-----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, RC5kUXvuYgUV+TY+DDXjIlcUWAy/aUu/Lgaqt3NkwWhzlt7ibS2T8Td1ArYPp9p0 PlDOgqlcFPB/tBkkodpuyw== 0000760612-95-000055.txt : 19951119 0000760612-95-000055.hdr.sgml : 19951119 ACCESSION NUMBER: 0000760612-95-000055 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 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: 95591357 BUSINESS ADDRESS: STREET 1: ONE INTERNATIONAL PLACE STREET 2: C/O FIRST WINTHROP CORPORATION CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6173308600 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 September 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 NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ----------------------- --------------- 1995 1994 1995 1994 ---------- -------- -------- ------ Fruit Sales $ - $ - $4,008,318 $3,852,835 Less - Harvesting expenses - - 1,038,772 910,484 ---------- ---------- ---------- ---------- Net Fruit Sales - - 2,969,546 2,942,351 Cost of Fruit Sales - - 1,769,115 1,566,556 ---------- ---------- ---------- ---------- Operating Margin - - 1,200,431 1,375,795 Other Revenues: Interest income 50,609 35,864 126,261 76,225 Other Expenses: Interest expense 1,018,984 613,632 2,315,461 1,751,461 Grove management fees 49,416 45,027 150,316 144,585 Partnership management fees 102,105 80,000 252,105 235,000 Real estate taxes 16,314 44,248 48,943 114,836 Amortization 11,416 11,416 34,248 34,248 Building depreciation 2,095 2,368 6,285 7,105 General Administrative 5,367 (18,503) 39,829 26,878 ---------- ---------- ---------- ---------- 1,205,697 778,187 2,847,187 2,314,113 ---------- ---------- ---------- ---------- Net Income/(Loss) (1,155,088) $ (742,324) $ (1,520,495) $ (862,093) ========== ========== ============ ========== Net Income/(Loss) allocated to General Partner $ (115,509) $ (74,232) $ (152,050) $ (86,209) ========== ========== =========== ========== Net Income/(Loss) allocated to Limited Partners (1,039,579) $ (668,092) $ (1,368,445) $ (775,884) ========== ========== ============ ========== Net Loss per Unit of Limited Partnership Interest $ (67.07) $ (43.10) $ (88.29) (50.06) ========== =========== ========== ===========
The accompanying notes are an integral part of these financial statements. INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP BALANCE SHEETS ASSETS (NOTE 1) September 30, December 31, 1995 1994 (Unaudited) (Audited) Current Assets: Cash and cash equivalents......................................... $ 3,336,847 $ 3,124,628 Accounts receivable............................................... - 99,102 Inventory......................................................... 1,786,225 1,769,116 Other assets...................................................... 32,080 48,757 ----------- ----------- $ 5,155,152 $ 5,041,603 Property, net......................................................... 18,570,537 19,064,407 Deferred financing costs............................................. 16,108 50,356 ----------- ----------- $23,741,797 $24,156,366 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Current Liabilities: Notes payables ................................................... $21,976,860 $ - Accrued interest.................................................. 1,518,584 1,186,622 Other liabilities................................................. 538,170 124,206 ----------- ----------- 24,033,614 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................................................ 887,970 2,256,415 General Partner................................................... (1,179,787) (1,027,737) ----------- ----------- (291,817) 1,228,678 $23,741,797 0 $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) NINE MONTHS ENDED SEPTEMBER 30 -------------- 1995 1994 -------- ------ Cash Flows From Operating Activities: Cash received from customers...................................... $ 4,107,420 $ 3,855,752 Cash paid to suppliers............................................ (2,385,609) (2,329,736) Interest received................................................. 126,261 77,228 Interest paid..................................................... (1,623,500) (773,010) ----------- ----------- Net cash provided by operating activities......................... 224,572 830,234 ----------- ----------- Cash Flows From Investing Activities: Capital expenditures.............................................. (12,353) - ----------- -------- Net cash used in investing activities............................. (12,353) - ----------- -------- Net Increase in Cash and Cash Equivalents....................................................... 212,219 830,234 ----------- ----------- Cash and Cash Equivalents at Beginning of Period......................................................... 3,124,628 2,475,681 ----------- ----------- Cash and Cash Equivalents at End of Period............................ $ 3,336,847 $ 3,305,915 =========== ===========
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: NINE MONTHS ENDED SEPTEMBER 30, 1995 1994 Net Loss $ (1,520,495) $ (862,093) Adjustments to Reconcile Net Loss to Net Cash Provided By Operating Activities: Depreciation and amortization................................ 40,533 41,353 Decrease (Increase) in: Accounts Receivable..................................... 99,102 277,896 Inventory............................................... (17,109) (347,365) Other Assets............................................ 16,677 (18,290) Increase in: Accrued Interest........................................ 331,962 605,712 Other Liabilities....................................... 413,964 262,976 Depreciation capitalized to inventory........................ 499,938 497,305 Accrued interest on refinanced long-term debt.......................................... 360,000 - ----------- ----------- Net Cash Provided by Operating Activities............................. $ 224,572 $ 830,234 =========== ===========
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 NINE MONTHS ENDED SEPTEMBER 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 (1,368,445) (152,050) (1,520,495) ---------- ---------- ----------- ---------- Balance, September 30, 1995 15,500 887,970 $(1,179,787) (291,817) ========== ========== =========== ========== Balance, December 31, 1993 15,500 $3,412,696 $ (899,261) $2,513,435 Net Loss (775,884) (86,209) (862,093) ---------- ---------- ----------- ---------- Balance, September 30, 1994 15,500 $2,636,812 $ (985,470) $1,651,342 ========== ========== =========== ==========
The accompanying notes are an integral part of these financial statements. INDIAN RIVER CITRUS INVESTORS LIMITED PARTNERSHIP NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1995 (UNAUDITED) 1. ACCOUNTING AND FINANCIAL REPORTING POLICIES The condensed financial statements included herein have been prepared by the Registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Registrant's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Registrant's latest annual report on form 10-K. The accompanying financial statements reflect the Partnership's results of operations for an interim period and are not necessarily indicative of the results of operations for the year ending December 31, 1994. 2. TAXABLE LOSS The Partnership's results of operations on a tax basis are expected to differ from net loss for financial reporting purposes primarily due to the accounting differences generated by using accelerated depreciation methods and uniform Capitalization Rules under I.R.C. Section 263A used for tax purposes. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FINANCIAL CONDITION Cash and equivalents of approximately $3,336,847 at September 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 third quarter of 1995 and that of 1994 are as follows: 1) 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. During 1995, a final settlement of $62,400 has been recognized under participation agreements for the 1993-1994 crop year. 2) Harvesting expenses were consistent at $1.94 per box in 1995 and 1994. 3) 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. 4) Interest expense for the nine months ended September 30, 1995 increased as a result of the increase in the prime rate on the first mortgage. 5) Interest income increased due to the increase in cash and cash equivalents. 6) 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. PART II - OTHER INFORMATION Items 1, 2, 3 and 4 are inapplicable. Item 5. 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/ Anthony R. Page Anthony R. Page Chief Financial Officer By: /s/ Richard J. McCready Richard J. McCready Chief Operating Officer DATED: November 14, 1995 EX-27 2 ART.5 FDS ROR 3RD QTR 10-Q
5 This schedule contains summary financial information extracted from unaudited financial statements for the nine month period ending September 30, 1995 and is qualified in its entirety by reference to such financial statements 0000760612 Indian River Citrus Investors Ltd Partnership 1 U.S. Dollars 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 1.00000 3336847 0 0 0 1786225 32080 24469930 5899393 23741797 2056754 21976860 0 0 0 (291817) 23741797 0 4134579 1769115 1529965 40533 0 2315461 (1520495) 0 (1520495) 0 0 0 (1520495) (88.29) 0.000
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