1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998
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 2-86324
IEA MARINE CONTAINER INCOME FUND V(A)
(Exact name of registrant as specified in its charter)
California 94-2911062
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
444 Market Street, 15th Floor, San Francisco, California 94111
(Address of principal executive offices) (Zip Code)
(415) 677-8990
(Registrant's telephone number, including area code)
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 for 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 [ ].
2
IEA MARINE CONTAINER INCOME FUND V(A)
REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD
ENDED MARCH 31, 1998
TABLE OF CONTENTS
PAGE
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets - March 31, 1998 (unaudited) and December 31, 1997 4
Statements of Operations for the three months ended
March 31, 1998 and 1997 (unaudited) 5
Statements of Cash Flows for the three months ended March 31,
1998 and 1997 (unaudited) 6
Notes to Financial Statements (unaudited) 7
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 10
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 15
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Presented herein are the Registrant's balance sheets as of March 31,
1998 and December 31, 1997, statements of operations for the three
months ended March 31, 1998 and 1997, and statements of cash flows for
the three months ended March 31, 1998 and 1997.
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IEA MARINE CONTAINER INCOME FUND V(A)
BALANCE SHEETS
(UNAUDITED)
March 31, December 31,
1998 1997
-------- --------
Assets
Current assets:
Cash and cash equivalents, includes $86,875 at March 31, 1998 and
$145,789 at December 31, 1997 in interest-bearing accounts $ 98,129 $145,989
Net lease receivables due from Leasing Company
(notes 1 and 2) 27,060 27,890
-------- --------
Total current assets 125,189 173,879
-------- --------
Container rental equipment, at cost 890,793 954,360
Less accumulated depreciation 623,555 668,052
-------- --------
Net container rental equipment 267,238 286,308
-------- --------
$392,427 $460,187
======== ========
Partners' Capital
Partners' capital:
General partners $ 51 $ 709
Limited partners 392,376 459,478
-------- --------
Total partners' capital 392,427 460,187
-------- --------
$392,427 $460,187
======== ========
The accompanying notes are an integral part of these financial statements.
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IEA MARINE CONTAINER INCOME FUND V(A)
STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
---------------------
March 31, March 31,
1998 1997
------- -------
Net lease revenue (notes 1 and 3) $29,304 $44,196
Other operating expenses:
Depreciation -- 16,915
Other general and administrative expenses 8,280 6,091
------- -------
8,280 23,006
------- -------
Earnings from operations 21,024 21,190
Other income:
Interest income 1,207 2,171
Net gain on disposal of equipment 5,183 18,851
------- -------
6,390 21,022
------- -------
Net earnings $27,414 $42,212
======= =======
Allocation of net earnings:
General partners $ 7,803 $13,144
Limited partners 19,611 29,068
------- -------
$27,414 $42,212
======= =======
Limited partners' per unit share of net earnings $ 2.69 $ 3.98
======= =======
The accompanying notes are an integral part of these financial statements.
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IEA MARINE CONTAINER INCOME FUND V(A)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended
-------------------------
March 31, March 31,
1998 1997
--------- ---------
Net cash provided by (used in) operating activities $ (2,645) $ 46,358
Cash flows provided by investing activities:
Proceeds from disposal of equipment 49,959 76,538
Cash flows used in financing activities:
Distribution to partners (95,174) (157,788)
--------- ---------
Net decrease in cash and cash equivalents (47,860) (34,892)
Cash and cash equivalents at January 1 145,989 219,151
--------- ---------
Cash and cash equivalents at March 31 $ 98,129 $ 184,259
========= =========
The accompanying notes are an integral part of these financial statements.
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IEA MARINE CONTAINER INCOME FUND V(A)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(1) Summary of Significant Accounting Policies
(a) Nature of Operations
IEA Marine Container Income Fund V(A) (the "Partnership") is a limited
partnership organized under the laws of the State of California on
August 8, 1983 for the purpose of owning and leasing marine cargo
containers. The managing general partner is Cronos Capital Corp.
("CCC"); the associate general partners include four individuals. CCC,
with its affiliate Cronos Containers Limited (the "Leasing Company"),
manages the business of the Partnership. The Partnership shall
continue until December 31, 2005, unless sooner terminated upon the
occurrence of certain events.
The Partnership commenced operations on March 5, 1984, when the
minimum subscription proceeds of $1,000,000 were obtained. The
Partnership offered 10,000 units of limited partnership interest at
$500 per unit, or $5,000,000. The offering terminated on March 31,
1984, at which time 7,302 limited partnership units had been
purchased.
As of March 31, 1998, 21% of the original equipment remained in the
Partnership's fleet and was comprised of 219 twenty-foot, 66
forty-foot and 58 forty-foot high-cube marine dry cargo containers.
Commencing in 1994, the Partnership's 11th year of operations, the
Partnership began focusing its attention on the disposition of its
fleet in accordance with another of its original investment
objectives, realizing the residual value of its containers after the
expiration of their economic useful lives, estimated to be between 10
to 15 years after placement in leased service. During this phase, the
Partnership has actively disposed of containers within its fleet,
while cash proceeds from equipment disposals, in addition to cash from
operations, provided the cash flow for distributions to the limited
partners. The Partnership, in its 15th year of operations, will
continue to focus its attention during the remainder of 1998 on
disposing of its remaining fleet.
(b) Leasing Company and Leasing Agent Agreement
Pursuant to the Limited Partnership Agreement of the Partnership, all
authority to administer the business of the Partnership is vested in
CCC. CCC has entered into a Leasing Agent Agreement whereby the
Leasing Company has the responsibility to manage the leasing
operations of all equipment owned by the Partnership. Pursuant to the
Agreement, the Leasing Company is responsible for leasing, managing
and re-leasing the Partnership's containers to ocean carriers and has
full discretion over which ocean carriers and suppliers of goods and
services it may deal with. The Leasing Agent Agreement permits the
Leasing Company to use the containers owned by the Partnership,
together with other containers owned or managed by the Leasing Company
and its affiliates, as part of a single fleet operated without regard
to ownership. Since the Leasing Agent Agreement meets the definition
of an operating lease in Statement of Financial Accounting Standards
(SFAS) No. 13, it is accounted for as a lease under which the
Partnership is lessor and the Leasing Company is lessee.
(Continued)
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IEA MARINE CONTAINER INCOME FUND V(A)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(b) Leasing Company and Leasing Agent Agreement - (Continued)
The Leasing Agent Agreement generally provides that the Leasing
Company will make payments to the Partnership based upon rentals
collected from ocean carriers after deducting direct operating
expenses and management fees to CCC. The Leasing Company leases
containers to ocean carriers, generally under operating leases which
are either master leases or term leases (mostly two to five years).
Master leases do not specify the exact number of containers to be
leased or the term that each container will remain on hire but allow
the ocean carrier to pick up and drop off containers at various
locations; rentals are based upon the number of containers used and
the applicable per-diem rate. Accordingly, rentals under master leases
are all variable and contingent upon the number of containers used.
Most containers are leased to ocean carriers under master leases;
leasing agreements with fixed payment terms are not material to the
financial statements. Since there are no material minimum lease
rentals, no disclosure of minimum lease rentals is provided in these
financial statements.
(c) Basis of Accounting
The Partnership utilizes the accrual method of accounting. Net lease
revenue is recorded by the Partnership in each period based upon its
leasing agent agreement with the Leasing Company. Net lease revenue is
generally dependent upon operating lease rentals from operating lease
agreements between the Leasing Company and its various lessees, less
direct operating expenses and management fees due in respect of the
containers specified in each operating lease agreement.
(d) Financial Statement Presentation
These financial statements have been prepared without audit. Certain
information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
procedures have been omitted. It is suggested that these financial
statements be read in conjunction with the financial statements and
accompanying notes in the Partnership's latest annual report on Form
10-K.
The preparation of financial statements in conformity with generally
accepted accounting principles (GAAP) requires the Partnership to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of
revenues and expenses during the reported period. Actual results could
differ from those estimates.
The interim financial statements presented herewith reflect all
adjustments of a normal recurring nature which are, in the opinion of
management, necessary to a fair statement of the financial condition
and results of operations for the interim periods presented.
(Continued)
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IEA MARINE CONTAINER INCOME FUND V(A)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(2) Net Lease Receivables Due from Leasing Company
Net lease receivables due from the Leasing Company are determined by
deducting direct operating payables and accrued expenses, base management
fees payable, reimbursed administrative expenses and incentive fees
payable to CCC and its affiliates from the rental billings payable by the
Leasing Company to the Partnership under operating leases to ocean
carriers for the containers owned by the Partnership. Net lease
receivables at March 31, 1998 and December 31, 1997 were as follows:
March 31, December 31,
1998 1997
------- -------
Lease receivables, net of doubtful accounts of $7,195
at March 31, 1998 and $6,346 at December 31, 1997 $67,608 $73,685
Less:
Direct operating payables and accrued expenses 27,965 25,137
Damage protection reserve 3,803 4,590
Base management fees 717 4,551
Reimbursed administrative expenses 828 942
Incentive fees 7,235 10,575
------- -------
$27,060 $27,890
======= =======
(3) Net Lease Revenue
Net lease revenue is determined by deducting direct operating expenses,
base management and incentive fees and reimbursed administrative expenses
to CCC from the rental revenue billed by the Leasing Company under
operating leases to ocean carriers for the containers owned by the
Partnership. Net lease revenue for the three-month periods ended March 31,
1998 and 1997 was as follows:
Three Months Ended
----------------------
March 31, March 31,
1998 1997
------- --------
Rental revenue $47,325 $74,012
Less:
Rental equipment operating expenses 4,359 6,861
Base management fees 3,276 5,344
Reimbursed administrative expenses 3,151 3,697
Incentive fees 7,235 13,914
------- -------
$29,304 $44,196
======= =======
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Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
It is suggested that the following discussion be read in conjunction with the
Registrant's most recent annual report on Form 10-K.
1) Material changes in financial condition between March 31, 1998 and
December 31, 1997.
December 31, 1997 marked the completion of the Registrant's 14th year of
operations. At March 31, 1998, the Registrant operated only 21% of its
original container fleet. Due to the declining cash flows from operations
and sales proceeds from a rapidly diminishing fleet, the managing general
partner has determined that it is in the best interest of the limited
partners to dissolve the Partnership before such time that fixed operating
costs exceed operating revenues. It is, therefore, the intent of the
managing general partner to liquidate the remaining equipment in the fleet
and wind up the Registrant's operations during the second quarter of 1998.
The managing general partner is in active negotiations with qualified
buyers who are interested in purchasing the remaining containers in the
Registrant's fleet, and expects to agree on the terms of the purchase
agreement near the end of the second quarter of 1998. When all of the
equipment has been disposed and the Registrant's debt receivables and
liabilities have been collected and discharged, the Partnership will then
be dissolved. The managing general partner will then undertake a final
distribution of the Registrant's assets to the limited partners and
proceed to cancel the Certificate of Limited Partnership, thus terminating
the Partnership.
As discussed in the Registrant's report for the year ended December 31,
1997, the Registrant entered 1998 with a view towards accelerating the
disposal of its fleet. During the first three months of 1998, the
Registrant disposed of 27 containers as part of its ongoing container
operations, contributing to a decline in the Registrant's operating
results. At March 31, 1998, 21% of the original equipment remained in the
Registrant's fleet, as compared to 22% at December 31, 1997, and was
comprised of the following:
40-Foot
20-Foot 40-Foot High-Cube
------- ------- ---------
Containers on lease:
Term leases 13 3 9
Master leases 190 52 40
--- --- ---
Subtotal 203 55 49
Containers off lease 16 11 9
--- --- ---
Total container fleet 219 66 58
=== === ===
40-Foot
20-Foot 40-Foot High-Cube
----------------- ----------------- -----------------
Units % Units % Units %
----- ----- ----- ----- ----- -----
Total purchases 1,230 100% 358 100% 75 100%
Less disposals 1,011 82% 292 82% 17 23%
----- ----- ----- ----- ----- -----
Remaining fleet at March 31, 1998 219 18% 66 18% 58 77%
===== ===== ===== ===== ===== =====
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The Registrant's diminishing fleet size and its related operating
performance contributed to a 3% decline in net lease receivables at March
31, 1998, when compared to December 31, 1997. During the first quarter of
1998, distributions from operations and sales proceeds amounted to
$95,174, reflecting distributions to the general and limited partners for
the fourth quarter of 1997. This represents the same amount distributed
during the fourth quarter of 1997, reflecting distributions for the third
quarter of 1997. The Registrant's efforts to dispose of the remaining
fleet should produce lower operating results and, consequently, lower
distributions to its partners in subsequent quarters.
Market conditions that existed during 1997 persisted through the first
quarter of 1998. Low container prices, favorable interest rates and the
abundance of available capital continued to discourage ocean carriers and
other transport companies from leasing containers at levels comparable to
previous years. By the end of 1997, the volatility of the Hong Kong and
other Asian financial markets began to negatively impact trade, shipping
and container leasing. As a result, the Registrant's container utilization
rate declined from 90% at December 31, 1997 to 88% at March 31, 1998.
Per-diem rental rates continued to remain under pressure as a result of
the following factors: start-up leasing companies offering new containers
and low rental rates in an effort to break into the leasing market;
established leasing companies reducing rates to very low levels; and a
continuing oversupply of containers. These leasing market conditions
impacted the Registrant's financial condition and operating performance
during the first quarter of 1998.
2) Material changes in the results of operations between the three-month
period ended March 31, 1998 and the three-month period ended March 31,
1997.
Net lease revenue for the three-month period ended March 31, 1998 was
$29,304, a decline of 34% from the same three-month period in the prior
year. Approximately 19% of the Registrant's net earnings for the
three-month period ended March 31, 1998 were from gain on disposal of
equipment, as compared to 45% for the same three-month period in the prior
year. As the Registrant continues to dispose of its containers in
subsequent periods, net gain on disposal may fluctuate and should
contribute significantly to the Registrant's net earnings.
Gross rental revenue (a component of net lease revenue) for the
three-month period ended March 31, 1998 was $47,325, reflecting a decline
of 36% from the same three-month period in 1997. Gross rental revenue was
primarily impacted by the Registrant's diminishing fleet size and lower
utilization levels. Average per-diem rental rates decreased approximately
11%, when compared to the same three-month period in the prior year.
Utilization rates increased when compared to the same three-month period
in the prior year, as the Registrant continued to dispose of containers,
thereby reducing the number of off-hire containers within its fleet. The
Registrant's average fleet size and utilization rates for the three-month
periods ended March 31, 1998 and March 31, 1997 were as follows:
Three Months Ended
--------------------
March 31, March 31,
1998 1997
--------- ---------
Average fleet size (measured in twenty-foot equivalent
units (TEU)) 485 723
Average Utilization 90% 87%
Rental equipment operating expenses were 9% of the Registrant's gross
lease revenue during the three-month period ended March 31, 1998,
unchanged from the three-month period ended March 31, 1997. The
Registrant's declining fleet size and related operating results also
contributed to a decline in base management and incentive fees when
compared to the same period in the prior year. The Registrant's fleet
became fully depreciated during the first quarter of 1997, contributing to
the decline in depreciation expense.
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As reported in the Registrant's Current Report on Form 8-K and Amendment
No. 1 to Current Report on Form 8-K, filed with the Commission on February
7, 1997 and February 26, 1997, respectively, Arthur Andersen, London,
England, resigned as auditors of The Cronos Group, a Luxembourg
Corporation headquartered in Orchard Lea, England (The "Parent Company"),
on February 3, 1997.
The Parent Company is the indirect corporate parent of CCC, the General
Partner of the Registrant. In its letter of resignation to the Parent
Company, Arthur Andersen stated that it resigned as auditors of the Parent
Company and all other entities affiliated with the Parent Company. While
its letter of resignation was not addressed to CCC, Arthur Andersen
confirmed to CCC that its resignation as auditors of the entities referred
to in its letter of resignation included its resignation as auditors of
CCC and the Registrant.
CCC does not believe, based upon the information currently available to
it, that Arthur Andersen's resignation was triggered by any concern over
the accounting policies and procedures followed by the Registrant.
Arthur Andersen's report on the financial statements of CCC and the
Registrant, for years preceding 1996, has not contained an adverse opinion
or a disclaimer of opinion, nor was any such report qualified or modified
as to uncertainty, audit scope, or accounting principles.
During the Registrant's 1995 fiscal year and the subsequent interim period
preceding Arthur Andersen's resignation, there were no disagreements
between CCC or the Registrant and Arthur Andersen on any matter of
accounting principles or practices, financial statement disclosure, or
auditing scope or procedure.
The Registrant retained a new auditor, Moore Stephens, P.C. on April 10,
1997, as reported in its Current Report on Form 8-K, filed April 14, 1997.
In connection with its resignation, Arthur Andersen also prepared a report
pursuant to the provisions of Section 10A(b)(2) of the Securities Exchange
Act of 1934, as amended, for filing by the Parent Company with the
Securities and Exchange Commission (the "SEC"). Following the report of
Arthur Andersen, the SEC, on February 10, 1997, commenced a private
investigation of the Parent Company for the purpose of investigating the
matters discussed in such report and related matters. The Registrant does
not believe that the focus of the SEC's investigation is upon the
Registrant or CCC. CCC is unable to predict the outcome of the SEC's
ongoing private investigation of the Parent Company.
In 1993, the Parent Company negotiated a credit facility (herinafter, the
"Credit Facility") with several banks for the use of the Parent Company
and its affiliates, including CCC. At December 31, 1996, approximately
$73,500,000 in principal indebtedness was outstanding under the Credit
Facility. As a party to the Credit Facility, CCC is jointly and severally
liable for the repayment of all principal and interest owed under the
Credit Facility. The obligations of CCC, and the five other subsidiaries
of the Parent Company that are borrowers under the Credit Facility, are
guaranteed by the Parent Company.
Following negotiations in 1997 with the banks providing the Credit
Facility, an Amended and Restated Credit Agreement was executed in June
1997, subject to various actions being taken by the Parent Company and its
subsidiaries, primarily relating to the provision of additional
collateral. This Agreement was further amended in July 1997 and the
provisions of the Agreement and its Amendment converted the facility to a
term loan, payable in installments, with a final maturity date of May 31,
1998. At December 31, 1997, approximately $37,600,000 was outstanding
under the Credit Facility.
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The terms of the Agreement and its Amendment also provide for additional
security over shares in the subsidiary of the Parent Company that owns the
head office of the Parent Company's container leasing operations. They
also provided for the loans to Stefan M. Palatin, the Chairman of the
Parent Company (the "Chairman") and its Chief Executive Officer (and a
Director of CCC), of approximately $5,990,000 and $3,700,000 (totaling
approximately $9,690,000) to be restructured as obligations of the
Chairman to another subsidiary of the Parent Company. These obligations
have been collaterally assigned to the lending banks, together with the
pledge of 1,000,000 shares of the Parent Company's Common Stock owned by
the Chairman. These 1,000,000 shares represent 11% of the issued and
outstanding shares of Common Stock of the Parent Company as of December
31, 1997. The shares of the Parent Company are traded on NASDAQ (CRNSF).
(The Chairman, including the 1,000,000 shares pledged to the banks, owns
approximately 55% of the issued and outstanding shares of Common Stock of
the Parent Company as of December 31, 1997). Additionally, CCC granted the
lending banks a security interest in the fees to which it is entitled for
the services it renders to the container leasing partnerships of which it
acts as general partner, including its fee income payable by the
Registrant.
The lending banks have indicated that they will not renew the Credit
Facility, and the Parent Company has yet to secure a source for repayment
of the balance due under the Credit Facility at May 31, 1998. CCC is
currently in discussions with the management of the Parent Company to
provide assurance that the management of the container leasing
partnerships managed by CCC, including the Registrant, is not disrupted
pending a refinancing or reorganization of the indebtedness of the Parent
Company and its affiliates.
The Registrant is not a borrower under the Credit Facility, and neither
the containers nor the other assets of the Registrant have been pledged as
collateral under the Credit Facility.
The Registrant is unable to determine the impact, if any, these concerns
may have on the future operating results and financial condition of the
Registrant or CCC and the Leasing Company's ability to manage the
Registrant's fleet in subsequent periods.
Year 2000
The Registrant relies upon the financial and operational systems provided
by the Leasing company and its affiliates, as well as the systems provided
by other independent third parties to service the three primary areas of
its business: investor processing/maintenance; container leasing/asset
tracking; and accounting finance. The Registrant has received confirmation
from its third-party investor processing/maintenance vendor that their
system is Year 2000 compliant. The Registrant does not expect a material
increase in it vendor servicing fee to reimburse Year 2000 costs.
Container leasing/asset tracking and accounting/finance services are
provided to the Registrant by CCC and its affiliate, Cronos Containers
Limited (the "Leasing Company"), pursuant to the respective Limited
Partnership Agreement and Leasing Agent Agreement. CCC and the Leasing
Company have initiated a program to prepare their systems and applications
for the Year 2000. Preliminary studies indicate that testing, conversion
and upgrading of system applications is expected to cost CCC and the
Leasing Company less than $500,000. Pursuant to the Limited Partnership
Agreement, CCC or the Leasing Company, may not seek reimbursement of data
processing costs associated with the Year 2000 program. The financial
impact of making these required system changes is not expected to be
material to the Registrant's financial position, results of operations or
cash flows.
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Cautionary Statement
This Quarterly Report on Form 10-Q contains statements relating to future
results of the Registrant, including certain projections and business
trends, that are "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those projected as a result of certain risks and
uncertainties, including but not limited to changes in: economic
conditions; trade policies; demand for and market acceptance of leased
marine cargo containers; competitive utilization and per-diem rental rate
pressures; as well as other risks and uncertainties, including but not
limited to those described in the above discussion of the marine container
leasing business under Item 2., Management's Discussion and Analysis of
Financial Condition and Results of Operations; and those detailed from
time to time in the filings of Registrant with the Securities and Exchange
Commission.
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PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit
No. Description Method of Filing
- ------- ----------- ----------------
3(a) Limited Partnership Agreement of the Registrant, amended *
and restated as of October 27, 1984
3(b) Certificate of Limited Partnership of the Registrant **
27 Financial Data Schedule Filed with this document
(b) Reports on Form 8-K
No reports on Form 8-K were filed by the Registrant during the quarter
ended March 31, 1998.
- ----------------
* Incorporated by reference to Exhibit "A" to the Prospectus of the
Registrant dated October 28, 1984, included as part of Registration
Statement on Form S-1 (No. 2-86324)
** Incorporated by reference to Exhibit 3.4 to the Registration Statement on
Form S-1 (No. 2-86324)
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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.
IEA MARINE CONTAINER INCOME FUND V(A)
By Cronos Capital Corp.
The Managing General Partner
By /s/ Dennis J. Tietz
---------------------------------------
Dennis J. Tietz
President and Director of Cronos Capital
Corp. ("CCC")
Principal Executive Officer of CCC
Date: May 15, 1998
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EXHIBIT INDEX
Exhibit
No. Description Method of Filing
- ------- ----------- --------------------
3(a) Limited Partnership Agreement of the Registrant, amended *
and restated as of October 27, 1984
3(b) Certificate of Limited Partnership of the Registrant **
27 Financial Data Schedule Filed with this document
- ----------------
* Incorporated by reference to Exhibit "A" to the Prospectus of the
Registrant dated October 28, 1984, included as part of Registration
Statement on Form S-1 (No. 2-86324)
** Incorporated by reference to Exhibit 3.4 to the Registration Statement on
Form S-1 (No. 2-86324)