-----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, OGR9IWWfT0orx4L1Yyd7eHpE0Ideqmso5/13PDVazbYHU2u3aZtDwVd8aVM5t4tx q0VrvMLz0egHOolnY+ZNIA== 0000787494-96-000004.txt : 19960814 0000787494-96-000004.hdr.sgml : 19960814 ACCESSION NUMBER: 0000787494-96-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960813 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: 96610218 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, 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 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 June 30, 1996, Current Assets increased by $101,724 due to seasonal fluctuation in business which causes increases in cash and accounts receivable. Cash increased by $32,988 and account receivable increased by $101,724. Total Assets increased by $45,490. Current Liabilities increased $31,966 due to an increase in accounts payable caused by seasonal fluctuation and increased long term use of the property. Partner's equity increased by $54,527. Material Changes in Results of Operations Hotel revenues for the three and six months increased by $43,841 and $100,998 respectively compared to the same period of 1995; this was caused by an increase in occupancy mainly due to increase use, of the property, by the U.S. Air Force. Total Expenses increased by $37,325 and $56,841 for three and six months compared to 1995 due to an increase in occupancy. Income from Operations increased by $6,489 and $44,157 for three and six months compared to 1995. Net Income increased by $6,247 and $42,406. During the first six months of 1996 the hotel has been updated with new carpet in halls and many rooms; paint in lobby, rooms and exterior and new bedspreads. We feel this will enhance the value of the property. 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. COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS JUNE 30, 1996 AND DECEMBER 31, 1995 June 30, December 31, 1996 1995 ----------- ----------- ASSETS CURRENT ASSETS: Cash $ 42,248 $ 9,260 Accounts Receivable 90,725 18,371 Allowance for Doubtful Accounts -- -- Accounts Receivable-Affiliates 26,166 26,166 Notes Receivable-Related Party 67,026 67,026 Supplies 27,516 27,281 Prepaid Expenses 0 3,853 --------- --------- Total Current Assets 253,681 151,957 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 (860,967) (834,870) --------- --------- Net Property and Equipment 1,968,560 1,992,826 Investment In Land Held for Development 678,560 678,560 Capitalized Loan Cost, Net of Accumulated Amortization of $59,537 in 1996 and $55,965 in 1995 22 3,594 Other Assets 49,272 77,668 --------- ---------- Total Other Assets 727,854 759,822 --------- ---------- TOTAL ASSETS $2,950,095 $2,904,605 ========== ========== LIABILITIES: CURRENT LIABILITIES: Current Maturities: Coachman Incorporated $ 39,051 $ 35,702 Other 31,791 28,778 Accounts payable and Accrued Liabilities 156,570 131,019 ---------- ---------- Total Current Liabilities 227,412 195,499 Long-Term Debt Coachman Incorporated 378,519 400,956 Other 2,189,860 2,208,373 ---------- ---------- Total Liabilities 2,795,791 2,804,828 Partners' Capital 99,777 99,777 Year to Date Income/(Loss) 54,527 ---------- ---------- Total Partners' Capital 154,304 99,777 ---------- ---------- TOTAL LIABILITIES AND PARTNERS' CAPITAL $2,950,095 $2,904,605 ========== ========== COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995 AND THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995 THREE MONTHS ENDED SIX MONTHS ENDED June 30, June 30, June 30, June 30 1996 1995 1996 1995 ---------- ---------- ---------- ---------- Revenues: Motel Revenues $ 317,679 $ 273,865 $ 616,855 $ 515,857 Expenses: Motel Operating Expenses 129,983 109,370 242,938 208,005 Depreciation & Amortization 13,032 16,243 29,574 32,546 General and Administrative 93,460 73,537 156,788 131,908 ---------- ---------- ---------- ---------- 236,475 199,150 429,300 372,459 ---------- ---------- ---------- ---------- Income From Operation 81,204 74,715 187,555 143,398 ---------- ---------- ---------- ---------- Other Income (Expense): Interest income 0 0 0 2,725 Interest expense (67,026) (66,784) (133,028) (134,002) ---------- ---------- ---------- ---------- Total Other Income (Expense) (67,026) (66,784) (133,028) (131,277) ---------- ---------- ---------- ---------- Net Income (Loss) 14,178 7,931 54,527 12,121 ========== ========== ========== ========== COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995 SIX MONTHS ENDED June 30, June 30, 1996 1995 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 54,527 $12,121 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 29,574 32,546 (Increase) Decrease in Accounts receivable-trade (72,354) 1,273 (Increase) Decrease in Accounts receivable-Affiliates 0 (19,727) (Increase) Decrease in Note receivable-Related party 0 (2,657) (Increase) Decrease in Supplies (235) 1,276 (Increase) Decrease in Prepaids 3,853 5,167 Increase (Decrease) in Accounts payable & Accrued liabilities 25,551 43,951 Net change in Other Assets 28,397 (23,978) ----------- ----------- Net Cash Provided by (Used in) Operating Activities 69,313 49,972 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of Prop & Equip (1,737) 0 ----------- ----------- Net Cash Provided by (Used in) Investing Activities (1,737) 0 ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on note payable and long-term debt (34,588) (31,482) ----------- ----------- Net Cash Provided by (Used in) Financing Activities (34,588) (31,482) ----------- ----------- Net Increase (Decrease) in Cash 32,988 18,490 CASH, beginning of period 9,260 43,040 ----------- ----------- CASH, end of period $42,248 $61,530 =========== =========== COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER' CAPITAL FOR THE SIX MONTHS ENDED JUNE 30, 1996 Balance - December 31, 1994 $125,974 Net Loss for 1995 (26,197) ------------ Balance - December 31, 1995 $ 99,777 Net Income for Six Months Ended June 30, 1996 54,527 ------------ Balance - June 30, 1996 $154,304 ============ 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 13, 1996 By:/s/Dennis D. Bradford Dennis D. Bradford, Chief Executive Officer and Chief Financial Officer EX-27 2
5 6-MOS DEC-31-1996 JUN-30-1996 42,248 0 183,917 0 0 253,681 2,829,527 (860,967) 2,950,095 227,412 0 0 0 0 154,304 2,950,095 0 616,855 0 429,300 0 0 133,028 54,527 0 54,527 0 0 0 54,527 0 0
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