0000787494-95-000002.txt : 19950815 0000787494-95-000002.hdr.sgml : 19950815 ACCESSION NUMBER: 0000787494-95-000002 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950814 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-16847 FILM NUMBER: 95562289 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/A 1 FORM 10-Q (AMENDED) 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, 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 __X__ No ____ 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 __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 March 31, 1995, Current Assets increased by $26,245 due to seasonal fluctuation in business which causes increases in cash and accounts receivable. Cash increased by $19,029 and account receivable increased by $4,869. Total Assets increased by $22,832. Current Liabilities increased $34,198 due to an increase in accounts payable caused by seasonal fluctuation. Material Changes in Results of Operations Hotel revenues for the three months were almost exactly the same as the previous year. Total Expenses decreased by $13,165 due to decreases in General and Administrative Expenses. Income from Operations increased by $13,962. Net Income was $4,190 compared with a loss of $8,617 for the same period of 1994. 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. August 14, 1995 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, 1995 AND DECEMBER 31, 1994
March 31, December 31, 1995 1994 ----------- ----------- ASSETS CURRENT ASSETS: Cash $ 62,069 $ 43,040 Accounts Receivable 34,427 29,564 Allowance for Doubtful Accounts (9,104) -- Accounts Receivable-Affiliates 19,582 5,479 Supplies 25,176 26,023 Prepaid Expenses 711 5,167 ----------- ----------- Total Current Assets 199,887 173,642 Land 475,000 475,000 Motels 1,933,229 1,933,229 Equipment & Furniture & Fixtures 404,064 404,064 ------------ ------------ 2,812,293 2,812,293 Accumulated Depreciation (795,916) (783,143) ----------- ----------- Net Property and Equipment 2,016,377 2,029,150 Investment In Land Held for Development 678,560 678,560 Capitalized Loan Cost, Net of Accumulated Amortization of $45,177 in 1995 and $41,646 in 1994 14,382 17,913 Other Assets 33,172 20,281 ------------ ------------ Total Other Assets 726,114 716,754 ----------- ----------- TOTAL ASSETS $2,942,378 $2,919,546 =========== =========== LIABILITIES: CURRENT LIABILITIES: Current Maturities: Coachman Incorporated $ 35,702 $ 35,702 Other 28,778 28,778 Accounts payable and Accrued Liabilities 89,481 55,283 ----------- ----------- Total Current Liabilities 153,961 119,763 Long-Term Debt Coachman Incorporated 428,030 436,658 Other 2,230,223 2,230,223 ---------- ---------- Total Liabilities 2,812,214 2,793,572 Partners' Capital 125,974 125,974 Year to Date Income/(Loss) 4,190 ----------- ----------- Total Partners' Capital 130,164 125,974 ----------- ----------- TOTAL LIABILITIES AND PARTNERS' CAPITAL $2,942,378 $2,919,546 =========== =========== COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994 THREE MONTHS ENDED March 31, March 31, 1995 1994 ----------- ----------- Revenues: Motel Revenues 241,992 241,195 Expenses: Motel Operating Expenses 98,635 95,544 Depreciation and Amortization 16,303 24,321 General and Administrative 58,371 66,609 ----------- ----------- 173,309 186,474 ----------- ----------- Income From Operations 68,683 54,721 ----------- ----------- Other Income (Expense): Interest income 2,725 311 Interest expense (67,218) (63,649) ----------- ----------- Total Other Income (Expense) (64,493) (63,338) ----------- ----------- Net Income (Loss) 4,190 (8,617) =========== =========== COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994 THREE MONTHS ENDED March 31, March 31, 1995 1994 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) 4,190 (22,957) Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 16,303 68,324 (Increase) Decrease in Accounts receivable-trade 4,241 (43,555) (Increase) Decrease in Accounts receivable-Affiliates (14,103) 0 (Increase) Decrease in Note receivable-Related party (2,657) 0 (Increase) Decrease in Supplies 827 0 (Increase) Decrease in Prepaids 4,456 0 Increase (Decrease) in Accounts payable and Accrued liabilities 34,198 62,624 Net change in Other Assets (12,890) 6,101 ---------- ----------- Net Cash Provided by (Used in) Operating Activities 34,585 70,537 ---------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures 0 17,252 ---------- ----------- Net Cash Provided by (Used in) Investing Activities 0 17,252 ---------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on note payable and long-term debt (15,556) (12,123) ---------- ----------- Net Cash Provided by (Used in) Financing Activities (15,556) (12,123) ---------- ----------- Net Increase (Decrease) in Cash 19,029 75,666 CASH, beginning of period 43,040 91,579 ---------- ----------- CASH, end of period 62,069 167,245 ========== =========== COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER' CAPITAL FOR THE THREE MONTHS ENDED MARCH 31, 1995 Balance - December 31, 1993 $171,119 Net Loss for 1994 (45,145) ------------- Balance - December 31, 1994 $125,974 Net Income for Three Months Ended March 31, 1995 4,190 ------------- Balance - March 31, 1995 $130,164 ============
EX-27 2
5 3-MOS DEC-31-1995 MAR-31-1995 62069 0 121035 9104 0 199887 2812293 795916 2942378 153961 0 0 0 0 0 2942378 0 244717 0 0 173309 0 67218 4190 0 4190 0 0 0 4190 0 0