UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
X Quarterly Report Under Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the Quarter Ended September 30, 1997
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 0-14408
DELPHI FILM ASSOCIATES IV
(Exact name of registrant as specified in its charter)
New York 13-3261814
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
666 Third Avenue, New York, New York 10017
(Address of principal executive offices) (Zip Code)
(212) 983-9040
(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____
<PAGE>
DELPHI FILM ASSOCIATES IV
(A New York Limited Partnership)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
September December
30, 31,
1997 1996
<S> <C> <C>
ASSETS
Cash $ $
183 57
Short-Term Investments 1,348 991
Receivable from Columbia-Delphi
IV
Productions 798 890
Receivable from Tri-Star-Delphi
IV
Productions 210 736
Interest in Motion Picture
Venture-
Columbia-Delphi IV
Productions 10 13
Total $ $
Assets 2,549 2,687
LIABILITIES AND PARTNERS'
CAPITAL
Liabilities:
Accrued Expenses and Accounts $ $
Payable 53 78
Total
Liabilities 53 78
Partners' Capital (Note 2):
General Partner 70 71
Limited Partners
2,426 2,538
Total
Partners' Capital 2,496 2,609
Total
Liabilities and Partners'
$ $
Capital 2,549 2,687
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES IV
(A New York Limited Partnership)
STATEMENTS OF OPERATIONS
(000's Omitted, except net (loss) profit per unit)
Unaudited
<TABLE>
<CAPTION>
For
the Three Months For the Nine Months
Ended September 30, Ended
September 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Interest Income $ $ $ $
17 16 45 50
Expenses:
Operating Expenses
78 91 227 246
78 91 227 246
Loss before Share of
Profit (Loss) in
Motion Picture Ventures (61) (75) (182) (196)
Share of (Loss) Profit in
Motion
Picture Venture--
Columbia-
Delphi IV Productions (239) 132 105 332
Share of (Loss)Profit in
Motion
Picture Venture--Tri-
Star-
Delphi IV Productions
(120) 10 (36) 68
Net (Loss) Profit $ $ $ $
(420) 67 (113) 204
Net (Loss) Profit Per
Unit of Limited
Partnership Interest $ $ $ $
(8,000 units) (52) 8 (14) 25
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES IV
(A New York Limited Partnership)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Nine Months Ended September 30,
1997 1996
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net (Loss) Profit $ $
(113) 204
Adjustments to reconcile Net
(Loss) Profit to net
cash provided by operating
activities:
Share of Profit in Motion (69) (400)
Picture Ventures
Distributions from Joint 72 401
Ventures
Changes in Assets and
Liabilities:
Decrease (Increase) in
Receivables from
Joint Ventures, net 618 (65)
Decrease in Accrued
Expenses and Accounts
Payable
(25) (14)
Net Cash Provided by
Operating Activities 483 126
Cash Flow From Investing
Activities:
Purchases of Short-Term (8,262) (3,109)
Investments
Redemptions of Short-Term
Investments 7,905 3,442
Net Cash (Used) Provided
by Investing (357) 333
Activities
Cash Flow from Financing
Activities:
Distribution to Partners
0 (485)
Net Cash Used by Financing
Activities 0 (485)
Increase (Decrease) In Cash 126 (26)
Cash at beginning of period
57 185
Cash at end of period $ $
183 159
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES IV
(A New York Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change in
the information disclosed in the notes to financial
statements of the Partnership included in the Annual Report
on Form 10-K for the year ended December 31, 1996. The
information furnished includes all adjustments which are, in
the opinion of management normal and recurring except as set
forth in footnote 2, and necessary to present fairly the
financial position of the Partnership as of September 30,
1997 and the results of operations and cash flows for the
periods ended September 30, 1997 and 1996. Results of
operations for the three and nine month periods ended
September 30, 1997 are not necessarily indicative of the
results that may be expected for the entire fiscal year.
2. Current Operations
As of September 30, 1997, all twenty-seven films in
which the Partnership has an interest have been released.
All of these films have completed their theatrical release
and are being distributed in various ancillary markets.
The Partnership received approximately $409,000 in
February 1997 representing its share of the Tri-Star Joint
Venture's Additional Payment relating to one film.
A current period adjustment has been made which
resulted from an over-accrual recorded by the Columbia Joint
Venture of the contractually defined amounts receivable from
the Joint Venture's Distributor for transactions occurring
during the six month period ended June 30, 1997 in the
amount of $164,000 and an aggregate of $191,000 for the
three years ended December 31, 1994. In addition, a current
period adjustment in the amount of $207,000 has been made
which resulted from an over-accrual recorded by the Tri-Star
Joint Venture of the contractually defined amounts
receivable from the Joint Venture's Distributor for
transactions occurring in 1992. The prior quarters and
years have not been restated because the impact on those
quarters and years was not material.
For the purpose of computing the net (loss) profit per
unit, the net (loss) profit for the period is allocated 99%
to the limited partners and 1% to the General Partner.
3. Additional Information
Additional information, including the audited year end
1996 Financial Statements and the Summary of Significant
Accounting Policies, is included in the Partnership's Annual
Report on Form 10-K for the year ended December 31, 1996 on
file with the Securities and Exchange Commission.
<PAGE>
Management's Discussion and Analysis of Financial Condition
and Results of Operations
a. Financial Condition
The Partnership has satisfied its commitment to
contribute funds to the Joint Ventures for the production
of, and acquisition of interests in, films. As of September
30, 1997, the Partnership held cash of approximately
$183,000 and short-term investments of approximately
$1,348,000.
The Partnership has been evaluating the value of its
interest in its film assets and has commenced active
negotiations for the purpose of possibly selling that
interest and liquidating the Partnership. The General
Partner anticipates that the Partnership may be liquidated
in late 1997. No assurance can be provided that the film
assets will be successfully sold, or if sold, when such sale
would occur. Upon the ultimate sale of the film assets, the
Partnership will commence taking steps to dissolve and
liquidate. Cash distributions as a result of the
liquidation may be made to the partners to the extent, and
only to the extent, the proceeds from the sale of the
Partnership's interest in the film assets in connection with
the liquidation are in excess of the Distributors'
entitlement to the recoupment of the Additional Payments and
a reserve for the Partnership's remaining obligations and
operating expenses.
Since the Partnership's obligation to make
contributions to the Joint Ventures for the production of,
and acquisition of interests in, films has been satisfied,
all revenue received by the Partnership (for other than
Unrecouped Films) is used to establish a reserve for
operating expenses of the Partnership and, to the extent
possible, to make cash distributions to partners. The
Partnership does not anticipate significant future revenues
and accordingly, the Partnership does not currently
anticipate making cash distributions to partners on a
quarterly basis. However, the Partnership may make future
distributions if it realizes proceeds from its interest in
films or from the sale of its interest in films (should the
sale occur) net of a reserve for the Partnership's operating
expenses.
The Partnership commenced cash distributions to its
partners in April 1987. Distributions through September 30,
1997 have aggregated $3,845 per unit (76.9% of the limited
partners' original investment in the Partnership).
b. Results of Operations
The Partnership's operating results are primarily
dependent upon the operating results of the Joint Ventures
and are significantly impacted by the Joint Ventures'
policies.
The performance of each film is based upon the amount
expended for production and other costs associated with a
film and the revenue generated by a film. The amount and
timing of revenues generated by each film is dependent upon
the degree of acceptance by the consumer public and the
particular ancillary market in which the film is then being
exhibited.
Amounts contributed toward each film are compared
periodically to the expected total revenue to be generated
for that film, and write-downs may occur to the extent the
amounts invested exceed the expected total revenue for that
film.
Additionally, each Joint Venture has recorded income
with respect to Additional Payments, to the extent
available, which has allowed it to recover its investment in
films.
For the three months ended September 30, 1997, the
Columbia Joint Venture had
a net profit; however, the Partnership reported a net loss
from that Joint Venture of approximately $239,000, due
primarily to the unprofitable results of certain films and a
current period adjustment which resulted from an over-
accrual recorded by the Columbia Joint Venture of the
contractually defined amounts receivable from the Joint
Venture's Distributor for transactions ocurring during the
six month period ended June 30, 1997 in the amount of
$164,000 and an aggregate of $191,000 for the three years
ended December 31, 1994. The prior quarters and years have
not been restated because the impact on those quarters and
years was not material. The Tri-Star Joint Venture had a
net profit; however, the Partnership reported a net loss
from that Joint Venture of approximately $120,000, due
primarily to a current period adjustment which resulted from
an over-accrual recorded by the Tri-Star Joint Venture of
the contractually defined amounts receivable from the Joint
Venture's Distributor for transactions occurring in 1992 in
the amount of $207,000 offset, in part, by the profitable
results of one film. The prior year has not been restated
because the impact on that year was not material. In
addition, the Partnership earned approximately $17,000 of
interest income from its short-term investments and incurred
approximately $78,000 of expenses from its operations,
resulting in an overall net loss to the Partnership of
approximately $420,000.
For the three months ended September 30, 1996, the
Columbia Joint Venture had
a net profit of which the Partnership's share was
approximately $132,000, due primarily to the profitable
results of certain films. The Tri-Star Joint Venture had a
net profit of which the Partnership's share was
approximately $10,000 due primarily to the profitable
results of one film. In addition, the Partnership earned
approximately $16,000 of interest income from its short-term
investments and incurred approximately $91,000 of expenses
from its operations, resulting in an overall net profit to
the Partnership of approximately $67,000.
For the nine months ended September 30, 1997, the
Columbia Joint Venture had a net profit of which the
Partnership's share was approximately $105,000, due
primarily to the profitable results of certain films,
offset, in part, by a current period adjustment which
resulted fom an over-accrual recorded by the Columbia Joint
Venture of the contractually defined amounts receivable from
the Joint Venture's Distributor for transactions ocurring
during the six month period ended June 31, 1997 in the
amount of $164,000 and an aggregate of $191,000 for the
three years ended December 31, 1994. The prior quarters and
years have not been restated because the impact on those
quarters and years was not material. The Tri-Star Joint
Venture had a net profit; however the Partnership reported a
net loss from the Joint Venture of approximately $36,000
due primarily to a current period adjustment which resulted
from an over-accrual recorded by the Tri-Star Joint Venture
of the contractually defined amounts receivable from the
Joint Venture's Distributor for transactions occurring in
1992 in the amount of $207,000 offset, in part, by the
profitable results of certain films. The prior year has not
been restated because the impact on that year was not
material. In addition, the Partnership earned approximately
$45,000 of interest income from its short-term investments
and incurred approximately $227,000 of expenses from its
operations, resulting in an overall net loss to the
Partnership of approximately $113,000.
For the nine months ended September 30, 1996, the
Columbia Joint Venture had a net profit of which the
Partnership's share was approximately $332,000, due
primarily to the profitable results of certain films. The
Tri-Star Joint Venture had a net profit of which the
Partnership's share was approximately $68,000 due primarily
to the profitable results of certain films. In addition,
the Partnership earned approximately $50,000 of interest
income from its short-term investments and incurred
approximately $246,000 of expenses from its operations,
resulting in an overall net profit to the Partnership of
approximately $204,000.
The Partnership's interest income and total expenses for
the three and nine month periods ended September 30, 1997 as
compared with the corresponding periods in 1996 was
virtually unchanged.
<PAGE>
COLUMBIA-DELPHI IV PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
September December
30, 31,
1997 1996
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization
of $164,129 and $164,114, $ 57 $
respectively 72
Receivable from Columbia
Pictures
(Distributor)
6,824 5,974
Total $ 6,881 $
Assets 6,046
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to Columbia Pictures $ 6,026 $
Industries, Inc. 5,084
Payable to Delphi Film
Associates IV 798 890
Total
Liabilities 6,824 5,974
Venturers' Capital:
Columbia Pictures Industries, 47 59
Inc.
Delphi Film Associates IV
10 13
Total
Venturers' Capital 57 72
Total
Liabilities and Venturers'
$ 6,881 $
Capital 6,046
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI IV PRODUCTIONS
(A Joint Venture)
STATEMENTS OF OPERATIONS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For
the Three Months For the Nine Months
Ended September 30, Ended
September 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Net Revenues From Motion
Picture Exploitation $ $ $ $
309 595 1,912 1,514
Less: Amortization of
Motion
Picture
Production and
Advertising
Costs 6 4 15 6
Net Income $ $ $ $
303 591 1,897 1,508
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI IV PRODUCTIONS
(A Joint Venture)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Nine Months Ended September 30,
1997 1996
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Income $ $
1,897 1,508
Adjustments to reconcile Net
Income to
net cash provided by operating
activities:
Amortization of Motion Picture
Production and
Advertising Costs 15 6
Accrued Distributions (850) 778
toVenturers
Changes in Assets and
Liabilities:
(Decrease) Increase in
Payable to Delphi Film
Associates IV (92) 100
Increase in Payable to
Columbia Pictures
Industries, Inc. 942 449
Increase in Receivable from
Columbia
Pictures (Distributor)
(850) (549)
Net Cash Provided by Operating
Activities 1,062 2,292
Cash Flow from Financing
Activities:
Distributions to Venturers
(1,062) (2,292)
Net Cash Used by Financing
Activities (1,062) (2,292)
Net Change in Cash 0 0
Cash at beginning of period
0 0
Cash at end of period $ $
0 0
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI IV PRODUCTIONS
(A Joint Venture)
NOTES TO FINANCIAL STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change in
the information disclosed in the notes to financial
statements of the Joint Venture included in the Annual
Report on Form 10-K of Delphi Film Associates IV (the
"Partnership") for the year ended December 31, 1996. The
information furnished includes all adjustments which are, in
the opinion of management normal and recurring except as set
forth in footenote 2, and necessary to present fairly the
financial position of the Joint Venture as of September 30,
1997 and the results of its operations and cash flows for
the periods ended September 30, 1997 and 1996. Results of
operations for the period ended September 30, 1997 are not
necessarily indicative of the results that may be expected
for the entire fiscal year.
2. Current Operations
All twelve films in which the Joint Venture has an
interest have completed their theatrical release and are
being distributed in various ancillary markets. For the
three and nine month periods ended September 30, 1997, the
Joint Venture is reporting net revenue of $309,000 and
$1,912,000, respectively, due primarily to the performance
of certain films in the domestic home video and worldwide
free and pay television markets, offset, in part, by a
current period adjustment which resulted from an over-
accrual by the Joint Venture of the contractually defined
amounts receivable from the Distributor thus resulting in a
reduction in the amount payable to Delphi
Film Associates IV for transactions occurring during the six
month period ended June 30, 1997 in the amount of $164,000,
and an aggregate of $191,000 for 1994, 1993 and 1992. No
adjustment to the payable to Columbia Pictures Industries,
Inc. was required as the amounts were receivable from
Columbia Pictures (Distributor), a related party. Prior
quarters and years have not been restated because the impact
on those quarters and years was not material.
For the three and nine month periods ended September
30, 1996, the Joint Venture reported net revenue of $595,000
and $1,514,000, respectively, due primarily to the
performance of certain films in the domestic home video and
worldwide free and pay television markets.
3. Additional Information
Additional information, including the audited year end
1996 Financial Statements and the Summary of Significant
Accounting Policies, is included in the Annual Report on
Form 10-K of the Partnership for the year ended December 31,
1996.
<PAGE>
TRI-STAR -DELPHI IV PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
September December
30, 31,
1997 1996
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization of
$108,520 and $108,490, $ $
respectively 55 85
Motion Picture Costs Recoverable
from
Additional Payments 1,144 1,853
Receivable from TriStar
Pictures, Inc.
(Distributor)
982 913
Total $ 2,181 $
Assets 2,851
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to TriStar Pictures, $ $
Inc. 1,916 2,030
Payable to Delphi Film
Associates IV 210 736
Total
Liabilities 2,126 2,766
Venturers' Capital:
TriStar Pictures, Inc. 55 85
Delphi Film Associates IV
0 0
Total
Venturers' Capital 55 85
Total
Liabilities and Venturers'
$ $
Capital 2,181 2,851
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRI-STAR-DELPHI IV PRODUCTIONS
(A Joint Venture)
STATEMENTS OF OPERATIONS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
Ended September 30, Ended
September 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Net Revenues From Motion
Picture
Exploitation $ $ $ $
33 44 497 251
Less: Amortization of
Motion
Picture
Production and
Advertising
Costs 6 0 30 4
Income from Operations 27 44 467 247
Additional Payments
Accrual 0 0 0 18
Net Income $ $ $ $
27 44 467 265
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRI-STAR - DELPHI IV PRODUCTIONS
(A Joint Venture)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Nine Months Ended September 30,
1997 1996
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Income $ $
467 265
Adjustments to reconcile Net
Income to net cash
provided by operating
activities:
Amortization of Motion Picture
Production and
Advertising Costs 30 4
Accrued Distributions (69) 72
toVenturers
Changes in Assets and
Liabilities:
Decrease in Payable to
Delphi Film
Associates IV (526) (35)
Decrease in Payable to (114) (37)
TriStar Pictures, Inc.
(Increase) Decrease in
Receivable from
TriStar Pictures, Inc. (69) 90
(Distributor)
Decrease (Increase) in
Motion Picture Costs
Recoverable from
Additional Payments 709 (18)
Net Cash Provided by
Operating Activities 428 341
Cash Flow From Financing
Activities:
Distributions to Venturers
(428) (341)
Net Cash Used by
Financing Activities (428) (341)
Net Change in Cash 0 0
Cash at beginning of period
0 0
Cash at end of period $ $
0 0
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRISTAR - DELPHI IV PRODUCTIONS
(A Joint Venture)
NOTES TO FINANCIAL STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change in
the information disclosed in the notes to financial
statements of the Joint Venture included in the Annual
Report on Form 10-K of Delphi Film Associates IV (the
"Partnership") for the year ended December 31, 1996. The
information furnished includes all adjustments which are, in
the opinion of management normal and recurring except as set
forth in footenote 2, and necessary to present fairly the
financial position of the Joint Venture as of September 30,
1997 and the results of its operations and cash flows for
the periods ended September 30, 1997 and 1996. Results of
operations for the period ended September 30, 1997 are not
necessarily indicative of the results that may be expected
for the entire fiscal year.
2. Current Operations
All fifteen films in which the Joint Venture has an
interest have completed their theatrical release and are
being distributed in various ancillary markets. For the
three
and nine month periods ended September 30, 1997, the Joint
Venture is reporting net revenue of $33,000 and $497,000,
respectively, due primarily to the performance of its films
in the worldwide free television market offset, in part, by
a current period adjustment which resulted from an over-
accrual by the Joint Venture of the contractually defined
amounts receivable from the Distributor thus resulting in a
reduction in the amount payable to Delphi Film Assciates IV
for transactions occurring in 1992 in the amount of
$207,000. No adjustment to the payable to TriStar Pictures,
Inc. was required as the amounts were receivable from
TriStar Pictures, Inc. (Distributor), a related party. The
prior year has not been restated because the impact on 1992
was not material. The Joint Venture received approximately
$709,000 in February 1997 representing the Joint Venture's
Additional Payment relating to one film.
For the three and nine month periods ended September
30, 1996, the Joint Venture reported net revenue of $44,000
and $251,000, respectively, due primarily to the performance
of its films in the worldwide free television market. For
the nine month period ended September 30, 1996, the Joint
Venture recorded an increase in the Additional Payment
accrual of $18,000 due to an increase in the estimated
distribution fee to be earned by its Distributor.
3. Additional Information
Additional information, including the audited year end
1996 Financial Statements and the Summary of Significant
Accounting Policies, is included in the Annual Report on
Form 10-K of the Partnership for the year ended December 31,
1996.
<PAGE>
PART II
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3.Defaults Upon Senior Securities
None
Item 4.Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6.Exhibits and Reports on Form 8-K
A). Exhibits
<TABLE>
<CAPTION>
EXHIBIT
NUMBERDESCRIPTIONPAGE NUMBER
<S> <C>
<C>
27 Financial Data Schedule
</TABLE>
B). Reports on Form 8-K
None
<PAGE>
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.
DELPHI FILM ASSOCIATES IV
A New York Limited Partnership
By: THE DELPHI COMPANY,
General Partner
By: ML Film Entertainment
Inc.,
Managing Partner
November 14, 1997 /s/ Roger F. Castoral, Jr.
Date Roger F. Castoral, Jr.
Vice President and Treasurer
of the
Managing Partner of the
General Partner
(principal financial officer
and principal
accounting officer of the
Registrant)
November 14, 1997 /s/ Steven N.
Baumgarten
Date Steven N. Baumgarten
Director and Vice President of
the Managing Partner
of the General Partner
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial
information extracted from Balance Sheets and Statement of
Operations for the third quarter ended September 30, 1997
Form 10Q of Delphi Film Associates IV and is qualified in
its entirety by reference to such financial statements.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 183,000
<SECURITIES> 1,348,000
<RECEIVABLES> 1,008,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,549,000
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 2,496,000
<TOTAL-LIABILITY-AND-EQUITY> 2,549,000
<SALES> 0
<TOTAL-REVENUES> 45,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 227,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (113,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (113,000)
<EPS-PRIMARY> (14.00)
<EPS-DILUTED> 0
</TABLE>
