UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
[x ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the period ended September 30, 1998
-----------------------------------------------------------
[ ] 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 10528-1632
- --------------------------------------------------------------------------------
(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,
1998 1997
Assets
<S> <C> <C>
Cash ....................................................... $ 2,121,141 $ 2,186,149
----------- -----------
Investment in financings
Receivables due in installments ........................ 760,693 1,212,649
Unearned income ........................................ (77,411) (149,103)
Allowance for doubtful accounts ........................ (36,859) (94,437)
----------- -----------
646,423 969,109
----------- -----------
Investment in finance leases
Minimum rents receivable ............................... 631,081 1,097,491
Estimated unguaranteed residual values ................. 79,219 189,833
Unearned income ........................................ (56,606) (125,351)
Allowance for doubtful accounts ........................ (36,680) (88,499)
----------- -----------
617,014 1,073,474
Other assets ............................................... -- 87,621
----------- -----------
Total assets ............................................... $ 3,384,578 $ 4,316,353
=========== ===========
Liabilities and Partners' Equity
Accounts payable to General Partner and affiliates, net .... $ 101,055 $ 36,234
Security deposits, deferred credits and accounts payable ... 53,869 418,625
----------- -----------
154,924 454,859
----------- -----------
Commitments and Contingencies
Partners' equity (deficiency)
General Partner ........................................ (140,107) (133,798)
Limited partners (198,245 and 198,470 units outstanding,
$100 per unit original issue price in 1998 and 1997,
respectively) ........................................ 3,369,761 3,995,292
----------- -----------
Total partners' equity ..................................... 3,229,654 3,861,494
----------- -----------
Total liabilities and partners' equity ..................... $ 3,384,578 $ 4,316,353
=========== ===========
</TABLE>
See accompanying notes to unaudited 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,
1998 1997 1998 1997
---- ---- ---- ----
Revenues
<S> <C> <C> <C> <C>
Net gain on sales or remarketing
of equipment ...................... $ 355,036 $ 11,049 $ 441,906 $ 34,170
Finance income ...................... 39,066 75,350 139,453 272,389
Interest income and other ........... 23,889 32,141 91,107 73,034
Income (loss) from equity investment
in joint venture .................. -- (4,267) -- 18,353
--------- --------- --------- ---------
Total revenues ...................... 417,991 114,273 672,466 397,946
--------- --------- --------- ---------
Expenses
General and administrative .......... 21,798 21,638 58,766 51,091
Administrative expense reimbursements
- General Partner ................. 6,641 11,708 23,435 48,572
Management fees - General Partner ... -- 11,342 -- 47,605
Interest ............................ -- -- -- 4,888
Reversal of allowance for
doubtful accounts ................. (130,000) -- (130,000) --
--------- --------- --------- ---------
Total expenses ...................... (101,561) 44,688 (47,799) 152,156
--------- --------- --------- ---------
Net income ............................. $ 519,552 $ 69,585 $ 720,265 $ 245,790
========= ========= ========= =========
Net income allocable to:
Limited partners .................... $ 514,356 $ 68,889 $ 713,062 $ 243,332
General Partner ..................... 5,196 696 7,203 2,458
--------- --------- --------- ---------
$ 519,552 $ 69,585 $ 720,265 $ 245,790
========= ========= ========= =========
Weighted average number of limited
partnership units outstanding ....... 198,037 198,358 198,104 198,358
========= ========= ========= =========
Net income per weighted average
limited partnership unit ............ $ 2.60 $ .35 $ 3.60 $ 1.23
========= ========= ========= =========
</TABLE>
See accompanying notes to unaudited 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, 1998 and
the Years Ended December 31, 1997, 1996 and 1995
(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, 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 distributions
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 distributions
to partners ..... $ 4.12 $ 4.88 (1,784,993) (18,030) (1,803,023)
Limited partnership
units redeemed
(225 units) ..... (5,763) -- (5,763)
</TABLE>
(continued on next page)
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Statements of Changes in Partners' Equity (continued)
For the Nine Months Ended September 30, 1998 and
the Years Ended December 31, 1997, 1996 and 1995
(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>
Net income .................. 968,748 9,785 978,533
----------- ----------- -----------
Balance at
December 31, 1997 ........ 3,995,292 (133,798) 3,861,494
Cash distributions
to partners .............. $ 3.15 $ 3.60 (1,337,201) (13,512) (1,350,713)
Limited partnership
units redeemed (225 units) (1,392) -- (1,392)
Net income .................. 713,062 7,203 720,265
----------- ----------- -----------
Balance at
September 30, 1998 ....... $ 3,369,761 $ (140,107) $ 3,229,654
=========== =========== ===========
</TABLE>
See accompanying notes to unaudited 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>
1998 1997
---- ----
Cash flows provided by operating activities:
<S> <C> <C>
Net income ................................................... $ 720,265 $ 245,790
----------- -----------
Adjustments to reconcile net income to net cash
provided by operating activities:
Net gain on sales or remarketing of equipment ............. (441,906) (34,170)
Collection of principal - non-financed receivables ........ 794,907 1,182,147
Finance income portion of receivables paid
directly to lenders by lessees ......................... -- (14,028)
Income from equity investment in joint venture ............ -- (18,353)
Distribution from investment in joint venture ............. -- 232,084
Changes in operating assets and liabilities:
Accounts payable to General Partner and affiliates, net 64,821 119,684
Security deposits, deferred credits and accounts payable (364,756) 352,650
Allowance for doubtful accounts ........................ (109,397) 35,843
Other, net ............................................. 3,958 (48,431)
----------- -----------
Total adjustments ..................................... (52,373) 1,807,426
----------- -----------
Net cash provided by operating activities .................. 667,892 2,053,216
----------- -----------
Cash flows from investing activities:
Proceeds from sales of equipment ............................. 619,205 99,743
----------- -----------
Net cash provided by investing activities .................. 619,205 99,743
----------- -----------
Cash flows from financing activities:
Cash distributions to partners ............................... (1,350,713) (1,352,446)
Redemption of limited partnership units ...................... (1,392) (4,450)
----------- -----------
Net cash used in financing activities ...................... (1,352,105) (1,356,896)
----------- -----------
Net increase (decrease) in cash ................................. (65,008) 796,063
Cash, beginning of period ....................................... 2,186,149 1,059,310
----------- -----------
Cash, end of period ............................................. $ 2,121,141 $ 1,855,373
=========== ===========
</TABLE>
See accompanying notes to unaudited 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, 1998 and 1997, non-cash
activities included the following:
1998 1997
---- ----
Principal and interest on finance
receivables paid directly by lessees $ -- $ 414,864
Principal and interest on non-recourse
financing paid directly by lessees -- (414,864)
----------- ------------
$ -- $ --
=========== ============
Interest expense of $4,888 for the nine months ended September 30, 1997
consisted of interest expense on non-recourse financing accrued or paid directly
to lenders by lessees.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Notes to Unaudited Financial Statements
September 30, 1998
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 presented 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 1997 Annual Report on Form 10-K.
2. Amendment to Partnership Agreement
The Partnership's original Reinvestment Period expired on June 19, 1996,
five years after the Final Closing Date. The General Partner distributed a
Definitive Consent Statement to the Limited Partners to solicit approval of two
amendments to the Partnership Agreement. A majority of the limited partnership
units outstanding responded affirmatively and the amendments were adopted
accordingly. These amendments are effective from and after June 19, 1996 and
were as follows: (1) extended the Reinvestment Period for a maximum of four and
one half additional years and likewise delayed the start and end of the
Liquidation Period, and (2) eliminated the Partnership's obligation to pay the
General Partner $529,125 of the $634,125 accrued and unpaid management fees as
of December 31, 1997 and all additional management fees which would otherwise
accrue during the future Liquidation Period. The remaining $105,000 unpaid
management fees will be paid to the General Partner and subsequently remitted
back to the Partnership in the form of an additional capital contribution by the
General Partner.
3. Related Party Transactions
During the nine months ended September 30, 1998 and 1997, the Partnership
accrued to the General Partner management fees of $0 and $47,605, respectively.
An amendment to the original Partnership Agreement was approved by the limited
partners and became effective in June 1996. This amendment eliminated all
subsequent accruals of management fees for the remainder of the Liquidation
Period. (See Note 2 for further discussion of management fees.) The Partnership
paid or accrued administrative expense reimbursements of $23,435 and $48,572
during the nine months ended September 30, 1998 and 1997, respectively. These
fees and reimbursements were charged to operations.
In March 1998, the Partnership lent ICON Cash Flow Partners, L.P.,
Series B ("Series B"), an affiliate, $150,000. The loan bore interest at the
rate of 11%. The loan was paid in full in June 1998. Series B paid $1,238 to the
Partnership for interest related to the note.
4. Year 2000
The Partnership relies on computer information systems for its transaction
processing and for general data processing. The Year 2000 issue arose because
many existing computer programs have been written using two digits rather than
four to define the applicable year. As a result, the program could interpret
dates ending in "00" as the year 1900 rather than the year 2000. In certain
cases, such errors could result in system failures or miscalculations that
disrupt the operation of the affected businesses.
The Partnership uses computer information systems provided by the General
Partner and has no computer information systems of its own. The software related
to the General Partner's primary computer information systems are provided by
third parties vendors. The General Partner has formally communicated with these
vendors and has received assurance that their programs are Year 2000 compliant.
In addition, the General Partner has gathered information about the Year 2000
readiness of significant vendors and third-party servicers and continues to
monitor developments in this area. All of the General Partner's peripheral
computer technologies, such as its network operating system and third party
software applications, including payroll and electronic banking have been
evaluated and have been found to be Year 2000 compliant. The ultimate impact of
the Year 2000 issue on the Partnership will depend to a great extent on the
manner in which the issue is addressed by the Partnership's lessees. Each of the
Partnership's lessees will have a material self interest in resolving any Year
2000 issue, however, non-compliance on the part of a lessee could result in lost
or delayed revenues to the Partnership. The effect of this risk to the
Partnership is not determinable.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Notes to Unaudited Financial Statements - Continued
The General Partner is responsible for costs relating to the assessment and
development of its Year 2000 compliance remediation plan, as well as the testing
of the hardware and software owned or licensed for its personal computers. The
General Partner's costs incurred to date and expected future costs are not
material.
In May 1998 and July 1998, the Partnership lent ICON Cash Flow Partners,
L.P., Series D ("Series D"), an affiliate, $100,000 and $115,000, respectively.
These loans bore interest at the rate of 11%. The loans were paid in full in
June 1998 and July 1998, respectively. Series D paid $1,586 to the Partnership
for interest related to these notes.
For the nine months ended September 30, 1998 and 1997 no acquisition fees
were paid or accrued by the Partnership.
4. Security Deposits and Deferred Credits
Security deposits and deferred credits at September 30, 1998 and December
31, 1997 include $0 and $133,787, respectively, of proceeds received on
residuals which will be applied upon final remarketing of the related equipment.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
September 30, 1998
Item 2. General Partner's Discussion and Analysis of Financial Condition and
Results of Operations
The Partnership's portfolio consisted of net investment in financings,
finance leases, and equity investment in joint venture of 51%, 49%, and 0% of
total investments at September 30, 1998 respectively, and 31%, 61% and 8% of
total investments at September 30, 1997, respectively.
Results of Operations
Three Months Ended September 30, 1998 and 1997
The Partnership did not lease or finance any equipment for the three months
ended September 30, 1998 and 1997.
Revenues for the three months ended September 30, 1998 were $417,991,
representing an increase of $303,718 or 266% from 1997. The increase in revenues
resulted primarily from an increase in net gain on sales or remarketing of
equipment of $343,987 and a change in income from equity investment in joint
venture of $4,267 or 100% from 1997. The increase in net gain on sales or
remarketing of equipment and the change in equity investment in joint venture
were partially offset by a decrease in finance income of $36,284 or 48% and a
decrease in interest income and other of $8,252 or 26% from 1997. Net gain on
sales or remarketing of equipment increased due to an increase 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 change in income from equity investment in joint venture
resulted from the Partnership's 1997 divestiture of its investment in a joint
venture. The decrease in finance income resulted from a decrease in the average
size of the portfolio from 1997 to 1998. The decrease in interest income and
other resulted from a decrease in the collection of late charges.
Expenses for the three months ended September 30, 1998 were $(101,561),
representing a change of $146,249 from 1997. The change in expenses resulted
from a decrease in management fees of $11,342 or 100%, a decrease in
administrative expense reimbursements of $5,067 or 43% and a reduction of the
allowance for doubtful accounts of $130,000. These decreases were partially
offset by an increase in general and administrative expenses of $160 or 1% from
1997. The decrease in management fees resulted from the elimination of the
Partnership's obligation to pay such fees as a result of an amendment to the
Partnership Agreement. Administrative expense reimbursements decreased due to a
decrease in the average size of the portfolio from 1997 to 1998. The reduction
of the allowance for doubtful accounts resulted from an analysis of delinquency,
an assessment of overall risk and a review of historical loss experience.
Net income for the three months ended September 30, 1998 and 1997 was
$519,552 and $69,585, respectively. The net income per weighted average limited
partnership unit was $2.60 and $.35 for 1998 and 1997, respectively.
Nine Months Ended September 30, 1998 and 1997
The Partnership did not lease or finance any equipment for the nine months
ended September 30, 1998 and 1997.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
September 30, 1998
Revenues for the nine months ended September 30, 1998 were $672,466,
representing an increase of $274,520 or 69% from 1997. Results were affected by
an increase in net gain on sales or remarketing of equipment of $407,736 and an
increase in interest income and other of $18,073 or 25%. These increases were
partially offset by a decrease in finance income of $132,936 or 49% from 1997,
and a decrease in income from equity investment in a joint venture of $18,353 or
100% from 1997. Net gain on sales or remarketing of equipment increased due to
an increase 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 increase in interest income and
other resulted from an increase in the average cash balance from 1997 to 1998.
The decrease in finance income resulted from a decrease in the average size of
the portfolio from 1997 to 1998. The decrease in income from equity investment
in joint venture resulted from the Partnership's 1997 divestiture of its
investment in a joint venture.
Expenses for the nine months ended September 30, 1998 were $(47,799),
representing a change of $199,955 from 1997. The change in expenses resulted
from a decrease in management fees of $47,605 or 100%, a decrease in
administrative expense reimbursements of $25,137 or 52%, a decrease in interest
expense of $4,888 and a reduction of the allowance for doubtful accounts of
$130,000. These decreases were partially offset by an increase in general and
administrative expenses of $7,675 or 15%. The decrease in management fees
resulted from the elimination of the Partnership's obligation to pay such fees
as a result of an amendment to the Partnership Agreement. Administrative expense
reimbursements decreased due to a decrease in the average size of the portfolio
from 1997 to 1998. Interest expense decreased due to a decrease in the average
debt outstanding from 1997 to 1998. The reduction of the allowance for doubtful
accounts resulted from an analysis of delinquency, an assessment of overall risk
and a review of historical loss experience. General and administrative expenses
increased due to an increase in legal expense and other professional service
expenses.
Net income for the nine months ended September 30, 1998 and 1997 was
$720,265 and $245,790, respectively. The net income per weighted average limited
partnership unit was $3.60 and $1.23 for 1998 and 1997, respectively.
Liquidity and Capital Resources
The Partnership's primary sources of funds for the nine months ended
September 30, 1998 and 1997 were net cash provided by operations of $667,892 and
$2,053,216, respectively, and proceeds from sales of equipment of $619,205 and
$99,743, respectively. These funds were used to fund cash distributions.
Cash distributions to limited partners for the nine months ended September
30, 1998 and 1997, which were paid monthly, totaled $1,337,201 and $1,338,922,
respectively, of which $713,062 and $243,332 was investment income and $624,139
and $1,095,590 was a return of capital, respectively. The monthly annualized
cash distribution rate to limited partners was 9.00% for 1998 and 1997, of which
4.80% and 1.64% was investment income and 4.20% and 7.36% 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, 1998 and 1997 was $6.75, of
which $3.60 and $1.23 was investment income and $3.15 and $5.52 was a return of
capital, respectively.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
September 30, 1998
The Partnership's original Reinvestment Period expired on June 19, 1996,
five years after the Final Closing Date. The General Partner distributed a
Definitive Consent Statement to the Limited Partners to solicit approval of two
amendments to the Partnership Agreement. A majority of the limited partnership
units outstanding responded affirmatively and the amendments were adopted. These
amendments are effective from and after June 19, 1996 and were as follows: (1)
extended the Reinvestment Period for a maximum of four and one half additional
years and likewise delayed the start and end of the Liquidation Period, and (2)
eliminated the Partnership's obligation to pay the General Partner a portion of
accrued and unpaid management fees, and any additional management fees which
would otherwise accrue during the future Liquidation Period. The portion of the
accrued and unpaid management fees that would be payable to the General Partner
will be returned to the Partnership in the form of an additional capital
contribution by the General Partner.
The Partnership relies on computer information systems for its transaction
processing and for general data processing. The Year 2000 issue arose because
many existing computer programs have been written using two digits rather than
four to define the applicable year. As a result, the program could interpret
dates ending in "00" as the year 1900 rather than the year 2000. In certain
cases, such errors could result in system failures or miscalculations that
disrupt the operation of the affected businesses.
The Partnership uses computer information systems provided by the General
Partner and has no computer information systems of its own. The software related
to the General Partner's primary computer information systems are provided by
third parties vendors. The General Partner has formally communicated with these
vendors and has received assurance that their programs are Year 2000 compliant.
In addition, the General Partner has gathered information about the Year 2000
readiness of significant vendors and third-party servicers and continues to
monitor developments in this area. All of the General Partner's peripheral
computer technologies, such as its network operating system and third party
software applications, including payroll and electronic banking have been
evaluated and have been found to be Year 2000 compliant. The ultimate impact of
the Year 2000 issue on the Partnership will depend to a great extent on the
manner in which the issue is addressed by the Partnership's lessees. Each of the
Partnership's lessees will have a material self interest in resolving any Year
2000 issue, however, non-compliance on the part of a lessee could result in lost
or delayed revenues to the Partnership. The effect of this risk to the
Partnership is not determinable.
The General Partner is responsible for costs relating to the assessment and
development of its Year 2000 compliance remediation plan, as well as the testing
of the hardware and software owned or licensed for its personal computers. The
General Partner's costs incurred to date and expected future costs are not
material.
As of September 30, 1998, except as noted above, there were no known trends
or demands, commitments, events or uncertainties which are likely to have a
material effect on liquidity. As cash is realized from operations and sales of
equipment, the Partnership will invest in equipment leases and financings and
make cash distributions 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, 1998.
<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.
February 18, 1999 /s/Kevin F. Redmond
- -------------------- --------------------------------------------
Date Kevin F. Redmond
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-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 2,121,141
<SECURITIES> 0
<RECEIVABLES> 1,391,774
<ALLOWANCES> 73,539
<INVENTORY> 0
<CURRENT-ASSETS> * 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,384,578
<CURRENT-LIABILITIES> ** 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,229,654
<TOTAL-LIABILITY-AND-EQUITY> 3,384,578
<SALES> 581,359
<TOTAL-REVENUES> 672,466
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 82,201
<LOSS-PROVISION> (130,000)
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 720,265
<EPS-PRIMARY> 3.60
<EPS-DILUTED> 3.60
<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>
