-----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, OX1LkSCF37jwmYOBjzXsi6Pclf7f5xnzzqpCRIXFLvogJtcwDRylaG4QO5EhvvXM s8kppOyLAF4oi6RjiAXA5Q== 0000831890-99-000009.txt : 19990816 0000831890-99-000009.hdr.sgml : 19990816 ACCESSION NUMBER: 0000831890-99-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CSA INCOME FUND LIMITED PARTNERSHIP III CENTRAL INDEX KEY: 0000831890 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER RENTAL & LEASING [7377] IRS NUMBER: 043002909 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-21267 FILM NUMBER: 99686958 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, 1999 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 33-21267 CSA Income Fund Limited Partnership III (Exact name of registrant as specified in its charter) Massachusetts 04-3002909 (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: CSA INCOME FUND LIMITED PARTNERSHIP III PART I - FINANCIAL INFORMATION CSA INCOME FUND LIMITED PARTNERSHIP III STATEMENTS OF FINANCIAL POSITION AS OF
(Unaudited) June 30, December 31, 1999 1998 Assets Cash and cash equivalents $ 9,662 $ 428,948 Rentals receivable 9,917 786 Accounts receivable-affiliates - 11,376 Remarketing receivables - 699 Rental equipment,at cost 11,222,934 16,996,622 Less accumulated depreciation (9,462,923) (12,429,074) Net rental equipment 1,760,011 4,567,548 Total assets $ 1,779,590 $ 5,009,357 Liabilities and partners' capital Accounts payable $ 12,290 $ 46,669 Accrued management fees 22,150 18,145 Deferred income 11,334 31,905 Notes payable 178,917 1,715,804 Total liabilities 224,691 1,812,523 Partners' capital: General Partner: Capital contribution 1,000 1,000 Cumulative net income 436,420 421,268 Cumulative cash distributions (437,420) (422,268) 0 0 Limited Partners (500,000 units): Capital contributions net of offering costs 44,539,778 44,539,778 Cumulative net income 364,336 506,271 Cumulative cash distributions (43,349,215) (41,849,215) 1,554,899 3,196,834 Total Partners' capital 1,554,899 3,196,834 Total liabilities and partners' capital $ 1,779,590 $ 5,009,357
CSA INCOME FUND LIMITED PARTNERSHIP III UNAUDITED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
Three Months Six Months Ended June 30, June 30, June 30, June 30, 1999 1998 1999 1998 Revenues: Rental income $ 972,759 $1,999,566 $ 2,030,100 $4,373,774 Interest income 337 489 1,356 1,530 Gain on sale of equipment 40,670 65,101 49,519 144,648 Gain (loss) on foreign currency (67) (47) (145) 198 Total revenues 1,013,699 2,065,109 2,080,830 4,520,150 Costs and expenses: Depreciation 949,156 1,840,879 1,995,417 3,932,574 Interest expense 14,979 168,804 42,966 401,783 Management fees 58,366 99,978 121,806 218,689 Storage and Refurbishment 3,500 - 12,500 - General and administrative 18,925 37,946 34,924 81,784 Total expenses 1,044,926 2,147,607 2,207,613 4,634,830 Net loss $ (31,227) $ (82,498) $ (126,783) $ (114,680) Net income (loss) allocation: General Partner $ 7,576 $ 59,551 $ 15,152 $ 139,098 Limited Partners (38,803) (142,049) (141,935) (253,778) $ (31,227) $ (82,498) $ (126,783) $ (114,680) Net loss per Limited Partnership Unit $ (.08) $ (.28) $ (.28) $ (.51) Number of Limited Partnership Units 500,000 500,000 500,000 500,000
CSA INCOME FUND LIMITED PARTNERSHIP III UNAUDITED STATEMENTS OF CASH FLOWS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 1999 1998 1999 1998 Cash flows from operations: Cash received from rental of equipment $ 957,209 $2,048,046 $ 2,000,451 $4,422,012 Cash paid for operating and management expenses (83,394) (159,771) (199,604) (345,920) Interest paid (14,979) (168,804) ( 42,966) (401,783) Interest received 337 489 1,356 1,530 Net cash provided by operations 859,173 1,719,960 1,759,237 3,675,839 Cash flow from investments: Sale of equipment 679,798 3,622,059 862,139 4,390,382 Net cash provided by investments 679,798 3,622,059 862,139 4,390,382 Cash flows from financing: Advances to/from affiliates (3,629) (259,095) 11,376 (9,095) Proceeds from notes receivable - - - 10,933 Repayment of notes payable (886,459) (4,301,653) (1,536,886) (6,610,646) Payment of cash distributions (757,576) (757,576) (1,515,152) (1,515,152) Net cash used by financing (1,647,664) (5,318,324) (3,040,662) (8,123,960) Net change in cash and cash equivalents (108,693) 23,695 (419,286) (57,739) Cash and cash equivalents at beginning of period 118,355 118,894 428,948 200,328 Cash and cash equivalents at end of period $ 9,662 $ 142,589 $ 9,662 $ 142,589
CSA INCOME FUND LIMITED PARTNERSHIP III NOTE TO FINANCIAL STATEMENTS The quarterly financial statements have been prepared by the Partnership without audit. Certain information and footnote disclosure 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, 1998. 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 III as of June 30, 1999 and June 30, 1998 and the results of operations and cash flows for the periods presented therein. CSA INCOME FUND LIMITED PARTNERSHIP III GENERAL PARTNER'S DISCUSSION OF OPERATIONS Total Revenue for the quarters ended June 30, 1999 and 1998 was $1,013,699 and $2,065,109, respectively. Net loss for the quarter ended June 30, 1999 was $31,227 as compared to $82,498 in the quarter ended June 30, 1998. The net loss was primarily attributable to the increase in depreciation expense as a percentage of rental income as the portfolio winds-up. The Partnership generated $2,621,376 in net cash flow from operations and from sale of equipment during the six months ended June 30, 1999. The Partnership used these funds and cash on hand to reduce notes payable by $1,536,886 and pay cash distributions to the Limited partners of $1,500,000. As reported in previous financial reports, the General Partner of CSA Income Fund Limited Partnership III is in the process of winding up the Partnership. The General Partner is endeavoring to complete the remarketing of the remaining leases by September 30, 1999. The Partnership will continue to pay a monthly distribution at the current rate until the final distribution is paid. In accordance with the Partnership Agreement, pursuant to section 8.3 (c), accounting profits from the sale of equipment that result in the dissolution of the Partnership, shall be allocated to each partner first in the amount equal to the negative balance in the Capital Account of such partner. In connection with the wind up of the Partnership, certain accounting gains on the disposition of partnership assets were allocated during the second quarter of 1999 to the General Partner to reduce its Capital Account negative balance. The Partnership distributed $.50 per Limited Partnership Unit on the 15th of April, May, and June 1999. To date, the Partnership has made cash distributions to the Limited Partners ranging from 79% to 95% of their initial investment, depending on when the Limited Partner entered the Partnership. As previously reported, the General Partner still estimates that the continued cash distributions will 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 III 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 the second quarter.of 1999.
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 III (Registrant) By its General Partner, CSA Equity Funds,Inc. Date: /s/ J. Frank Keohane President Principal Executive Officer Date: /s/ Richard P.Timmons Corporate Controller Principal Accounting and Finance Officer EX-27 2
5 This schedule contains summary financial information extracted from CSA Income Fund Limited Partnership III's Statement of Financial Position as of June 30, 1999 and Statement of Operations for the six months then ended and is qualified in its entirely by reference to such financial statements. 6-MOS DEC-31-1999 JUN-30-1999 9,662 0 9,917 0 0 0 11,222,934 9,462,923 1,779,590 0 0 0 0 0 1,554,899 1,779,590 0 2,080,830 0 2,129,723 34,924 0 42,966 (126,783) 0 (126,783) 0 0 0 (126,783) (0.28) (0.28) The Registrant maintains an unclassified Statement of Financial Position.
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