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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 quarterly period ended June 30, 2003,
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 0-9305
REEVES TELECOM LIMITED PARTNERSHIP
(name changed from Reeves Telecom Associates)
------------------------------------------------------
(Exact name of registrant as specified in its charter)
South Carolina 57-0700063
- ------------------------------- ---------------------
(State of other jurisdiction of IRS Employer
incorporation or organization) Identification Number
c/o Grace Property Management, Inc.
55 Brookville Road
Glen Head, New York 11545
-----------------------------------------------------
(Address of principal executive offices and zip code)
(516) 686-2201
----------------------------------------------------
(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 the past 90 days. Yes [X] No [ ]
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]
On August 9, 2003, the registrant had outstanding 1,812,062 Partnership units.
PART 1. FINANCIAL INFORMATION
REEVES TELECOM LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
June 30, December 31,
2003 2002
----------- ------------
Assets
------
Cash and cash equivalents $ 710,332 $ 301,924
Prepaid and other current assets -- 18,737
Properties held for sale and property
and equipment:
Properties held for sale 351,292 354,009
Sales property and equipment, net 151,880 124,889
Country club property and
equipment, net -- 442,587
---------- ----------
Total properties held for sale and
property and equipment, net 503,172 921,485
Long term notes receivable 147,757 --
---------- ----------
Total Assets $1,361,261 $1,242,146
========== ==========
Liabilities and Partners' Capital
- ---------------------------------
Accounts payable and accrued expenses $ 49,374 $ 83,895
Accrued expenses, affiliates 34,112 54,762
Deposits on contract, net -- 280,245
Long-term debt 106,019 108,282
---------- ----------
Total Liabilities 189,505 527,184
Partners' capital 1,171,756 714,962
---------- ----------
Total Liabilities and
Partners' Capital $1,361,261 $1,242,146
========== ==========
The accompanying notes are an integral part of these financial statements.
REEVES TELECOM LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS AND PARTNERS' CAPITAL
FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002
(Unaudited)
2003 2002
---------- ----------
Operating revenues:
Property sales $ 113,810 $ 253,304
Rental income 4,590 --
Interest income and finance charges 150,933 2,932
Gain on sale of country club 341,221 --
---------- ----------
610,554 256,236
---------- ----------
Operating costs and expenses:
Direct costs of property sold 3,423 7,016
Selling, general and administrative
expenses 142,227 134,422
Depreciation 4,602 1,245
Interest 3,508 4,894
---------- ----------
153,760 147,577
---------- ----------
Net income 456,794 108,659
Partners' capital at beginning of period 714,962 722,601
---------- ----------
Partners' capital at end of period $1,171,756 $ 831,260
========== ==========
Income per partnership unit $ 0.25 $ 0.06
========== ==========
Weighted average partnership units
issued and outstanding 1,812,062 1,812,062
---------- ----------
The accompanying notes are an integral part of these financial statements.
REEVES TELECOM LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002
(Unaudited)
2003 2002
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 456,794 $ 108,659
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 4,602 1,245
Change in assets and liabilities:
Prepaid and other current assets 18,737 (2,728)
Property held for sale 2,717 (9,624)
Accounts payable and
accrued expenses (34,521) (64,562)
Gain on sale of country club (net) 14,585 39,848
--------- ---------
Net cash provided by operating activities 462,914 72,838
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in sales property & equipment,net (31,593) (1,918)
--------- ---------
Net cash provided by (used in) investing
activities (31,593) (1,918)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt (2,263) (2,260)
Decrease in accrued expenses, affiliates (20,650) --
--------- ---------
Net cash (used in) financing activities (22,913) (2,260)
--------- ---------
NET INCREASE IN CASH 408,408 68,660
CASH BALANCE - BEGINNING 301,924 296,993
--------- ---------
CASH BALANCE - ENDING $ 710,332 $ 365,653
========= =========
The accompanying notes are an integral part of these financial statements.
REEVES TELECOM LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS AND PARTNERS' CAPITAL
FOR THE THREE MONTHS ENDED JUNE 30, 2003 AND 2002
(Unaudited)
2003 2002
----------- -----------
Operating revenues:
Property sales $ 85,560 $ 58,045
Rental income 2,295 --
Interest income and finance charges 147,987 1,569
Gain on sale of country club 341,221 --
----------- -----------
577,063 59,614
----------- -----------
Operating costs and expenses:
Direct costs of property sold 2,013 2,376
Selling, general and administrative
expenses 80,258 68,678
Depreciation 2,301 622
Interest 1,176 2,461
----------- -----------
85,748 74,137
----------- -----------
Net income (loss) 491,315 (14,523)
Partners' capital at beginning of period 680,441 845,783
----------- -----------
Partners' capital at end of period $ 1,171,756 $ 831,260
=========== ===========
Income (loss) per partnership unit $ 0.27 $ (0.01)
=========== ===========
Weighted average partnership units
issued and outstanding 1,812,062 1,812,062
----------- -----------
The accompanying notes are an integral part of these financial statements.
REEVES TELECOM LIMITED PARTNERSHIP
JUNE 30, 2003
(Unaudited)
NOTE 1. Basis of Presentation
The accompanying unaudited consolidated financial statements have
been prepared in accordance with generally accepted accounting
principles for interim financial information and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all of the
information and notes required by generally accepted accounting
principles for complete financial statements. In the opinion of
management, all adjustments (consisting of only normal recurring
accruals) considered necessary for a fair presentation have been
included. Operating results for the three month and six month
periods ended June 30, 2003 are not necessarily indicative of the
results that may be expected for the year ending December 31,
2003. For further information, refer to the consolidated
financial statements and notes thereto included in the
Partnership's Annual Report on Form 10-K for the year ended
December 31, 2002 as filed with the Securities and Exchange
Commission on March 31, 2003.
NOTE 2. Liquidity and Going Concern Issues.
Cash generated from individual lot sales may not be sufficient to
meet future operating costs, debt service and other cash
requirements. If the Partnership's cash flow is less than
management's expectations, capital programs presently planned may
be either postponed, scaled back, or eliminated, and certain
operating expenditures may be either deferred or, in the case of
payments to the General Partner and its affiliates, accrued.
Despite such contingency plans by management, the above mentioned
factors indicate that the Partnership may be unable to continue
in existence while attempting to complete the sale and
liquidation of the Partnership's remaining assets. The
Partnership intends to continue to sell lots in the normal course
of business as a plan of liquidation and, while no assurances can
be given, the Partnership believes the carrying value of the
remaining lots is less than their net realizable value. Should
the Partnership change its plans from the current longer term
liquidation approach to a bulk sale and/or abandonment, the net
amount realized could be less than the carrying value which could
result in liabilities exceeding the Partnership's assets. The
financial statements have been prepared assuming the Partnership
will continue as a going concern.
NOTE 3. Sale of Fox Squirrel Country Club/The Lakes Country Club and
Disposal of Business Segment
During the first quarter of 2001, the Partnership completed the
sale of the assets of Fox Squirrel Country Club, now known as The
Lakes Country Club ("Fox Squirrel/The Lakes") for consideration
totaling $862,500, comprised of $150,000 in cash and a note
receivable having an initial principal amount of $712,500. Since
the cash down payment of $150,000 received by the Partnership
REEVES TELECOM LIMITED PARTNERSHIP
JUNE 30, 2003
(Unaudited)
represents less than 25% of the total consideration paid for the
assets, the transaction has been recorded on the Partnership's
financial statements using the deposit method as defined in
Statement of Financial Accounting Standard No. 66, "Accounting
for Sales of Real Estate" ("SFAS 66"). The deposit method
requires, among other things, that until the total cash received
by the Partnership from the down payment and subsequent principal
payments on the note receivable is at least 25% of the total
consideration paid: (a) the sold assets remain on the
Partnership's balance sheet as assets held for sale or disposal,
(b) cash received from the buyer at closing be shown as a deposit
on contract, and (c) payments received from the buyer in respect
of the note receivable subsequent to closing be treated as an
increase in the deposit. From March 31, 2001 through March 31,
2003, the Partnership recorded the transaction using the deposit
method. At March 31, 2003, the assets held by the Partnership
covered by the sale agreement were held at a net book value of
approximately $442,587. During the second quarter of 2003, the
Partnership received an early repayment of principal on the note
of $534,748. Since as of the date of such early repayment the
Partnership has received in excess of 25% of the total
consideration paid for the assets, the transaction has been
recorded as a sale of assets on the Partnership's financial
statements for the period ended June 30, 2003. The operations of
Fox Squirrel/The Lakes prior to the sale are recorded as
discontinued operations. During the second quarter of 2003, the
Partnership recognized a gain on the sale totaling $341,221.
REEVES TELECOM LIMITED PARTNERSHIP
JUNE 30, 2003
(Unaudited)
ITEM 2. Management Discussion and Analysis of Financial Condition and
Results of Operations.
Certain matters discussed herein are forward-looking statements
about the business, financial condition and prospects of the
Partnership. The actual results could differ materially from
those indicated by such forward-looking statements because of
various risks and uncertainties. Such risks and uncertainties may
include, but are not limited to, regional and national economic
conditions, changes in consumer demand for real estate, changes
in interest rates and the availability of credit to the
Partnership and/or potential purchasers of real estate, and
changes in state and federal regulations relating to
environmental and health matters. The Partnership cannot control
these risks and uncertainties and, in many cases, cannot predict
the risks and uncertainties that could cause its actual results
to differ materially from those indicated by the forward-looking
statements. The Partnership undertakes no obligation to publicly
update or revise any forward- looking statement, whether as a
result of new information, future events or otherwise.
During the first quarter of 2001, the Partnership completed the
sale of the assets of Fox Squirrel/The Lakes for consideration
totaling $862,500, comprised of $150,000 in cash and a note
receivable having an initial principal amount of $712,500.
Originally, the note bore interest at an annual rate of 9.5%, had
a maturity date of March 9, 2004, was collateralized by all of
the assets sold to the buyer, and provided for payments of
principal and interest as follows: (i) monthly payments of $6,641
from April 9, 2001 up to and including February 9, 2004, and (ii)
a final payment of $677,642 on March 9, 2004. During the second
quarter of 2003, in connection with the buyer's obtaining
financing from a local financial institution (the "Bank"), the
terms of the note were modified to provide for an annual interest
rate equal to the higher of (i) 8.75% and (ii) 2% over the Bank's
prime rate, and the maturity date was extended to June 15, 2008.
Assuming that the Bank's prime rate does not exceed 6.75%
(meaning that the interest rate on the note remains constant at
8.75%), the note as modified provides for payments of principal
and interest as follows: (i) $779 of interest only on July 9,
2003, (ii) monthly payments of $1,371 from August 9, 2003 up to
and including July 9, 2008, and (iii) a final payment of $125,459
on July 15, 2008. In addition to the foregoing modifications to
the note, the Partnership subordinated its lien priority on the
assets sold to the buyer to that of the Bank. In consideration of
the foregoing, during the second quarter of 2003, the Partnership
received from the buyer an early repayment of principal of
$534,748, reducing the unpaid principal amount outstanding under
the note to $147,757.
Since the cash down payment of $150,000 received by the
Partnership during the first quarter of 2001 represents less than
25% of the total consideration paid for the assets, the
transaction has been recorded on the Partnership's financial
statements using the
REEVES TELECOM LIMITED PARTNERSHIP
JUNE 30, 2003
(Unaudited)
deposit method as defined in SFAS 66. From March 31, 2001 through
March 31, 2003, the Partnership recorded the transaction using
the deposit method. At March 31, 2003, the assets held by the
Partnership covered by the agreement were held at a net book
value of approximately $442,587. Since as of the date of the
early repayment of principal to the Partnership of $534,748 the
Partnership has received in excess of 25% of the total
consideration paid for the assets, the transaction has been
recorded as a sale of assets on the Partnership's financial
statements for the period ended June 30, 2003. The operations of
Fox Squirrel/The Lakes prior to the sale are recorded as
discontinued operations. During the second quarter of 2003, the
Partnership recognized a gain on the sale totaling $341,221.
In connection with the modification of the note's terms as
described above, the Partnership and the buyer agreed to a
modification of the indemnification agreement relating to certain
environmental contamination from an underground storage tank
formerly located on the grounds of Fox Squirrel/The Lakes. The
indemnification agreement originally provided that the buyer may
extend the maturity of the note beyond March 9, 2004 if by that
date the Partnership had not completed remediation of such
environmental contamination. There was no limitation on the
duration of such extension. The agreement as modified provides
that the Partnership's indemnification extends to not later than
June 17, 2005, even if the North Carolina Department of
Environment and Natural Resources has not furnished a closure
letter formally stating that no further testing of ground water
or remediation is required.
Results of Operations
---------------------
- REVENUE
Revenue from property sales, and the number and type of property
sold for the first six months of 2003 and 2002 are set forth in
the table below.
Six Months Ended
June 30,
---------------------
2003 2002
-------- --------
PROPERTY SOLD
Boiling Spring Lakes, NC:
Individual undeveloped lots 9 10
Commercial land (acres) 3.63 6.30
Other land (acres) 0 20.00
Pimlico Plantation, SC:
Individual undeveloped lots 1 0
REEVES TELECOM LIMITED PARTNERSHIP
JUNE 30, 2003
(Unaudited)
REVENUE
Boiling Spring Lakes, NC:
Individual undeveloped lots $ 68,765 $ 93,120
Commercial land 20,500 65,410
Other land 0 94,774
Pimlico Plantation, SC
Individual undeveloped lots 24,545 0
-------- --------
Total Revenue $113,810 $253,304
======== ========
Note: During the first quarter of 2002 the Partnership
sold two parcels of undeveloped residential land in
Boiling Spring Lakes, totaling 20.00 acres, for an
aggregate of $94,774. In management's discussion and
analysis in the Partnership's quarterly report on Form
10-Q for the period ended June 30, 2002, such land was
included with individual undeveloped lots. In conformance
to the table above, such land is listed separately.
- Boiling Spring Lakes, NC
Generally, the real estate market in Boiling Spring Lakes, NC,
which was sluggish for most of 2002, remained so during the first
six months of 2003. Despite low interest rates, demand for
buildable residential lots remained low compared to 2001 and
prior years. While Management believes that the real estate
market in the coastal region of North Carolina in general is
beginning to experience a recovery, the extent of such recovery,
and the effect, if any, on the Partnership, is difficult to
predict at this time.
Individual Undeveloped Lots - Management attributes the decrease
in revenue to a decrease in the number of lots sold, which, in
turn, reflects a somewhat slower real estate market in Brunswick
County, North Carolina during the first six months of 2003 than
in the same period of 2002. The average sales price per lot sold
was lower for the first six months of 2003 than for the same
period in 2002, which is due principally to the relative mix of
lots sold. Lots adjoining or close to the golf course for
example, generally sell for more than lots that are not close to
the golf course, and lots which are suitable for the installation
of individual on-site septic systems generally sell for more than
lots which are not suitable for on-site septic systems.
Commercial Land - Management attributes the decline in revenue to
the fact that some 3 acres were sold during the first six months
of 2003, compared to some 6 acres sold in the same period of
2002. The Partnership experiences great volatility in sales from
year to year as to revenue and acreage, and often the Partnership
records no sales in a fiscal year. The price per acre that the
Partnership realizes depends upon numerous factors, including,
among others, the size of the tract and its location.
REEVES TELECOM LIMITED PARTNERSHIP
JUNE 30, 2003
(Unaudited)
Other Land - Management attributes the decline in revenue to the
fact that no acreage was sold during the first six months of
2003, whereas some 20 acres were sold in the same period of 2002.
The Partnership experiences great volatility in sales from year
to year as to revenue and acreage, and often the Partnership
records no sales in a fiscal year. The price per acre that the
Partnership realizes depends upon numerous factors, including,
among others, the size of the tract, its location, and the extent
to which portions of the tract are suitable for the installation
of individual on-site septic systems.
- Pimlico Plantation, SC
Management attributes the increase in revenue to the fact that
one lot was sold during the first six months of 2003, whereas no
lots were sold in the same period of 2002. After such sale, the
Partnership no longer owns any land in Pimlico Plantation, SC.
- DIRECT COSTS OF PROPERTY SOLD
Direct costs of property sold for the first six months of 2003
and 2002 were $3,423 and $7,016, respectively. Management
attributes the decrease in costs principally to the lower number
of individual undeveloped lots sold, the lower number of acres of
commercial land sold, and the lower number of acres of other land
sold during the first six months of 2003 than during the same
period of 2002.
- SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses were $142,227 for
the first six months of 2003, compared to $134,422 for the same
period of 2002. The principal components of the approximately 6%
increase are as follows:
- Real estate taxes - a 22% increase in taxes, or $5,295, is
due primarily to an increase in assessed values of the
Partnership's land in Boiling Spring Lakes following a
reassessment for all of Brunswick County, NC.
- Accounting and auditing fees - a 561% increase, or $6,669,
is due primarily to the timing of receipt of invoices by
the Partnership relating to accounting and auditing work.
Notwithstanding such increase, Management believes that
the total cost for fiscal 2003 will approximate the total
cost for fiscal 2002.
- State income taxes - During the six months of 2003, the
Partnership paid taxes to the State of North Carolina
and the State of South Carolina totaling $5,500, whereas
no such payments were made during the same period of
2002. Reeves
REEVES TELECOM LIMITED PARTNERSHIP
JUNE 30, 2003
(Unaudited)
Telecom for Federal income tax purposes is taxed as a
partnership; accordingly all income taxes are the
responsibility of each partner. However, North Carolina
and South Carolina require that Reeves Telecom file a
composite return and pay the tax on behalf of the
non-resident partners.
The sale of the assets of Fox Squirrel/The Lakes was completed on
March 9, 2001 and the transaction was recorded as a sale in the
Partnership's financial statements on June 30, 2003. During the
intervening period, the transaction was recorded using the
deposit method as defined in SFAS 66. Accordingly, there are no
financial results of operations of Fox Squirrel/The Lakes for the
first six months of 2003 or 2002.
Inflation has had only a minor impact on the Partnership's
operations during the first six months of 2003 and 2002.
Capital Resources and Liquidity
-------------------------------
Operating activities provided $448,329 of net cash during the
first six months of 2003, compared to $32,990 of net cash
provided by operating activities during the same period of 2002.
The change is primarily attributable to the sale of Fox Squirrel
Country Club.
Investing activities used net cash of $17,008 during the first
six months of 2003, compared to $37,930 provided during the same
period of 2002. The change is primarily attributable to the early
repayment of principal to the Partnership of $534,748 on the note
receivable from the borrower in connection with the sale of the
assets of Fox Squirrel/The Lakes.
Financing activities used $22,913 of net cash during the first
six months of 2003, compared to $2,260 of net cash used during
the same period of 2002. Payment of accrued expenses to
affiliates and principal payments on long-term debt continue to
represent most of the cash uses.
During the second quarter of 2003, the Partnership renegotiated
the terms of its loan from a local financial institution to
provide for a lower interest rate. Effective April 2, 2003, the
note has a balance outstanding of $107,038, bears interest at a
fixed rate of 5.65%, and provides for equal monthly payments of
$1,020 through March 2006. The note matures on April 2, 2006, at
which time the remaining principal balance will be due. The
Partnership has no other long-term debt. The scheduled payments
under the foregoing note after June 30, 2003 are as follows:
Rest of 2003 $ 6,122
2004 12,244
2005 12,244
2006 90,302
REEVES TELECOM LIMITED PARTNERSHIP
JUNE 30, 2003
(Unaudited)
In August 2003, following the end of the second quarter of 2003,
the Partnership elected to repay the existing balance of the
note. After giving effect to such repayment, the Partnership has
no long- term debt.
Off Balance Sheet Arrangements
------------------------------
The Partnership does not utilize off balance sheet arrangements,
and there were none during the first six months of 2003 or 2002.
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
The Partnership's principal market risk exposure is to changes in
interest rates, which are highly sensitive to many factors,
including governmental monetary and tax policies, domestic and
international economic and political considerations, and other
factors beyond the control of the Partnership. Changes in the
general level of interest rates can affect the Partnership's
revenue from property sales, since the market for real estate in
general varies to a large degree upon the level and stability of
interest rates. Generally, when interest rates are high or are
increasing, the market for real estate declines, and when
interest rates are low or are stable, the market for real estate
increases. The Partnership does not enter into derivative
contracts for its own account to hedge against the risk of
changes in interest rates.
The Partnership's interest-bearing assets at June 30, 2003 are as
follows:
- Cash, substantially all of which is deposited at a local
financial institution. The interest rate earned on the
cash balance is variable. During the second quarter of
2003, cash balances averaged $450,371.
- The note receivable from the buyer of the assets of Fox
Squirrel/The Lakes. The stated interest rate on the note
was 9.5% until June 17, 2003, when the terms of the note
were modified to provide, among other things, for an
annual interest rate equal to the higher of (i) 8.75% and
(ii) 2% over the Bank's prime rate. Subsequent to the
modification of the note's terms, the interest rate has
not exceeded 8.75%.
Had the average level of interest rates during the first six
months of 2003 been higher or lower by 100 basis points or one
percent (1%), the Partnership would have earned approximately
$1,650, more or less, on its cash balances, based upon average
quarterly balances.
The Partnership's interest-bearing liabilities at June 30, 2003
consist only of long-term debt secured by a mortgage on an
improved
REEVES TELECOM LIMITED PARTNERSHIP
JUNE 30, 2003
(Unaudited)
residential lot purchased in 1999. Such debt is owed to the same
institution where the Partnership maintains its cash balances.
The interest rate on the outstanding principal amount of the loan
was fixed at 8.65% until April 2003, when the Partnership
renegotiated the terms of the loan to provide for a fixed
interest rate of 5.65%. Since the interest rate on the
Partnership's outstanding debt is fixed, there would have been no
change in interest expense had the average level of interest
rates during the first six months of 2003 been higher or lower by
100 basis points or one percent (1%).
ITEM 4. Controls and Procedures
Within the 90 day period prior to the filing date of this
quarterly report on Form 10-Q, the General Partner, under the
direction of John S. Grace and Davis P. Stowell, President and
Vice President, respectively, of the General Partner (since the
Partnership has no executive officers, Messrs. Grace and Stowell
carry out the responsibilities of the chief executive officer and
chief financial officer, respectively, of the Partnership),
carried out an evaluation of the effectiveness of the design and
operation of the Partnership's disclosure controls and procedures
as defined in Exchange Act Rules 13a-14(c) and 15(d)-14c. Based
upon that evaluation, Messrs. Grace and Stowell concluded that
the Partnership's disclosure controls and procedures are
effective. There have been no significant changes in the
Partnership's internal controls or in other factors that could
significantly affect internal controls subsequent to the date
that evaluation was carried out. The General Partner intends to
periodically evaluate the Partnership's disclosure controls and
procedures as required by the Exchange Act Rules.
REEVES TELECOM LIMITED PARTNERSHIP
JUNE 30, 2003
(Unaudited)
PART II - OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
31(A) Certification of Quarterly Report by Principal
Executive Officer Pursuant to Exchange Act
Rules 13a-14 and 15d-14.
31(B) Certification of Quarterly Report by Principal
Financial Officer Pursuant to Exchange Act
Rules 13a-14 and 15d-14.
32(A) Certification of Principal Executive Officer
Pursuant to 18 U.S.C. Section 1350*.
32(B) Certification of Principal Financial Officer
Pursuant to 18 U.S.C. Section 1350*.
* Exhibits 32(A) and 32(B) are to be treated
as "furnished" rather than "filed" as part
of this report.
(b) No reports were filed on Form 8-K for the quarter ended
June 30, 2003.
REEVES TELECOM LIMITED PARTNERSHIP
JUNE 30, 2003
(Unaudited)
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, thereto duly authorized.
REEVES TELECOM LIMITED PARTNERSHIP
By: Grace Property Management Inc.
General Partner
By: /s/ JOHN S. GRACE
------------------------------
John S. Grace
President
Dated: August 12, 2003