FORM 8
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
AMENDMENT TO REPORT
Filed Pursuant to Section 12, 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
COLUMBIA LEASE INCOME FUND II-A L.P.
AMENDMENT NO. 1
The undersigned registrant hereby amends the following
items, financial statements, exhibits or other portions of
its Quarterly Report on Form 10-Q for the Quarter ended
March 31, 1995 as set forth in the pages attached hereto:
Part I - Financial Information
Balance Sheet
Management's Discussion and Analysis of Financial
Condition and Results of Operation
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this amendment
to be signed on its behalf by the undersigned, thereunto
duly authorized.
COLUMBIA LEASE INCOME FUND II-A L.P.
(Registrant)
By: Arthur P. Beecher
President
(Page 2)
<TABLE>
COLUMBIA LEASE INCOME FUND II-A L.P.
(A Delaware Limited Partnership)
<CAPTION>
INDEX Page No.
Part I. FINANCIAL INFORMATION
Financial Statements
<S> <C>
Balance Sheets as of March 31, 1995
and December 31, 1994 3
Statements of Operations For the Quarters Ended
March 31, 1995 and 1994 4
Statements of Cash Flows For the Quarters Ended
March 31, 1995 and 1994 5
Notes to Financial Statements 6 - 7
Management's Discussion and Analysis of Financial
Condition and Results of Operations 8 - 9
Part II. OTHER INFORMATION
Items 1 - 6 10
Signature 11
</TABLE>
(Page 3)
<TABLE>
PART I. FINANCIAL INFORMATION
COLUMBIA LEASE INCOME FUND II-A L.P.
(A Delaware Limited Partnership)
Balance Sheets
<CAPTION>
Assets (Unaudited) (Audited)
3/31/95 12/31/94
<S> <C> <C>
Investment property, at cost (note 3):
Computer equipment $ 1,527,544 $ 1,953,398
Less accumulated depreciation 1,449,734 1,854,650
-------------------------
Investment property, net 77,810 98,748
Cash and cash equivalents 40,716 38,446
Rents receivable, net of allowance for
doubtful accounts (note 2) 1,479 5,459
-------------------------
Total assets $ 120,005 $ 142,653
-------------------------
-------------------------
Liabilities and Partners' Equity (Deficit)
Liabilities:
Current portion of long-term debt (note 5) $ 36,391 $ 35,872
Accounts payable and accrued
expenses - affiliates (note 4) 16,723 26,257
Accounts payable and accrued expenses 13,110 25,008
Distributions payable (note 6) 2,477 54,502
Long-term debt, less current portion (note 5) 9,429 18,723
-------------------------
Total liabilities 78,130 160,362
-------------------------
-------------------------
Partners' equity (deficit):
General Partner:
<S> <C> <C>
Capital contribution 1,000 1,000
Cumulative net income 43,930 40,951
Cumulative cash distributions (364,375) (364,375)
Reallocation of capital accounts 319,445 322,424
-------------------------
- -
Limited Partners (18,828 units):
Capital contribution, net of
offering costs 8,237,250 8,237,250
Cumulative net income 834,669 778,064
Cumulative cash distributions (8,710,599) (8,710,599)
Reallocation of capital accounts (319,445) (322,424)
-------------------------
41,875 (17,709)
-------------------------
Total Partners' equity (deficit) 41,875 (17,709)
-------------------------
Total liabilities and partners'
equity (deficit) $ 120,005 $ 142,653
-------------------------
-------------------------
</TABLE>
See accompanying notes to financial statements.
(Page 4)
<TABLE>
COLUMBIA LEASE INCOME FUND II-A L.P.
(A Delaware Limited Partnership)
Statements of Operations
For the Quarters Ended March 31, 1995 and 1994
(Unaudited)
<CAPTION>
1995 1994
Revenue:
<S> <C> <C>
Rental income $ 66,389 $ 75,407
Interest income 199 4,262
Net gain on sale of equipment 22,693 12,571
----------------------
Total revenue 89,281 92,240
Costs and expenses:
Depreciation 20,938 17,864
Interest 743 -
Related party expenses (note 4):
(Reversal of) management fees (3,675) 3,328
General and administrative 12,194 14,987
Reversal of provision for doubtful accounts (503) -
----------------------
Total costs and expenses 29,697 36,179
----------------------
Net income $ 59,584 $ 56,061
----------------------
----------------------
Net income per Limited Partnership Unit $ 3.01 $ 2.83
----------------------
----------------------
</TABLE>
See accompanying notes to financial statements.
(Page 5)
<TABLE>
COLUMBIA LEASE INCOME FUND II-A L.P.
(A Delaware Limited Partnership)
Statements of Cash Flows
For the Quarters Ended March 31, 1995 and 1994
(Unaudited)
<CAPTION>
1995 1994
Cash flows from operating activities:
<S> <C> <C>
Net income $ 59,584 $ 56,061
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 20,938 17,864
Net gain on sale of equipment (22,693) (12,571)
Reversal of provision of doubtful accounts (503) -
Net decrease (increase) in current assets 4,483 (15,031)
Net decrease in current liabilities (21,432) (33,036)
-------------------
Total adjustments (19,207) (42,774)
-------------------
Net cash provided by operating activities 40,377 13,287
-------------------
Cash flows from investing activities:
Proceeds from sales of investment property 22,693 12,718
-------------------
Net cash provided by investing activities 22,693 12,718
-------------------
Cash flows from financing activities:
Principal payments on long-term debt (8,775) -
Cash distributions to partners (52,025) (247,737)
-------------------
Net cash used in financing activities (60,800) (247,737)
-------------------
Net increase (decrease) in cash
and cash equivalents 2,270 (221,732)
Cash and cash equivalents at beginning of period 38,446 713,886
-------------------
Cash and cash equivalents at end of period $ 40,716 $492,154
-------------------
-------------------
Supplemental cash flow information:
Interest paid during the period $ 743 $ -
-------------------
-------------------
</TABLE>
See accompanying notes to financial statements.
(Page 6)
COLUMBIA LEASE INCOME FUND II-A L.P.
(A Delaware Limited Partnership)
Notes to Financial Statements
(Unaudited)
(1) Organization
The foregoing financial statements of Columbia Lease Income
Fund IIA L.P. (the "Partnership") have been prepared in
accordance with the rules and regulations of the Securities
and Exchange Commission for Form 10-Q and reflect all
adjustments which are, in the opinion of management,
necessary for a fair presentation of the results for the
interim periods presented. Pursuant to such rules and
regulations, certain note disclosures which are normally
required under generally accepted accounting principles have
been omitted. It is recommended that these financial
statements be read in conjunction with the Partnership's
Annual Report on Form 10-K for the year ended December 31,
1994.
In April of 1995, the General Partner announced its
intentions of winding down the operations of the Partnership
as of June 30, 1995. It is anticipated that all of the
assets will be liquidated and the proceeds will be used to
settle all outstanding liabilities and make a final
distribution.
(2) Significant Accounting Policies
Allowance for Doubtful Accounts
The financial statements include an allowance for estimated
losses on receivable balances. The allowance for doubtful
accounts is based on past write off experience and an
evaluation of potential uncollectible accounts within the
current receivable balances. Receivable balances which are
determined to be uncollectible are charged against the
allowance and subsequent recoveries, if any, are credited to
the allowance. At March 31, 1995 and December 31, 1994, the
allowance for doubtful accounts included in rents receivable
was $12,506 and $13,009, respectively.
Reclassifications
Certain prior year financial statement items have been
reclassified to conform with the current year's financial
statement presentation.
(3) Investment Property
At March 31, 1995, the Partnership owned computer equipment
with a cost basis of $1,063,406, subject to existing leases
and equipment with a cost basis of $464,138 in inventory
awaiting re-lease or sale. All purchases of computer
equipment are subject to a 2.5% acquisition fee paid to the
General Partner.
(Page 7)
(4) Related Party Transactions
Fees, commissions and other expenses paid or accrued by the
Partnership to the General Partner or affiliates of the
General Partner for the three months ended March 31, 1995
and 1994 are as follows:
[CAPTION]
1995 1994
<TABLE>
<S> <C> <C>
(Reversal of) management fees $ (3,675) $ 3,328
Reimbursable expenses paid 12,902 13,056
-------------------
$ 9,227 $ 16,384
-------------------
-------------------
</TABLE>
Under the terms of the Partnership Agreement, the General
Partner is entitled to an equipment acquisition fee of 2.5%
of the purchase price paid by the Partnership for the
equipment. The General Partner is also entitled to a
management fee equal to 6% of the monthly rental billings,
paid quarterly based on rents received. In addition, the
Partnership reimburses the General Partner and its
affiliates for certain expenses incurred by them in
connection with the operation of the Partnership.
(5) Long-Term Debt
Long-term debt at March 31, 1995 consists of one installment
note payable with Randolph Computer Company for $45,820
bearing interest at 5.75%, collateralized by the equipment
on lease. Such non-recourse installment note matures in
1996.
(6) Distributions to Partners
For the three months ended March 31, 1995, the declaration
of Distributable Cash was as follows:
[CAPTION]
Limited Partners
General
Distribution Partner
Quarter Ended Date Payable Per $500 Unit Total Totals
<TABLE>
<S> <C> <C> <C> <C>
March 31, 1995 May 15, 1995 $2.50 $47,070 $2,477
</TABLE>
(Page 8)
COLUMBIA LEASE INCOME FUND II-A L.P.
(A Delaware Limited Partnership)
Management's Discussion and Analysis of
Financial Condition and Results of Operations
(Unaudited)
Results of Operations
The following discussion relates to Partnership's operations
for the three month period ended March 31, 1995 compared to
the same period in 1994.
The Partnership realized net income of $59,584 and $56,061
for the three month periods ended March 31, 1995 and 1994,
respectively. Rental income decreased $9,018 or 12% between
the three month periods. The decrease is primarily due to
lower rental rates on equipment lease extensions and
remarketings resulting after the initial lease term expires
and due to a reduction in the overall size of the equipment
portfolio.
Total costs and expenses decreased 18% between the three
month periods. The decrease in costs and expenses is
primarily the result of the reversal of management fees
previously accrued in the fourth quarter of 1994. Based on
the partnership's operating performance, the General Partner
has not taken management fees since August of 1994. The
increase in depreciation expense resulted from the equipment
purchases made during 1994 subsequent to the first quarter.
General and administrative expenses have remained relatively
constant. The partnership reduced its provision for
doubtful accounts by $503 due to successful collection
efforts on delinquent accounts.
Liquidity and Capital Resources
For the three months ended March 31, 1995, rental revenue
generated from operating leases was the primary source of
funds for the Partnership. As equipment leases terminate,
the General Partner determines if the equipment will be
extended to the same lessee, remarketed to another lessee,
or if it is less marketable, sold. This decision is made
upon analyzing which option would generate the most
favorable results.
Rental income has continued to decrease due to two factors.
The first factor is the rate obtained when the original
leases expire and are remarketed at a lower rate.
Typically, the remarketed rates are lower due to the
decrease in useful life of the equipment. Secondly, the
increasing change of technology in the computer industry
usually decreases the demand for older equipment, thus
increasing the possibility of obsolescence. Both of these
factors together will cause remarketed rates to be lower
than original rates and will cause certain leases to
terminate upon expiration.
The Partnership's investing activities resulted in fully
depreciated equipment sales, generating $22,693 in sales
proceeds.
(Page 9)
The Partnership's financing activities resulted in a paydown
on long-term debt of $8,775 for the three months ended March
31, 1995. Such long-term debt requires monthly installments
of $3,173 and matures in 1996.
In April of 1995, the General Partner announced its
intentions of winding down the operations of the Partnership
as of June 30, 1995. Cash distributions have currently been
halted in order to satisfy any outstanding liabilities in
anticipation of dissolving the Partnership during the next
quarter. Upon the sale of all of the assets and the
satisfaction of all the liabilities, a final distribution
will be paid to the Partners expected to occur on August 15,
1995.
The effects of inflation have not been significant to the
Partnership and are not expected to have a material impact
in future periods.
(Page 10)
PART II. OTHER INFORMATION
COLUMBIA LEASE INCOME FUND II-A L.P.
(A Delaware Limited Partnership)
<TABLE>
<S> <C>
Item 1. Legal Proceedings
Response: None
Item 2. Changes in the Rights of the Partnership's Security
Holders
Response: None
Item 3. Defaults by the Partnership on its Senior Securities
Response: None
Item 4. Results of Votes of Security Holders
Response: None
Item 5. Other Information
Response: None
Item 6. Exhibits and Reports on Form 8-K
Response:
A. None
B. None
</TABLE>
(Page 11)
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.
COLUMBIA LEASE INCOME FUND II-A L.P.
(Registrant)
By: TLP Columbia Management Corporation,
its General Partner
Date: April 27, 1995
By: Arthur P. Beecher
President
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 40,716
<SECURITIES> 0
<RECEIVABLES> 13,985
<ALLOWANCES> 12,506
<INVENTORY> 0
<CURRENT-ASSETS> 42,195
<PP&E> 1,527,544
<DEPRECIATION> 1,449,734
<TOTAL-ASSETS> 120,005
<CURRENT-LIABILITIES> 68,701
<BONDS> 9,429
<COMMON> 8,238,250
0
0
<OTHER-SE> 8,196,375
<TOTAL-LIABILITY-AND-EQUITY> 120,005
<SALES> 66,389
<TOTAL-REVENUES> 89,281
<CGS> 0
<TOTAL-COSTS> (3,675)
<OTHER-EXPENSES> 33,132
<LOSS-PROVISION> (503)
<INTEREST-EXPENSE> 743
<INCOME-PRETAX> 59,584
<INCOME-TAX> 0
<INCOME-CONTINUING> 59,584
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 59,584
<EPS-PRIMARY> 3.01
<EPS-DILUTED> 0
</TABLE>
