SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 1995
Commission file number 2-95458
GEMINI EQUIPMENT PARTNERS INCOME FUND VIII
1301 West Newport Center Drive
Deerfield Beach, Florida 33442
(305) 570-7676
Virginia 54-1385488
(State of organization) (I.R.S. Employer Identification No.)
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 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
Number of shares outstanding of each of registrant's classes of
securities:
Number of Units
Title of Each Class at March 31, 1995
Units of Limited Partnership Interest:
$500 per unit 26,374
GEMINI EQUIPMENT PARTNERS INCOME FUND VIII
Index
Page
Number
Part I. Financial Information
Item 1. Financial Statements and Notes to Financial
Statements. 3-7
Balance Sheets as of March 31, 1995 and
December 31, 1994. 3
Statements of Operations, for the three months ended
March 31, 1995 and March 31, 1994. 4
Statement of Partners' Equity (Deficit), for the
Quarter ended March 31, 1995. 5
Statements of Cash Flows for the three months ended
March 31, 1995 and March 31, 1994. 6
Notes to Financial Statements. 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Result of Operations. 8
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K 8
Signatures. 9
GEMINI EQUIPMENT PARTNERS INCOME FUND VIII
BALANCE SHEETS
March 31, December 31,
1995 1994
(Unaudited)
Assets
Cash & Cash Equivalents $ 129,347 $ 76,180
Rent Receivable [RECEIVABLES]50,875 53,824
Less: Allowance for Doubtful
Accounts [ALLOWANCES](50,875) (50,875)
Net Rent Receivable 0 2,949
Rental Equipment, at Cost [PP&E]1,279,546 2,202,666
Less: Accumulated
Depreciation [DEPRECIATION](1,279,546) (2,202,666)
Net Rental Equipment 0 0
Due from General Partner 10,112 28,745
Other Accounts Receivable 0 516
Total Assets <TOTAL ASSETS>$ 139,459 $ 108,390
Liabilities and Partners' Equity
Accounts Payable $ 608 $ 7,500
Deferred Revenue 0 10,950
Total Liabilities 608 18,450
General Partner 17,006 16,517
Limited Partners 121,845 73,423
Total Partners' Equity [OTHER-SE]138,851 89,940
Total Liabilities and Partners' Equity
[TOTAL-LIABILITY-AND-EQUITY]$ 139,459 $ 108,390
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND VIII
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31,
1995 1994
Revenues
Rental income $ 40,130 $ 79,625
Other income 2,410 1,326,036
Net Gain on sale of equipment 14,500 21,007
Total Revenues [TOTAL-REVENUES]57,040 1,426,668
Expenses
Direct costs 4,418 37,489
Management fees 2,408 119,449
General and administrative 1,303 1,593
Depreciation 0 14,953
Total Operating
Expenses [TOTAL-COSTS]8,129 173,484
Net Income [NET-INCOME]$ 48,911 $1,253,184
Net Income Allocation
General Partner $ 489 $ 12,532
Limited Partners 48,422 1,240,652
$ 48,911 $1,253,184
Net Income per Limited
Partnership Unit [EPS-PRIMARY]$ 1.84 $ 47.04
Weighted Average Number of
Limited Partnership Units
Outstanding 26,374 26,374
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND VIII
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
(Unaudited)
Limited General
Partners Partner Total
Partners' Equity (Deficit),
December 31, 1994 $ 73,423 $ 16,517 $ 89,940
Distributions 0 0 0
Net Income 48,422 489 48,911
Partners' Equity,
March 31, 1995 $ 121,845 $ 17,006 $138,851
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND VIII
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended March 31,
1995 1994
Cash flows from operating activities:
Net income $ 48,911 $1,253,184
Adjustments to reconcile net income
to net cash provided by
operating activities:
Depreciation 0 14,953
Loss (gain) on sale of rental equipment (14,500) (21,007)
Change in assets and liabilities:
(Increase) decrease in rents
receivable 2,949 (1,794)
(Increase) decrease in other accounts
receivable 516 (1,301,113)
(Increase) decrease in due from
General Partner 0 1,619
Increase (decrease) in accounts
payable (6,892) (2,682)
Increase (decrease) in due to
General Partner 18,633 89,480
Increase (decrease) in deferred
revenue (10,950) 10,950
Net cash provided by operating
activities 38,667 43,590
Cash flows from investing activities:
Proceeds from sale of equipment 14,500 21,007
Net cash provided by
investing activities 14,500 21,007
Cash flows from financing activities:
Principal payments on notes payable 0 0
Distribution to partners 0 0
Net cash used in financing activities 0 0
Increase (decrease) in cash &
cash equivalents 53,167 64,597
Cash & cash equivalents at
beginning of year 76,180 95,166
Cash & cash equivalents at end
of quarter $ 129,347 $ 159,763
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND VIII
Notes to Financial Statements
(Unaudited)
Note 1 - Financial Statements
In the opinion of the Company, the accompanying unaudited
financial statements contain only normal recurring accruals
necessary to present fairly the financial position as
of March 31, 1995, and the results of operations and the cash
flows for the three month periods ended March 31, 1995 and March
31, 1994.
Certain information and footnote disclosures normally included in
the financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted.
These statements should be read in conjunction with the financial
statements and notes contained in the Company's annual report to
shareholders for the fiscal year ended December 31, 1994. The
results of operations for the three months ended March 31, 1995
are not necessarily indicative of operating results to be
expected for the full fiscal year.
GEMINI EQUIPMENT PARTNERS INCOME FUND VIII
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Net Income for the three months ended March 31, 1995 was $48,911
or $1.84 per limited partnership unit, compared to net income for
the three months ended March 31, 1994 of $1,253,184 or $47.04 per
limited partnership unit. The decrease in net income is
attributed to proceeds from a settlement with Xerox in 1994. The
partnership's pro-rata share of this settlement was $1,325,329,
which was included in other income. Management fees related to
the portion of the Xerox proceeds applicable to rental income
were $114,671 and were contributed to the Partnership to effect
the General Partner's capital balance. Declines in rental income
were because of no new lease originations during 1995 and 1994.
In addition, many leases sold, expired or renewed at lower rental
amounts. Depreciation has declined because equipment has reached
the end of its depreciable lives. Rental equipment declined
$923,120 relating to the sale and scrapping of equipment. It is
anticipated that all of the remaining equipment will be disposed
of during 1995. Legal fees associated with the Xerox litigation
in 1994 led to the $33,071 decrease in direct costs from $37,489
in 1994 to $4,418 in 1995.
LIQUIDITY AND CAPITAL RESOURCES
The primary source of funds for the period was the rental income.
As of March 31, 1995, the Partnership had off-lease equipment
with a cost of $1,279,546. As of March 31, 1995, the Partnership
had returned approximately 96.8% of the limited partners'
original investment through distributions. The Partnership
expects that a cash distributions may be payable at an annualized
rate of 5% in June 1995. The General Partner expects to close
this Partnership in 1995.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - None
(b) Reports on Form 8-K
The registrant was not required to file a report on
Form 8-K during the three months ended March 31, 1995
GEMINI EQUIPMENT PARTNERS INCOME FUND VIII
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the
dates indicated.
GEMINI EQUIPMENT PARTNERS INCOME FUND VIII
By: FINALCO GROUP, INC.,
sole General Partner of the registrant
By:/S/ Julia M. Decker Vice President of Accounting,
Julia M. Decker Controller and Assistant
Treasurer
Date: May 12, 1995
