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, 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 13-3836437
(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>
<PAGE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
INDEX
Part I. FINANCIAL INFORMATION
Item 1. Financial Statement
Statement of Financial Condition at March 27, 1998 (Unaudited) and June 30, 1997
Statement of Operations (Unaudited) for the three months and nine months ended
March 27, 1998 Statement of Cash Flows (Unaudited) for the nine months ended
March 27, 1998 Notes to Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operation
Part II. OTHER INFORMATION
Item 3. Legal Proceedings
Item 6. Exhibits and Reports on Form 8-K
Signature
<PAGE>
<PAGE>
<TABLE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENT OF FINANCIAL CONDITION
<CAPTION>
March 27, June 30,
1998 1997
(Unaudited)
<S> <C> <C>
Assets
Receivable from Bear Stearns Securities Corp. $ 31,705 $ 31,705
Deferred organization costs 756,478 349,522
--------- -----------
Total Assets $ 788,183 $ 381,227
========= ===========
Liabilities and Stockholder's Equity
Payable to Parent $ 698,336 $ 324,614
Other liabilities 115,311 77,811
-------- -------
Total Liabilities 813,647 402,425
-------- -------
Stockholder's Equity
Common Stock, $1.00 par value;
1,000 shares authorized;
1,000 shares outstanding 1,000 1,000
Accumulated Deficit (26,464) (22,198)
---------- ----------
Total Stockholder's Equity (25,464) (21,198)
---------- ----------
Total Liabilities and Stockholder's Equity $ 788,183 $ 381,227
========== ==========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENT OF OPERATIONS
(Unaudited)
<CAPTION>
Three Months Ended Nine Months Ended
March 27, March 27,
1998 1998
<S> <C> <C>
Expenses
Other expenses $ 3,066 $ 7,554
-------- ----------
Total expenses 3,066 7,554
-------- ----------
Loss before benefit from income taxes (3,066) (7,554)
Benefit from income taxes 1,335 3,288
--------- ---------
Net loss $ (1,731) $ (4,266)
======== =======
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
BEAR STEARNS ASSET BACKED SECURITIES, INC.
STATEMENT OF CASH FLOWS
(Unaudited)
<CAPTION>
Nine Months Ended
March 27,
1998
<S> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (4,266)
(Increase) in:
Deferred organization costs (406,955)
Increase in:
Other liabilities 37,500
---------------
Cash provided by operating activities (373,721)
---------------
CASH FLOWS FROM FINANCING ACTIVITIES
Payable to Parent 373,721
-------------
Cash provided by financing activities 373,721
-------------
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 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 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, 1998 was $4,266.
The Company's net loss for the three months ended March 27, 1998 was $1,731.
<PAGE>
<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>
<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 4, 1998 By: /s/ William J. Montgoris
William J. Montgoris
Executive Vice President and Treasurer
(Principal Financial Officer)
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information from the unaudited
Statement of Financial Condition at March 27, 1998 and unaudited Statement of
Operations for the nine-months ended March 27, 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> 9-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> MAR-27-1998
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 31,705
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 788,183
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> (26,464)
<TOTAL-LIABILITY-AND-EQUITY> 788,183
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 7,554
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (7,554)
<INCOME-TAX> 3,288
<INCOME-CONTINUING> (4,266)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (4,266)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
