 16%.  Expenses were up 2% (from
$167,331 to $171,040) primarily due to an increase in  insurance expense.

Operations for the three months ended September 30, 1997 compared to the three
months ended September 30, 1997:

Revenues were down 14% (from $25,101 to $21,496) primarily because the cash
funds that generate interest income were down 16%.  Expenses were up 5% (from
$47,901 to $51,057) primarily due to increases in insurance expense and
professional fees.


             PART II - OTHER INFORMATION AND SIGNATURES

Items 1 to 6                                                                   
 Nothing to report.


                        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.


                                  E & J PROPERTIES, LTD.
                                           (Registrant)




Date:    August 11, 1997                                               /s/
Elaine McKeon                                                                  
                   
         Elaine McKeon, General Partner

EX-27

 

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<MULTIPLIER>       1
       
                     
<PERIOD-TYPE>           9-MOS
<FISCAL-YEAR-END>                           DEC-31-1997
<PERIOD-END>                                SEP-30-1997
<CASH>                                 1,465,370
<SECURITIES>                                     0
<RECEIVABLES>                               0
<ALLOWANCES>                                0
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<INCOME-TAX>                                0
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