UNITED STATES
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 period ended September 30, 1995
[ ] 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 2-99858
ICON Cash Flow Partners, L.P., Series A
(Exact name of registrant as specified in its charter)
Delaware 13-3270490
(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
600 Mamaroneck Avenue, Harrison, New York 10528
(Address of principal executive offices) (Zip code)
(914) 698-0600
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>
<PAGE>
ICON Cash Flow Partners, L.P., Series A
(A Delaware Limited Partnership)
PART I - FINANCIAL INFORMATION
The following financial statements of ICON Cash Flow Partners, L.P., Series
A (the "Partnership") have been prepared pursuant to the rules and regulations
of the Securities and Exchange Commission (the "SEC") and, in the opinion of
management, include all adjustments (consisting only of normal recurring
accruals) necessary for a fair statement of income for each period shown.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to such SEC rules and regulations.
Management believes that the disclosures made are adequate to make the
information represented not misleading. The results for the interim period are
not necessarily indicative of the results for the full year. These financial
statements should be read in conjunction with the financial statements and notes
included in the Partnership's 1994 Annual Report on Form 10-K.
<PAGE>
<TABLE>
<PAGE>
ICON Cash Flow Partners, L.P., Series A
(A Delaware Limited Partnership)
September 30, 1995
General Partner's Discussion and Analysis of
Financial Condition and Results of Operations
<S>
The Partnership's portfolio consisted of a net investment in financings,
finance leases and operating leases representing 70%, 29% and 1% of total
investments at September 30, 1995, respectively, and 66%, 31% and 3% of total
investments at September 30, 1994, respectively.
Three Months Ended September 30, 1995 and 1994
For the three months ended September 30, 1995 and 1994, the Partnership
leased or financed equipment with an initial cost of $0 and $14,328,
respectively, to 0 and 1 lessee or equipment user, respectively.
Results of Operations
Revenues for the three months ended September 30, 1995 were $49,795,
representing a decrease of $43,669 or 47% from 1994. The decrease in revenues
was primarily attributable to a decrease in net gain on sales or remarketing of
equipment of $26,017 or 59%, a decrease in finance income of $11,928 or 36% and
a decrease in interest income and other of $5,724 or 80% from 1994. The net
gain on sales or remarketing of equipment decreased due to a decrease in the
number of leases maturing, and the underlying equipment being sold or remarketed,
for which the proceeds received were in excess of the remaining carrying value
of the equipment. The overall decrease in finance income resulted from a
decrease in the size of the average portfolio from 1994 to 1995. Interest income
and other decreased due to a decrease in late charges received. Rental income
remained constant from 1994 to 1995.
Expenses for the three months ended September 30, 1995 were $29,448,
representing a decrease of $24,042 or 45% from 1994. The decrease in expenses
was primarily attributable to a decrease in general and administrative expenses
of $12,052 or 51% from 1994. Results were also affected by a decrease in
interest expense of $6,016 or 40%, a decrease in depreciation expense of $3,721
or 43%, a decrease in management fees of $1,856 or 57% and a decrease in
administrative expense reimbursements of $397 or 14% from 1994. The decrease in
general and administrative expenses, management fees and administrative expense
reimbursements resulted from a decrease in the size of the average portfolio.
Management fees were also affected by the reduction in management fee rates.
Under the original Partnership agreement, the General Partner was entitled to
management fees at either 2% or 5% of rents, depending on the type of investments
under management. In conjunction with the solicitation to amend the Limited
Partnership Agreement, effective January 31, 1995, the General Partner reduced
its management fees to a flat rate of 1% of rents for all investments under
management. The General Partner previously reduced its management fees on
January 1, 1994 to a flat rate of 2%. The foregone management fees, the
difference between the flat rate (1% or 2%) and the allowable rates per the
Partnership agreement (2% or 5%) of rents, totaled $3,304 for the three months
ended September 30, 1995. These foregone management fees are not accruable in
future years. Interest expense decreased due to a decrease in the average debt<PAGE>
ICON Cash Flow Partners, L.P., Series A
<PAGE>
(A Delaware Limited Partnership)
September 30, 1995
General Partner's Discussion and Analysis of
Financial Condition and Results of Operations
<S>
outstanding from 1994 to 1995. The decrease in depreciation expense resulted
from the Partnership's reduced investment in operating leases.
Net income for the three months ended September 30, 1995 and 1994 was
$20,347 and $39,974, respectively. The net income per weighted average limited
partnership unit was $3.86 and $7.58 for 1995 and 1994, respectively.
Liquidity and Capital Resources
The Partnership's primary sources of funds for the three months ended
September 30, 1995 and 1994 were net cash provided by operations of $42,565 and
$33,422, respectively, and proceeds from sales of equipment of $46,645 and
108,330, respectively. These funds were used to make payments on borrowings,
fund cash distributions and to purchase equipment. The Partnership intends to
purchase additional equipment and fund cash distributions, to the extent there
are sufficient funds available after servicing the Partnership's current debt
obligation, utilizing cash provided by operations and proceeds from sales of
equipment.
Cash distributions to limited partners for the three months ended September
30, 1995 and 1994, which were paid quarterly, totaled $56,352 and $58,964, of
which $19,330 and $37,975 was investment income and $37,022 and $20,989 was a
return of capital, respectively. The quarterly annualized cash distribution rate
to limited partners was 9.00% and 9.42%, of which 3.09% and 6.07% was investment
income and 5.91% and 3.35% was a return of capital, respectively, calculated as
a percentage of each partners initial capital contribution. The limited partner
distribution per weighted average unit outstanding for the three months ended
September 30, 1995 and 1994 was $11.25 and $11.77, of which $3.86 and $7.58 was
investment income and $7.39 and $4.19 was a return of capital, respectively. The
Partnership had notes payable at September 30, 1995 and 1994 of $411,331 and
$619,919, respectively, and such amounts consisted of $181,488 and $0 in General
Partner loans, $166,000 and $510,000 in secured financing and $63,843 and
$109,919 in non-recourse notes, respectively.
Nine Months Ended September 30, 1995 and 1994
For the nine months ended September 30, 1995 and 1994 the Partnership
leased or financed equipment with an initial cost of $41,357 and 14,328 to 2 and
1 lessees or equipment users, respectively. The weighted average initial
transaction terms relating to these transactions was 50 and 24 months,
respectively.
<PAGE>
<PAGE>
ICON Cash Flow Partners, L.P., Series A
(A Delaware Limited Partnership)
September 30, 1995
General Partner's Discussion and Analysis of
Financial Condition and Results of Operations
Results of Operations
Revenues for the nine months ended September 30, 1995 were $162,274,
representing a decrease of $49,822 or 23% from 1994. The decrease in revenues
was primarily attributable to a decrease in finance income of $38,850 or 35%, a
decrease in net gain on sales or remarketing of equipment of $5,594 or 9% and a
decrease in interest income and other of $5,369 or 57% from 1994. The overall
decrease in finance income resulted from a decrease in the average portfolio from
1994 to 1995. The net gain on sales or remarketing of equipment decreased due
to a decrease in the number of leases maturing, and the underlying equipment
being sold or remarketed, for which the proceeds received were in excess of the
remaining carrying value of the equipment. Interest income and other decreased
due to a decrease in late charges received. Rental income remained relatively
constant from 1994 to 1995.
Expenses for the nine months ended September 30, 1995 were $96,434,
representing a decrease of $57,123 or 37% from 1994. The decrease in expenses
was primarily attributable to a decrease in depreciation expense of $26,437 or
64% from 1994. Results were also affected by a decrease in interest expense of
$18,048 or 36%, a decrease in general and administrative expenses of $15,364 or
36%, a decrease in management fees of $5,925 or 56%, a decrease in administrative
expense reimbursements of $1,322 or 15% and a decrease in amortization of initial
direct costs of $27 or 100% from 1994. Depreciation expense decreased due to the
Partnership's reduced investment in operating leases. The decrease in interest
expense resulted from a decrease in the average debt outstanding from 1994 to
1995. General and administrative expenses, management fees, administrative
expense reimbursements and amortization of initial direct costs decreased due to
the decrease in the size of the average portfolio. Management fees were also
affected by the reduction in management fee rates. Under the original
Partnership agreement, the General Partner was entitled to management fees at
either 2% or 5% of rents, depending on the type of investments under management.
In conjunction with the solicitation to amend the Limited Partnership Agreement,
effective January 31, 1995, the General Partner reduced its management fees to
a flat rate of 1% of rents for all investments under management. The General
Partner previously reduced its management fees on January 1, 1994 to a flat rate
of 2%. The foregone management fees, the difference between the flat rate (1%
or 2%) and the allowable rates per the Partnership agreement (2% or 5%) of rents,
totaled $9,673 for the nine months ended September 30, 1995. These foregone
management fees are not accruable in future years. The decrease in these
expenses was partially offset by an increase in the provision for bad debts. As
a result of an analysis of delinquency, an assessment of overall risk and a
review of historical loss experience, it was determined that a $10,000 provision
for bad debts was required for the nine months ended September 30, 1995.
Net income for the nine months ended September 30, 1995 and 1994 was
$65,840 and $58,539, respectively. The net income per weighted average limited
partnership unit was $12.49 and $11.10 for 1995 and 1994, respectively. <PAGE>
ICON Cash Flow Partners, L.P., Series A
<PAGE>
(A Delaware Limited Partnership)
September 30, 1995
General Partner's Discussion and Analysis of
Financial Condition and Results of Operations
Liquidity and Capital Resources
The Partnership's primary sources of funds for the nine months ended
September 30, 1995 and 1994 were net cash provided by operations of $201,906 and
$231,813, respectively, proceeds from sales of equipment of $95,979 and $170,123,
respectively, General Partner loans totaling $175,000 in 1995 and a General
Partner capital contribution of $75,000 in 1994. These funds were used to make
payments on borrowings, fund cash distributions and to purchase equipment. The
Partnership intends to continue to purchase additional equipment and fund cash
distributions, to the extent there are sufficient funds available after servicing
the Partnership's current debt obligation, utilizing cash provided by operations
and proceeds from sales of equipment.
Cash distributions to limited partners for the nine months ended September
30, 1995 and 1994, which were paid quarterly, totaled $169,181 and $174,541, of
which $62,548 and $55,612 was investment income and $106,633 and $118,929 was a
return of capital, respectively. The quarterly annualized distribution rate to
limited partners was 9.01% and 9.29%, of which 3.33% and 2.96% was investment
income and 5.68% and 6.33% was a return of capital, respectively, calculated as
a percentage of each partner's initial capital contribution. The limited partner
distribution per weighted average unit outstanding for the nine months ended
September 30, 1995 and 1994 was $33.78 and $34.84 of which $12.49 and $11.10 was
investment income and $21.29 and $23.74 was a return of capital, respectively.
In December 1994, the consent of the limited partners was solicited to
amend the Limited Partnership Agreement. 151 investors, representing a 74%
majority of the limited partnership units outstanding, responded affirmatively
and the amendments were adopted, effective January 31, 1995. The amendments:
(1) extend the Reinvestment Period from six years to eight to ten years, (2)
allow the General Partner to lend to the Partnership for a term which can exceed
twelve months, up to $250,000 and (3) decrease management fees to a flat rate of
1% for all investments under management.
In February 1995 and March 1995, the General Partner lent $75,000 and
$100,000, respectively, to the Partnership. Principal on the loans will be
repaid only after the extended Reinvestment Period expires, and, the limited
partners have received at least a 6% return on their capital. These notes bear
interest at the lower of 6% or prime. Interest on the loans will be paid if the
Partnership determines that there are sufficient funds available.
The General Partner contributed $75,000 to the Partnership in the form of
capital in 1994. These contributions increased the General Partner's basis in
the Partnership, however, profits, losses, cash distributions and disposition
proceeds will continue to be allocated 95% to the limited partners and 5% to the
General Partner until each limited partner has received cash distributions and
disposition proceeds sufficient to reduce his adjusted capital account to zero.
<PAGE>
ICON Cash Flow Partners, L.P., Series A
(A Delaware Limited Partnership)
September 30, 1995
General Partner's Discussion and Analysis of
Financial Condition and Results of Operations
As of September 30, 1995, except as noted above, there were no known trends
or demands, commitments, events or uncertainties which are likely to have any
material effect on liquidity. As cash is realized from operations, sales of
equipment and borrowings, the Partnership will continue to invest in equipment
leases and financings where it deems it to be prudent while retaining sufficient
cash to meet its reserve requirements and recurring obligations as they become
due.<PAGE>
<PAGE>
</TABLE>
<TABLE>
ICON Cash Flow Partners, L.P., Series A
(A Delaware Limited Partnership)
Balance Sheets
(unaudited)
<CAPTION>
September 30, December 31,
1995 1994
Assets
<S> <C> <C>
Cash $ 81,629 $ 82,186
Investment in financings
Receivables due in installments 517,367 715,176
Unearned income (67,272) (110,043)
Allowance for doubtful accounts (23,819) (29,351)
426,276 575,782
Investment in finance leases
Minimum rents receivable 168,827 286,751
Estimated unguaranteed
residual values 37,099 44,721
Unearned income (21,326) (44,335)
Allowance for doubtful accounts (12,084) (11,328)
172,516 275,809
Investment in operating leases
Equipment, at cost 67,298 67,298
Accumulated depreciation (60,070) (45,150)
7,228 22,148
Other assets 16,741 22,727
Total assets $ 704,390 $ 978,652
Liabilities and Partners' Equity
Note payable - term loan $ 166,000 $ 420,000
Notes payable - General Partner 181,488 -
Notes payable - non-recourse 63,843 98,787
Accounts payable to General Partner
and affiliates, net 31,038 81,469
Accounts payable - other 13,760 17,243
Security deposits and
deferred credits 12,667 13,314
468,796 630,813
Commitments and Contingencies
Partners' equity
General Partner 24,178 29,790
Limited partners (5,009 units
outstanding, $500 per unit
original issue price) 211,416 318,049
Total partners' equity 235,594 347,839
Total liabilities and
partners' equity $ 704,390 $ 978,652
See accompanying notes to financial statements.<PAGE>
ICON Cash Flow Partners, L.P., Series A
</TABLE>
<PAGE> (A Delaware Limited Partnership)
<TABLE>
Statements of Operations
(unaudited)
<CAPTION>
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
<S> 1995 1994 1995 1994
Revenue
<C> <C> <C> <C>
Finance income $21,079 $ 33,007 $71,087 $109,937
Net gain on sales or
remarketing of
equipment 17,734 43,751 58,513 64,107
Rental income 9,531 9,531 28,593 28,602
Interest income
and other 1,451 7,175 4,081 9,450
Total revenues 49,795 93,464 162,274 212,096
Expenses
General
and administrative 11,580 23,632 27,488 42,852
Interest 9,057 15,073 31,890 49,938
Depreciation 4,973 8,694 14,920 41,357
Administrative expense
reimbursements
- General Partner 2,447 2,844 7,455 8,777
Management fees
- General Partner 1,391 3,247 4,681 10,606
Amortization of initial
direct costs - - - 27
Provision for bad debts - - 10,000 -
Total expenses 29,448 53,490 96,434 153,557
Net income $20,347 $ 39,974 $65,840 $58,539
Net income allocable to:
Limited partners $19,330 $ 37,975 $62,548 $55,612
General Partner 1,017 1,999 3,292 2,927
$20,347 $ 39,974 $65,840 $58,539
Weighted average number
of limited partnership
units outstanding 5,009 5,009 5,009 5,009
Net income per weighted
average limited
partnership unit $ 3.86 $ 7.58 $ 12.49 $ 11.10
See accompanying notes to financial statements.<PAGE>
ICON Cash Flow Partners, L.P., Series A
</TABLE>
<PAGE> (A Delaware Limited Partnership)
<TABLE>
Statements of Changes in Partners' Equity
For the Nine Months Ended September 30, 1995 and
the Years Ended December 31, 1994, 1993 and 1992
(unaudited)
<CAPTION>
Limited Partner
Distributions
Return of Investment Limited General
CapitalIncome Partners Partner Total
(Per weighted
average unit)
<S> <C> <C> <C>
Balance at
December 31, 1991 $1,212,108$(48,155) $1,163,953
Cash distributions
to partners $76.88 $ - (385,108) (20,269) (405,377)
Net loss (76,484) (4,025) (80,509)
Balance at
December 31, 1992 750,516 (72,449) 678,067
Cash distributions
to partners $53.61 $17.65 (356,915) (18,785) (375,700)
Net income 88,394 4,652 93,046
Balance at
December 31, 1993 481,995 (86,582) 395,413
Cash distributions
to partners $32.73 $13.92 (233,651) (12,297) (245,948)
Net income 69,705 3,669 73,374
Capital contribution - 125,000 125,000
Balance at
December 31, 1994 318,049 29,790 347,839
Cash distributions
to partners $21.29 $12.49 (169,181) (8,904) (178,085)
Net income 62,548 3,292 65,840
Balance at
September 30, 1995 $211,416 $ 24,178 $235,594
See accompanying notes to financial statements.<PAGE>
ICON Cash Flow Partners, L.P., Series A
</TABLE>
<PAGE> (A Delaware Limited Partnership)
<TABLE>
Statements of Cash Flows
For the Nine Months Ended September 30,
(unaudited)
<CAPTION>
<S> <C> <C>
1995 1994
Cash flows provided by operating activities:
Net income $ 65,840 $ 58,539
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 14,920 41,357
Finance income portion of receivables paid
directly to lenders by lessees (6,798) (10,573)
Net gain on sales or remarketing of equipment(58,513) (64,107)
Interest expense on non-recourse financing paid
directly by lessees 5,680 10,529
Collection of principal
- non-financed receivables 217,565 209,256
Amortization of initial direct costs - 27
Provision for bad debts - 15,000
Changes in operating assets and liabilities:
Allowance for doubtful accounts (8,276) -
Accounts payable to General Partner
and affiliates, net (50,431) 11,695
Accounts payable - other (3,483) (2,397)
Security deposits and deferred credits (647) (27,877)
Other assets 2,103 (17,891)
Other, net 23,946 8,255
Total adjustments 136,066 173,274
Net cash provided by operating activities201,906 231,813
Cash flows provided by investing activities:
Proceeds from sales of equipment 95,979 170,123
Equipment and receivables purchased (41,357) (19,532)
Net cash provided by
investing activities 54,622 150,591
Cash flows used for financing activities:
Proceeds from General Partner loans 175,000 -
Cash distributions to partners (178,085) (183,727)
Principal payments on term loan (254,000) (210,000)
Proceeds from term loan - 720,000
Principal payments on credit facility - (810,000)
General Partner capital contribution - 75,000
Net cash used for
financing activities (257,085) (408,727)
Net decrease in cash (557) (26,323)
Cash at beginning of period 82,186 94,787
Cash at end of period $ 81,629 $ 68,464
See accompanying notes to financial statements.<PAGE>
ICON Cash Flow Partners, L.P., Series A
</TABLE>
<PAGE> (A Delaware Limited Partnership)
Notes to Financial Statements
September 30, 1995
(unaudited)
<TABLE>
1. Basis of Presentation
<S>
The financial statements included herein should be read in conjunction with
the Notes to Financial Statements included in the Partnership's 1994 Annual
Report on Form 10-K and have been prepared in accordance with the accounting
policies stated therein.
2. General Partner Loan
In December 1994, the consent of the limited partners was solicited to amend
the Limited Partnership Agreement. 151 investors, representing a 74% majority
of the limited partnership units outstanding, responded affirmatively and the
amendments were adopted, effective January 31, 1995. The amendments: (1) extend
the Reinvestment Period from six years to eight to ten years, (2) allow the
General Partner to lend to the Partnership for a term which can exceed twelve
months, up to $250,000 and (3) decrease management fees to a flat rate of 1% for
all investments under management.
In February 1995 and March 1995, the General Partner lent $75,000 and
$100,000, respectively, to the Partnership. Principal on the loans will be
repaid only after the extended Reinvestment Period expires, and, the limited
partners have received at least a 6% return on their capital. These notes bear
interest at the lower of 6% or prime. Interest on the loans will be paid if the
Partnership determines that there are sufficient funds available.
3. General Partner Capital Contribution
The General Partner contributed $75,000 to the Partnership in the form of
capital in 1994. This contribution increased the General Partner's basis in the
Partnership, however, profits, losses, cash distributions and disposition
proceeds will continue to be allocated 95% to the limited partners and 5% to the
General Partner until each limited partner has received cash distributions and
disposition proceeds sufficient to reduce his adjusted capital account to zero.
4. Related Party Transactions
During the nine months ended September 30, 1995 and 1994, the Partnership
accrued to the General Partner management fees of $4,681 and $10,606,
respectively, and paid or accrued administrative expense reimbursements of $7,455
and $8,777, respectively. These fees and reimbursements were charged to
operations.
The payment of management fees have been deferred since September 1, 1993
and as of September 30, 1995, $30,203 in management fees have been accrued but
not paid.
Under the original Partnership agreement, the General Partner was entitled
to management fees at either 2% or 5% of rents, depending on the type of
investment under management. In conjunction with the solicitation to amend the
Limited Partnership Agreement, effective January 31, 1995, the General Partner <PAGE>
<PAGE> ICON Cash Flow Partners, L.P., Series A
(A Delaware Limited Partnership)
Notes to Financial Statements - Continued
September 30, 1995
<S>
reduced its management fees to a flat rate of 1% of rents for all investments
under management. The General Partner previously reduced its management fees on
January 1, 1994 to a flat rate of 2%. The foregone management fees, the
difference between the flat rate (1% or 2%) and the allowable rates per the
Partnership agreement (2% or 5%) of rents, totaled $9,673 for the nine months
ended September 30, 1995. These foregone management fees are not accruable in
future years.
During the nine months ended September 30, 1995 and 1994 the General Partner
loaned and contributed $175,000 and $75,000, respectively, to the Partnership.
The Partnership accrued $6,488 in interest relating to the General Partner loans
for the nine months ended September 30, 1995 (See Notes 2 and 3).
There were no acquisition fees paid or accrued by the Partnership for the
nine months ended September 30, 1995 and 1994.
5. Supplemental Disclosures of Cash Flow Information
<CAPTION>
</TABLE>
<TABLE>
During the nine months ended September 30, 1995 and 1994, non-cash
activities included the following:
<S> <C> <C>
1995 1994
Principal and interest on direct finance
receivables paid directly to lender by lessees$40,624 $ 47,045
Principal and interest on non-recourse
financing paid directly by lessee (40,624) (47,045)
Notes payable to affiliates assumed in
purchase price - 1,073
Fair value of receivables purchased for debt - (1,073)
$ - $ -
</TABLE>
<TABLE>
<S> <C>
Interest expense of $31,890 and $49,938 for the nine months ended September
30, 1995 and 1994 consisted of: interest expense on non-recourse financing paid
directly by lessees of $5,680 and $10,529, respectively, interest on term
loan/revolving credit facility of $19,722 and $39,282, respectively, interest on
General Partner loans of $6,488 in 1995 and other interest of $127 in 1994.
</TABLE>
<PAGE>
<PAGE>
ICON Cash Flow Partners, L.P., Series A
(A Delaware Limited Partnership)
PART II
Item 1 - Legal Proceedings
None
Item 2 - Changes in Securities
None
Item 3 - Defaults Upon Senior Securities
None
Item 4 - Submission of Matters to a Vote of Security Holders
None
Item 5 - Other Information
None
Item 6 - Reports and Amendments
The Partnership did not file any amendments during the nine months ended
September 30, 1995.
The Partnership filed Exhibit 27 - Financial Data Schedule to the September 30,
1995 EDGAR filing. <PAGE>
ICON Cash Flow Partners, L.P., Series A
<PAGE> (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 CASH FLOW PARTNERS, L.P., SERIES A
File No. 2-99858 (Registrant)
By its General Partner,
ICON Capital Corp.
November 10, 1995
Date Charles Duggan
Executive Vice President and Chief
Financial Officer
(Principal financial and account officer of
the General Partner of the Registrant)
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 81
<SECURITIES> 0
<RECEIVABLES> 685
<ALLOWANCES> (36)
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 67
<DEPRECIATION> (60)
<TOTAL-ASSETS> 704
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 236
<TOTAL-LIABILITY-AND-EQUITY> 704
<SALES> 0<F2>
<TOTAL-REVENUES> 162
<CGS> 0<F2>
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 54
<LOSS-PROVISION> 10
<INTEREST-EXPENSE> 32
<INCOME-PRETAX> 66
<INCOME-TAX> 66
<INCOME-CONTINUING> 66
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 66
<EPS-PRIMARY> 0<F3>
<EPS-DILUTED> 0<F3>
<FN>
<F1>
A NON CLASSIFIED BALANCE SHEET IS PRESENTED, THEREFORE, DISCLOSURE OF CURRENT
AND NON CURRENT ASSETS AND LIABILITIES IS NOT APPLICABLE.
<F2>
THE PARTNERSHIP IS AN EQUIPMENT LEASING FUND. LEASE RELATED REVENUES GENERALLY
CONSIST OF FINANCE INCOME, RENTAL INCOME AND GAINS OR LOSSES ON SALES OR
REMARKETING OF EQUIPMENT, THEREFORE, DISCLOSURE OF SALES OR COST OF GOODS SOLD
IS NOT APPLICABLE.
<F3>
DISCLOSURE OF EARNINGS PER SHARE IS NOT APPLICABLE FOR PARTNERSHIPS.
</FN>
</TABLE>
