-----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, JlGLSYha8UWaf6UQ4idZ6wQCWoXcOmmIK65iJdG5YPWSN+RB016xj/rSWJY3kRxE 2n8of4AdK0viiC3Dfm2Fpw== 0000890566-97-001119.txt : 19970515 0000890566-97-001119.hdr.sgml : 19970515 ACCESSION NUMBER: 0000890566-97-001119 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDM PARTICIPATING INCOME CO II CENTRAL INDEX KEY: 0000832475 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 330177934 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16832 FILM NUMBER: 97604747 BUSINESS ADDRESS: STREET 1: ONE WORLD TRADE CENTER STREET 2: STE 1000 CITY: LONG BEACH STATE: CA ZIP: 90831 BUSINESS PHONE: 2134980141 MAIL ADDRESS: STREET 1: ONE WORLD TRADE CENTER STREET 2: STE 1000 CITY: LONG BEACH STATE: CA ZIP: 90831-1000 10-Q 1 FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter ended March 31, 1997 Commission file number 0-16832 IDM Participating Income Company-II (A California Limited Partnership) State of California 33-0177934 (State or other jurisdiction of (I.R.S. Employer Identification Number) incorporation or organizaion) 2424 S.E. Bristol Street, Suite 200 Newport Beach, California 92660 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (714) 225-7520 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. Yes [X]. No [ ]. Number of limited partnership interests outstanding as of March 31, 1997: 200,000 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS The following financial statements are submitted in the next pages: PAGE NUMBER Balance Sheets - March 31, 1997 and December 31, 1996 4 Statements of Operations - For the Three Months Ended March 31, 1997 and 1996 5 Statements of Cash Flows - For the Three Months Ended March 31, 1997 and 1996 6 Notes to Financial Statements 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview: The following discussion should be read in conjunction with the Partnership's Financial Statements and Notes thereto appearing elsewhere in this Form 10-Q. The bankruptcy proceeding and the Plan has had, and will continue to have, a material and substantial impact on the Partnership's liquidity, capital resources and results of operations, which are discussed below. Results of Operations: Comparison of quarter ended March 31, 1997 to March 31, 1996. Interest income decreased in 1997 as a result of the sale of the Meadow Wood Village, Ltd. note and junior deed of trust effective September 1, 1996. Interest continued to accrue at 12.12% through the sale date. For the quarter ended March 31, 1996, the Partnership recognized interest income of $57,000 related to this loan. Meadow Wood Village, Ltd. discontinued interest payments in 1996. In the first quarter of 1996, interest receivable of $77,000 related to the Meadow Wood Village, Ltd. note was reserved in its entirety. 2 General and administrative expenses decreased in 1997 as a result of professional fees incurred for a fair value opinion on the Villa Redondo loan receivable incurred in 1996. No such costs were incurred in 1997. Liquidity and Capital Resources: During the quarter ended March 31, 1997, the Partnership's cash position increased by the collection of receivables to affiliates and the collection of interest income. The Partnership is in a liquid position at March 31, 1997 with cash balances of $707,000 and current liabilities of $17,000. The Partnership has no plans or commitments for any future capital expenditures. Inflation: The Partnership does not expect inflation to be a material factor in its operations in 1997. 3 IDM PARTICIPATING INCOME COMPANY - II (A California Limited Partnership) BALANCE SHEETS March 31, 1997 and December 31, 1996
March 31, 1997 December 31, 1996 -------------- ----------------- ASSETS - ------ Cash ............................................... $ 707,000 $ 576,000 Loans to affiliates: Interest receivable ........................... 8,000 57,000 Principal, less reserve for possible losses of $8,924,000 at March 31, 1997 and December 31, 1996 ............................. 415,000 415,000 Receivable from affiliate .......................... 92,000 150,000 ---------- ---------- Total Assets ....................................... $1,222,000 $1,198,000 ========== ========== LIABILITIES AND PARTNERS' CAPITAL Accounts payable ................................... $ 17,000 $ 1,000 Partners' capital: General Partner .................................... 436,000 436,000 Limited Partners: 200,000 units authorized, 200,000 issued and outstanding ................ 769,000 761,000 ---------- ---------- Total Partners' capital ............................ 1,205,000 1,197,000 ---------- ---------- Total Liabilities and Partners' capital ........... $1,222,000 $1,198,000 ========== ==========
See accompanying notes 4 IDM PARTICIPATING INCOME COMPANY - II (A California Limited Partnership) STATEMENTS OF OPERATIONS For the Three Months Ended March 31, 1997 and 1996 Three Months Ended March 31, ---------------------------- 1997 1996 --------- --------- Interest income .............................. $ 25,000 $ 82,000 General and administrative expenses .......... (17,000) (31,000) Provision for possible losses ................ 0 (77,000) --------- --------- Net income (loss) ............................ $ 8,000 $ (26,000) ========= ========= Net income (loss) allocable to limited partners .......................... $ 8,000 $ (26,000) ========= ========= Average number of limited partnership interests outstanding ......... 200,000 200,000 ========= ========= Net income (loss) per limited partnership interest ...................... $ 0.04 $ (0.13) ========= ========= See accompanying notes 5 IDM PARTICIPATING INCOME COMPANY - II (A California Limited Partnership) STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, 1997 and 1996 Three Months Ended March 31, 1997 1996 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) ..................................... $ 8,000 $(26,000) Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: Decrease (increase) in interest receivable ......... 49,000 (58,000) Decrease in receivable from affiliate .............. 58,000 0 Provision for possible losses ...................... 0 77,000 Increase in accounts payable ....................... 16,000 0 -------- -------- Net cash provided by (used in) operating activities operating activities .............................. 131,000 (7,000) -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Collections of loans from affiliates .................. 0 0 -------- -------- Net cash provided by investing activities .......... 0 0 -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Distributions to partners ............................. 0 0 -------- -------- Net cash used in financing activities ............... 0 0 -------- -------- NET INCREASE IN CASH .................................... 131,000 (7,000) Cash beginning of period ............................. 576,000 14,000 -------- -------- Cash end of period ................................... $707,000 $ 7,000 ======== ======== 6 IDM PARTICIPATING INCOME COMPANY-II A California Limited Partnership Notes to Financial Statements BASIS OF FINANCIAL STATEMENTS In the opinion of the Partnership's management, these unaudited financial statements reflect all adjustments which are necessary for a fair presentation of its financial position at March 31, 1997 and results of operations and cash flows for the periods presented. All adjustments included in these statements are of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Form 10-K of the Partnership for the year ended December 31, 1996. 7 PART IV - OTHER INFORMATION ITEM 14. EXHIBITS AND REPORTS ON FORM 8-K A. EXHIBITS: The following Exhibits are filed herewith pursuant to Rule 601 of Regulation S-K. (27) Financial Data Schedule B. REPORTS ON FORM 8-K None. 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. IDM PARTICIPATING INCOME COMPANY-II, a California Limited Partnership IDM PARTICIPATING INCOME CORPORATION General Partner of the General Partner Date: April 30, 1997 /s/ STEVEN M. SPEIER Steven M. Speier President and Director 8 EX-27 2
5 THE FOLLOWING FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM IDM PARTICIPATING INCOME COMPANY - II MARCH 31, 1997 FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS DEC-31-1997 MAR-31-1997 707,000 0 515,000 0 0 100,000 0 0 1,222,000 17,000 0 0 0 0 1,205,000 1,222,000 0 25,000 0 0 17,000 0 0 8,000 0 8,000 0 0 0 8,000 .04 .04
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