-----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, HLJ2NLK9fxnd4UtOXteY0MoDc37EiIX9hzuHf3Otm4uJd9noL1kwPnJ6Ixy+37Po QS/54+IdXOKt/8N8fUtaBA== 0000950005-02-000878.txt : 20020820 0000950005-02-000878.hdr.sgml : 20020820 20020820164204 ACCESSION NUMBER: 0000950005-02-000878 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020630 FILED AS OF DATE: 20020820 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: 02743987 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 p15954_10qsb.txt QUARTERLY REPORT 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: June, 2002 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 incorporation or organization Identification No.) 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 June 30, 2002 ASSETS CURRENT ASSETS Cash and cash equivalents $ 209,079 Accounts Receivable, no allowance deemed necessary 66,411 Inventory-In Process 301,018 Deferred crop costs 43,119 Advances for farm costs Current portion of notes receivable 6,825 ----------- Total Current Assets 624,452 NOTES RECEIVABLE-LONG TERM 500,175 ----------- PROPERTY AND EQUIPMENT Land 718,609 Orchards 1,418,254 Equipment 754,871 Buildings 38,913 ----------- 2,930,647 Less accumulated depreciation (2,188,647) ----------- 742,000 ----------- $ 1,868,627 =========== LIABILITIES AND PARTNERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 56,501 Payables to general partner and related parties Current portion of long-term debt 24,000 ----------- Total Current Liabilities 80,501 LONG-TERM DEBT, less current portion 276,000 PARTNERS' EQUITY 1,512,627 ----------- $ 1,868,627 =========== 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. CALIFORNIA ALMOND INVESTORS I (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENT OF INCOME UNAUDITED Six Months Three Months Ended Ended June 30, 2002 June 30, 2002 ----------------------------- REVENUES Gain on sale of almond orchards $180,219 $ 57,522 -------- -------- EXPENSES -- -- -------- -------- NET INCOME $180,219 $ 57,522 ======== ======== NET INCOME PER LIMITED PARTNERSHIP UNIT $ 14.92 $ 4.76 NUMBER OF PARTNERSHIP UNITS 12,079 12,079 ======== ======== No income statement is presented for the comparable prior periods as there was no activity. CALIFORNIA ALMOND INVESTORS I (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENT OF CASH FLOWS UNAUDITED Six Months Ended June 30, 2002 ------------- CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 180,219 Adjustment to reconcile net income to net cash from operating activities Gain on sale of almond orchards (180,219) Changes in: Accounts receivable 290,300 Inventory in process (301,137) Advances for farm costs 5,400 Accounts payable and accrued liabilities 2,701 --------- Net cash from operating activities (2,736) --------- CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of almond orchards 112,515 --------- CASH FLOWS FROM FINANCING ACTIVITIES Payments on long-term debt (12,000) --------- NET CHANGE IN CASH 97,779 CASH, beginning of period 111,300 --------- CASH, end of period $ 209,079 ========= SUPPLEMENTAL CASH-FLOW INFORMATION Non-cash investing activities Notes receivable from sale of almond orchards $ 507,000 No cash flow statement is presented for the comparable prior period as there was no income statement activity. PART I-FINANCIAL INFORMATION NOTES TO FINANCIAL STATEMENTS NOTE 1 - BASIS OF PRESENTATION The financial statements included herein have been prepared by the Partnership, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. It is believed, however, that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the Partnership's December 31, 2001, audited financial statements and notes thereto. NOTE 2 - PROPERTY SALES During the first quarter, the Partnership sold the 41.4 acre Sierra Ranch and the 81.2-acre Clausen Ranch. An offer was accepted on the 78 acre Famosa Ranch. It was decided to sell these three ranches due to their low production. In 2001, the operating losses for these three ranches were $340,071.39 Clausen Ranch Sale The property was sold for $309,000. The terms of the sale were a cash down payment of $100,000 and a mortgage note for the balance of $209,000. The terms of the note call for semi-annual payments of $10,169.83 at an interest rate of 7.5%. The balance of the note becomes due in 2007. A gross profit of $115,729 was generated by the property sale. Sierra Ranch Sale The property was sold for $110,000. The terms of the sale were a cash down payment of $33,000 and a mortgage note for the balance of $77,000. The terms of the note call for semi-annual payments of $3,331.20 at an interest rate of 6.0%. The balance of the note becomes due in 2005. A gross profit of $28,905 was generated by the property sale. Famosa Ranch Sale This property was sold on June 30, 2002. The sale price of the property was $246,000. The terms of the sale were a cash down payment of $25,000 and a mortgage note for the balance of $221,000. The terms of the note call for quarterly payments of interest only at an interest rate of 7.25%. The balance of the note comes due in 2007. A gain of $57,552.00 was generated by the property sale. PART I-FINANCIAL INFORMATION Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Critical Accounting Policies In the ordinary course of business, the Partnership has made a number of estimates and assumptions relating to the reporting of results of operations and financial condition in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ significantly from those estimates under different assumptions and conditions. The Partnership believes that the following discussion address the Partnership's most critical accounting policies, which are those that are most important to the portrayal of the Partnership's financial condition and results. The Partnership constantly re-evaluates these significant factors and makes adjustments where facts and circumstances dictate. Historically, actual results have not significantly deviated from those determined using the necessary estimates inherent in the preparation of financial statements. Estimates and assumptions include, but are not limited to, the estimated price per pound of the prior year's crop, the collectibility of estimated amounts from the almond buyer, the collectibility of notes receivable, and the useful life of depreciable assets. Liquidity and Capital Resources Although Partnership liquidity continues to decrease as production costs for the 2002 crop continue, the Partnership will have sufficient liquidity to complete the harvest and delivery of the current crop. Results of Operations The Partnership continued to operate at a break-even rate in the second quarter 2002. 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 2002 almond crop is preliminarily projected to be between 900 and 925 million pounds, which would be a record crop. If this estimate is correct, almond prices for the 2002 crop could be equal to or lower then prices received for the 2001 crop. This continues to have a depressing effect on the value of almond orchards in California, and has produced an almond orchard market with few buyers and many sellers. Property Sales During the second quarter, the Partnership sold the 78-acre Famosa Ranch. It was decided to sell this ranch due to their low production. In 2001, the Famosa Ranch had an operating loss of $154,167.00 Famosa Ranch Sale This property was sold on June 30, 2002. The sale price of the property was $246,000. The terms of the sale were a cash down payment of $25,000 and a mortgage note for the balance of $221,000. The terms of the note call for quarterly payments of interest only at an interest rate of 7.25%. The balance of the note comes due in 2007. A gain of $57,522.00 was generated by the property sale. The property was sold to Dennis W. Sexton and Shannon Marie Sexton. The Buyers are not related to the General Partner, Charterhill Pacific Corp., or any of their principals. 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 (a) Exhibits: 99.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002. 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 By: ----------------------------------------------------- David A. Bade President EX-99.1 3 p15954_ex99-1.txt CERTIFICATION Exhibit 99.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of California Almond Investors I, (the "Company") on Form 10-Q for the period ending June 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David A. Bade of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. CALIFORNIA ALMOND INVESTORS I A California limited partnership By: Vintech Almond Advisers, Inc. A California corporation, Managing General Partner By: ----------------------------------------------------- David A. Bade President This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. -----END PRIVACY-ENHANCED MESSAGE-----