Form 12b-25. - NOTIFICATION OF LATE FILING
Form 12b-25
SEC File Number 0-20031
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Check One):
[ ] Form 10-K and Form 10-KSB [ ] Form 11-K [ ] Form 20-F [
X] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: June 30, 2002
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the Notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates: All Items.
-------------
PART 1-REGISTRANT INFORMATION
- -------------------------------
American Income Fund I-C, a Massachusetts Limited Partnership
- --------------------------------------------------------------------
Full Name of Registrant
N/A
- ---
Former Name, if Applicable
1050 Waltham Street, Suite 310
- ----------------------------------
Address of Principal Executive Office (Street and Number)
Lexington, MA 02421
- ---------------------
City, State and Zip
Form 12b-25
Page Two
PART II-Rules 12b-25 (b) AND (c)
- -------------------------------------
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box, if appropriate)
[X] (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or expense;
[X] (b) The subject annual report, semi-annual report, transition report
on Form 10-K, Form 10-KSB, Form 20-F, Form 11-K or Form N-SAR, or portion
thereof, will be filed on or before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report of transition report on
Form 10-Q, Form 10-QSB or portion thereof will be filed on or before the fifth
calendar day following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III-NARRATIVE
- -------------------
State below in reasonable detail the reasons why the Form 10-K, 10-KSB, 11-K,
20-F, 10-Q, 10-QSB or N-SAR, or the transition report or portion thereof, could
not be filed within the prescribed time period.
The Registrant requires additional time to prepare a complete and accurate
accounting of the quarter ended June 30th, 2002. This is due to delays caused by
staffing turnover. The Registrant expects to be completed with the financial
statements by August 19th, 2002 and, therefore, Form 10-Q is expected to be
filed within the prescribed extension period.
PART IV-OTHER INFORMATION
- ---------------------------
(1) Name and telephone number of person to contact in regard to this
notification.
Michael J. Butterfield 781 676-0024
------------------------ --- --------
(Name) (Area Code) (Telephone Number)
Form 12b-25
Page Three
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed?
If the answer is no, identify report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statement to be included in the subject report or portion thereof?
[X] Yes [ ] No
If so: Attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results can not be made. See attachment.
American Income Fund I-C, a Massachusetts Limited Partnership
--------------------------------------------------------------------
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: August 15, 2002 By:/s/ Michael J. Butterfield
----------------- -----------------------------
Executive Vice President and Chief Operating Officer of the general partner of
Equis Financial Group Limited Partnership and Treasurer of the General Partner
(Principal Financial and Accounting Officer)
ATTACHMENT TO FORM 12b-25
Part IV-Other Information
- ---------------------------
Significant changes in the statement of operations for the three and six months
ended June 30, 2002 as compared to the corresponding periods for 2001 are
summarized below:
The estimated three and six months ending June 30, 2002 results as compared to
the three and six months ending June 30, 2001 results (in thousands):
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
2002 2001 2002 2001
------------------ ----------------- --------- ---------
Total Revenues $ 499,212 $ 532,145 $ 750,225 $1,097,731
Total Expenses 1,348,608 1,405,269 1,653,848 1,728,919
Net Loss $ (849,396) $ (873,124) $ (903,623) $ (631,188)
The decrease in revenues in the six months ended June 30, 2002 compared to the
same period in 2001 primarily reflects a decrease in lease revenue resulting
from lease term expirations and equipment sales. Expenses in the three months
ended June 30, 2002 reflect a bad debt recovery of approximately $431,000 and a
write-down of equipment of approximately $1,492,000. Overall, expenses were
higher in 2001 than 2002, primarily due to a write-down of an impaired loan and
interest receivable of approximately $694,000 in the three months ended June 30,
2001 and the costs associated with ongoing legal matters.