UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
[x ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the period ended September 30, 1998
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[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to
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Commission File Number 333-54011
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ICON Income Fund Eight A L.P.
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(Exact name of registrant as specified in its charter)
Delaware 13-4006824
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(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
600 Mamaroneck Avenue, Harrison, New York 10528-1632
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(Address of principal executive offices) (Zip code)
(914) 698-0600
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Registrant's telephone 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 12 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.
[ x] Yes [ ] No
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ICON Income Fund Eight A L.P.
(a Delaware Limited Partnership)
Balance Sheet
September 30, 1998
(Unaudited)
Assets
Cash $ 2,000
-----------
Total assets $ 2,000
===========
Partners' Equity
Commitments and Contingencies
Partners' equity
General Partner $ 1,000
Limited partner 1,000
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Total partners' equity $ 2,000
===========
See accompanying notes to unaudited financial statements.
<PAGE>
ICON Income Fund Eight A L.P.
(A Delaware Limited Partnership)
Statement of Changes in Partners' Equity
For the Period from July 9, 1997 (date of inception)
to September 30, 1998
(Unaudited)
Limited General
Partner Partner Total
Initial partners' capital contribution - May 6, 1998 $1,000 $1,000 $2,000
------ ------ ------
Balance at September 30, 1998 ...................... $1,000 $1,000 $2,000
====== ====== ======
See accompanying notes to unaudited financial statements.
<PAGE>
ICON Income Fund Eight A L.P.
(A Delaware Limited Partnership)
Statement of Cash Flows
For the Period from July 9, 1997 (date of inception)
to September 30, 1998
(Unaudited)
Cash flows from financing activities:
Initial limited and General Partner capital contribuitons $2,000
------
Net cash provided by financing activities ............... 2,000
------
Net increase in cash ........................................ 2,000
Cash at beginning of period ................................. --
Cash at end of period ....................................... $2,000
======
See accompanying notes to unaudited financial statements.
<PAGE>
ICON Income Fund Eight A L.P.
(a Delaware Limited Partnership)
Notes to Unaudited Financial Statements
September 30, 1998
1. The Partnership
ICON Income Fund Eight A L.P. (the "Partnership"), was formed on July 9,
1997 as a Delaware Limited Partnership. The initial capitalization of the
Partnership was $2,000. The Partnership will continue until December 31, 2017,
unless terminated sooner. The Partnership conducted no business operations from
its inception through September 30, 1998. The Partnership began offering limited
partnership units on a "best efforts" basis to the general public on October 5,
1998 and as of October 13, 1998 subscriptions had been received, and held in
escrow, for 12,000 units at $100 per unit, or $1,200,000. The Partnership broke
escrow and commenced business operations on October 13, 1998. As of October 31,
1998 the Partnership raised $3,438,115 in equity. On October 30,1998 the
Partnership leased equipment with an initial cost of $931,031 to 1 lessee. With
the funds raised, the Partnership intends to acquire various types of equipment
and to lease such equipment to third parties and, to a lesser degree, to enter
into secured financing transactions. The General Partner of the Partnership is
ICON Capital Corp. (the "General Partner"), a Connecticut corporation. The
General Partner will acquire the assets and manage the business of the
Partnership.
2. Capital Contribution
The General Partner has made an initial capital contribution of $1,000,
and the original limited partner has made an initial capital contribution of
$1,000 to the Partnership.
3. Commitment and Contingencies
The Partnership has not applied for an advance ruling from the Internal
Revenue Service; however, in the opinion of counsel the Partnership will be
classified as a Partnership and not as an association taxable for U.S. Federal
income tax purposes. In the absence of a ruling, there cannot be assurance that
the Partnership will not constitute an association taxable as a corporation.
4. Year 2000
The Partnership relies on computer information systems for its transaction
processing and for general data processing. The Year 2000 issue arose because
many existing computer programs have been written using two digits rather than
four to define the applicable year. As a result, the program could interpret
dates ending in "00" as the year 1900 rather than the year 2000. In certain
cases, such errors could result in system failures or miscalculations that
disrupt the operation of the affected businesses.
The Partnership uses computer information systems provided by the General
Partner and has no computer information systems of its own. The software related
to the General Partner's primary computer information systems are provided by
third parties vendors. The General Partner has formally communicated with these
vendors and has received assurance that their programs are Year 2000 compliant.
In addition, the General Partner has gathered information about the Year 2000
readiness of significant vendors and third-party servicers and continues to
monitor developments in this area. All of the General Partner's peripheral
computer technologies, such as its network operating system and third party
software applications, including payroll and electronic banking have been
evaluated and have been found to be Year 2000 compliant. The ultimate impact of
the Year 2000 issue on the Partnership will depend to a great extent on the
manner in which the issue is addressed by the Partnership's lessees. Each of the
Partnership's lessees will have a material self interest in resolving any Year
2000 issue, however, non-compliance on the part of a lessee could result in lost
or delayed revenues to the Partnership. The effect of this risk to the
Partnership is not determinable.
The General Partner is responsible for costs relating to the assessment and
development of its Year 2000 compliance remediation plan, as well as the testing
of the hardware and software owned or licensed for its personal computers. The
General Partner's costs incurred to date and expected future costs are not
material.
<PAGE>
ICON Income Fund Eight A L.P.
(a Delaware Limited Partnership
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K
No reports on Form 8-K were filed by the Partnership during the quarter ended
September 30, 1998.
<PAGE>
ICON Income Fund Eight A L.P.
(a Delaware Limited Partnership)
SIGNATURES
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.
ICON Income Fund Eight A L.P.
File No. 333-54011(Registrant)
By its General Partner,
ICON Capital Corp.
February 18, 1999 /s/Kevin F. Redmond
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Date Kevin F. Redmond
Vice President and Chief Financial Officer
(Principal financial and account officer of
the General Partner of the Registrant)
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 1061134
<NAME> ICON Income Fund Eight A L.P.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 2,000
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> * 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,000
<CURRENT-LIABILITIES> ** 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,000
<TOTAL-LIABILITY-AND-EQUITY> 2,000
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
* The Partnership has an unclassified balance sheet in its financial
statements due to the nature of its industry. A value of "0" was used for
current assets and liabilities.
** The Partnership has an unclassified balance sheet in its financial
statements due to the nature of its industry. A value of "0" was used for
current assets and liabilities.
</FN>
</TABLE>
