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, 1996
----------------------------------------------------------
[ ] 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 33-40044
--------------------------------------------------------
ICON Cash Flow Partners, L.P., Series D
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3602979
- -------------------------------------------------------------------------------
(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 D
(A Delaware Limited Partnership)
Consolidated Balance Sheets
(unaudited)
<TABLE>
September 30, December 31,
1996 1995
---- ----
<S> <C> <C>
Assets
Cash ...................................... $ 904,320 $ 3,751,899
------------ ------------
Investment in finance leases
Minimum rents receivable ............... 19,415,766 21,479,681
Estimated unguaranteed residual values . 7,727,121 5,016,355
Initial direct costs ................... 594,878 693,692
Unearned income ........................ (3,511,665) (3,297,674)
Allowance for doubtful accounts ........ (686,895) (766,111)
------------ ------------
23,539,205 23,125,943
------------ ------------
Investment in financings
Receivables due in installments ........ 15,826,727 2,581,130
Initial direct costs ................... 106,159 59,537
Unearned income ........................ (3,464,858) (401,680)
Allowance for doubtful accounts ........ (234,272) (202,260)
------------ ------------
12,233,756 2,036,727
------------ ------------
Net investment in leveraged leases ........ -- 11,577,913
------------ ------------
Investment in operating leases
Equipment, at cost ..................... 9,335 14,095
Initial direct costs ................... 24 24
Accumulated depreciation ............... (8,396) (12,305)
------------ ------------
963 1,814
------------ ------------
Other assets .............................. 374,168 35,437
------------ ------------
Total assets .............................. $ 37,052,412 $ 40,529,733
============ ============
Liabilities and Partners' Equity
Notes payable - non-recourse .............. $ 13,713,613 $ 13,920,216
Note payable - non-recourse - securitized . 5,391,440 4,127,476
Security deposits and deferred credits .... 258,016 60,337
Accounts payable - other .................. 164,491 286,177
Accounts payable - equipment .............. -- 2,539,759
Accounts payable to General Partner
and affiliates, net ..................... -- 115,412
------------ ------------
19,527,560 21,049,377
------------ ------------
Commitments and Contingencies
Partners' equity (deficiency)
General Partner ........................ (169,349) (149,805)
Limited partners (399,158 and 399,233
units outstanding, $100 per unit
original issue price in 1996 and 1995,
respectively) ........................ 17,694,201 19,630,161
------------ ------------
Total partners' equity .................... 17,524,852 19,480,356
------------ ------------
Total liabilities and partners' equity .... $ 37,052,412 $ 40,529,733
============ ============
See accompanying notes to consolidated financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series D
(A Delaware Limited Partnership)
Consolidated Statements of Operations
(unaudited)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenue
Net gain on sales or remarketing
of equipment ..................... $ 62,228 $ 901,641 $2,225,636 $1,724,049
Finance income ..................... 720,563 371,800 2,169,429 1,022,264
Interest income and other .......... 84,110 46,478 226,133 122,012
Income from leveraged leases, net .. -- 355,773 369,511 1,142,396
---------- ---------- ---------- ----------
Total revenues ..................... 866,902 1,675,692 4,990,709 4,010,721
---------- ---------- ---------- ----------
Expenses
Interest ........................... 345,451 118,963 1,268,472 273,696
Management fees - General Partner .. 150,916 94,069 548,945 369,361
Amortization of initial direct costs 134,967 128,349 484,165 334,220
General and administrative ......... 58,620 64,633 173,562 225,202
Administrative expense reimbursement
- General Partner ................ 67,810 43,032 236,206 162,708
Provision for bad debts ............ -- 50,000 -- 150,000
---------- ---------- ---------- ----------
Total expenses ..................... 757,764 449,046 2,711,350 1,515,187
---------- ---------- ---------- ----------
Net income ............................ $ 109,138 $1,226,646 $2,279,359 $2,495,534
========== ========== ========== ==========
Net income allocable to:
Limited partners ................... $ 108,047 $1,214,380 $2,256,565 $2,470,579
General Partner .................... 1,091 12,266 27,794 24,955
---------- ---------- ---------- ----------
$ 109,138 $1,226,646 $2,279,359 $2,495,534
========== ========== ========== ==========
Weighted average number of limited
partnership units outstanding ...... 399,158 399,233 399,158 399,233
========== ========== ========== ==========
Net income per weighted average
limited partnership unit ........... $ .27 $ 3.04 $ 5.65 $ 6.19
========== ========== ========== ==========
See accompanying notes to consolidated financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series D
(A Delaware Limited Partnership)
Consolidated Statements of Changes in Partners' Equity
For the Nine Months Ended September 30, 1996, and
the Years Ended December 31, 1995, 1994 and 1993
(unaudited)
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, 1992 $ 30,999,996 $ (35,363) $ 30,964,633
Cash distributions
to partners ..... $ 11.29 $ 2.71 (5,600,000) (56,564) (5,656,564)
Net income ........ 1,086,000 10,970 1,096,970
------------ ------------ ------------
Balance at
December 31, 1993 26,485,996 (80,957) 26,405,039
Cash distributions
to partners ..... $ 9.99 $ 4.01 (5,596,503) (56,530) (5,653,033)
Limited partnership
units redeemed
(767 units) ..... (39,205) -- (39,205)
Net income ........ 1,604,039 16,202 1,620,241
------------ ------------ ------------
Balance at
December 31, 1994 22,454,327 (121,285) 22,333,042
Cash distributions
to partners ..... $ 7.07 $ 6.93 (5,589,207) (56,457) (5,645,664)
Limited partnership
units redeemed
(25 units) ...... (764) -- (764)
Net income ........ 2,765,805 27,937 2,793,742
------------ ------------ ------------
Balance at
December 31, 1995 19,630,161 (149,805) 19,480,356
<PAGE>
ICON Cash Flow Partners, L.P., Series D
(A Delaware Limited Partnership)
Consolidated Statements of Changes in Partners' Equity (Continued)
For the Nine Months Ended September 30, 1996, and
the Years Ended December 31, 1995, 1994 and 1993
(unaudited)
Limited Partner
Distributions
Return of Investment Limited General
Capital Income Partners Partner Total
(Per weighted
average unit)
<S> <C> <C> <C> <C> <C>
Cash distributions
to partners ...... $4.85 $5.65 (4,191,454) (42,338) (4,233,792)
Limited partnership
units redeemed
(50 units) ....... (1,071) -- (1,071)
Net income ......... 2,256,565 22,794 2,279,359
------------ ------------ ------------
Balance at
September 30, 1996 $ 17,694,201 $ (169,349) $ 17,524,852
============ ============ ============
See accompanying notes to consolidated financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series D
(A Delaware Limited Partnership)
Consolidated Statements of Cash Flows
For the Nine Months Ended September 30,
(unaudited)
1996 1995
---- ----
<S> <C> <C>
Cash flows provided by operating activities:
Net income ................................................. $ 2,279,359 $ 2,495,534
------------ ------------
Adjustments to reconcile net income to net
cash provided by operating activities:
Finance income portion of receivables paid directly
to lenders by lessees .................................. (1,233,695) (396,920)
Amortization of initial direct costs .................... 484,165 334,220
Net gain on sales or remarketing of equipment ........... (2,225,636) (1,724,049)
Interest expense on non-recourse financing paid
directly by lessees .................................... 959,415 239,873
Interest expense accrued on non-recourse debt ........... 10,646 30,997
Collection of principal - non-financed receivables ...... 1,738,227 2,697,547
Collection of principle-leveraged leases ................ 207,683 221,699
Income from leveraged leases ............................ (369,511) (1,142,396)
Changes in operating assets and liabilities:
Allowance for doubtful accounts ....................... 47,204 20,114
Accounts payable to General Partner and affiliates, net (115,412) 656,324
Accounts payable - other ............................... (121,686) (90,543)
Security deposits and deferred credits ................. 197,679 13,249
Other assets ........................................... (282,935) 97,109
Other, net ............................................. (86,243) (17,539)
------------ ------------
Total adjustments .................................... (790,099) 939,685
------------ ------------
Net cash provided by operating activities ............ 1,489,260 3,435,219
------------ ------------
Cash flows provided by (used for) investing activities:
Proceeds from sales of equipment ........................... 14,932,272 5,327,937
Equipment and receivables purchased ........................ (15,897,653) (4,587,428)
Initial direct costs ....................................... (400,559) (832,767)
------------ ------------
Net cash used for investing activities ............... (1,365,940) (92,258)
------------ ------------
Cash flows provided by (used for) financing activities:
Proceeds from revolving line of credit .................. 4,750,000
Cash distributions to partners ........................... (4,233,792) (4,234,292)
Principal payments on revolving line of credit ........... (1,750,000) --
Principal payments on non-recourse securitized debt ... (1,736,036) --
Redemption of limited partnership units .................... (1,071) --
Principal payment on note payable non-recourse ............. -- (755,330)
Net cash used for financing activities ............... (2,970,899) (4,989,622)
------------ ------------
Net decrease in cash .......................................... (2,847,579) (1,646,661)
Cash at beginning of period ................................... 3,751,899 2,925,016
------------ ------------
Cash at end of period ......................................... $ 904,320 $ 1,278,355
============ ============
See accompanying notes to consolidated financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series D
(A Delaware Limited Partnership)
Consolidated Statements of Cash Flows (continued)
Supplemental Disclosures of Cash Flow Information
During the nine months ended September 30, 1996 and 1995, non-cash activities
included the following:
1996 1995
------------ ------------
<S> <C> <C>
Principal and interest on direct finance
receivables paid directly to lenders by lessees $ 6,606,070 $ 3,548,055
Principal and interest on non-recourse financing
paid directly by lessees ...................... (6,606,070) (3,548,055)
Non-recourse notes payable assumed
in purchase price ............................. 10,179,406 15,614,102
Fair value of equipment and receivables
purchased for debt and payables ............... (10,179,406) (1,662,780)
Decrease in investment in finance
leases due to terminations .................... -- (13,100,852)
Decrease in security deposits
and deferred credits .......................... -- (286,261)
Decrease in notes payable
- non-recourse due to terminations ............ -- (564,209)
------------ ------------
$ -- $ --
============ ============
</TABLE>
Interest expense of $1,268,472 and $273,696 for the nine months ended
September 30, 1996 and 1995 consisted of: interest expense on non-recourse
financing paid or accrued directly to lenders by lessees of $1,034,194 and
$270,870, respectively, and other interest of $234,278 and $2,826, respectively.
<PAGE>
ICON Cash Flow Partners, L.P., Series D
(A Delaware Limited Partnership)
Notes to Consolidated Financial Statements
September 30, 1996
(unaudited)
1. Basis of Presentation
The consolidated financial statements included herein should be read in
conjunction with the Notes to Consolidated Financial Statements included in the
Partnership's 1995 Annual Report on Form 10-K and have
been prepared in accordance with the accounting policies stated therein.
2. New Accounting Pronouncement
In March 1995, the FASB issued SFAS No. 121, "Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to be Disposed Of," which is
effective beginning in 1996.
The Partnership's existing policy with respect to impairment of estimated
residual values is to review, on a quarterly basis, the carrying value of its
residuals on an individual asset basis to determine whether events or changes in
circumstances indicate that the carrying value of an asset may not be
recoverable and, therefore, an impairment loss should be recognized. The events
or changes in circumstances which generally indicate that the residual value of
an asset has been impaired are (i) the estimated fair value of the underlying
equipment is less than the Partnership's carrying value or (ii) the lessee is
experiencing financial difficulties and it does not appear likely that the
estimated proceeds from disposition of the asset will be sufficient to satisfy
the remaining obligation to the non-recourse lender and the Partnership's
residual position. Generally in the latter situation, the residual position
relates to equipment subject to third party non-recourse notes payable where the
lessee remits their rental payments directly to the lender and the Partnership
does not recover its residual until the non-recourse note obligation is repaid
in full.
The Partnership measures its impairment loss as the amount by which the
carrying amount of the residual value exceeds the estimated proceeds to be
received by the Partnership from release or resale of the equipment. Generally,
quoted market prices are used as the basis for measuring whether an impairment
loss should be recognized.
As a result, the Partnership's policy with respect to measurement and
recognition of an impairment loss associated with estimated residual values is
consistent with the requirements of SFAS No. 121 and, therefore, the
Partnership's adoption of this Statement in the first quarter of 1996 had no
material effect on the financial statements.
3. Redemption of Limited Partnership Units
The General Partner consented to the Partnership redeeming 50 limited
partnership units during the nine months ended September 30, 1996. The
redemption amount was calculated following the specific redemption formula as
per the Partnership Agreement. Redeemed units have no voting rights and do not
share in distributions. The Partnership Agreement limits the number of units
which can be redeemed in any one year and redeemed units may not be reissued.
Redeemed limited partnership units are accounted for as a deduction from
partners equity.
<PAGE>
ICON Cash Flow Partners, L.P., Series D
(A Delaware Limited Partnership)
Notes to Financial Statements - Continued
4. Security Deposits and Deferred Credits
Security deposits and deferred credits at September 30, 1996 and December
31, 1995 included $197,174 and $3,010, respectively, of proceeds received on
residuals which will be applied upon final remarketing of the related equipment.
5. Related Party Transactions
During the nine months ended September 30, 1996 and 1995, the Partnership
paid or accrued to the General Partner management fees of $548,945 and $369,361,
respectively, and administrative expense reimbursement of $236,206 and $162,707,
respectively, which were charged to operations.
6. Net Investment in Leveraged Leases
On April 23, 1996, the Partnership sold its beneficial interest in a trust
which owned towboats and barges that were reflected as the Partnership's
investment in leveraged leases. The net cash proceeds, after paying the
remaining debt obligation, were $13,686,933, which resulted in a net gain of
$1,891,802 after paying expenses related to the sale.
<PAGE>
ICON Cash Flow Partners, L.P., Series D
(A Delaware Limited Partnership)
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
The Partnership's portfolio consisted of a net investment in finance
leases, leveraged leases, financings and operating leases representing 66%, 0%,
34% and less than 1% of total investments at September 30, 1996, respectively,
and 67%, 28%, 5% and less than 1% of total investments at September 30, 1995,
respectively.
Three Months Ended September 30, 1996 and 1995
For the three months ended September 30, 1996 and 1995 the Partnership
leased or financed equipment with an initial cost of $10,166,670 and
$10,780,130, respectively, to 36 and 11 lessees or equipment users,
respectively. Included in this is the financing of free cash flow, the rent
payable by the lessee in excess of the senior debt payments, relating to a
McDonnell Douglas DC-10-30F aircraft built in 1986 in the amount of $8,756,291.
The aircraft is on lease with Federal Express and has a remaining term of
approximately eight years. Subsequent to the financing ICON Cash Flow Partners
L.P. Seven, an affiliate of the Partnership, acquired, subject to a leveraged
lease, the residual interest and assumed the related outstanding non-recourse
senior and junior debt in the aircraft. ICON Cash Flow Partners L.P. Seven is
expecting to refinance this with a third party. This transaction is included in
Investment in Financings on the balance sheet as of September 30, 1996.
Results of Operations
Revenues for the three months ended September 30, 1996 were $866,902,
representing a decrease of $808,790 or 48% from 1995. The decrease in revenues
was primarily attributable to a decrease in net gain on sales or remarketing of
equipment of $839,413 or 93% and a decrease in income from leveraged leases of
$355,773 or 100% from 1995. The decrease in revenues was partially offset by an
increase in finance income of $348,763 or 94% and an increase in interest income
and other of $37,632 or 81%. 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 less
than the remaining carrying value of the equipment. Income from leveraged leases
decreased due to the sale of all of the underlying equipment relating to the
Partnership's investment in leveraged leases. The increase in finance income
resulted from an increase in the average size of the portfolio from 1995 to
1996. Interest income and other increased due to an increase in the average cash
balance from 1995 to 1996.
Expenses for the three months ended September 30, 1996 were $757,764,
representing an increase of $308,718 or 69% from 1995. The increase in expenses
was primarily due to an increase in interest expense of $226,488 from 1995.
Results were also affected by an increase in management fees of $56,847 or 60%,
an increase in administrative fees of $24,778 or 58%, and an increase in
amortization of initial direct costs of $6,618 from 1995. These increases in
expenses were partially offset by a decrease in general and administrative
expense of $6,013 from 1995. The increase in interest expense resulted from an
increase in the average debt outstanding from 1995 to 1996. Management fees,
administrative fees and amortization of initial direct costs increased due to an
increase in the average size of the portfolio from 1995 to 1996.
Net income for the three months ended September 30, 1996 and 1995 was
$109,138 and $1,226,646, respectively. The net income per weighted average
limited partnership unit was $0.27 and $3.04 for 1996 and 1995, respectively.
Liquidity and Capital Resources
The Partnership's primary sources of funds for the three months ended
September 30, 1996 and 1995 were net cash provided by operations of $679,033 and
$1,648,332, respectively, and proceeds from sales of equipment of $350,489 and
$2,743,068, respectively. These funds were used to purchase equipment, fund cash
distributions and make payments on borrowings. The Partnership intends to
continue to purchase additional equipment and fund cash distributions utilizing
cash provided by operations and proceeds from sales of equipment.
<PAGE>
ICON Cash Flow Partners, L.P., Series D
(A Delaware Limited Partnership)
Cash distributions to the limited partners for the three months ended
September 30, 1996 and 1995, which were paid monthly, totaled $1,397,055 and
$1,397,321 respectively, of which $108,047 and $1,214,380 was investment income
and $1,289,008 and $182,941 was a return of capital, respectively. The monthly
annualized cash distribution rate to limited partners was 14.00%, of which 1.08%
and 12.17% was investment income and 12.92% and 1.83% 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, 1996 and 1995 was $3.50, of
which $0.27 and $3.04 was investment income and $3.23 and $.46 was a return of
capital, respectively. The Partnership had non-recourse notes payable of
$13,713,613 and $17,809,367 at September 30, 1996 and 1995, respectively.
Nine Months Ended September 30, 1996 and 1995
For the nine months ended September 30, 1996 and 1995 the Partnership
leased or financed equipment with an initial cost of $18,770,370 and
$22,058,042, respectively, to 195 and 57 lessees or equipment users,
respectively. The weighted average initial term relating to these transactions
was 40 and 42 months, respectively.
Results of Operations
Revenues for the nine months ended September 30, 1996 were $4,990,709,
representing an increase of $979,988 or 24% from 1995. The increase in revenues
was primarily attributable to an increase in finance income of $1,147,165 from
1995. Results were also affected by an increase in net gain on sales or
remarketing or equipment of $501,587 or 29% and an increase in interest income
and other of $104,121 or 85% from 1995. The increase in revenues was partially
offset by a decrease in income from leveraged leases of $772,885 or 68%. Finance
income increased due to an increase in the average size of the portfolio from
1995 to 1996. 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 1995 to 1996.
Income from leveraged leases decreased due to the sale of all of the underlying
equipment relating to the Partnership's investment in leveraged leases.
Expenses for the nine months ended September 30, 1996 were $2,711,350,
representing an increase of $1,196,163 or 79% from 1995. The increase in
expenses was primarily due to an increase in interest expense of $994,776 and an
increase in management fees of $179,584 or 49% from 1995. Results were also
affected by an increase in the amortization of initial direct costs of $149,945
or 45%, and an increase in administrative expense reimbursements of $73,498 or
45% from 1995. These increases were partially offset by a decrease in provision
for bad debts of $150,000 or 100% and the decrease in general and administrative
expense of $51,640 or 23% from 1995. The increase in interest expense resulted
from an increase in the average debt outstanding from 1995 to 1996. Management
fees, initial direct costs, and administrative expense reimbursements increased
due to an increase in the average size of the portfolio from 1995 to 1996. As a
result of analysis of delinquency, an assessment of overall risk and historical
loss experience, it was determined that no provision for bad debts was required
for the nine months ended September 30, 1996.
Net income for the nine months ended September 30, 1996 and 1995 was
$2,279,359 and $2,495,534, respectively. The net income per weighted average
limited partnership unit was $5.71 and $6.19 for 1996 and 1995, respectively.
<PAGE>
ICON Cash Flow Partners, L.P., Series D
(A Delaware Limited Partnership)
Liquidity and Capital Resources
The Partnership's primary sources of funds for the nine months ended
September 30, 1996 and 1995 were net cash provided by operations of $1,489,260
and $3,435,219, respectively, and proceeds from sales of equipment of
$14,932,272 and $5,327,937, respectively. These funds were used to purchase
equipment, fund cash distributions and make payments on borrowings. The
Partnership intends to continue to purchase additional equipment and fund cash
distributions utilizing cash provided by operations and proceeds from sales of
equipment.
Cash distributions to the limited partners for the nine months ended
September 30, 1996 and 1995, which were paid monthly, totaled $4,191,454 and
$4,191,949, respectively, of which $2,256,565 and $2,470,579 was investment
income and $1,934,889 and $1,721,370 was a return of capital, respectively. The
monthly annualized cash distribution rate to limited partners was 14.00%, of
which 7.54% and 8.25% was investment income and 6.46% and 5.75% 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 nine months ended September 30, 1996 and 1995 was $10.50, of
which $4.85 and $4.31 was investment income and $5.65 and $6.19 was a return of
capital, respectively.
As of September 30, 1996, 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>
ICON Cash Flow Partners, L.P., Series D
(A Delaware Limited Partnership)
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K
Form 8-K was filed September 4, 1996, Item 1, Change in Control of Registrant
<PAGE>
ICON Cash Flow Partners, L.P., Series D
(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 D
File No. 33-40044 (Registrant)
By its General Partner,
ICON Capital Corp.
December 24, 1996 Gary N. Silverhardt
Date Gary N. Silverhardt
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> 0000874320
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1996
<CASH> 904,320
<SECURITIES> 0
<RECEIVABLES> 36,694,128
<ALLOWANCES> 921,167
<INVENTORY> 14,967
<CURRENT-ASSETS> * 0
<PP&E> 9,335
<DEPRECIATION> 8,396
<TOTAL-ASSETS> 37,052,412
<CURRENT-LIABILITIES> ** 0
<BONDS> 19,105,053
0
0
<COMMON> 0
<OTHER-SE> 17,524,852
<TOTAL-LIABILITY-AND-EQUITY> 37,052,412
<SALES> 4,990,709
<TOTAL-REVENUES> 4,990,709
<CGS> 484,165
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 958,713
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,268,472
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,279,359
<EPS-PRIMARY> 5.65
<EPS-DILUTED> 5.65
<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>
