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, 1999
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
UNAUDITED STATEMENTS OF FINANCIAL POSITION AS OF
March 31, December 31,
1999 1998
Assets
Cash and cash
equivalents $ 3,258,583 $ 560,193
Rentals receivable 539,601 391,628
Accounts receivable -
affiliates 324,071 524,059
Other receivable 62,530 218,343
Rental equipment,
at cost 59,113,853 59,956,146
Less accumulated
depreciation (33,457,000) (30,958,816)
Net rental equipment 25,656,853 28,997,330
Total assets $ 29,841,638 $ 30,691,553
Liabilities and
partners' capital
Accrued management
fees $ 125,133 $ 127,500
Accrued interest
expense 28,020 32,965
Accounts payable and
accrued expenses 17,959 24,745
Deferred income 148,921 132,686
Notes Payable 14,701,765 15,203,836
Total liabilities 15,021,798 15,521,732
Partners' capital:
General Partner:
Capital contribution 1,000 1,000
Cumulative net income 42,841 38,662
Cumulative cash
distributions (361,810) (354,134)
(317,969) (314,472)
Limited Partners
(506,776 units):
Capital contributions,
net of offering costs 46,201,039 46,201,039
Cumulative net income 4,241,047 3,827,366
Cumulative cash
distributions (35,304,277) (34,544,112)
15,137,809 15,484,293
Total partners' capital 14,819,840 15,169,821
Total liabilities and
partners' capital $ 29,841,638 $ 30,691,553
CSA INCOME FUND IV LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
Unaudited Quarters Ended March 31,
1999 1998
Revenues:
Rental income $ 4,076,247 $ 3,739,601
Interest income 10,829 13,406
Gain on sale of equipment 33,909 30,737
Net gain on foreign
currency transactions 2,107 16,453
Total revenues 4,123,092 3,800,197
Costs and expenses:
Depreciation 2,979,524 2,514,897
Interest 308,966 426,645
Management fees 347,633 357,429
General and administrative 69,109 56,142
Total expenses 3,705,232 3,355,113
Net income $ 417,860 $ 445,084
Net income allocation:
General Partner $ 4,179 $ 4,451
Limited Partners 413,681 440,633
$ 417,860 $ 445,084
Net income per
weighted average
Limited Partnership Unit $ .82 $ .87
Number of weighted average
Limited Partnership Units 506,776 506,776
CSA INCOME FUND IV LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
Unaudited Quarter Ended March 31,
1999 1998
Cash flows from operations:
Cash received from rental
of equipment $ 3,946,617 $ 3,735,160
Cash paid for operating and
management expenses (477,186) (412,139)
Interest paid (313,911) (431,283)
Interest received 10,829 13,406
Net cash from operations 3,166,349 2,905,144
Cash flow from investments:
Purchase of equipment - (696,302)
Sale of equipment 550,677 114,538
Net cash provided by
(used for) investments 550,677 (581,764)
Cash flows from financing:
Advances to/from affiliates 251,278 (332,986)
Proceeds from notes payable 2,409,058 321,302
Repayment of notes payable (2,911,130) (2,278,160)
Payment of cash distributions (767,841) (767,842)
Net cash used for
financing (1,018,635) (3,057,686)
Net change in cash
and cash equivalents 2,698,391 (734,306)
Cash and cash equivalents
at beginning of period 560,193 1,746,766
Cash and cash equivalents
at end of period $ 3,258,584 $ 1,012,460
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 31,1998.
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, 1999 and March 31,
1998 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
Rental income for quarters ended March 31, 1999 and 1998
was $4,076,247 and $3,739,601, and net income was
$417,860 and $445,084 for the quarters ended March 31,
1999 and 1998, respectively. The increase in rental
income was due primarily to new equipment leases
added during 1998. The decrease in net income was
primarily due to the increase in depreciation expense
associated with the equipment purchased in 1998. The
gain on sale of equipment recorded in the quarter ended
March 31, 1999 was $33,909 as compared to $30,737 for
the same period in 1998.
The Partnership generated $3,717,026 in net cash flow from
operations and from the sale of equipment during the
three months ended March 31, 1999. This cash was substantially
used to repay debt and pay cash distributions to the partners.
The Partnership repaid $2,911,130 of notes payable and
made cash distributions to partners of $767,841.
The Partnership paid distributions of $.50 per limited
Partnership unit on the 15th of January, February and
March 1999.
To date, the Partnership has made cash distributions to
the Limited Partners ranging from 58% to 80% 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. The General Partner will continue to
report on the Limited Partners' return on 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 - Rxhibit 27 Financial Data
Schedule
(b)Reports on Form 8-K - There were no reports
filed during the first quarter of 1999.
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: /s/ J. Frank Keohane
J. Frank Keohane
President
Principal Executive
Officer
Date: /s/ Richard P. Timmons
Richard P. Timmons
Corporate Controller
Principal Accounting and
Finance Officer