Form 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
|X| Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934.
For the quarterly period ended March 31, 2003
|_| 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 000-21552
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.)
600 California Street, 6th Floor, San Francisco, California 94108-2733
(Address of principal executive offices)
Registrant's telephone number, including area code: (415) 989-8800
Securities registered pursuant to section 12(b) of the Act: None
Securities registered pursuant to section 12(g) of the Act: Limited Partnership
Units
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 |_|
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act). Yes |_| No |X|
The number of Limited Partnership Units outstanding as of March 31, 2003 was
7,487,350
DOCUMENTS INCORPORATED BY REFERENCE
None
1
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited).
2
ATEL CASH DISTRIBUTION FUND IV, L.P.
BALANCE SHEET
MARCH 31, 2003
(Unaudited)
ASSETS
Cash and cash equivalents $ 719,599
Accounts receivable, net of allowance for doubtful
accounts of $4,383 135,762
Investments in leases 1,574,889
----------------
Total assets $ 2,430,250
================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 63,935
Unearned operating lease income 32,732
----------------
Total liabilities 96,667
Partners' capital:
General Partner 242,985
Limited Partners 2,090,598
----------------
Total partners' capital 2,333,583
----------------
Total liabilities and partners' capital $ 2,430,250
================
See accompanying notes.
3
ATEL CASH DISTRIBUTION FUND IV, L.P.
INCOME STATEMENTS
THREE MONTH PERIODS ENDED
MARCH 31, 2003 AND 2002
(Unaudited)
2003 2002
---- ----
Revenues:
Leasing activities:
Operating leases $ 111,293 $ 137,862
Direct financing leases 196,206 202,773
Gain on sale of assets 30,119 7,394
Interest 2,850 4,261
Other 42 37
----------------- ----------------
340,510 352,327
----------------- ----------------
Expenses:
Cost reimbursements to General Partner 93,982 51,750
Depreciation and amortization 78,835 124,558
Recovery of loss provision (20,000) -
Professional fees 18,063 11,135
Other 16,690 24,588
Interest - 5,714
----------------- ----------------
187,570 217,745
----------------- ----------------
Net income $ 152,940 $ 134,582
================= ================
Net income
General Partner $ 1,529 $ 1,346
Limited Partners 151,411 133,236
----------------- ----------------
$ 152,940 $ 134,582
================= ================
Net income per Limited Partnership unit $ 0.02 $ 0.02
Weighted average number of units outstanding 7,487,350 7,487,350
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
THREE MONTH PERIOD ENDED
MARCH 31, 2003
(Unaudited)
Limited Partners General
Units Amount Partner Total
----- ------ ------- -----
Balance December 31, 2002 7,487,350 $3,626,691 $241,456 $ 3,868,147
Distributions to limited partners - (1,687,504) - (1,687,504)
Net income - 151,411 1,529 152,940
----------------- --------------- ----------------- ----------------
Balance March 31, 2003 7,487,350 $2,090,598 $ 242,985 $ 2,333,583
================= =============== ================= ================
See accompanying notes.
4
ATEL CASH DISTRIBUTION FUND IV, L.P.
STATEMENTS OF CASH FLOWS
THREE MONTH PERIODS ENDED
MARCH 31, 2003 AND 2002
(Unaudited)
Operating activities: 2003 2002
---- ----
Net income $ 152,940 $ 134,582
Adjustments to reconcile net income to net cash
provided by operations:
Recovery of loss provision (20,000) -
Depreciation and amortization 78,835 124,558
Gain on sale of asset (30,119) (7,394)
Changes in operating assets and liabilities:
Accounts receivable (28,493) (7,728)
Accounts payable, General Partner - (48,454)
Accounts payable, other (2,894) (4,274)
Accrued interest payable - (328)
Unearned operating lease income (25,257) (2,015)
----------------- ----------------
Net cash from operations 125,012 188,947
----------------- ----------------
Investing activities:
Reduction in investment in direct financing leases 30,014 23,727
Proceeds from sales of lease assets 51,923 369,137
----------------- ----------------
Net cash provided by investing activities 81,937 392,864
----------------- ----------------
Financing activities:
Distributions to limited partners (1,687,504) (935,936)
Repayment of non-recourse debt - (45,471)
----------------- ----------------
Net cash used in financing activities (1,687,504) (981,407)
----------------- ----------------
Net decrease in cash and cash equivalents (1,480,555) (399,596)
Cash and cash equivalents at beginning of period 2,200,154 1,269,512
----------------- ----------------
Cash and cash equivalents at end of period $ 719,599 $ 869,916
================= ================
Supplemental disclosures of cash flow information:
Cash paid during period for interest $ 16,690 $ 6,042
================= ================
See accompanying notes.
5
ATEL CASH DISTRIBUTION FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2003
(Unaudited)
1. Summary of significant accounting policies:
Basis of presentation:
The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with instructions to Form 10-Q and Article 10 of Regulation S-X. The
unaudited interim financial statements reflect all adjustments which are, in the
opinion of the General Partner, 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 financial statements and notes
thereto contained in the report on Form 10-KSB for the year ended December 31,
2002, filed with the Securities and Exchange Commission.
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.
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 Partnership's business consists of leasing various types of equipment.
ATEL Financial Services, LLC, an affiliated entity, acts as the General Partner
of the Partnership.
The Partnership is in the final stage of its liquidation and is making
distributions on an annual basis.
3. Investment in leases:
The Partnership's investment in leases consists of the following:
Depreciation
Expense and Reclassi-
December 31, Amortization fications and March 31,
2002 of Leases Dispositions 2003
---- --------- - ------------- ----
Net investment in direct financing leases $ 1,221,754 $ (30,014) $ (6,478) $ 1,185,262
Net investment in operating leases 475,908 (76,208) (15,326) 384,374
Initial direct costs, net of accumulated
amortization of $110,031 in 2003 and
$107,405 in 2002 7,880 (2,627) - 5,253
----------------- --------------- ----------------- ----------------
$ 1,705,542 $(108,849) $ (21,804) $ 1,574,889
================= =============== ================= ================
6
ATEL CASH DISTRIBUTION FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2003
(Unaudited)
3. Investment in leases (continued):
The following schedule provides an analysis of the Partnership's investment in
property subject to operating leases by major classifications as of December 31,
2002, acquisitions and dispositions during the quarter ended March 31, 2003 and
as of March 31, 2003.
Reclassi-
December 31, Depreciation fications and March 31,
2002 Expense Dispositions 2003
---- ------- - ------------- ----
Transportation $ 1,854,919 $ - $ (90,876) $ 1,764,043
Manufacturing 457,670 - - 457,670
Materials handling 291,919 - - 291,919
Construction 236,457 - - 236,457
----------------- --------------- ----------------- ----------------
2,840,965 (90,876) 2,750,089
Less accumulated depreciation (2,365,057) (76,208) 75,550 (2,365,715)
----------------- --------------- ----------------- ----------------
$ 475,908 $ (76,208) $ (15,326) $ 384,374
================= =============== ================= ================
All of the property on operating leases was acquired during 1992, 1993, 1994,
1995 and 1996.
At March 31, 2003, the aggregate amounts of future minimum lease payments are as
follows:
Operating Direct Financing
Leases Leases Total
Nine months ending December 31, 2003 $ 304,844 $ 676,980 $ 981,824
Year ending December 31, 2004 - 592,399 592,399
--------------- ----------------- ----------------
$ 304,844 $ 1,269,379 $ 1,574,223
=============== ================= ================
Direct financing leases:
As of March 31, 2003, investment in direct financing leases consists of
materials handling equipment and rail cars. The following lists the components
of the Company's investment in direct financing leases as of March 31, 2003:
Total minimum lease payments receivable $ 1,269,379
Estimated residual values of leased equipment (unguaranteed) 895,971
-----------------
Investment in direct financing leases 2,165,350
Less unearned income (980,088)
-----------------
Net investment in direct financing leases $ 1,185,262
=================
7
ATEL CASH DISTRIBUTION FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2003
(Unaudited)
4. Related party transactions:
The terms of the Limited Partnership Agreement provide that the General Partner
and/or Affiliates are entitled to receive certain fees for equipment
acquisition, management and resale and for management of the Partnership.
The General Partner and/or Affiliates earned fees, commissions and
reimbursements, pursuant to the Limited Partnership Agreement. Cost
reimbursement to the General Partner were $93,982 and $51,750 in the three
months ended March 31, 2003 and 2002, respectively.
During 2001, the General Partner decided to take no further fees from the
Partnership. Such fees would otherwise have totaled approximately $8,976 in each
of the three months ended March 31, 2003 and 2002.
8
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Statements contained in this Item 2, "Management's Discussion and Analysis of
Financial Condition and Results of Operations," and elsewhere in this Form
10-QSB, which are not historical facts, may be forward-looking statements. Such
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected. Investors are cautioned not
to attribute undue certainty to these forward-looking statements, which speak
only as of the date of this Form 10-QSB. We undertake no obligation to publicly
release any revisions to these forward-looking statements to reflect events or
circumstances after the date of this Form 10-QSB or to reflect the occurrence of
unanticipated events, other than as required by law.
Capital Resources and Liquidity
During 2003 and 2002, the Partnership's primary source of liquidity was rents
from direct financing and operating leases. The liquidity of the Partnership
will vary in the future, increasing to the extent cash flows from leases exceed
expenses and proceeds from lease asset sales, and decreasing as distributions
are made to the limited partners and to the extent expenses exceed cash flows
from leases and proceeds from lease asset sales.
As another source of liquidity, the Partnership has contractual obligations with
a diversified group of lessees for fixed lease terms at fixed rental amounts. As
the initial lease terms expire the Partnership will sell the equipment. The
future liquidity beyond the contractual minimum rentals will depend on the
General Partner's success in selling the equipment as it comes off lease.
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 Partners envision no such requirements for
operating purposes.
Through March 31, 2003, the Partnership had borrowed approximately $38,342,000
all of which has been repaid.
No commitments of capital have been made or are expected to be made.
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.
Cash Flows
In the first quarters of 2003 and 2002, the primary sources of cash from
operations were rents from direct financing and operating leases. Direct finance
lease rents decreased from $202,773 in 2002 to $196,206 in 2003, a decrease of
$6,567. Cash from operating leases decreased by $26,569 from 2002 to 2003. This
decrease was a result of sales of direct finance and operating lease assets over
the prior year.
Sources of cash from investing activities in the first quarters of 2003 and 2002
consisted of the proceeds of the sales of lease assets and cash flows from
reductions in net investments in direct financing leases. Proceeds from the
sales of lease assets are not expected to be consistent from one period to
another. Asset sales are made as leases expire, as purchasers can be found and
as the sales can be negotiated and completed. Cash flows from direct financing
leases increased from $23,727 in the first quarter of 2002 to $30,014 for the
same period in 2003.
In the first quarter of 2003 and 2002, there were no financing sources of cash
flows. Repayments of non-recourse debt have decreased as a result of the
scheduled debt payments, all debt had been repaid as of December 31, 2002. The
Partnership is in the final stage of its liquidation and is making distributions
on an annual basis. The distributions are being paid out each January based on
the cash flows generated in the previous year. Distributions are no longer
expected to be consistent from one year to another as the cash flows generated
in future periods will be dependent on asset sales and other factors which are
not expected to be consistent from one period to another.
Results of Operations
Operations in the first quarter of 2003 resulted in a net income of $152,940
compared to net income of $134,582 in 2002. Although revenues declined by
$11,816, this decrease was off set by overall decreases in expenses in 2003
compared to 2002. Most significant was the decline in depreciation and
amortization expenses.
Gains on sales from lease assets increased from $7,394 in 2002 to $30,119 in
2003. Sales of assets are not expected to be consistent from one period to
another as such sales do not occur at regular intervals nor are they for
consistent amounts.
9
Depreciation expense has decreased from $121,931 in 2002 to $76,208 in 2003 as a
result of operating lease asset sales over the last year.
Item 3. Quantitative and Qualitative Disclosures of Market Risk.
The Partnership, like most other companies, is exposed to certain market risks,
including primarily changes in interest rates. The Partnership believes its
exposure to other market risks including foreign currency exchange rate risk,
commodity risk and equity price risk are insignificant to both its financial
position and results of operations.
In general, the Partnership has managed its exposure to interest rate risk by
obtaining fixed rate debt. The fixed rate debt was structured so as to match the
cash flows required to service the debt to the payment streams under fixed rate
lease receivables. The payments under the leases were assigned to the lenders in
satisfaction of the debt. Furthermore, the Partnership has historically been
able to maintain a stable spread between its cost of funds and lease yields in
both periods of rising and falling rates. As of March 31, 2003, the Partnership
had no indebtedness to lenders.
Item 4. Controls and procedures.
Internal Controls
As of March 31, 2003, an evaluation was performed under the supervision and with
the participation of the Partnership's management, including the CEO and CFO of
the General Partner, of the effectiveness of the design and operation of the
Partnership's disclosure controls and procedures. Based on that evaluation, the
Partnership's management, including the CEO and CFO of the General Partner,
concluded that the Partnership's disclosure controls and procedures were
effective as of March 31, 2003. There have been no significant changes in the
Partnership's internal controls or in other factors that could significantly
affect internal controls subsequent to March 31, 2003.
Changes in internal controls
There have been no significant changes in our internal controls or in other
factors that could significantly affect our disclosure controls and procedures
subsequent to the evaluation date, nor were there any significant deficiencies
or material weaknesses in our internal controls.
Evaluation of disclosure controls and procedures
Under the supervision and with the participation of our management, including
the CEO and CFO, an evaluation of the effectiveness of the design and operation
of the Partnership's disclosure controls and procedures, as defined in Rules
240.13a-14(c) and 15d-14(c) under the Securities Exchange Act of 1934 was
performed as of a date within ninety days before the filing date of this
quarterly report. Based upon this evaluation, the CEO and CFO of the General
Partner concluded that, as of the evaluation date, our disclosure controls and
procedures were effective for the purposes of recording, processing, summarizing
and timely reporting information required to be disclosed by us in the reports
that we file under the Securities Exchange Act of 1934 and that such information
is accumulated and communicated to our management in order to allow timely
decisions regarding required disclosure.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
No material legal proceedings are currently pending against the Partnership or
against any of its assets. The following is a discussion of legal matters
involving the Partnership, but which do not represent claims against the
Partnership or its assets.
On December 31, 1997, Quaker Coal Company (the "Debtor"), one of the
Partnership's lessees, requested a moratorium on lease payments from January
through March 1998. No lease payments were made by the Debtor through June 1998
and, as a result, the General Partner declared the lease in default.
Subsequently, the Debtor cured the outstanding payments and eventually satisfied
substantially all lease payments due under the lease; however, the General
Partner refused to waive the default and insisted on contractual damages. The
General Partner filed a suit against the Debtor for its contractual damages in
the U.S. District Court of Northern California (the "Court"). On June 16, 2000,
the Debtor filed for protection under Chapter 11 of the U.S. Bankruptcy Code.
The amounts of these damages have not been included in the financial statements
included in Part I, Item 1 of this report.
The Partnership obtained a stipulation for relief from the automatic bankruptcy
stay to allow the Court to issue its ruling, and filed a request to participate
on the Official Committee of Unsecured Creditors in the bankruptcy proceedings.
The Partnership succeeded upon securing the return of its equipment, which has
been liquidated. The Court issued a ruling on March 4, 2001, denying the
Partnership's claim for damages. The Debtor subsequently filed a claim against
the Partnership, for reimbursement of its legal expenses. The General Partner
believes the Court's decision is erroneous as a matter law, and has filed an
appeal of the decision in the U.S. District Court of Appeals.
10
The Debtor filed a plan of reorganization, which was objected to by several
large creditors, including the General Partner. These creditors were also
seeking a formal role on the creditors committee or formation of their own
committee.
Upon the termination of the Debtor's exclusivity period, competing plans were
filed by other creditors to the plan, and voting on the competing plans occurred
October 8, 2001. The results of the vote were that, another of the creditor's
(i.e., American Electric Power ("AEP")) Plan of Reorganization ("AEP Plan") was
successful. Under the AEP Plan, the claim of the Partnership has been assigned
to a liquidating trustee for resolution and satisfaction from the Debtor's
estate.
In January 2002, the General Partner attended an appellate settlement conference
seeking to resolve the outstanding disputed claim. A reserve has been set aside
by the Debtor's liquidating trustee in the amount of $1.2 million in partial
satisfaction of the Partnership's claim, although this claim amount remains in
dispute. In January 2003, the Federal Appellate Court in San Francisco heard an
appeal of the lower Court's decision and handed down in March of 2003 a decision
adverse to the Partnership's position. The General Partner is currently
considering requesting a rehearing of that decision. The likelihood of recovery
of amounts above the payment of the lease rent and the liquidation of the
equipment already received remains speculative and highly uncertain.
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 Sheet, March 31, 2003.
Income Statements for the three month periods ended March 31, 2003 and
2002.
Statement of Changes in Partners' Capital for the three months ended
March 31, 2003.
Statements of Cash Flows for the three month periods ended March 31,
2003 and 2002.
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
11
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:
May 13, 2003
ATEL CASH DISTRIBUTION FUND IV, L.P.
(Registrant)
By: ATEL Financial Corporation
General Partner of Registrant
By: /s/ Dean L. Cash
-------------------------------------
Dean L. Cash
President and Chief Executive Officer
of General Partner
By: /s/ Paritosh K. Choksi
-------------------------------------
Paritosh K. Choksi
Principal Financial Officer
of Registrant
By: /s/ Donald E. Carpenter
-------------------------------------
Donald E. Carpenter
Principal Accounting
Officer of Registrant
12
CERTIFICATIONS
I, Paritosh K. Choksi, certify that:
1. I have reviewed this quarterly report on Form 10-QSB of ATEL Cash
Distribution Fund IV, LP;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this annual report is being
prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
annual report (the "Evaluation Date"); and
c) presented in this annual report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. The registrant's other certifying officers and I have indicated in this
annual report whether there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
Date:
May 13, 2003
/s/ Paritosh K. Choksi
- ------------------------
Paritosh K. Choksi
Principal Financial Officer of Registrant, Executive
Vice President of General Partner
13
CERTIFICATIONS
I, Dean L. Cash, certify that:
1. I have reviewed this quarterly report on Form 10-QSB of ATEL Cash
Distribution Fund IV, LP;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this annual report is being
prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
annual report (the "Evaluation Date"); and
c) presented in this annual report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. The registrant's other certifying officers and I have indicated in this
annual report whether there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
Date:
May 13, 2003
/s/ Dean L. Cash
- ------------------
Dean L. Cash
President and Chief Executive
Officer of General Partner
14
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report on Form 10-QSB of ATEL Cash Distribution
Fund IV, LP, (the "Partnership") for the period ended March 31, 2003 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
and pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the
Sarbanes-Oxley Act of 2002, I, Dean L. Cash, Chief Executive Officer of ATEL
Financial Services, LLC, general partner of the Partnership, hereby certify
that:
1. The Report fully complies with the requirements of section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Partnership.
Date:
May 13, 2003
/s/ Dean L. Cash
- ---------------------------
Dean L. Cash
President and Chief Executive
Officer of General Partner
15
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report on Form 10-QSB of ATEL Cash Distribution
Fund IV, LP, (the "Partnership") for the period ended March 31, 2003 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
and pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the
Sarbanes-Oxley Act of 2002, I, Dean L. Cash, Chief Executive Officer of ATEL
Financial Services, LLC, general partner of the Partnership, hereby certify
that:
1. The Report fully complies with the requirements of section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Partnership.
Date:
May 13, 2003
/s/ Paritosh K. Choksi
- ---------------------------
Paritosh K. Choksi
Executive Vice President of General
Partner, Principal Financial Officer of Registrant
16