-----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, IH317z4lFAEyx/z3prKiLtS40y1xXZy9ZGA437KDkokx1UZuwWTEvbaL8FfLOrqA UXbkvDvsnXnCjOkKOtNe7Q== 0000809224-97-000007.txt : 19970818 0000809224-97-000007.hdr.sgml : 19970818 ACCESSION NUMBER: 0000809224-97-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970815 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: 97665050 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, 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 CSA INCOME FUND LIMITED PARTNERSHIP II STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 1997 (UNAUDITED) AND DECEMBER 31, 1996
(Unaudited) June 30, December 31, 1997 1996 Assets Cash and cash equivalents $ 123,124 $ 556,920 Rentals receivable 356 - Accounts receivable - affiliates 71,085 69,648 Rental equipment, at cost 3,809,499 5,509,177 Less accumulated depreciation (2,732,955) (3,613,329) Net rental equipment 1,076,544 1,895,848 Total assets $ 1,271,109 $ 2,522,416 Liabilities and partners' capital Accrued management and reimbursable fees $ 7,851 9,758 Accounts payable 4,560 11,226 Deferred income 2,340 3,202 Notes Payable 556,837 1,126,931 Limited recourse notes payable - 78,049 Total liabilities 571,588 1,229,166 Partners' capital: General Partner (deficit): Capital contributions 1,000 1,000 Cumulative net gain 54,031 22,769 Cumulative cash distributions (175,024) (168,052) (119,993) (144,283) Limited Partners (78,785 units): Capital contributions, net of offering costs 17,563,265 17,563,265 Cumulative net gain 585,910 513,772 Cumulative cash distributions (17,329,661) (16,639,504) 819,514 1,437,533 Total Partners' capital 699,521 1,293,250 Total liabilities and partners' capital $ 1,271,109 $ 2,522,416
CSA INCOME FUND LIMITED PARTNERSHIP II STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
Three months Ended Six Months Ended June 30, June 30, June 30, June 30, 1997 1996 1997 1996 Revenues: Rental income $ 361,879 $ 502,923 $ 757,742 $ 887,608 Interest income 1,148 3,678 4,858 13,115 Gain (loss) on sale of equipment (49,821) 34,629 (18,591) 35,053 Total revenues 313,206 541,230 744,009 935,776 Costs and expenses: Depreciation 258,011 274,103 534,783 464,976 Interest 15,683 22,518 33,589 44,540 Management fees 18,094 25,146 37,887 44,380 General and administrative 18,248 14,148 34,350 37,893 Total expenses 310,036 335,915 640,609 591,789 Net income $ 3,170 $ 205,315 $ 103,400 $ 343,987 Net income allocatio General Partner $ 32 $ 2,053 $ 31,262 $ 3,440 Limited Partners 3,138 203,262 72,138 340,547 $ 3,170 $ 205,315 $ 103,400 $ 343,987 Net income per Limited Partnership Unit $ .04 $ 2.58 .92 $ 4.32 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, 1997 AND 1996
Three months Ended Six Months Ended June 30, June 30, June 30, June 30, 1997 1996 1997 1996 Cash flows from operations: Cash received from rental of equipment $ 449,750 $ 549,288 $ 843,867 $911,813 Cash paid for operating and management expenses (36,145) (43,131) (80,810) (81,942) Interest paid (15,683) (14,564) (33,589) (28,444) Interest received 1,148 3,678 4,858 13,115 Net cash from operations 399,070 495,271 734,326 814,542 Cash flow from investments: Advances from affiliates 244,973 - - - Sale of equipment 157,866 75,910 177,150 132,199 Purchase of equipment - (1,099,362) -(1,146,657) Netcash from (used by) investments 402,839 (1,023,452) 177,150(1,014,458) Cash flows from financing: Proceeds from notes payable - 318,056 - 318,056 Repayment of notes payable (352,181) (155,803) (648,143) (283,646) Payment of cash distributions (348,565) (348,564) (697,129) (697,128) Net cash used by financing (700,746) (186,311) (1,345,272) (662,718) Net change in cash and cash equivalents 101,163 (714,492) (433,796) (862,634) Cash and cash equivalents at beginning of period 21,961 873,224 556,920 1,021,366 Cash and cash equivalents at end of period $ 123,124 $ 158,732 $ 123,124 $ 158,732
CSA INCOME FUND LIMITED PARTNERSHIP II NOTE TO FINANCIAL STATEMENTS The quarterly financial statements of the Partnership presented herein are without audit except for the December 31, 1996 Balance Sheet information. 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 June 30, 1997 and 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 $361,879 and $502,923 and net income was $3,170 and $205,315 for the quarters ended June 30, 1997 and 1996, respectively. For the six months ended June 30, 1997 and 1996, gross rental income was $757,742 and $887,608 and net income was $103,400 and $343,987, respectively. For the six month periods, the decrease in gross rental income was due to the expected occurrence of leases expiring during the period, reduced rental rates for re-leased equipment and a reduction in the Partnership's equipment portfolio due to the ongoing sale of equipment on expired leases. The decrease in net income for the six month period was the result of the decrease in gross rental income, a loss on the sale of equipment from one lease due to significant reductions in residual value and the increases in depreciation expense related to the 1996 equipment acquisitions. The Partnership generated $911,476 in cash flow from operations and sale of equipment during the six months ended June 30, 1997. This cash and cash on hand were used primarily to make cash distributions to the Limited Partners of $697,129 and reduce debt by $648,143. The General Partner is currently in the process of winding up the affairs of the Partnership. This process has taken longer than originally anticipated as the renewal and sale of certain significant lease transactions have not been finalized. The General Partner now anticipates dissolving the Partnership and issuing a final distribution by the end of September. Due to this delay, the General Partner is making another 7% distribution on August 15th which will reduce the intended final distribution. The Partnership paid a quarterly distribution to the Limited Partners in the amount of $4.38 per unit on May 15, 1997. As previously indicated, the General Partner estimates that the final cash distribution will result in a total Limited Partner return of approximately 92% to 101% of the Limited Partners' original investment. 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: J. Frank Keohane, President Principal Executive Officer Date: Richard P. Timmons Controller Principal Accounting and Finance Officer EX-27 2
5 This schedule contains summary financial information extracted from CSA Income Fund Limited Partnership II's Statement of Financial Position as of June 30, 1997 and Statement of Operations for the six months then ended and is qualified in its entirety by reference to such financial statements. 6-MOS DEC-31-1997 JUN-30-1997 123,124 0 71,441 0 0 0 3,809,499 2,732,955 1,271,109 0 0 0 0 0 699,521 1,271,109 0 744,009 572,670 640,609 34,350 0 33,589 103,400 0 103,400 0 0 0 103,400 .92 .92 The Registrant maintains an unclassified Statement of Financial Position.
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