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 June 30, 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 June 30, 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 June 30, 1995 and
December 31, 1994. 3
Statements of Operations, for the six months ended
June 30, 1995 and June 30, 1994. 4
Statements of Operations, for the three months ended
June 30, 1995 and June 30, 1994. 5
Statement of Partners' Equity (Deficit), for the
Quarter ended June 30, 1995. 6
Statements of Cash Flows for the six months ended
June 30, 1995 and June 30, 1994. 7
Notes to Financial Statements. 8
Item 2. Management's Discussion and Analysis of Financial
Condition and Result of Operations. 9
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K 9
Signatures. 10
GEMINI EQUIPMENT PARTNERS INCOME FUND VIII
BALANCE SHEETS
June 30, December 31,
1995 1994
(Unaudited)
Assets
Cash & Cash Equivalents $ 0 $ 76,180
Rent Receivable [RECEIVABLES] 0 53,824
Less: Allowance for Doubtful
Accounts [ALLOWANCES] 0 (50,875)
Net Rent Receivable 0 2,949
Rental Equipment, at Cost [PP&E] 0 2,202,666
Less: Accumulated
Depreciation [DEPRECIATION] 0 (2,202,666)
Net Rental Equipment 0 0
Due from General Partner 0 28,745
Other Accounts Receivable 0 516
Total Assets <TOTAL ASSETS>$ 0 $ 108,390
Liabilities and Partners' Equity
Accounts Payable $ 0 $ 7,500
Deferred Revenue 0 10,950
Total Liabilities 0 18,450
General Partner 0 16,517
Limited Partners 0 73,423
Total Partners' Equity [OTHER-SE] 0 89,940
Total Liabilities and Partners' Equity
[TOTAL-LIABILITY-AND-EQUITY]$ 0 $ 108,390
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND VIII
STATEMENTS OF OPERATIONS
(Unaudited)
Six Months Ending June 30,
1995 1994
Revenues
Rental income $ 76,883 $ 155,426
Other income 4,836 1,336,137
Net Gain on sale of equipment 58,146 24,327
Total Revenues [TOTAL-REVENUES]139,865 1,515,890
Expenses
Direct costs 20,296 44,876
Management fees 4,455 123,997
General and administrative 2,040 3,108
Provision for Bad Debts 2,048 1,100
Depreciation 0 29,907
Total Operating
Expenses [TOTAL-COSTS]28,839 202,988
Net Income [NET-INCOME]$ 111,026 $1,312,902
Net Income Allocation
General Partner $ 1,110 $ 13,129
Limited Partners 109,916 1,299,773
$ 111,026 $1,312,902
Net Income per Limited
Partnership Unit [EPS-PRIMARY]$ 4.17 $ 49.28
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 OPERATIONS
(Unaudited)
Three Months Ended June 30,
1995 1994
Revenues
Rental income $ 36,753 $ 75,801
Other income 2,426 10,101
Net Gain on sale of equipment 43,646 3,320
Total Revenues 82,825 89,222
Expenses
Direct costs 15,878 7,387
Management fees 2,047 4,548
General and administrative 737 1,516
Provision for Bad Debts 2,048 1,100
Depreciation 0 14,953
Total Operating
Expenses 20,710 29,504
Net Income $ 62,115 $ 59,718
Net Income Allocation
General Partner $ 621 $ 597
Limited Partners 61,494 59,121
$ 62,115 $ 59,718
Net Income per Limited
Partnership Unit $ 2.33 $ 2.24
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 (183,626) (17,342) (200,968)
Other 287 (285) 2
Net Income 109,916 1,110 111,026
Partners' Equity,
June 30, 1995 $ (0) $ 0 $ 0
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND VIII
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended June 30,
1995 1994
Cash flows from operating activities:
Net income $ 111,026 $1,312,902
Adjustments to reconcile net income
to net cash provided by
operating activities:
Depreciation 0 29,907
Loss (gain) on sale of rental equipment (58,146) (24,327)
Provision for Bad Debts, net
of writeoffs 0 1,100
Change in assets and liabilities:
(Increase) decrease in rents
receivable 2,949 (1,794)
(Increase) decrease in other accounts
receivable 516 (33,360)
(Increase) decrease in due from
General Partner 0 570
Increase (decrease) in accounts
payable (7,500) (9,836)
Increase (decrease) in accounts
payable- affiliate 0 3,031
Increase (decrease) in due to
General Partner 28,745 0
Increase (decrease) in deferred
revenue (10,950) 3,410
Net cash provided by operating
activities 66,640 1,281,603
Cash flows from financing activities:
Additional paid in capital 0 114,671
Distribution to partners (200,966) (1,319,150)
Net cash provided from
financing activities (200,966) (1,204,479)
Cash flows from investing activities:
Proceeds from sale of equipment 58,146 24,327
Net cash provided from
investing activities 58,146 24,327
Increase (decrease) in cash &
cash equivalents (76,180) 101,451
Cash & cash equivalents at
beginning of year 76,180 95,166
Cash & cash equivalents at end
of quarter $ 0 $ 196,617
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 June 30, 1995, and the results of operations and the cash
flows for the six month periods ended June 30, 1995 and June 30,
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 six months ended June 30, 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
The Partnership was closed and final distributions made at June
30, 1995. Net Income for the three months ended June 30, 1995
was $62,115 or $2.33 per limited partnership unit, compared to
net income for the three months ended June 30, 1994 of $59,718 or
$2.24 per limited partnership unit. Net Income for the six
months ended June 30, 1995 was $111,026 or $4.17 per limited
partnership unit, compared to net income for the six months ended
June 30, 1994 of $1,312,902 or $49.28 per limited partnership
unit. The Xerox settlement proceeds in 1994 accounted for the
substantial decline in net income. The decrease in net income is
attributed to the termination of the lease portfolio. Declines
in rental income were because of no new lease originations during
1995 and 1994. In addition, all leases were sold, expired or
equipment was scrapped in 1995. Depreciation declined because
equipment reached the end of its depreciable lives and was sold
or scrapped. Rental equipment declined to zero relating to the
final sale and scrapping of equipment. Direct costs increased
from $15,878 in 1994 to $20,296 in 1995 to the recording of costs
related to preparation of final audited financial statements and
the partnership tax returns with the six month period ended June
30, 1995.
LIQUIDITY AND CAPITAL RESOURCES
The primary source of funds for the period was the rental income.
As of June 30, 1995, the Partnership had sold or scrapped all
equipment and was closed. Final distributions were made as of
June 30, 1995; the Partnership returned approximately 86.5% of
the limited partners'original investment through distributions.
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 six months ended June 30, 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: August 16, 1995
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