-----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, PiVr/TN7cMVJAZl+E4WLWI2RDeAx9T7qEXsTuPsEPDr+TxN300dvTC6cVITJEkG0 4vwg2c2vFhsx/oeaEJomvA== 0000787494-96-000003.txt : 19960517 0000787494-96-000003.hdr.sgml : 19960517 ACCESSION NUMBER: 0000787494-96-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 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: 96567718 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 March 31, 1996 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 ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes _____ No _____ 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, 1995 to March 31, 1996, Current Assets increased by $54,169 due to seasonal fluctuation in business which causes increases in cash and accounts receivable. Cash increased by $50,681 and accounts receivable increased by $7,143. Total Assets increased by only $391 due to a decrease in other assets of $40,215 caused by the real estate escrow account paying 1995 real estate taxes. Current Liabilities decreased by $17,288 caused by seasonal fluctuation. Material Changes in Results of Operations Hotel revenues for the three months increased by $57,184 over the same period of 1995. Total Expenses increased by $19,516 due to additional operating expenses caused by increased occupancies. Income from Operations increased by $37,668. Net Income was $40,349 compared with $4,190 for the same period of 1995. PART II - OTHER INFORMATION Item 1. Legal Proceedings The Partnership is not a party to any current or pending material legal proceeding. 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. May 15, 1996 By:/s/Dennis D. Bradford Dennis D. Bradford, Chief Executive Officer and Chief Financial Officer COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS March 31, 1996 AND DECEMBER 31, 1995 March 31, December 31, 1996 1995 ---------- ----------- ASSETS CURRENT ASSETS: Cash $ 59,941 $ 9,260 Accounts Receivable 25,514 18,371 Allowance for Doubtful Accounts -- -- Accounts Receivable-Affiliates 26,166 26,166 Notes Receivable-Related Party 67,026 67,026 Supplies 27,479 27,281 Prepaid Expenses 0 3,853 ---------- ---------- Total Current Assets 206,126 151,957 Land 475,000 475,000 Motels 1,942,298 1,941,854 Equipment & Furniture & Fixtures 412,229 410,842 ---------- ---------- 2,829,527 2,827,696 Accumulated Depreciation (847,898) (834,870) ---------- ---------- Net Property and Equipment 1,981,629 1,992,826 Investment In Land Held for Development 678,560 678,560 Capitalized Loan Cost, Net of Accumulated Amortization of $59,504 in 1996 and $55,965 in 1995 55 3,594 Other Assets 37,844 77,668 ---------- ---------- Total Other Assets 716,459 759,822 ---------- ---------- TOTAL ASSETS $2,904,214 $2,904,605 ========== =========== LIABILITIES: CURRENT LIABILITIES: Current Maturities: Coachman Incorporated $ 39,051 $ 35,702 Other 31,791 28,778 Accounts payable and Accrued Liabilities 107,369 131,019 ---------- ---------- Total Current Liabilities 178,211 195,499 Long-Term Debt Coachman Incorporated 388,170 400,956 Other 2,197,707 2,208,373 ---------- ---------- Total Liabilities 2,764,088 2,804,828 Partners' Capital 99,777 99,777 Year to Date Income/(Loss) 40,349 ---------- ---------- Total Partners' Capital 140,126 99,777 ---------- ---------- TOTAL LIABILITIES AND PARTNERS' CAPITAL $2,904,214 $2,904,605 ========== ========== COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED March 31, 1996 AND 1995 THREE MONTHS ENDED March 31, March 31, 1996 1995 ----------- ----------- Revenues: Motel Revenues $ 299,176 $ 241,992 Expenses: Motel Operating Expenses 112,955 98,635 Depreciation & Amortization 16,542 16,303 General and Administrative 63,328 58,371 ---------- ---------- Total Expenses 192,825 173,309 ---------- ---------- Income From Operations 106,351 68,683 ---------- ---------- Other Income (Expense): Interest income 0 2,725 Interest expense (66,002) (67,218) ---------- ---------- Total Other Income (Expense) (66,002) (64,493) ---------- ----------- Net Income (Loss) 40,349 4,190 ========== =========== COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED March 31, 1996 AND 1995 THREE MONTHS ENDED March 31, March 31, 1996 1995 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 40,349 $ 4,190 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 16,542 16,303 (Increase) Decrease in Accounts receivable-trade (7,143) 4,241 (Increase) Decrease in Accounts receivable-Affiliates 0 (14,103) (Increase) Decrease in Note receivable-Related party 0 (2,657) (Increase) Decrease in Supplies (198) 847 (Increase) Decrease in Prepaids 3,853 4,456 Increase (Decrease) in Accounts payable & Accrued liabilities (23,650) 34,198 Net change in Other Assets 39,825 (12,890) ----------- ----------- Net Cash Provided by (Used in) Operating Activities 69,578 34,585 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (1,807) 0 ----------- ----------- Net Cash Provided by (Used in) Investing Activities (1,807) 0 ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on note payable and long-term debt (17,090) (15,556) ----------- ----------- Net Cash Provided by (Used in) Financing Activities (17,090) (15,556) ----------- ----------- Net Increase (Decrease) in Cash 50,681 19,029 CASH, beginning of period 9,260 43,040 ----------- ----------- CASH, end of period $ 59,941 $ 62,069 =========== =========== COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER' CAPITAL FOR THE THREE MONTHS ENDED MARCH 31, 1996 Balance - December 31, 1994 $125,974 Net Loss for 1995 (26,197) --------- Balance - December 31, 1995 $ 99,777 Net Income for Three Months Ended March 31, 1996 40,349 --------- Balance - March 31, 1996 $140,126 ========= EX-27 2
5 3-MOS DEC-31-1996 MAR-31-1996 59941 0 118706 0 0 27479 2829527 847898 2904214 178211 0 0 0 0 140126 2904214 0 299176 0 0 192825 0 66002 40349 0 40349 0 0 0 40349 0 0
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