0000760612-95-000033.txt : 19950815 0000760612-95-000033.hdr.sgml : 19950815 ACCESSION NUMBER: 0000760612-95-000033 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: INDIAN RIVER CITRUS INVESTORS LTD PARTNERSHIP CENTRAL INDEX KEY: 0000760612 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE PRODUCTION - CROPS [0100] IRS NUMBER: 042859087 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14559 FILM NUMBER: 95563052 BUSINESS ADDRESS: STREET 1: ONE INTERNATIONAL PLACE STREET 2: C/O FIRST WINTHROP CORPORATION CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-330-8600 MAIL ADDRESS: STREET 1: C/O FIRST WINTHROP CORP STREET 2: ONE INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 10-Q 1 INDIAN RIVER CITRUS INVESTORS LTD PARTNERSHIP SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 1995 Commission File Number 2-95219 INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP (Exact name of registrant as specified in its charter) Massachusetts 04-2859087 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization One International Place, Boston, MA 02110 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (617) 330-8600 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 INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP STATEMENT OF OPERATIONS (UNAUDITED) (NOTE 1) PART I - FINANCIAL INFORMATION THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ---------------------- --------------- 1995 1994 1995 1994 ---------- -------- -------- ------ Fruit Sales $3,293,769 $2,995,201 $4,008,318 $3,852,835 Less - Harvesting expenses 812,702 774,080 1,038,772 910,484 ---------- ---------- ---------- ---------- Net Fruit Sales 2,481,067 2,221,121 2,969,546 2,942,351 Cost of Fruit Sales 1,370,655 1,323,830 1,769,115 1,566,556 ---------- ---------- ---------- ---------- Operating Margin 1,110,412 897,291 1,200,431 1,375,795 Other Revenues: Interest income 53,256 24,748 75,652 40,361 Other Expenses: Interest expense 651,821 572,058 1,296,478 1,137,829 Grove management fees 49,417 38,973 100,900 99,559 Partnership management fees 75,000 80,000 150,000 155,000 Real estate taxes 17,929 37,100 32,629 70,588 Amortization 11,416 11,416 22,832 22,832 Building depreciation 1,822 2,368 4,190 4,736 General Administrative 16,357 12,078 34,462 45,381 ---------- ---------- ---------- ---------- 823,762 753,993 1,641,491 1,535,925 ---------- ---------- ---------- ---------- Net Income/(Loss) $ 339,906 $ 168,046 $ (365,408) $ (119,769) ========== ========== ========== ========== Net Income/(Loss) allocated to General Partner $ 33,991 $ (16,805) $ (36,541) $ (11,977) ========== ========== ========== ========== Net Income/(Loss) allocated to Limited Partners $ 305,915 $ (151,241) $ (328,867) $ (107,792) ========== ========== ========== ========== Net Loss per Unit of Limited Partnership Interest $ 19.74 $ (9.76) $ (21.22) (6.95) ========== ========== ========== ==========
The accompanying notes are an integral part of these financial statements. INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP BALANCE SHEETS ASSETS (NOTE 1) June 30, December 31, 1995 1994 (Unaudited) (Audited) Current Assets: Cash and cash equivalents......................................... $ 3,852,892 $ 3,124,628 Accounts receivable............................................... - 99,102 Inventory......................................................... 1,133,733 1,769,116 Other assets...................................................... 38,120 48,757 ----------- ----------- $ 5,024,745 $ 5,041,603 Property, net......................................................... 18,739,278 19,064,407 Deferred financing costs............................................. 27,524 50,356 ----------- ----------- $23,791,547 $24,156,366 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current Liabilities: Notes payables ................................................... $21,616,860 $ - Accrued interest.................................................. 1,019,267 1,186,622 Other liabilities................................................. 292,150 124,206 ----------- ----------- 22,298,277 1,310,828 Long-term notes payable............................................... - 21,616,860 Partners' Capital: Limited Partners, $1,000 stated value per Unit; 15,500 Units authorized, issued and outstanding................................................ 1,927,548 2,256,415 General Partner................................................... (1,064,278) (1,027,737) ----------- ----------- $23,791,547 $24,156,366 =========== ===========
The accompanying notes are an integral part of these financial statements. INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP STATEMENTS OF CASH FLOWS (UNAUDITED) (NOTE 1) SIX MONTHS ENDED JUNE 30, ------------- 1995 1994 -------- ------ Cash Flows From Operating Activities: Cash received from customers...................................... $ 4,107,420 $ 3,855,752 Cash paid to suppliers............................................ (1,978,622) (2,116,948) Interest received................................................. 75,652 40,361 Interest paid..................................................... (1,463,833) (641,898) ----------- ----------- Net cash provided by operating activities......................... 740,617 1,137,267 ----------- ----------- Cash Flows From Investing Activities: Capital expenditures.............................................. (12,353) - ----------- -------- Net cash used in investing activities............................. (12,353) - ----------- -------- Net Increase (Decrease) in Cash and Cash Equivalents....................................................... 728,264 1,137,267 ----------- ----------- Cash and Cash Equivalents at Beginning of Period......................................................... 3,124,628 2,475,681 ----------- ----------- Cash and Cash Equivalents at End of Period............................ $ 3,852,892 $ 3,612,948 =========== ===========
The accompanying notes are an integral part of these financial statements. INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP STATEMENTS OF CASH FLOWS (CONTINUED) (UNAUDITED) (NOTE 1) Reconciliation of net loss to net cash provided by operating activities: SIX MONTHS ENDED JUNE 30, ------------- 1995 1994 -------- ------ Net (Loss) Income $ (365,408) $ (119,769) Adjustments to Reconcile Net Loss to Net Cash Provided (Used) By Operating Activities: Depreciation and amortization................................ 27,022 27,569 Decrease (Increase) in: Accounts Receivable..................................... 99,102 (67,959) Inventory............................................... 635,383 331,829 Prepaid Expense......................................... 10,637 2,917 Accrued Interest Receivable............................. - 444 Increase (Decrease) in: Accrued Interest........................................ (167,355) 495,931 Other Assets/Liabilities................................ 167,944 134,769 Depreciation capitalized to inventory........................ 333,292 331,536 ----------- ----------- Net Cash Provided by Operating Activities............................. $ 740,617 $ 1,137,267 =========== ===========
Disclosure of accounting policy: For purposes of the statement of cash flows, the company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. The accompanying notes are an integral part of these financial statements. INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP STATEMENT OF CHANGES IN PARTNERS' CAPITAL FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994 (UNAUDITED) (NOTE 1) Limited Partners General Units Capital Partner Total Balance, December 31, 1994 15,500 $2,256,415 $(1,027,737) $1,228,678 Net Loss (328,867) (36,541) (365,408) ---------- ---------- ----------- ---------- Balance, June 30, 1995 15,500 1,927,548 $(1,064,278) 863,270 ========== ========== =========== ========== Balance, December 31, 1993 15,500 $3,412,696 $ (899,261) $2,513,435 Net Loss (107,792) (11,977) (119,769) ---------- ---------- ----------- ---------- Balance, June 30, 1994 15,500 $3,304,904 $ (911,238) $2,393,666 ========== ========== =========== ==========
The accompanying notes are an integral part of these financial statements. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FINANCIAL CONDITION Cash and equivalents of approximately $3,852,890 at June 30, 1995 are sufficient to meet the Partnership's working capital and liquidity requirements. See below for discussion on the Mortgages Payable. RESULTS OF OPERATIONS/VARIATIONS IN INTERIM PERIODS The principal differences between the results of operations for the second quarter of 1995 and that of 1994 are as follows: 1) A significant increase in the portion of crop harvested during the quarter, coupled with a somewhat larger crop anticipated for the current year in comparison to the prior one were noted. In the second quarter of 1994, the Registrant harvested approximately 304,560 boxes (46% of the approximately 660,110 boxes harvested for the 1993-1994 crop year). In the second quarter of 1995, the Registrant harvested approximately 467,640 boxes (64% of the 733,000 boxes estimated for the 1994-1995 crop year). 2) A slight decrease in the pounds-solid per box and a slight increase in the price received per pound solid were noted. During 1994 approximately $540,000 was recognized under participation agreements with fruit processors with respect to the previous crop year. To date settlements for participation agreements have not been received for the 1993-1994 crop year. 3) Harvesting expenses were consistent at $1.94 per box in 1995 and 1994. 4) Cost of fruit sales per box (which consist primarily of inventoried horticultural costs) increased slightly from $3.34 in 1994 to $3.35 in 1995. 5) Interest expense for the six months ended June 30, 1995 increased as a result of the increase in the prime rate on the first mortgage. 6) Interest income increased due to the increase in cash and cash equivalents. 7) Mortgages payable are due January 31, 1996. Due to the continued weak per pound solid prices for oranges, the partnership believes that a sale or refinancing may not produce adequate proceeds to repay such debts. The Partnership has commenced discussions with the second mortgage lender regarding this issue, but no agreement has been reached to date. The accompanying notes are an integral part of these financial statements. PART II - OTHER INFORMATION All items are inapplicable. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP (Registrant) By: Winthrop Agricultural Management, II, Inc. General Partners By: /s/Philip J. Brannigan, Jr. Philip J. Brannigan, Jr. Chief Accounting Officer By: /s/Richard J. McCready Richard J. McCready Chief Operating Officer DATED: August 14, 1995 The accompanying notes are an integral part of these financial statements.
EX-27 2 ART.5 FDS ROR 2ND QTR 10-
5 This schedule contains summary financial information extracted from unaudited financial statements for the six month period ending June 30, 1995 and is qualified in its entirety by reference to such financial statements 0000760612 Indian River Citrus Inves 1 U.S. Dollars 6-MOS DEC-31-1995 JAN-01-1995 JUN-30-1995 1.00000 3,852,892 0 0 0 1,133,733 38,120 24,469,930 5,730,652 23,791,547 22,928,277 0 0 0 0 863,270 23,791,547 0 4,083,970 1,769,115 1,356,763 27,022 0 1,296,478 (365,408) 0 (365,408) 0 0 0 (365,408) (21.220) 0.000