-----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, Qn0DBV3opdGqPf4a57WhQicgpF4c0DL0dd5plCyVAy6Kz7eDL7lS0+WUB9pOWV2c YluUMhDMRZwVCWzvuzeiPg== 0000809224-97-000006.txt : 19970520 0000809224-97-000006.hdr.sgml : 19970520 ACCESSION NUMBER: 0000809224-97-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 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: 97607149 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 March 31, 1997 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 STATEMENTS OF FINANCIAL POSITION AS OF MARCH 31, 1997 (UNAUDITED) AND DECEMBER 31, 1996 [CAPTION] March 31 1997 December 31, 1996 Assets Cash and cash equivalents $ 21,961 $ 556,920 Accounts receivable-affiliates 314,621 69,648 Sales proceeds receivable 102,871 Rental equipment, at cost 4,740,590 5,509,177 Less accumulated depreciation (3,211,738) (3,613,329) Net rental equipment 1,528,852 1,895,848 Total assets $ 1,968,305 $ 2,522,416 Liabilities and partners' capital Accrued management and reimbursable fees $ 8,068 $ 9,758 Accounts payable 4,046 11,226 Deferred income 2,256 3,202 Notes payable 828,979 1,126,931 Limited recourse notes payable 80,040 78,049 Total liabilities 923,389 1,229,166 Partners' capital (deficit): General Partner: Capital contributions 1,000 1,000 Cumulative net income 53,999 22,769 Cumulative cash distributions (171,538) (168,052) (116,397) (144,283) Limited Partners (78,785 units): Capital contributions, net of offering costs 17,563,265 17,563,265 Cumulative net income 582,772 513,772 Cumulative cash distributions (16,984,582) (16,639,504) 1,161,455 1,437,533 Total Partners' capital 1,044,916 1,293,250 Total liabilities and partners' capital $ 1,968,305 $ 2,522,416
CSA INCOME FUND LIMITED PARTNERSHIP II STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996 [CAPTION] 1997 1996 Revenues: Rental income $ 395,863 $ 384,685 Interest income 3,710 9,437 Gain on sale of equipment 31 230 424 Total revenues 430,803 394,546 Costs and expenses: Depreciation 276,772 190,873 Interest 17,906 22,022 Management fees 19,793 19,234 General and administrative 16,102 23,745 Total expenses 330,573 255,874 Net income $ 100,230 $ 138,672 Net income allocation: General Partner $ 31,230 $ 1,387 Limited Partners 69,000 137,285 $ 100,230 $ 138,672 Net income per Limited Partnership Unit $ .88 $ 1.74 Number of Limited Partnership Units 78,785 78,785
CSA INCOME FUND LIMITED PARTNERSHIP II STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
1997 1996 Cash flows from operations: Cash received from rental of equipment $ 394,116 $ 362,525 Cash paid for operating and management expenses (44,665) (38,811) Interest paid (17,906) (13,880) Interest received 3,710 9,437 Net cash from operations 335,255 319,271 Cash flows from investments: Advances to/from affiliates (248,459) Purchase of equipment (47,295) Sale of equipment 19,284 56,289 Net cash from (used for) investments (229,175) 8,994 Cash flows from financing: Repayment of notes payable (295,962) (127,843) Payment of cash distributions (345,078) (348,564) Net cash used for financing (641,040) (476,407) Net change in cash and cash equivalents (534,960) (148,142) Cash and cash equivalents at beginning of period 556,920 1,021,366 Cash and cash equivalents at end of period $ 21,961 $ 873,224
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, 1996. 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 March 31, 1997 and March 31, 1996 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 $395,863 and $384,685 and net income was $100,230 and $138,672 for the quarters ended March 31, 1997 and 1996, respectively. The slight increase in gross rental income was due to the new short term leases added to the portfolio during 1996. The decrease in net income is attributable to the additional depreciation expense on those leases added during 1996, as well as the expected occurrence of reduced rental rates for re-leased equipment and to the sale of equipment from the Partnership's portfolio. The Partnership generated $354,539 in cash flow from operations and from the sale of equipment during the three months ended March 31, 1997. This cash and cash on hand were used primarily to make a cash distribution to the Limited Partners and pay down debt. Notes payable was reduced by $295,962 during the first quarter of 1997 and the cash distribution paid to Limited Partners was $345,078. Of the $248,459 advances to affiliates referred to in the Statement of Cash Flow, $240,000 was repaid to the Partnership on April 14, 1997. The General Partner is currently in the process of winding up the affairs of the Partnership. In the 1996 Annual Report to the Limited Partners, the General Partner expected to make a final wind up distribution in May. However, the wind up process has taken longer than originally anticipated and therefore the May distribution is the same as prior distributions and the General Partner expects now to make a final distribution upon the sale of the remaining Partnership leases and equipment no later than August 15th. The Partnership distributed $4.38 per Limited Partnership Unit on February 15, 1997. To date, the Partnership has made cash distributions to the Limited Partners ranging from 85% to 94% of their initial investment, depending on when the Limited Partner entered the Partnership. As a result of the review of the remaining leases and equipment in the Partnership's portfolio, the General Partner in the 1996 Annual Report stated that the total Limited Partner return would be approximately 92% to 101% of the Limited Partners' original investment. A current review of the Partnership's remaining portfolio by the General Partner indicates that Percentage may slightly increase. 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 - There were no reports filed during the first quarter of 1997. 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: 05/15/97 /S/J. Frank Keohane, President Principal Executive Officer Date: 05/15/97 /S/ Richard P. Timmons Controller Principal Accounting and Finance Officer EX-27 2
5 The schedule contains summary financial information extracted from CSA Income Fund Limited Partnership II's Statement of Financial Position as of March 31, 1997 and Statement of Operations for the three months then ended and is qualified in its entirety by reference to such financial statements. 3-MOS DEC-31-1997 MAR-31-1997 21,961 0 417,492 0 0 0 4,740,590 3,211,738 1,968,305 0 0 0 0 0 1,044,916 1,968,305 0 430,803 0 296,565 16,102 0 17,906 100,230 0 100,230 0 0 0 100,230 .88 .88 The Registrant maintains an unclassified Statement of Financial Position.
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