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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 March 29, 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
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(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
245 PARK AVENUE, NEW YORK, NEW YORK 10167
(212) 272-2000
- - --------------------------------------------------------------------------------
(Address, Including Zip Code, and Telephone Number, Including Area Code
of Registrant's Principal Executive Offices)
- - --------------------------------------------------------------------------------
(Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report)
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 [_]
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes [_] No [_]
As of May 9, 1996, the latest practicable date, there were 1,000 shares of
Common Stock, $1.00 par value, outstanding, which is the registrant's only class
of common stock.
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BEAR STEARNS ASSET BACKED SECURITIES, INC.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statement
Statement of Financial Condition at March 29, 1996 (Unaudited)
Statements of Operations (Unaudited) for the three- and
nine-month periods ended March 29, 1996
Statement of Cash Flow (Unaudited) for the nine-month period
ended March 29, 1996
Notes to Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 6. Exhibits and Reports on Form 8-K
Signature
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BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENT OF FINANCIAL CONDITION
MARCH 29, 1996
(Unaudited)
ASSETS
- - ------
Receivable from affiliate $ 31,704
Deferred organization costs 206,552
-------
Total Assets $ 238,256
=======
LIABILITIES AND STOCKHOLDER'S EQUITY
- - ------------------------------------
LIABILITIES
- - -----------
Payable to Parent $ 227,776
Other liabilities 25,909
--------
Total Liabilities 253,685
--------
STOCKHOLDER'S EQUITY
- - --------------------
Common Stock, $1.00 par value;
1,000 shares authorized;
1,000 shares outstanding $ 1,000
Retained deficit (16,429)
--------
Total Stockholder's Equity (15,429)
--------
Total Liabilities and Stockholder's Equity $238,256
========
See accompanying notes to financial statements.
2
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BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
March 29, March 29,
1996 1996
------------------ -----------------
Revenues
Principal transactions $(30,000) $(30,000)
-------- --------
Total revenues (30,000) (30,000)
-------- --------
Expenses
Other expenses 210 210
-------- --------
Total expenses 210 210
-------- --------
Loss before benefit
from income taxes (30,210) (30,210)
Benefit from income taxes (13,781) (13,781)
-------- --------
Net loss $(16,429) $(16,429)
======== ========
See accompanying notes to financial statements.
3
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BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENT OF CASH FLOWS
FOR THE NINE MONTH PERIOD ENDED
MARCH 29, 1996
(UNAUDITED)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (16,429)
Adjustments to reconcile net loss
to cash used in operating activities:
Increase in:
Receivable from affiliates (31,704)
Deferred organization costs (206,552)
Increase in:
Other liabilities 25,909
---------
Cash used in operating activities (228,776)
---------
CASH FLOWS FROM FINANCING ACTIVITIES
Payable to Parent 227,776
Capital contribution from Parent 1,000
---------
Cash provided by financing activities 228,776
---------
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -
---------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ -
=========
See accompanying notes to financial statements.
4
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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.
Note 2. Basis of Presentation
The accompanying unaudited financial statements of the Company have
been prepared pursuant to the Securities and Exchange Commission's
rules and regulations. The financial statements reflect all normal
recurring adjustments which are, in the opinion of management,
necessary for the fair presentation of the results for the interim
periods presented.
5
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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 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, Principal Only Securities, Interest Only
Securities, Participants Securities, Senior Securities or Subordinate
Securities.
The Company's Net Loss for the three and nine month periods ended
March 29, 1996 was $16,429. During the nine months ended March 29,
1996, the Company was the depositor for certificates issued by
Champion Home Equity Loan Trust 1996-I.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
No legal proceedings are pending.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
(27) Financial Data Schedule
(b) Reports on Form 8-K:
No reports on Form 8-K have been filed during the period covered
by this report.
6
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SIGNATURE
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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.
Bear Stearns Asset Backed Securities, Inc.
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(Registrant)
Date: May 13, 1996 By: /s/ William J. Montgoris
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William J. Montgoris
Executive Vice President and Treasurer
(Principal Financial Officer)
7
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EXHIBIT INDEX
Exhibit No. Description
- - ----------- -----------
(27) Financial Data Schedule
8
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This Schedule contains summary financial
information extracted from the financial
statements contained in the body of the
accompanying Form 10-Q and is qualified in its
entirety by reference to such financial
statements.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> MAR-29-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 31,704
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 238,256
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> (16,429)
<TOTAL-LIABILITY-AND-EQUITY> 238,256
<SALES> 0
<TOTAL-REVENUES> (30,000)
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 210
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (30,210)
<INCOME-TAX> (13,781)
<INCOME-CONTINUING> (16,429)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (16,429)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
