-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, a0B4VdG4zGsNLOZJ5BUo+30UyzqtEEMB6w1u7ndN6VdFK3zwkMiTGXa5nhaLo6J6 b1XSenVpbo344KDqRj0RlQ== 0000891618-95-000296.txt : 19950530 0000891618-95-000296.hdr.sgml : 19950530 ACCESSION NUMBER: 0000891618-95-000296 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950519 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMONWEALTH GROWTH FUND II CENTRAL INDEX KEY: 0000810387 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 680088748 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15363 FILM NUMBER: 95540943 BUSINESS ADDRESS: STREET 1: ONE SCRIPPS DRIVE SUITE 307 CITY: SACRAMENTO STATE: CA ZIP: 95825 BUSINESS PHONE: 9169295433 10-Q 1 QTR ENDING 3/31/95 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended March 31, 1995 Commission file number 0-15363 COMMONWEALTH GROWTH FUND II (Exact Name of Registrant as Specified in its Charter) California 68-0088748 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 705 University Avenue, Suite A, Sacramento, California 95825 (Address of registrant's principal executive offices) (Zip Code) (916) 929-5433 (Registrants telephone number, including area code) 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 ---- ---- 2 COMMONWEALTH GROWTH FUND II INDEX Part I. Financial Information Balance Sheets - March 31, 1995 and December 31, 1994 3 Statements of Operations - For the Three Months Ended March 31, 1995 and 1994 4 Statements of Cash Flows - For the Three Months Ended March 31, 1995 and 1994 5 Statement of Partners' Equity - For the Three Months Ended March 31, 1995 6 Notes to Financial Statements 7 Management's Discussion and Analysis of the Results of Operations 8 Part II. Other Information 8
3 COMMONWEALTH GROWTH FUND II (A Limited Partnership) Balance Sheets
March 31, December 31, 1995 1994 (Unaudited) (Audited) ----------- ------------ Assets Land $ 160,000 160,000 Notes receivable 3,054,869 3,054,869 Cash 469,412 430,596 Other assets 50,897 59,814 ---------- --------- Total assets $3,735,178 3,705,279 ========== ========= Liabilities and Partners' Equity Liabilities: Accounts payable and accrued expenses $ 505 -- Deferred gain 69,739 69,739 ---------- --------- Total liabilities 70,244 69,739 ---------- --------- Partners' Equity: General partners' equity (35,616) (37,086) Limited partners' equity; authorized 1,000,000 units; issued and outstanding 459,698 in 1995 and 1994 3,700,550 3,672,626 ---------- --------- Total partners' equity 3,664,934 3,635,540 ---------- --------- Total liabilities and partners' equity $3,735,178 3,705,279 ========== =========
See accompanying notes to financial statements. 3 4 COMMONWEALTH GROWTH FUND II (A Limited Partnership) Statements of Operations (Unaudited)
Three Months Ended March 31, 1995 1994 -------- -------- Rental income $ -- 52,267 Expenses: Operating expenses 9,384 35,787 Depreciation and amortization -- 12,343 -------- ------- Income from rental operations (9,384) 4,137 Interest income 74,302 131,940 General and administrative expenses 35,524 23,517 -------- ------- Net income 29,394 112,560 Allocated to general partners 1,470 5,628 -------- ------- Allocated to limited partners $ 27,924 106,932 ======== ======= Net income per limited partnership unit $ 0.06 0.23 ======== ======= Weighted average number of units outstanding 459,698 459,698 ======== =======
See accompanying notes to financial statements. 4 5 COMMONWEALTH GROWTH FUND II (A Limited Partnership) Statements of Cash Flows (Unaudited)
Three Months Ended March 31, 1995 1994 ------ ------ Cash flows from operating activities: Net income $ 29,394 112,560 Adjustments to reconcile net income to net -------- -------- cash provided by operating activities: Depreciation and amortization -- 12,343 Changes in other assets and liabilities: Decrease in other assets 8,917 23,874 Increase in accounts payable and accrued expenses 505 2,014 -------- -------- Total adjustments to net income 9,422 38,231 -------- -------- Net cash provided by operating activities 38,816 150,791 -------- -------- Cash flows from investing activities: Improvements to rental properties -- (51,573) Collections on notes receivable -- 2,973 -------- -------- Net cash used by investing activities -- (48,600) -------- -------- Cash flows from financing activities: Distributions to partners -- (483,893) -------- -------- Net cash used by financing activities -- (483,893) -------- -------- Net increase (decrease) in cash 38,816 (381,702) -------- -------- Cash, beginning of year 430,596 895,713 -------- -------- Cash, end of year $469,412 514,011 ======== ========
See accompanying notes to financial statements. 5 6 COMMONWEALTH GROWTH FUND II (A Limited Partnership) Statement of Partners' Equity For the Three Months Ended March 31, 1995 (Unaudited)
General Limited Partners Partners Total ---------- ---------- --------- Balance at December 31, 1994 $(37,086) 3,672,626 3,635,540 Net income 1,470 27,924 29,394 -------- --------- --------- Balance at March 31, 1995 $(35,616) 3,700,550 3,664,934 ======== ========= =========
See accompanying notes to financial statements. 6 7 COMMONWEALTH GROWTH FUND II NOTES TO FINANCIAL STATEMENTS (1) In the opinion of the General Partners, the accompanying unaudited financial statements contain all adjustments necessary to present fairly the financial position as of March 31, 1995, and the results of its operations for the three months ended March 31, 1995 and cash flows for the three months ended March 31, 1995. (2) The other accounting policies followed by the Partnership are set forth in Note 1 to the Partnership's financial statements in the 1994 Form 10-K which is incorporated herein by reference. 7 8 COMMONWEALTH GROWTH FUND II MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS RESULTS OF OPERATIONS Rental income decreased $52,267 for the three months ended March 31, 1995, compared to the same period in the prior year, due to the sale of the Southland Park property in October 1994. Operating expenses decreased $26,403 for the three months ended March 31, 1995, compared to the same period in the prior year, due to the sale of the Southland Park property in October 1994. Interest income decreased $57,638 for the three months ended March 31, 1995, compared to the same period in the prior year, due to the payoff of a note receivable in August 1994. General and administrative expenses increased $12,007 for the three months ended March 31, 1995, compared to the same period in the prior year. This change is primarily attributable to increased accounting, registrar, and shareholder relations expenses. However, this increase was partially offset by decreased legal expenses. LIQUIDITY AND CAPITAL RESOURCES The Partnership has met its liquidity needs through cash reserves and operating income. The Partnership currently has no material commitments and anticipates that these sources will continue to be adequate to meet the Partnership's future liquidity needs. PART II. OTHER INFORMATION ITEM 6: REPORTS ON FORM 8-K The Partnership filed no reports on Form 8-K during the quarter ended March 31, 1995. 8 9 SIGNATURES Pursuant to the requirement 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. COMMONWEALTH GROWTH FUND II ----------------------------------------- (Registrant) 5/15/95 /S/ JEFFREY BERGER --------------- ---------------------------------------- Date Jeffrey Berger Individual General Partner 5/15/95 /S/ JEFFREY BERGER --------------- ---------------------------------------- Date Jeffrey Berger President, Managing General Partner 9 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AT MARCH 31, 1995 (UNAUDITED) AND THE STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1995 (UNAUDITED) AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 1ST QUARTER 1995 10-Q. 1 U.S. DOLLARS 3-MOS DEC-31-1995 JAN-01-1995 MAR-31-1995 1 469,412 0 3,054,869 0 0 3,575,178 160,000 0 3,735,178 70,244 0 0 0 0 3,664,934 3,735,178 0 74,302 0 9,384 35,524 0 0 29,394 0 29,394 0 0 0 29,394 .06 .06
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