<PAGE> 1
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 JUNE 30, 1999
OR
[ ] 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 0-14440
IEA INCOME FUND VI,
(A CALIFORNIA LIMITED PARTNERSHIP)
(Exact name of registrant as specified in its charter)
California 94-2942941
------------------------------- ----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
444 Market Street, 15th Floor, San Francisco, California 94111
(Address of principal executive offices) (Zip Code)
(415) 677-8990
(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. Yes X . No .
---- ----
<PAGE> 2
IEA INCOME FUND VI,
(A CALIFORNIA LIMITED PARTNERSHIP)
REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD
ENDED JUNE 30, 1999
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C> <C>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets - June 30, 1999 (unaudited) and December 31, 1998 4
Statements of Operations for the three and six months ended June 30, 1999 and 1998 (unaudited) 5
Statements of Cash Flows for the six months ended June 30, 1999 and 1998 (unaudited) 6
Notes to Financial Statements (unaudited) 7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10
Item 3. Quantitative and Qualitative Disclosures About Market Risk 12
PART II- OTHER INFORMATION
Item 1. Legal Proceedings 13
Item 3. Defaults Upon Senior Securities 13
Item 5. Other Information 13
Item 6. Exhibits and Reports on Form 8-K 14
</TABLE>
2
<PAGE> 3
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Presented herein are the Registrant's balance sheets as of June 30,
1999 and December 31, 1998, statements of operations for the three
and six months ended June 30, 1999 and 1998, and statements of cash
flows for the six months ended June 30, 1999 and 1998.
3
<PAGE> 4
IEA INCOME FUND VI,
(A CALIFORNIA LIMITED PARTNERSHIP)
BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
June 30, December 31,
1999 1998
---------- ------------
<S> <C> <C>
Assets
Current assets:
Cash and cash equivalents, includes $687,421 at June 30, 1999 and
$786,333 at December 31, 1998 in interest-bearing accounts $ 688,962 $ 786,433
Net lease receivables due from Leasing Company
(notes 1 and 2) 92,282 137,087
Total current assets 781,244 923,520
Container rental equipment, at cost 5,939,027 6,971,959
Less accumulated depreciation 4,109,193 4,742,260
---------- ----------
Net container rental equipment 1,829,834 2,229,699
---------- ----------
$2,611,078 $3,153,219
========== ==========
Partners' Capital
Partners' capital:
General partners $ 5,888 $ 11,309
Limited partners 2,605,190 3,141,910
---------- ----------
Total partners' capital 2,611,078 3,153,219
---------- ----------
$2,611,078 $3,153,219
========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE> 5
IEA INCOME FUND VI,
(A CALIFORNIA LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
----------------------- -----------------------
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net lease revenue (notes 1 and 3) $142,393 $258,113 $313,393 $527,699
Other operating expenses:
Depreciation 35,970 41,818 69,112 108,197
Other general and administrative expenses 9,884 12,435 27,411 29,724
-------- -------- -------- --------
45,854 54,253 96,523 137,921
-------- -------- -------- --------
Earnings from operations 96,539 203,860 216,870 389,778
Other income:
Interest income 7,775 14,754 15,948 30,809
Net gain on disposal of equipment 60,199 100,627 113,822 195,955
-------- -------- -------- --------
67,974 115,381 129,770 226,764
Net earnings $164,513 $319,241 $346,640 $616,542
======== ======== ======== ========
Allocation of net earnings:
General partners $ 34,920 $ 62,588 $ 73,581 $132,111
Limited partners 129,593 256,653 273,059 484,431
-------- -------- -------- --------
$164,513 $319,241 $346,640 $616,542
======== ======== ======== ========
Limited partners' per unit share of net earnings $ 2.95 $ 5.84 $ 6.22 $ 11.03
======== ======== ======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE> 6
IEA INCOME FUND VI,
(A CALIFORNIA LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Six Months Ended
------------------------------
June 30, June 30,
1999 1998
----------- -----------
<S> <C> <C>
Net cash provided by operating activities $ 333,647 $ 477,078
Cash flows provided by investing activities:
Proceeds from disposal of equipment 457,663 839,447
Cash flows used in financing activities:
Distribution to partners (888,781) (1,551,602)
----------- -----------
Net decrease in cash and cash equivalents (97,471) (235,077)
Cash and cash equivalents at January 1 786,433 1,274,362
----------- -----------
Cash and cash equivalents at June 30 $ 688,962 $ 1,039,285
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE> 7
IEA INCOME FUND VI,
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(1) Summary of Significant Accounting Policies
(a) Nature of Operations
IEA Income Fund VI, A California Limited Partnership (the
"Partnership") is a limited partnership organized under the laws of
the State of California on August 1, 1984 for the purpose of owning
and leasing marine cargo containers. The managing general partner is
Cronos Capital Corp. ("CCC"); the associate general partners are four
individuals. CCC, with its affiliate Cronos Containers Limited (the
"Leasing Company"), manages the business of the Partnership. The
Partnership shall continue until December 31, 2006, unless sooner
terminated upon the occurrence of certain events.
The Partnership commenced operations on December 4, 1984, when the
minimum subscription proceeds of $1,000,000 were obtained. The
Partnership offered 60,000 units of limited partnership interest at
$500 per unit, or $30,000,000. The offering terminated on October 11,
1985, at which time 43,920 limited partnership units had been
purchased.
As of June 30, 1999, the Partnership owned and operated 1,533
twenty-foot, 739 forty-foot and 49 forty-foot high-cube marine dry
cargo containers.
(b) Leasing Company and Leasing Agent Agreement
Pursuant to the Limited Partnership Agreement of the Partnership, all
authority to administer the business of the Partnership is vested in
CCC. CCC has entered into a Leasing Agent Agreement whereby the
Leasing Company has the responsibility to manage the leasing
operations of all equipment owned by the Partnership. Pursuant to the
Agreement, the Leasing Company is responsible for leasing, managing
and re-leasing the Partnership's containers to ocean carriers and has
full discretion over which ocean carriers and suppliers of goods and
services it may deal with. The Leasing Agent Agreement permits the
Leasing Company to use the containers owned by the Partnership,
together with other containers owned or managed by the Leasing Company
and its affiliates, as part of a single fleet operated without regard
to ownership. Since the Leasing Agent Agreement meets the definition
of an operating lease in Statement of Financial Accounting Standards
(SFAS) No. 13, it is accounted for as a lease under which the
Partnership is lessor and the Leasing Company is lessee.
The Leasing Agent Agreement generally provides that the Leasing
Company will make payments to the Partnership based upon rentals
collected from ocean carriers after deducting direct operating
expenses and management fees to CCC. The Leasing Company leases
containers to ocean carriers, generally under operating leases which
are either master leases or term leases (mostly two to five years).
Master leases do not specify the exact number of containers to be
leased or the term that each container will remain on hire but allow
the ocean carrier to pick up and drop off containers at various
locations; rentals are based upon the number of containers used and
the applicable per-diem rate. Accordingly, rentals under master leases
are all variable and contingent upon the number of containers used.
Most containers are leased to ocean carriers under master leases;
leasing agreements with fixed payment terms are not material to the
financial statements. Since there are no material minimum lease
rentals, no disclosure of minimum lease rentals is provided in these
financial statements.
(Continued)
7
<PAGE> 8
IEA INCOME FUND VI,
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(c) Basis of Accounting
The Partnership utilizes the accrual method of accounting. Net lease
revenue is recorded by the Partnership in each period based upon its
leasing agent agreement with the Leasing Company. Net lease revenue is
generally dependent upon operating lease rentals from operating lease
agreements between the Leasing Company and its various lessees, less
direct operating expenses and management fees due in respect of the
containers specified in each operating lease agreement.
(d) Financial Statement Presentation
These financial statements have been prepared without audit. Certain
information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
procedures have been omitted. It is suggested that these financial
statements be read in conjunction with the financial statements and
accompanying notes in the Partnership's latest annual report on Form
10-K.
The preparation of financial statements in conformity with generally
accepted accounting principles (GAAP) requires the Partnership to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of
revenues and expenses during the reported period. Actual results could
differ from those estimates.
The interim financial statements presented herewith reflect all
adjustments of a normal recurring nature which are, in the opinion of
management, necessary to a fair statement of the financial condition
and results of operations for the interim periods presented.
(2) Net Lease Receivables Due from Leasing Company
Net lease receivables due from the Leasing Company are determined by
deducting direct operating payables and accrued expenses, base management
fees payable, reimbursed administrative expenses and incentive fees payable
to CCC and its affiliates from the rental billings payable by the Leasing
Company to the Partnership under operating leases to ocean carriers for the
containers owned by the Partnership. Net lease receivables at June 30, 1999
and December 31, 1998 were as follows:
<TABLE>
<CAPTION>
June 30, December 31,
1999 1998
-------- ------------
<S> <C> <C>
Lease receivables, net of doubtful accounts of $48,547
at June 30, 1999 and $59,225 at December 31, 1998 $358,844 $459,232
Less:
Direct operating payables and accrued expenses 134,320 168,144
Damage protection reserve 25,795 31,651
Base management fees 58,286 64,597
Reimbursed administrative expenses 4,642 5,866
Incentive fees 43,519 51,887
-------- --------
$ 92,282 $137,087
======== ========
</TABLE>
(Continued)
8
<PAGE> 9
IEA INCOME FUND VI,
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(3) Net Lease Revenue
Net lease revenue is determined by deducting direct operating expenses,
base management and incentive fees and reimbursed administrative expenses
to CCC from the rental revenue billed by the Leasing Company under
operating leases to ocean carriers for the containers owned by the
Partnership. Net lease revenue for the three and six-month periods ended
June 30, 1999 and 1998 was as follows:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------------- -------------------------
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Rental revenue (note 4) $248,950 $438,092 $553,905 $927,118
Less:
Rental equipment operating expenses 30,738 54,461 80,855 129,022
Base management fees 18,957 30,304 40,756 64,438
Reimbursed administrative expenses 13,343 19,894 28,516 51,971
Incentive fees 43,519 75,320 90,385 153,988
-------- -------- -------- --------
$142,393 $258,113 $313,393 $527,699
======== ======== ======== ========
</TABLE>
(4) Operating Segment
The Financial Accounting Standards Board has issued SFAS No. 131,
"Disclosures about Segments of an Enterprise and Related Information,"
which changes the way public business enterprises report financial and
descriptive information about reportable operating segments. An operating
segment is a component of an enterprise that engages in business activities
from which it may earn revenues and incur expenses, whose operating results
are regularly reviewed by the enterprise's chief operating decision maker
to make decisions about resources to be allocated to the segment and assess
its performance, and about which separate financial information is
available. Management operates the Partnership's container fleet as a
homogenous unit and has determined, after considering the requirements of
SFAS No. 131, that as such it has a single reportable operating segment.
The Partnership derives its revenues from owning and leasing marine cargo
containers. As of June 30, 1999, the Partnership operated 1,533
twenty-foot, 739 forty-foot and 49 forty-foot high-cube marine dry cargo
containers.
Due to the Partnership's lack of information regarding the physical
location of its fleet of containers when on lease in the global shipping
trade, it is impracticable to provide the geographic area information
required by SFAS No. 131. Any attempt to separate "foreign" operations from
"domestic" operations would be dependent on definitions and assumptions
that are so subjective as to render the information meaningless and
potentially misleading.
9
<PAGE> 10
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
It is suggested that the following discussion be read in conjunction with the
Registrant's most recent annual report on Form 10-K.
1) Material changes in financial condition between June 30, 1999 and December
31, 1998.
During the second quarter of 1999, the Registrant continued disposing of
containers as part of its ongoing container operations. Accordingly, 211
containers were disposed during the second quarter of 1999, contributing to
a decline in the Registrant's operating results. At June 30, 1999, 23% of
the original equipment remained in the Registrant's fleet, as compared to
28% at December 31, 1998, and was comprised of the following:
<TABLE>
<CAPTION>
40-Foot
20-Foot 40-Foot High-Cube
------- ------- ---------
<S> <C> <C> <C>
Containers on lease:
Term leases 413 250 7
Master leases 857 385 32
----- ----- -----
Subtotal 1,270 635 39
Containers off lease 263 104 10
----- ----- -----
Total container fleet 1,533 739 49
===== ===== =====
</TABLE>
<TABLE>
<CAPTION>
40-Foot
20-Foot 40-Foot High-Cube
----------------- ----------------- ----------------
Units % Units % Units %
----- --- ----- --- ----- ---
<S> <C> <C> <C> <C> <C> <C>
Total purchases 6,102 100% 3,753 100% 75 100%
Less disposals 4,569 75% 3,014 80% 26 35%
----- --- ----- --- -- ---
Remaining fleet at June 30, 1999 1,533 25% 739 20% 49 65%
===== === ===== === == ===
</TABLE>
During the second quarter of 1999, distributions from operations and sales
proceeds amounted to $421,794, reflecting distributions to the general and
limited partners for the first quarter of 1999. This represents a decrease
from the $466,987 distributed during the first quarter of 1999, reflecting
distributions for the fourth quarter of 1998. The decrease in distributions
is attributable to a decline in sales proceeds distributed to the limited
partners. The Registrant's continuing disposal of containers should produce
lower operating results and, consequently, lower distributions to the
limited partners in subsequent periods. Sales proceeds distributed to the
limited partners may fluctuate in subsequent periods, reflecting the level
of container disposals.
The sentiment with respect to the container industry's slump over the past
two years has turned more favorable in recent months as evidence suggests a
turnaround is underway with respect to Asia's economic crisis. In recent
months, economic reforms in Asia, as well as in Latin America, have begun
to produce gradual improvement in terms of world trade, and there are
preliminary indications that containerized trade volumes from North America
and Europe to Asia, in particular, may be stabilizing. In addition,
intra-Asian trade, which also has stagnated since the Asia financial crisis
began nearly two years ago, has shown increased activity in recent months.
These favorable signs, however, have yet to produce any significant
positive impact on the Registrant's operating performance. In spite of the
reduced redelivery of on-hire equipment by the ocean carriers, per-diem
rental rates, which declined
10
<PAGE> 11
sharply over the past two years, have continued to soften as a result of
competitive market conditions, decreased demand and high inventories.
The Registrant continues to take advantage of its strong marketing
resources in order to seek out leasing opportunities during this period in
which seasonal factors are also influencing the increased demand. At the
same time, it has identified specific strategies intended to strengthen
on-hire volumes and enhance utilization of the container fleet. The
short-term objective is to improve utilization by offering greater leasing
incentives and actively moving surplus, off-hire equipment to higher-demand
locations. While this short-term strategy will increase repositioning
expenses, it may also minimize those expenses related to handling and
storing off-hire containers. These measures will also provide the
longer-term advantage of placing the containers where the demand is
greatest.
2) Material changes in the results of operations between the three and
six-month periods ended June 30, 1999 and the three and six-month periods
ended June 30, 1998.
Net lease revenue for the three and six-month periods ended June 30, 1999
was $142,393 and $313,393, respectively, a decline of 45% and 41% when
compared in the same respective three and six-month periods in the prior
year. Approximately 37% and 33% of the Registrant's net earnings for the
respective three and six-month periods ended June 30, 1999, were from gain
on disposal of equipment, as compared to 32% for each of the same three and
six-month periods in the prior year. As the Registrant's disposals increase
in subsequent periods, net gain on disposal should contribute significantly
to the Registrant's net earnings and may fluctuate depending on the level
of container disposals.
Gross rental revenue (a component of net lease revenue) for the three and
six-month periods ended June 30, 1999 was $248,950 and $553,905,
respectively, reflecting a decline of 43% and 40% from the same respective
three and six-month periods in 1998. Gross rental revenue was primarily
impacted by the Registrant's diminishing fleet size and a decline in
per-diem rental rates. Average per-diem rental rates declined approximately
10% and 9%, respectively, when compared to the same three and six-month
periods in the prior year. Utilization rates decreased when compared to the
same three and six-month periods in the prior year. The Registrant's
average fleet size and utilization rates for the three and six-month
periods ended June 30, 1999 and June 30, 1998 were as follows:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
----------------------- -----------------------
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Average fleet size (measured in twenty-foot
equivalent units (TEU)) 3,242 4,517 3,406 4,788
Average Utilization 84% 89% 84% 89%
</TABLE>
The Registrant's aging and diminishing fleet contributed to a 14% and 36%
decline in depreciation expense when compared to the respective three and
six-month periods in the prior year. Rental equipment operating expenses
were 12% and 15%, respectively, of the Registrant's gross lease revenue
during the three and six-month periods ended June 30, 1999, as compared to
12% and 14%, respectively, of the Registrant's gross lease revenue during
the three and six-month periods ended June 30, 1998. The Registrant's
declining fleet size and related operating results also contributed to a
decline in base management fees, reimbursed administrative expenses and
incentive fees.
11
<PAGE> 12
Year 2000
The Registrant relies upon the financial and operational systems provided
by the Leasing Company and its affiliates, as well as the systems provided
by other independent third parties to service the three primary areas of
its business: investor processing/maintenance; container leasing/asset
tracking; and accounting finance. The Leasing Company's computer systems
have undergone modifications in order to render the systems ready for the
Year 2000. The Leasing Company has completed a detailed inventory of all
software and hardware systems and has identified all components that need
to be modified. The Leasing Company has completed all the necessary changes
and testing in a dedicated Year 2000 environment. The Leasing Company
anticipates that all compliant code will be live by the end of August 1999.
The Leasing Company has contacted all of its critical business suppliers
and has been advised that their systems are Year 2000 compliant. The
Leasing Company has also confirmed the compliance of its suppliers'
products through its own extensive testing. Expenses associated with
addressing Year 2000 issues are being recognized as incurred. Management
has not yet assessed the Year 2000 compliance expense but does not
anticipate the costs incurred to date or to be incurred in the future by
the Leasing Company and its affiliates to be in excess of $500,000. None of
the costs incurred with respect to Year 2000 compliance will be borne by
the Registrant. The Leasing Company believes it will be able to resolve any
major Year 2000 issues. The Leasing Company is aware of the implications of
a Year 2000 computer system failure and is currently in the process of
developing its contingency plans. While management believes the possibility
of a Year 2000 system failure to be remote, if the Leasing Company's
internal systems or those of its critical business suppliers fail, the
Leasing Company's consolidated financial position, liquidity or results of
operations may be adversely affected.
Cautionary Statement
This Quarterly Report on Form 10-Q contains statements relating to future
results of the Registrant, including certain projections and business
trends, that are "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those projected as a result of certain risks and
uncertainties, including but not limited to changes in: economic
conditions; trade policies; demand for and market acceptance of leased
marine cargo containers; competitive utilization and per-diem rental rate
pressures; as well as other risks and uncertainties, including but not
limited to those described in the above discussion of the marine container
leasing business under Item 2., Management's Discussion and Analysis of
Financial Condition and Results of Operations; and those detailed from time
to time in the filings of Registrant with the Securities and Exchange
Commission.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
12
<PAGE> 13
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
As the Registrant has previously reported, in February 1997, its former
outside auditors, Arthur Andersen LLP ("Arthur Andersen"), resigned as
auditors to The Cronos Group (the "Parent Company"), its subsidiaries, and
all other entities affiliated with the Parent Company, including the
Registrant. The Parent Company is the indirect corporate parent of CCC, the
managing general partner of the Registrant. CCC does not believe, based
upon the information currently available to it, that Arthur Andersen's
resignation was triggered by any concern over the accounting policies and
procedures followed by the Registrant.
Arthur Andersen's reports on the financial statements of CCC and the
Registrant, for years preceding 1996, had not contained an adverse opinion
or a disclaimer of opinion, nor were any such reports qualified or modified
as to uncertainty, audit scope, or accounting principles.
During the Registrant's fiscal year ended December 31, 1995, and the
subsequent interim period preceding Arthur Andersen's resignation, there
were no disagreements between CCC or the Registrant and Arthur Andersen on
any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure.
In connection with its resignation, Arthur Andersen prepared a report
pursuant to Section 10A of the Securities Exchange Act of 1934, as amended,
for filing by the Parent Company with the Securities and Exchange
Commission ("SEC"). As a result of the Arthur Andersen report, the SEC
commenced an investigation of the Parent Company on February 10, 1997. The
purpose of the investigation has been to determine whether the Parent
Company and persons associated with the Parent Company violated the federal
securities laws administered by the SEC. The Registrant does not believe
that the focus of the SEC's investigation is upon the Registrant or CCC.
Current management of the Parent Company has been in discussions with the
staff of the SEC with a view to settling the investigation. The Parent
Company is hopeful of reaching a settlement of the investigation by the end
of 1999.
Item 3. Defaults Upon Senior Securities
See Item 5. Other Information.
Item 5. Other Information
In 1993, the Parent Company negotiated a credit facility with several banks
for the use by the Parent Company and its subsidiaries, including CCC. At
December 31, 1998, approximately $33,110,000 in principal indebtedness was
outstanding under that credit facility (none of which had been borrowed by
the Registrant). As a party to that credit facility, CCC was jointly and
severally liable for the repayment of all principal and interest owed under
the credit facility. On August 2, 1999, all outstanding amounts under the
credit facility were repaid through the establishment of a new credit
facility with two financial institutions. CCC is not a party to the new
loan agreement. The Parent Company has guaranteed up to $10 million of
amounts borrowed under the new credit facility and, as partial security for
this guarantee, the Parent Company has pledged all of the capital stock
held by it in Cronos Holding/Investments (U.S.), Inc., a Delaware
corporation that, in turn, owns all of the outstanding capital stock of
CCC.
The Registrant is not a borrower under the new credit facility established
by the Parent Company, and neither the containers nor the other assets of
the Registrant have been pledged as collateral under the new credit
facility.
13
<PAGE> 14
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
<TABLE>
<CAPTION>
Exhibit
No. Description Method of Filing
------- ----------- ----------------
<S> <C> <C>
3(a) Limited Partnership Agreement of the Registrant, amended *
and restated as of October 11, 1984
3(b) Certificate of Limited Partnership of the Registrant **
27 Financial Data Schedule Filed with this document
</TABLE>
(b) Reports on Form 8-K
No reports on Form 8-K were filed by the Registrant during the quarter
ended June 30, 1999.
- -----------------
* Incorporated by reference to Exhibit "A" to the Prospectus of the
Registrant dated October 12, 1984, included as part of Registration
Statement on Form S-1 (No. 2-92883)
** Incorporated by reference to Exhibit 3.4 to the Registration Statement on
Form S-1 (No. 2-92883)
14
<PAGE> 15
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.
IEA INCOME FUND VI
(A California Limited Partnership)
By Cronos Capital Corp.
The Managing General Partner
By /s/ Dennis J. Tietz
------------------------------------
Dennis J. Tietz
President and Director of
Cronos Capital Corp. ("CCC")
Principal Executive Officer of CCC
Date: August 16, 1999
15
<PAGE> 16
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
No. Description Method of Filing
------- ----------- ----------------
<S> <C> <C>
3(a) Limited Partnership Agreement of the Registrant, amended *
and restated as of October 11, 1984
3(b) Certificate of Limited Partnership of the Registrant **
27 Financial Data Schedule Filed with this document
</TABLE>
- -----------
* Incorporated by reference to Exhibit "A" to the Prospectus of the
Registrant dated October 12, 1984, included as part of Registration
Statement on Form S-1 (No. 2-92883)
** Incorporated by reference to Exhibit 3.4 to the Registration Statement on
Form S-1 (No. 2-92883)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET AT JUNE 30, 1999 (UNAUDITED) AND THE STATEMENT OF OPERATIONS FOR THE
QUARTERLY PERIOD ENDED JUNE 30, 1999 (UNAUDITED) AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS INCLUDED AS PART OF ITS
QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD JUNE 30, 1999.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 688,962
<SECURITIES> 0
<RECEIVABLES> 92,282
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 781,244
<PP&E> 5,939,027
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0
0
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</TABLE>
