UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 1996
Commission file Number 0-25430
RIDGEWOOD ELECTRIC POWER TRUST IV
(Exact name of registrant as specified in its charter.)
Delaware, U.S.A. 22-3324608
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
947 Linwood Avenue, Ridgewood, New Jersey 07450-2939
(Address of principal executive offices (Zip Code)
Registrant's telephone number, including area code:
(201) 447-9000
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>
<TABLE>
PART I. - FINANCIAL INFORMATION
RIDGEWOOD ELECTRIC POWER TRUST IV
BALANCE SHEETS
(Unaudited)
<CAPTION>
March 31, December 31,
1996 1995
<S> <C> <C>
Assets
Cash $ 15,077,346 $ 12,998,463
Interest receivable 76,436 59,464
Investments in
power project
partnerships 5,603,619 353,619
Equipment in storage 455,182 455,182
Other assets 23,435 23,435
Total assets $ 21,236,018 $ 13,890,163
Liabilities and
Shareholders'
Equity
Accounts payable
and accrued
expenses $ 257,581 $ 34,413
Due to affiliate 0 353,619
257,581 388,032
Shareholders' equity
(162.1 shares out-
standing at
12/31/95 and
263.584 at 3/31/96) 20,981,842 13,503,692
Managing share-
holder's accumu-
lated deficit (3,405) (1,561)
Total shareholders'
equity 20,978,437 13,502,131
Total liabilities
and shareholders'
equity $ 21,236,018 $ 13,890,163
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
RIDGEWOOD ELECTRIC POWER TRUST IV
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND
THE PERIOD ENDED MARCH 31, 1995
(Unaudited)
<CAPTION>
Three months Period begin-
ended March 31, ning February 6,
1996 1995 and ending
March 31, 1995
______________ ______________
<S> <C> <C>
Income from project
partnerships $ 2,439 $ 0
Dividend and interest
income 61,911 0
Total income 64,350 0
Investment fee expense 181,295 0
Management fees 46,970 0
Administrative and
other expense 20,464 0
Total expenses 248,729 0
Net income (loss) $(184,379) $ 0
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
RIDGEWOOD ELECTRIC POWER TRUST IV
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND
THE PERIOD ENDED MARCH 31, 1995
(Unaudited)
<CAPTION>
Three months ended Period begin-
ended March 31, ning February 6,
1996 1995 and ending
March 31, 1995
______________ ______________
<S> <C> <C>
Cash flows from
operating activities:
Net income $ (184,379) $ 0
Adjustments to
reconcile net income
to cash provided (used)
in operating activities:
Investments in power
projects and
partnerships (5,250,000) 0
Changes in assets &
liabilities:
Decrease (increase) in
receivables (16,972) 0
Decrease (increase) in
other assets
Increase (decrease) in
accounts payable (130,451) 0
Net cash provided (used)
by operations (5,581,802) 0
Cash provided by
(used in) financing
activities:
Net proceeds from the
sale of Trust
shares 7,951,685 0
Cash distributions
to Shareholders (291,000) 0
7,660,685 0
Net increase (decrease)
in cash 2,078,883 0
Cash - Beginning
of period 12,998,463 0
Cash - End
of period $ 15,077,346 $ 0
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
<PAGE>
RIDGEWOOD ELECTRIC POWER TRUST IV
NOTES TO FINANCIAL STATEMENTS
1. Organization and Purpose
Nature of business
Ridgewood Electric Power Trust II (the "Trust") was
formed as a Delaware business trust in September 1994
by Ridgewood Energy Holding Corporation acting as
the Corporate Trustee. The managing shareholder of the
Trust is Ridgewood Power Corporation. The Trust began
offering shares on February 6, 1995. The Trust
commenced operations on May 10, 1995. Its offering of
Trust shares is continuing.
The Trust has been organized to invest in independent power
generation facilities and in the development of these
facilities. These independent power generation
facilities include cogeneration facilities which
produce electricity, thermal energy and other power
plants that use various fuel sources (except nuclear).
The power plants will sell electricity and thermal energy to
utilities and industrial users.
"Business Development Company" election
Effective March 24, 1995, the Trust elected to be
treated as a "Business Development Company" under the
Investment Company Act of 1940 and registered its
shares under the Securities Exchange Act of 1934.
2. Summary of Significant Accounting Policies
Investments in project development and power generation
limited projects
The Trust holds investments in power generation
projects which are stated at fair value. Due to the
illiquidity of the investments, the fair values of the
investments are assumed to equal cost unless current
available information provides a basis for adjusting
the value of the investments.
Revenue recognition
Income from investments is recorded when received.
Interest and dividend income are recorded as earned.
Offering costs
Costs associated with offering Trust shares (selling
commissions, distribution and offering costs) are reflected
as a reduction of the shareholders' capital contributions.
Cash and cash equivalents
The Trust considers monies invested in a U.S. Treasury
Bills Fund with daily liquidation privileges to be a
cash equivalent.
<PAGE>
Ridgewood Electric Power Trust IV
Notes to Financial
Statements
Electric generating equipment
The Trust owns certain used electric power equipment which
is stated at fair value. Due to the difficulty of
determining the equipment's fair value, the fair value is
assumed to equal cost unless current available information
provides a basis for adjusting the value of the equipment.
Income taxes
No provision is made for income taxes in the
accompanying financial statements as the income or loss
of the Trust is included in the tax returns of the
individual shareholders.
Reclassification
Certain items in previously issued financial statements
have been reclassified for comparative purposes.
<PAGE>
Ridgewood Electric Power Trust IV
Notes to Financial
Statements
3. Investment in Power Generation Projects
California Pumping Project
On December 31, 1995, the Trust acquired a package of
natural gas fueled diesel engines which drive deep
irrigation well pumps in Ventura County, California from an
affiliated trust. The engines' shaft horsepower-hours are
sold at a discount from the equivalent kilowatt hours of
electricity. The cost of the projects is $317 per
equivalent kilowatt and the Trust receives a distribution of
$0.02 per equivalent kilowatt hour up to 3000 running hours
per year and $0.01 per equivalent kilowatt hour for each
additional running hour per year. The cost of the
investment was $353,619 which was be paid in 1996. The
operator pays for fuel, maintenance, repair and replacement.
4. Electric Power Equipment
The Trust purchased, from an affiliated entity,
various used electric power generation equipment to be held
for resale or, in the event a buyer is not found, for use in
potential power generation projects. The equipment is held
in storage. As of December 31, 1995, the cost of such
equipment totaled $455,182.
5. Subsequent Event
Northeast Landfill Power Joint Venture
The Trust, together with Ridgewood Electric Power Trust III,
formed a partnership, Ridgewood Providence Power Partners,
L.P. ("RPLP") to acquire certain of the assets of Northeast
Landfill Power Joint Venture which owns and operates a 12.3
(net) megawatt landfill gas fired electric generation
facility located in Johnston, Rhode Island. This
acquisition was completed on April 16, 1996. The Trust's
investment, including provision of funds to perform post-
acquisition improvements to the plant and increase the
salable electric power pursuant to a new 2 mw power sale
agreement with the same power purchaser, was about $12.9
million for a 64% interest in RPLP. Ridgewood Electric
Power Trust III invested about $7.1 million for a 34%
interest. As part of the acquisition cost, RPLP assumed
three non-recourse notes, totaling $6.3 million payable to
insurance companies, maturing in September 2004, with a 9.6%
interest rate. The monthly installments total about $1.1
million annually.
<PAGE>
RIDGEWOOD ELECTRIC POWER TRUST IV
MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Three months ended March 31, 1996 versus period beginning
February 6, 1995 and ended March 31, 1995
Results of Operations
No income or expenses were incurred by the Trust prior
to March 31, 1995, because sales in the offering had not
attained the minimum level required for the Trust to begin
operations. The Trust's income for the quarter ended March
31, 1996 reflects interest income along with the initial
distribution from the limited partnership owning the
California pumping project described in Note 3 to the financial
statements. The expenses of $248,729 for the
quarter just ended primarily reflect the $181,295 investment
fee and the $46,970 management fee payable to the managing
shareholder as described in Note 5 to the financial
statements, both of which are funded from offering proceeds.
The Trust does not consolidate its financial statements
with those of the Projects it owns and does not include the
Projects' revenue, expense and other items in its financial
statements. Revenue from Projects is only recognized as it
is received as distributions by the Trust, and thus revenues
may fluctuate as the result of delays or accelerations of
distributions from Projects.
Liquidity and Capital Resources
As of May 15, 1996, the Trust had raised approximately
$29.1 million of funds from its offering, net of offering
fees and expenses. The Trust has invested approximately
$12.9 million in the acquisition of a 64% interest in a
landfill gas electric generation station at Johnston, Rhode
Island and currently has approximately $15 million available
for additional investments. The Trust believes that those
funds are adequate for the completion of the Trust's
investment program and also notes that additional funds may
be raised prior to termination of the offering.
<PAGE>
PART II - OTHER INFORMATION
Item #6 Exhibits and Reports on Form 8-K
a. Exhibits
Exhibit 27. Financial Data Schedule
B. Reports on Form 8-K
No reports have been filed on Form 8-K during
this quarter. A Current Report on Form 8-K reporting the
April 16, 1996 acquisition of the Rhode Island project was
filed on May 2, 1996.
<PAGE>
RIDGEWOOD ELECTRIC POWER TRUST II
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly cause this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
RIDGEWOOD ELECTRIC POWER TRUST IV
Registrant
May 20, 1996 By /s/ Robert K. Brady
Date Robert K. Brady
Senior Vice President and
Chief Financial Officer
(signing on behalf of the
Registrant and as
principal financial officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information
extracted from the Registrant's unaudited interim financial
statements for the quarter ended March 31, 1996 and is
qualified in its entirety by reference to those financial
statements.
</LEGEND>
<CIK> 0000930364
<NAME> RIDGEWOOD ELECTRIC POWER TRUST IV
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 15,077,346
<SECURITIES> 5,603,619<F1>
<RECEIVABLES> 76,436
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 15,183,782
<PP&E> 455,182<F2>
<DEPRECIATION> 0
<TOTAL-ASSETS> 21,236,018
<CURRENT-LIABILITIES> 257,581
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 20,978,437<F3>
<TOTAL-LIABILITY-AND-EQUITY> 21,236,018
<SALES> 0
<TOTAL-REVENUES> 64,350
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 248,729
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (184,379)
<INCOME-TAX> 0
<INCOME-CONTINUING> (184,379)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (184,379)
<EPS-PRIMARY> (699.50)
<EPS-DILUTED> (699.50)
<FN>
<F1>Investments in power project partnerships.
<F2>Equipment in storage.
<F3>Represents Investor Shares of beneficial interest in
Trust with capital accounts of $20,981,842 less managing
shareholder's accumulated deficit of $3,405.
</FN>
</TABLE>
