<PAGE>
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 March 31, 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 ___
Number of shares of common stock, $1 par value, outstanding as of May 10,
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, March 31, 2000
and December 31, 1999 3
Statements of Operations for the
three months ended March 31, 2000 and 1999 4
Statements of Cash Flows for the
three months ended March 31, 2000 and 1999 5
Notes 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
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)
________
March 31, December 31,
2000 1999
------------ --------------
ASSETS (Unaudited)
Cash $ 2 $ 2
Funds held by Trustee 83 83
Receivables on mortgage-backed securities
109 101
Receivables from affiliates 924 897
Investments in mortgage-backed securities
available-for-sale (amortized cost of
$5,436 and $5,610, net of premium
of $18 and $19) 5,558 5,732
Deferred bond issue costs 43 46
Deferred tax asset 71 71
Other assets 7 3
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$ 6,797 $ 6,935
============ ==============
LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities:
Long-term debt $ 5,329 $ 5,490
Accrued interest payable 46 44
Deferred income taxes 43 43
Other liabilities 285 267
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5,703 5,844
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Contingent liabilities
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 125 122
Accumulated other comprehensive income
net of income taxes of $43 79 79
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1,094 1,091
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$ 6,797 $ 6,935
============ ==============
See Note
3
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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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Three Months Ended
March 31,
-------------------------
2000 1999
---- ----
(Unaudited) (Unaudited)
Revenues:
Interest income $ 119 $ 172
Accretion of net premium
on mortgage-backed securities (1) (3)
Interest on receivables from
affiliates 15 13
Bond administration fee 3 3
Income maintenance allowance from
parent 17 25
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153 210
------- -------
Expenses:
Interest expense 129 172
Amortization of deferred
bond issue costs 3 7
Amortization of bond discounts 7 16
Other financial and administrative 11 12
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150 207
------- -------
Income before income taxes 3 3
Income tax provision -- --
------- -------
Net Income $ 3 $ 3
======= =======
See Note
4
<PAGE>
PART I
FORM 10-Q
Item 1. Financial Statements, continued.
---------------------
RYAN MORTGAGE ACCEPTANCE CORPORATION IV
STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands)
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Three Months Ended
March 31
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2000 1999
---- ----
(Unaudited) (Unaudited)
Operating Activities:
Net Income $ 3 $ 3
Adjustments to reconcile net income to net
cash provided by operating activities:
Accretion of net discount on
mortgage-backed securities 1 3
Amortization of deferred bond
issue costs 3 7
Amortization of bond discounts 7 16
Change in interest receivable on mortgage-
backed securities (8) 5
Change in other assets (4) (3)
Change in accrued interest payable 2 173
Change in accrued liabilities 18 5
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Net cash provided by Operating 22 209
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Activities
Investing Activities:
Increase in funds held by Trustee - (898)
Principal payments on mortgage-backed
securities 173 735
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Net cash provided (used) by
Investing Activities 173 (163)
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Financing Activities:
Redemption of bonds (168) -
Net changes in receivables from affiliates (27) (46)
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Net cash used by Financing Activities (195) (46)
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Increase in cash - -
Cash at beginning of period 2 2
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Cash at end of period $ 2 $ 2
======= ======
Supplemental disclosure of cash flow
Information:
Interest paid $ 127 $ -
======= ======
Supplemental disclosure of non cash
financing activities:
See Note
5
<PAGE>
PART I
FORM 10-Q
Item 1. Financial Statements, continued.
---------------------
RYAN MORTGAGE ACCEPTANCE CORPORATION IV
NOTE TO FINANCIAL STATEMENTS
March 31, 2000
(Dollar amounts in thousands)
--------
Basis of Presentation
1. 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 three month period ended March 31, 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 (the "Company") 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
-----------------------------------------------------------
and Results of Operations. (Dollars in Thousands)
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Operations
- ----------
Interest income for the three months ended March 31, 2000 decreased $53
compared to the three months ended March 31, 1999. This decrease was due to
reduction in the investment balance of the mortgage-backed securities. Interest
expense for the three months ended March 31, 2000 decreased $43 compared to the
three months ended March 31, 1999. This decrease was due to redemption of bonds
during the quarter. No other revenue or expense items are deemed significant.
Other
- -----
The Financial Accounting Standards Board has issued Statement of Financial
Accounting Standards ("FASB") 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. FASB 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 FASB No. 133 will have a material 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.
---------------------------------
a. The Company did not file any reports on Form 8-K during the quarter
ended March 31, 2000.
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
May 15, 2000 By: /s/William J. Inman
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Date William J. Inman, President and
Chairman of the Board of Directors
(Duly Authorized Officer)
May 15, 2000 By: /s/Peter J. Fitzsimmons
- ------------------- -----------------------------------
Date Peter J. Fitzsimmons, Vice President;
Controller; Secretary; Director
(Principal Financial and Accounting
Officer)
8
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM RYAN
MORTGAGE ACCEPTANCE CORPORATION IV'S FINANCIAL STATEMENTS INCLUDED IN FORM 10-Q
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 2
<SECURITIES> 0
<RECEIVABLES> 6,591
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 6,797
<CURRENT-LIABILITIES> 0
<BONDS> 5,329
0
0
<COMMON> 0
<OTHER-SE> 1,094
<TOTAL-LIABILITY-AND-EQUITY> 6,797
<SALES> 0
<TOTAL-REVENUES> 153
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 11
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 139
<INCOME-PRETAX> 3
<INCOME-TAX> 0
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<DISCONTINUED> 0
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</TABLE>
