-----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, J05ea91yHfpEd/TTn5y+igBOhJByEFDgHroSlKJMwJp1DCn1avNeYVcq8cAsiTUw JKb3c4tER/QQZcycQuHxOg== 0000858801-96-000001.txt : 19960517 0000858801-96-000001.hdr.sgml : 19960517 ACCESSION NUMBER: 0000858801-96-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CSA INCOME FUND IV LIMITED PARTNERSHIP CENTRAL INDEX KEY: 0000858801 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER RENTAL & LEASING [7377] IRS NUMBER: 043072449 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19939 FILM NUMBER: 96566630 BUSINESS ADDRESS: STREET 1: 22 BATTERYMARCH STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6173571700 MAIL ADDRESS: STREET 1: 22 BATTERY MARCH STREET CITY: BOSTON STATE: MA ZIP: 02109 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (X) QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1996 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 33-32744 CSA Income Fund IV Limited Partnership (Exact name of registrant as specified in its charter) Massachusetts 04-3072449 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 22 Batterymarch St., Boston, Massachusetts 02109 (Address of principal executive offices) (Zip Code) (617) 357-1700 (Registrant's telephone number, including area code) Former name, former address and former fiscal year, if changed since last report 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 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: PART I - FINANCIAL INFORMATION CSA INCOME FUND IV LIMITED PARTNERSHIP CSA INCOME FUND IV LIMITED PARTNERSHIP STATEMENTS OF FINANCIAL POSITION AS OF MARCH 31, 1996 (UNAUDITED) AND DECEMBER 31, 1995 ______________________________________________________________________
(Unaudited) March 31, 1996 December 31, 1995 Assets Cash and cash equivalents $ 1,641,268 $ 6,795,047 Rents receivable 376,033 369,887 Value added tax receivable 81,137 89,913 Accounts receivable - affiliates 838,978 611,953 Remarketing receivable - 31,160 Rental equipment, at cost 76,738,294 77,469,983 Less accumulated depreciation (49,488,645) (51,633,820) Net rental equipment 27,249,649 25,836,163 Total assets $ 30,187,065 $ 33,734,123 Liabilities and partners' capital Accrued management fees $ 29,483 $ 40,781 Accrued interest expense 81,568 113,562 Accounts payable and accrued expenses 20,706 28,271 Accounts payable-equipment purchases 37,328 84,691 Accounts payable - affiliates - 85,240 Deferred income 138,767 226,089 Sales tax payable 17,791 9,697 Notes payable 10,968,421 13,804,399 Limited recourse notes payable 571,064 580,901 Total liabilities 11,865,128 14,973,631 Partners' capital: General Partner: Capital contribution 1,000 1,000 Cumulative net loss (27,078) (32,930) Cumulative cash distributions (256,872) (246,635) (282,950) (278,565) Limited Partners (506,776 units): Capital contributions, net of offering costs 46,201,039 46,201,039 Cumulative net loss (2,680,783) (3,260,165) Cumulative cash distributions (24,915,369) (23,901,817) 18,604,887 19,039,057 Total partners' capital 18,321,937 18,760,492 Total liabilities and partners' capital $ 30,187,065 $ 33,734,123
CSA INCOME FUND IV LIMITED PARTNERSHIP STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 ______________________________________________________________________
1996 1995 Revenues: Rental income $ 4,410,873 $ 5,675,740 Interest income 48,865 88,412 Gain on sale of equipment 298,674 58,931 Net gain on foreign currency transactions 2,037 43,261 Total revenues 4,760,449 5,866,344 Costs and expenses: Depreciation and amortization 3,456,794 4,772,013 Interest 319,035 521,442 Management fees 312,035 330,250 General and administrative 87,351 100,450 Total expenses 4,175,215 5,724,155 Net income $ 585,234 $ 142,189 Net income allocation: General Partner $ 5,852 $ 1,422 Limited Partners 579,382 140,767 $ 585,234 $ 142,189 Net income per weighted average Limited Partnership Unit $ 1.14 $ 0.28 Number of weighted average Limited Partnership Units 506,776 506,776
CSA INCOME FUND IV LIMITED PARTNERSHIP STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 ______________________________________________________________________ 1996 1995 Cash flows from operations: Cash received from rental of equipment $ 3,906,380 $ 6,311,345 Cash paid for operating and management expenses (410,154) (382,701) Interest paid (285,140) (469,615) Interest received 48,865 88,412 Net cash from operations 3,259,951 5,547,441 Cash flow from investments: Value added tax 8,776 (104,160) Purchase of equipment (5,112,874) (1,155,436) Sale of equipment 607,335 2,753,419 Net cash provided by (used for) investments (4,496,763) 1,493,823 Cash flows from financing: Equipment purchases payable (47,363) (419,903) Proceeds from notes payable - 2,746,765 Repayment of notes payable (2,845,815) (3,092,908) Payment of cash distributions (1,023,789) (1,023,790) Net cash used for financing (3,916,967) (1,789,836) Net change in cash and cash equivalents (5,153,779) 5,251,428 Cash and cash equivalents at beginning of period 6,795,047 1,967,270 Cash and cash equivalents at end of period $ 1,641,268 $ 7,218,698
CSA INCOME FUND IV LIMITED PARTNERSHIP NOTE TO FINANCIAL STATEMENTS ______________________________________________________________________ The quarterly financial statements have been prepared by the Partnership without audit. Certain information and footnote disclosures normally included in the annual financial statements have been condensed or omitted from the accompanying statements. For such information, reference should be made to the financial statements and notes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 1995. In the General Partner's opinion, the unaudited financial statements reflect all adjustments which are of a normal recurring nature, necessary to present fairly the financial position of CSA Income Fund IV Limited Partnership as of March 31, 1996 and December 31, 1995 and the results of operations and cash flows for the periods presented therein. CSA INCOME FUND IV LIMITED PARTNERSHIP GENERAL PARTNER'S DISCUSSION OF OPERATIONS ______________________________________________________________________ Gross rental income was $4,410,873 and $5,675,740 and net income was $585,234 and $142,189 for the quarters ended March 31, 1996 and 1995, respectively. The decrease in rental income is due to expiring leases and the sale of equipment from the Partnership's portfolio as well as additional investment in sales agency agreements which provide for equity in residual values of equipment but provide no current rental revenue or debt service requirements to the Partnership. The decrease in revenue was more than offset by lower levels of depreciation which was the result of the use of accelerated methods of depreciation for certain equipment in prior years and the remarketing of fully- depreciated equipment. The Partnership generated $3,867,286 in cash flow from operations and from the sale of equipment during the three months ended March 31, 1996. This cash along with cash on hand was used to purchase equipment, repay debt and pay cash distributions to the partners. The Partnership acquired $5,112,874 of additional equipment, repaid $2,845,815 of notes payable and made cash distributions to partners of $1,023,789. The Partnership paid distributions of $.67 per limited partnership unit on the 15th of January, February and March 1996. To date, the Partnership has made cash distributions to the Limited Partners ranging from 37% to 59% of their initial investment, depending on when the Limited Partners entered the Partnership. The objective of the Partnership is to return the Limited Partner's investment through current distributions and provide a return on this investment by continued distributions as long as the equipment continues to be leased. Management, on a periodic basis, reviews the Partnership's projected performance. Though the most recent review indicates that revenues generated by the Partnership from certain lease renewals and remarketings after the initial lease terms have been lower than anticipated, as a result of more rapid obsolescence in high technology equipment, based on an analysis of the remaining assets in the Partnership's portfolio, the General Partner presently estimates that the continued cash distributions will return the entire initial investment of the Limited Partners and a return thereon. However, the magnitude of the return may be lower than originally anticipated at the inception of the Partnership. The General Partner will continue to report on the Limited Partners' return of investment with each cash distribution and the General Partner intends to pursue additional lease investment opportunities to increase the Partnership's distributions. CSA INCOME FUND IV LIMITED PARTNERSHIP PART II ________________________________________________________________________ Item 1 - Legal Proceedings None Item 2 - Changes in Securities None Item 3 - Defaults Upon Senior Securities None Item 4 - Submission of Matters to a Vote of Security Holders None Item 5 - Other Information None Item 6 - Exhibits and Reports on Form 8-K (a) Exhibits - Exhibit 27. Financial Data Schedule. (b) Reports on Form 8-K - No reports have been filed on Form 8-K during this quarter. 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. CSA Income Fund IV Limited Partnership (Registrant) By its General Partner, CSA Lease Funds, Inc. Date: 5/14/96 /s/ J. Frank Keohane J. Frank Keohane President and Principal Executive Officer Date: 5/14/96 /s/ Richard F. Sullivan Richard F. Sullivan Vice President, Principal Accounting and Finance Officer EX-27 2
5 This schedule contains summary financial information extracted from CSA Income Fund IV Limited Partnership's Statement of Financial Position as of March 31, 1996 and Statement of Operations for the three months then ended and is qualified in its entirety by reference to such financial statements. 3-MOS DEC-31-1996 MAR-31-1996 1,641,268 0 1,296,148 0 0 0 76,738,294 49,488,645 30,187,065 0 0 0 0 0 18,321,937 30,187,065 0 4,760,449 0 3,768,829 87,351 0 319,035 585,234 0 585,234 0 0 0 585,234 1.14 1.14 The Registrant maintains an unclassified Statement of Financial Position.
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