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 March 31, 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 0-28136
---------------------------------------------------------
ICON Cash Flow Partners L.P. Six
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3723089
- --------------------------------------------------------------------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
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. Six
(A Delaware Limited Partnership)
Consolidated Balance Sheets
(unaudited)
March 31, December 31,
1998 1997
Assets
Cash ......................................... $ 4,257,613 $ 4,000,250
------------ ------------
Investment in finance leases
Minimum rents receivable .................. 18,022,788 20,412,591
Estimated unguaranteed residual values .... 10,495,898 10,714,403
Initial direct costs ...................... 675,111 826,251
Unearned income ........................... (3,708,202) (4,216,807)
Allowance for doubtful accounts ........... (302,141) (110,120)
------------ ------------
25,183,454 27,626,318
Investment in operating leases
Equipment, at cost ........................ 19,100,646 19,100,646
Accumulated depreciation .................. (2,389,891) (2,230,411)
------------ ------------
16,710,755 16,870,235
Investment in financings
Receivables due in installments ........... 1,759,578 2,029,854
Initial direct costs ...................... 16,101 21,918
Unearned income ........................... (140,151) (186,139)
Allowance for doubtful accounts ........... (33,123) (5,823)
------------ ------------
1,602,405 1,859,810
Equity investment in joint ventures .......... 2,131,661 2,149,404
------------ ------------
Investment in leveraged lease, net ........... 1,912,584 1,845,641
------------ ------------
Other assets ................................. 473,197 485,570
------------ ------------
Total assets ................................. $ 52,271,669 $ 54,837,228
============ ============
(continued on next page)
<PAGE>
ICON Cash Flow Partners L.P. Six
(A Delaware Limited Partnership)
Consolidated Balance Sheets (Continued)
(unaudited)
<TABLE>
March 31, December 31,
1998 1997
Liabilities and Partners' Equity
<S> <C> <C>
Notes payable - non-recourse ......................... $ 26,879,769 $ 28,943,163
Note payable - non-recourse - secured financing ...... 1,918,077 2,244,324
Security deposits and deferred credits ............... 2,583,908 1,756,094
Accounts payable - other ............................. 149,199 189,835
Minority interest in joint venture ................... 48,844 47,151
Accounts payable - General Partner and affiliates, net 32,720 51,323
------------ ------------
31,612,517 33,231,890
Commitments and Contingencies
Partners' equity (deficiency)
General Partner ................................... (122,001) (112,740)
Limited partners (380,128 and 380,678
units outstanding, $100 per unit original
issue price in 1998 and 1997, respectively) ..... 20,781,153 21,718,078
------------ ------------
Total partners' equity .......................... 20,659,152 21,605,338
------------ ------------
Total liabilities and partners' equity ............... $ 52,271,669 $ 54,837,228
============ ============
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
ICON Cash Flow Partners L.P. Six
(A Delaware Limited Partnership)
Consolidated Statements of Operations
For the Three Months Ended March 31,
(unaudited)
1998 1997
---- ----
Revenue
Finance income .............................. $ 615,610 $1,241,419
Rental income ............................... 590,986 402,101
Income from equity investment
in joint ventures ......................... 126,483 22,901
Income from leveraged lease, net ............ 95,696 86,544
Net gain on sales or remarketing
of equipment .............................. 94,149 79,701
Interest income and other ................... 59,511 45,561
---------- ----------
Total revenues .............................. 1,582,435 1,878,227
---------- ----------
Expenses
Interest .................................... 588,261 665,728
Amortization of initial direct costs ........ 205,583 418,146
Management fees - General Partner ........... 254,169 267,846
Depreciation ................................ 159,480 212,162
Administrative expense
reimbursements - General Partner .......... 123,218 133,007
Provision for bad debts ..................... 100,000 --
General and administrative .................. 43,559 67,783
Minority interest in joint venture .......... 1,693 12,859
---------- ----------
Total expenses .............................. 1,475,963 1,777,531
---------- ----------
Net income ..................................... $ 106,472 $ 100,696
========== ==========
Net income allocable to:
Limited partners ............................ $ 105,407 $ 99,689
General Partner ............................. 1,065 1,007
---------- ----------
$ 106,472 $ 100,696
========== ==========
Weighted average number of limited
partnership units outstanding ............... 380,379 382,781
========== ==========
Net income per weighted average
limited partnership unit .................... $ .28 $ .26
========== ==========
See accompanying notes to consolidated financial statements.
<PAGE>
ICON Cash Flow Partners L. P. Six
(A Delaware Limited Partnership)
Consolidated Statements of Changes in Partners' Equity
For the Three Months Ended March 31, 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 $10,805,251 $ (1,436) $ 10,803,815
Proceeds from issuance
of limited partnership
units (256,153.02 units) 25,615,302 - 25,615,302
Sales and offering expenses (3,458,068) - (3,458,068)
Cash distributions
to partners $ 9.48 $ .29 (2,543,783) (25,694) (2,569,477)
Limited partnership units
redeemed (265 units) (20,827) - (20,827)
Net income 75,307 761 76,068
----------- ----------- ------------
Balance at
December 31, 1995 30,473,182 (26,369) 30,446,813
Cash distributions
to partners $ 10.75 $ - (4,119,354) (41,613) (4,160,967)
Limited partnership units
redeemed (728 units) (54,227) - (54,227)
Net loss (363,297) (3,670) (366,967)
----------- ----------- ------------
Balance at
December 31, 1996 25,936,304 (71,652) 25,864,652
</TABLE>
(continued on next page)
<PAGE>
ICON Cash Flow Partners L.P. Six
(A Delaware Limited Partnership)
Consolidated Statements of Changes in Partners' Equity (continued)
For the Years Ended December 31, 1997, 1996 and 1995
<TABLE>
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 $ 10.66 $ .09 (4,102,940) (41,444) (4,144,384)
Limited partnership units
redeemed (2,186 units) (150,550) -
(150,550)
Net income 35,264 356 35,620
----------- ----------- ------------
Balance at
December 31, 1997 21,718,078 (112,740) 21,605,338
Cash distributions
to partners $ 2.41 $ .28 (1,022,275) (10,326) (1,032,601)
Limited partnership units
redeemed (550 units) (20,057) -
(20,057)
Net income 105,407 1,065 106,472
----------- ----------- ------------
Balance at
March 31, 1998 $20,781,153 $ (122,001) $ 20,659,152
=========== =========== ============
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
ICON Cash Flow Partners L. P. Six
(A Delaware Limited Partnership)
Consolidated Statements of Cash Flows
For the Three Months Ended March 31,
<TABLE>
1998 1997
Cash flows from operating activities:
<S> <C> <C>
Net income .................................................. $ 106,472 $ 100,696
----------- -----------
Adjustments to reconcile net income to
net cash provided by operating activities:
Collection of principal - non-financed receivables ....... 644,312 2,453,578
Rental income - assigned operating lease receivables ..... (590,986) (402,101)
Interest expense on non-recourse financing paid
directly by lessees .................................... 556,184 349,836
Finance income portion of receivables paid directly
to lenders by lessees .................................. (473,308) (672,539)
Allowance for doubtful accounts .......................... 246,321 --
Amortization of initial direct costs ..................... 205,583 418,146
Income from equity investment in joint ventures .......... (126,483) (22,901)
Distribution from investment in joint ventures ........... 176,034 --
Depreciation ............................................. 159,480 212,162
Income from leveraged lease, net ......................... (95,696) (86,544)
Net gain on sales or remarketing of equipment ............ (94,149) (79,701)
Change in operating assets and liabilities:
Security deposits and deferred credits ................ 827,814 (2,346,732)
Accounts payable - other .............................. (40,636) 475,336
Accounts payable to General Partner and affiliates, net (18,603) --
Minority interest in joint ventures ................... 1,693 (196,602)
Other, net ............................................ (9,340) 225,345
----------- -----------
Total adjustments ................................... 1,368,220 327,283
----------- -----------
Net cash provided by operating activities .............. 1,474,692 427,979
----------- -----------
Cash flows from investing activities:
Proceeds from sales of equipment ............................ 383,797 821,791
Equipment and receivables purchased ......................... (190,413)
Investment in joint ventures ................................ (31,808) --
----------- -----------
Net cash provided by (used in) investing activities ... 161,576 (719,241)
----------- -----------
</TABLE>
(continued on next page)
<PAGE>
ICON Cash Flow Partners L. P. Six
(A Delaware Limited Partnership)
Consolidated Statements of Cash Flows (Continued)
For the Three Months Ended March 31,
1998 1997
Cash flows from financing activities:
Cash distributions to partners (1,032,601) (1,039,114)
Principal payments on non-recourse securitized debt (326,247) (8,508,318)
Redemption of limited partnership units` (20,057) (8,800)
Proceeds from note payable-affiliate - 7,780,328
Principal payments on note payable - affiliate - (1,000,000)
------------ ----------
Net cash used in financing activities (1,378,905) (2,775,904)
----------- ----------
Net increase (decrease) in cash 257,363 (3,067,166)
Cash at beginning of period 4,000,250 4,821,624
----------- ----------
Cash at end of period $ 4,257,613 $1,754,458
=========== ==========
See accompanying notes to consolidated financial statements.
<PAGE>
ICON Cash Flow Partners L. P. Six
(A Delaware Limited Partnership)
Consolidated Statements of Cash Flows (continued)
Supplemental Disclosures of Cash Flow Information
For the three months ended March 31, 1998 and 1997, non-cash activities
included the following:
<TABLE>
1998 1997
Principal and interest on direct finance
receivables paid directly to
<S> <C> <C>
lenders by lessees ................................... $ 2,028,592 $ 2,895,846
Rental income assigned operating lease receivable ...... 590,986 402,101
Principal and interest on non-recourse
financing paid directly to lenders by lessees ........ (2,619,578) (3,297,947)
Decrease in investments in finance leases and financings
due to contribution to joint venture ................. -- 5,575,104
Increase in equity investment in joint venture ......... -- (5,575,104)
Non-recourse notes payable assumed
in purchase price .................................... -- 186,715
Fair value of equipment and receivables
purchased for debt and payables ....................... -- (186,715)
----------- -----------
$ -- $ --
=========== ===========
</TABLE>
Interest expense of $588,261 and $665,728 for the three months ended March
31, 1998 and 1997 consisted of: interest expense on non-recourse financing
accrued or paid directly to lenders by lessees of $556,184 and $349,836,
respectively, interest expense on non-recourse secured financing of $31,358 and
$238,152 and other interest of $719 and $77,740, respectively.
<PAGE>
ICON Cash Flow Partners L. P. Six
(A Delaware Limited Partnership)
Notes to Consolidated Financial Statements
March 31, 1998
(unaudited)
1. Basis of Presentation
The consolidated financial statements of ICON Cash Flow Partners L.P. Six
(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 consolidated
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
consolidated financial statements should be read in conjunction with the
consolidated financial statements and notes included in the Partnership's 1997
Annual Report on Form 10-K.
2. Net Investment in Leveraged Lease
In September 1996 the Partnership acquired, subject to a leveraged lease,
the residual interest in an aircraft. The aircraft is an A-300B4-203 built in
1983 and currently on lease to Airbus Industrie. The purchase price was
$19,595,956, consisting of $1,409,839 in cash, the assumption of non-recourse
senior debt of $12,495,956 and non-recourse junior debt of $5,590,161.
The net investment in the leveraged leases as of March 31, 1998 consisted of the
following:
Non-cancelable minimum rents receivable (net of principal and
interest on non-recourse debt) $ -
Estimated unguaranteed residual values 4,000,000
Initial direct costs 370,645
Unearned income (2,458,061)
-----------
$ 1,912,584
The non-cancelable rents are being paid directly to the lenders by the
lessees to satisfy the principal and interest on the non-recourse debt assumed.
Prior to the acquisition, the free cash flow (rent in excess of the senior
debt payments or junior debt) was financed by an affiliated partnership, ICON
Cash Flow Partners, L.P., Series E ("Series E"). On January 29, 1997 the
Partnership re-financed the junior debt with a third party.
<PAGE>
ICON Cash Flow Partners L. P. Six
(A Delaware Limited Partnership)
Notes to Consolidated Financial Statements (continued)
3. Redemption of Limited Partnership Units
The General Partner consented to the Partnership redeeming 550 limited
partnership units during 1998. The redemption amount was calculated following
the specified 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.
4. Investment in Joint Ventures
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.
ICON Cash Flow LLC I
In September 1994 the Partnership and an affiliate, Series E, formed a
joint venture, ICON Cash Flow Partners L.L.C. I ("ICON Cash Flow LLC I"), for
the purpose of acquiring and managing an aircraft which was on lease to Alaska
Airlines, Inc. The Partnership and Series E contributed 1% and 99% of the cash
required for such acquisition, respectively, to ICON Cash Flow LLC I
Information as to the financial position and results of operations of ICON
Cash Flow LLC I at March 31, 1998 is summarized below:
March 31, 1997
Assets $ 17,738,110
=============
Liabilities $ 12,155,198
=============
Equity $ 5,582,912
=============
Three Months Ended
March 31, 1997
Net income $ 199,304
=============
ICON Cash Flow LLC II
In March 1995 the Partnership and an affiliate, Series E, formed a joint
venture, ICON Cash Flow Partners L.L.C. II ("ICON Cash Flow LLC II"), for the
purpose of acquiring and managing an aircraft which was on lease to Alaska
Airlines, Inc. The Partnership and Series E contributed 99% and 1% of the cash
required for such acquisition, respectively, to ICON Cash Flow LLC II.
<PAGE>
ICON Cash Flow Partners L.P. Six
(A Delaware Limited Partnership)
Notes to Consolidated Financial Statements - Continued
ICON Receivables 1997-A LLC
In March 1997 the Partnership, ICON Cash Flow Partners, L.P., Series D
("Series D"), and ICON Cash Flow Partners L.P. Seven ("L.P. Seven"), contributed
and assigned equipment lease and finance receivables and residuals to ICON
Receivables 1997-A LLC ("1997-A"), a special purpose entity created for the
purpose of originating new leases, managing existing contributed assets and,
eventually, securitizing its portfolio. On September 19, 1997 the Partnership,
Series E and L.P. Seven contributed and assigned additional equipment lease and
finance receivables and residuals to 1997-A. The Partnership, Series D, Series E
and L.P. Seven (collectively the "1997-A Members") received a 31.03%, 17.81%
31.19% and 19.97% interest, respectively, in 1997-A based on the present value
of their related contributions.
Information as to the financial position and results of operations of
1997-A at March 31, 1998 is summarized below:
March 31, 1998
Assets $ 48,132,853
=============
Liabilities $ 42,562,421
=============
Equity $ 5,570,432
=============
Three Months Ended
March 31, 1998
Net income $ 370,203
=============
ICON Receivables 1997-B LLC
In August 1997 the Partnership, Series E and L.P. Seven (collectively, the
"1997-B Members") formed ICON Receivables 1997-B LLC ("1997-B"), for the purpose
of originating lease transactions and ultimately securitizing its portfolio.
Information as to the financial position and results of operations of
1997-B at March 31, 1998 is summarized below:
March 31, 1998
Assets $25,474,993
Liabilities $21,776,767
Equity $ 3,698,226
===========
Three Months Ended
March 31, 1998
Net income $ 115,207
===========
<PAGE>
ICON Cash Flow Partners L. P. Six
(A Delaware Limited Partnership)
Notes to Consolidated Financial Statements (continued)
5. Related Party Transactions
During the three months ended March 31, 1998 and 1997, the Partnership paid
or accrued to the General Partner management fees of $254,169 and $267,846,
respectively, and administrative expense reimbursements of $123,218 and
$133,007, respectively, which were charged to operations.
The Partnership has investments in four joint ventures with other
Partnerships sponsored by the General Partner (See Note 4 for additional
information relating to the joint ventures).
<PAGE>
ICON Cash Flow Partners L.P. Six
(A Delaware Limited Partnership)
March 31, 1998
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,
operating leases, financings, leveraged leases and equity investment in joint
venture of 53%, 35%, 4%, 4% and 4% of total investments at March 31, 1998,
respectively, and 66%, 26%, 5%, 3%, and less than 1% of total investments at
March 31, 1997, respectively.
For the three months ended March 31, 1998 and 1997, the Partnership leased
or financed equipment with initial costs of $190,413 and $1,728,312,
respectively, to 4 and 42 lessees or equipment users, respectively. The weighted
average initial transaction term for each year was 46 and 33 months,
respectively.
Results of Operations for the Three Months Ended March 31, 1998 and 1997
Revenues for the three months ended March 31, 1998 were $1,582,435,
representing a decrease of $295,792 or 16% from 1997. The decrease in revenues
was attributable to a decrease in finance income of $625,809 or 50%. The
decrease was partially offset by an increase in income from equity investment in
joint ventures of $103,582, an increase in rental income of $188,885 or 47%, an
increase in the net gain on sales or remarketing of equipment of $14,448 or 18%,
an increase in interest income and other of $13,950 or 31% and an increase in
income from leveraged leases of $9,152 or 11%. Finance income decreased as a
result of the decrease in the average size of the finance lease portfolio from
1997 to 1998. The increase in net gain on sales or remarketing of equipment
resulted from 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. Interest income and
other increased due to an increase in the average cash balance from 1997 to
1998. Rental income and income from equity investment in joint ventures
increased due to the Partnership's increased investment in these transactions
from 1997 to 1998.
Expenses for the three months ended March 31, 1998 were $1,482,260,
representing a decrease of $295,271 or 17% from 1997. The decrease in expenses
was attributable to a decrease in interest expense of $77,467 or 12%, a decrease
in management fees of $13,677 or 5%, a decrease in general and administrative of
$24,224 or 36%, a decrease in administrative expense and reimbursements of
$9,789 or 7%, a decrease in amortization of initial direct costs of $212,563 or
51%, a decrease in depreciation expense of $52,682 or 25% and a decrease in
minority interest in joint ventures of $4,869 or 38%. These decreases were
partially offset by an increase in provision for bad debt of $100,000. Interest
expense decreased due to a decrease in the average debt outstanding from 1997 to
1998. Management fees, amortization of initial direct costs, general and
administrative and administrative expense reimbursements decreased due to a
decrease in the average size of the portfolio from 1997 to 1998 and as the
result of the Partnership contributing a portion of its portfolio to a joint
venture. Minority interest in joint ventures decreased as a result of the
Partnership's September 1997 acquisition of ICON Asset Acquisition LLC's entire
investment in leases from two affiliates. Based on an analysis of delinquency,
an assessment of overall risk and historical loss experience, it was determined
that a $100,000 provision for bad debt was required for the quarter ended March
31, 1998.
<PAGE>
ICON Cash Flow Partners L.P. Six
(A Delaware Limited Partnership)
March 31, 1997
Net income for the three months ended March 31, 1998 and 1997 was $100,175
and $100,696, respectively. The net income per weighted average limited
partnership unit outstanding was $.26 for 1998 and 1997.
Liquidity and Capital Resources
The Partnership's primary sources of funds for the three months ended March
31, 1998 and 1997 were net cash provided by operations of $1,474,692 and
$427,979, respectively, and proceeds from sales of equipment of $383,797 and
$821,791, respectively. These funds were used to purchase equipment, to fund
cash distributions and to make payments on borrowings. The Partnership intends
to continue to purchase additional equipment and to fund cash distributions
utilizing cash provided by operations and proceeds from sales of equipment.
Cash distributions to limited partners for the three months ended March 31,
1998 and 1997, which were paid monthly, totaled $1,022,275 and $1,028,723,
respectively, of which $105,407 and $99,689 was investment income and $916,868
and $929,034 was a return of capital, respectively. The monthly annualized cash
distribution rate to limited partners was 10.75%, of which 1.11% and 1.03% was
investment income and 9.64% and 9.72% was a return of capital, respectively. The
limited partner distribution per weighted average unit outstanding in 1998 and
1997 was $2.69 of which $.28 and $.26 was investment income and $2.41 and $2.43
was a return of capital, respectively.
In March 1997 the Partnership, ICON Cash Flow Partners, L.P., Series D
("Series D"), and ICON Cash Flow Partners L.P. Seven ("L.P. Seven"), contributed
and assigned equipment lease and finance receivables and residuals to ICON
Receivables 1997-A LLC ("1997-A"), a special purpose entity created for the
purpose of originating new leases, managing existing contributed assets and,
eventually, securitizing its portfolio. On September 19, 1997 the Partnership,
Series E and L.P. Seven contributed and assigned equipment lease and finance
receivables and residuals to 1997-A. The Partnership, Series D, Series E and
L.P. Seven (collectively the "1997-A Members") received a 31.03%, 17.81% 31.19%
and 19.97% interest, respectively, in 1997-A based on the present value of their
related contributions.
In August 1997 the Partnership, Series E and L.P. Seven (collectively, the
"1997-B Members") formed ICON Receivables 1997-B LLC ("1997-B"), for the purpose
of originating lease transactions and ultimately securitizing its portfolio.
As of March 31, 1998, 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 closings of limited
partnership units, 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. Six
(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 during the quarter ended March 31, 1998.
<PAGE>
ICON Cash Flow Partners L. P. Six
(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. Six
File No. 33-36376 (Registrant)
By its General Partner,
ICON Capital Corp.
May 14, 1998 /s/ 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> 0000910632
<NAME> ICON Cash Flow Partners L.P. Six
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 4,257,613
<SECURITIES> 0
<RECEIVABLES> 22,165,559
<ALLOWANCES> 335,264
<INVENTORY> 39,302
<CURRENT-ASSETS> * 0
<PP&E> 19,100,646
<DEPRECIATION> 2,389,891
<TOTAL-ASSETS> 52,271,669
<CURRENT-LIABILITIES> ** 0
<BONDS> 28,797,846
0
0
<COMMON> 0
<OTHER-SE> 20,659,151
<TOTAL-LIABILITY-AND-EQUITY> 52,271,668
<SALES> 1,522,924
<TOTAL-REVENUES> 1,582,435
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 787,702
<LOSS-PROVISION> 100,000
<INTEREST-EXPENSE> 588,261
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 106,472
<EPS-PRIMARY> 0.28
<EPS-DILUTED> 0.28
<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>
