<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 0-18982
IEA INCOME FUND X, L.P.
(Exact name of registrant as specified in its charter)
California 94-3098648
------------------------------- ------------------
(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 X, L.P.
REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD
ENDED JUNE 30, 1999
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <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 X, L.P.
BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
June 30, December 31,
1999 1998
------------ ------------
<S> <C> <C>
Assets
Current assets:
Cash and cash equivalents, includes $566,819 at June 30, 1999 and
$653,751 at December 31, 1998 in interest-bearing accounts $ 566,919 $ 653,851
Net lease receivables due from Leasing Company
(notes 1 and 2) 130,100 199,488
------------ ------------
Total current assets 697,019 853,339
------------ ------------
Container rental equipment, at cost 15,818,357 16,545,596
Less accumulated depreciation 8,149,039 8,048,301
------------ ------------
Net container rental equipment 7,669,318 8,497,295
------------ ------------
$ 8,366,337 $ 9,350,634
============ ============
Partners' Capital
Partners' capital (deficit):
General partner $ (37,336) $ (27,494)
Limited partners 8,403,673 9,378,128
------------ ------------
Total partners' capital 8,366,337 9,350,634
------------ ------------
$ 8,366,337 $ 9,350,634
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE> 5
IEA INCOME FUND X, L.P.
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) $ 227,987 $ 356,568 $ 503,588 $ 689,448
Other operating expenses:
Depreciation 233,687 247,814 471,442 498,051
Other general and administrative expenses 8,269 9,766 22,845 22,753
--------- --------- --------- ---------
241,956 257,580 494,287 520,804
--------- --------- --------- ---------
Earnings (loss) from operations (13,969) 98,988 9,301 168,644
Other income (loss):
Interest income 6,650 8,362 13,668 16,921
Net loss on disposal of equipment (17,579) (13,110) (101,497) (28,080)
--------- --------- --------- ---------
(10,929) (4,748) (87,829) (11,159)
--------- --------- --------- ---------
Net earnings (loss) $ (24,898) $ 94,240 $ (78,528) $ 157,485
========= ========= ========= =========
Allocation of net earnings (loss):
General partner $ 14,021 $ 14,897 $ 26,040 $ 29,483
Limited partners (38,919) 79,343 (104,568) 128,002
--------- --------- --------- ---------
$ (24,898) $ 94,240 $ (78,528) $ 157,485
========= ========= ========= =========
Limited partners' per unit share of net earnings $ (1.00) $ 2.02 $ (2.67) $ 3.26
========= ========= ========= =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE> 6
IEA INCOME FUND X, L.P.
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 $ 558,357 $ 603,160
Cash flows provided by investing activities:
Proceeds from sale of container rental equipment 260,481 175,014
Cash flows used in financing activities:
Distribution to partners (905,770) (820,234)
--------- ---------
Net decrease in cash and cash equivalents (86,932) (42,060)
Cash and cash equivalents at January 1 653,851 714,528
--------- ---------
Cash and cash equivalents at June 30 $ 566,919 $ 672,468
========= =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE> 7
IEA INCOME FUND X, L.P.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(1) Summary of Significant Accounting Policies
(a) Nature of Operations
IEA Income Fund X, L.P. (the "Partnership") is a limited partnership
organized under the laws of the State of California on July 18, 1989 for
the purpose of owning and leasing marine cargo containers. Cronos
Capital Corp. ("CCC") is the general partner and, with its affiliate
Cronos Containers Limited (the "Leasing Company"), manages the business
of the Partnership. The Partnership shall continue until December 31,
2010, unless sooner terminated upon the occurrence of certain events.
The Partnership commenced operations on January 17, 1990, when the
minimum subscription proceeds of $1,000,000 were obtained. The
Partnership offered 40,000 units of limited partnership interest at $500
per unit, or $20,000,000. The offering terminated on October 30, 1990,
at which time 39,206 limited partnership units had been purchased.
As of June 30, 1999, the Partnership owned and operated 3,682
twenty-foot, 1,018 forty-foot and 86 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 X, L.P.
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, and reimbursed administrative expenses 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
$62,980 at June 30, 1999 and $61,113 at December 31, 1998 $468,652 $534,261
Less:
Direct operating payables and accrued expenses 200,184 185,539
Damage protection reserve 84,967 86,231
Base management fees 46,017 54,020
Reimbursed administrative expenses 7,384 8,983
-------- --------
$130,100 $199,488
======== ========
</TABLE>
(Continued)
8
<PAGE> 9
IEA INCOME FUND X, L.P.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(3) Net Lease Revenue
Net lease revenue is determined by deducting direct operating expenses,
base management 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) $ 422,429 $ 551,406 $ 885,169 $1,112,596
Less:
Rental equipment operating expenses 138,962 126,479 267,565 273,911
Base management fees 28,784 37,692 60,955 76,658
Reimbursed administrative expenses 26,696 30,667 53,061 72,579
---------- ---------- ---------- ----------
$ 227,987 $ 356,568 $ 503,588 $ 689,448
========== ========== ========== ==========
</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 3,682
twenty-foot, 1,018 forty-foot and 86 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 first six months of 1999, the Registrant disposed of 215
containers as part of its ongoing container operations. At June 30,
1999, 91% of the original equipment remained in the Registrant's fleet,
as compared to 95% 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 440 204 18
Master leases 2,264 558 56
----- ----- -----
Subtotal 2,704 762 74
Containers off lease 978 256 12
----- ----- -----
Total container fleet 3,682 1,018 86
===== ===== =====
</TABLE>
<TABLE>
<CAPTION>
40-Foot
20-Foot 40-Foot High-Cube
------------------ ------------------ ------------------
Units % Units % Units %
----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Total purchases 4,000 100% 1,150 100% 100 100%
Less disposals 318 8% 132 11% 14 14%
----- ----- ----- ----- ----- -----
Remaining fleet at June 30, 1999 3,682 92% 1,018 89% 86 86%
===== ===== ===== ===== ===== =====
</TABLE>
At June 30, 1999, the Registrant had $566,919 in cash and cash
equivalents, a decrease of $86,932 from the December 31, 1998 cash
balances. Net lease receivables at June 30, 1999 decreased 35% when
compared to December 31, 1998.
The Registrant's cash distribution from operations for the second
quarter of 1999 was 6.0% (annualized) of the limited partners' original
capital contribution, a decline from the first quarter of 1999
distribution of 6.5% (annualized). These distributions are directly
related to the Registrant's results from operations and may fluctuate
accordingly. The cash distribution from sales proceeds for the second
quarter of 1999 was 2.25% (annualized) of the limited partners' original
capital contribution, a decline from the first quarter of 1999 of 3.00%
(annualized). 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
10
<PAGE> 11
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 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 $227,987 and $503,588, respectively, a decrease of
approximately 36% and 27%, respectively, from the same periods in the
prior year. Gross rental revenue (a component of net lease revenue) for
the three and six-month periods ended June 30, 1999 was $422,429 and
$885,169, respectively, a decline of 23% and 20 from the same respective
periods in the prior year. Gross rental revenue was primarily impacted
by lower per-diem rental rates. Average per-diem rental rates declined
6% for both the three and six-month periods ended June 30, 1999 when
compared to the same 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 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)) 5,954 6,351 6,026 6,384
Average Utilization 71% 81% 71% 80%
</TABLE>
Rental equipment operating expenses were 33% and 30%, respectively, of
the Registrant's gross lease revenue during the three and six-month
periods ended June 30, 1999, as compared to 23% and 25%, respectively,
of the Registrant's gross lease revenue during the three and six-month
periods ended June 30, 1998.
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
11
<PAGE> 12
$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 November 7, 1989
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 November 7, 1989, included as part of Registration
Statement on Form S-1 (No. 33-30245)
** Incorporated by reference to Exhibit 3.2 to the Registration Statement
on Form S-1 (No. 33-30245)
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 X, L.P.
By Cronos Capital Corp.
The 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 November 7, 1989
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 November 7, 1989, included as part of Registration
Statement on Form S-1 (No. 33-30245)
** Incorporated by reference to Exhibit 3.2 to the Registration Statement
on Form S-1 (No. 33-30245)
<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> 566,919
<SECURITIES> 0
<RECEIVABLES> 130,100
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 697,019
<PP&E> 15,818,357
<DEPRECIATION> 8,149,039
<TOTAL-ASSETS> 8,366,337
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 8,366,337
<TOTAL-LIABILITY-AND-EQUITY> 8,366,337
<SALES> 0
<TOTAL-REVENUES> 503,588
<CGS> 0
<TOTAL-COSTS> 494,287
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (78,528)
<EPS-BASIC> 0
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</TABLE>
