0000950149-95-000477.txt : 19950810 0000950149-95-000477.hdr.sgml : 19950810 ACCESSION NUMBER: 0000950149-95-000477 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950809 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: 95560205 BUSINESS ADDRESS: STREET 1: 705 UNIVERSITY AVE CITY: SACRAMENTO STATE: CA ZIP: 95825 BUSINESS PHONE: 9169295433 10-Q 1 FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1995 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 June 30, 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 - June 30, 1995 and December 31, 1994 3 Statements of Operations - For the Three Months and Six Months Ended June 30, 1995 and 1994 4 Statements of Cash Flows - For the Six Months Ended June 30, 1995 and 1994 5 Statement of Partners' Equity - For the Six Months Ended June 30, 1995 6 Notes to Financial Statements 7 Management's Discussion and Analysis of the Results of Operations 8 Part II. Other Information 9
3 COMMONWEALTH GROWTH FUND II (A Limited Partnership) Balance Sheets
June 30, December 31, 1995 1994 (Unaudited) (Audited) ----------- ----------- Assets Land $ 160,000 160,000 Notes receivable 3,054,869 3,054,869 Cash 526,941 430,596 Other assets 47,887 59,814 ----------- ----------- Total assets $ 3,789,697 3,705,279 =========== =========== Liabilities and Partners' Equity Liabilities: Deferred gain 69,739 69,739 ----------- ----------- Total liabilities 69,739 69,739 ----------- ----------- Partners' Equity: General partners' equity (32,865) (37,086) Limited partners' equity; authorized 1,000,000 units; issued and outstanding 459,698 in 1995 and 1994 3,752,823 3,672,626 ----------- ----------- Total partners' equity 3,719,958 3,635,540 ----------- ----------- Total liabilities and partners' equity $ 3,789,697 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 Six Months Ended June 30, June 30, 1995 1994 1995 1994 --------- ---------- ---------- ---------- Rental income $ 3,095 83,058 3,095 135,325 Expenses: Operating expenses 4,106 45,527 13,490 81,314 Depreciation and amortization -- 12,638 -- 24,981 --------- ---------- ---------- ---------- Income from rental operations (1,011) 24,893 (10,395) 29,030 Interest income 77,362 104,191 151,664 236,131 General and administrative expenses 21,327 28,503 56,851 52,020 --------- ---------- ---------- ---------- Net income 55,024 100,581 84,418 213,141 Allocated to general partners 2,751 5,029 4,221 10,657 --------- ---------- ---------- ---------- Allocated to limited partners $ 52,273 95,552 80,197 202,484 ========= ========== ========== ========== Net income per limited partnership unit $ 0.11 0.21 0.17 0.44 ========= ========== ========== ========== Weighted average number of units outstanding 459,698 459,698 459,698 459,698 ========= ========== ========== ==========
See accompanying notes to financial statements. 4 5 COMMONWEALTH GROWTH FUND II (A Limited Partnership) Statements of Cash Flows (Unaudited)
Six Months Ended June 30, 1995 1994 ---------- ---------- Cash flows from operating activities: Net income $ 84,418 213,141 ---------- ---------- Adjustments to reconcile net income to net cash provided by operating activitivities: Depreciation and amortization -- 24,981 Changes in other assets and liabilities Decrease (increase) in other assets 11,927 (41,280) Increase in accounts payable and accrued expenses -- 926 Increase in other liabilities -- 3,625 ---------- ---------- Total adjustments to net income 11,927 (11,748) ---------- ---------- Net cash provided by operating activities 96,345 201,393 ---------- ---------- Cash flows from investing activities: Improvements to rental properties -- (101,598) Collections on notes receivable -- 2,973 ---------- ---------- Net cash used by investing activities 0 (98,625) Cash flows from financing activities: Distributions to partners -- (483,893) ---------- ---------- Net cash used by financing activities 0 (483,893) ---------- ---------- Net increase (decrease) in cash 96,345 (381,125) Cash, beginning of year 430,596 895,713 ---------- ---------- Cash, end of year $ 526,941 514,588 ========== ==========
See accompanying notes to financial statements. 5 6 COMMONWEALTH GROWTH FUND II (A Limited Partnership) Statement of Partners' Equity For the Six Months Ended June 30, 1995 (Unaudited)
General Limited Partners Partners Total ----------- ----------- ----------- Balance at December 31, 1994 $ (37,086) 3,672,626 3,635,540 Net income 4,221 80,197 84,418 ----------- ----------- ----------- Balance at June 30, 1995 $ (32,865) 3,752,823 3,719,958 =========== =========== ===========
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 June 30, 1995, and the results of its operations for the three months and six months ended June 30, 1995 and cash flows for the six months ended June 30, 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 $79,963 and $132,230 for the three months and six months ended June 30, 1995, respectively, compared to the same periods in the prior year, due to the sale of the Southland Park property in October 1994. Operating expenses decreased $41,421 and $67,824 for the three months and six months ended June 30, 1995, respectively, compared to the same periods in the prior year, due to the sale of the Southland Park property in October 1994. Depreciation and amortization were zero for the three months and six months ended June 30, 1995, due to the sale of the Southland Park property (the remaining rental property) in October 1994. Interest income decreased $26,829 and $84,467 for the three months and six months ended June 30, 1995, respectivley, compared to the same periods in the prior year, due to the payoff of a note receivable in August 1994. General and administrative expenses decreased $7,176 for the three months ended June 30, 1995, compared to the same period in the prior year, due to decreased accounting expenses which were offset in part by increased registrar expenses. However, general and administrative expenses increased $4,831 for the six months ended June 30, 1995, compared to the same period in the prior year. This change is primarily attributable to increased accounting, registrar, and shareholder relations expenses during the three months ended March 31, 1995. 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. 8 9 PART II. OTHER INFORMATION ITEM 6: REPORTS ON FORM 8-K The Partnership filed no reports on Form 8-K during the quarter ended June 30, 1995. 9 10 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) 8/4/95 /s/ JEFFREY BERGER ---------- -------------------------------- Date Jeffrey Berger Individual General Partner 8/4/95 /s/ JEFFREY BERGER ---------- ----------------------------- Date Jeffrey Berger President, Managing General Partner
10 11 EXHIBIT INDEX Ex. 27 Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
5 This Schedule contains summary financial information extracted from (A) the Balance Sheet at June 30, 1995 (Unaudited) and the Statement of Operations for the Six Months Ended June 30, 1995 (Unaudited) and is qualified in its entirety by reference to such (B) 2nd Quarter 1995 10-Q. 1 U.S. DOLLARS 6-MOS DEC-31-1995 JAN-01-1995 JUN-30-1995 1 526,941 0 3,054,869 0 0 3,629,697 160,000 0 3,789,697 69,739 0 0 0 0 3,719,958 3,789,697 0 154,759 0 13,490 56,851 0 0 84,418 0 84,418 0 0 0 84,418 .17 .17