SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8
Amendment to Application or Report
Filed Pursuant to Section 12, 13 or 15(d) of
The Securities Exchange Act of 1934
TRIUMPHE LEASING VIII L. P.
(Exact name of registrant as specified in charter)
Amendment No. 1
The undersigned registrant hereby amends the following
items, financial statements, exhibits or other portions of its
Quarterly Report for June 30, 1996 on Form 10-QSB as set forth in
the pages attached hereto:
Exhibit 27 Financial Data Schedule for the 2nd Qtr 10-QSB
Pursuant to the requirements of the Securities Exchange Act
of 1934 the Registrant has duly caused this admendment to be
signed on its behalf by the undersigned, thereunto duly
authorized.
TRIUMPHE LEASING VIII L. P.
(Registrant)
By: TL GENERAL VIII CORP.,
Its: General Partner
Date October 3, 1996 By: /s/ Gerald A. Horwitz
------------------------------
Gerald A. Horwitz, President
of the Corprate General Partner
(Principal Executive Officer)
Date October 3, 1996 By: /s/ Jerry L. Schwartz
------------------------------
Jerry L. Schwartz,
Vice President,
Secretary and Treasurer of the
Corporate General Partner
(Principal Financial and
Accounting Officer)
Date October 3, 1996 By: /s/ Gerald A. Horwitz
-------------------------------
Gerald A. Horwitz
Its: General Partner
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE OF 1934
For the quarterly period ended June 30, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE EXCHANGE ACT.
For the transition period from ____________to ____________
Commission File Number: 0-21242
TRIUMPHE LEASING VIII L. P.
(Exact name of small business issuer
as specified in its charter)
Illinois 36-3799482
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
630 Dundee Road, Suite 345, Northbrook, Illinois 60062
(Address of principal executive offices)
847-509-1500
(Issuer's telephone number, including area code)
_______________________________________________________
(Former name, former address and former fiscal year, if
changed since last report)
Check whether the issuer: (1) filed all reports required to
be filed by Sections 13 or 15(d) of the Exchange Act during
the past 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 1 of 16
<PAGE>
<TABLE>
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
TRIUMPHE LEASING VIII L.P.
BALANCE SHEETS
<CAPTION>
June 30, 1996 December 31, 1995
------------- -----------------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 92,454 $ 59,415
Net investment in direct
financing leases 2,580,800 2,589,177
Prepaid expenses 1,450 -
---------- ----------
TOTAL CURRENT ASSETS 2,674,704 2,648,592
---------- ----------
COMPUTER EQUIPMENT ON OPERATING LEASES
less accumulated depreciation of
$2,835,516 and $3,989,973 1,651,942 2,996,217
---------- ----------
OTHER:
Net investment in direct
financing leases 529,804 1,653,607
Deferred organization costs,
less accumulated amortization
of $21,770 and $19,270 3,230 5,730
---------- ----------
TOTAL OTHER ASSETS 533,034 1,659,337
---------- ----------
$ 4,859,680 $ 7,304,146
========== ==========
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
Page 2 of 16
<PAGE>
<TABLE>
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
TRIUMPHE LEASING VIII L.P.
BALANCE SHEETS
<CAPTION>
June 30, 1996 December 31, 1995
------------- -----------------
(Unaudited)
<S> <C> <C>
LIABILITIES AND PARTNERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 380,922 $ 352,120
Current maturities of long-
term debt 2,908,545 3,599,617
Other liabilities 22,047 61,332
---------- ----------
TOTAL CURRENT LIABILITES 3,311,514 4,013,069
---------- ----------
LONG TERM DEBT,
less current maturities 415,116 1,679,187
---------- ----------
TOTAL LIABILITIES 3,726,630 5,692,256
---------- ----------
PARTNERS' EQUITY:
General Partners 11,875 16,664
Limited Partners 1,121,175 1,595,226
---------- ----------
TOTAL PARTNERS' EQUITY 1,133,050 1,611,890
---------- ----------
$4,859,680 $7,304,146
========== ==========
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
Page 3 of 16
<PAGE>
<TABLE>
TRIUMPHE LEASING VIII L.P.
STATEMENTS OF OPERATIONS
<CAPTION>
Six Months Six Months
Ended Ended
June 30, 1996 June 30, 1995
------------- -------------
(Unaudited) (Unaudited)
<S> <C> <C>
REVENUES:
Lease Income $ 1,162,112 $ 1,458,985
Interest 1,265 -
Loss on sale of equipment (44,376) (855)
---------- ----------
TOTAL REVENUES 1,119,001 1,458,130
---------- ----------
OPERATING EXPENSES:
Interest 156,169 323,060
Depreciation & Amortization 624,592 911,210
Remarketing Commissions Paid
to Outside Lease Brokers 5,384 -
Administrative 102,912 117,855
---------- ----------
TOTAL OPERATING EXPENSES 889,057 1,352,125
---------- ----------
NET INCOME $ 229,944 $ 106,005
========== ==========
NET (LOSS) ALLOCATED TO
General partners $ 2,299 $ 1,060
Limited partners 227,645 104,945
---------- ----------
$ 229,944 $ 106,005
========== ==========
WEIGHTED AVERAGE UNITS OUTSTANDING
DURING THE PERIOD:
General Partners 1.2894 1.2894
Limited Partners 127.6554 127.6554
(LOSS) PER WEIGHTED AVERAGE UNIT:
General Partners $1,783 $822
Limited Partners $1,783 $822
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
Page 4 of 16
<PAGE>
<TABLE>
TRIUMPHE LEASING VIII L.P.
STATEMENTS OF OPERATIONS
<CAPTION>
Three Months Three Months
Ended Ended
June 30, 1996 June 30, 1995
------------- -------------
(Unaudited) (Unaudited)
<S> <C> <C>
REVENUES:
Lease Income $ 456,016 $ 721,687
Interest 1,265 -
Loss on sale of equipment (68,580) (855)
---------- ----------
TOTAL REVENUES 388,701 720,832
---------- ----------
OPERATING EXPENSES:
Interest 67,440 148,004
Depreciation & Amortization 302,351 455,605
Remarketing Commissions Paid
to Outside Lease Brokers 4,901 -
Administrative 46,526 58,186
---------- ----------
TOTAL OPERATING EXPENSES 421,218 661,795
---------- ----------
NET INCOME (LOSS) $ (32,517) $ 59,037
========== ==========
NET (LOSS) ALLOCATED TO
General partners $ (325) $ 590
Limited partners (32,192) 58,447
---------- ----------
$ (32,517) $ 59,037
========== ==========
WEIGHTED AVERAGE UNITS OUTSTANDING
DURING THE PERIOD:
General Partners 1.2894 1.2894
Limited Partners 127.6554 127.6554
INCOME (LOSS) PER WEIGHTED AVERAGE UNIT:
General Partners $(252) $458
Limited Partners $(252) $458
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
Page 5 of 16
<PAGE>
<TABLE>
TRIUMPHE LEASING VIII L.P.
STATEMENT OF PARTNERS' EQUITY
Six Months Ended June 30, 1996
(Unaudited)
<CAPTION>
GENERAL LIMITED
TOTAL PARTNERS PARTNERS
<S> <C> <C> <C>
PARTNERS' EQUITY
Beginning of period $ 1,611,890 $ 16,664 $ 1,595,226
DISTRIBUTIONS (708,784) (7,088) (701,696)
NET LOSS 229,944 2,299 227,645
---------- -------- ---------
PARTNERS' EQUITY
End of period $ 1,133,050 $ 11,875 $ 1,121,175
========== ======== ==========
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
Page 6 of 16
<PAGE>
<TABLE>
TRIUMPHE LEASING VIII L.P.
STATEMENTS OF CASH FLOWS
<CAPTION>
Six Months Six Months
Ended Ended
June 30, 1996 June 30, 1995
------------- -------------
(Unaudited) (Unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 229,944 $ 106,005
Adjustments to reconcile
net loss to net cash provided
by operating activities:
Depreciation & Amortization 624,592 911,210
Loss on sale of equipment 44,376 855
Amortization of unearned income (153,217) (262,368)
Changes in assets and liabilities:
Increase in prepaid expense (1,450) (2,834)
Increase in accounts payable 28,802 69,467
(Decrease) in other liabilities (39,285) 31,192
----------- -----------
Net cash provided by
operating activities 733,762 853,527
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of computer
equipment on lease (108,393) -
Principal payments received
under direct financing leases 1,367,790 1,738,975
Proceeds from sale of
equipment under lease 703,807 55,752
----------- -----------
Net cash provided by
investing activities 1,963,204 1,794,727
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to partners (708,784) (167,502)
Proceeds from issuance of
nonrecourse debt 221,312 234,404
Principal payments of
nonrecourse debt (2,176,455) (2,625,970)
----------- -----------
Net cash (used in)
financing activities (2,663,927) (2,559,068)
----------- -----------
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
Page 7 of 16
<PAGE>
<TABLE>
TRIUMPHE LEASING VIII L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<CAPTION>
Six Months Six Months
Ended Ended
June 30, 1996 June 30, 1995
------------- -------------
(Unaudited) (Unaudited)
<S> <C> <C>
NET INCREASE IN CASH AND EQUIVALENTS: $ 33,039 $ 89,186
CASH AND EQUIVALENTS,
at the beginning of the period 59,415 47,092
---------- ----------
CASH AND EQUIVALENTS,
at the end of the period $ 92,454 $ 136,278
========== ==========
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION:
Cash paid during the
period for interest $ 156,169 $ 323,060
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
Page 8 of 16
<PAGE>
<TABLE>
TRIUMPHE LEASING VIII L. P.
STATEMENTS OF CASH FLOWS
<CAPTION>
Three Months Three Months
Ended Ended
June 30, 1996 June 30, 1995
------------- -------------
(Unaudited) (Unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 141,969 $ 59,037
Adjustments to reconcile
net loss to net cash provided
by operating activities:
Depreciation & Amortization 302,351 455,605
Loss on sale of equipment 68,579 855
Amortization of unearned income (71,118) (127,197)
Changes in assets and liabilities:
Increase in prepaid expense 726 955
Increase (Decrease) in
accounts payable (17,689) 32,322
Increase (Decrease) in
other liabilities (1,773) 20,851
----------- -----------
Net cash provided by
operating activities 423,045 442,428
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of computer
equipment on lease (88,617) -
Principal payments received
under direct financing leases 666,779 905,236
Proceeds from sale of
equipment under lease 574,532 55,752
----------- -----------
Net cash provided by
investing activities 1,152,694 960,988
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to partners (579,839) (103,096)
Proceeds from issuance of
nonrecourse debt 88,595 234,404
Principal payments of
nonrecourse debt (1,077,209) (1,445,066)
----------- -----------
Net cash (used in)
financing activities (1,568,453) (1,313,758)
----------- -----------
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
Page 9 of 16
<PAGE>
<TABLE>
TRIUMPHE LEASING VIII L. P.
STATEMENTS OF CASH FLOWS - CONTINUED
<CAPTION>
Three Months Three Months
Ended Ended
June 30, 1996 June 30, 1995
------------- -------------
(Unaudited) (Unaudited)
<S> <C> <C>
NET INCREASE IN CASH AND EQUIVALENTS: $ 7,286 $ 89,658
CASH AND EQUIVALENTS,
at the beginning of the period 85,168 46,620
----------- -----------
CASH AND EQUIVALENTS,
at the end of the period $ 92,454 $ 136,278
=========== ===========
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION:
Cash paid during the
period for interest $ 67,440 $ 148,004
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
Page 10 of 16
<PAGE>
TRIUMPHE LEASING VIII L.P.
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - FINANCIAL INFORMATION
The financial information included herein at June 30, 1996
and each of the three and six months ended June 30, 1996, and
June 30, 1995, is unaudited, and in the opinion of the
partnership, reflects all adjustments (which include only normal
recurring adjustments) necessary for the fair presentation of the
financial position as of that date and the results of operation
for those periods.
The results for interim periods are not necessarily
indicative of trends or of results to be expected for a full
year.
NOTE 2 - ORGANIZATION
The partnership was formed on December 10, 1991, under the
Revised Uniform Limited Partnership Act of the State of Illinois.
The partnership's business is to acquire, own, lease, maintain,
manage and sell equipment. The quarter ended June 30, 1996 was
the eighteenth quarter of operations.
NOTE 3 - DESCRIPTION OF LEASING ARRANGEMENTS
The partnership's leasing operations consist principally of
leased equipment which it has acquired from third party
independent lease brokers. It is the partnership's intention to
re-lease such equipment to the existing lessee, lease such
equipment to a new lessee, or to sell the equipment at the end of
each lease. The leases expire over the next three years. The
cost of each lease includes an equity investment plus any non-
recourse loans obtained to finance the purchase.
NOTE 4 - EQUIPMENT
Equipment is recorded at cost. Depreciation is computed
using the double declining balance method over the estimated
useful lives of the assets (five years).
Page 11 of 16
<PAGE>
TRIUMPHE LEASING VIII L.P.
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - NET INVESTMENT IN LEASES
The following lists the components of the net
investment in leases as of June 30, 1996:
Total minimum lease payments to be received $ 2,989,974
Estimated residual values of leased property 303,306
Less: Unearned income (182,676)
----------
Net investment in leases $ 3,110,604
==========
At June 30, 1996, minimum lease payments for direct
financing and operating leases for each of the three succeeding
calendar years are as follows:
YEAR AMOUNT
1996 $ 4,160,700
1997 1,699,480
1998 130,584
1999 14,452
Page 12 of 16
<PAGE>
PART 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
The partnership commenced the offering of units and began
operations on March 27, 1992, and commenced the acquisition of
equipment in June of 1992. As of December 31, 1993 the
partnership ceased the sale of Investor Limited Partner Units. A
total of $2,514,768 in units has been sold through December 31,
1993. At June 30, 1996 the partnership had acquired $19,119,937
of leased equipment with an equity investment of $2,157,130 and
non-recourse bank borrowing of $16,962,807.
OPERATIONS
Total revenues decreased to $1,119,001 for the first two quarters
of the fiscal year ending December 31, 1996 ("fiscal 1996") from
$1,458,130 for the first two quarters of the fiscal year ended
December 31, 1995 ("fiscal 1995"). Total revenues consist of
lease rental income, interest earned on short-term money market
investments and losses on the sale of equipment. The decrease in
total revenues from the first two quarters of fiscal 1995 to the
first two quarters of fiscal 1996, was due primarily to the loss
of rental income attributable to the expiration of leases.
Operating expenses decreased to $889,057 for the first two
quarters of fiscal 1996 from $1,352,125 for the first two
quarters of fiscal 1995. Operating expenses consist of interest
on nonrecourse financing of equipment purchased, depreciation on
equipment, amortization of organization expenses, and
administrative expenses. The decrease in operating expenses from
the first three quarters of fiscal 1995 to the first three
quarters of fiscal 1996 resulted primarily from the reduction of
equipment on lease.
The partnership does not plan to invest in additional equipment
Future results depend on the collection of rents on existing and
extended leases, disposition of equipment from expired leases,
and interest earned on short-term money market investments.
LIQUIDITY AND CAPITAL RESOURCES
Liquid assets of the partnership increase principally from cash
flows from operations. Cash and cash equivalents of the
partnership at June 30, 1996 include undistributed cash
available from operations during the period March 27, 1992 to
June 30, 1996.
The partnership has a program which provides for the temporary
investment of cash in various short-term money market instruments
pending disbursement for operations or distributions to partners.
Page 13 of 16
<PAGE>
PART 2 (CONTINUED)
The partnership generally financed the purchase of equipment by
the use of loans in an amount in excess of 50% of the purchase
price thereof. All of the loans incurred were non-recourse to
the partnership and were or will be fully amortized by the
monthly rental payments due to the partnership under related
leases.
The partnership maintains, to the extent practicable, a working
capital and contingency reserve in an amount not to exceed 1%
of the gross proceeds from the offering of Units, subject to
business and distribution requirements. Such amount, together
with any amount reserved from operations, will be available to
meet working capital requirements and to provide for
contingencies.
Page 14 of 16
<PAGE>
TRIUMPHE LEASING VIII L.P.
PART 2 - OTHER INFORMATION
NONE
Page 15 of 16
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act,
the Registrant has caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
TRIUMPHE LEASING VIII L.P.
By: TL GENERAL VIII CORP.,
Its: General Partner
Date August 13, 1996 By: /s/ Gerald A. Horwitz
------------------------------
Gerald A. Horwitz, President
of the Corprate General Partner
(Principal Executive Officer)
Date August 13, 1996 By: /s/ Jerry L. Schwartz
------------------------------
Jerry L. Schwartz,
Vice President,
Secretary and Treasurer of the
Corporate General Partner
(Principal Financial and
Accounting Officer)
Date August 13, 1996 By: /s/ Gerald A. Horwitz
-------------------------------
Gerald A. Horwitz
Its: General Partner
Page 16 of 16
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-START> Jan-01-1996
<PERIOD-END> Jun-30-1996
<CASH> 92,454
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,674,704
<PP&E> 4,487,458
<DEPRECIATION> 2,835,516
<TOTAL-ASSETS> 4,859,680
<CURRENT-LIABILITIES> 3,311,514
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 4,859,680
<SALES> 0
<TOTAL-REVENUES> 1,119,001
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 156,169
<INCOME-PRETAX> 229,944
<INCOME-TAX> 0
<INCOME-CONTINUING> 229,944
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
