-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PbhXIZx1fZbRmXM6qt9UUdreydlVu8FwsGoNI0IudVwaGsrbEhYBM8o78dg0e1aA XGUc1MIidCSn58rs/31EAQ== 0000350268-98-000013.txt : 19980803 0000350268-98-000013.hdr.sgml : 19980803 ACCESSION NUMBER: 0000350268-98-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980731 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: E&J PROPERTIES LTD CENTRAL INDEX KEY: 0000350268 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 942763152 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-09608 FILM NUMBER: 98675715 BUSINESS ADDRESS: STREET 1: 2710 GATEWAY OAKS DR STREET 2: STE 300 SOUTH CITY: SACRAMENTO STATE: CA ZIP: 95833 BUSINESS PHONE: 9169256620 MAIL ADDRESS: STREET 1: 59 WASHINGTON ST STREET 2: STE 142 CITY: SANTA CLARA STATE: CA ZIP: 95050 10-Q 1 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 June 30, 1998 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 June 30, 1998: 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 $3.00 is indicated. PART I - FINANCIAL INFORMATION E & J PROPERTIES, LTD. (A California Limited Partnership) Balance Sheets June 30, 1998 and December 31, 1997 (Unaudited) June 30, December 31, 1998 1997 Assets Cash and cash equivalents $1,521,830 1,239,738 Elliott Ranch (held for sale) 3,095,287 3,092,928 Other assets 44,592 71,174 $4,661,709 4,403,840 Liabilities and Partners' Equity Liabilities: Accrued expenses and other liabilities $ 369,358 24,051 Partners' equity: Units of limited partnership issued, 3,523,680 4,222,996 4,309,461 Units of general partnership issued, 39,643 69,355 70,328 Total partners' equity 4,292,351 4,379,789 $4,661,709 4,403,840 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 June 30, Ended June 30, 1998 1997 1998 1997 Revenues: Interest and rental income $ 36,946 44,590 18,505 22,069 Expenses: Property taxes 17,183 16,514 8,402 8,257 General and administrative 107,201 103,469 46,681 43,012 124,384 119,983 55,083 51,269 Net earnings (loss) $ (87,438) (75,393) (36,578) (29,200) Net earnings (loss) per unit $ (0.02) (0.02) (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 June 30, 1998 1997 Cash flows from operating activities: Net earnings (loss) $ (87,438) (75,393) Decrease in other assets 26,582 39,854 Increase (decrease) in liabilities (1) 345,307 (8,995) Net cash flow from operating activities 284,451 (44,534) Cash expenditures for Elliott Ranch (2,359) (70,934) Net increase in cash and cash equivalents 282,092 (115,468) Beginning cash and cash equivalents 1,239,738 1,593,823 Ending cash and cash equivalents $1,521,830 1,478,355 (1) In 1998, includes deposits in the amount of $350,000 relating to the sale of the Elliott Ranch. 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 June 30, 1998 and the results of operations for the three and six months then ended, and cash flow for the six 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. In the first half of the year, the Partnership entered into two agreements to sell the remaining land of the Elliott Ranch for an aggregate price of $13,027,000. It is anticipated that escrows will close in the third quarter of 1998 if the sales are consummated. Operations for the six months ended June 30, 1998 compared to the six months ended June 30, 1998: Revenues were down 17% (from $44,590 to $36,590) primarily because the cash funds that generate interest income were down 10% (interest rates were slightly higher). Expenses were up 4% (from $119,983 to $124,385) primarily due to increased professional fees. Operations for the three months ended June 30, 1998 compared to the three months ended June 30, 1998: Revenues were down 19% (from $22,069 to $18,505) primarily because the cash funds that generate interest income were down 12% (interest rates were slightly higher). Expenses were up 7% (from $51,269 to $55,083) primarily due to increased professional fees. PART II - OTHER INFORMATION AND SIGNATURES Items 1 to 5 Nothing to report. Item 6 Three reports on Form 8-K were filed in the second quarter of 1998 regarding the potential sale of the remaining land of the Elliott Ranch. 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: July 27, 1998 /s/ Elaine McKeon Elaine McKeon, General Partner EX-27 2 ART. 5 FDS FOR 2ND QUARTER 10-Q
5 1 6-MOS DEC-31-1998 JUN-30-1998 1,521,830 0 0 0 0 0 0 0 4,661,709 0 0 0 0 0 4,292,351 4,661,709 0 36,946 0 0 24,385 0 0 (87,438) 0 (87,438) 0 0 0 (87,438) (0.02) (0.02)
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