##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

|      |  |                                                                                                                                             
|----- |  | --------------------------------------------------------------------------------------------------------------------------------------------
|þ     |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001   
|     
|OR   
|     
|(BOX) |  | 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 0-18982

IEA INCOME FUND X, L.P.(Exact name of registrant as specified in its charter)

|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|California                                                     |  | 94-3098648                          
|                                                              
|                                                              
|                                                              
|                                                              
|(State or other jurisdiction of
incorporation or organization) |  | (I.R.S. Employer
Identification No.)

|                                                        |  |           
|------------------------------------------------------- |  | ----------
|One Front 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
ü. No .





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TABLE OF CONTENTS



|                                                                                              |                                         |  |  |  |  |  |  | 
|--------------------------------------------------------------------------------------------- | --------------------------------------- |  |  |  |  |  |  | 
|PART I  FINANCIAL INFORMATION                                                               
|Item 1. Financial Statements                                                                 
|                                                                                              | Balance Sheets                         
|                                                                                              | Statements of Operations               
|                                                                                              | Statements of Cash Flows               
|                                                                                              | Notes to Unaudited Financial Statements
|Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
|Item 3. Quantitative and Qualitative Disclosures About Market Risk                           
|PART II  OTHER INFORMATION                                                                  
|Item 6. Exhibits and Reports on Form 8-K                                                     



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##### Table of Contents



IEA INCOME FUND X, L.P.

Report on Form 10-Q for the Quarterly Period
Ended September 30, 2001

TABLE OF CONTENTS

|                               |  |                                                                                                      |  |     
|------------------------------ |  | ---------------------------------------------------------------------------------------------------- |  | ----
|                               |  |                                                                                                      |  | PAGE
|PART I  FINANCIAL INFORMATION |  |                                                                                                     
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|Item 1.                        |  | Financial Statements                                                                                 |  |     
|                              
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|                               |  |                                                                                                      |  |     
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|                               |  | Balance Sheets  September 30, 2001 and December 31, 2000 (unaudited)                                |  | 4   
|                              
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|                               |  |                                                                                                      |  |     
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|                               |  | Statements of Operations for the three and nine months ended September 30, 2001 and 2000 (unaudited) |  | 5   
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|                               |  |                                                                                                      |  |     
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|                               |  | Statements of Cash Flows for the nine months ended September 30, 2001 and 2000 (unaudited)           |  | 6   
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|                               |  | Notes to Financial Statements (unaudited)                                                            |  | 7   
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|Item 2.                        |  | Managements Discussion and Analysis of Financial Condition and Results of Operations                |  | 11  
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|Item 3.                        |  | Quantitative and Qualitative Disclosures About Market Risk                                           |  | 13  
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|PART II  OTHER INFORMATION    |  |                                                                                                     
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|Item 6.                        |  | Exhibits and Reports on Form 8-K                                                                     |  | 14  

2



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##### Table of Contents






PART I  FINANCIAL INFORMATION




|        |  |                                                                                                                                                                                                                                                                                   
|------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Item 1. |  | Financial Statements                                                                                                                                                                                                                                                              
|       
|       
|       
|       
|        |  | Presented herein are the Registrants balance sheets as of September 30,
2001 and December 31, 2000, statements of operations for the three and
nine months ended September 30, 2001 and 2000, and statements of cash
flows for the nine months ended September 30, 2001 and 2000.

3



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##### Table of Contents






IEA INCOME FUND X, L.P.Balance Sheets

(Unaudited)

|                                    |                                                                                                                                   |                                |                         |                   |           |               |            |              |           |           |  | 
|----------------------------------- | --------------------------------------------------------------------------------------------------------------------------------- | ------------------------------ | ----------------------- | ----------------- | --------- | ------------- | ---------- | ------------ | --------- | --------- |  | 
|                                    |                                                                                                                                   |                                |                         |                   |           | September 30, |            | December 31,
|                                    |                                                                                                                                   |                                |                         |                   |           | 2001          |            | 2000        
|                                    |                                                                                                                                   |                                |                         |                   |           |               |            |             
|                                    |                                                                                                                                   |                                |                         | Assets            |           |               |            |              |           |           |  | 
|                                   
|                                   
|                                   
|                                   
|Current assets:                     |                                                                                                                                   |                                |                         |                   |           |               |            |             
|                                   
|                                   
|                                   
|                                   
|                                    | Cash and cash equivalents, includes $598,256 at September 30, 2001 and
$649,454 at December 31, 2000 in interest-bearing accounts |                                | $                       | 613,256           |           |               | $          | 777,520      |          
|                                   
|                                   
|                                   
|                                   
|                                    | Net lease receivables due from Leasing Company
(notes 1 and 2)                                                                    |                                |                         | 82,270            |           |               |            | 178,684      |          
|                                    |                                                                                                                                   |                                |                         |                   |           |               |            |             
|                                    |                                                                                                                                   |                                | Total current assets    |                   |           | 695,526       |            |              |           | 956,204   | 
|                                    |                                                                                                                                   |                                |                         |                   |           |               |            |             
|                                    |                                                                                                                                   |                                |                         |                   |           |               |            |             
|                                   
|                                   
|                                   
|                                   
|Container rental equipment, at cost |                                                                                                                                   |                                | 10,293,349              |                   |           |               | 12,711,732 |             
|                                   
|                                   
|                                   
|                                   
|                                    | Less accumulated depreciation                                                                                                     |                                |                         | 6,622,029         |           |               |            | 7,630,730    |          
|                                    |                                                                                                                                   |                                |                         |                   |           |               |            |             
|                                    |                                                                                                                                   | Net container rental equipment |                         |                   | 3,671,320 |               |            |              | 5,081,002 |          
|                                    |                                                                                                                                   |                                |                         |                   |           |               |            |             
|                                    |                                                                                                                                   |                                |                         |                   |           |               |            |             
|                                   
|                                   
|                                   
|                                   
|                                    |                                                                                                                                   |                                | Total assets            |                   | $         | 4,366,846     |            |              | $         | 6,037,206 | 
|                                    |                                                                                                                                   |                                |                         |                   |           |               |            |             
|                                    |                                                                                                                                   |                                |                         |                   |           |               |            |             
|                                   
|                                   
|                                   
|                                   
|                                    |                                                                                                                                   |                                |                         | Partners Capital |           |               |            |              |           |           |  | 
|                                   
|                                   
|                                   
|                                   
|                                    |                                                                                                                                   |                                |                         |                   |           |               |            |             
|                                   
|                                   
|                                   
|                                   
|Partners capital (deficit):        |                                                                                                                                   |                                |                         |                   |           |               |            |             
|                                   
|                                   
|                                   
|                                   
|                                    | General partner                                                                                                                   |                                | $                       | (77,331           | )         |               | $          | (60,627      | )        
|                                   
|                                   
|                                   
|                                   
|                                    | Limited partners                                                                                                                  |                                |                         | 4,444,177         |           |               |            | 6,097,833    |          
|                                    |                                                                                                                                   |                                |                         |                   |           |               |            |             
|                                    |                                                                                                                                   |                                | Total partners capital |                   | $         | 4,366,846     |            |              | $         | 6,037,206 | 
|                                    |                                                                                                                                   |                                |                         |                   |           |               |            |             

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

4



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IEA INCOME FUND X, L.P.

Statements of Operations

(Unaudited)

|                                             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |          |          |  
|-------------------------------------------- | ----------------------------------------- | ----------------------------- | ------- | ------------------ | ------- | ----------------- | -------- | ------------- | ------- | ------------- | -------- | -------- | -------- | - | -------- | -------- | -------- | -
|                                             |                                           |                               |         | Three Months Ended |         | Nine Months Ended
|                                             |                                           |                               |         |                    |         |                  
|                                             |                                           |                               |         | September 30,      |         | September 30,     |          | September 30, |         | September 30,
|                                             |                                           |                               |         | 2001               |         | 2000              |          | 2001          |         | 2000         
|                                             |                                           |                               |         |                    |         |                   |          |               |         |              
|Net lease revenue (notes 1 and 3)            |                                           | $                             | 158,151 |                    |         | $                 | 293,539  |               |         | $             | 586,164  |          |          | $ | 800,669  |         
|                                            
|                                            
|                                            
|                                            
|                                             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                            
|                                            
|                                            
|                                            
|Other operating expenses:                    |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                            
|                                            
|                                            
|                                            
|                                             | Depreciation                              |                               |         | 169,305            |         |                   |          | 210,429       |         |               |          | 518,164  |          |   |          | 648,338  |         
|                                            
|                                            
|                                            
|                                            
|                                             | Other general and administrative expenses |                               |         | 15,989             |         |                   |          | 13,829        |         |               |          | 51,740   |          |   |          | 45,537   |         
|                                             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                             |                                           |                               | 185,294 |                    |         |                   | 224,258  |               |         |               | 569,904  |          |          |   | 693,875  |         
|                                             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                             |                                           | Income (loss) from operations |         |                    | (27,143 | )                 |          |               | 69,281  |               |          |          | 16,260   |   |          |          | 106,794  |  
|                                            
|                                            
|                                            
|                                            
|                                             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                            
|                                            
|                                            
|                                            
|Other income (loss):                         |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                            
|                                            
|                                            
|                                            
|                                             | Interest income                           |                               |         | 5,044              |         |                   |          | 4,530         |         |               |          | 20,247   |          |   |          | 13,694   |         
|                                            
|                                            
|                                            
|                                            
|                                             | Net loss on disposal of equipment         |                               |         | (73,570            | )       |                   |          | (116,411      | )       |               |          | (252,657 | )        |   |          | (223,578 | )       
|                                             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                             |                                           |                               | (68,526 | )                  |         |                   | (111,881 | )             |         |               | (232,410 | )        |          |   | (209,884 | )       
|                                             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                             |                                           | Net loss                      |         | $                  | (95,669 | )                 |          | $             | (42,600 | )             |          | $        | (216,150 | ) |          | $        | (103,090 | )
|                                             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                            
|                                            
|                                            
|                                            
|Allocation of net income (loss):             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                            
|                                            
|                                            
|                                            
|                                             | General partner                           |                               | $       | 6,264              |         |                   | $        | 9,932         |         |               | $        | 23,632   |          |   | $        | 27,342   |         
|                                            
|                                            
|                                            
|                                            
|                                             | Limited partners                          |                               |         | (101,933           | )       |                   |          | (52,532       | )       |               |          | (239,782 | )        |   |          | (130,432 | )       
|                                             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                             |                                           | $                             | (95,669 | )                  |         | $                 | (42,600  | )             |         | $             | (216,150 | )        |          | $ | (103,090 | )       
|                                             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         
|                                            
|                                            
|                                            
|                                            
|Limited partners per unit share of net loss |                                           | $                             | (2.60   | )                  |         | $                 | (1.34    | )             |         | $             | (6.12    | )        |          | $ | (3.33    | )       
|                                             |                                           |                               |         |                    |         |                   |          |               |         |               |          |          |          |   |          |         

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

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IEA INCOME FUND X, L.P.

Statements of Cash Flows

(Unaudited)

|                                                     |                                                  |   |                   |            |               |   |         |            |  
|---------------------------------------------------- | ------------------------------------------------ | - | ----------------- | ---------- | ------------- | - | ------- | ---------- | -
|                                                     |                                                  |   | Nine Months Ended
|                                                     |                                                  |   |                  
|                                                     |                                                  |   | September 30,     |            | September 30,
|                                                     |                                                  |   | 2001              |            | 2000         
|                                                     |                                                  |   |                   |            |              
|Net cash provided by operating activities            |                                                  | $ | 626,184           |            |               | $ | 885,970 |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                  |   |                   |            |               |   |         |           
|                                                    
|                                                    
|                                                    
|                                                    
|Cash flows provided by investing activities:         |                                                  |   |                   |            |               |   |         |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Proceeds from sale of container rental equipment |   |                   | 663,762    |               |   |         | 424,130    |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                  |   |                   |            |               |   |         |           
|                                                    
|                                                    
|                                                    
|                                                    
|Cash flows used in financing activities:             |                                                  |   |                   |            |               |   |         |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Distribution to partners                         |   |                   | (1,454,210 | )             |   |         | (1,018,714 | )
|                                                     |                                                  |   |                   |            |               |   |         |           
|                                                     |                                                  |   |                   |            |               |   |         |           
|                                                    
|                                                    
|                                                    
|                                                    
|Net (decrease) increase in cash and cash equivalents |                                                  |   | (164,264          | )          |               |   | 291,386 |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                  |   |                   |            |               |   |         |           
|                                                    
|                                                    
|                                                    
|                                                    
|Cash and cash equivalents at January 1               |                                                  |   | 777,520           |            |               |   | 356,306 |           
|                                                     |                                                  |   |                   |            |               |   |         |           
|                                                     |                                                  |   |                   |            |               |   |         |           
|                                                    
|                                                    
|                                                    
|                                                    
|Cash and cash equivalents at September 30            |                                                  | $ | 613,256           |            |               | $ | 647,692 |           
|                                                     |                                                  |   |                   |            |               |   |         |           

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

6



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IEA INCOME FUND X, L.P.

Notes to Unaudited Financial Statements



|(1) |  | Summary of Significant Accounting Policies
|--- |  | ------------------------------------------



| | (a) |  | Nature of Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |     |  | IEA Income Fund X, L.P. (the Partnership) is a limited partnership
organized under the laws of the State of California on July 18, 1989 for
the purpose of owning and leasing marine cargo containers worldwide to
ocean carriers. To this extent, the Partnerships operations are subject
to the fluctuations of world economic and political conditions. Such
factors may affect the pattern and levels of world trade. The
Partnership believes that the profitability of, and risks associated
with, leases to foreign customers is generally the same as those of
leases to domestic customers. The Partnerships leases generally require
all payments to be made in United States currency.                                                                                                                                                                                                                                                                                                                                                                                                                              
|
| |     |  | Cronos Capital Corp. (CCC) is the general partner and, with its
affiliate Cronos Containers Limited (the Leasing Company), manages
the business of the Partnership. CCC and the Leasing Company also
manage the container leasing business for other partnerships
affiliated with the general partner. The Partnership shall continue
until December 31, 2010, unless sooner terminated upon the
occurrence of certain events.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| |     |  | The Partnership commenced operations on January 17, 1990, when the
minimum subscription proceeds of $1,000,000 were obtained. The
Partnership offered 40,000 units of limited partnership interest at $500
per unit, or $20,000,000. The offering terminated on October 30, 1990,
at which time 39,206 limited partnership units had been sold.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| | (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 one 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, and 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)

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IEA INCOME FUND X, L.P.

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) |  | Depreciation of Rental Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| |     |  | Effective June 1, 2001, the estimated depreciable life has been
changed from a twelve-year life to a fifteen-year life and the estimated
salvage value has been changed from 30% to 10% of the original equipment
cost. The effect of these changes is an increase to depreciation expense
of approximately $16,900 from June 1 to September 30, 2001.                                                                                                                                           
|
| | (e) |  | 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 financial statements are prepared in conformity with accounting
principles generally accepted in the United States of America (GAAP),
which 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. The results of
operations for such interim periods are not necessarily indicative of the
results to be expected for the full year.                                                                                       

(Continued)

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IEA INCOME FUND X, L.P.

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, and reimbursed administrative expenses payable to CCC and its
affiliates from the rental billings earned by the Leasing Company under
operating leases to ocean carriers for the containers owned by the
Partnership. Net lease receivables at September 30, 2001 and December 31,
2000 were as follows:

|                                                |  |               |         |              |  |   |         | 
|----------------------------------------------- |  | ------------- | ------- | ------------ |  | - | ------- | 
|                                                |  | September 30, |         | December 31,
|                                                |  | 2001          |         | 2000        
|                                                |  |               |         |             
|Gross lease receivables                         |  | $             | 340,688 |              |  | $ | 517,745 | 
|                                               
|                                               
|                                               
|                                               
|Less:                                           |  |               |         |              |  |   |         | 
|                                               
|                                               
|                                               
|                                               
|Direct: operating payables and accrued expenses |  |               | 162,347 |              |  |   | 165,239 | 
|                                               
|                                               
|                                               
|                                               
|Damage protection reserve                       |  |               | 19,760  |              |  |   | 47,396  | 
|                                               
|                                               
|                                               
|                                               
|Base management fees payable                    |  |               | 24,439  |              |  |   | 45,166  | 
|                                               
|                                               
|                                               
|                                               
|Reimbursed administrative expenses              |  |               | 13,311  |              |  |   | 18,447  | 
|                                               
|                                               
|                                               
|                                               
|Allowance for doubtful accounts                 |  |               | 38,561  |              |  |   | 62,813  | 
|                                                |  |               |         |              |  |   |         | 
|Net lease receivables                           |  | $             | 82,270  |              |  | $ | 178,684 | 
|                                                |  |               |         |              |  |   |         | 



|(3) |  | Net Lease Revenue                                                                                                                                                                                                                                                                                                                                                                              
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | Net lease revenue is determined by deducting direct operating expenses,
base management fees and reimbursed administrative expenses to CCC from the
rental revenue earned by the Leasing Company under operating leases to ocean
carriers for the containers owned by the Partnership. Net lease revenue for
the three and nine-month periods ended September 30, 2001 and 2000 was as
follows:

|                                    |  |                    |         |                   |  |               |         |               |  |   |         |  |  |   |           | 
|----------------------------------- |  | ------------------ | ------- | ----------------- |  | ------------- | ------- | ------------- |  | - | ------- |  |  | - | --------- | 
|                                    |  | Three Months Ended |         | Nine Months Ended
|                                    |  |                    |         |                  
|                                    |  | September 30,      |         | September 30,     |  | September 30, |         | September 30,
|                                    |  | 2001               |         | 2000              |  | 2001          |         | 2000         
|                                    |  |                    |         |                   |  |               |         |              
|Rental revenue (note 4)             |  | $                  | 239,245 |                   |  | $             | 406,950 |               |  | $ | 852,062 |  |  | $ | 1,278,706 | 
|                                   
|                                   
|                                   
|                                   
|Less:                               |  |                    |         |                   |  |               |         |               |  |   |         |  |  |   |           | 
|                                   
|                                   
|                                   
|                                   
|Rental equipment operating expenses |  |                    | 50,952  |                   |  |               | 72,895  |               |  |   | 163,353 |  |  |   | 322,042   | 
|                                   
|                                   
|                                   
|                                   
|Base management fees                |  |                    | 16,699  |                   |  |               | 28,724  |               |  |   | 59,261  |  |  |   | 85,526    | 
|                                   
|                                   
|                                   
|                                   
|Reimbursed administrative expenses  |  |                    | 13,443  |                   |  |               | 11,792  |               |  |   | 43,284  |  |  |   | 70,469    | 
|                                    |  |                    |         |                   |  |               |         |               |  |   |         |  |  |   |           | 
|                                    |  | $                  | 158,151 |                   |  | $             | 293,539 |               |  | $ | 586,164 |  |  | $ | 800,669   | 
|                                    |  |                    |         |                   |  |               |         |               |  |   |         |  |  |   |           | 



|(4) |  | Operating Segment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | The Financial Accounting Standards Board has issued SFAS No. 131,
Disclosures about Segments of an Enterprise and Related Information, which
changes the way public business enterprises report financial and descriptive
information about reportable operating segments. An operating segment is a
component of an enterprise that engages in business activities from which it
may earn revenues and incur expenses, whose operating results are regularly
reviewed by the enterprises chief operating decision maker to make
decisions about resources to be allocated to the segment and assess its
performance, and about which separate financial information is available.

(Continued)

9



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##### Table of Contents



IEA INCOME FUND X, L.P.

Notes to Unaudited Financial Statements



|(4) |  | Operating Segment (Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | Management operates the Partnerships container fleet as a homogenous unit
and has determined, after considering the requirements of SFAS No. 131, that
as such it has a single reportable operating segment. The Partnership
derives its revenues from leasing marine dry cargo containers. As of
September 30, 2001, the Partnership operated 2,367 twenty-foot, 673
forty-foot and 67 forty-foot high-cube marine dry cargo containers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   
|    |  | Due to the Partnerships lack of information regarding the physical location
of its fleet of containers when on lease in the global shipping trade, it is
impracticable to provide the geographic area information required by SFAS
No. 131.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   
|(5) |  | New Accounting Pronouncements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   
|    |  | In August 2001, the Financial Accounting Standards Board issued SFAS No.
143, Accounting for Asset Retirement Obligations, which is effective for
all fiscal years beginning after June 15, 2002. This standard requires a
company to record the fair value of a liability for an asset retirement
obligation in the period in which it is incurred, and a corresponding
increase in the carrying value of the related long-lived asset. During
October 2001, the Financial Accounting Standards Board issued SFAS No. 144,
Accounting for the Impairment or Disposal of Long-Lived Assets, which is
effective for all fiscal years beginning after December 15, 2001. SFAS No.
144 supersedes SFAS No. 121, but retains its fundamental provisions relating
to the recognition and measurement of the impairment of long-lived assets to
be held and used, and the measurement of long lived assets to be disposed of
by sale. The Registrant has not yet determined the effect of adoption of
either SFAS 143 or SFAS 144 on its financial position and results of
operations.

******

10



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##### Table of Contents






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.

General

Pursuant to the Limited Partnership Agreement of the Registrant, all authority
to administer the business of the Registrant 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
Registrant. Pursuant to the Agreement, the Leasing Company is responsible for
leasing, managing and re-leasing the Registrant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 Registrant, 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. At September 30, 2001,
59% of the original equipment remained in the Registrants fleet, as compared
to 73% at December 31, 2000. The following chart summarizes the composition of
the Registrants fleet (based on container type) at September 30, 2001.

|                     |                       |          |     |         |       |         |     |           |     |  |    |         |    | 
|-------------------- | --------------------- | -------- | --- | ------- | ----- | ------- | --- | --------- | --- |  | -- | ------- | -- | 
|                     |                       |          |     |         |       |         |     |           |     |  |    | 40-Foot
|                     |                       |          |     | 20-Foot |       | 40-Foot |     | High-Cube
|                     |                       |          |     |         |       |         |     |          
|Containers on lease: |                       |          |     |         |       |         |     |           |     |  |    |        
|                    
|                    
|                    
|                    
|                     | Term leases           |          |     | 371     |       |         |     | 254       |     |  |    | 4       |   
|                    
|                    
|                    
|                    
|                     | Master leases         |          |     | 1,454   |       |         |     | 206       |     |  |    | 34      |   
|                     |                       |          |     |         |       |         |     |           |     |  |    |        
|                     |                       | Subtotal |     |         | 1,825 |         |     |           | 460 |  |    |         | 38 | 
|                    
|                    
|                    
|                    
|Containers off lease |                       |          | 542 |         |       |         | 213 |           |     |  | 29 |        
|                     |                       |          |     |         |       |         |     |           |     |  |    |        
|                     |                       |          |     |         |       |         |     |           |     |  |    |        
|                    
|                    
|                    
|                    
|                     | Total container fleet |          |     | 2,367   |       |         |     | 673       |     |  |    | 67      |   
|                     |                       |          |     |         |       |         |     |           |     |  |    |        

|                                      |                |  |         |       |         |  |           |    |   |  |       |     |   |  |     |    |   |  |         |    |  |  |     |    |  
|------------------------------------- | -------------- |  | ------- | ----- | ------- |  | --------- | -- | - |  | ----- | --- | - |  | --- | -- | - |  | ------- | -- |  |  | --- | -- | -
|                                      |                |  |         |       |         |  |           |    |   |  |       |     |   |  |     |    |   |  | 40-Foot
|                                      |                |  | 20-Foot |       | 40-Foot |  | High-Cube
|                                      |                |  |         |       |         |  |          
|                                      |                |  | Units   |       | %       |  | Units     |    | % |  | Units |     | %
|                                      |                |  |         |       |         |  |           |    |   |  |       |     |  
|Total purchases                       |                |  | 4,000   |       |         |  | 100       | %  |   |  | 1,150 |     |   |  | 100 | %  |   |  | 100     |    |  |  | 100 | % 
|                                     
|                                     
|                                     
|                                     
|                                      | Less disposals |  |         | 1,633 |         |  |           | 41 | % |  |       | 477 |   |  |     | 41 | % |  |         | 33 |  |  |     | 33 | %
|                                      |                |  |         |       |         |  |           |    |   |  |       |     |   |  |     |    |   |  |         |    |  |  |     |   
|                                      |                |  |         |       |         |  |           |    |   |  |       |     |   |  |     |    |   |  |         |    |  |  |     |   
|                                     
|                                     
|                                     
|                                     
|Remaining fleet at September 30, 2001 |                |  | 2,367   |       |         |  | 59        | %  |   |  | 673   |     |   |  | 59  | %  |   |  | 67      |    |  |  | 67  | % 
|                                      |                |  |         |       |         |  |           |    |   |  |       |     |   |  |     |    |   |  |         |    |  |  |     |   

The demand for dry cargo containers has continued to be adversely affected by
the slowdown in the global economy and the resulting excess supply of
containers. The terrorist attacks of September 11, 2001 resulted in further
disruptions of global business activities and raised further questions as to
the short-term direction of the global economy. Transpacific trade, a large
proportion of which consists of technology-related goods, has been largely
affected by the slowdown of the US economy. For the first time in many years,
the aggregate GDP growth rates of the United States, Europe, and Japan have
decelerated, contributing to lower utilization rates and higher container
inventories throughout the world. Container imbalances for all trade routes
involving Asia are expected to continue throughout the remainder of the year
and through the first half of 2002. As a result of the increasing container
inventories worldwide, the production of new containers has declined. Although
a slowdown in new container production could have positive short and long-term
effects for the container leasing industry, a reduction in new containers will
not have a significant impact without an easing of current market constraints
and a strengthening of the worlds economies. In response to the foregoing, the
Leasing Company continues to implement a number of marketing initiatives which
are designed to target identified leasing opportunities and enhance inventory
management of the Registrants fleet.

(continued)

11



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##### Table of Contents



The Registrants average fleet size and utilization rates for the three and
nine-month periods ended September 30, 2001 and September 30, 2000 were as
follows:

|                                                                    |  |                    |       |                   |  |               |       |               |  |  |       |  |  |  |       |  
|------------------------------------------------------------------- |  | ------------------ | ----- | ----------------- |  | ------------- | ----- | ------------- |  |  | ----- |  |  |  | ----- | -
|                                                                    |  | Three Months Ended |       | Nine Months Ended
|                                                                    |  |                    |       |                  
|                                                                    |  | September 30,      |       | September 30,     |  | September 30, |       | September 30,
|                                                                    |  | 2001               |       | 2000              |  | 2001          |       | 2000         
|                                                                    |  |                    |       |                   |  |               |       |              
|Average fleet size (measured in twenty-foot
equivalent units (Teu)) |  |                    | 3,981 |                   |  |               | 5,208 |               |  |  | 4,286 |  |  |  | 5,484 |  
|                                                                   
|                                                                   
|                                                                   
|                                                                   
|Average Utilization                                                 |  |                    | 75%   |                   |  |               | 81%   |               |  |  | 77%   |  |  |  | 80    | %

Average per-diem rental rates decreased approximately 14% and 7%, when compared
to the same three and nine-month periods in the prior year, respectively.

Three Months Ended September 30, 2001 Compared to the Three Months Ended
September 30, 2000

Income (loss) from operationsfor the three months ended September 30, 2001 was
a loss of $27,143, as compared to a gain of $69,281 during the corresponding
period of 2000. The decrease was primarily due to a $135,388 decrease in net
lease revenue, partially offset by a $41,124 decline in depreciation expense.

Net lease revenueof $158,151 for the three months ended September 30, 2001 was
$135,388 lower than in the corresponding period of 2000. The decrease was due
to a $167,705 decline in gross rental revenue (a component of net lease
revenue) from the same period in 2000. Gross rental revenue was impacted by the
Registrants smaller fleet size, lower per-diem rental rates, and lower
utilization rates. Other components of net lease revenue, including rental
equipment operating expenses and management fees, were lower by a combined
$33,969 when compared to the corresponding period in 2000, and partially offset
the decline in gross lease revenue. Contributing to the decline in direct
operating expenses were declines in handling and repair and maintenance
expenses.

Depreciation expenseof $169,305 for the three months ended September 30, 2001,
was $41,124 lower than the same period in 2000 due to a declining fleet size.
Effective June 1, 2001, the Registrant changed the estimated life of its rental
container equipment from as estimated 12 year life to a 15 year life, and its
estimated salvage value from 30% to 10% of original equipment cost. The effect
of these changes was an increase in depreciation expense of approximately
$12,200 for the three months ended September 30, 2001.

Other general and administrative expensesincreased to $15,989 in the third
quarter of 2001, from $13,829 in the corresponding period of 2000, representing
an increase of $2,160. Contributing to this increase were costs related to
investor communications.

Net loss on disposal of equipmentwas a result of the Registrant disposing of
221 containers during the three-month period ended September 30, 2001, as
compared to 278 containers during the same period in 2000. These disposals
resulted in a loss of $73,570 for the three-month period ended September 30,
2001, as compared to a loss of $116,411 for the three-month period ended
September 30, 2000. The Registrant believes that the net loss on container
disposals in the three-month period ended September 30, 2001 was a result of
various factors including the age, condition, suitability for continued
leasing, as well as the geographical location of the containers when disposed.
These factors will continue to influence the decision to repair or dispose of a
container when it is returned by a lessee, as well as the amount of sales
proceeds received and the related gain or loss on container disposals. The
level of the Registrants container disposals in subsequent periods will also
contribute to fluctuations in the net gain or loss on disposals. As a result
of current world events and market conditions, the Registrant is re-evaluating
its asset impairment criteria.

Nine Months Ended September 30, 2001 Compared to the Nine Months Ended
September 30, 2000

Income from operationsfor the nine-month period ended September 30, 2001 was
$16,260, as compared to $106,794 during the corresponding period of 2000. The
decline was primarily due to a decrease in net lease revenue, partially offset
by the $130,174 decline in depreciation expense.

(continued)

12



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##### Table of Contents



Net lease revenueof $586,164 for the nine-month period ended September 30,
2001 was $214,505 lower than in the corresponding period of 2000. The decrease
was due to a $426,644 decline in gross rental revenue (a component of net lease
revenue) from the same period in 2000. Gross rental revenue was impacted by the
Registrants smaller fleet size, lower per-diem rental rates, and lower
utilization rates. Other components of net lease revenue, including rental
equipment operating expenses, management fees, and reimbursed administrative
expenses, were lower by a combined $212,139 when compared to the corresponding
period in 2000, and partially offset the decline in gross lease revenue.
Contributing to the decline in direct operating expenses were declines in
repair and maintenance expenses and the provision for doubtful accounts.

Depreciation expenseof $518,164 for the nine-month period ended September 30,
2001 was $130,174 lower than the same period in 2000. Effective June 1, 2001,
the Registrant changed the estimated life of its rental container equipment
from an estimated 12 year life to a 15 year life and its estimated salvage
value from 30% to 10% of original equipment cost. The effect of these
depreciation changes is an increase in depreciation expense of approximately
$16,900 from June 1 to September 30, 2001.

Other general and administrative expensesincreased to $51,740 during the
nine-month period ended September 30, 2001, from $45,537 in the corresponding
period of 2000, representing an increase of $6,203. Contributing to this
increase were costs related to investor communications and exchange rate
losses, partially offset by a decline in professional fees.

Net loss on disposal of equipmentwas a result of the Registrant disposing of
744 containers during the first nine months of 2001, as compared to 547
containers during the first nine months of 2000. These disposals resulted in a
loss of $252,657 for the nine-month period ended September 30, 2001, as
compared to a loss of $223,578 for the nine-month period ended September 30,
2000.

Liquidity and Capital Resources

Cash from Operating Activities:Net cash provided by operating activities was
$626,184 and $885,970 during the first nine months of 2001 and 2000,
respectively. The net cash generated in 2001 included earnings from operations
and $125,261 in net lease receivables due from the Leasing Company. The net
cash generated in 2000 primarily reflected earnings from operations.

Cash from Investing Activities:Net cash provided by investing activities was
$663,762 and $424,130 in the first nine months of 2001 and 2000, respectively.
These amounts represent sales proceeds generated from the sale of container
equipment.

Cash from Financing Activities:Net cash used in financing activities was
$1,454,210 during the first nine months of 2001 compared to $1,018,714 in the
corresponding period of 2000. These amounts represent distributions to the
Registrants general and limited partners. The Registrants continuing
container disposals, as well as current market conditions, should produce lower
operating results and, consequently, lower distributions to its partners in
subsequent periods. Sales proceeds distributed to its partners may fluctuate
in subsequent periods, reflecting the level of container disposals.

Capital Resources

Aside from the initial working capital reserve retained from the gross
subscription proceeds (equal to approximately 1% of such proceeds), the
Registrant relied primarily on container rental receipts to generate
distributions to its general and limited partners, as well as to finance
current operating needs. No credit lines are maintained to finance working
capital.




Item 3. Quantitative and Qualitative Disclosures About Market Risk

Exchange rate risk:Substantially all of the Registrants revenues are billed
and paid in US dollars and a significant portion of costs are billed and paid
in US dollars. Of the remaining costs, the majority are individually small,
unpredictable and incurred in various denominations and thus are not suitable
for cost effective hedging. From time to time, the Leasing Company hedges a
portion of the expenses that are predictable and are principally in UK pounds
sterling. As exchange rates are outside of the control of the Company, there
can be no assurance that such fluctuations will not adversely effect its
results of operations and financial condition.

13



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##### Table of Contents






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 November 7, 1989 |  | *               
|       
|       
|       
|       
|        |  |                                                                                              |  |                 
|       
|       
|       
|       
|3(b)    |  | Certificate of Limited Partnership of the Registrant                                         |  | **              



|(b) |  | Reports on Form 8-K                                                                             
|--- |  | ------------------------------------------------------------------------------------------------
|   
|    |  | No reports on Form 8-K were filed by the Registrant during the quarter ended
September 30, 2001.



---

|*  |  | Incorporated by reference to Exhibit A to the Prospectus of the
Registrant dated November 7, 1989, included as part of Registration
Statement on Form S-1 (No. 33-30245)
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|  
|  
|  
|** |  | Incorporated by reference to Exhibit 3.2 to the Registration Statement on
Form S-1 (No. 33-30245)                                                                         

14



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##### Table of Contents



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 INCOME FUND X, L.P.
|
|
|
|
| |  |                         |  |                                                                                                                                                    
|
|
|
|
| |  | By                      |  | Cronos Capital Corp.
The General Partner                                                                                                           
|
|
|
|
| |  |                         |  |                                                                                                                                                    
|
|
|
|
| |  |                         |  |                                                                                                                                                    
|
|
|
|
| |  | By                      |  | /s/ Dennis J. Tietz

Dennis J. Tietz
President and Director of Cronos Capital Corp. (CCC)
Principal Executive Officer of CCC                     
|
|
|
|
| |  |                         |  |                                                                                                                                                    
|
|
|
|
| |  |                         |  |                                                                                                                                                    
|
|
|
|
| |  | By                      |  | /s/ John Kallas

John Kallas
Chief Financial Officer and
Director of Cronos Capital Corp. (CCC)
Principal Financial and Accounting Officer of CCC

Date: November 14, 2001

15



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##### Table of Contents



EXHIBIT INDEX

|        |  |                                                                                              |  |                 
|------- |  | -------------------------------------------------------------------------------------------- |  | ----------------
|Exhibit |  |                                                                                              |  |                 
|No.     |  | Description                                                                                  |  | Method of Filing
|        |  |                                                                                              |  |                 
|3(a)    |  | Limited Partnership Agreement of the Registrant, amended
and restated as of November 7, 1989 |  | *               
|       
|       
|       
|       
|        |  |                                                                                              |  |                 
|       
|       
|       
|       
|3(b)    |  | Certificate of Limited Partnership of the Registrant                                         |  | **              



---

|*  |  | Incorporated by reference to Exhibit A to the Prospectus of the
Registrant dated November 7, 1989, included as part of Registration
Statement on Form S-1 (No. 33-30245)
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|  
|  
|  
|** |  | Incorporated by reference to Exhibit 3.2 to the Registration Statement on
Form S-1 (No. 33-30245)