-----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, MBjWzcJEVYUrzhcc1cfX53Ska800jTQ6NYvJNWke5uFJUMsErVvXGt8iqJZ9MjI2 jWr/StNyc29DQXMnPWcOHQ== /in/edgar/work/20000815/0000858801-00-000006/0000858801-00-000006.txt : 20000922 0000858801-00-000006.hdr.sgml : 20000921 ACCESSION NUMBER: 0000858801-00-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CSA INCOME FUND IV LIMITED PARTNERSHIP CENTRAL INDEX KEY: 0000858801 STANDARD INDUSTRIAL CLASSIFICATION: [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: 703055 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 0001.txt 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, 2000 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) June 30, December 31, 2000 1999 Assets Cash and cash equivalents $ 3,678,988 $ 3,679,408 Rentals receivable 149,956 326,758 Accounts receivable - affiliates 162,803 223,076 Remarketing receivable 1,710 - Rental equipment, at cost 47,668,922 52,073,878 Less accumulated depreciation (34,430,737) (34,683,355) Net rental equipment 13,238,185 17,390,523 Total assets $ 17,231,642 $ 21,619,765 Liabilities and partners' capital Accrued management fees $ 92,573 $ 93,749 Accrued interest expense 9,121 11,562 Accounts payable 15,775 12,982 Deferred income 193,705 138,508 Notes payable 5,127,113 8,185,541 Total liabilities 5,438,287 8,442,342 Partners' capital: General Partner: Capital contribution 1,000 1,000 Cumulative net income 57,793 51,158 Cumulative cash distributions (407,028) (386,554) (348,235) (334,396) Limited Partners (506,776 units): Capital contributions, net of offering costs 46,201,039 46,201,039 Cumulative net income 5,721,344 5,064,472 Cumulative cash distributions (39,780,793) (37,753,692) 12,141,590 13,511,819 Total partners' capital 11,793,355 13,177,423 Total liabilities and partners' capital $ 17,231,642 $ 21,619,765
CSA INCOME FUND IV LIMITED PARTNERSHIP UNAUDITED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2000 AND 1999
Three Months Six Months June 30, June 30, 2000 1999 2000 1999 Revenues: Rental income $ 2,497,075 $ 4,010,129 $ 5,309,333 $ 8,086,376 Interest income 56,773 45,018 102,270 55,847 Gain on sale of equipment 182,495 104,907 497,880 138,816 Net loss on foreign currency (13,595) (9,956) (16,401) (7,849) Total revenues 2,722,748 4,150,098 5,893,082 8,273,190 Costs and expenses: Depreciation 2,005,260 3,005,440 4,296,170 5,984,964 Interest 137,763 287,634 298,463 596,600 Management fees 188,649 309,491 406,324 657,124 General and administrative 114,442 59,414 228,618 128,523 Total expenses 2,446,114 3,661,979 5,229,575 7,367,211 Net income $ 276,634 $ 488,119 $ 663,507 $ 905,979 Net income allocation: General Partner $ 2,767 $ 4,881 $ 6,635 $ 9,060 Limited Partners 273,867 483,238 656,872 896,919 $ 276,634 $ 488,119 $ 663,507 $ 905,979 Net income per weighted average Limited Partnership Unit $ 0.54 $ 0.95 $ 1.30 $ 1.77 Number of weighted average Limited Partnership Units 506,776 506,776 506,776 506,776
CSA INCOME FUND IV LIMITED PARTNERSHIP UNAUDITED STATEMENTS OF CASH FLOWS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2000 AND 1999
Three Months Ended Six Months Ended June 30, June 30, 2000 1999 2000 1999 Cash flows from operations: Cash received from rental of equipment $ 2,690,881 $ 4,189,489 $ 5,524,931 $ 8,136,106 Cash paid for operating and management expenses (311,070) (411,608) (633,325) (888,794) Interest paid (134,498) (293,113) (300,904) (607,024) Interest received 56,773 45,018 102,270 55,847 Net cash from operations 2,302,086 3,529,786 4,692,972 6,696,135 Cash flow from investments: Purchase of equipment (1,142,310) (308,800) (1,142,310) (308,800) Sale of equipment 787,226 229,171 1,494,648 779,848 Net cash from (used for) investments (355,084) (79,629) 352,338 471,048 Cash flows from financing: Advances to/from affiliates 79,435 23,478 60,273 274,756 Proceeds from notes payable - 190,153 485,037 2,599,211 Repayment of notes payable (1,651,729) (2,732,487) (3,543,466) (5,643,617) Payment of cash distributions (1,023,787) (767,842) (2,047,574) (1,535,683) Net cash used for financing (2,596,081) (3,286,698) (5,045,730) (4,305,333) Net change in cash and cash equivalents (649,079) 163,459 (420) 2,861,850 Cash and cash equivalents at beginning of period 4,328,067 3,258,584 3,679,408 560,193 Cash and cash equivalents at end of period $3,678,988 $3,422,043 $3,678,988 $3,422,043
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, 1999. 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 June 30, 2000 and the results of operations and cash flows for the three and six month periods ended June 30, 2000 and June 30, 1999. CSA INCOME FUND IV LIMITED PARTNERSHIP GENERAL PARTNER'S DISCUSSION OF OPERATIONS Rental income was $2,497,075 and $4,010,129 and net income was $276,635 and $488,119 for the quarters ended June 30, 2000 and 1999, respectively. For the six months ended June 30, 2000 and 1999, rental income was $5,309,333 and $8,086,376, and net income was $663,507 and $905,979. The decrease in gross rental income and net income for the above periods is due primarily to anticipated lease expirations. The net income was also impacted by increased storage and refurbishment costs related to expired equipment currently being sold from the Partnership's portfolio. This net income decrease was somewhat offset by gains on sale of equipment recorded in the quarter of $182,495 compared to $104,907 in 1999, and for the six months $497,880 as compared to $138,816 in 1999. During the second quarter the Partnership generated cash from operations of $2,302,086 and $787,226 from the sale of equipment for a combined cash inflow of $3,089,312. This cash and cash on hand were used primarily to purchase $1,142,310 of equipment, reduce debt by $1,651,729 and to distribute $1,023,787 to partners. The Partnership generated $6,187,620 in cash flow from operations and sales of equipment during the six months ended June 30, 2000. The Partnership utilized these funds and proceeds from note payable to acquire additional equipment of $1,142,310, reduce notes payable by $3,543,466 and make distributions to partners of $2,047,574. The Partnership paid distributions of $.67 per Limited Partnership unit on the 15th of April, May, and June 2000. To date, the Partnership has made cash distributions to the Limited Partners ranging from 67% to 89% 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. The General Partner, as previously stated, anticipates beginning the wind up of the Partnership in the year 2000, which may continue into calendar year 2002. In anticipation of this wind-up process the Limited Partner's distribution is being increased from 8% to 10% effective with the August 15th distribution. Management reviews the Partnership's projected performance on a periodic basis. Based on that analysis the General Partner presently estimates that continued cash distributions would return the entire initial investment of the Limited Partners and a return thereon. The General Partner will continue to report on the Limited Partners' return of investment with each cash distribution. 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 second quarter of 2000.
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: J. Frank Keohane President Principal Executive Officer Date: Richard P. Timmons Corporate Controller Principal Accounting and Finance Officer EX-27 2 0002.txt
5 This schedule contains summary financial information extracted from CSA Income Fund Limited Partnership IV's Statement of Financial Position as of June 30, 2000 and Statement of Operations for the six months then ended and is qualified in its entirely by reference to such financial statements. 6-MOS DEC-31-2000 JUN-30-2000 3,678,988 0 314,469 0 0 0 47,668,922 34,430,737 17,231,642 0 0 0 0 0 11,793,355 17,231,642 0 5,893,082 0 4,702,494 228,618 0 298,463 663,507 0 663,507 0 0 0 663,507 1.30 1.30 The registrant maintains an unclassified Statement of Financial Position.
-----END PRIVACY-ENHANCED MESSAGE-----