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 27, 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 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
Statements of Financial Condition at March 27, 1997 (Unaudited) and
June 30, 1996
Statement of Operations (Unaudited) for the three months and nine
months ended March 27, 1997 and March 29, 1996
Statement of Cash Flows (Unaudited) for the nine months ended March
27, 1997 and 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 3. Legal Proceedings
Item 6. Exhibits and Reports on Form 8-K
Signature
<PAGE>
<TABLE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
March 27, June 30,
1997 1996
(Unaudited)
<S> <C> <C>
Assets
Receivable from Bear Stearns Securities Corp. $ 31,705 $ 31,705
Deferred organization costs 108,421 137,701
--------- --------
Total Assets $ 140,126 $169,406
========= ========
Liabilities and Stockholder's Equity
Payable to Parent $ 110,651 $121,519
Other liabilities 48,530 63,755
--------- --------
Total Liabilities 159,181 185,274
========= ========
Stockholder's Equity
Common Stock, $1.00 par value;
1,000 shares authorized:
1,000 shares 1,000 1,000
Retained Earnings (20,055) (16,868)
--------- ---------
Total Stockholder's Equity (19,055) (15,868)
--------- ---------
Total Liabilities and Stockholder's Equity $140,126 $169,406
========= =========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Three Months Ended Nine Months Ended
March 27, March 29, March 27, March 29,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Revenues $ - $(30,000) $ - $(30,000)
---------- ------------ ----------- ------------
Principal transactions - (30,000) - (30,000)
---------- ------------ ----------- ------------
Total revenues
Expenses
Other expenses 4,545 210 5,683 210
---------- ------------ ---------- -----------
Total expenses 4,545 210 5,683 210
---------- ------------ ---------- -----------
Loss before benefit from income taxes (4,545) (30,210) (5,683) (30,210)
Benefit from income taxes (1,996) (13,781) (2,496) (13,781)
----------- ----------- ---------- ------------
Net loss $(2,549) $(16,429) $(3,187) $(16,429)
=========== =========== ========== ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Nine Months Ended
March 27, March 29,
1997 1996
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (3,187) $ (16,429)
Increases/(decreases) in:
Deferred organization costs (29,280) (206,552)
Receivable from affiliates (31,704)
Other liabilities (15,225) 25,909
------------- -----------
Cash provided by (used in) operating activities 10,868 (228,776)
------------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Payable to Parent (10,868) 227,776
Capital contributions from Parent 1,000
------------- ------------
Cash (used in) provided by financing activities (10,868) 228,776
------------- ------------
Cash and cash equivalents, beginning of period - -
------------- ------------
Cash and cash equivalents, end of period $ - $ -
============= ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
NOTE TO FINANCIAL STATEMENTS
(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 nine months ended March 27, 1997 and March
29, 1996 was $3,187 and 16,429, respectively. The Company's net loss for
the three months ended March 27, 1997 and March 29, 1996 was $2,549 and
16,429, respectively.
<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 January 25, 1997,
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 February 25, 1997
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 March 25, 1997 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 January 25, 1997
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 February 25, 1997
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 March 25, 1997 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: May 9, 1997 By: /s/ William J. Montgoris
William J. Montgoris
Executive Vice President and Treasurer
(Principal Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information from unaudited Statements
of Financial Condition at March 27, 1997 and unaudited Statements of Operations
for the three-months ended March 27, 1997, 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> 9-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> MAR-27-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 31,705
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 140,126
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> (19,055)
<TOTAL-LIABILITY-AND-EQUITY> 140,126
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4,545
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (4,545)
<INCOME-TAX> (1,996)
<INCOME-CONTINUING> (2,549)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,549)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
