<PAGE>   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, 1997

                                              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     .
                                      -----  -----



<PAGE>   2

                      IEA MARINE CONTAINER INCOME FUND V(A)

                  REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD
                              ENDED MARCH 31, 1997

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                   PAGE
                                                                                                   ----
<S>                                                                                                  <C>
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

        Balance Sheets - March 31, 1997 (unaudited) and December 31, 1996                            4

        Statements of Operations for the three months ended March 31, 1997 and 1996 (unaudited)      5

        Statements of Cash Flows for the three months ended March 31, 1997 and 1996 (unaudited)      6

        Notes to Financial Statements (unaudited)                                                    7

Item 2. Management's Discussion and Analysis of Financial Condition and Results of                   10
        Operations


PART II - OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K                                                             13

</TABLE>



                                        2
<PAGE>   3

                         PART I - FINANCIAL INFORMATION


Item 1. Financial Statements

         Presented herein are the Registrant's balance sheets as of March 31,
         1997 and December 31, 1996, statements of operations for the three
         months ended March 31, 1997, and 1996, and statements of cash flows for
         the three months ended March 31, 1997, and 1996.



                                                3
<PAGE>   4

                      IEA MARINE CONTAINER INCOME FUND V(A)

                                 BALANCE SHEETS

                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                          March 31,     December 31,
                                                                           1997               1996
                                                                           ----               ----
<S>                                                                      <C>            <C>       
               Assets
               ------
Current assets:
   Cash and cash equivalents, includes $145,411 at March 31, 1997
      and $218,930 at December 31, 1996 in interest-bearing accounts     $  184,259     $  219,151
   Net lease receivables due from Leasing Company
      (notes 1 and 2)                                                        65,490         81,880
                                                                         ----------     ----------

         Total current assets                                               249,749        301,031
                                                                         ----------     ----------

Container rental equipment, at cost                                       1,288,513      1,414,770
   Less accumulated depreciation                                            900,423        962,385
                                                                         ----------     ----------
      Net container rental equipment                                        388,090        452,385
                                                                         ----------     ----------

                                                                         $  637,839     $  753,416
                                                                         ==========     ==========

          Partners' Capital
          -----------------
Partners' capital:
   General partners                                                      $      185     $    1,068
   Limited partners                                                         637,654        752,348
                                                                         ----------     ----------

         Total partners' capital                                            637,839        753,416
                                                                         ----------     ----------

                                                                         $  637,839     $  753,416
                                                                         ==========     ==========
</TABLE>


   The accompanying notes are an integral part of these financial statements.



                                        4
<PAGE>   5

                      IEA MARINE CONTAINER INCOME FUND V(A)

                            STATEMENTS OF OPERATIONS

                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                       Three Months Ended
                                                                   March 31,         March 31,
                                                                     1997              1996
                                                              -----------------------------
<S>                                                                <C>                <C>   

Net lease revenue (notes 1 and 3)                                 $44,196           $ 74,763

Other operating expenses:
  Depreciation                                                     16,915             28,633
  Other general and administrative expenses                         6,091              4,105
                                                                  -------            -------
                                                                   23,006             32,738
                                                                   ------             ------

    Earnings from operations                                       21,190             42,025

Other income:
  Interest income                                                   2,171              2,892
  Net gain on disposal of equipment                                18,851             27,024
                                                                   ------             ------
                                                                   21,022             29,916
                                                                   ------             ------

    Net earnings                                                  $42,212           $ 71,941
                                                                   ======             ======

Allocation of net earnings:

  General partners                                                $13,144           $ 16,782
  Limited partners                                                 29,068             55,159
                                                                   ------             ------

                                                                  $42,212           $ 71,941
                                                                   ======             ======

Limited partners' per unit share of net earnings                  $  3.98           $   7.55
                                                                 ========           ========

</TABLE>


   The accompanying notes are an integral part of these financial statements.



                                        5
<PAGE>   6

                      IEA MARINE CONTAINER INCOME FUND V(A)

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                        Three Months Ended
                                                                   March 31,         March 31,
                                                                     1997               1996
                                                              ------------------------------
<S>                                                               <C>               <C>     
Net cash provided by operating activities                         $ 46,358          $ 73,682


Cash flows provided by investing activities:
  Proceeds from disposal of equipment                               76,538            72,286


Cash flows used in financing activities:
  Distribution to partners                                        (157,788)         (195,355)
                                                                   -------           -------


Net decrease in cash and cash equivalents                          (34,892)          (49,387)


Cash and cash equivalents at January 1                             219,151           269,720
                                                                   -------           -------


Cash and cash equivalents at March 31                             $184,259          $220,333
                                                                   =======           =======

</TABLE>



   The accompanying notes are an integral part of these financial statements.



                                        6
<PAGE>   7

                      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, 1997, the Partnership owned and operated 330 twenty-foot,
     118 forty-foot and 66 forty-foot high-cube marine dry cargo containers.


(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.

     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.

                                                                     (continued)

                                        7
<PAGE>   8

                      IEA MARINE CONTAINER INCOME FUND V(A)

                     NOTES TO UNAUDITED 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.


(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,
     1997 and December 31, 1996 were as follows:

<TABLE>
<CAPTION>
                                                 March 31,  December 31,
                                                   1997         1996
                                                   ----         ----
<S>                                                <C>          <C>     
Lease receivables, net of doubtful accounts
  of $55,673 at March 31, 1997 and $118,930
  at December 31, 1996                             $124,939     $147,872
Less:
Direct operating payables and accrued expenses       32,441       32,709
Damage protection reserve                             3,741        5,271
Base management fees                                  8,030        8,822
Reimbursed administrative expenses                    1,323        1,658
Incentive fees                                       13,914       17,532
                                                   --------     --------

                                                   $ 65,490     $ 81,880
                                                   ========     ========
</TABLE>


                                                                     (continued)

                                        8
<PAGE>   9

                      IEA MARINE CONTAINER INCOME FUND V(A)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(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,
     1997 and 1996, was as follows:

<TABLE>
<CAPTION>

                                                             Three Months Ended
                                                             ------------------
                                                           March 31,     March 31,
                                                           ---------     ---------
                                                             1997          1996
                                                         -----------      ----------
         <S>                                             <C>            <C>      
         Rental revenue                                  $  74,012      $ 147,966

         Less:
         Rental equipment  operating expenses                6,861         36,810
         Base management fees                                5,344         10,180
         Incentive fees                                     13,914         17,532
         Reimbursed administrative expenses                  3,697          8,681
                                                           -------      ---------

                                                         $  44,196      $  74,763
                                                            ======       ========
</TABLE>



                                        9
<PAGE>   10

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, 1997 and December
31, 1996.

     As discussed in the Registrant's report for the year ended December 31,
     1996, the Registrant entered 1997 with a view towards accelerating the
     disposal of its fleet. During the first quarter of 1997, the Registrant
     continued disposing of containers as part of its ongoing container
     operations. Accordingly, 55 containers were disposed during the first
     quarter of 1997, contributing to a decline in the Registrant's operating
     results. At March 31, 1997, 31% of the original equipment remained in the
     Registrant's fleet, as compared to 34% at December 31, 1996, and was
     comprised of the following:
<TABLE>
<CAPTION>

                                                           40-Foot
                                       20-Foot  40-Foot   High-Cube
                                       -------  -------   ---------
        <S>                             <C>        <C>    <C>
        Containers on lease:
           Term leases                    16         8         8
           Master lease                  280        91        47
                                         ---      ----        --
               Subtotal                  296        99        55
        Containers off lease              34        19        11
                                        ----      ----        --
           Total container fleet         330       118        66
                                         ===       ===        ==
</TABLE>

<TABLE>
<CAPTION>
                                                                          40-Foot
                                      20-Foot            40-Foot          High-Cube
                                      -------            -------          ---------
                                    Units    %         Units   %         Units   %
                                    -----  ------     -----  -----      -----  ----
       <S>                          <C>      <C>       <C>    <C>         <C>   <C> 
        Total purchases             1,230    100%      358    100%        75    100%
           Less disposals             900     73%      240     67%         9     12%
                                   ------   ----       ---   ----        ---   ----
        Remaining fleet at
        March 31, 1997                330     27%      118     33%        66     88%
                                   ======     ==       ===   ====         ==   ====
</TABLE>


     The Registrant's diminishing fleet size and its related operating
     performance contributed to a 20% decline in net lease receivables at March
     31, 1997, when compared to December 31, 1996. During the first quarter of
     1997, distributions from operations and sales proceeds amounted to
     $157,788, reflecting distributions to the general and limited partners for
     the fourth quarter of 1996. This represents a decline from the $187,841
     distributed during the fourth quarter of 1996, reflecting distributions for
     the third quarter of 1996. The Registrant's efforts to accelerate the
     disposal of the remaining fleet should produce lower operating results and,
     consequently, lower distributions to its partners in subsequent quarters.

     During 1996, ocean carriers and other transport companies moved away from
     leasing containers outright, as declining container prices, favorable
     interest rates and the abundance of available capital resulted in ocean
     carriers and transport companies purchasing a larger share of equipment for
     their own account, reducing the demand for leased containers. Once the
     demand for leased containers began to fall, per-diem rental rates were also
     adversely affected. These conditions continued to exist throughout the
     first quarter of 1997. However, the Registrant's average utilization rate
     at March 31, 1997 was 87%, unchanged from December 31, 1996, a direct
     result of the Registrant's policy to dispose of its off-hire containers.
     The Leasing Company continues to implement various marketing strategies,
     including but not limited to, offering incentives to shipping companies,
     repositioning containers to high demand locations and focusing towards term
     leases and other leasing opportunities including the leasing of containers
     for local storage, in order to counter current leasing market conditions.
     Although these conditions are expected to continue throughout 1997, the
     Registrant's liquidity and capital resources will be primarily impacted by
     its decision to accelerate the disposal of its remaining fleet.



                                       10
<PAGE>   11

2)   Material changes in the results of operations between the three-month
     period ended March 31, 1997 and the three-month period ended March 31,
     1996.

     Net lease revenue for the first quarter of 1997 was $44,196, a decline of
     41% from the first quarter of 1996. Approximately 45% of the Registrant's
     net earnings for the three-month period ended March 31, 1997 were from gain
     on disposal of equipment, as compared to 38% for the same three-month
     period in the prior year. As the Registrant's container disposals increase
     in subsequent periods, net gain on disposal should contribute significantly
     to the Registrant's net earnings and may fluctuate dependent on the level
     of container disposals.

     Gross rental revenue (a component of net lease revenue) for the quarter was
     $74,012, a decline of 50% from the same period last year. During 1997,
     gross rental revenue was primarily impacted by the Registrant's declining
     fleet size. However, the sluggish container leasing market conditions that
     existed during 1996 and throughout the first quarter of 1997 also
     contributed to lower average per-diem rental rates, which declined 10% when
     compared to the same period in the prior year. The Registrant's average
     fleet size and utilization rates for the three-month periods ended March
     31, 1997 and 1996 were as follows:

<TABLE>
<CAPTION>
                                                            Three Months Ended
                                                            ------------------
                                                         March 31,       March 31,
                                                          1997             1996
                                                        -----------      -----------
           <S>                                             <C>             <C>  
           Average Fleet Size (measured in
               twenty-foot equivalent units (TEU))         723             1,285
           Average Utilization                              87%               82%

</TABLE>


     The Registrant's aging and declining fleet size contributed to a 41%
     decline in depreciation expense when compared to the same period in the
     prior year. Rental equipment operating expenses were 9% of the Registrant's
     gross lease revenue during the three-month period ended March 31, 1997, as
     compared to 25% during the three-month period ended March 31, 1996.
     Contributing to the decline were reductions in certain expenses such as
     repair and maintenance, no longer incurred at levels comparable to prior
     periods. Additionally, direct operating expenses including storage and
     handling declined as a result of the Registrant's decision to dispose of
     its off-hire containers. 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.

     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 Cronos Capital
     Corp., the Managing General Partner of the Registrant. In its letter of
     resignation to the Parent Company, Arthur Andersen states 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
     the Managing General Partner or the Registrant, Arthur Andersen confirmed
     to the Managing General Partner that its resignation as auditors of the
     entities referred to in its letter of resignation included its resignation
     as auditors of Cronos Capital Corp. and the Registrant.

     The Registrant does not, at this time, have sufficient information to
     determine the impact, if any, that the concerns expressed by Arthur
     Andersen in its letter of resignation may have on the future operating
     results and financial condition of the Registrant or the Leasing Company's
     ability to manage the Registrant's fleet in subsequent periods. However,
     the Managing General Partner of the Registrant 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.



                                       11
<PAGE>   12

     Arthur Andersen's report on the financial statements of Cronos Capital
     Corp. and the Registrant, for either of the past two years, 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 two most recent fiscal years and the subsequent
     interim period preceding Arthur Andersen's resignation, there have been no
     disagreements between Cronos Capital Corp. or the Registrant and Arthur
     Andersen on any matter of accounting principles or practices, financial
     statement disclosure, or auditing scope or procedure.

     Due to the nature and timing of Arthur Andersen's resignation, the Parent
     Company and Managing General Partner were unable to name a successor
     auditor on behalf of the Registrant until it retained Moore Stephens, P.C.
     ("Moore Stephens") on April 10, 1997, as reported in the Registrant's
     Current Report on Form 8-K, filed April 14, 1997.


     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.



                                       12
<PAGE>   13

                           PART II - OTHER INFORMATION


Item 6. Exhibits and Reports on Form 8-K

(a)  Exhibits

<TABLE>
<CAPTION>

Exhibit
   No.                       Description                                         Method of Filing
-----                       -------------                                        ----------------

  <S>        <C>                                                                 <C>      
  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

</TABLE>


(b)  Reports on Form 8-K

     The Registrant filed a Report on Form 8-K, dated February 7, 1997 and
     Amendment No. 1 to Report on Form 8-K dated February 26, 1997, reporting
     the resignation of the Registrant's certifying accountant.

     The Registrant filed a Report on Form 8-K, April 14, 1997, reporting the
     appointment of the Registrant's successor certifying accountant.




 .............

*    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)



                                       13
<PAGE>   14

                                          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/ JOHN KALLAS
                                  --------------------------------------
                                  John Kallas
                                  Vice President, Treasurer
                                  Principal Finance & Accounting Officer



Date:  June 16, 1997



                                       14
<PAGE>   15

                                           EXHIBIT INDEX

<TABLE>
<CAPTION>

Exhibit
   No.                       Description                                         Method of Filing
-----                       -------------                                        ----------------

  <S>        <C>                                                                 <C>      
  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

</TABLE>





 .............

*    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)