FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the period ended

September 30, 2002

or

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______ to ___________

 

Commission File Number: 33-18089-A

 

HICKORY LENDERS, LTD.

(Exact name of Registrant as specified in its charter)

Tennessee
62-1336905
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification)

4400 Harding Road, Suite 500,Nashville, Tennessee
37205
(Address of principal executive office)
(Zip Code)

 

 

 

(615) 292-1040

(Registrant's 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 at least the past 90 days.

YES X NO ___ 

 

 

HICKORY LENDERS, LTD. 

(A Limited Partnership)

INDEX

PART I. FINANCIAL INFORMATION
 
Item 1. Financial Statements (unaudited)
 
 
Balance Sheets as of September 30, 2002 and December 31, 2001
3
 
Statements of Operations for the three and nine months ended September 30, 2002 and 2001
4
 
Statements of Cash Flows for the nine months ended September 30, 2002 and 2001
5
 
Notes to Financial Statements for the three and nine months ended September 30, 2002 and 2001
6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
7
Item 4 Disclosure control and procedures
8
 
 
PART II. OTHER INFORMATION
 
Item 6. Exhibits and reports on Form 8-K
8
Signatures
12
 

 

HICKORY LENDERS, LTD.

(A Limited Partnership)

BALANCE SHEETS

(Unaudited)

 
September 30, 2002
December 31, 2001
ASSETS
 
 
 
 
 
Cash
$113,320 
67,067 
Restricted cash
105,597 
104,930 
Land and improvements held for sale
1,136,254 
1,180,614 
 
 
 
 
 
 
Total Assets
$1,355,171 
1,352,611 
 
 
 
 
 
 
 
 
 
LIABILITIES AND PARTNERS' EQUITY
 
 
 
 
 
Accounts payable
$3,545 
3,294
Property tax payable
19,500 
26,002
Payable to affiliate
8,155 
- 
Impact fee payable
59,000 
59,000 
Franchise and excise payable
2,447 
3,236 
 
 
 
Total Liabilities
92,647 
91,532 
 
 
 
Partners' equity:
 
 
 
 
 
Limited partners, 4,200 units outstanding
1,262,524 
1,261,079 
General partner
- 
- 
 
 
 
Total partners' equity
1,262,524 
1,261,079 
 
 
 
 
 
 
Total liabilities and partners' equity
$1,355,171 
1,352,611 
 
 
 

 

See accompanying notes to financial statements.

 

 

 

HICKORY LENDERS, LTD.

(A Limited Partnership)

STATEMENTS OF OPERATIONS

(Unaudited)

 
 
 
 
 
Three months ended
Nine months ended
September 30,
2002
2001
2002
2001
REVENUE:
 
 
 
 
Land sale:
 
 
 
 
Gross proceeds
$ - 
- 
142,000 
- 
Cost of land sold
- 
- 
(44,360)
- 
Selling expenses
- 
- 
(29,101)
- 
 
 
 
 
 
Gain on sale
- 
- 
68,539 
- 
 
 
 
 
 
Interest income
238 
838
667 
2,539
 
 
 
 
 
Total revenue
238 
838
69,206 
2,539
 
 
 
 
 
EXPENSES:
 
 
 
 
 
 
 
 
 
State tax expense
788 
809 
2,364 
2,427 
Property tax expense
6,500 
6,403 
19,736 
19,252 
Grounds maintenance expense
5,100 
8,876 
5,400 
8,876 
Property management fees
1,750 
1,750 
5,250 
5,250 
Professional fees
5,635 
3,000 
29,445 
21,161 
General and administrative expense
3,168 
1,372 
5,566 
5,844 
 
 
 
 
 
Total expenses
22,941 
22,210 
67,761 
62,810 
 
 
 
 
 
 
 
 
 
 
Net (loss) income 
$(22,703)
(21,372)
1,445 
(60,271)
 
 
 
 
 
Net (loss) income per limited partner unit
($5.41)
($5.09)
$0.34 
($14.35)
Limited partner units outstanding
4,200 
4,200 
4,200 
4,200 
 
 
 
 
 

 

See accompanying notes to financial statements

 

 

 

HICKORY LENDERS, LTD.

(A Limited Partnership)

STATEMENTS OF CASH FLOWS

(Unaudited)

For the nine months ending September 30, 
 
2002
2001
Cash flows from operating activities:
 
 
 
 
 
Net income (loss)
$1,445 
(60,271)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
(Increase) decrease in restricted cash
(667)
3,013
Cost of land improvements
- 
(27,480)
Cost of land sold
44,360 
- 
Increase (decrease) in accounts payable
251
(5,397)
Decrease in property taxes payable
(6,502)
(5,659)
Increase in payable to affiliate
8,155 
- 
(Decrease) increase in franchise and excise tax payable
(789)
2,427 
 
 
 
Net cash provided (used) by operating activities
46,253 
(93,367)
 
 
 
Net increase (decrease) in cash
46,253 
(93,367)
 
 
 
Cash at beginning of period
67,067 
104,454 
Cash at end of period
$113,320 
11,087 

 

 

See accompanying notes to financial statements.

 

 

 

HICKORY LENDERS, LTD.

(A Limited Partnership)

NOTES TO FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2002 and 2001 

(Unaudited)

 

A.ACCOUNTING POLICIES

The unaudited financial statements presented herein have  been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note  disclosures required by accounting principles generally accepted in the United States of America. These statements should be read in  conjunction with the financial statements and notes thereto included in the Partnership's Form 10-K for the year ended December 31, 2001. In the opinion of management, such  financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to summarize  fairly the Partnership's financial position and results of operations. The results of operations for the nine-month period ended September 30, 2002 may not be indicative of the results that may be expected for the year ending December 31, 2002.

B.RELATED PARTY TRANSACTIONS

The General Partner and its affiliates have been actively involved in managing the Partnership's operations.  Compensation earned for these services were as follows:

 
Three months ended
Nine months ended
 
September 30,
 
2002