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 September 30, 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
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 September 30, 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
SEPTEMBER 30, 2003
(Unaudited)
ASSETS
Cash and cash equivalents $1,099,567
Accounts receivable, net of allowance for doubtful
accounts of $383 201,026
Investment in leases 1,323,844
-----------------
$2,624,437
=================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 63,935
-----------------
Total liabilities 63,935
Partners' capital:
General Partner 245,255
Limited Partners 2,315,247
-----------------
Total partners' capital 2,560,502
-----------------
$2,624,437
=================
See accompanying notes.
3
ATEL CASH DISTRIBUTION FUND IV, L.P.
INCOME STATEMENTS
NINE AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 2003 AND 2002
(Unaudited)
Nine Months Ended Three Months Ended
September 30, September 30,
Revenues: 2003 2002 2003 2002
---- ---- ---- ----
Lease revenues:
Direct financing $ 562,847 $ 632,939 $ 178,399 $ 207,512
Operating 331,117 375,883 92,398 72,732
Gain on sales of assets 69,404 138,108 10,832 127,977
Interest income 6,889 9,489 2,096 2,536
Other 1,047 11,903 924 11,610
----------------- ----------------- ------------------ -----------------
971,304 1,168,322 284,649 422,367
Expenses:
Cost reimbursements to General Partner 282,792 232,221 60,959 96,555
Depreciation and amortization 218,425 339,619 65,678 96,595
Professional fees 43,926 30,676 11,906 1,036
Recovery of provision for doubtful accounts (24,000) - - -
Interest - 10,431 - -
Other 70,302 72,920 32,157 17,924
----------------- ----------------- ------------------ -----------------
591,445 685,867 170,700 212,110
----------------- ----------------- ------------------ -----------------
Net income $ 379,859 $ 482,455 $ 113,949 $ 210,257
================= ================= ================== =================
Net income:
General Partner $ 3,799 $ 4,825 $ 1,140 $ 2,103
Limited Partners 376,060 477,630 112,809 208,154
----------------- ----------------- ------------------ -----------------
$ 379,859 $ 482,455 $ 113,949 $ 210,257
================= ================= ================== =================
Net income per Limited Partnership unit $0.05 $0.06 $0.02 $0.03
Weighted average number of units outstanding 7,487,350 7,487,350 7,487,350 7,487,350
See accompanying notes.
4
ATEL CASH DISTRIBUTION FUND IV, L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 2002
AND FOR THE
NINE MONTH PERIOD ENDED
SEPTEMBER 30, 2003
(Unaudited)
Limited Partners General
Units Amount Partner Total
Balance December 31,2001 7,487,350 $ 3,331,557 $ 229,021 $3,560,578
Distributions to Limited Partners (935,937) - (935,937)
Net Income 1,231,071 12,435 1,243,506
----------------- ----------------- ------------------ -----------------
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 376,060 3,799 379,859
----------------- ----------------- ------------------ -----------------
Balance September 30, 2003 7,487,350 $ 2,315,247 $ 245,255 $2,560,502
================= ================= ================== =================
See accompanying notes.
5
ATEL CASH DISTRIBUTION FUND IV, L.P.
STATEMENTS OF CASH FLOWS
NINE AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 2003 AND 2002
(Unaudited)
Nine Months Ended Three Months Ended
September 30, September 30,
------------- -------------
2003 2002 2003 2002
---- ---- ---- ----
Operating activities:
Net income $ 379,859 $ 482,455 $ 113,949 $ 210,257
Adjustments to reconcile net income to
net cash provided by operations:
Recovery of provision for doubtful accounts (24,000) - - -
Depreciation and amortization 218,425 339,619 65,678 96,595
Gain on sales of assets (69,404) (138,108) (10,832) (127,977)
Changes in operating assets and liabilities:
Accounts receivable (89,757) 90,666 (97,373) 28,671
Accounts payable, General Partner - (48,454) - -
Accounts payable, other (2,894) (10,583) 838 (6,151)
Accrued interest - (2,123) - (1,460)
Unearned operating lease income (57,989) 36,919 - 80,138
----------------- ----------------- ------------------ -----------------
Net cash from operations 354,240 750,391 72,260 280,073
----------------- ----------------- ------------------ -----------------
Investing activities:
Proceeds from sales of lease assets 117,983 1,102,822 19,404 701,782
Reduction of net investment in direct financing
leases 114,694 46,562 47,261 18,989
----------------- ----------------- ------------------ -----------------
Net cash provided by investing activities 232,677 1,149,384 66,665 720,771
----------------- ----------------- ------------------ -----------------
Financing activities:
Distributions to limited partners (1,687,504) (935,936) - -
Repayment of non-recourse debt - (294,396) - (202,463)
----------------- ----------------- ------------------ -----------------
Net cash used in financing activities (1,687,504) (1,230,332) - (202,463)
----------------- ----------------- ------------------ -----------------
Net (decrease) increase in cash and cash
equivalents (1,100,587) 669,443 138,925 798,381
Cash and cash equivalents at beginning of
period 2,200,154 1,269,512 960,642 1,140,574
----------------- ----------------- ------------------ -----------------
Cash and cash equivalents at end of period $1,099,567 $ 1,938,955 $ 1,099,567 $1,938,955
================= ================= ================== =================
Supplemental disclosures of cash flow information:
Cash paid for interest $ - $ 12,554 $ - $ 1,460
================= ================= ================== =================
See accompanying notes.
6
ATEL CASH DISTRIBUTION FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2003
(Unaudited)
1. Summary of significant accounting policies:
Basis of presentation:
The accompanying unaudited financial statements have been prepared in accordance
with accounting principles generally accepted in the United States (GAAP) for
interim financial information and with instructions to Form 10-QSB 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. The
preparation of financial statements in accordance with GAAP requires management
to make estimates and assumptions that effect reported amounts in the financial
statements and accompanying notes. Therefore, actual results could differ from
those estimates. Operating results for the three and nine months ended September
30, 2003 are not necessarily indicative of the results for the year ending
December 31, 2003.
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. 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 /
Amortization
Expense or
Amortization of Reclassi-
December 31, Direct Financing fications & September 30,
2002 Leases Dispositions 2003
---- ------ - ------------- ----
Net investment in direct financing leases $1,221,754 $ (114,694) $ (6,478) $1,100,582
Net investment in operating leases 475,908 $ (210,545) $ (53,101) 212,262
Assets held for sale or lease - - 11,000 11,000
Initial direct costs, net of accumulated
amortization of $105,068 in 2003 and $107,405
in 2002 7,880 (7,880) - -
----------------- ----------------- ------------------ -----------------
$1,705,542 $ (333,119) $ (48,579) $1,323,844
================= ================= ================== =================
7
ATEL CASH DISTRIBUTION FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2003
(Unaudited)
3. Investment in leases (continued):
Operating leases:
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 and acquisitions and dispositions during the nine months ended September
30, 2003.
Balance Reclassi- Balance
December 31, Depreciation fications of September 30,
2002 Expense Dispositions 2003
---- -------- ------------ ----
Transportation $1,854,919 $ - $ (273,282) $1,581,637
Manufacturing 457,670 - - 457,670
Materials handling 291,919 - (256,000) 35,919
Construction equipment 236,457 - (236,457) -
----------------- ----------------- ------------------ -----------------
2,840,965 - (765,739) 2,075,226
Less accumulated depreciation (2,365,057) (210,545) 712,638 (1,862,964)
----------------- ----------------- ------------------ -----------------
$ 475,908 $ (210,545) $ (53,101) $ 212,262
================= ================= ================== =================
All of the equipment on operating leases was acquired during 1992, 1993, 1994,
1995 and 1996.
At September 30, 2003, the aggregate amounts of future minimum lease payments
are as follows:
Direct
Operating Financing Total
Three months ending December 31, 2003 $ 73,892 $ 225,660 $ 299,552
Year ending December 31, 2004 31,741 592,399 624,140
----------------- ------------------ -----------------
$ 105,633 $ 818,059 $ 923,692
================= ================== =================
Direct financing leases:
As of September 30, 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:
September 30, December 31,
2003 2002
---- ----
Total minimum lease payments receivable $ 818,059 $1,501,199
Estimated residual values of leased equipment (unguaranteed) 895,971 902,450
------------------ -----------------
Investment in direct financing leases 1,714,030 2,403,649
Less unearned income (613,448) (1,181,895)
------------------ -----------------
Net investment in direct financing leases $ 1,100,582 $1,221,754
================== =================
8
ATEL CASH DISTRIBUTION FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 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 $282,792 and $232,221 in the nine
months ended September 30, 2003 and 2002, respectively. For the three month
period ending September 30, 2003, cost reimbursement to the General Partner was
$60,959 and $96,555 for the similar period in 2002.
During 2001, the General Partner decided to take no further fees from the
Partnership. Such fees would otherwise have totaled approximately $54,148 and
$48,337 for the nine months ended September 30, 2003 and 2002, respectively. For
the three months ended September 30, 2003 and September 30, 2002, the fees would
have totaled $7,284 and $6,418, respectively.
5. Members Capital:
As of September 30, 2003, 74,873,500 Units ($7,487,350) were issued and
outstanding (including the 50 Units issued to the Initial Limited Members).
The Company's Net Income, Net Losses, and Distributions, as defined, are to be
allocated 99% to the Other members and 1% to the Managing Member.
Distributions to the Other Members were as follows in 2003 and 2002:
Nine Months Three Months
Ended September 30, Ended September 30,
------------------- -------------------
2003 2002 2003 2002
---- ---- ---- ----
Distributions $1,687,504 $ 935,936 $ - $ -
Weighted average number of Units outstanding 7,487,350 7,487,350 7,487,350 7,487,350
Weighted average distributions per Unit $ 0.225 $ 0.125 $ - $ -
9
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 and
proceeds from lease asset sales exceed expenses, 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.
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
Sources of cash from investing activities in 2003 and 2002 consisted of the
proceeds from 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
$46,562 in the first nine months of 2002 to $114,694 for the same period in 2003
and from $18,989 to $47,261 for the three month periods. As direct financing
leases mature, a larger percentage of the lease payments are accounted for as
financing activities as opposed to lease revenues. This has given rise to the
increase in cash flows noted here.
Sources of cash from investing activities in 2003 and 2002 consisted of the
proceeds from 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
$46,562 in the first nine months of 2002 to $114,694 for the same period in 2003
and from $18,989 to $47,261 for the three month periods. As direct financing
leases mature, a larger percentage of the lease payments are accounted for as
financing activities as opposed to lease revenues. This has given rise to the
increase in cash flows noted here.
In 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.
10
Results of Operations
Operations for the nine month period ended September 30, 2003 resulted in a net
income of $379,859 compared to net income of $482,455 for the same period in
2002. The three month period ended September 30, 2003 resulted in net income of
$113,949 compared to $210,257 for the same period in 2002. Revenues declined by
$197,018 for the nine month period in 2003; this decrease was partially offset
by overall decreases in expenses of $94,422 in 2003 compared to 2002. For the
three month periods ended September 30, 2003 and 2002, revenues decreased from
$422,367 in 2002 to $284,649 in 2003, a decrease of $137,718. As with the nine
month periods, expenses decreased compared to 2002, from $212,110 in 2002 to
$170,700 in 2003, a decrease of $41,410.
Most significant was the decline in depreciation and amortization expenses,
which decreased from $339,619 in 2002 to $218,425 in 2003 for the nine month
periods and from $96,595 to $65,678 in the three month period as a result of
fewer operating lease assets subject to depreciation due to ongoing asset sales
as the Company liquidates.
Gains on sales from lease assets for the nine month period decreased from
$138,108 in 2002 to $69,404 in 2003 and from $127,977 to $10,832 for the nine
month period. 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.
Cost reimbursements to the General Partner increased by $50,571 for the nine
months ended September 30, 2003 compared to the comparable period in 2002. Cost
reimbursements decreased by $35,596 for the three month period ended September
30, 2003 compared to the comparable period in 2002. In early 2003, the General
Partner reevaluated the methods and amounts of costs allocated to the various
entities it manages. As a result of this, certain costs were allocated to the
Partnership on a one time basis in the first quarter of 2003. On an ongoing
basis, this led to decreased cost allocations to the Partnership. The
combination of these factors has led to the nine month increase and the three
month decrease noted.
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 commodity risk and equity price risk
are insignificant to both its financial position and results of operations.
Item 4. Controls and procedures.
Internal Controls
As of September 30, 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 September 30, 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 September 30, 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.
Inapplicable.
Item 2. Changes In Securities.
Inapplicable.
11
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, September 30, 2003.
Statements of operations for the nine and three month periods ended
September 30, 2003 and 2002.
Statements of changes in partners' capital for the year end December
31, 2002 and for the nine month period ended September 30, 2003.
Statements of cash flows for the nine and three month periods ended
September 30, 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.
3. Other Exhibits
99.1 Certification of Paritosh K. Choksi
99.2 Certification of Dean L. Cash
99.3 Certification Pursuant to 18 U.S.C. section 1350 of Dean L. Cash
99.4 Certification Pursuant to 18 U.S.C. section 1350 of Paritosh K.
Choksi
(b) Report on Form 8-K
None
12
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:
November 12, 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
13
Exhibit 99.1
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:
November 12, 2003
/s/ PARITOSH K. CHOKSI
- -----------------------------------------------------------
Paritosh K. Choksi
Principal Financial Officer of Registrant, Executive
Vice President of General Partner
14
Exhibit 99.2
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:
November 12, 2003
/s/ DEAN L. CASH
- -----------------------------------------------------------
Dean L. Cash
President and Chief Executive
Officer of General Partner
15
Exhibit 99.3
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 September 30, 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:
November 12, 2003
/s/ DEAN L. CASH
- -------------------------------
Dean L. Cash
President and Chief Executive
Officer of General Partner
16
Exhibit 99.4
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 September 30, 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:
November 12, 2003
/s/ PARITOSH K. CHOKSI
- ----------------------------------------
Paritosh K. Choksi
Executive Vice President of General
Partner, Principal Financial Officer of Registrant
17