10-Q/A

 







                        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, 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
June 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 $1.75 to $2.25 is indicated.







                      PART I - FINANCIAL INFORMATION



                        E & J PROPERTIES, LTD.

                            (A California Limited Partnership)
  
                                 Balance Sheets

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



                                        June 30, December 31,                  
                        
   1997             1996    

Assets

Cash and cash equivalents                                   $1,478,355      
1,593,823

Elliott Ranch - held for sale                                 2,957,135     
2,886,201

Other assets                                             33,980         73,834

                                             $4,469,470       4,553,858


Liabilities and Partners' Equity

Liabilities:

    Accrued expenses and other liabilities                       $     20,486  
 
      29,481


Partners' equity:

    Units of limited partnership
    issued, 3,523,680                                    4,377,887     
4,452,441

    Units of general partnership
    issued, 39,643                                            71,097        
71,936

        Total partners' equity                                     4,448,984   
  
4,524,377

                                             $4,469,470       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 June 30,            Ended June 30,   

                                  1997       1996              1997        
1996    

Revenues:
  Interest and rental income           $  44,590      52,290       22,069     
24,828


Expenses:
  Property taxes                           16,514      16,727        8,257     
  8,363  
  Depreciation                                      0        1,911             
 0           478
  General and administrative             103,469    100,792        43,012     
45,241
                               119,983    118,430        51,269      54,082

Net earnings (loss)                    $(75,393)   (67,140)       (29,200)  
(29,254)

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,      
                                        1997                1996  
Cash flows from operating activities:
  Net earnings (loss)                       $    (75,393)      (67,140)
  Depreciation                                              0          1,911
  Decrease in other assets                              39,854       25,171
  Increase (decrease) in liabilities                         ( 8,995)        
(16,039)

Net cash flow from operating activities                     (44,534)    
(56,097)

Cash expenditures for Elliott Ranch                         (70,934)   (132,119)

Net increase in cash and cash equivalents                 (115,468)    (188,216)

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

Ending cash and cash equivalents                 $1,478,355     1,771,562
 

                        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, 1997
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.  The Elliott
Ranch is currently being offered for sale with a listing price of $15,250,000. 
Two offers has been received to purchase which were rejected as they did not
include acceptable purchase terms in the opinion of the General Partner.

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

Revenues were down 20% (from $52,290 to $44,590) primarily because the cash
funds that generate interest income were down 16%.  Expenses were approximately
the same for each six-month period at $119,983 for 1997 and $119,430 for 1996.

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

Revenues were down 11% (from $24,828 to $22,069) primarily because the cash
funds that generate interest income were down 7%.  Expenses were down 5% (from
$54,082 to $51,369) primarily because of  lower legal expenses.


             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>           6-MOS
<FISCAL-YEAR-END>                           DEC-31-1997
<PERIOD-END>                                JUN-30-1997
<CASH>                                 1,478,355
<SECURITIES>                                     0
<RECEIVABLES>                               0
<ALLOWANCES>                                0
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<CURRENT-LIABILITIES>                            0
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<PREFERRED>                                      0
<OTHER-SE>                                  4,448,984
<TOTAL-LIABILITY-AND-EQUITY>                4,469,470
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<LOSS-PROVISION>                                 0
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<INCOME-CONTINUING>                             (75,393)
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