-----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, AEAWIfmsyrCDmNEKoWcerBLscEVz8gedsKvKzn8LHiRkZ49Se8D0RP8Gt0Qo6CGN zvRBWYd6dDyGOk7nW6V2eg== 0000950005-01-500659.txt : 20020410 0000950005-01-500659.hdr.sgml : 20020410 ACCESSION NUMBER: 0000950005-01-500659 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010930 FILED AS OF DATE: 20011114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALIFORNIA ALMOND INVESTORS I CENTRAL INDEX KEY: 0000806179 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE PRODUCTION - CROPS [0100] IRS NUMBER: 943021790 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 033-10196 FILM NUMBER: 1789899 BUSINESS ADDRESS: STREET 1: 2245 CHALLENGER WAY STREET 2: STE 100 CITY: SANTA ROSA STATE: CA ZIP: 95407-5422 BUSINESS PHONE: 7075793742 MAIL ADDRESS: STREET 1: 2245 CHALLENGER WAY STREET 2: STE 100 CITY: SANTA ROSA STATE: CA ZIP: 95407-5422 10QSB 1 p14643.txt FORM 10-QSB SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1954 For Quarter Ended: September, 2001 Commission File Number: 33-10196 --------------- -------- (Exact name of registrant as specified in its charter) California Almond Investors I ----------------------------- A California Limited Partnership California 94-3021790 - -------------------------------------------------------------------------------- (State or other jurisdiction of I.R.S. Employer Identification No.) incorporation or organization 2210 Northpoint Parkway, Santa Rosa, CA 95407 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (707) 579-3742 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if 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) of 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. [x] Yes [ ] No PART I - FINANCIAL INFORMATION Item 1. Financial Statements. See following pages. CALIFORNIA ALMOND INVESTORS I (A CALIFORNIA LIMITED PARTNERSHIP) BALANCE SHEET September 30, 2001 ASSETS CURRENT ASSETS Cash 119,131 Investments, short term 15,825 Accounts Receivable, no allowance deemed necessary 85,626 Inventory-In Process 834,154 Deferred crop costs 167,522 Advances for farm costs -29126 Deposits and other prepaids 8215 ------------ Total Current Assets 1,201,347 PROPERTY AND EQUIPMENT Land 1,100,814 Orchards 2,216,717 Equipment 1,158,855 Buildings 141,071 4,617,457 Less accumulated depreciation -3,383,087 ------------ 1,234,370 2,435,717 ============ LIABILITIES AND PARTNERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities 63,860 Payables to general partner and related parties 0 Current portion of long-term debt 24,000 ------------ Total Current Liabilities 87,860 LONG-TERM DEBT, less current portion 300,000 PARTNERS' EQUITY 2,047,857 2,435,717 ============ The financial statements, in the opinion of management, reflect all adjustments necessary to fairly state the financial position and the results of operations. These results are not necessarily to be considered indicative of the results for the entire year. PART I-FINANCIAL INFORMATION Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Liquidity and Capital Resources The Partnership liquidity has been greatly reduced due to the reduced final payment for the 2000 crop and the small delivery payments received for the 2001 crop. The final payment for the 2000 crop was $90,803.72 less that accrued on December 31, 2000. This years delivery payment is averaging approximately $0.40 cents per pound. This compares to over $0.50 cents per pound received in 2000. Unless there is a change in future cash receipts, the Partnership will have to secure crop financing to complete the cultivation and harvest of the 2002 crop. Results of Operations The Partnership continued to operate at a break-even rate in the third quarter 2001. This result is not indicative of the results for the entire fiscal year, due to the seasonal nature of the almond growing business. Almonds are harvested in August through October and the crop revenues and expenses are recognized at that time. Since the partnership's crop care has not been completed for this growing season, it is not possible to say if cultural costs will be higher or lower than last year's costs. At this time though, it seems that cultural costs will be substantially the same as last year. Almond Market The 2001 almond crop is currently projected to be approximately 850 million pounds, which would be a record crop. If this estimate is correct, almond prices for the 2001 crop could average below $0.80 per pound. This has had a depressing effect on the value of almond orchards in California, and has produced an almond orchard market with few buyers and many sellers. It is not anticipated that situation will change in the near future. PART II Item No. - -------- 1. Material developments in connection with legal proceeding - not applicable 2. Material modification of rights of registrant's securities - not applicable 3. Defaults on senior securities - not applicable 4. Submission of matters to a vote of security holders - not applicable 5. Other events of importance - not applicable 6. Exhibits and Reports on Form 8-K - not applicable SIGNATURES 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. CALIFORNIA ALMOND INVESTORS I A California limited partnership By: Vintech Almond Advisers, Inc. A California corporation, Managing General Partner November 14, 2001 By: /s/ David A. Bade --------------------------------------- David A. Bade President -----END PRIVACY-ENHANCED MESSAGE-----