-----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, DWEGb077Pui3po9yZOyX1E0tj6l6LY7/UFpe2cf4ByN4a7gVMwE4OonjQTnbM2Ai Rg7pK/x9pvdn8K58ZctKkw== 0000858801-98-000006.txt : 19981116 0000858801-98-000006.hdr.sgml : 19981116 ACCESSION NUMBER: 0000858801-98-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981113 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: 98747181 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 September 30, 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) September 30, December 31, 1998 1997 Assets Cash and cash equivalents $ 1,004,377 $ 1,746,766 Rentals receivable 462,223 559,640 Value added tax receivable - 3,028 Accounts receivable - affiliates 291,867 292,804 Other receivable - 9,290 Rental equipment, at cost 63,775,808 59,318,040 Less accumulated depreciation (31,959,531) (25,193,487) Net rental equipment 31,816,277 34,124,553 Total assets $ 33,574,744 $ 36,736,081 Liabilities and partners' capital Accrued management fees $ 140,024 $ 103,996 Accrued interest expense 37,977 52,260 Accounts payable 20,976 43,058 Deferred income 9,315 42,889 Notes payable 17,987,006 20,923,341 Total liabilities 18,195,298 21,165,544 Partners' capital: General Partner: Capital contribution 1,000 1,000 Cumulative net income (loss) 33,078 11,955 Cumulative cash distributions (346,454) (323,420) (312,376) (310,465) Limited Partners (506,776 units): Capital contributions, net of offering costs 46,201,039 46,201,039 Cumulative net income (loss) 3,274,732 1,183,419 Cumulative cash distributions (33,783,949) (31,503,456) 15,691,822 15,881,002 Total partners' capital 15,379,446 15,570,537 Total liabilities and partners' capital $ 33,574,744 $ 36,736,081
CSA INCOME FUND IV LIMITED PARTNERSHIP STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 1998 AND 1997 Three Months Nine Months September 30, September 30, 1998 1997 1998 1997 Revenues: Rental income $ 4,103,051 $ 3,297,176 $11,792,661 $ 8,833,081 Interest income 17,233 20,104 57,794 93,132 Gain on sale of equipment 48,852 219,669 695,906 651,351 Net gain (loss) on foreign currency 1,704 (8,767) 17,147 10,128 Total revenues 4,170,840 3,528,182 12,563,508 9,587,692 Costs and expenses: Depreciation 2,746,065 2,103,465 7,943,493 5,471,431 Interest 404,981 386,758 1,237,610 661,084 Management fees 366,692 310,036 1,086,027 900,649 General and administrative 60,544 56,732 183,942 191,942 Total expenses 3,578,282 2,856,991 10,451,072 7,225,106 Net income $ 592,558 $ 671,191 $ 2,112,436 $ 2,362,586 Net income allocation: General Partner $ 5,926 $ 6,712 $ 21,125 $ 23,626 Limited Partners 586,632 664,479 2,091,311 2,338,960 $ 592,558 $ 671,191 $ 2,112,436 $ 2,362,586 Net income per weighted average Limited Partnership Unit $ 1.16 $ 1.32 $ 4.13 $ 4.62 Number of weighted average 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 NINE MONTH PERIODS ENDED SEPTEMBER 30, 1998 AND 1997 Three Months Ended Nine Months Ended September 30, September 30, 1998 1997 1998 1997 Cash flows from operations: Cash received from rental of equipment $ 4,146,867 $ 3,580,947 $11,876,680 $ 9,010,426 Cash paid for operating and management expenses (418,998) (347,188) (1,256,023) (1,014,407) Interest paid (409,867) (391,162) (1,251,894) (673,538) Interest received 17,233 20,104 57,794 93,132 Net cash from operations 3,335,235 2,835,701 9,426,557 7,415,613 Cash flow from investments: Value added tax - 65,471 - 65,455 Purchase of equipment (2,276,516)(14,578,910) (6,365,039) (20,122,704) Sale of equipment 211,445 2,550,286 1,435,018 4,626,420 Net cash from (used for) investments (2,065,071)(11,963,153) (4,930,021) (15,430,829) Cash flows from financing: Advances to/from affiliates 1,113,211 (612,605) 937 (1,348,068) Proceeds from notes payable 1,643,355 13,339,433 4,628,724 17,487,477 Repayment of notes payable (2,817,779) (1,821,363) (7,565,060) (4,722,193) Payment of cash distributions (767,842) (767,842) (2,303,527) (2,815,421) Net cash used for financing (829,055) 10,137,623 (5,238,926) 8,601,795 Net change in cash and cash equivalents 441,109 1,010,171 (742,390) 586,579 Cash and cash equivalents at beginning of period 563,267 763,616 1,746,766 1,187,208 Cash and cash equivalents at end of period $1,004,376 $1,773,787 $1,004,376 $1,773,787
CSA INCOME FUND IV LIMITED PARTNERSHIP NOTE TO FINANCIAL STATEMENTS The quarterly financial statements of the Partnership presented herein are without audit except for balance sheet information as of December 31, 1997. 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 September 30, 1998 and December 31, 1997 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 Total revenue was $4,170,840 and $3,528,182 and net income was $592,558 and $671,191 for the quarters ended September 30, 1998 and 1997, respectively. For the nine months ended September 30, 1998 and 1997, total revenue was $12,563,508 and $9,587,692, and net income was $2,112,436 and $2,362,586. The increase in total revenue was due primarily to the new equipment leases added during 1998 and 1997. The decrease in net income was primarily due to the recording of $219,699 in gains on sale of equipment in the quarter ended September 30, 1997 vs $48,852 for the same period in 1998. The Partnership generated cash flow of $10,861,575 from operations and sales of equipment during the nine months ended September 30, 1998. During this period, the Partnership used these funds, funds received from debt financings and cash on hand to acquire additional equipment of $6,365,039, make payments on notes payable of $7,565,060 and make distributions to partners of $2,303,527. The Partnership paid distributions of $.50 per Limited Partnership unit on the 15th of July, August, and September 1998. To date, the Partnership has made cash distributions to the Limited Partners ranging from 55% to 77% 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 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 - Exhibit 27 Financial Data Schedule. (b)Reports on Form 8-K - No reports have been filed on Form 8-K during the third 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 Partnership (Registrant) By its General Partner, CSA Lease Funds, Inc. Date: 11/13/98 /s/ J. Frank Keohane President Principal Executive Officer Date: 11/13/98 /s/ Richard P. Timmons Corporate Controller Principal Accounting and Finance Officer 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 September 30, 1998 and Statement of Operations for the nine months then ended and is qualified in its entirely by reference to such financial statements. 9-MOS DEC-31-1998 SEP-30-1998 1,004,377 0 754,090 0 0 0 63,775,808 31,959,531 33,574,744 0 0 0 0 0 15,379,446 33,574,744 0 12,563,508 0 9,029,520 183,942 0 1,237,610 2,112,436 0 2,112,436 0 0 0 2,112,436 4.13 4.13 The registrant maintains an unclassified Statement of Financial Position.
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