-----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, NNvvSCSSv0UsEQQ11PY6PIVAks5EbgWRYR41YHbLIr56L1EUN5fcZEAbm4cGjwBo j+241QYs4AI5z5epCD7A5g== 0000831890-99-000014.txt : 19991117 0000831890-99-000014.hdr.sgml : 19991117 ACCESSION NUMBER: 0000831890-99-000014 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991115 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: 99754577 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 September 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: PART I - FINANCIAL INFORMATION CSA INCOME FUND LIMITED PARTNERSHIP III STATEMENTS OF FINANCIAL POSITION AS OF
(Unaudited) September 30, December 31, 1999 1998 Assets Cash and cash equivalents $ 0 $ 428,948 Rentals receivable 0 786 Accounts receivable- affiliates 0 11,376 Remarketing receivables 0 699 Rental equipment, at cost 0 16,996,622 Less accumulated depreciation 0 (12,429,074) Net rental equipment 0 4,567,548 Total assets $ 0 $ 5,009,357 Liabilities and partners' capital Accounts payable $ 0 $ 46,669 Accrued management fees 0 18,145 Deferred income 0 31,905 Notes payable 0 1,715,804 Total liabilities 0 1,812,523 Partners' capital: General Partner: Capital contribution 1,000 1,000 Cumulative net income 443,996 421,268 Cumulative cash distributions (444,996) (422,268) 0 0 Limited Partners (500,000 units): Capital contributions net of offering costs 44,539,778 44,539,778 Cumulative net income 9,437 506,271 Cumulative cash distributions (44,549,215) (41,849,215) 0 3,196,834 Total Partners' capital 0 3,196,834 Total liabilities and partners' capital $ 0 $ 5,009,357
CSA INCOME FUND LIMITED PARTNERSHIP III STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 1999 AND 1998
Three Months Nine Months Ended September, September, September, September, 30, 1999 30, 1998 30, 1999 30, 1998 Revenues: Rental income $ 381,806 $1,434,086 $ 2,411,906 $5,807,860 Interest income 288 1,013 1,644 2,543 Gain on sale of equipment (291,636) 233,459 (242,117) 378,106 Gain (loss) on foreign currency (102) 168 (247) 367 Total revenues 90,356 1,668,726 2,171,186 6,188,876 Costs and expenses: Depreciation 365,903 1,419,000 2,361,320 5,351,574 Interest expense 1,099 83,213 44,065 484,995 Management fees 19,090 71,704 120,595 290,393 Storage and Refurbishment - 1,000 12,500 1,000 General and administrative 51,587 28,376 106,812 110,160 Total expenses 437,679 1,603,293 2,645,292 6,238,122 Net income (loss) $ (347,323) $ 65,433 $ (474,106) $ (49,246) Net income (loss) allocation: General Partner $ 7,576 $ 7,574 $ 22,728 $ 146,672 Limited Partners (354,899) 57,859 (496,834) (196,018) $ (347,323) $ 65,433 $ (474,106) $ (49,246) Net income (loss) per Limited Partnership Unit $ (.71) $ .12 $ (.99) $ (.39) Number of Limited Partnership Units 500,000 500,000 500,000 500,000
CSA INCOME FUND LIMITED PARTNERSHIP III STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 1999 AND 1998
Three Months Ended Nine Months Ended September, September, September, September, 30, 1999 30, 1998 30, 1999 30, 1998 Cash flows from operations: Cash received from rental of equipment $ 380,083 $ 1,368,677 $2,380,534 $ 5,790,688 Cash paid for operating and management expenses (105,112) (68,747) (304,716) (414,667) Interest paid (1,099) (83,213) (44,065) (484,996) Interest received 288 1,012 1,644 2,543 Net cash provided by operations 274,160 1,217,729 2,033,397 4,893,568 Cash flow from investments: Sale of equipment 1,102,671 2,575,491 1,964,810 6,965,873 Net cash provided by investments 1,102,671 2,575,491 1,964,810 6,965,873 Cash flows from financing: Proceeds from notes receivable - - - 10,933 Advances to/from affiliates - 46,165 11,376 37,070 Proceeds from notes payable - 14,641 - 14,641 Repayment of notes payable (178,917) (2,946,990) (1,715,803) (9,557,636) Payment of cash distributions (1,207,576) (757,574) (2,722,728) (2,272,726) Net cash used by financing (1,386,493) (3,643,758) (4,427,155) (11,767,718) Net change in cash And cash equivalents (9,662) 149,462 (428,948) 91,723 Cash and cash equivalents at beginning of period 9,662 142,589 428,948 200,328 Cash and cash equivalents at end of period $ - $ 292,051 $ - $ 292,051
CSA INCOME FUND LIMITED PARTNERSHIP III NOTE TO FINANCIAL STATEMENTS The quarterly financial statements of the Partnership presented herein are without audit except for balance sheet information as of December 31, 1998. 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 September 30, 1999 and September 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 As discussed since the 1996 Annual Report, the General Partner of CSA Income Fund Limited Partnership III has now completed the wind-up of the Partnership as of September 30, 1999. The Partnership distributed $0.50 per Limited Partnership Unit on the 15th of July, August, and September. The Partnership also distributed a final distribution of $0.90 per Limited Partners unit on September 30, 1999. This will be the final Partnership quarterly report. The Partnership will mail all Limited Partners their final K-1 for tax reporting purposes during February 2000. For accounting purposes, total revenue was $90,356 and $1,668,726 for the quarters ended September 30, 1999 and 1998, respectively. Net loss for the quarter ended September 30, 1999 was $347,320 as compared to net income of $65,433 in the quarter ended September 30, 1998. For the nine months ended September 30, 1999 and September 30, 1998, total revenue was $2,171,186 and $6,188,876, respectively. A net loss of $474,106 was recorded for the first nine months ended September 30, 1999, as compared to a net loss of $49,246 in the nine months ended September 30, 1998. The third quarter net loss was primarily due to losses recorded on the sale of equipment. As part of the wind-up the sale of three large Owens Corning leases consisting primarily of desktop personal computers (PC's) accounted for a significant portion of the loss recorded in the third quarter. The fair market value of used PC's has experienced substantial erosion during 1999. The Partnership generated cash flow of $3,998,207 from operations and sale of equipment during the nine months ended September 30, 1999. The Partnership used these funds and cash on hand to reduce notes payable by $1,715,803 and make distributions to partners of $2,722,728. 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. As provided in the Partnership Agreement and as previously discussed, in connection with the wind up of the Partnership, certain accounting gains on the disposition of partnership assets were allocated during the third quarter of 1999 to the General Partner to reduce its Capital Account negative balance. 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 third 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 September 30, 1999 and Statement of Operations for the nine months then ended and is qualified in its entirely by reference to such financial statements. 9-MOS DEC-31-1999 SEP-30-1999 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,171,186 0 2,494,415 106,812 0 44,065 (474,106) 0 (474,106) 0 0 0 (474,106) (.99) (.99) The registrant maintains an unclassified Statement of Financial Position.
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