-----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, T/BRsl5mZ4UshSik6sH/3Q5Fz4CwCzHn/yJCaYluh217wiMWY8Koyzi7J/HTa5ox 3Zy1YvrjZ/n7QqbnuwQR1g== 0000787494-95-000004.txt : 19951119 0000787494-95-000004.hdr.sgml : 19951119 ACCESSION NUMBER: 0000787494-95-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COACHMAN INNS INCOME LTD PARTNERSHIP CENTRAL INDEX KEY: 0000787494 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 731289509 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16847 FILM NUMBER: 95589790 BUSINESS ADDRESS: STREET 1: 301 NW 63RD ST STE 500 CITY: OKLAHOMA CITY STATE: OK ZIP: 73116 BUSINESS PHONE: 4058404667 MAIL ADDRESS: STREET 1: 301 NW 63RD STREET STREET 2: SUITE 500 CITY: OKLAHOMA CITY STATE: OK ZIP: 73116 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1995 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 number 0-16847 COACHMAN INNS INCOME LIMITED PARTNERSHIP (Exact name of registrant as specified in its charter) Oklahoma 73-1289509 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 301 N.W. 63rd, Suite 500, Oklahoma City, OK 73116 (Address of principal executive offices) (Zip Code) (405)-840-4667 Registrant's telephone number, including area code Not applicable (Former name, former address and former fiscal year, changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) for 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 ____ No __X__ APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. PART I - FINANCIAL INFORMATION Item 1. Financial Statements The following financial statements, in the opinion of Management, reflect all adjustments (none of which was other than a normal recurring adjustment) necessary for a fair presentation of results of operations for such periods. Results for interim periods should not be considered indicative of results for a full year. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Material Changes in Financial Position From December 31, 1994 to September 30, 1995, Current Assets increased by $54,103 due to seasonal fluctuation in business which causes increases in cash and accounts receivable. Cash increased by $44,529 and account receivable increased by $12,726. Total Assets increased by $54,618. Current Liabilities increased $62,073 due to an increase in accounts payable caused by seasonal fluctuation. The Partnership is a partner of GEM Partnership which owns the Anaheim, California property. The Partnership also holds notes from the General Partner of that partnership totalling $250,000. The Partnership has been notified that the General Partner of the GEM Partnership is in default on several mortgages, including those on the Anaheim property. He is known to be contemplating bankruptcy. How this will effect the Partnership is unknown at this time. The real estate note and mortgage on the San Antonio, Texas property matures on April 4, 1996. The Partnership is seeking to refinance the property. Material Changes in Results of Operations Hotel revenues for the three and nine months decreased by $4,444 and $10,001 respectively compared to the same period of 1994. Total Expenses decreased by $7,245 and $35,636 for three and nine months compared to 1994. Income from Operations increased by $2,801 and $25,635 for three and nine months compared to 1994. Net Income was $40,311 compared with a loss of $3,219 for nine months ended September 30, 1995 and 1994. PART II - OTHER INFORMATION Item 1. Legal Proceedings The Partnership is not a party to any current or pending material legal proceeding. However, the Partnership has been notified that the General Partner of GEM Partnership owner of the Anaheim property is in default on several mortgages including those on the property. How this will effect the Partnership is unknown at this time. Item 6. Exhibits and Reports on Form 8-K No report on Form 8-K has been filed during the quarter for which this report is filed. SIGNATURES FORM 10-Q 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. COACHMAN INNS INCOME LIMITED PARTNERSHIP (Registrant) By its General Partner, COACHMAN INNS OF AMERICA, INC. November 10, 1995 By:/s/Dennis D. Bradford Dennis D. Bradford, Chief Executive Officer and Chief Financial Officer COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS September 30, 1995 AND DECEMBER 31, 1994 Sept 30, Dec 31, 1995 1994 ----------- ----------- ASSETS CURRENT ASSETS: Cash $ 87,569 $ 43,040 Accounts Receivable 29,010 29,564 Allowance for Doubtful Accounts (9,104) -- Accounts Receivable-Affiliates 25,206 5,479 Notes Receivable-Related Party 67,026 64,369 Supplies 28,038 26,023 Prepaid Expenses 0 5,167 --------- --------- Total Current Assets 227,745 173,642 Land 475,000 475,000 Motels 1,941,854 1,933,229 Equipment & Furniture & Fixtures 410,476 404,064 --------- --------- 2,827,330 2,812,293 Accumulated Depreciation (821,310) (783,143) --------- --------- Net Property and Equipment 2,006,020 2,029,150 Investment In Land Held for Development 678,560 678,560 Capitalized Loan Cost, Net of Accumulated Amortization of $52,356 in 1995 and $41,646 in 1994 7,203 17,913 Other Assets 54,636 20,281 --------- ---------- Total Other Assets 740,399 716,754 --------- ---------- TOTAL ASSETS $2,974,164 $2,919,546 =========== =========== LIABILITIES: CURRENT LIABILITIES: Current Maturities: Coachman Incorporated $ 35,702 $ 35,702 Other 28,778 28,778 Accounts payable and Accrued Liabilities 117,356 55,283 --------- --------- Total Current Liabilities 181,836 119,763 Long-Term Debt Coachman Incorporated 410,184 436,658 Other 2,215,859 2,237,151 --------- --------- Total Liabilities 2,807,879 2,793,572 Partners' Capital 125,974 125,974 Year to Date Income/(Loss) 40,311 --------- --------- Total Partners' Capital 166,285 125,974 --------- --------- TOTAL LIABILITIES AND PARTNERS' CAPITAL $2,974,164 $2,919,546 ========== ========== COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 AND THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 THREE MONTHS ENDED NINE MONTHS ENDED Sept 30, Sept 30, Sept 30, Sept, 30 1995 1994 1995 1994 -------- -------- -------- --------- Revenues: Motel Revenues $311,444 $315,888 $827,301 $837,302 Expenses: Motel Operating Expenses 126,607 124,893 334,612 337,543 Depreciation & Amortization 16,332 21,295 48,878 67,557 General and Administrative 73,885 77,881 205,793 219,819 -------- -------- -------- -------- 216,824 224,069 589,283 624,919 -------- -------- -------- -------- Income From Operations 94,620 91,819 238,018 212,383 -------- -------- -------- -------- Other Income (Expense): Interest income 0 2,657 2,725 3,040 Interest expense (66,430) (67,874) (200,432) (212,204) --------- --------- --------- --------- Total Other Income (Expense) (66,430) (65,217) (197,707) (209,164) --------- --------- --------- --------- Net Income (Loss) 28,190 26,602 40,311 3,219 ========= ========= ========= ========= COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 NINE MONTHS ENDED Sept 30, Sept 30, 1995 1994 --------- --------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) 40,311 3,219 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 48,878 67,557 (Increase) Decrease in Accounts receivable-trade 9,658 (42,753) (Increase) Decrease in Accounts receivable-Affiliates (19,727) 0 (Increase) Decrease in Note receivable-Related party (2,657) 0 (Increase) Decrease in Supplies (2,015) (6,740) (Increase) Decrease in Prepaids 5,167 0 Increase (Decrease) in Accounts payable & Accrued liabilities 62,073 32,959 Net change in Other Assets (34,354) 0 ---------- ---------- Net Cash Provided by (Used in) Operating Activities 107,334 54,242 ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (15,039) (39,762) ---------- ---------- Net Cash Provided by (Used in) Investing Activities (15,039) (39,762) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on note payable and long-term debt (47,766) (43,532) ---------- ---------- Net Cash Provided by (Used in) Financing Activities (47,766) (43,532) ---------- ---------- Net Increase (Decrease) in Cash 44,529 (29,052) CASH, beginning of period 43,040 102,692 ---------- ---------- CASH, end of period 87,569 73,640 ========== ========== COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER' CAPITAL FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 Balance - December 31, 1993 $171,119 Net Loss for 1994 (45,145) --------- Balance - December 31, 1994 $125,974 Net Income for Nine Months Ended Sept. 30, 1995 40,311 --------- Balance - Sept. 30, 1995 $166,285 ========= EX-27 2
5 9-MOS DEC-31-1995 SEP-30-1995 87,569 0 121,242 (9,104) 28,038 227,745 2,827,330 (821,310) 2,974,164 181,836 0 0 0 0 166,285 2,974,164 0 951,268 0 0 589,283 0 200,432 40,311 0 40,311 0 0 0 40,311 0 0
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