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FORM 10-Q
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, 2000
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OR
{ } TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________________to_____________________________
Commission file number 0-11623
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RYAN MORTGAGE ACCEPTANCE CORPORATION IV
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(Exact name of registrant as specified in its charter)
Delaware 25-1460059
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
7601 Lewinsville Road, Suite 300 McLean Virginia 22102
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(Address of principal executive offices)
(Zip Code)
(703)761-2000
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or 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 ____
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Number of shares of common stock, $1 par value, outstanding as of October
25, 2000: 1,000
The Registrant meets the conditions set forth in General Instruction
H(1)(a) and (b) of Form 10-Q and is filing this Form with the reduced disclosure
permitted thereby.
1
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FORM 10-Q
RYAN MORTGAGE ACCEPTANCE CORPORATION IV
I N D E X
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Pages
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PART I. FINANCIAL INFORMATION
Item 1 - Financial Statements
Balance Sheets, September 30, 2000 (unaudited)
and December 31, 1999 3
Statements of Operations for the
three months ended September 30, 2000
and 1999 (unaudited) and the nine months
ended September 30, 2000 and 1999 (unaudited) 4
Statements of Cash Flows for the
nine months ended September 30, 2000 and 1999 (unaudited) 5
Note to Financial Statements 6
Item 2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
PART II. OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K 8
SIGNATURES 8
</TABLE>
2
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PART I
FORM 10-Q
Item 1. Financial Statements.
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RYAN MORTGAGE ACCEPTANCE CORPORATION IV
BALANCE SHEETS
(Dollar amounts in thousands)
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<CAPTION>
September 30, December 31,
2000 1999
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ASSETS (Unaudited)
<S> <C> <C>
Cash $ - $ 2
Funds held by Trustee 10 83
Receivables on mortgage-backed securities 163 101
Receivables from affiliates 969 897
Investments in mortgage-backed securities
available-for-sale (amortized cost of
$5,033 and $5,610, net of premium
of $16 and $19) 5,155 5,732
Deferred bond issue costs 39 46
Deferred tax asset 71 71
Other assets 4 3
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$ 6,411 $ 6,935
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LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities:
Long-term debt $ 4,935 $ 5,490
Accrued interest payable 50 44
Deferred income taxes 43 43
Other liabilities 283 267
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5,311 5,844
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Shareholder's equity:
Common stock, $1.00 par value: 50,000
shares authorized, 1,000 shares issued
and outstanding 1 1
Additional paid-in capital 889 889
Retained earnings 131 122
Accumulated other comprehensive income
net of income taxes of $43 79 79
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1,100 1,091
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$ 6,411 $ 6,935
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</TABLE>
See Note to Financial Statements
3
<PAGE>
PART I
FORM 10-Q
Item 1. Financial Statements, continued.
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RYAN MORTGAGE ACCEPTANCE CORPORATION IV
STATEMENTS OF OPERATIONS
(Dollar amounts in thousands)
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<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
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2000 1999 2000 1999
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(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Revenues:
Interest income $ 117 $ 179 $ 362 $ 509
Accretion of net premium
On mortgage-backed securities 1 - (3) (7)
Interest on receivables from
Affiliates 17 15 48 42
Bond administration fee 3 3 9 9
Income maintenance allowance from
Parent (11) (6) 26 16
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127 191 442 569
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Expenses:
Interest expense 118 140 373 467
Amortization of deferred
Bond issue costs (4) 10 7 18
Amortization of bond discounts - 27 25 44
Other financial and administrative 10 11 28 31
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124 188 433 560
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Income before taxes 3 3 9 9
Income tax provision - - - -
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Net Income $ 3 $ 3 $ 9 $ 9
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</TABLE>
See Note to Financial Statements
4
<PAGE>
PART I
FORM 10-Q
Item 1. Financial Statements, continued.
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RYAN MORTGAGE ACCEPTANCE CORPORATION IV
STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands)
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<TABLE>
<CAPTION>
Nine Months Ended
September 30,
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2000 1999
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(Unaudited) (Unaudited)
<S> <C> <C>
Operating Activities:
Net Income $ 9 $ 9
Adjustments to reconcile net income to net
cash provided by operating activities:
Accretion of net premium on
mortgage-backed securities 3 7
Amortization of deferred bond
issue costs 7 18
Amortization of bond discounts 26 44
Change in interest receivable on mortgage-
backed securities (62) 16
Change in other assets (1) -
Change in accrued interest payable 6 126
Change in other liabilities 16 6
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Net cash provided by Operating Activities 4 226
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Investing Activities:
(Increase)/decrease in funds held by Trustee 73 (488)
Principal payments on mortgage-backed
securities 574 1,950
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Net cash provided by Investing Activities 647 1,462
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Financing Activities:
Redemption of bonds (581) (1,625)
Net changes in receivables from affiliates (72) (63)
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Net cash used by Financing Activities (653) (1,688)
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Increase (decrease) in cash (2) -
Cash at beginning of period 2 2
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Cash at end of period $ - $ 2
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Supplemental disclosure of cash flow
Information:
Interest paid $ 367 $ 341
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</TABLE>
See Note to Financial Statements
5
<PAGE>
PART I
FORM 10-Q
Item 1. Financial Statements, continued.
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RYAN MORTGAGE ACCEPTANCE CORPORATION IV
NOTE TO FINANCIAL STATEMENTS
September 30, 2000
(Dollar amounts in thousands)
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1. Basis of Presentation
In the opinion of management, the unaudited financial statements included
in this Form 10-Q have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-Q and Regulation S-X. Accordingly, they do not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting only of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the nine-month period ended September 30, 2000 are not
necessarily indicative of the results that may be expected for the year
ending December 31, 2000. This Form 10-Q should be read in conjunction with
the Ryan Mortgage Acceptance Corporation IV Annual Report on Form 10-K for
the year ended December 31, 1999.
6
<PAGE>
PART I
FORM 10-Q
RYAN MORTGAGE ACCEPTANCE CORPORATION IV
Item 2. Management's Discussion and Analysis of Financial Condition
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and Results of Operations. (Dollars in Thousands)
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Operations
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Three Months Ended September 30, 2000 and 1999
Interest income for the three months ended September 30, 2000 decreased $62
compared to the three months ended September 30, 1999. This decrease was due to
a reduction in the investment balance of the mortgage-backed securities.
Interest expense for the three months ended September 30, 2000 decreased $22
compared to the three months ended September 30, 1999. This decrease was due to
redemption of bonds. No other revenue or expense items are deemed significant.
Nine Months Ended September 30, 2000 and 1999
Interest income for the nine months ended September 30, 2000 decreased $147
compared to the nine months ended September 30, 1999. This decrease was due to a
reduction in the investment balance of the mortgage-backed securities. Interest
expense for the nine months ended September 30, 2000 decreased $94 compared to
the nine months ended September 30, 1999. This decrease was due to redemption of
bonds. No other revenue or expense items are deemed significant.
Other
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The Financial Accounting Standards Board has issued Statement of Financial
Accounting Standards ("SFAS) No. 133, "Accounting for Derivative Instruments and
Hedging Activities." FASB No. 133 requires all derivatives to be recognized as
either assets or liabilities on the balance sheet and be measured at fair value.
Depending on the hedge designation, changes in such fair value will be
recognized in either other comprehensive income or current earnings on the
income statement. During June, 1999, the FASB issued SFAS No. 137, and in June
2000, the FASB issued SFAS No. 138, both of which provide additional guidance
and amendments to SFAS No. 133. SFAS No. 133, as amended, is effective for all
fiscal quarters of all fiscal years beginning after June 15, 2000, and is
applicable to interim periods in the initial year of adoption. At the present
time, the Company does not believe that SFAS No. 133 will have any impact
on its financial statements upon adoption.
7
<PAGE>
PART II
FORM 10-Q
RYAN MORTGAGE ACCEPTANCE CORPORATION IV
Item 6. Exhibits and Reports on Form 8-K.
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a. The Company did not file any reports on Form 8-K during the
quarter ended September 30, 2000.
b. Financial data schedule (page 9)
SIGNATURES
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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.
RYAN MORTGAGE ACCEPTANCE CORPORATION IV
11/7/00 By: /s/ William J. Inman
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Date William J. Inman, President and
Chairman of the Board of Directors
(Duly Authorized Officer)
11/7/00 By: /s/ Dennis M. Seremet
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Date Dennis M. Seremet
Chief Accounting Officer
8
