-----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, IlqSXz0THviLkbR63jazIf82Uoa0jQpb+bBOYijzK12/RbjbI0JHLldeIf13/X/U g30qVnSv3wYdYXzC7fQeJQ== 0000858801-97-000006.txt : 19970818 0000858801-97-000006.hdr.sgml : 19970818 ACCESSION NUMBER: 0000858801-97-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970815 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: 97664717 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 June 30, 1997 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 JUNE 30, 1997 (UNAUDITED) AND DECEMBER 31, 1996
(Unaudited) June 30, December 31, 1997 1996 Assets Cash and cash equivalents $ 763,616 $ 1,187,208 Rentals receivable 1,012,036 872,371 Value added tax deposits 80,527 80,511 Accounts receivable - affiliates 99,198 416,589 Remarketing receivable 5,752 153,817 Rental equipment, at cost 51,878,542 59,434,351 Less accumulated depreciation (28,418,521) (36,646,360) Net rental equipment 23,460,021 22,787,991 Total assets $ 25,421,150 $ 25,498,487 Liabilities and partners' capital Accrued management fees $ 138,679 $ 54,316 Accrued interest expense 61,605 69,655 Accounts payable 29,942 28,701 Accounts payable - affiliates - 1,032,127 Deferred income 60,751 74,545 Notes payable 8,818,204 7,573,033 Limited recourse notes payable 230,605 228,562 Total liabilities 9,339,786 9,060,939 Partners' capital: General Partner: Capital contribution 1,000 1,000 Cumulative net income (loss) 1,706 (15,208) Cumulative cash distributions (308,062) (287,587) (305,356) (301,795) Limited Partners (506,776 units): Capital contributions, net of offering costs 46,201,039 46,201,039 Cumulative net income (loss) 168,810 (1,505,671) Cumulative cash distributions (29,983,129) (27,956,025) 16,386,720 16,739,343 Total partners' capital 16,081,364 16,437,548 Total liabilities and partners' capital $ 25,421,150 $ 25,498,487
CSA INCOME FUND IV LIMITED PARTNERSHIP STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
Three Months Six Months June 30, June 30, 1997 1996 1997 1996 Revenues: Rental income $ 2,620,603 $ 5,649,629 $ 5,535,905 $10,060,502 Interest income 12,637 8,093 73,028 56,958 Gain on sale of equipment 67,534 43,228 431,682 341,902 Net gain (loss) on foreign currency 10,521 (7,676) 18,895 (5,639) Total revenues 2,711,295 5,693,274 6,059,510 10,453,723 Costs and expenses: Depreciation and amortization 1,303,200 4,448,005 3,367,966 7,904,799 Interest 154,154 252,963 274,326 571,998 Management fees 289,916 423,892 590,613 735,927 General and administrative 63,298 53,436 135,210 140,787 Total expenses 1,810,568 5,178,296 4,368,115 9,353,511 Net income $ 900,727 $ 514,978 $ 1,691,395 $ 1,100,212 Net income allocation: General Partner $ 9,007 $ 5,150 $ 16,914 $ 11,002 Limited Partners 891,720 509,828 1,674,481 1,089,210 $ 900,727 $ 514,978 $ 1,691,395 $ 1,100,212 Net income per Limited Partnership Unit $ 1.76 $ 1.01 $ 3.30 $ 2.15 Number of Limited Partnership Units 506,776 506,776 506,776 506,776
CSA INCOME FUND IV LIMITED PARTNERSHIP STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
Three Months Ended Six Months Ended June 30, June 30, 1997 1996 1997 1996 Cash flows from operations: Cash received from rental of equipment $ 2,785,362 $ 4,475,271 $ 5,429,479 $ 8,775,500 Cash paid for operating and management expenses (300,847) (377,184) (640,219) (787,338) Interest paid (162,204) (209,766) (282,376) (494,906) Interest received 12,637 8,093 73,028 56,958 Net cash from operations 2,334,948 3,896,414 4,579,912 7,550,214 Cash flow from investments: Value added tax 1,967 243 (16) 9,019 Purchase of equipment(4,539,068) (5,570,090) (5,543,794)(10,682,964) Sale of equipment 223,689 233,806 2,076,134 841,141 Net cash from (used for) investments (4,313,412) (5,336,041) (3,467,676) (9,832,804) Cash flows from financing: Change in amounts due to/from affiliates 663,539 1,883,289 (735,463) 1,571,023 Accounts payable equipment purchase - 389,155 - 341,792 Proceeds from notes payable 3,581,186 3,274,476 4,148,044 3,274,476 Repayment of notes payable (1,062,180) (2,944,123) (2,900,830) (5,871,521) Payment of cash distributions (1,023,789) (1,023,791) (2,047,579) (2,047,580) Net cash from (used for) financing 2,158,756 1,579,006 (1,535,828) (2,731,810) Net change in cash and cash equivalents 180,292 139,379 (423,592) (5,014,400) Cash and cash equivalents at beginning of period 583,324 1,641,268 1,187,208 6,795,047 Cash and cash equivalents at end of period $ 763,616 $ 1,780,647 $ 763,616 $ 1,780,647
CSA INCOME FUND IV LIMITED PARTNERSHIP NOTE TO FINANCIAL STATEMENTS The quarterly financial statements of the Partnership presented herein are without audit except for the December 31, 1996 Balance Sheet information. 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 31,1996. In the General Partner's opinion, the unaudited financial statements reflect all adjustments necessary to present fairly the financial position of CSA Income Fund IV Limited Partnership as of June 30, 1997 and 1996 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 Rental income revenue was $2,620,603 and $5,649,629 and net income was $900,727 and $514,978 for the quarters ended June 30, 1997 and 1996, respectively. For the six months ended June 30, 1997 and 1996, rental income was $5,535,905 and $10,060,502, and net income was $1,691,395 and $1,100,212, respectively. The rental income decrease was primarily due to the expiration of a major portion of the TIC Leasing Corp. portfolio acquired from Turner Broadcasting System Inc. Rental income revenue also does not reflect addition investment in European Sales Agency Agreements, the accounting for which provides neither rental revenue nor debt service requirements for the transactions even though the Partnership is the beneficial owner of the equipments' residual value. The decrease in rental income revenue was more than offset by lower levels of depreciation due to accelerated methods of depreciation for certain equipment in prior years and the remarketing of fully depreciation equipment. The Partnership generated $6,656,046 from operations and sales of equipment during the six months ended June 30, 1997. During this period, the Partnership used these funds, funds received from debt financings and cash on hand to acquire additional equipment of $5,543,794, make payments on notes payable of $2,900,830 and make distributions to partners of $2,047,579. The Partnership paid distributions of $.67 per Limited Partnership unit on the 15th of April, May, and June 1997. To date, the Partnership has made cash distributions to the Limited Partners ranging from 47% to 69% 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 for as long as the equipment continues to be leased. Management, on a periodic basis, reviews the Partnership's projected performance. 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 Partnership (Registrant) By its General Partner, CSA Lease Funds, Inc. Date: /s/ J. Frank Keohane President and Principal Executive Officer Date: /s/ Richard P. Timmons Controller Principal Accounting and Finance Officer Form 10-Q - Page 8 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 June 30, 1997 and Statement of Operations for the six months then ended and is qualified in its entirety by reference to such financial statements. 6-MOS DEC-31-1997 JUN-30-1997 763,616 0 1,197,513 0 0 0 51,878,542 28,418,521 25,421,150 0 0 0 0 0 16,081,364 25,421,150 0 5,535,905 3,958,579 4,368,115 135,210 0 274,326 1,691,395 0 1,691,395 0 0 0 1,691,395 3.30 3.30 The Registrant maintains an unclassified Statement of Financial Position.
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