<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 June 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 August 3,
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
<PAGE>
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, June 30, 2000 (unaudited)
and December 31, 1999 3
Statements of Operations for the
three months ended June 30, 2000
and 1999 (unaudited) and the six months
ended June 30, 2000 and 1999 (unaudited) 4
Statements of Cash Flows for the
six months ended June 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
2
<PAGE>
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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June 30, December 31,
2000 1999
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ASSETS (Unaudited)
Cash $ - $ 2
Funds held by Trustee 84 83
Receivables on mortgage-backed securities 148 101
Receivables from affiliates 955 897
Investments in mortgage-backed securities
available-for-sale (amortized cost of
$5,155 and $5,610, net of premium
of $15 and $19) 5,277 5,732
Deferred bond issue costs 35 46
Deferred tax asset 71 71
Other assets 5 3
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$ 6,575 $ 6,935
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LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities:
Long-term debt $ 5,119 $ 5,490
Accrued interest payable 47 44
Deferred income taxes 43 43
Other liabilities 269 267
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5,478 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 128 122
Accumulated other comprehensive
income net of income taxes
of $43 79 79
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1,097 1,091
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$ 6,575 $ 6,935
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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 June 30, Six Months Ended June 30,
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2000 1999 2000 1999
-------------- --------------- ----------------- ------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Revenues:
Interest income $ 126 $ 154 $ 245 $ 326
Accretion of net premium
On mortgage-backed securities (3) - (4) (3)
Interest on receivables from
Affiliates 16 14 31 27
Bond administration fee 3 3 6 6
Income maintenance allowance from
Parent 20 (3) 37 22
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162 168 315 378
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Expenses:
Interest expense 126 155 255 327
Amortization of deferred
Bond issue costs 8 1 11 8
Amortization of bond discounts 18 1 25 17
Other financial and administrative 7 8 18 20
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159 165 309 372
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Income before taxes 3 3 6 6
Income tax provision - - - -
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Net Income $ 3 $ 3 $ 6 $ 6
===== ===== ===== =====
</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)
Six Months Ended
June 30 ,______
2000 1999
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(Unaudited) (Unaudited)
Operating Activities:
Net Income $ 6 $ 6
Adjustments to reconcile net income
to net cash provided by operating
activities:
Accretion of net premium on
mortgage-backed securities 4 3
Amortization of deferred bond
issue costs 11 8
Amortization of bond discounts 25 17
Change in interest receivable on mortgage-
backed securities (47) 12
Change in other assets (2) (6)
Change in accrued interest payable 3 150
Change in accrued liabilities 2 8
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Net cash provided by Operating Activities 2 198
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Investing Activities:
Increase in funds held by Trustee (1) (1,080)
Principal payments on mortgage-backed
securities 451 1,653
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Net cash provided by Investing Activities 450 573
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Financing Activities:
Redemption of bonds (396) (713)
Net changes in receivables from affiliates (58) (58)
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Net cash used by Financing Activities (454) (771)
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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 $ 0 $ 2
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Supplemental disclosure of cash flow
Information:
Interest paid $ 252 $ 177
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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
June 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 six-month period ended June 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 June 30, 2000 and 1999
Interest income for the three months ended June 30, 2000 decreased $28
compared to the three months ended June 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 June 30, 2000 decreased $29 compared to the
three months ended June 30, 1999. This decrease was due to redemption of bonds.
No other revenue or expense items are deemed significant.
Six Months Ended June 30, 2000 and 1999
Interest income for the six months ended June 30, 2000 decreased $81
compared to the six months ended June 30, 1999. This decrease was due to a
reduction in the investment balance of the mortgage-backed securities. Interest
expense for the six months ended June 30, 2000 decreased $72, compared to the
six months ended June 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 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.
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a. The Company did not file any reports on Form 8-K during the
quarter ended June 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
8/8/00 By: /s/ WILLIAM J. INMAN
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Date William J. Inman, President and
Chairman of the Board of Directors
(Duly Authorized Officer)
8/8/00 By: /s/ DENNIS M. SEREMET
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Date Dennis M. Seremet
Chief Accounting Officer
8
