-----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, HhXN21wKGQzBOg6E7xvc0r60dgrXMaDosqr07RQdxxlcwPjT/i6bjfgQ2lDIfQLh Evyr5InTu/Qbm759iUUvmQ== 0000858801-98-000002.txt : 19980518 0000858801-98-000002.hdr.sgml : 19980518 ACCESSION NUMBER: 0000858801-98-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 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: SEC FILE NUMBER: 000-19939 FILM NUMBER: 98623058 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, 1998 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 STATEMENTS OF FINANCIAL POSITION AS OF
(Unaudited) March 31, December 31, 1998 1997 Assets Cash and cash equivalents $ 1,012,460 $ 1,746,766 Rentals receivable 565,143 559,640 Value added tax receivable 3,028 3,028 Accounts receivable - affiliates 625,790 292,804 Other receivable 5,627 9,290 Rental equipment, at cost 59,437,134 59,318,040 Less accumulated depreciation (27,211,314) (25,193,487) Net rental equipment 32,225,820 34,124,553 Total assets $ 34,437,868 $ 36,736,081 Liabilities and partners' capital Accrued management fees $ 106,426 $ 103,996 Accrued interest expense 47,622 52,260 Accounts payable and accrued expenses 42,060 43,058 Deferred income 27,498 42,889 Notes Payable 18,966,483 20,923,341 Total liabilities 19,190,089 21,165,544 Partners' capital: General Partner: Capital contribution 1,000 1,000 Cumulative net income 16,406 11,955 Cumulative cash distributions (331,098) (323,420) (313,692) (310,465) Limited Partners (506,776 units): Capital contributions, net of offering costs 46,201,039 46,201,039 Cumulative net income 1,624,052 1,183,419 Cumulative cash distributions (32,263,620) (31,503,456) 15,561,471 15,881,002 Total partners' capital 15,247,779 15,570,537 Total liabilities and partners' capital $ 34,437,868 $ 36,736,081
CSA INCOME FUND IV LIMITED PARTNERSHIP STATEMENTS OF OPERATIONS Quarters Ended March 31, (Unaudited) 1998 1997 Revenues: Rental income $ 3,739,601 $ 2,915,302 Interest income 13,406 60,391 Gain on sale of equipment 30,737 364,148 Net gain on foreign currency transactions 16,453 8,374 Total revenues 3,800,197 3,348,215 Costs and expenses: Depreciation 2,514,897 2,064,766 Interest 426,645 120,172 Management fees 357,429 300,697 General and administrative 56,142 71,912 Total expenses 3,355,113 2,557,547 Net income $ 445,084 $ 790,668 Net income allocation: General Partner $ 4,451 $ 7,907 Limited Partners 440,633 782,761 $ 445,084 $ 790,668 Net income per weighted average Limited Partnership Unit $ .87 $ 1.54 Number of weighted average Limited Partnership Units 506,776 506,776
CSA INCOME FUND IV LIMITED PARTNERSHIP STATEMENTS OF CASH FLOWS Quarter Ended March 31, (Unaudited) 1998 1997 Cash flows from operations: Cash received from rental of equipment $ 3,735,160 $ 2,644,117 Cash paid for operating and management expenses (412,139) (339,372) Interest paid (431,283) (120,172) Interest received 13,406 60,391 Net cash from operations 2,905,144 2,244,964 Cash flow from investments: Value added tax - (1,983) Purchase of equipment (696,302) (1,004,726) Sale of equipment 114,538 1,852,445 Net cash provided by (used for) investments (581,764) 845,736 Cash flows from financing: Advances to/from affiliates (332,986) (1,399,002) Proceeds from notes payable 321,302 566,858 Repayment of notes payable (2,278,160) (1,838,650) Payment of cash distributions (767,842) (1,023,790) Net cash used for financing (3,057,686) (3,694,584) Net change in cash and cash equivalents (734,306) (603,884) Cash and cash equivalents at beginning of period 1,746,766 1,187,208 Cash and cash equivalents at end of period $ 1,012,460 $ 583,324
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 31,1997. 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, 1998 and March 31, 1997 and the results of operations and cash flows for the periods presented therein. CSA INCOME FUND IV LIMITED PARTNERSHIP FORM 10-Q GENERAL PARTNER'S DISCUSSION OF OPERATIONS Gross rental income was $3,739,601 and $2,915,302 and net income was $445,084 and $790,668 for the quarters ended March 31, 1998 and 1997, respectively. The increase in gross rental income was due primarily to the new equipment leases added during 1997. The decrease in net income was primarily due to the lower gain on sale of equipment recorded in the quarter ended March 31, 1998 of $30,737 as compared to $364,148 for the same period in 1997. The Partnership generated $3,019,682 in cash flow from operations and from the sale of equipment during the three months ended March 31, 1998. This cash along with cash on hand was used to purchase equipment, repay debt and pay cash distributions to the partners. The Partnership acquired $696,302 in additional equipment, repaid $2,278,160 of notes payable and made cash distributions to partners of $767,842. The Partnership paid distributions of $.50 per limited Partnership unit on the 15th of January, February and March 1998. To date, the Partnership has made cash distributions to the Limited Partners ranging from 52% to 74% 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, reviews the Partnership's projected performance on a periodic basis. Based on that analysis 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 - Rxhibit 27 Financial Data Schedule (b)Reports on Form 8-K - There were no reports filed during the first quarter of 1998.
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: 05/15/98 /s/ J. Frank Keohane J. Frank Keohane President Principal Executive Officer Date: 05/15/98 /s/ Richard P. Timmons Richard P. Timmons Corporate 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 Limited Partnership IV's Statement of Financial Position as of March 31, 1998 and Statement of Operations for the three months then ended and is qualified in its entirely by reference to such financial statements. 3-MOS DEC-31-1998 MAR-31-1998 1,012,460 0 1,199,588 0 0 0 59,437,134 27,211,314 34,437,868 0 0 0 0 0 15,247,779 34,437,868 0 3,800,197 0 2,872,326 56,142 0 426,645 445,084 0 445,084 0 0 0 445,084 0.87 0.87 The registrant maintains an unclassified Statement of Financial Position.
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