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$41,003,00057 as of January 1, 1993, and $45,297,509 as of June
30, 1994.
During the period 1989 through 1993, revenues fluctuated
from a low of $23.3 million in 1991 to a high of $31.3 million in
1992. Ordinary income also fluctuated from a high of $2.1
million in 1992 to a loss of $3.6 million in 1991. The company
incurred losses in 2 out of the 5 years being examined.
For the 6 months ending June 30, 1994, revenues decreased
from $12.7 million (for 6 months ending June 30, 1993) to $9.3
million. Net losses for the period increased from $842,179 in
1993 to $1.9 million in 1994.
True Ranches had no current liabilities during the analyzed
period. However, net working capital steadily declined from
roughly $7 million in 1990 to $4.8 million in 1993.
During the period 1988 through 1994, partners’ capital
contributions exceeded withdrawals by approximately $64.4
million.
Partnership interests in True Ranches have never been traded
in public markets.
57Originally, the Kimball report computed True Ranches’ net
asset value to be $40,863,000 as of Jan. 1, 1993; however,
Mr. Kimball later revised his estimate to $41,003,000, based on
clarifying data received from the ranch property appraisers. On
brief, respondent agreed with Mr. Kimball’s original value as of
Jan. 1, 1993. We assume that respondent also adopts Mr.
Kimball’s revised value.
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