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, 1997
-----------------------------------------------------------
[ ] 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 0-27904
---------------------------------------------------------
ICON Cash Flow Partners, L.P., Series C
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3575099
- --------------------------------------------------------------------------------
(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>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Balance Sheets
(unaudited)
<TABLE>
September 30, December 31,
1997 1996
Assets
<S> <C> <C>
Cash ......................................................... $ 1,855,373 $ 1,059,310
----------- -----------
Investment in finance leases
Minimum rents receivable ................................. 1,324,771 2,652,925
Estimated unguaranteed residual values ................... 1,218,745 1,228,841
Unearned income .......................................... (157,580) (315,242)
Allowance for doubtful accounts .......................... (183,350) (285,600)
----------- -----------
2,202,586 3,280,924
Investment in financings
Receivables due in installments .......................... 1,393,158 2,027,328
Unearned income .......................................... (180,110) (305,587)
Allowance for doubtful accounts .......................... (89,827) (23,420)
----------- -----------
1,123,221 1,698,321
Equity investment in joint venture ........................... 313,150 526,881
----------- -----------
Other assets ................................................. 95,756 78,268
----------- -----------
Total assets ................................................. $ 5,590,086 $ 6,643,704
=========== ===========
Liabilities and Partners' Equity
Notes payable - non-recourse ................................. $ 579,508 $ 994,354
Accounts payable to General Partner and affiliates, net ...... 630,400 510,716
Security deposits, deferred credits and accounts payable-other 799,537 446,887
----------- -----------
2,009,445 1,951,957
Commitments and Contingencies
Partners' equity (deficiency)
General Partner .......................................... (136,619) (125,553)
Limited partners (198,270 and 198,470 units outstanding,
$100 per unit original issue price in 1997 and 1996,
respectively) .......................................... 3,717,260 4,817,300
----------- -----------
Total partners' equity ....................................... 3,580,641 4,691,747
----------- -----------
Total liabilities and partners' equity ....................... $ 5,590,086 $ 6,643,704
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Statements of Operations
(unaudited)
<TABLE>
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1997 1996 1997 1996
---- ---- ---- ----
Revenues
<S> <C> <C> <C> <C>
Finance income ...................... $ 75,350 $ 147,117 $ 272,389 $ 446,005
Interest income and other ........... 32,141 12,996 73,034 53,001
Net gain on sales or remarketing
of equipment ...................... 11,049 174,261 34,170 445,826
Income (loss) from equity investment
in joint venture .................. (4,267) 7,425 18,353 31,804
--------- --------- --------- ---------
Total revenues ...................... 114,273 341,799 397,946 976,636
--------- --------- --------- ---------
Expenses
General and administrative .......... 21,638 11,677 55,979 54,922
Administrative expense reimbursements
- General Partner ................. 11,708 23,464 48,572 71,735
Management fees - General Partner ... 11,342 23,292 47,605 70,824
Interest ............................ -- -- -- 1,953
Amortization of initial direct costs -- 1,405 -- 6,132
--------- --------- --------- ---------
Total expenses ...................... 44,688 59,838 152,156 205,566
--------- --------- --------- ---------
Net income ............................. $ 69,585 $ 281,961 $ 245,790 $ 771,070
========= ========= ========= =========
Net income allocable to:
Limited partners .................... $ 68,889 $ 279,141 $ 243,332 $ 763,359
General Partner ..................... 696 2,820 2,458 7,711
--------- --------- --------- ---------
$ 69,585 $ 281,961 $ 245,790 $ 771,070
========= ========= ========= =========
Weighted average number of limited
partnership units outstanding ....... 198,358 198,622 198,358 198,622
========= ========= ========= =========
Net income per weighted average
limited partnership unit ............ $ .35 $ 1.41 $ 1.23 $ 3.84
========= ========= ========= =========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Statements of Changes in Partners' Equity
For the Nine Months Ended September 30, 1997 and
the Years Ended December 31, 1996, 1995 and 1994
(unaudited)
<TABLE>
Limited Partner Distributions
Return of Investment Limited General
Capital Income Partners Partner Total
(Per weighted average unit)
<S> <C> <C> <C> <C> <C>
Balance at
December 31, 1993 $ 8,693,014 $ (86,897) $ 8,606,117
Cash distributions
to partners $ 7.78 $ 1.22 (1,799,100) (18,173) (1,817,273)
Net income 244,000 2,465 246,465
----------- --------- -----------
Balance at
December 31, 1994 7,137,914 (102,605) 7,035,309
Cash distributions
to partners $ 7.01 $ 1.99 (1,796,363) (18,144) (1,814,507)
Limited partnership
units redeemed
(1,100 units) (38,256) - (38,256)
Net income 396,876 4,009 400,885
----------- --------- -----------
Balance at
December 31, 1995 5,700,171 (116,740) 5,583,431
Cash distribution
to partners $ 4.39 $ 4.61 (1,786,992) (18,050) (1,805,042)
Limited partnership
units redeemed
(330 units) (10,369) - (10,369)
Net income 914,490 9,237 923,727
----------- --------- -----------
Balance at
December 31, 1996 4,817,300 (125,553) 4,691,747
Cash distribution
to partners $ 5.52 $ 1.23 (1,338,922) (13,524) (1,352,446)
Limited partnership
units redeemed
(200 units) (4,450) - (4,450)
Net income 243,332 2,458 245,790
----------- --------- -----------
Balance at
September 30, 1997 $ 3,717,260 $(136,619) $ 3,580,641
=========== ========= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Statements of Cash Flows
For the Nine Months Ended September 30,
(unaudited)
<TABLE>
1997 1996
---- ----
Cash flows provided by operating activities:
<S> <C> <C>
Net income .................................................. $ 245,790 $ 771,070
----------- -----------
Adjustments to reconcile net income to net cash
provided by operating activities:
Finance income portion of receivables paid
directly to lenders by lessees ........................ (14,028) (102,441)
Amortization of initial direct costs ..................... -- 6,132
Net gain on sales or remarketing of equipment ............ (34,170) (445,826)
Collection of principal - non-financed receivables ....... 1,182,147 1,193,788
Income from equity investment in joint venture ........... (18,353) (31,804)
Distribution from investment in joint venture ............ 232,084 603,292
Changes in operating assets and liabilities:
Allowance for doubtful accounts ....................... 35,843 (4,433)
Accounts payable to General Partner and affiliates, net 119,684 40,347
Security deposits and deferred credits ................ 352,650 130,162
Accounts payable - other .............................. 80,455
Other assets .......................................... (17,488) 3,355
Other, net ............................................ (30,943) (47,879)
----------- -----------
Total adjustments .................................... 1,807,426 1,508,667
----------- -----------
Net cash provided by operating activities ................. 2,053,216 2,279,737
----------- -----------
Cash flows from investing activities:
Proceeds from sales of equipment ............................ 99,743 593,453
Equipment and receivables purchased ......................... -- (2,179,971)
----------- -----------
Net cash provided by (used in) investing activities ....... 99,743 (1,586,518)
----------- -----------
Cash flows from financing activities:
Cash distributions to partners .............................. (1,352,446) (1,353,973)
Redemption of limited partnership units ..................... (4,450) (10,369)
----------- -----------
Net cash used in financing activities ..................... (1,356,896) (1,364,342)
----------- -----------
Net increase (decrease) in cash ................................ 796,063 (671,123)
Cash, beginning of period ...................................... 1,059,310 1,777,981
----------- -----------
Cash, end of period ............................................ $ 1,855,373 $ 1,106,858
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Statements of Cash Flows (continued)
Supplemental Disclosures of Cash Flow Information
During the nine months ended September 30, 1997 and 1996, non-cash
activities included the following:
1997 1996
---- ----
Principal and interest on finance
receivables paid directly by lessees .. $ 414,864 $ 908,411
Principal and interest on non-recourse
financing paid directly by lessees .... (414,864) (908,411)
Decrease in notes payable - non-recourse
due to terminations ................... -- (618,851)
Increase in security deposits and deferred
credits due to terminations ........... -- 618,851
--------- ---------
$ -- $ --
========= =========
Interest expense of $0 and $1,953 for the nine months ended September 30,
1997 and 1996 consisted of other interest of $0 and $1,953, respectively.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Notes to Financial Statements
September 30, 1997
(unaudited)
1. Basis of Presentation
The financial statements of ICON Cash Flow Partners, L.P., Series C (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 1996 Annual Report on Form 10-K.
2. Investment in Joint Venture
The Partnership Agreement allows the Partnership to invest in joint
ventures with other limited partnerships sponsored by the General Partner
provided that the investment objectives of the joint ventures are consistent
with that of the Partnership.
On February 3, 1995, the Partnership and two affiliates, ICON Cash Flow
Partners, L.P., Series B ("Series B"), and ICON Cash Flow Partners L.P. Six
("L.P. Six") formed ICON Asset Acquisition L.L.C. I ("ICON Asset Acquisition
LLC") as a special purpose limited liability company. ICON Asset Acquisition LLC
was formed for the purpose of acquiring, managing and securitizing a portfolio
of leases. The Partnership, Series B and L.P. Six contributed $1,500,000 (13.39%
interest), $1,000,000 (8.93% interest) and $8,700,000 (77.68% interest),
respectively, to ICON Asset Acquisition LLC. On February 17, 1995, ICON Asset
Acquisition LLC purchased an existing portfolio of leases. The purchase price of
the portfolio totaled $27,854,266, and the underlying equipment consists of
graphic arts and printing equipment. On September 5, 1995, ICON Asset
Acquisition LLC securitized substantially all of its portfolio and became the
beneficial owner of a trust and the Prudential Insurance Company of America
("Prudential") the lender to the trust. On January 28, 1997, ICON Asset
Acquisition LLC re-financed its outstanding $7,780,000 obligation to Prudential
with proceeds it received from a loan from ICON Cash Flow Partners, L.P., Series
E (Series E), an affiliate of the Partnership.
On September 19, 1997, ICON Asset Acquisition LLC sold its entire
investment in leases to L.P. Six for $6,819,996. The proceeds from the sale were
used to pay off the Series E note ($4,730,328 at September 19, 1997) to Series
E. The remaining proceeds will be distributed to the Partnership, Series B and
L.P. Six upon final liquidation of the remaining net assets of ICON Asset
Acquisition LLC.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Notes to Financial Statements - Continued
Information as to the financial position and results of operations of ICON Asset
Acquisition LLC as of and for the nine months ended September 30, 1997 is
summarized below:
September 30, 1997
Assets $ 2,906,511
==============
Liabilities $ 567,824
==============
Equity $ 2,338,687
==============
Nine Months Ended
September 30, 1997
Net income $ 137,067
==============
3. Security Deposits and Deferred Credits
Security deposits and deferred credits at September 30, 1997 and December
31, 1996 include $786,842 and $426,379, respectively, of proceeds received
towards the estimated unguaranteed residual position. These amounts will be
applied upon final remarketing of the related equipment.
4. Related Party Transactions
During the nine months ended September 30, 1997 and 1996, the Partnership
accrued to the General Partner management fees of $47,605 and $70,824,
respectively, and paid or accrued administrative expense reimbursements of
$48,572 and $71,735, 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, 1997, $624,068 in management fees have been accrued but
not paid.
Under the original Partnership Agreement, the General Partner is entitled
to management fees at either 2% or 5% of rents, depending on the type of
investment under management. Effective January 1, 1994, the General Partner
elected to reduce its management fees to a flat rate of 2% of rents for all
investments under management. The foregone management fees, the difference
between 2% and 5% of rents for certain types of investments, totaled $32,803 for
the nine months ended September 30, 1997. These foregone management fees are not
accruable in future years.
The Partnership, and two affiliates, Series B and L.P. Six, formed a joint
venture, ICON Asset Acquisition LLC.
There were no acquisition fees paid or accrued by the Partnership for the
nine months ended September 30, 1997 and 1996, respectively.
5. Amendment to Partnership Agreement
The Partnership's Reinvestment Period expired June 19, 1996, five years
after the Final Closing Date. As such the Partnership has discontinued investing
in leased equipment. The Partnership filed a proxy statement with the Securities
and Exchange Commission (the "SEC") on June 17, 1996 for the purpose of amending
the Partnership Agreement in order to extend the Reinvestment Period for up to
four years. On July 26, 1996, the Partnership received comments on its filing.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Notes to Financial Statements - Continued
The Partnership re-filed the proxy on September 16, 1997. If the
Partnership does not receive consents representing a majority of the outstanding
Partnership units then the Partnership will begin liquidating its Investments
and distributing proceeds as provided in the Partnership Agreement. The
liquidation proceeds distributed to limited partners will be reduced by $571,860
of the $676,860 currently outstanding and estimated future management fees. The
payment of these fees will have no impact on earnings, however, as noted above,
such payments will have an unfavorable impact on distributions to the limited
partners. If the Partnership's cash flow were to be reinvested in new equipment
leases, we assume this would have a favorable impact on overall returns and cash
flow to the limited partners.
If the Partnership does receive consents representing a majority of the
outstanding Partnership units then the Partnership will: (1) reinstate the
Reinvestment Period for up to four additional years and thereby delay the
beginning and end of the Liquidation Period and (2) eliminate the Partnership's
obligation to pay $571,860 of the $676,860 currently outstanding and estimated
future Management Fees for the period September 1, 1993 and ending with June 20,
2001.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
September 30, 1997
Item 2. General Partner's Discussion and Analysis of Financial Condition and
Results of Operations
The Partnership's portfolio consisted of a net investment in finance
leases, financings and equity investment in joint venture of 61%, 31% and 8% of
total investments at September 30, 1997 respectively, and 62%, 29%, and 9% of
total investments at September 30, 1996, respectively.
Results of Operations
Three Months Ended September 30, 1997 and 1996
Revenues for the three months ended September 30, 1997 were $114,273,
representing a decrease of $227,526 or 67% from 1996. The decrease in revenues
resulted primarily from a decrease in net gain on sales or remarketing of
equipment of $163,212 or 94%. Results were also affected by a decrease in
finance income of $71,767 or 49% and a decrease in income from equity investment
in joint venture of $11,692 or 157% from 1996. These decreases were partially
offset by an increase in interest income and other of $19,145 or 147% from 1996.
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 average size of the portfolio from 1996 to 1997. The
decrease in income from equity investment in joint venture resulted from a
decrease in the average size of the portfolio under investment. The increase in
interest income and other resulted from an increase in the average cash balance
and an increase in late charges received from 1996 to 1997.
Expenses for the three months ended September 30, 1997 were $44,688,
representing a decrease of $15,150 or 25% from 1996. The decrease in expenses
resulted from a decrease in management fees of $11,950 or 51%, a decrease in
administrative expense reimbursements of $11,756 or 50% and a decrease in
amortization of initial direct costs of $1,405 from 1996. These decreases were
partially offset by an increase in general and administrative expense of $9,961
or 85% from 1996. Management fees, administrative expense reimbursements and
amortization of initial direct costs decreased due to a decrease in the average
size of the portfolio from 1996 to 1997. The increase in general and
administrative expense is due to an increase in postage, printing and tax
expenses.
Net income for the three months ended September 30, 1997 and 1996 was
$69,585 and $281,961, respectively. The net income per weighted average limited
partnership unit was $.35 and $1.41 for 1997 and 1996, respectively.
Nine Months Ended September 30, 1997 and 1996
For the nine months ended September 30, 1996, the Partnership leased or
financed equipment with an initial cost of $2,179,970 to 8 lessees or equipment
users. The weighted average initial transaction term relating to these
transactions was 54 months.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Revenues for the nine months ended September 30, 1997 were $397,946,
representing a decrease of $578,690 or 59% from 1996. The decrease in revenues
resulted primarily from a decrease in net gain on sales or remarketing of
equipment of $411,656 or 92%, and a decrease in finance income of $173,616 or
39%, from 1996. Results were also affected by a decrease in income from equity
investment in a joint venture of $13,451 or 42% from 1996. These decreases were
partially offset by an increase in interest income and other of $20,033 or 38%.
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 decrease in finance income resulted from a decrease in the
average size of the portfolio from 1996 to 1997. The decrease in income from
equity investment in joint venture resulted from a decrease in the average size
of the portfolio under investment and the September 19, 1997 sale of the
Partnership's investment in the joint venture. The increase in interest income
and other resulted from an increase in the average cash balance and an increase
in late charges received from 1996 to 1997.
Expenses for the nine months ended September 30, 1997 were $152,156,
representing a decrease of $53,410 or 26% from 1996. The decrease in expenses
resulted from a decrease in management fees of $23,219 or 33%, a decrease in
administrative expenses reimbursement of $23,163 or 32%, a decrease in
amortization of initial direct costs of $6,132 and a decrease in interest
expenses of $1,953 from 1996. These decreases were partially offset by an
increase in general and administrative expense of $1,057 or 2%. Management fees,
administrative expense reimbursements and amortization of initial direct costs
decreased due to a decrease in the average size of the portfolio from 1996 to
1997. The decrease in interest expense resulted from a decrease in the average
debt outstanding for 1996 to 1997. The increase in general and administrative
expense is due to an increase in postage, printing and tax expenses.
Net income for the nine months ended September 30, 1997 and 1996 was
$245,790 and $771,070, respectively. The net income per weighted average limited
partnership unit was $1.23 and $3.84 for 1997 and 1996, respectively.
Liquidity and Capital Resources
The Partnership's primary sources of funds for the nine months ended
September 30, 1997 and 1996 were net cash provided by operations of $2,053,216
and $2,279,737, respectively, and proceeds from sales of equipment of $99,743
and $593,453, respectively. These funds were used to purchase equipment in 1996,
and fund cash distributions. The Partnership intends to continue to fund cash
distributions utilizing funds from cash provided by operations and proceeds from
sales of equipment.
Cash distributions to limited partners for the nine months ended September
30, 1997 and 1996, which were paid monthly, totaled $1,338,922 and $1,340,433,
respectively, of which $243,332 and $763,359 was investment income and
$1,095,590 and $577,074 was a return of capital, respectively. The monthly
annualized cash distribution rate to limited partners was 9.00% for 1997 and
1996, of which 1.64% and 5.13% was investment income and 7.36% and 3.87% 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, 1997 and 1996
was $6.75, of which $1.23 and $3.84 was investment income and $5.52 and $2.91
was a return of capital, respectively.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
The Partnership's Reinvestment Period expired June 19, 1996, five years
after the Final Closing Date. As such the Partnership has discontinued investing
in leased equipment. The Partnership filed a proxy statement with the Securities
and Exchange Commission (the "SEC") on June 17, 1996 for the purpose of amending
the Partnership Agreement in order to extend the Reinvestment Period for up to
four years. On July 26, 1996, the Partnership received comments on its filing.
The Partnership re-filed the proxy on September 16, 1997. If the
Partnership does not receive consents representing a majority of the outstanding
Partnership units then the Partnership will begin liquidating its Investments
and distributing proceeds as provided in the Partnership Agreement. The
liquidation proceeds distributed to limited partners will be reduced by $571,860
of the $676,860 currently outstanding and estimated future management fees. The
payment of these fees will have no impact on earnings, however, as noted above,
such payments will have an unfavorable impact on distributions to the limited
partners. If the Partnership's cash flow were to be reinvested in new equipment
leases, we assume this would have a favorable impact on overall returns and cash
flow to the limited partners.
If the Partnership does receive consents representing a majority of the
outstanding Partnership units then the Partnership will: (1) reinstate the
Reinvestment Period for up to four additional years and thereby delay the
beginning and end of the Liquidation Period and (2) eliminate the Partnership's
obligation to pay $571,860 of the $676,860 currently outstanding and estimated
future Management Fees for the period September 1, 1993 and ending with June 20,
2001.
As of September 30, 1997, 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 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>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K
No reports on Form 8-K were filed by the Partnership during the quarter ended
September 30, 1997.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(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 C
File No. 33-36376 (Registrant)
By its General Partner,
ICON Capital Corp.
November 14, 1997 /s/ Gary N. Silverhardt
- ----------------- --------------------------------------------
Date Gary N. Silverhardt
Executive Vice President and Chief
Financial Officer
(Principal financial and account officer of
the General Partner of the Registrant)
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000866878
<NAME> ICON Cash Flow Partners, L.P., Series C
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 1,855,373
<SECURITIES> 0
<RECEIVABLES> 3,637,286
<ALLOWANCES> 273,177
<INVENTORY> 57,454
<CURRENT-ASSETS> * 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 5,590,086
<CURRENT-LIABILITIES> ** 0
<BONDS> 579,508
0
0
<COMMON> 0
<OTHER-SE> 3,580,641
<TOTAL-LIABILITY-AND-EQUITY> 5,590,086
<SALES> 397,946
<TOTAL-REVENUES> 397,946
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 152,156
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 245,790
<EPS-PRIMARY> 1.23
<EPS-DILUTED> 1.23
<FN>
* The Partnership has an unclassified balance sheet in its financial
statements due to the nature of its industry. A value of "0" was used for
current assets and liabilities.
** The Partnership has an unclassified balance sheet in its financial
statements due to the nature of its industry. A value of "0" was used for
current assets and liabilities.
</FN>
</TABLE>
