SEC 1344
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SEC FILE NUMBER 2-91762
CUSIP NUMBER
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): Form 10-K Form 20-F Form 11-K X Form 10-Q
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Form N-SAR
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For Period Ended: June 30, 2002
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[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
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Read Instruction (on back page) Before Preparing Form. Please Print or Type.
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:
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PART I -- REGISTRANT INFORMATION
Polaris Aircraft Income Fund I
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Full Name of Registrant
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Former Name if Applicable
201 High Ridge Road
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Address of Principal Executive Office (Street and Number)
Stamford, Connecticut, 06927
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City, State and Zip Code
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)
(a) The reasons described in reasonable detail in Part III of
this form could not be eliminated without unreasonable effort
or expense;
(b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F,11-K or Form N-SAR, or portion
X 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, 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 Forms 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report portion thereof, could not be filed within the
prescribed time period.
The Registrant has been unable to obtain access to documents in possession of
Arthur Andersen, the previous Certifying Accountant, in order to provide such
documents to Ernst & Young, the Registrant's new Certifying Accountant. As a
result, Ernst & Young is unable to complete their timely quarterly review in
accordance with Statements of Auditing Standards No. 71.
PART IV-- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Karen Gulliver 203 961-2176
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(Name) (Area Code) (Telephone Number)
(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 answer is no,
identify report(s). X Yes No
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(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 statements to be included in the subject report or portion thereof?
X Yes No
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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 cannot be made.
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Polaris Aircraft Income Fund I
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: August 14, 2002 By: /s/ STEPHEN E. YOST
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Stephen E. Yost
Polaris Aircraft Income Fund I
Response to Part IV (3)
Partnership Operations
The Partnership recorded net loss of $45,489, or $0.30 per limited partnership
unit, for the three months ended June 30, 2002, compared to net income of
$618,235, or $3.63 per unit, for the same period in 2001. The Partnership
recorded net loss of $72,482, or $0.49 per limited partnership unit, for the six
months ended June 30, 2002, compared to net income of $687,180, or $3.53 per
limited partnership unit, for the six months ended June 30, 2001. The decline in
operating results was primarily due to a reduction in maintenance reserves
recognized as income, decreases in lessee settlement income, interest income,
and increased administrative and other expenses partially offset by a decrease
in operating expenses.
Other income decreased for both the three and six months ended June 30, 2002 as
compared to the same periods in 2001 primarily due to maintenance reserves that
were recognized as income during the three months ended June 30, 2001. There was
no similar income in 2002. The Partnership held engines that were marketed for
sale on an as-is-where-is basis and there was no further need to hold the
maintenance reserves. As a result, the maintenance reserves were recognized as
income during the three months ended June 30, 2001.
Interest income decreased during the three and six months ended June 30, 2002,
as compared to the same periods in 2001 primarily due to lower interest rates
and a decrease in the cash reserves primarily due to distributions.
Lessee settlement decreased during the three and six months ended June 30, 2002,
as compared to the same periods in 2001, primarily due to the receipt of $76,770
on January 16, 2001 related to the Braniff bankruptcy and $8,897 on June 27,
2001 related to the CanAir bankruptcy for which there were no corresponding
receipts in 2002.
Operating expenses decreased during the three and six months ended June 30, 2002
as compared to the same periods in 2001, primarily due to expenses incurred in
the second quarter of 2001 in connection with marketing the engines for sale.
Administrative and other expenses increased during the three and six months
ended June 30, 2002, as compared to the same periods in 2001, primarily due to
an increase in legal fees during 2002.