SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 27, 1996
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 33-93574
Bear Stearns Asset Backed Securities, Inc.
(Exact name of registrant as specified in its charter)
Delaware 13-3836437
(State or other
jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
245 Park Avenue, New York, New York 10167
(Address of principal executive offices) (Zip Code)
(212) 272-2000
(Registrant's 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 twelve 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 _____
THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1) (a)
AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED
DISCLOSURE FORMAT CONTEMPLATED THEREBY.
<PAGE>
Bear Stearns Asset Backed Securities Inc.
Index
Part I. Financial Information
Item 1. Financial Statement
Statement of Financial Condition at September 27, 1996 (Unaudited) and
June 30, 1996
Statements of Operations (Unaudited) for the three months ended
September 27, 1996 and September 29, 1996
Statements of Cash Flows (Unaudited) for the three months ended
September 27, 1996 and September 29, 1995.
Notes to Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Part II. Other Information
Item 3. Legal Proceedings
Item 6. Exhibits and Reports on Form 8-K
Signature
<PAGE>
Bear Stearns Asset Backed Securities, Inc.
Statement of Financial Condition
September 27 June 30
1996 1996
(Unaudited)
Assets
Receivable from Bear Stearns Securities Corp. $ 31,705 $ 31,705
Deferred organization costs 137,701 137,701
Total Asset $ 169,406 $ 169,406
Liabilities and Stockholder's Equity
Payable to Parent 154,408 121,519
Other Liabilities 30,979 63,755
Total Liability 185,387 185,274
Stockholder's Equity
Common Stock, $1.00 par value;
1,000 shares authorized: 1,000 1,000
1,000 shares
Retained Earnings (16,981) (16,868)
Total Stockholder's Equity (15,981) (15,868)
Total Liability and Stockholder's Equity $169,406 $169,406
See note to statements of financial condition.
<PAGE>
Bear Stearns Asset Backed Securities, Inc.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
September 27th
1996
Revenues
Principal transactions --
Management fee --
Total revenues --
Expenses
Other expenses $ 206
Total expenses 206
(Loss) income before (benefit)
provision for income taxes (206)
(Benefit) provision for income taxes (93)
Net (loss) income $(113)
See accompanying notes to financial statements.
<PAGE>
<TABLE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
September 27,
1996
<S> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (113)
Adjustments to reconcile net (loss) income
to cash (used in) provided by operating activities:
Decrease in:
Other liabilities (32,776)
Cash (used in) provided by operating activities (32,889)
CASH FLOWS FROM FINANCING ACTIVITIES
Payable to Parent (32,889)
Cash provided by (used in) financing activities 32,889
Cash and cash equivalents, beginning of period ______
Cash and cash equivalents, end of period
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Page 3
BEAR STEARNS ASSET BACKED SECURITIES, INC.
NOTE TO STATEMENT OF FINANCIAL CONDITION
(UNAUDITED)
Note 1. Organization
Bear Stearns Asset Backed Securities, Inc. (the "Company"), a direct
wholly-owned limited purpose subsidiary of The Bear Stearns Companies Inc.
("Bear Stearns"), was organized on June 2, 1995.
The Company was formed solely for the purpose of issuing directly or through
trusts established by it, in series, debt securities that are secured or
collateralized by one or more pools of Compound Interest Securities, Planned
Amortization Class ("PAC") Securities, Variable Interest Securities, Zero Coupon
Securities, Principal Only Securities, Interest Only Securities, Participants
Securities, Senior Securities or Subordinate Securities.
The financial statements are prepared in conformity with generally accepted
accounting principles which require management to make estimates and assumptions
that affect the amounts in the financial statements and accompanying notes.
Actual results could differ from those estimates.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
The Company's principal business activity is the issuing, directly or through
trust established by it, in series, debt securities that are secured or
collateralized by one or more pools of Compound Interest Securities, Planned
Amortization Class ("PAC") Securities, Variable Interest Securities, Principal
Only Securities, Interest Only Securities, Participants Securities, Senior
Securities or Subordinate Securities. The Company's net loss for the three month
ended September 27, 1996 was $113.
<PAGE>
Part II. OTHER INFORMATION
Item 3. Legal Proceedings
No legal proceedings are pending.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K:
The Company filed the following current reports on Form 8-K
during the last quarter of the period covering this report.
A Current Report on Form 8-K dated July 25, 1996, pertaining
to information on Distribution to Certificateholders in
connection with the Champion Home Equity Loan Trust 1996-1.
A Current Report on Form 8-K dated August 25, 1996 pertaining
to information on Distribution to Certificateholders in
connection with the Champion Home Equity Loan Trust 1996-1.
A Current Report of Form 8-K dated September 25, 1996
pertaining to Information on Distribution to
Certificateholders in connection with the Champion Home Equity
Loan Trust 1996-1.
A Current Report of Form 8-K dated July 25, 1996 pertaining to
Information on Distribution to Certificateholders in
connection with the Champion Home Equity Loan Trust 1996-2.
A Current Report of Form 8-K dated August 25, 1996 pertaining
to information on Distribution to Certificateholders in
connection with the Champion Home Equity Loan Trust 1996-2.
A Current Report of Form 8-K dated September 25, 1996
pertaining to information on Distribution to
Certificateholders in connection with the Champion Home Equity
Loan Trust 1996-2.
<PAGE>
SIGNATURE
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.
Bear Stearns Asset Backed Securities, Inc.
(Registrant)
Date: November 6, 1996 By: /s/ William J. Montgoris
William J. Montgoris
Executive Vice President and Treasurer
(Principal Financial Officer)
<PAGE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
FORM 10-Q
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
(27) FINANCIAL DATA SCHEDULE
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information from unaudited
Statements of Financial Condition at September 27, 1996 and unaudited Statements
of Operations for the three-months ended September 27,1996, which are contained
in the body of the accompanying Form 10-Q and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> SEP-27-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 31,705
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 169,406
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> (15,981)
<TOTAL-LIABILITY-AND-EQUITY> 169,406
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 206
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (206)
<INCOME-TAX> (93)
<INCOME-CONTINUING> (113)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (113)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
