0000787494-95-000003.txt : 19950815 0000787494-95-000003.hdr.sgml : 19950815 ACCESSION NUMBER: 0000787494-95-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950630 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 SEC ACT: 1934 Act SEC FILE NUMBER: 000-16847 FILM NUMBER: 95562962 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 June 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 June 30, 1995, Current Assets increased by $33,158 due to seasonal fluctuation in business which causes increases in cash and accounts receivable. Cash increased by $18,490 and account receivable increased by $7,831. Total Assets increased by $33,158. Current Liabilities increased $43,951 due to an increase in accounts payable caused by seasonal fluctuation. Material Changes in Results of Operations Hotel revenues for the three and six months decreased by $6,354 and $5,557 respectively compared to the same period of 1994. Total Expenses decreased by $15,226 and $28,398 for three and six months compared to 1994. Income from Operations increased by $8,872 and $22,834 for three and six months compared to 1994.. Net Income was $12,121 compared with a loss of $23,383 for six months ended June 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. 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 JUNE 30, 1995 AND DECEMBER 31, 1994
June 30, December 31, 1995 1994 ----------- ----------- ASSETS CURRENT ASSETS: Cash $ 61,530 $ 43,040 Accounts Receivable 37,395 29,564 Allowance for Doubtful Accounts (9,104) -- Accounts Receivable-Affiliates 25,206 5,479 Notes Receivable-Related Party 67,026 64,369 Supplies 24,747 26,023 Prepaid Expenses 0 5,167 --------- --------- Total Current Assets 206,800 173,642 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 (808,589) (783,143) --------- --------- Net Property and Equipment 2,003,704 2,029,150 Investment In Land Held for Development 678,560 678,560 Capitalized Loan Cost, Net of Accumulated Amortization of $48,747 in 1995 and $41,646 in 1994 10,812 17,913 Other Assets 44,260 20,281 --------- ---------- Total Other Assets 733,632 716,754 --------- ---------- TOTAL ASSETS $2,944,136 $2,919,546 =========== =========== LIABILITIES: CURRENT LIABILITIES: Current Maturities: Coachman Incorporated $ 35,702 $ 35,702 Other 28,778 28,778 Accounts payable and Accrued Liabilities 99,234 55,283 --------- --------- Total Current Liabilities 163,714 119,763 Long-Term Debt Coachman Incorporated 419,207 436,658 Other 2,223,120 2,237,151 --------- --------- Total Liabilities 2,806,041 2,793,572 Partners' Capital 125,974 125,974 Year to Date Income/(Loss) 12,121 --------- --------- Total Partners' Capital 138,095 125,974 --------- --------- TOTAL LIABILITIES AND PARTNERS' CAPITAL $2,944,136 $2,919,546 ========== ==========
COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994 AND THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
THREE MONTHS ENDED SIX MONTHS ENDED June 30, June 30, June 30, June 30, 1995 1994 1995 1994 -------- -------- -------- -------- Revenues: Motel Revenues $273,865 $280,219 $515,857 $521,414 Expenses: Motel Operating Expenses 109,370 117,106 208,005 212,650 Depreciation & Amortization 16,243 21,941 32,546 46,262 General and Administrative 73,537 75,329 131,908 141,938 -------- -------- -------- -------- 199,150 214,376 372,459 400,850 -------- -------- -------- -------- Income From Operations 74,715 65,843 143,398 120,564 -------- -------- -------- -------- Other Income (Expense): Interest income 0 72 2,725 383 Interest expense (66,784) (80,681) (134,002) (144,330) --------- --------- --------- --------- Total Other Income (Expense) (66,784) (80,681) (131,277) (143,947) --------- --------- --------- --------- Net Income (Loss) $ 7,931 $(14,766) $ 12,121 $(23,383) ========= ========= ========= =========
COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
SIX MONTHS ENDED June 30, June 30, 1995 1994 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 12,121 $ (23,383) Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 32,546 46,262 (Increase) Decrease in Accounts receivable-trade 1,273 (32,065) (Increase) Decrease in Accounts receivable-Affiliates (19,727) 0 (Increase) Decrease in Note receivable-Related party (2,657) 0 (Increase) Decrease in Supplies 1,276 (1,115) (Increase) Decrease in Prepaids 5,167 0 Increase (Decrease) in Accounts payable & Accrued liabilities 43,951 20,410 Net change in Other Assets (23,978) 0 --------- --------- Net Cash Provided by (Used in) Operating Activities 49,972 10,109 --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures 0 (26,871) --------- --------- Net Cash Provided by (Used in) Investing Activities 0 (26,871) --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on note payable and long-term debt (31,482) (28,690) --------- --------- Net Cash Provided by (Used in) Financing Activities (31,482) (28,690) --------- --------- Net Increase (Decrease) in Cash 18,490 45,452 CASH, beginning of period 43,040 102,692 --------- --------- CASH, end of period $ 61,530 $ 57,240 ========= =========
COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER' CAPITAL FOR THE SIX MONTHS ENDED JUNE 30, 1995 Balance - December 31, 1993 $171,119 Net Loss for 1994 (45,145) --------- Balance - December 31, 1994 $125,974 Net Income for Six Months Ended June 30, 1995 12,121 --------- Balance - June 30, 1995 $138,095 =========
EX-27 2
5 6-MOS DEC-31-1995 JUN-30-1995 61530 0 129627 9104 0 206800 2812293 808589 2944136 163714 0 0 0 0 0 2944136 0 518582 0 0 372459 0 134002 12121 0 12121 0 0 0 12121 0 0