-----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, U+29LVGstS0f/Wdj50pcOjdYTYywutgiCgWSmtr5xRd9uPK6p27cCSIS/MbsJSQL H3sXiK4uxDzyALdCyeLlSg== 0000787494-96-000005.txt : 19961115 0000787494-96-000005.hdr.sgml : 19961115 ACCESSION NUMBER: 0000787494-96-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 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: 96661441 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, 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 September 30, 1996, Current Assets increased by $74,051 due to seasonal fluctuation in business which causes increases in cash and accounts receivable. Cash increased by $82,306 and account receivable decreased by $4,904 Total Assets increased by $78,391. Current Liabilities increased $67,723 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 matured on April 4, 1996. The lender has agreed to extend the note for a period of three years ending in October, 1999. Material Changes in Results of Operations Hotel revenues for the three and nine months increased by $12,480 and $113,478 respectively compared to the same period of 1995. Total Expenses increased by $28,739 and $85,580 for three and nine months compared to 1995. Income from Operations decreased by $16,259 for three months and increased by $27,898 for nine months compared to 1995. Net Income was $69,532 compared with $40,311 for nine months ended September 30, 1996 and 1995. Increases in Revenues are due primarily to an increase in occupancy by increased utilization by Brooks Air Force Base. 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 13, 1996 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, 1996 AND DECEMBER 31, 1995 Sept. 30, Dec. 31, 1996 1995 ----------- ----------- ASSETS CURRENT ASSETS: Cash $ 91,566 $ 9,260 Accounts Receivable 13,467 18,371 Allowance for Doubtful Accounts -- -- Accounts Receivable-Affiliates 26,836 26,166 Notes Receivable-Related Party 67,026 67,026 Supplies 27,113 27,281 Prepaid Expenses 0 3,853 ----------- ----------- Total Current Assets 226,008 151,957 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 (865,417) (834,870) ----------- ----------- Net Property and Equipment 1,964,110 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 114,296 77,668 ----------- ----------- Total Other Assets 792,878 759,822 ----------- ----------- TOTAL ASSETS $ 2,982,996 $ 2,904,605 =========== =========== LIABILITIES: CURRENT LIABILITIES: Current Maturities: Coachman Incorporated $ 39,051 $ 35,702 Other 31,791 28,778 Accounts payable and Accrued Liabilities 192,380 131,019 ----------- ----------- Total Current Liabilities 263,222 195,499 Long-Term Debt Coachman Incorporated 368,649 400,956 Other 2,181,816 2,208,373 ----------- ----------- Total Liabilities 2,813,687 2,804,828 Partners' Capital 99,777 99,777 Year to Date Income/(Loss) 69,532 ----------- ----------- Total Partners' Capital 169,309 99,777 ----------- ----------- TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 2,982,996 $ 2,904,605 =========== =========== COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995 AND THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995 THREE MONTHS ENDED NINE MONTHS ENDED Sept 30, Sept 30, Sept 30, Sept, 30 1996 1995 1996 1995 --------- --------- --------- --------- Revenues: Motel Revenues $ 323,924 $ 311,444 $ 940,779 $ 827,301 Expenses: Motel Operating Expenses 155,147 126,607 398,085 334,612 Depreciation & Amortization 4,427 16,332 34,001 48,878 General and Administrative 85,989 73,885 242,777 205,793 --------- --------- --------- --------- 245,563 216,824 674,863 589,283 --------- --------- --------- --------- Income From Operations 78,361 94,620 265,916 238,018 --------- --------- --------- --------- Other Income (Expense): Interest income 0 0 0 2,725 Interest expense (63,356) (66,430) (196,384) (200,432) --------- --------- --------- --------- Total Other Income (Expense) (63,356) (66,430) (196,384) (197,707) --------- --------- --------- --------- Net Income (Loss) 15,005 28,190 69,532 40,311 ========= ========= ========= ========= COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995 NINE MONTHS ENDED Sept 30, Sept 30, 1996 1995 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 69,532 $ 12,121 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 34,001 32,546 (Increase) Decrease in Accounts receivable-trade 4,904 1,273 (Increase) Decrease in Accounts receivable-Affiliates (670) (19,727) (Increase) Decrease in Note receivable-Related party 0 (2,657) (Increase) Decrease in Supplies 168 1,276 (Increase) Decrease in Prepaids 3,853 5,167 Increase (Decrease) in Accounts payable & Accrued liabilities 61,361 43,951 Net change in Other Assets (36,627) (23,978) ---------- --------- Net Cash Provided by (Used in) Operating Activities 136,522 49,972 ---------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of Prop & Equip (1,714) 0 ---------- --------- Net Cash Provided by (Used in) Investing Activities (1,714) 0 ---------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from notes payable Payments on notes payable (52,502) (31,482) ---------- --------- Net Cash Provided by (Used in) Financing Activities (52,502) (31,482) ---------- --------- Net Increase (Decrease) in Cash 82,306 18,490 CASH, beginning of period 9,260 43,040 ---------- --------- CASH, end of period $ 91,566 $ 61,530 ========== ========= COACHMAN INNS INCOME LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER' CAPITAL FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 Balance - December 31, 1994 $125,974 Net Loss for 1995 (26,197) -------- Balance - December 31, 1995 $ 99,777 Net Income for Nine Months Ended Sept. 30, 1996 69,532 -------- Balance - Sept. 30, 1996 $169,309 ======== EX-27 2
5 9-MOS DEC-31-1996 SEP-30-1996 91,566 0 107,329 0 27,113 226,008 2,829,527 865,417 2,982,996 263,222 0 0 0 0 163,909 2,982,996 0 940,779 0 674,863 0 0 196,384 69,532 0 69,532 0 0 0 69,532 0 0
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