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 December 31, 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
Statements of Financial Condition at December 31, 1996 (Unaudited) and
June 30, 1996
Statement of Operations (Unaudited) for the three months and six
months December 31, 1996
Statement of Cash Flows (Unaudited) for the six months ended December
31, 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.
STATEMENT OF FINANCIAL CONDITION
<CAPTION>
December 31, June 30,
1996 1996
(Unaudited)
<S> <C> <C>
Asset
Receivable from Bear Stearns Securities Corp. $ 31,705 $ 31,705
Deferred organization costs 108,340 137,701
Total Asset $ 140,045 $ 169,406
Liabilities and Stockholder's Equity
Payable to Parent $ 106,380 $121,519
Other Liabilities 50,171 63,755
Total Liabilities 156,551 185,274
Stockholder's Equity
Common Stock, $1.00 par value; 1,000 shares authorized:
1,000 shares 1,000 1,000
Retained Earnings (17,506) (16,868)
Total Stockholder's Equity (16,506) (15,868)
Total Liabilities and Stockholder's Equity $140,045 $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 Six Months Ended
December 31, December 31,
1996 1996
<S> <C> <C>
Expenses
Other expenses $ 932 $ 1,138
Total expenses 932 1,138
Loss before benefit from income taxes (932) (1,138)
Benefit from income taxes (407) (500)
Net loss $(525) $ (638)
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENT OF CASH FLOWS
(Unaudited)
<CAPTION>
Six Months Ended
December 31,
1996
<S> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (638)
Increase/(decrease) in:
Deferred organization cost 29,361
Other liabilities (13,584)
Cash provided by operating activities 15,139
CASH FLOWS FROM FINANCING ACTIVITIES
Payable to Parent (15,139)
Cash used in financing activities (15,139)
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. As of December 31, 1995, the Company had not commenced
operations. Accordingly, the Company had no results of operations for
the six months ended December 31, 1995.
The Company's net loss for the six months ended December 31, 1996 was
$638. The Company's net loss for the three months ended December 31,
1996 was $525.
<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 October 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 November 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 December 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 October 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 November 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 December 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: February 6, 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 the unaudited
Statements of Financial Condition at December 31, 1996 and unaudited Statements
of Operations for the three-months ended December 31, 1996, which are contained
in the body of the accompaning 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> DEC-31-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 31,705
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 140,045
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> (17,506)
<TOTAL-LIABILITY-AND-EQUITY> 140,045
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 932
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (932)
<INCOME-TAX> (407)
<INCOME-CONTINUING> (525)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (525)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
