- 167 - $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.Page: Previous 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 Next
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