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 33-94458
---------------------------------------------------------
ICON Cash Flow Partners L.P. Seven
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3835387
- --------------------------------------------------------------------------------
(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. Seven
(A Delaware Limited Partnership)
Balance Sheets
(unaudited)
<TABLE>
March 31, December 31,
1998 1997
Assets
<S> <C> <C>
Cash ............................................... $ 6,488,653 $ 4,516,385
------------- -------------
Investment in finance leases
Minimum rents receivable ........................ 113,621,677 89,824,617
Estimated unguaranteed residual values .......... 66,288,713 33,168,213
Initial direct costs ............................ 4,144,131 2,851,751
Unearned income ................................. (38,921,741) (23,581,783)
Allowance for doubtful accounts ................. (300,000) (155,000)
------------- -------------
144,832,780 102,107,798
Investment in estimated unguaranteed residual values 26,531,664 26,531,664
------------- -------------
Net investment in leveraged leases ................. 11,496,061 11,146,488
------------- -------------
Equity investment in joint ventures ................ 1,872,396 1,828,453
------------- -------------
Investment in financings
Receivables due in installments ................. 894,646 906,283
Initial direct costs ............................ 16,155 16,480
Unearned income ................................. (194,991) (197,918)
Allowance for doubtful accounts ................. (27,222) (22,222)
------------- -------------
688,588 702,623
------------- -------------
Other assets ....................................... 756,146 1,046,031
------------- -------------
Total assets ....................................... $ 192,666,288 $ 147,879,442
============= =============
</TABLE>
(continued on next page)
<PAGE>
ICON Cash Flow Partners L.P. Seven
(A Delaware Limited Partnership)
Balance Sheets (Continued)
(unaudited)
<TABLE>
March 31, December 31,
1998 1997
Liabilities and Partners' Equity
<S> <C> <C>
Notes payable - non-recourse ......................... $ 121,512,203 $ 90,575,890
Note payable - recourse .............................. 10,075,000 10,075,000
Accounts payable-equipment ........................... 1,685,320 1,011,196
Accounts payable - General Partner and affiliates, net -- 28,150
Accounts payable - other ............................. 470,820 238,586
Security deposits and deferred credits ............... 97,114 29,162
Minority interest in joint venture ................... 21,452 20,335
------------- -------------
133,861,909 101,978,319
Commitments and Contingencies
Partners' equity (deficiency)
General Partner ................................... (36,885) (23,323)
Limited partners (727,819.86 and 559,842.19 units
outstanding, $100 per unit original
issue price in 1998 and 1997, respectively) ..... 58,841,264 45,924,446
------------- -------------
Total partners' equity .......................... 58,804,379 45,901,123
------------- -------------
Total liabilities and partners' equity ............... $ 192,666,288 $ 147,879,442
============= =============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners L.P. Seven
(A Delaware Limited Partnership)
Statements of Operations
For the Three Months Ended March 31,
(unaudited)
1998 1997
---- ----
Revenues
Finance income .................................... $2,564,902 $1,099,525
Income from leveraged leases, net ................. 344,909 380,630
Income from equity investment in joint venture .... 93,533 20,808
Interest income and other ......................... 92,819 24,165
Net gain on sales or remarketing of equipment ..... -- 32,891
---------- ----------
Total revenues .................................... 3,096,163 1,558,019
---------- ----------
Expenses
Interest .......................................... 1,531,238 574,541
Management fees - General Partner ................. 478,301 357,477
Amortization of initial direct costs .............. 423,326 310,609
Administrative expense
reimbursements - General Partner ................ 207,548 151,194
Provision for bad debts ........................... 150,000 --
General and administrative ........................ 57,235 37,561
Minority interest in joint venture ................ 1,116 1,094
---------- ----------
Total expenses .................................... 2,848,764 1,432,476
---------- ----------
Net income ........................................... $ 247,399 $ 125,543
========== ==========
Net income allocable to:
Limited partners .................................. $ 244,925 $ 124,288
General Partner ................................... 2,474 1,255
---------- ----------
$ 247,399 $ 125,543
========== ==========
Weighted average number of limited
partnership units outstanding ..................... 680,272 314,146
========== ==========
Net income per weighted average
limited partnership unit .......................... $ .36 $ .40
========== ==========
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners L. P. Seven
(A Delaware Limited Partnership)
Statements of Changes in Partners' Equity
For the Three Months Ended March 31, 1998, the Year Ended
December 31, 1997 and 1996 and the Period from May 23, 1995
(date of inception) to December 31, 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>
Initial partners'
capital contribution
- May 23, 1995 $ 1,000 $ 1,000 $ 2,000
--------------- ------------ --------------
Balance at
December 31, 1995 1,000 1,000 2,000
Refund of initial
limited partners'
capital contribution (1,000) - (1,000)
Proceeds from issuance
of limited partnership
units (275,540.47 units) 27,554,047 - 27,554,047
Sales and
offering expenses (3,719,796) - (3,719,796)
Cash distributions
to partners $ 8.18 $ 2.57 (1,361,099) (13,749) (1,374,848)
Net income 401,396 4,055 405,451
--------------- ------------ --------------
Balance at
December 31, 1996 22,874,548 (8,694) 22,865,854
Proceeds from issuance
of limited partnership
units (285,927.35 units) 28,592,735 - 28,592,735
Sales and
offering expenses (3,862,277) - (3,862,277)
Limited partnership units
redeemed (1,625.63 units) (155,815) - (155,815)
</TABLE>
(continued on next page)
<PAGE>
ICON Cash Flow Partners L. P. Seven
(A Delaware Limited Partnership)
Statements of Changes in Partners' Equity (Continued)
For the Three Months Ended March 31, 1998, the Year Ended
December 31, 1997 and 1996 and the Period from May 23, 1995
(date of inception) to December 31, 1995
(unaudited)
<TABLE>
Limited Partner Distributions
Return of Investment Limited General
Capital Income Partners Partner Total
(Per weighted average unit)
Cash distributions
<S> <C> <C> <C> <C> <C>
to partners $ 4.41 $ 6.34 (4,147,829) (41,125) (4,188,954)
Net income 2,623,084 26,496 2,649,580
--------------- ------------ --------------
Balance at
December 31, 1997 45,924,446 (23,323) 45,901,123
Proceeds from issuance
of limited partnership
units (167,977.67 units) 16,797,767 - 16,797,767
Sales and offering expenses (2,267,698) - (2,267,698)
Cash distributions to partners $ 2.34 $ .35 (1,858,176) (16,036) (1,874,212)
Net income 244,925 2,474 247,399
--------------- ------------ --------------
Balance at March 31, 1998 $ 58,841,264 $ (36,885) $ 58,804,379
=============== ============ ==============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners L. P. Seven
(A Delaware Limited Partnership)
Statements of Cash Flows
For the Three Months Ended March 31,
(unaudited)
<TABLE>
1998 1997
---- ----
Cash flows from operating activities:
<S> <C> <C>
Net income ................................................. $ 247,399 $ 125,543
------------ ------------
Adjustments to reconcile net income to
net cash provided by operating activities:
Finance income portion of receivables paid directly
to lenders by lessees ................................. (2,457,589) (958,529)
Interest expense on non-recourse financing paid
directly by lessees ................................... 1,531,238 552,215
Amortization of initial direct costs .................... 423,326 310,609
Income from leveraged leases, net ....................... (344,909) (380,630)
Allowance for doubtful accounts ......................... 150,000 --
Distribution from equity investment in joint venture .... 113,243 --
Income from equity investment in joint venture .......... (93,533) (20,808)
Collection of principal - non-financed receivables ..... 55,479 634,268
Gain on sale of equipment ............................... -- (32,891)
Change in operating assets and liabilities:
Other assets ......................................... 245,642 (720,659)
Accounts payable - other ............................. 232,234 (32,438)
Security deposits and deferred credits ............... 67,952 20,195
Accounts payable - General Partner and affiliates, net (28,150) 299,514
Minority interest in joint venture ................... 1,117 1,094
Other, net ........................................... (50,241) (41,937)
------------ ------------
Total adjustments .................................. (154,191) (369,997)
------------ ------------
Net cash provided by (used in) operating activities ... 93,208 (244,454)
------------ ------------
Cash flows from investing activities:
Equipment and receivables purchased ........................ (9,131,425) (3,395,281)
Initial direct costs ....................................... (1,581,719) (1,164,222)
Equity investment in joint ventures ........................ (63,653) --
Proceeds from sale of equipment ............................ -- 1,793,586
------------ ------------
Net cash used in investing activities ................ (10,776,797) (2,765,917)
------------ ------------
</TABLE>
<PAGE>
ICON Cash Flow Partners L. P. Seven
(A Delaware Limited Partnership)
Statements of Cash Flows (Continued)
For the Three Months Ended March 31,
(unaudited)
<TABLE>
1998 1997
---- ----
Cash flows from financing activities:
<S> <C> <C>
Issuance of limited partnership units, net of offering expenses 14,530,069 4,833,663
Proceeds from note payable affiliate .......................... -- 4,250,000
Principal payments on recourse debt ........................... -- (2,150,000)
Cash distributions to partners ................................ (1,874,212) (775,320)
------------ ------------
Net cash provided by financing activities ............... 12,655,857 6,158,343
------------ ------------
Net increase in cash ............................................. 1,972,268 3,147,972
Cash at beginning of period ...................................... 4,516,385 698,301
------------ ------------
Cash at end of period ............................................ $ 6,488,653 $ 3,846,273
============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners L. P. Seven
(A Delaware Limited Partnership)
Consolidated Statements of Cash Flows (continued)
Supplemental Disclosure of Cash Flow Information
For the three months ended March 31, 1998 and 1997, non-cash activities
included the following:
<TABLE>
1998 1997
---- ----
Fair value of equipment and receivables
<S> <C> <C>
purchased for debt and payables ..................... $(38,313,411) $(38,220,051)
Non-recourse notes payable assumed in
purchase price ...................................... 36,628,091 37,741,972
Accounts payable - equipment ........................... 1,685,320 478,079
Principal and interest on direct
finance receivables paid directly
to lenders by lessees ............................... 7,223,016 3,682,924
Principal and interest on non-recourse
financing paid directly to lenders
by lessees .......................................... (7,223,016) (3,682,924)
Decrease in investments in finance leases and financings
due to contributions to joint venture ............... -- 5,190,238
Increase in equity investment in joint venture ......... -- (5,190,238)
------------ ------------
$ -- $ --
============ ============
</TABLE>
Interest expense of $1,531,238 and $574,541 for the three months ended
March 31, 1998 and 1997 consisted of interest expense on non-recourse financing
paid or accrued directly to lenders by lessees of $1,531,238 and $552,216,
respectively, and other interest of $0 and $22,325, respectively.
<PAGE>
ICON Cash Flow Partners L.P. Seven
(A Delaware Limited Partnership)
Notes to Financial Statements
March 31, 1998
(unaudited)
1. Basis of Presentation
The financial statements of ICON Cash Flow Partners L.P. Seven (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 Leases
On August 20, 1996 the partnership acquired, subject to a leveraged lease,
the residual interest in an aircraft. The aircraft is a McDonnell Douglas
DC-10-30F currently on lease to Federal Express. The purchase price was
$40,973,585, consisting of $6,000,000 in cash and the assumption of non-recourse
senior debt of $26,217,294 and non-recourse junior debt of $8,756,291.
On December 31, 1996 the Partnership acquired, subject to a leveraged
lease, the residual interest in an aircraft. The aircraft is a 1976 McDonnell
Douglas DC-10-30 currently on lease to Continental Airlines. The purchase price
was $11,320,923, consisting of $2,104,262 in cash and the assumption of
non-recourse senior debt of $9,216,661.
The net investment in 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 24,818,001
Initial direct costs 1,165,970
Unearned income (14,487,910)
----------------
$ 11,496,061
<PAGE>
ICON Cash Flow Partners L. P. Seven
(A Delaware Limited Partnership)
Notes to Consolidated Financial Statements - Continued
3. Related Party Transactions
Fees and other expenses paid or accrued by the Partnership to the General
Partner or its affiliates for the three months ended March 31, 1998 and 1997
were as follows:
1998 1997
---- ----
Underwriting commissions $ 335,955 $ 111,761 Charged to Equity
Organization and offering 587,922 195,582 Charged to Equity
Acquisition fees 1,423,345 1,320,281 Capitalized
Management fees 478,301 357,477 Charged to operations
Administrative expense
reimbursements 207,548 151,194 Charged to operations
------------ ------------
Total $ 3,033,071 $ 2,136,295
============ ============
The Partnership and affiliates formed three joint ventures for the purpose
of acquiring and managing various assets. (See Note 4 for additional information
relating to the joint ventures.)
4. Investment in Joint Venture
The Partnership Agreement allows the Partnership to invest in joint
ventures with other limited partnerships sponsored by the General Partner
provided that the investment objectives of the joint ventures are consistent
with that of the Partnership.
ICON Cash Flow L.L.C. III
On December 31, 1996, the Partnership and an affiliate, ICON Cash Flow
Partners, L.P., Series E ("Series E") formed ICON Cash Flow Partners L.L.C. III
("ICON LLC III"), for the purpose of acquiring and managing an aircraft
currently on lease to Continental Airlines, Inc. The Partnership and Series E
contributed 99% and 1% of the cash received for such acquisitions, respectively,
to ICON Cash Flow LLC III.
ICON Receivables 1997-A L.L.C.
In March 1997 the Partnership, Series D and L.P. Six 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.
<PAGE>
ICON Cash Flow Partners L. P. Seven
(A Delaware Limited Partnership)
Notes to Consolidated Financial Statements - Continued
On September 19, 1997 the Partnership, Series E and L.P. Six contributed
and assigned additional equipment lease and finance receivables and residuals to
1997-A. The Partnership, Series D, Series E and L.P. Six (collectively the
"1997-A Members") received a 19.97%, 17.81% 31.19% and 31.03% 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 L.L.C.
In August 1997 the Partnership, Series E and L.P. Six (collectively, the
"1997-B Members") formed ICON Receivables 1997-B L.L.C. ("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. Seven
(A Delaware Limited Partnership)
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
ICON Cash Flow Partners L.P. Seven (the "Partnership") was formed on May
23, 1995 as a Delaware limited partnership. The Partnership commenced business
operations on its initial closing date, January 19, 1996, with the admission of
26,367.95 limited partnership units at $100 per unit representing $2,636,795.17
of capital contributions. Between January 19, 1996 and December 31, 1996,
249,172.52 additional units were admitted representing $24,917,252 of capital
contributions. In 1997, 285,927.35 additional units were admitted representing
$28,592,735 of capital contributions and 1,625.63 units were redeemed. From
January 1, 1998 to March 31, 1998, 167,977.67 additional units were admitted,
bringing the total units and capital subscriptions to 727,819.86 and
$72,781,986, respectively.
The Partnership's portfolio consisted of a net investment in finance
leases, leveraged leases, equity investment in joint venture investment in
estimated unguaranteed residual value and financings representing 77%, 7%, 1%,
14% and less than 1% of total investments at March 31, 1998, respectively and
78%, 14%, 7%, 0% and 1% at March 31, 1997, respectively.
For the three months ended March 31, 1998 and 1997 the Partnership leased
or financed equipment with an initial cost of $47,444,836 and $44,009,376,
respectively to 6 and 15 lessees or equipment users respectively. The weighted
average initial transaction term for each year was 59 and 44 months
respectively.
Results of Operations for the Three Months Ended March 31, 1998 and 1997
Revenue for the three months ended March 31, 1998 were $3,096,163,
representing an increase of $1,538,144 from 1997. The increase in revenues
resulted primarily from an increase in finance income of $1,465,377, an increase
in interest income and other of $68,654 and an increase in income from equity
investment in joint venture of $72,725. These increases were partially offset by
a decrease in income from leveraged leases of $35,721 and a decrease in net gain
on sales or remarketing of equipment of $32,891. The increase in finance income
resulted from the increase in the average size of the portfolio from 1997 to
1998. Income from equity investment in joint venture increased due to the
Partnership's March 1997 investment in ICON Receivables 1997-A LLC, the timing
of which afforded only a partial month's income in the first quarter of 1997 as
compared to a full three months for the period ended March 31, 1997. Interest
income and other increased primarily as a result of the increase in the average
cash balance from 1997 to 1998. Net gain on sales or remarketing of equipment
decreased due to a decrease in the number of leases maturing, and the underlying
equipment being sold or remarketed, for which the proceeds received were in
excess of the remaining carrying value of the equipment.
Expenses for the three months ended March 31, 1998 were $2,848,764,
representing an increase of $1,416,288 from 1997. The increase in expenses was
due to an increase in interest expense of $956,697, an increase in management
fees of $120,824, an increase in amortization of initial direct costs of
$112,717, an increase in administrative expense reimbursements of $56,354, an
increase in general and administrative expense of $19,674, an increase in
provision for bad debt of $150,000 and an increase in minority interest in joint
venture of $22. Interest expense increased due to an increase in the average
debt outstanding from 1997 to 1998. Management fees, amortization of initial
direct costs, administrative expense reimbursement and general and
administrative expense increased due to an increase in the average size of the
portfolio from 1997 to 1998. A provision for bad debt was made during the first
quarter of 1998 as a result of an analysis of delinquency, an assessment of
overall risk and a review of historical loss experience.
<PAGE>
ICON Cash Flow Partners L.P. Seven
(A Delaware Limited Partnership)
Net income for the three months ended March 31, 1998 and 1997 was $247,399
and $125,543, respectively. The net income per weighted average limited
partnership unit was $.36 and $.40, respectively.
Liquidity and Capital Resources
The Partnership's primary sources of funds for the three months ended March
31, 1998 and 1997 were capital contributions, net of offering expenses, of
$14,530,069 and $4,833,663, from limited partners, respectively, net cash
provided (used in) by operations of $93,208 and $(244,454), respectively,
proceeds from sale of equipment of $0 and $1,793,586, respectively and proceeds
from affiliate note of $0 and $4,250,000, respectively. These funds were used to
make payments on borrowings, fund cash distributions and to purchase equipment.
The Partnership intends to purchase additional equipment and fund cash
distributions utilizing capital contributions cash provided by operations,
proceeds from sales of equipment and borrowings.
Cash distributions to limited partners for the three months ended March 31,
1998 and 1997, which were paid monthly, totaled $1,858,176 and $767,568,
respectively, of which $244,925 and $124,288 was investment income and
$1,613,251 and $643,280 was a return of capital, respectively. The monthly
annualized cash distributions rate to limited partners was 10.75% of which 1.42%
and 1.6% was investment income and 9.33% and 9.15% was a return of capital,
respectively. The limited partner distribution per weighted average unit
outstanding for the three months ended March 31, 1998 and 1997 was $2.69, of
which $.35 and $.40 was investment income and $2.34 and $2.29 was a return of
capital, respectively.
In March 1997 the Partnership, Series D and L.P. Six 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. Six contributed and assigned additional equipment lease and
finance receivables and residuals to 1997-A. The Partnership, Series D, Series E
and L.P. Six (collectively the "1997-A Members") received a 19.97%, 17.81%
31.19% and 31.03% interest, respectively, in 1997-A based on the present value
of their related contributions.
In August 1997 the Partnership, Series E and L.P. Six (collectively, the
"1997-B Members") formed ICON Receivables 1997-B L.L.C. ("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 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. Seven
(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
March 31, 1998.
<PAGE>
ICON Cash Flow Partners L. P. Seven
(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. Seven
File No. 33-94458 (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> 0000947986
<NAME> ICON Cash Flow Partners L.P. Seven
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 6,488,653
<SECURITIES> 0
<RECEIVABLES> 123,592,901
<ALLOWANCES> 327,222
<INVENTORY> 0
<CURRENT-ASSETS> * 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 192,666,288
<CURRENT-LIABILITIES> ** 0
<BONDS> 131,587,203
0
0
<COMMON> 0
<OTHER-SE> 58,804,379
<TOTAL-LIABILITY-AND-EQUITY> 192,666,288
<SALES> 3,003,344
<TOTAL-REVENUES> 3,096,163
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,167,526
<LOSS-PROVISION> 150,000
<INTEREST-EXPENSE> 1,531,238
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 247,399
<EPS-PRIMARY> 0.36
<EPS-DILUTED> 0.36
<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>
