|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: SMARTFLEX SYSTEMS INC, 10-Q, 1998-11-09 |
Next: MUNICIPAL INVESTMENT TR FD MULTISTATE SER 212 DEF ASSET FDS, 497, 1998-11-09 |
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 25, 1998
OR
[ f ] 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 13-383643
(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 25, 1998
(Unaudited) and June 30, 1998
Statement of Operations (Unaudited) for the three months
ended September 25, 1998 and September 26, 1997
Statement of Cash Flows (Unaudited) for the three months ended
September 25, 1998
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
<TABLE>
<CAPTION>
September 25, June 30,
1998 1998
(Unaudited)
<S> <C> <C>
Assets
Receivable from Bear Stearns Securities Corp. $ 31,681 $ 31,697
Deferred organization costs 771,784 771,784
-------------- --------------
Total Assets $ 803,465 $ 803,481
======== ========
Liabilities and Stockholder Equity
Payable to Parent $ 766,501 $ 765,156
Other liabilities --- --
-------------- -------------
Total Liabilities 766,501 765,156
-------------- -------------
Stockholder Equity
Common Stock, $1.00 par value;
1,000 shares authorized:
1,000 shares outstanding 1,000 1,000
Retained earnings 35,964 37,324
-------------- -------------
Total Stockholder Equity 36,964 38,324
-------------- -------------
Total Liabilities and Stockholder Equity $ 803,465 $ 803,481
============== =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENT OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
September 25, September 26,
1998 1997
<S> <C> <C>
Expenses
Other expenses $ 2,409 $ 1,828
---------- ------------
Total expenses 2,409 1,828
--------- ------------
Loss before benefit from income taxes (2,409) (1,828)
Benefit from income taxes (1,048) (795)
---------- -----------
Net loss $ (1,361) $ (1,033)
======= =======
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENT OF CASH FLOWS
(Unaudited)
<CAPTION>
Three Months Ended
September 25,
1998
<S> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (1,361)
Increase in:
Receivable from affiliates (16)
---------------
Cash used in by operating activities (1,345)
---------------
CASH FLOWS FROM FINANCING ACTIVITIES
Payable to Parent 1,345
---------------
Cash used in financing activities 1,345
---------------
Cash and cash equivalents, beginning of period 0
---------------
Cash and cash equivalents, end of period $ 0
===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
NOTES 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 Companys 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 Securities, Variable
Interest Securities, Principal Only Securities, Interest
Only Securities, Participants Securities, Senior Securities
or Subordinate Securities.
The Company net loss for the three months ended
September 25, 1998 was $1,361. The Company net loss for
the three months ended September 25, 1997 was $1,033.
<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 6, 1998 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 6, 1998 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 25, 1998 and unaudited
Statements of Operations for the three-months ended September 25, 1998,
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-30-1999
<PERIOD-END> Sep-25-1998
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 31,681
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 803,465
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> 35,964
<TOTAL-LIABILITY-AND-EQUITY> 803,465
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,409
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (2,409)
<INCOME-TAX> (1,048)
<INCOME-CONTINUING> (1,361)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,361)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
|
|