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, 2004
|_| 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|
State issuer's revenues for its most recent fiscal year: $1,130,938
The number of Limited Partnership Units outstanding as of September 30, 2004 was
7,487,350.
DOCUMENTS INCORPORATED BY REFERENCE
None
1
Index
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Balance Sheet, September 30, 2004.
Income Statements for the nine and three month periods ended September 30, 2004
and 2003.
Statements of Changes in Partners' Capital for the year ended December 31, 2003
and for the nine month period ended September 30, 2004.
Statements of Cash Flows for the nine and three month periods ended September
30, 2004 and 2003.
Notes to Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits
2
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited).
ATEL CASH DISTRIBUTION FUND IV, L.P.
BALANCE SHEET
SEPTEMBER 30, 2004
(Unaudited)
ASSETS
Cash and cash equivalents $ 677,253
Accounts receivable, net of allowance for doubtful
accounts of $2,383 42,006
Investments in leases 1,015,400
-----------------
Total assets $ 1,734,659
=================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable:
General Partner $ 17,875
Other 28,974
Unearned operating lease income 11,405
-----------------
Total liabilities 58,254
Partners' capital:
General Partner 247,662
Limited Partners 1,428,743
-----------------
Total partners' capital 1,676,405
-----------------
Total liabilities and partners' capital $ 1,734,659
=================
See accompanying notes.
3
ATEL CASH DISTRIBUTION FUND IV, L.P.
INCOME STATEMENTS
NINE AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 2004 AND 2003
(Unaudited)
Nine Months Three Months
Ended September 30, Ended September 30,
2004 2003 2004 2003
Revenues:
Leasing activities:
Direct financing leases $ 436,178 $ 562,847 $ 154,377 $ 178,399
Operating leases 89,621 331,117 34,889 92,398
Gain on sale of assets 57,593 69,404 30,876 10,832
Interest 3,218 6,889 1,431 2,096
Other 34,112 1,047 5 924
----------------- ---------------- ---------------- -----------------
620,722 971,304 221,578 284,649
----------------- ---------------- ---------------- -----------------
Expenses:
Cost reimbursements to General Partner 242,628 282,792 92,228 60,959
Recovery of provision for doubtful accounts (41,250) (24,000) - -
Insurance 38,295 2,584 38,293 2,584
Professional fees 25,748 43,926 5,167 11,906
Depreciation of operating lease assets 16,383 210,545 3,330 63,051
Amortization of initial direct costs - 7,880 - 2,627
Other 51,836 67,718 13,710 29,573
----------------- ---------------- ---------------- -----------------
333,640 591,445 152,728 170,700
----------------- ---------------- ---------------- -----------------
Net income $ 287,082 $ 379,859 $ 68,850 $ 113,949
================= ================ ================ =================
Net income
General Partner $ 2,871 $ 3,799 $ 689 $ 1,140
Limited Partners 284,211 376,060 68,161 112,809
----------------- ---------------- ---------------- -----------------
$ 287,082 $ 379,859 $ 68,850 $ 113,949
================= ================ ================ =================
Net income per Limited Partnership unit $0.04 $0.05 $0.01 $0.02
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.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 2003
AND FOR THE NINE MONTH PERIOD ENDED
SEPTEMBER 30, 2004
(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 - 330,128 3,335 333,463
----------------- ---------------- ---------------- -----------------
Balance December 31, 2003 7,487,350 2,269,315 244,791 2,514,106
Distributions to limited partners - (1,124,783) - (1,124,783)
Net income - 284,211 2,871 287,082
----------------- ---------------- ---------------- -----------------
Balance September 30, 2004 7,487,350 $1,428,743 $ 247,662 $ 1,676,405
================= ================ ================ =================
See accompanying notes.
5
ATEL CASH DISTRIBUTION FUND IV, L.P.
STATEMENTS OF CASH FLOWS
NINE MONTH AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 2004 AND 2003
(Unaudited)
Nine Months Three Months
Ended September 30, Ended September 30,
Operating activities: 2004 2003 2004 2003
Net income $ 287,082 $ 379,859 $ 68,850 $ 113,949
Adjustments to reconcile net income to
net cash provided by operations:
Gain on sale of assets (57,593) (69,404) (30,876) (10,832)
Depreciation of operating lease assets 16,383 210,545 3,330 63,051
Recovery of provision for doubtful accounts (41,250) (24,000) - -
Amortization of initial direct costs - 7,880 - 2,627
Changes in operating assets and liabilities:
Accounts receivable 109,417 (89,757) 41,165 (97,373)
Accounts payable, General Partner (22,325) - (5,742) -
Accounts payable, other (31,128) (2,894) (8,233) 838
Unearned operating lease income (20,568) (57,989) 10,825 -
----------------- ---------------- ---------------- -----------------
Net cash provided by operating activities 240,018 354,240 79,319 72,260
----------------- ---------------- ---------------- -----------------
Investing activities:
Reduction in net investment in direct financing leases 144,868 114,694 (317) 47,261
Proceeds from sales of lease assets 114,080 117,983 41,442 19,404
----------------- ---------------- ---------------- -----------------
Net cash provided by investing activities 258,948 232,677 41,125 66,665
----------------- ---------------- ---------------- -----------------
Financing activities:
Distributions to limited partners (1,124,783) (1,687,504) - -
----------------- ---------------- ---------------- -----------------
Net cash used in financing activities (1,124,783) (1,687,504) - -
----------------- ---------------- ---------------- -----------------
Net (decrease) increase in cash and
cash equivalents (625,817) (1,100,587) 120,444 138,925
Cash and cash equivalents at
beginning of period 1,303,070 2,200,154 556,809 960,642
----------------- ---------------- ---------------- -----------------
Cash and cash equivalents at end of
period $ 677,253 $1,099,567 $ 677,253 $ 1,099,567
================= ================ ================ =================
See accompanying notes.
6
ATEL CASH DISTRIBUTION FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2004
(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 nine months ended September 30, 2004
are not necessarily indicative of the results for the year ending December 31,
2004.
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, 2003, 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 may continue until December 31, 2021.
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 does not make a provision for income taxes since all income and
losses will be allocated to the Partners for inclusion in their individual tax
returns.
ATEL Financial Services, LLC (AFS), an affiliated entity, acts as the General
Partner of the Partnership.
Certain prior year balances have been reclassified to conform to the current
period presentation.
The Partnership is in the final stage of its liquidation and is making
distributions on an annual basis.
7
ATEL CASH DISTRIBUTION FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2004
(Unaudited)
3. Investment in leases:
The Partnership's investment in leases consists of the following:
Depreciation
Expense or
Amortization of Reclassi-
December 31, Direct Financing fications and September 30,
2003 Leases Dispositions 2004
Net investment in direct financing leases $ 1,040,685 $ (144,868) $ (19,794) $ 876,023
Net investment in operating leases 192,453 (16,383) (36,693) 139,377
----------------- ---------------- ---------------- -----------------
$ 1,233,138 $ (161,251) $ (56,487) $ 1,015,400
================= ================ ================ =================
Net investment in operating leases:
Property subject to operating leases consists of the following:
Reclassi-
December 31, Depreciation fications and September 30,
2003 Expense Dispositions 2004
Transportation $ 1,466,842 $ - $ (360,453) $ 1,106,389
Manufacturing 457,670 - - 457,670
Construction 35,920 - - 35,920
----------------- ---------------- ---------------- -----------------
1,960,432 - (360,453) 1,599,979
Less accumulated depreciation (1,767,979) (16,383) 323,760 (1,460,602)
----------------- ---------------- ---------------- -----------------
$ 192,453 $ (16,383) $ (36,693) $ 139,377
================= ================ ================ =================
Net investment in direct financing leases:
As of September 30, 2004, net 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 September 30, 2004:
Total minimum lease payments receivable $ 131,354
Estimated residual values of leased equipment (unguaranteed) 876,158
-----------
Investment in direct financing leases 1,007,512
Less unearned income (131,489)
-----------
Net investment in direct financing leases $ 876,023
===========
At September 30, 2004, the aggregate amounts of future minimum lease payments
are as follows:
Operating Direct Financing
Leases Leases Total
Three months ending December 31, 2004 $ - $ 71,353 $ 71,353
Year ending December 31, 2005 25,000 60,001 85,001
Year ending December 31, 2006 25,000 - 25,000
---------------- ---------------- -----------------
$ 50,000 $ 131,354 $ 181,354
================ ================ =================
All of the property on operating leases was acquired during 1992 through 1996.
8
ATEL CASH DISTRIBUTION FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2004
(Unaudited)
4. Related party transactions:
The terms of the Limited Partnership Agreement provide that AFS and/or
affiliates are entitled to receive certain fees for equipment acquisition,
management and resale and for management of the Partnership.
The Limited Partnership Agreement allows for the reimbursement of costs incurred
by AFS in providing services to the Partnership. Services provided include
Partnership accounting, investor relations, legal counsel and lease and
equipment documentation. AFS is not reimbursed for services where it is entitled
to receive a separate fee as compensation for such services. Reimbursable costs
incurred by AFS are allocated to the Partnership based upon an estimate of
actual time incurred by employees working on Partnership business and an
allocation of rent and other costs based on utilization studies.
Substantially all employees of AFS record time incurred in performing services
on behalf of all of the Partnerships serviced by AFS. AFS believes that the
costs reimbursed are the lower of (i) actual costs incurred on behalf of the
Partnership or (ii) the amount the Partnership would be required to pay
independent parties for comparable services in the same geographic location and
are reimbursable in accordance with the Limited Partnership Agreement.
AFS is entitled to receive incentive management fees (computed as 5% of
distributions of cash from operations, as defined in the Limited Partnership
Agreement) and equipment management fees (computed as 5% of gross revenues from
operating leases, as defined in the Limited Partnership Agreement plus 2% of
gross revenues from full payout leases, as defined in the Limited Partnership
Agreement).
During 2001, AFS decided to take no further fees from the Partnership. Such fees
would otherwise have totaled approximately as follows:
Nine Months Three Months
Ended September 30, Ended September 30,
2004 2003 2004 2003
$ 14,459 $ 24,584 $ 5,205 $ 7,447
AFS and/or its affiliates earned fees, commissions and reimbursements, pursuant
to the Limited Partnership Agreement, as follows:
Nine Months Three Months
Ended September 30, Ended September 30,
2004 2003 2004 2003
Cost reimbursements to AFS $ 242,628 $ 282,792 $ 92,228 $ 60,959
Reimbursements of other costs
initially paid by AFS on behalf
of the Partnership 80,570 95,768 52,282 32,329
-------------------- ----------------- ---------------- ----------------
$ 323,198 $ 378,560 $ 144,510 $ 93,288
==================== ================= ================ ================
9
ATEL CASH DISTRIBUTION FUND IV, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2004
(Unaudited)
5. Partners' Capital:
As of September 30, 2004, 7,487,350 Units ($74,873,500) were issued and
outstanding (including the 50 Units issued to the Initial Limited Partners).
The Partnership's Net Income, Net Losses, and Distributions, as defined, are to
be allocated 99% to the Limited Partners and 1% to AFS.
Distributions to the Limited Partners were as follows:
Nine Months Three Months
Ended September 30, Ended September 30,
2004 2003 2004 2003
Distributions $ 1,124,783 $1,687,504 $ - $ -
Weighted average number of Units outstanding 7,487,350 7,487,350 7,487,350 7,487,350
Weighted average distributions per Unit $ 0.15 $ 0.23 $ - $ -
10
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 2004 and 2003, 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 decreasing as distributions are made to the limited partners and
to the extent expenses exceed cash flows from leases.
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 or re-leasing 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 September 30, 2004, the Partnership had cumulatively 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 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
For the nine month periods ended September 30, 2004 and 2003, the primary
sources of cash from operations were rents from direct financing and operating
leases. Direct finance lease rents decreased from $562,847 in 2003 to $436,178
in 2004, a decrease of $126,669 for the nine month period and from $178,399 in
2003 to $154,377 in 2004, a decrease of $24,022 for the three month period. Cash
from operating leases decreased by $241,496 from 2003 to 2004 for the nine month
period and by $57,509 for the three month period. These decreases were a result
of maturing direct finance and operating leases and sales of the related assets
over the prior year.
Sources of cash from investing activities in 2004 and 2003 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
$114,694 in the first nine months of 2003 to $144,868 for the same period in
2004. As direct financing leases mature, an increasing portion of the payments
are treated as recoveries of the net investment in the leases and the amounts
recognized as income decreases.
In 2004 and 2003, there were no financing sources of cash flows. 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. Distributions decreased
from $1,687,504 in 2003 to $1,124,783 in 2004, a decrease of $562,721.
Results of Operations
Operations for the nine month period ended September 30, 2004 resulted in a net
income of $287,082 compared to net income of $379,859 for the same period in
2003. Operations resulted in net income of $68,850 for the three months ended
September 30, 2004 and $113,949 for the comparable period in 2003. Although
revenues declined by $350,582 for the nine month period, this decrease was
partially offset by overall decreases in expenses of $257,805 in 2004 compared
to 2003.
11
For the three month periods ended September 30, 2004 and 2003, revenues
decreased from $284,649 in 2003 to $221,578 in 2004, a decrease of $63,071. As
with the nine month periods, expenses decreased compared to 2003. Expenses
decreased from $170,700 in 2003 to $152,728 in 2004, a decrease of $17,972.
Most significant was the decline in depreciation expense, which decreased from
$210,545 in 2003 to $16,383 in 2004 for the nine month periods and from $63,051
to $3,330 for the three month periods as a result of operating lease asset sales
over the last year. In general, lease revenues and depreciation have decreased
as a result of leases maturing and sales of assets over the last year.
Gains on sales from lease assets for the nine month period decreased from
$69,404 in 2003 to $57,593 in 2004 and increased from $10,832 to $30,876 for the
three month periods. 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. There were no additions to operating lease assets.
In the first quarter of 2004, the Partnership received payments totaling $34,002
for deferred maintenance (included in other income) on assets previously
returned to the Partnership by a former lessee. There were no similar amounts in
the comparable period in 2003.
There were recoveries of doubtful accounts in the nine month periods ended
September 30, 2003 and 2004, none of which occurred in the three month periods
ending those dates. The amounts of such recoveries are not expected to be
consistent from one period to another.
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 September 30, 2004, the
Partnership had no indebtedness to lenders.
Item 4. Controls and procedures.
Evaluation of disclosure controls and procedures
Under the supervision and with the participation of our management (ATEL
Financial Services, LLC as General Partner of the registrant, including the
chief executive officer and chief financial officer), 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) under the Securities
Exchange Act of 1934] was performed as of the date of this report. Based upon
this evaluation, the chief executive officer and the chief financial officer
concluded that, as of the evaluation date, except as noted below, 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.
As disclosed in the Form 10-KSB for the year ended December 31, 2003, the chief
executive and chief financial officer of the General Partner of the Partnership
had identified certain enhanced controls needed to facilitate a more effective
closing of the Partnership's financial statements. During the first quarter of
2004 and since the end of the quarter, the General Partner hired a new
controller, added additional accounting staff personnel, and has instituted or
revised existing procedures in order to ensure that the Partnership's ability to
execute internal controls in accounting and reconciliation in the closing
process is adequate in all respects. The General Partner will continue to review
its accounting procedures and practices to determine their effectiveness and
adequacy and will take such steps as deemed necessary in the opinion of the
General Partner's chief executive and chief financial officers to ensure the
adequacy of the Partnership's accounting controls and procedures.
The General Partner's chief executive officer and chief financial officer have
determined that no weakness in financial and accounting controls and procedures
had any material effect on the accuracy and completeness of the Partnership's
financial reporting and disclosure included in this report.
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, except as described in the prior
paragraphs.
12
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
In the ordinary course of conducting business, there may be certain claims,
suits, and complaints filed against the Partnership. In the opinion of
management, the outcome of such matters, if any, will not have a material impact
on the Partnership's financial position or results of operations. No material
legal proceedings are currently pending against the Partnership or against any
of its assets.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
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
(a) Documents filed as a part of this report
1. 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.
2. Other Exhibits
31.1 Certification of Paritosh K. Choksi
31.2 Certification of Dean L. Cash
32.1 Certification Pursuant to 18 U.S.C. section 1350 of Dean L. Cash
32.2 Certification Pursuant to 18 U.S.C. section 1350 of Paritosh K.
Choksi
(b) Report on Form 8-K
None
13
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 11, 2004
ATEL CASH DISTRIBUTION FUND IV, L.P.
(Registrant)
By: ATEL Financial Services, LLC
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
14