-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CGk5VJonfqwDxTNPe1yynG337x1HDxyoi3bfg7lNqs4kYjNnFmVdxUsoQ/0ojDPV +1xhX7wsZJ+PFq5+ym2rkA== 0000912057-97-015933.txt : 19970508 0000912057-97-015933.hdr.sgml : 19970508 ACCESSION NUMBER: 0000912057-97-015933 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970507 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEYSTONE MORTGAGE FUND CENTRAL INDEX KEY: 0000793038 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 953786580 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14562 FILM NUMBER: 97597157 BUSINESS ADDRESS: STREET 1: 11340 W OLYMPIC BLVD STREET 2: STE 300 CITY: LOS ANGELES STATE: CA ZIP: 90064 BUSINESS PHONE: 2134794121 MAIL ADDRESS: STREET 1: 11340 W OLYMPIC BLVD STREET 2: SUITE 300 CITY: LOS ANGELES STATE: CA ZIP: 90064 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 _____________ FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended Commission File Number March 31, 1997 0-14562 _____________ Keystone Mortgage Fund (Exact name of registrant as specified in its charter.) California 95-3786580 (State of Incorporation) (I.R.S. Employer Identification No.) 11340 W. Olympic Boulevard 90064-1661 Suite 300 (Zip Code) Los Angeles, California (Address of principal executive offices) Registrant's telephone number, including area code: (310) 479-4121 _____________ Indicated by check mark whether the registrant (1) has filed all report required to be filed by Section 13 of 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 / / KEYSTONE MORTGAGE FUND INDEX
Page --------- PART I. FINANCIAL INFORMATION Item 1. Financial Statements. (a) Condensed Balance Sheets, December 31, 1996 and March 31, 1997............................. 3 (b) Condensed Statements of Income, three ended, March 31, 1997 and 1996....................... 4 (c) Condensed Statements of Partners' Capital (Deficit) for the year ended December 31, 1996 and the three months ended March 31, 1997.................................................. 5 (d) Condensed Statements of Cash Flows, three months ended March 31, 1997 and 1996............. 6 (e) Notes to condensed financial statements.................................................... 7 Item 2. Management's discussion and analysis of financial condition and results of operations.. 8 PART II. OTHER INFORMATION Item 6. Exhibits and reports on Form 8-K........................................................... 9 & 10
2 KEYSTONE MORTGAGE FUND, A California Limited Partnership BALANCE SHEETS
Assets (Unaudited) *December 31 March 31 1996 1997 ------------- ------------ Current assets: Cash and cash equivalents.......................................................... $ 25,526 $ 13,200 Short-term investments (market value of $2,417,512 in 1996 and $3,691,366 in 1997)............................................................................ 2,417,512 3,691,366 ------------- ------------ Total current assets........................................................... 2,443,038 3,704,566 Investment in real estate, net....................................................... 812,778 -0- ------------- ------------ $ 3,255,816 $ 3,704,566 ------------- ------------ ------------- ------------ Liabilities and Partners' Capital Current liabilities: Accounts payable and other liabilities............................................. $ 1,208 $ 1,005 Due general partner................................................................ 280,000 282,500 ------------- ------------ Total current liabilities...................................................... 281,208 283,505 ------------- ------------ Partners' capital: General Partners................................................................... 26,655 31,120 Limited partners--authorized 20,000 units, outstanding 13,272 units................ 2,947,953 3,389,941 ------------- ------------ 2,974,608 3,421,061 ------------- ------------ $ 3,255,816 $ 3,704,566 ------------- ------------ ------------- ------------
See accompanying notes to financial statements. *Extracted from audited December 31, 1996 financial statements. 3 KEYSTONE MORTGAGE FUND, A California Limited Partnership CONDENSED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended March 31 1997 1996 ---------- ---------- Revenue: Interest on mortgage loans.............................................................. $ -0- $ 26,971 Interest on short-term investments...................................................... 42,736 30,319 Rental and other revenue from investment in real estate................................. 33,227 50,913 Gain on disposition of investment in real estate........................................ 409,361 ---------- ---------- 485,324 108,203 Expenses: Servicing related expenses.............................................................. 11,654 24,441 Administrative and general expenses..................................................... 5,150 3,770 Expenses related to real estate acquired in settlement of loans......................... 22,067 28,536 ---------- ---------- 38,871 56,747 NET INCOME (LOSS)................................................................... $ 446,453 $ 51,456 ---------- ---------- ---------- ---------- Weighted average number of limited partnership units outstanding.......................... 13,272 13,272 ---------- ---------- ---------- ---------- Net income per limited partnership unit................................................... $ 33.64 $ 3.88 ---------- ---------- ---------- ----------
4 KEYSTONE MORTGAGE FUND, A California Limited Partnership STATEMENTS OF PARTNER'S CAPITAL
General Limited Partners Partners Total --------- ------------ ------------ Balance at December 31, 1996............................................... $ 26,655 $ 2,947,953 $ 2,974,608 Net income three months ended March 31, 1997............................... 4,465 441,988 446,453 --------- ------------ ------------ Balance as of March 31, 1997............................................... $ 31,120 $ 3,389,941 $ 3,421,061 --------- ------------ ------------ --------- ------------ ------------
5 KEYSTONE MORTGAGE FUND, A California Limited Partnership STATEMENTS OF CASH FLOWS
Nine Months Ended March 31 1997 1996 ------------ ---------- OPERATING ACTIVITIES: Net Income........................................................................... $ 446,453 $ 51,456 Amortization of net origination fees............................................... (275) Depreciation expense from investment in real estate................................ 13,000 Decrease in interest receivable.................................................... 28 Increase in accounts payable and other liabilities................................. 2,297 2,498 ------------ ---------- NET CASH PROVIDED BY OPERATING ACTIVITIES........................................ 448,750 66,707 INVESTING ACTIVITIES: Decrease in trust deed receivable.................................................... 3,170 Proceeds from sale of investment in real estate...................................... 812,778 Purchase of short-term investments................................................... (1,273,854) (201,320) ------------ ---------- NET CASH USED IN INVESTING ACTIVITIES............................................ (461,076) (198,150) ------------ ---------- Decrease in cash and cash equivalents................................................ (12,326) (131,443) Cash and cash equivalents at beginning of year....................................... 25,526 157,848 ------------ ---------- CASH AND CASH EQUIVALENTS AT END OF PERIOD....................................... $ 13,200 $ 26,405 ------------ ---------- ------------ ----------
6 KEYSTONE MORTGAGE FUND, A California Limited Partnership NOTES TO CONDENSED FINANCIAL STATEMENTS NOTE A--UNAUDITED BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared by Keystone Mortgage Fund in accordance with generally accepted accounting principles, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed financial statements contain all adjustments necessary, which were of normal recurring nature, for a fair statement of the results for the interim periods presented. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in Form 10-K for the year ended December 31, 1996 filed by the Company under the Securities Exchange Act of 1934. 7 KEYSTONE MORTGAGE FUND, A California Limited Partnership NOTES TO CONDENSED FINANCIAL STATEMENTS (Continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - ------------------------------------------------------------------------------- Total revenues for the three months ended March 31, 1997 increased $377,121, or 348.5%, over the comparable 1996 period. This increase was due to the gain on disposition of investment in real estate. Total expenses decreased 33.3% for the three months ended March 31, 1997 over the same period March 31, 1996. Servicing related expenses decreased 52.3% and general and administrative expenses increased 36.6% for the three months ended March 31, 1997 over the same period March 31, 1995. Expenses related to real estate acquired in settlement of loans decreased 22.7% for the three months ended March 31, 1997 as compared to the same period March 31, 1996. Net income increased $394,997, or 767.6% and net income per limited unit increased $29.76 for the three months ended March 31, 1997 as compared to the three months ended March 31, 1996. The Partnership working capital increased $1,259,231 during the three months ended March 31, 1997. The Partnership has adequate working capital and cash reserves to carry on its business. THE PARTNERSHIP IS IN DISSOLUTION PENDING FINAL DISPOSITION OF REMAINING ASSETS. IT IS ANTICIPATED THAT FINAL DISTRIBUTIONS WILL BE MADE ON OR ABOUT APRIL 30, 1997. 8 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) The Registrant filed no reports on Form 8-K during the quarter ended March 31, 1997. 9 SIGNATURES 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. KEYSTONE MORTGAGE FUND a California Limited Partnership Date: May 7, 1997 /s/ John P. Sullivan -------------------------------------------- Keystone Mortgage Company By: John P. Sullivan, President Date: May 7, 1997 /s/ John P. Sullivan -------------------------------------------- John P. Sullivan General Partner Date: May 7, 1997 /s/ Christopher E. Turner -------------------------------------------- Christopher E. Turner General Partner
10 EX-27 2 EXHIBIT 27-FDS
5 3-MOS DEC-31-1997 MAR-31-1997 13,200 3,691,366 0 0 0 3,704,566 0 0 3,704,566 283,505 0 0 0 0 3,421,061 3,704,566 0 485,324 0 0 38,871 0 0 0 0 0 0 0 0 446,453 0 0
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