-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DICcy5IFLxtte9MfghoPT3bz10F/YNMvMe8cgMYl4sC60r2cicTskL+Aqd5/+F0h C9+bQrJ8r+ufj6Ruia4D3Q== 0000809224-96-000005.txt : 19960816 0000809224-96-000005.hdr.sgml : 19960816 ACCESSION NUMBER: 0000809224-96-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960815 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CSA INCOME FUND LIMITED PARTNERSHIP II CENTRAL INDEX KEY: 0000809224 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER RENTAL & LEASING [7377] IRS NUMBER: 042932178 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-17091 FILM NUMBER: 96616212 BUSINESS ADDRESS: STREET 1: 22 BATTERYMARCH ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6173571700 MAIL ADDRESS: STREET 1: 22 BATTERY MARCH STREET CITY: BOSTON STATE: MA ZIP: 02109 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (X) QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1996 OR ( ) 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 0-17091 CSA Income Fund Limited Partnership II (Exact name of registrant as specified in its charter) Massachusetts 04-2932178 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 22 Batterymarch St., Boston, Massachusetts 02109 (Address of principal executive offices) (Zip Code) (617) 357-1700 (Registrant's telephone number, including area code) Former name, former address and former fiscal year, if changed since last report 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 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. Yes: X No: PART I - FINANCIAL INFORMATION CSA INCOME FUND LIMITED PARTNERSHIP II CSA INCOME FUND LIMITED PARTNERSHIP II STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 1996 (UNAUDITED) AND DECEMBER 31, 1995 ______________________________________________________________________
(Unaudited) June 30, December 31, 1996 1995 Assets Cash and cash equivalents $ 158,732 $ 1,021,366 Rentals receivable 51,505 21,109 Accounts receivable - affiliates 78,669 133,277 Sales proceeds receivable - 46,367 Rental equipment, at cost 6,261,825 6,996,398 Less accumulated depreciation (3,865,838) (5,217,222) Net rental equipment 2,395,987 1,779,176 Total assets $ 2,684,893 $ 3,001,295 Liabilities and partners' capital Accrued management and reimbursable fees $ 22,255 $ 17,710 Accounts payable 10,281 14,495 Deferred income 6,832 4,836 Notes Payable 833,859 803,137 Limited recourse notes payable 75,070 71,382 Total liabilities 948,297 911,560 Partners' capital: General Partner (deficit): Capital contributions 1,000 1,000 Cumulative net gain (loss) 2,827 (613) Cumulative cash distributions (161,081) (154,111) (157,254) (153,724) Limited Partners (78,785 units): Capital contributions, net of offering costs 17,563,265 17,563,265 Cumulative net gain (loss) 279,932 (60,615) Cumulative cash distributions (15,949,347) (15,259,191) 1,893,850 2,243,459 Total Partners' capital 1,736,596 2,089,735 Total liabilities and partners' capital $ 2,684,893 $ 3,001,295
CSA INCOME FUND LIMITED PARTNERSHIP II STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 1996 AND 1995 ______________________________________________________________________
THREE MONTHS SIX MONTHS 1996 1995 1996 1995 Revenues: Rental income $ 502,923 $ 454,938 $ 887,608 $ 1,131,937 Interest income 3,678 17,041 13,115 29,497 Gain on sale of equipment 34,629 20,941 35,053 41,520 Total revenues 541,230 492,920 935,776 1,202,954 Costs and expenses: Depreciation 274,103 251,095 464,976 673,580 Interest 22,518 17,864 44,540 36,968 Management fees 25,146 22,805 44,380 56,596 General and administrative 14,148 20,684 37,893 42,200 Total expenses 335,915 312,448 591,789 809,344 Net income $ 205,315 $ 180,472 $ 343,987 $ 393,610 Net income allocation: General Partner $ 2,053 $ 1,805 $ 3,440 $ 3,936 Limited Partners 203,262 178,667 340,547 389,674 $ 205,315 $ 180,472 $ 343,987 $ 393,610 Net income per Limited Partnership Unit $ 2.58 $ 2.27 $ 4.32 $ 4.95 Number of Limited Partnership Units 78,785 78,785 78,785 78,785
CSA INCOME FUND LIMITED PARTNERSHIP II STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 1996 AND 1995 ______________________________________________________________________
THREE MONTHS SIX MONTHS 1996 1995 1996 1995 Cash flows from operations: Cash received from rental of equipment $ 549,288 $ 564,776 $ 911,813 $ 1,164,649 Cash paid for operating and management expenses (43,131) (75,672) (81,942) (193,078) Interest paid (14,564) (9,363) (28,444) (21,664) Interest received 3,678 17,041 13,115 29,497 Net cash from operations 495,271 496,782 814,542 979,404 Cash flow from investments: Sale of equipment 75,910 275,910 132,199 839,090 Purchase of equipment (1,099,362) - (1,146,657) - Net cash from (used by) investments (1,023,452) 275,910 (1,014,458) 839,090 Cash flows from financing: Proceeds from notes payable 318,056 - 318,056 - Repayment of notes payable (155,803) (143,687) (283,646) (525,023) Payment of cash distributions (348,564) (348,564) (697,128) (697,128) Net cash used by financing (186,311) (492,251) (662,718) (1,222,151) Net change in cash and cash equivalents (714,492) 280,441 (862,634) 596,343 Cash and cash equivalents at beginning of period 873,224 1,106,147 1,021,366 790,245 Cash and cash equivalents at end of period $ 158,732 $ 1,386,588 $ 158,732 $ 1,386,588
CSA INCOME FUND LIMITED PARTNERSHIP II NOTE TO FINANCIAL STATEMENTS ______________________________________________________________________ The quarterly financial statements have been prepared by the Partnership without audit. Certain information and footnote disclosures normally included in the annual financial statements have been condensed or omitted from the accompanying statements. For such information, reference should be made to the financial statements and notes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 1995. In the General Partner's opinion, the unaudited financial statements reflect all adjustments necessary to present fairly the financial position of CSA Income Fund Limited Partnership II as of June 30, 1996 and December 31, 1995 and the results of operations and cash flows for the periods presented therein. CSA INCOME FUND LIMITED PARTNERSHIP II GENERAL PARTNER'S DISCUSSION OF OPERATIONS ______________________________________________________________________ Gross rental income was $502,923 and $454,938 and net income was $205,315 and $180,472 for the quarters ended June 30, 1996 and 1995, respectively. For the six months ended June 30, 1996 and June 30, 1995, gross rental income was $887,608 and $1,131,937 and net income was $343,987 and $393,610, respectively. Gross rental income and net income increased slightly during the three months ended June 30, 1996 due primarily to the addition of new equipment as the Partnership selectively continues to seek out lease investment opportunities. For the six month periods, the decrease in gross rental income is attributable to the expected occurrence of reduced rental rates for re-leased equipment and to the ongoing sale of equipment from the Partnership's portfolio partially offset by the new lease activity in the second quarter. The Partnership generated $946,741 from operations and sale of equipment during the six months ended June 30, 1996. This cash and amounts on hand were used to purchase equipment and to make distributions to the partners. Equipment purchases were $1,146,657 and cash distributions of $697,128 were paid to the partners. The Partnership's results of operations and liquidity in future periods will be dependent upon the addition of leased equipment, the sale and/or release of equipment as it comes off lease and the level of debt service. The Partnership paid a quarterly distribution to the Limited Partners in the amount of $4.38 per unit on May 15, 1996. To date, the Partnership has made cash distributions to the Limited Partners ranging from 80% to 89% of their initial investment, depending on when the Limited Partner entered the Partnership. The objective of the Partnership is to return the Limited Partners' investment through current cash distributions and provide a return on investment by continued distributions for as long as the equipment continues to be leased. However, revenues generated from the Partnership from lease renewals and remarketings after the initial lease term have been lower than anticipated as a result of rapid technological obsolescence in high technology equipment. As a result, the General Partner presently estimates that the continued cash distributions may not fully return the entire initial investment of the Limited Partners and/or a return thereon. The General Partner will continue to report on the Limited Partners' return of investment with each cash distribution. CSA INCOME FUND LIMITED PARTNERSHIP II PART II ______________________________________________________________________ Item 1 - Legal Proceedings None Item 2 - Changes in Securities None Item 3 - Defaults Upon Senior Securities None Item 4 - Submission of Matters to a Vote of Security Holders None Item 5 - Other Information None Item 6 - Exhibits and Reports on Form 8-K (a) Exhibits - Exhibit 27. Financial Data Schedule. (b) Reports on Form 8-K - No reports have been filed on Form 8-K during this quarter. 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. CSA Income Fund Limited Partnership II (Registrant) By its General Partner, CSA Income Funds, Inc. Date: August 9, 1996 /s/ J. Frank Keohane President and Principal Executive Officer Date: August 9, 1996 /s/ Richard F. Sullivan Vice President Principal Accounting and Finance Officer EX-27 2
5 This schedule contains summary financial informationextracted form CSA Income Fund Limited Partnership II's Statement of Financial Position as of June 30, 1996 and Statement of Operations for the six months then ended and is qualified inits entirety by reference to such financial statements. 6-MOS DEC-31-1996 JUN-30-1996 158,732 0 130,174 0 0 0 6,261,825 3,865,838 2,684,893 0 0 0 0 0 1,736,596 2,684,893 0 935,776 0 509,356 37,893 0 44,540 343,987 0 343,987 0 0 0 343,987 4.32 4.32 The Registrant maintains an unclassified Statement of Financial Position.
-----END PRIVACY-ENHANCED MESSAGE-----