-----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, BEDKQiLNdKZTMLlarrmbVwlpjfgtdy8fgr06HJITfjHOhdbOygIJ7AvjxKJ8DNFJ igINA39q6UC343bkOjQJLQ== /in/edgar/work/0000890566-00-001589/0000890566-00-001589.txt : 20001115 0000890566-00-001589.hdr.sgml : 20001115 ACCESSION NUMBER: 0000890566-00-001589 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDM PARTICIPATING INCOME CO II CENTRAL INDEX KEY: 0000832475 STANDARD INDUSTRIAL CLASSIFICATION: [6199 ] IRS NUMBER: 330177934 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-16832 FILM NUMBER: 763686 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 0001.txt 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 September 30, 2000 ---------------------------------------------------- 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 incorporation or organization) Number) 2424 S.E. Bristol Street, Suite 333 Newport Beach, California 92660 - -------------------------------------- ----------------------------------- (Address of principal executive (Zip Code) offices) Registrant's telephone number, including area code: (713) 706-6271 ----------------------------------------------- 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 September 30, 2000: 200,000 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS The following financial statements are submitted in the next pages: PAGE NUMBER ------ Balance Sheets - September 30, 2000 and December 31, 1999......... 4 Statements of Operations - For the Nine Months Ended September 30, 2000 and 1999 and for the Three Months Ended September 30, 2000 and 1999....................................... 5 Statements of Cash Flows - For the Nine Months Ended September 30, 2000 and 1999................................................. 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 IDM Participating Income Company-II's (the Partnership) Financial Statements and Notes thereto appearing elsewhere in this Form 10-Q. Results of Operations: Interest income for the nine months and three months ended September 30, 2000 increased by approximately $12,000, or 9%, and by $3,000, or 7%, respectively, in comparison to the corresponding periods in 1999. This increase was due to higher loan receivable balances. In 2000, the Partnership's $373,000 mortgage loan on the Arizona Land Development was increased to $1,643,000. This increase was primarily used to replace the security associated with Sorrento II and Bally Land mortgages. General and administrative expenses for the nine months ended September 30, 2000 increased by approximately $15,000, or 28%, when compared to the same period in the prior year, principally due to an increase in auditing costs and other professional fees. General and administrative expenses for the three months ended September 30, 2000 increased by approximately $3,000, or 38%, primarily due to the increase in auditing costs. 2 Liquidity and Capital Resources: The Partnership is in an illiquid position at September 30, 2000 with a cash balance of approximately $2,000 and current liabilities of approximately $29,000. The Partnership has no commitments for any future capital expenditures. Inflation: The Partnership does not expect inflation to be a material factor in its operations in 2000. 3 IDM PARTICIPATING INCOME COMPANY - II (A CALIFORNIA LIMITED PARTNERSHIP) BALANCE SHEETS SEPTEMBER 30, 2000 AND DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SEPTEMBER 30, 2000 DECEMBER 31, 1999 (UNAUDITED) -------------------- -------------------- ASSETS Cash ................................................................................. $ 2,000 $ 37,000 Loans to affiliates: Interest receivable .............................................................. 139,000 175,000 Principal, less reserve for possible losses of $859,000 at December 31, 1999 ................................................. 1,643,000 1,471,000 Receivables from affiliates .......................................................... 7,000 0 Prepaid expenses ..................................................................... 3,000 0 -------------------- -------------------- Total Assets ......................................................................... $ 1,794,000 $ 1,683,000 ==================== ==================== LIABILITIES AND PARTNERS' CAPITAL Accounts payable ..................................................................... 29,000 0 General Partner ...................................................................... 441,000 440,000 Limited Partners: 200,000 units authorized, 200,000 issued and outstanding ................................................... 1,324,000 1,243,000 -------------------- -------------------- Total Partners' capital .............................................................. 1,765,000 1,683,000 -------------------- -------------------- Total Liabilities and Partners' capital .............................................. $ 1,794,000 $ 1,683,000 ==================== ==================== Limited partners' equity per unit .................................................... $ 6.62 $ 6.22 ==================== ====================
See accompanying notes 4 IDM PARTICIPATING INCOME COMPANY - II (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 AND FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 - --------------------------------------------------------------------------------
NINE MONTHS ENDED THREE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------------------- ---------------------------------- 2000 1999 2000 1999 (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) --------------- --------------- --------------- --------------- Interest income ........................................ $ 150,000 $ 138,000 $ 49,000 $ 46,000 General and administrative expenses .................... (68,000) (53,000) (11,000) (8,000) --------------- --------------- --------------- --------------- Net income ............................................. $ 82,000 $ 85,000 $ 38,000 $ 38,000 --------------- --------------- --------------- --------------- Net income allocable to limited partners .................................... $ 82,000 $ 85,000 $ 38,000 $ 38,000 =============== =============== =============== =============== Number of limited partnership interests outstanding ............................... 200,000 200,000 200,000 200,000 =============== =============== =============== =============== Net income per limited partnership interest ................................ $ 0.41 $ 0.43 $ 0.19 $ 0.19 =============== =============== =============== ===============
See accompanying notes 5 IDM PARTICIPATING INCOME COMPANY - II (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 - --------------------------------------------------------------------------------
NINE MONTHS ENDED SEPTEMBER 30, ----------------------------------- 2000 1999 (UNAUDITED) (UNAUDITED) --------------- --------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income ............................................................................... $ 82,000 $ 85,000 Adjustments to reconcile net income to cash provided by (used in) operating activities: Decrease (increase) in interest receivable ............................................ 36,000 (130,000) (Increase) decrease in prepaid expenses ............................................... (3,000) 7,000 Increase in accounts payable .......................................................... 29,000 2,000 --------------- --------------- Net cash provided by (used in) operating activities ................................... 144,000 (36,000) --------------- --------------- CASH FLOWS FROM INVESTING ACTIVITIES: Loans to affiliates ...................................................................... (204,000) 0 Collections of loans from affiliates ..................................................... 32,000 52,000 --------------- --------------- Net cash (used in) provided by investing activities ................................... (172,000) 52,000 --------------- --------------- CASH FLOWS FROM FINANCING ACTIVITIES: Advances to affiliates ................................................................... (7,000) 0 --------------- --------------- Net cash used in financing activities ................................................. (7,000) 0 --------------- --------------- NET (DECREASE) INCREASE IN CASH ............................................................ (35,000) 16,000 Cash beginning of period ................................................................ 37,000 8,000 --------------- --------------- Cash end of period ...................................................................... $ 2,000 $ 24,000 =============== ===============
See accompanying notes 6 IDM PARTICIPATING INCOME COMPANY-II A California Limited Partnership Notes to Financial Statements (Unaudited) 1. 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 September 30, 2000 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, 1999. 2. RELATED PARTY TRANSACTIONS Affiliates of the general partner are reimbursed for certain general and administrative services provided to the Partnership. During the nine months ended September 30, 2000 and 1999, affiliates received approximately $3,000 for such services in each respective period. 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 A Form 8-K was filed in May 2000 reporting a change in the Partnership's Certifying Accountant. 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: November 1, 2000 /s/ WILLIAM J. CARDEN ----------------- ------------------------------------ William J. Carden Director 8 EX-27 2 0002.txt
5 THE FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM IDM PARTICIPATING INCOME COMPANY - II SEPTEMBER 30, 2000 FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS DEC-31-2000 SEP-30-2000 2,000 0 146,000 0 0 151,000 0 0 1,794,000 29,000 0 0 0 0 1,765,000 1,794,000 0 150,000 0 68,000 0 0 0 82,000 0 82,000 0 0 0 82,000 .41 .41
-----END PRIVACY-ENHANCED MESSAGE-----