10-Q 1 g69194e10-q.txt INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 or [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarterly Period Ended MARCH 31, 2001 Commission file number 33-22420-A INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP (Exact name of Registrant as specified in its charter) NORTH CAROLINA 56-1610635 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) IJL FINANCIAL CENTER 201 N. TRYON ST., P.O. BOX 1012 CHARLOTTE, NC 28201-1012 (Address of principal executive offices) (Zip Code) (704) 379-9164 (Registrant's telephone number, including area code) NOT APPLICABLE (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the Registrant has (1) filed all reports required to be filed required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve 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 [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date. 5,100 limited partnership units outstanding at May 9, 2001 Page 1 of [9] Sequentially Numbered Pages 2 INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP CONDENSED BALANCE SHEETS AS OF MARCH 31, 2001 AND DECEMBER 31, 2000

See Notes to Condensed Financial Statements 2 3 INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP CONDENSED STATEMENT OF OPERATIONS (Unaudited)

See Notes to Condensed Financial Statements 3 4 INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP CONDENSED STATEMENT OF PARTNERS' EQUITY (DEFICIT) FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000 (Unaudited)

See Notes to Condensed Financial Statements 4 5 INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP CONDENSED STATEMENT OF CASH FLOWS AS OF MARCH 31, 2001 AND DECEMBER 31, 2000

See Notes to Condensed Financial Statements 5 6 INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) MARCH 31, 2001 1. BASIS OF PRESENTATION: The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 2001, are not necessarily indicative of the results that may be expected for the year ending December 31, 2001. 2. ORGANIZATION: Interstate Land Investors I Limited Partnership (the "Partnership" or "Registrant") is a North Carolina limited partnership. The Partnership filed a registration statement in 1988 and offered the sale of the limited partnership interests to persons who were admitted as limited partners. The offering became effective September 7, 1988, and was terminated September 30, 1988. Capital Contributions of $100 were received from the general partners and $5,100,000 from the limited partners. The limited partnership interests were sold in $1,000 units. On May 8, 2001, there were 524 unit holders of record. The Partnership's business now consists of holding for investment, disposing, and otherwise dealing in 97 acres of undeveloped land (the "Property") located in York County, South Carolina. On May 10, 2001, the Partnership sold all 97 acres of the Property. ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 1. LIQUIDITY AND CAPITAL RESOURCES As of March 31, 2001, the Registrant had excess cash on hand in the amount of $103,967. This amount reflects the remainder that was retained for working capital from the $500,000 proceeds received from the Wm. G. Allen legal settlement, less the $306,000 distribution to the partners on July 31, 1998, and the payoff of the $50,337 outstanding loan. On May 10, 2001, all 97 acres of the property was sold to Greenfield Development for $4,176,315. 6 7 2. RESULTS OF OPERATIONS The Partnership reported a net loss of $9,096 for the three months ended March 31, 2001, as compared to $6,064 for the same period in 2000. Interest income increased from $986 for the three months ended March 31, 2000 to $1,468 for the three months ended March 31, 2001, due to January interest being inadvertently omitted in the first quarter of 2000 statements. Professional and legal fees increased from $6,133 for the three months ended March 31, 2000 to $8,604 for the same period in 2001 due to the legal work on the new contract for the sale of the property (See Note 5). General and administrative expenses totaled $1,930 for the three months ended March 31, 2001, as compared to $888 for the same period in 2000 due to increased costs for outsourcing for partnership transfers and database maintenance. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGES IN SECURITIES None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5. OTHER INFORMATION On June 29, 2000, the Partnership entered into a contract with Greenfield Development Company, LLC, to sell the entire tract of unimproved land. Under the terms of the contract, the potential purchaser had until November 6, 2000, to complete its due diligence, however, the potential purchaser requested two 90-day extensions of the closing date to provide them time to obtain a wetlands permit from the U.S. Army Corps of Engineers which permit is necessary to allow their proposed development. Greenfield Development has deposited $50,000 earnest money with the title agency upon the signing of the contract and an additional $25,000 earnest money with the first extension. An additional $50,000 earnest has been deposited with the title agency for the second extension. On May 10, 2001, Greenfield purchased all 97 acres of the property for $4,176,315 which subsequent cash distribution equates to approximately $750 per limited partnership unit. 7 8 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits None. (b) Reports on Form 8-K No reports on Form 8-K were filed during the three months ended March 31, 2001. 8 9 INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP SIGNATURE 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. INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP (REGISTRANT) BY: /S/ J. CHRISTOPHER BOONE ------------------------------------------- J. CHRISTOPHER BOONE ISC REALTY CORPORATION, GENERAL PARTNER AND PRINCIPAL EXECUTIVE OFFICER, PRINCIPAL FINANCIAL OFFICER OF THE REGISTRANT DATE: MAY 9, 2001 ---------------------- 9

INTERSTATE LAND INVESTORS I LTD PARTNERSHIP 10-Q