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 26, 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. EmployerIdentification 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 September 26,
1997 (Unaudited) and June 30, 1997
Statement of Operations (Unaudited) for the three months
ended and September 26, 1997 and September 27, 1996
Statement of Cash Flows (Unaudited) for the three months
ended September 26, 1997 and September 27, 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>
September 26, June 30,
1997 1997
(Unaudited)
<S> <C> <C>
Assets
Receivable from Bear Stearns Securities Corp. $ 31,705 $ 31,705
Deferred organization costs 349,522 349,522
---------- ---------
Total Assets $ 381,227 $ 381,227
======= =======
Liabilities and Stockholder's Equity
Payable to Parent $ 215,420 $ 324,614
Other liabilities 188,039 77,811
------------ ------------
Total Liabilities 403,459 402,425
------------ ------------
Stockholder's Equity
Common Stock, $1.00 par value;
1,000 shares authorized: 1,000 1,000
1,000 shares outstanding
Accumulated Deficit (23,232) (22,198)
------------ ----------
Total Stockholder's Equity (22,232) (21,198)
------------ ----------
Total Liabilities and Stockholder's Equity $ 381,227 $ 381,227
======= =======
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Three Months Ended
September 26, September 27,
1997 1996
<S> <C> <C>
Expenses
Other expenses $ 1,829 $ 206
---------- -----------
Total expenses 1,829 206
---------- ------------
Loss before benefit from income taxes (1,829) (206)
Benefit from income taxes (795) (93)
----------- -------------
Net loss $ (1,034) $ (113)
====== =======
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Three Months Ended
September 26, September 27,
1997 1996
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (1,034) $ (113)
Increase/(decrease) in:
Other liabilities 110,228 (32,776)
------------- ------------
Cash provided by (used in) operating activities 109,194 (32,889)
------------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Payable to Parent (109,194) 32,889
------------- -------------
Cash (used in) provided by financing activities (109,194) 32,889
------------- -------------
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 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 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 months ended September 26, 1997 and
September 27, 1996 were $1,034 and $113, 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:
No reports on Form 8-K have been filed during the period covered by this report.
<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 5, 1997 By: /s/ William J. Montgoris
William J. Montgoris
Executive Vice President and Treasurer
(Principal Financial Officer)
<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 5, 1997 By:
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 September 26, 1997 and unaudited Statements of
Operations for the three-months ended September 26, 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> 3-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> SEP-26-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 31,705
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 381,227
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> (23,232)
<TOTAL-LIABILITY-AND-EQUITY> 381,227
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,829
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,829)
<INCOME-TAX> (795)
<INCOME-CONTINUING> (1,034)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,034)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
