-----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, Ch4DvKl2KsiIR02fd5/zsmHnGSuQb3V1bkYoQb/CEzyubeVDHPuPy/gpH4Bl3BgH /Og4jvfH6r13ELpDzLbeCg== 0000936392-95-000133.txt : 19951119 0000936392-95-000133.hdr.sgml : 19951119 ACCESSION NUMBER: 0000936392-95-000133 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SACRAMENTO HOTEL PARTNERS L P CENTRAL INDEX KEY: 0000702387 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 953592946 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-10468 FILM NUMBER: 95589169 BUSINESS ADDRESS: STREET 1: 8885 RIO SAN DIEGO DR STREET 2: STE 200 CITY: SAN DIEGO STATE: CA ZIP: 92108 BUSINESS PHONE: 6192974040 MAIL ADDRESS: STREET 1: 8885 RIO SAN DIEGO DR STREET 2: STE 200 CITY: SAN DIEGO STATE: CA ZIP: 92108 FORMER COMPANY: FORMER CONFORMED NAME: WESTERN HOST SACRAMENTO PARTNERS DATE OF NAME CHANGE: 19920703 10QSB 1 SACRAMENTO HOTEL PARTNERS, L.P. -- FORM 10-QSB 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB [X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 1995 [ ] Transition report under Section 13 or 15(d) of the Exchange Act Commission file number 0-10468 SACRAMENTO HOTEL PARTNERS, L.P. (Exact name of small business issuer as specified in its charter) California 95-3592946 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.)
5525 Oakdale Avenue, Suite 300, Woodland Hills, California 91364 (Address of principal executive offices) (818) 888-6500 (Issuer's telephone number, including Area Code) Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes x No ----- ----- Transitional Small Business Disclosure Format: Yes No x ----- ----- 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements The accompanying unaudited financial statements of Sacramento Hotel Partners, L.P. (formerly Western Host Sacramento Partners) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB. Accordingly, these statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the General Partners of the Registrant, all adjustments necessary for a fair presentation have been included. The financial statements presented herein have been prepared in accordance with the accounting policies described in the Registrant's Annual Report on Form 10-KSB for the year ended December 31, 1994 and should be read in connection therewith. 1 3 SACRAMENTO HOTEL PARTNERS, L.P. (A Limited Partnership) BALANCE SHEETS (Unaudited)
September 30, December 31, 1995 1994 ---------- ---------- ASSETS CASH $108,249 $82,030 INTEREST RECEIVABLE 47,060 20,667 NOTE RECEIVABLE - NET 1,957,172 1,891,691 ---------- ---------- TOTAL $2,112,481 $1,994,388 ========== ========== LIABILITIES AND PARTNERS' EQUITY LIABILITIES: Accounts payable and accrued liabilities $1,466 $2,614 Accounts payable - related parties 4,500 500 Debt 180,556 305,556 ---------- ---------- Total liabilities 186,522 308,670 ---------- ---------- PARTNERS' EQUITY: General Partners (40 units issued and outstanding) 19,328 16,917 Limited Partners (3,946 units issued and outstanding) 1,906,631 1,668,801 ---------- ---------- Total Partners' equity 1,925,959 1,685,718 ---------- ---------- TOTAL $2,112,481 $1,994,388 ========== ==========
2 4 SACRAMENTO HOTEL PARTNERS, L.P. (A Limited Partnership) STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 ------- ------- -------- -------- REVENUES: Interest (includes amortization of discount of note receivable of $15,586 and $27,032, and $65,481 and $81,123 for the three and nine months ended September 30, 1995 and 1994, respectively) $94,265 $90,211 $279,576 $268,011 ------- ------- -------- -------- EXPENSES: Interest 5,667 9,137 20,404 27,735 Partnership administration and professional fees 3,419 1,871 18,931 18,888 ------- ------- -------- -------- Total 9,086 11,008 39,335 46,623 ------- ------- -------- -------- NET INCOME $85,179 $79,203 $240,241 $221,388 ======= ======= ======== ======== ALLOCATION OF NET INCOME: General Partners $855 $795 $2,411 $2,222 Limited Partners (3,946 Limited Partnership units outstanding) 84,324 78,408 237,830 219,166 ------- ------- -------- -------- Total $85,179 $79,203 $240,241 $221,388 ======= ======= ======== ======== PER UNIT INFORMATION: (based upon 3,986 total Units outstanding): $21.37 $19.87 $60.27 $55.54 ======= ====== ======= ======
3 5 SACRAMENTO HOTEL PARTNERS, L.P. (A Limited Partnership) STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (Unaudited)
Nine Months Ended September 30, 1995 1994 -------- -------- OPERATING ACTIVITIES: Net income $240,241 $221,388 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of discount on note receivable (65,481) (81,123) Change in assets and liabilities: Interest receivable (26,393) Accounts payable and accrued liabilities 2,852 63 -------- -------- Net cash provided by operating activities 151,219 140,328 FINANCING ACTIVITIES: Repayment of debt (125,000) (111,111) --------- --------- NET INCREASE IN CASH 26,219 29,217 CASH AT BEGINNING OF PERIOD 82,030 44,658 CASH AT END OF PERIOD $108,249 $73,875 ======== =======
4 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. On April 20, 1990, the Partnership sold substantially all of its assets to Fred C. Sands. The sale price was approximately $3.6 million, consisting of approximately $500,000 in cash and a promissory note in the amount of $3.1 million (the "Sands Note"). The Sands Note is due and payable on April 1, 1997 and provides for payments of interest at the rate of 8% per year through April 1, 1995, and at the rate of 10% per year from April 1, 1995 until paid. However, pursuant to the Partnership's April 1995 Forbearance Agreement with Mr. Sands, Mr. Sands is continuing to pay the Partnership interest monthly at the rate of 8% per annum, subject to the conditions that no default occurred under the Sands Note and that additional interest on unpaid principal accruing monthly at the rate of 2% per annum be paid, together with interest on such deferred monthly amounts at the rate of 10% per annum, on April 1, 1997. As of July 14, 1995 the Partnership owed $222,000 to City National Bank, which obligation is evidenced by a promissory note dated September 7, 1993, as amended by the Loan Revision Agreement dated July 27, 1994 (the "CNB Note"). On July 14, 1995, the Partnership and City National Bank entered into a second Loan Revision Agreement extending the maturity date of this obligation from August 3, 1995 to October 3, 1996, and providing for payments of principal of $13,890 per month plus interest on unpaid principal, with interest continuing to accrue at the prime rate plus 2.5%. At September 30, 1995 the outstanding balance on the CNB Note was $180,556. The Partnership does not plan to conduct any activities during the next twelve months other than collecting interest under the Sands Note and paying amounts owed under the CNB Note. Interest income received from the note receivable is expected to be sufficient to pay the Partnership's ongoing expenses and to repay the Partnership's debt. 5 7 PART II - OTHER INFORMATION Item 5. Other Information None. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: 27 Financial Data Schedule (b) Reports on Form 8-K: None. 6 8 SIGNATURE 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. SACRAMENTO HOTEL PARTNERS, L.P. By /s/ John F. Rothman --------------------------- John F. Rothman General Partner Dated: November 13, 1995 7 9 EXHIBIT INDEX
SEQUENTIALLY EXHIBIT NUMBERED NUMBER Description PAGE - ------ ----------- ------------ 27 Financial Data Schedule
EX-27 2 FINANCIAL DATA SCHEDULE
5 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 108,249 0 2,004,232 0 0 2,112,481 0 0 2,112,481 5,966 180,556 0 0 0 1,925,959 2,112,481 0 279,576 0 0 18,931 0 20,404 240,241 0 240,241 0 0 0 240,241 60.27 0
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