-----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, R6cdcMnTk3Ub3+AlZIkg2GJao7ObC+03J/5lxkl2t7g/c9YmPptpQi8IaEU5jGUL beq8jVcAxoZ7LIJSjzLpSg== 0000879812-96-000003.txt : 19960816 0000879812-96-000003.hdr.sgml : 19960816 ACCESSION NUMBER: 0000879812-96-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATEL CASH DISTRIBUTION FUND IV L P CENTRAL INDEX KEY: 0000879812 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 943145429 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21552 FILM NUMBER: 96613516 BUSINESS ADDRESS: STREET 1: 235 PINE ST STREET 2: 6TH FL CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: 4159898800 MAIL ADDRESS: STREET 1: 235 PINE ST STREET 2: 6TH FL CITY: SAN FRANCISCO STATE: CA ZIP: 94104 10-Q 1 REPORT FOR THE SIX MONTHS ENDED 6/30/96 Form 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 |X| Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended June 30, 1996 |_| 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 0-21552 ATEL Cash Distribution Fund IV, L.P. (Exact name of registrant as specified in its charter) California 94-3145429 (State or other jurisdiction of (I. R. S. Employer incorporation or organization) Identification No.) 235 Pine Street, 6th Floor, San Francisco, California 94104 (Address of principal executive offices) Registrant's telephone number, including area code: (415)989-8800 Indicate by a 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 for 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 |_| DOCUMENTS INCORPORATED BY REFERENCE None 1 Part I FINANCIAL INFORMATION Item 1. Financial Statements. 2 ATEL CASH DISTRIBUTION FUND IV, L.P. BALANCE SHEETS JUNE 30, 1996 AND DECEMBER 31, 1995 (Unaudited) ASSETS 1996 1995 ---- ---- Cash and cash equivalents $311,025 $1,355,258 Accounts receivable 521,546 682,207 Notes receivable 67,511 135,022 Investments in leases 59,321,966 63,967,204 ---------------- ---------------- $60,222,048 $66,139,691 ================ ================ LIABILITIES AND PARTNERS' CAPITAL Non-recourse debt $22,131,127 $25,298,767 Lines of credit 2,500,000 - Accounts payable: Equipment purchases 42,228 42,227 General partners 156,768 216,347 Other 114,848 201,642 Deposit due to lessee 213,189 984,213 Accrued interest payable 140,994 123,629 Unearned operating lease income 317,661 413,106 ---------------- ---------------- Total liabilities 25,616,815 27,279,931 Partners' capital: General partners 53,810 44,831 Limited partners 34,551,423 38,814,929 ---------------- ---------------- Total partners' capital 34,605,233 38,859,760 ---------------- ---------------- $60,222,048 $66,139,691 ================ ================ See accompanying notes. 3 ATEL CASH DISTRIBUTION FUND IV, L.P. INCOME STATEMENTS SIX AND THREE MONTH PERIODS ENDED JUNE 30, 1996 AND 1995 (Unaudited)
Six Months Three Months Ended June 30, Ended June 30, 1996 1995 1996 1995 Revenues: Operating leases $5,187,709 $5,797,769 $2,455,382 $2,902,302 Direct financing leases 593,495 457,366 302,313 234,100 Leveraged leases 94,266 97,458 47,133 48,729 Gain on sale of assets 790,390 55,597 757,992 3,681 Interest income 11,665 35,880 4,362 3,061 Other income 2,601 2,281 1,679 949 ---------------- ---------------- ---------------- ---------------- 6,680,126 6,446,351 3,568,861 3,192,822 Expenses: Depreciation 3,798,393 3,968,408 1,898,714 2,056,713 Interest 986,666 917,844 481,182 403,324 Equipment and incentive management fees 483,298 525,700 260,607 315,100 Amortization 248,713 343,151 120,238 144,251 Administrative cost reimbursements 116,694 155,569 70,874 91,099 Provision for losses 66,796 63,452 35,689 31,928 Other 58,388 57,963 37,927 35,475 Professional fees 23,261 54,783 16,401 17,147 ---------------- ---------------- ---------------- ---------------- 5,782,209 6,086,870 2,921,632 3,095,037 ---------------- ---------------- ---------------- ---------------- Net income $897,917 $359,481 $647,229 $97,785 ================ ================ ================ ================ Net income: General partners $8,979 $3,595 $6,472 $978 Limited partners 888,938 355,886 640,757 96,807 ---------------- ---------------- ---------------- ---------------- $897,917 $359,481 $647,229 $97,785 ================ ================ ================ ================ Net income per limited partnership unit $0.12 $0.05 $0.09 $0.01 Weighted average number of units outstanding 7,488,100 7,490,850 7,487,350 7,488,850
See accompanying notes. 4 ATEL CASH DISTRIBUTION FUND IV, L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL SIX MONTH PERIOD ENDED JUNE 30, 1996 (Unaudited)
Limited Partners General Units Amount Partners Total Balance December 31, 1995 7,488,850 $38,814,929 $44,831 $38,859,760 Distributions to limited partners (5,149,515) - (5,149,515) Repurchase of units (1,500) (2,929) - (2,929) Net income 888,938 8,979 897,917 ================ ================ ================ ================ Balance June 30, 1996 7,487,350 $34,551,423 $53,810 $34,605,233 ================ ================ ================ ================
See accompanying notes. 5 ATEL CASH DISTRIBUTION FUND IV, L.P. STATEMENTS OF CASH FLOWS SIX AND THREE MONTH PERIODS ENDED JUNE 30, 1996 AND 1995 (Unaudited)
Six Months Three Months Ended June 30, Ended June 30, 1996 1995 1996 1995 Operating activities: Net income $897,917 $359,481 $647,229 $97,785 Adjustments to reconcile net income to net cash provided by operations: Depreciation 3,798,393 3,968,408 1,898,714 2,056,713 Amortization 248,713 343,151 120,238 144,251 Leveraged lease income (94,266) (97,458) (50,851) (48,729) Gain on sale of assets (790,390) (55,597) (757,992) (3,681) Provision for losses 66,796 63,452 35,689 31,928 Changes in operating assets and liabilities: Accounts receivable 160,661 20,586 189,554 (86,144) Notes receivable 67,511 67,510 33,755 33,755 Bank overdrafts - - (334,627) - Accounts payable, general partner (59,579) (866,510) 41,084 (232,911) Accounts payable, other (86,794) 99,779 (23,604) 79,927 Accrued interest payable 17,365 (9,482) 36,117 (50,660) Deposits due to lessees (771,024) - - - Unearned operating lease income (95,445) 60,211 (56,467) 117,260 ---------------- ---------------- ---------------- ---------------- Net cash from operations 3,359,858 3,953,531 1,778,839 2,139,494 ---------------- ---------------- ---------------- ---------------- Investing activities: Purchase of equipment on operating leases (1,569,753) (7,324,838) 42,228 (1,911,599) Purchase of equipment on direct financing leases (898,949) (616,307) - (184,362) Purchase of residual value interests - (175,974) - - Reduction in investment in direct financing leases 1,719,468 1,015,951 695,706 542,385 Reduction in investment in leveraged leases 13,007 393,302 13,007 14,670 Proceeds from sales of assets 2,152,220 398,764 1,515,825 23,184 Initial direct lease costs paid to General Partner - (171,924) - 86,344 Initial direct costs paid to others - (64,940) - - ---------------- ---------------- ---------------- ---------------- Net cash provided by (used in) investing activities 1,415,993 (6,545,966) 2,266,766 (1,429,378) ---------------- ---------------- ---------------- ----------------
6 ATEL CASH DISTRIBUTION FUND IV, L.P. STATEMENTS OF CASH FLOWS (Continued) SIX AND THREE MONTH PERIODS ENDED JUNE 30, 1996 AND 1995 (Unaudited)
Six Months Three Months Ended June 30, Ended June 30, 1996 1995 1996 1995 Financing activities: Borrowings under lines of credit 2,500,000 3,798,001 500,000 2,978,652 Payments of non-recourse debt (3,167,640) (1,647,965) (1,660,045) (130,194) Distributions to limited partners (5,149,515) (4,868,788) (2,619,728) (2,435,370) Repurchase of units (2,929) (15,501) (2,929) (15,501) Payment of syndication costs - (5,368) - - ---------------- ---------------- ---------------- ---------------- Net cash (used in) provided by financing activities (5,820,084) (2,739,621) (3,782,702) 397,587 ---------------- ---------------- ---------------- ---------------- Net (decrease) increase in cash and cash equivalents (1,044,233) (5,332,056) 262,903 1,107,703 Cash at beginning of period 1,355,258 7,152,081 48,122 712,322 ================ ================ ================ ================ Cash at end of period $311,025 $1,820,025 $311,025 $1,820,025 ================ ================ ================ ================ Supplemental disclosures of cash flow information: Cash paid during period for interest $969,301 $927,326 $445,065 $783,428 ================ ================ ================ ================ Supplemental schedule of non-cash transactions: Operating lease assets reclassified to direct financing lease assets $260,600 $260,600 ================ ================ Operating lease assets reclassified to assets held or sale or lease $133,552 ================
7 See accompanying notes. ATEL CASH DISTRIBUTION FUND IV, L.P. NOTES TO FINANCIAL STATEMENTS JUNE 30, 1996 (Unaudited) 1. Summary of significant accounting policies: Interim financial statements: The unaudited interim financial statements reflect all adjustments which are, in the opinion of the general partners, necessary to a fair statement of financial position and results of operations for the interim periods presented. All such adjustments are of a normal recurring nature. These unaudited interim financial statements should be read in conjunction with the most recent report on Form 10K. 2. Organization and partnership matters: ATEL Cash Distribution Fund IV, L.P. (the Partnership), was formed under the laws of the State of California on September 19, 1991, for the purpose of acquiring equipment to engage in equipment leasing and sales activities. Contributions in the aggregate of $600 were received as of October 8, 1991, $100 of which represented the General Partner's continuing interest, and $500 of which represented the Initial Limited Partners' capital investment. Upon the sale of the minimum amount of Units of Limited Partnership interest (Units) of $1,200,000 and the receipt of the proceeds thereof on March 6, 1992, the Partnership commenced operations. The Fund or the General Partner on behalf of the Fund, will incur costs in connection with the organization, registration and issuance of the Units. The amount of such costs to be born by the Fund is limited by certain provisions in the Agreement of Limited Partnership. As of February 3, 1993, the Fund had received subscriptions for 7,500,000 Limited Partnership Units ($75,000,000) in addition to the Initial Limited Partners' 50 Units and the Partnership's offering was closed. The Partnership's business consists of leasing various types of equipment. As of June 30, 1996, the original terms of the leases was from two to eight years. 8 ATEL CASH DISTRIBUTION FUND IV, L.P. NOTES TO FINANCIAL STATEMENTS JUNE 30, 1996 (Unaudited) 3. Investment in leases: The Partnership's investment in leases consists of the following:
Depreciation Expense or Reclass- December 31, Amortization ifications & June 30, 1995 Additions of Leases Dispositions 1996 ---- --------- --------- -------------- ---- Net investment in operating leases $45,593,701 $1,569,754 ($3,798,393) ($1,489,678) $41,875,384 Net investment in direct financing leases 11,948,261 898,949 (1,719,468) (5,704) 11,122,038 Net investment in leveraged leases 4,675,926 - 81,259 - 4,757,185 Residual value interests 610,878 - - - 610,878 Equipment held for lease - - - 133,552 133,552 Initial direct costs, net of accumulated amortization of $1,318,238 in 1995 and $1,409,039 in 1996 1,852,577 - (248,713) - 1,603,864 Reserve for losses (714,139) (66,796) - - (780,935) -------------------- --------------- ---------------- ---------------- ---------------- $63,967,204 $2,401,907 ($5,685,315) ($1,361,830) $59,321,966 ==================== =============== ================ ================ ================
The following schedule provides an analysis of the Partnership's investment in property on operating leases by major classifications as of December 31, 1995, acquisitions and dispositions during the quarters ended March 31, 1996 and June 30, 1996 and as of June 30, 1996.
Acquisitions & December 31, Dispositions June 30, 1995 1st Quarter 2nd Quarter 1996 ---- ----------- ----------- ---- Transportation $24,984,962 ($1,847,200) ($210,277) $22,927,485 Corporate aircraft 9,635,969 - - 9,635,969 Mining 6,570,460 - (2,222,500) 4,347,960 Printing 5,523,249 - - 5,523,249 Other 4,726,040 - - 4,726,040 Construction equipment 4,985,297 - - 4,985,297 Materials handling 3,915,999 - - 3,915,999 Furniture and fixtures 2,353,608 - - 2,353,608 Ground support equipment 1,127,988 - - 1,127,988 Data processing 694,308 157,254 - 851,562 Manufacturing 1,587,670 1,412,500 - 3,000,170 Office equipment 216,080 - - 216,080 ---------------- ---------------- ---------------- ---------------- 66,321,630 (277,446) (2,432,777) 63,611,407 Less accumulated depreciation (20,727,929) (790,028) (218,066) (21,736,023) ---------------- ---------------- ---------------- ---------------- $45,593,701 ($1,067,474) ($2,650,843) $41,875,384 ================ ================ ================ ================
9 ATEL CASH DISTRIBUTION FUND IV, L.P. NOTES TO FINANCIAL STATEMENTS JUNE 30, 1996 (Unaudited) 3. Investments in leases (continued): All of the property on operating leases was acquired during 1992, 1993, 1994, 1995 and 1996. At June 30, 1996, the aggregate amounts of future minimum lease payments are as follows: Year ending Direct December 31, Financing Operating Total 1996 $1,969,285 $5,247,689 $7,216,974 1997 3,580,151 9,241,518 12,821,669 1998 3,047,409 7,360,169 10,407,578 1999 1,792,719 6,142,265 7,934,984 2000 819,169 2,547,270 3,366,439 Thereafter 960,907 3,790,590 4,751,497 ---------------- ---------------- ---------------- $12,169,640 $34,329,501 $46,499,141 ================ ================ ================ 4. Non-recourse debt: Notes payable to financial institutions are due in varying monthly, quarterly and semi-annual installments of principal and interest. The notes are secured by assignments of lease payments and pledges of the assets which were purchased with the proceeds of the particular notes. Interest rates on the notes vary from 6.25% to 10.57%. Future minimum principal payments of long-term non-recourse debt as of June 30, 1996 are as follows: Year ending December 31, Principal Interest Total 1996 $3,528,601 $859,377 $4,387,978 1997 5,751,246 1,297,574 7,048,820 1998 4,964,117 867,372 5,831,489 1999 4,451,560 490,837 4,942,397 2000 1,668,488 227,786 1,896,274 Thereafter 1,767,115 154,322 1,921,437 ---------------- ---------------- ---------------- $22,131,127 $3,897,268 $26,028,395 ================ ================ ================ 10 ATEL CASH DISTRIBUTION FUND IV, L.P. NOTES TO FINANCIAL STATEMENTS JUNE 30, 1996 (Unaudited) 5. Related party transactions: The terms of the Agreement of Limited Partnership provide that the General Partners and/or Affiliates are entitled to receive certain fees for equipment acquisition, management and resale and for management of the Partnership. The General Partners and/or Affiliates earned the following fees, commissions and reimbursements, pursuant to the Limited Partnership Agreement as follows: 1996 1995 ---- ---- Reimbursement of other syndication costs $5,368 Acquisition fees equal to 3.5% of the equipment purchase price, for evaluating and selecting equipment to be acquired (not to exceed approximately 4.75% of Gross Proceeds, included in investments in leases in the balance sheet) 171,924 Reimbursement of administrative costs $116,694 155,569 Incentive and equipment management fees 483,298 525,700 ---------------- ---------------- $599,992 $858,561 ================ ================ The amounts above are gross amounts incurred by the General Partners and/or Affiliates, including commissions to broker-dealers for the sales of Partnership Units. 6. Partner's capital: The Fund is authorized to issue up to 7,500,000 Units of Limited Partnership interest in addition to the Initial Limited Partners. The Fund's Net Profits, Net Losses and Tax Credits are to be allocated 99% to the Limited Partners and 1% to the General Partners. As more fully described in the Agreement of Limited Partnership, available Cash from Operations and Cash from Sales or Refinancing shall be distributed as follows: First, 5% of Distributions of Cash from Operations to the General Partner as Incentive Management Fees. Second, the balance to the Limited Partners until the Limited Partners have received aggregate Distributions, as defined, in an amount equal to their Original Invested Capital, as defined, plus a 10% per annum cumulative (compounded daily) return on their Adjusted Invested Capital, as defined. 11 ATEL CASH DISTRIBUTION FUND IV, L.P. NOTES TO FINANCIAL STATEMENTS JUNE 30, 1996 (Unaudited) 6. Partner's capital (continued): Third, the General Partner will receive as Incentive Management Fees, the following: (A) 10% of remaining Cash from Operations, as defined, (B) 15% of remaining Cash from Sales or Refinancing, as defined. Fourth, the balance to the Limited Partners. 7. Line of credit: The Partnership participates with ATEL and certain of its Affiliates in a $70,000,000 revolving line of credit with a financial institution that includes certain financial covenants. The line of credit expires on July 18, 1997. The current line of credit, when used, is collateralized by (i) specific lease assets assigned or (ii) all lease receivables and other lease related proceeds owned by the Partnership, all equipment subject to leases and related insurance policies and maintenance contracts owned by the Partnership and all deposit accounts with the lender and all cash on deposit. 8. Subsequent event: On July 19, 1996, the Partnership's interest in the bankruptcy of Barney's, Inc. (Barney's), a former lessee of the Partnership was settled. The terms of the settlement provided for the sale of the assets which had been leased to Barney's, for the repayment of the non-recourse debt used by the Partnership to finance the assets and for net cash proceeds to the Partnership. The settlement resulted in a gain on the sale of the assets of $481,942 and an extraordinary gain on the extinguishment of the debt of $112,546. 12 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Capital Resources and Liquidity Funds which have been received, but which have not yet been invested in leased equipment, are invested in interest-bearing accounts or high-quality/short-term commercial paper. The Partnership's public offering provided for a total maximum capitalization of $75,000,000. As of February 3, 1992, the Partnership had received and accepted subscriptions for a total of 7,500,000 Units ($75,000,000) and the offering was closed. The Partnership's primary source of liquidity during 1996 were lease revenues, proceeds from the sales of lease assets and borrowings under the line of credit. The liquidity of the Partnership will vary in the future, increasing to the extent cash flows from leases exceed expenses, and decreasing as lease assets are acquired, as distributions are made to the limited partners and to the extent expenses exceed cash flows from leases. The Partnership currently has available adequate reserves to meet contingencies, but in the event those reserves were found to be inadequate, the Partnership would likely be in a position to borrow against its current portfolio to meet such requirements. The general partner envisions no such requirements for operating purposes. The Partnership participates with the General Partner and certain of its affiliates in a $40,000,000 revolving line of credit with a financial institution. The line of credit expires on January 31, 1996. As of June 30, 1996, the Partnership had borrowed approximately $35,494,000, with a remaining unpaid balance of $21,131,127. Borrowings are to be non-recourse to the Partnership, that is, the only recourse of the lender will be to the equipment or corresponding lease acquired or secured with the loan proceeds. The general partner expects that aggregate borrowings in the future will be approximately 40% of aggregate equipment cost. In any event, the Agreement of Limited Partnership limits such borrowings to 40% of the total cost of equipment, in aggregate. No commitments of capital have been or are expected to be made other than for the acquisition of additional equipment. As of June 30, 1996, there were no such commitments. If inflation in the general economy becomes significant, it may affect the Partnership inasmuch as the residual (resale) values and rates on re-leases of the Partnership's leased assets may increase as the costs of similar assets increase. However, the Partnership's revenues from existing leases would not increase, as such rates are generally fixed for the terms of the leases without adjustment for inflation. If interest rates increase significantly, the lease rates that the Partnership can obtain on future leases will be expected to increase as the cost of capital is a significant factor in the pricing of lease financing. Leases already in place, for the most part, would not be affected by changes in interest rates. 1996 vs. 1995: Six months: During the first six months of 1995, operating lease revenues, proceeds from the sales of lease assets and borrowings under the line of credit were the primary sources of cash flows. 13 Cash flows from operations declined by $593,673 from $3,953,531 in 1995 to $3,359,858 in 1996. The decrease is a result of decreased operating lease revenues. Such revenues declined by $610,060 from 1995 to 1996. Sources of cash from investing activities consisted almost exclusively of proceeds from the sales of lease assets and from direct financing lease rents accounted for as reductions of the net investment in such leases. In 1996 and 1995, the only source of cash from financing activities was borrowings under the line of credit. The borrowings under the line of credit are being used as bridge financing until long-term non-recourse debt is secured. Three months: The two major sources of cash for the second quarter were proceeds form lease asset sales and lease rents. Lease rents have decreased by $380,303 from the prior year due to asset sales (in excess of acquisitions) during the preceding twelve months. Proceeds from lease assets sales were the most significant source of cash from investing activities. They increased from $23,184 in 1995 to $1,515,825 on 1996 due to increased amounts of scheduled lease terminations and subsequent asset sales. During the second quarter of 1996 and 1995, the only financing source of cash was the borrowings under the line of credit noted above. Results of Operations In 1996, operations resulted in net income of $897,917 for the six month period and $647,229 for the three month period. Operations in the second quarter of 1995 resulted in net income of $359,481 for the six month period and $97,785 for the three month period. 1996 vs. 1995: Revenues increased from $6,446,351 in 1995 to $6,680,126 in 1996, an increase of $233,775. This change was the result of three factors. Operating lease revenues declined by $610,060 due to scheduled lease terminations and sales of the related assets. Direct financing lease revenues increased by $136,126 due to asset acquisitions over the last year. Gains on sales of lease assets increased from $55,597 in 1995 to $790,390 in 1996, an increase of $734,793. Most of the assets sold were assets which had come off operating leases. The original cost of operating lease assets sold increased from $470,490 in 1995 to $4,279,977 in 1996. The Partnership's operating expenses decreased by $304,661 compared to 1995. Combined, depreciation and amortization expenses decreased by $264,453. These decreases resulted from the lease terminations and asset sales noted above. Interest expense increased compared to 1995 as a result of borrowings since the second quarter of 1995. 14 PART II OTHER INFORMATION Item 1. LEGAL PROCEEDINGS. Inapplicable. Item 2. CHANGES IN SECURITIES. Inapplicable. Item 3. DEFAULTS UPON SENIOR SECURITIES. Inapplicable. Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Inapplicable. Item 5. OTHER INFORMATION. Inapplicable. Item 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) Documents filed as a part of this report 1. Financial Statements Included in Part I of this report: Balance Sheets, June 30, 1996 and December 31, 1995. Income statements for the six and three month periods ended June 30, 1996 and 1995. Statement of changes in partners' equity for the six months ended June 30, 1996. Statements of cash flows for the six and three month periods ended June 30, 1996 and 1995. Notes to the Financial Statements 2. Financial Statement Schedules All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable, and therefore have been omitted. (b) Report on Form 8-K None 15 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. Date: August 13, 1996 ATEL CASH DISTRIBUTION FUND IV, L.P. (Registrant) By: ATEL Financial Corporation General Partner of Registrant By: /s/ A. J. BATT --------------------------------- A. J. Batt President and Chief Executive Officer of General Partner By: /s/ DEAN L. CASH --------------------------------- Dean L. Cash Executive Vice President of General Partner By: /s/ F. RANDALL BIGONY -------------------------------- F. Randall Bigony Principal financial officer of registrant By: /s/ DONALD E. CARPENTER -------------------------------- Donald E. Carpenter, Principal accounting officer of registrant 16 EX-27 2 FDS --
5 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 311025 0 521546 0 0 0 0 0 60222048 0 0 0 0 0 34605233 60222048 0 6680126 0 0 4728747 66796 986666 897917 0 897917 0 0 0 897917 0 0
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