<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997

                                       OR

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________ TO ________


                         Commission file number 0-17942

                              IEA INCOME FUND VIII,
                       (A CALIFORNIA LIMITED PARTNERSHIP)
             (Exact name of registrant as specified in its charter)


          CALIFORNIA                                         94-3046886
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                            Identification No.)

         444 MARKET STREET, 15TH FLOOR, SAN FRANCISCO, CALIFORNIA 94111
         (Address of principal executive offices)            (Zip Code)

                                 (415) 677-8990
              (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X . No   .
                                      ---    ---


<PAGE>   2

                              IEA INCOME FUND VIII,
                       (A CALIFORNIA LIMITED PARTNERSHIP)

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

                                TABLE OF CONTENTS

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

  Item 1. Financial Statements

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

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

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

          Notes to Financial Statements (unaudited)                           7

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


PART II - OTHER INFORMATION

  Item 6. Exhibit and Reports on Form 8-K                                    13
</TABLE>




                                        2


<PAGE>   3

                         PART I - FINANCIAL INFORMATION


Item 1.   Financial Statements

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




                                        3


<PAGE>   4

                              IEA INCOME FUND VIII,
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                                   March 31,       December 31,
                                                                                     1997             1996
                                                                                 -----------       ------------
<S>                                                                               <C>              <C>        
                   Assets
                   ------
Current assets:
    Cash and cash equivalents, includes $589,898 at March 31, 1997
       and $669,671 at December 31, 1996 in interest-bearing accounts             $   615,636      $   669,932
    Net lease receivables due from Leasing Company
       (notes 1 and 2)                                                                260,538          283,701
                                                                                  -----------      -----------
           Total current assets                                                       876,174          953,633
                                                                                  -----------      -----------

Container rental equipment, at cost                                                11,413,014       11,525,864
    Less accumulated depreciation                                                   5,328,924        5,217,353
                                                                                  -----------      -----------
       Net container rental equipment                                               6,084,090        6,308,493
                                                                                  -----------      -----------
                                                                                  $ 6,960,264      $ 7,262,126
                                                                                  ===========      ===========

              Partners' Capital
              -----------------
Partners' capital:
    General partner                                                               $     3,425      $     4,943
    Limited partners                                                                6,956,839        7,257,183
                                                                                  -----------      -----------
           Total partners' capital                                                  6,960,264        7,262,126
                                                                                  -----------      -----------
                                                                                  $ 6,960,264      $ 7,262,126
                                                                                  ===========      ===========
</TABLE>


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



                                        4


<PAGE>   5

                              IEA INCOME FUND VIII,
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                       Three Months Ended
                                                      -----------------------
                                                      March 31,     March 31,
                                                        1997          1996
                                                      ---------     --------
<S>                                                   <C>           <C>     
Net lease revenue (notes 1 and 3)                     $286,365      $456,311

Other operating expenses:
   Depreciation                                        165,469       174,777
   Other general and administrative expenses             7,372         6,518
                                                      --------      --------
                                                       172,841       181,295
                                                      --------      --------

     Earnings from operations                          113,524       275,016

Other income:
   Interest income                                       7,567         9,734
   Net gain on disposal of equipment                    37,509        36,324
                                                      --------      --------
                                                        45,076        46,058
                                                      --------      --------
     Net earnings                                     $158,600      $321,074
                                                      ========      ========

Allocation of net earnings:

   General partner                                    $ 35,797      $ 52,419
   Limited partners                                    122,803       268,655
                                                      --------      --------
                                                      $158,600      $321,074
                                                      ========      ========

Limited partners' per unit share of net earnings      $   5.71      $  12.50
                                                      ========      ========
</TABLE>



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

                                        5


<PAGE>   6

                              IEA INCOME FUND VIII,
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                Three Months Ended
                                                            --------------------------
                                                            March 31,        March 31,
                                                              1997             1996
                                                            ---------       ---------
<S>                                                         <C>             <C>      
Net cash provided by operating activities                   $ 316,828       $ 471,316

Cash flows provided by (used in) investing activities:
   Proceeds from sale of container rental equipment            89,338          55,881
   Acquisition fees paid to general partner                        --          (6,031)
                                                            ---------       ---------
                                                               89,338          49,850
                                                            ---------       ---------

Cash flows used in financing activities:
   Distribution to partners                                  (460,462)       (597,780)
                                                            ---------       ---------

Net decrease in cash and cash equivalents                     (54,296)        (76,614)

Cash and cash equivalents at January 1                        669,932         807,639
                                                            ---------       ---------

Cash and cash equivalents at March 31                       $ 615,636       $ 731,025
                                                            =========       =========
</TABLE>



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



                                        6


<PAGE>   7

                              IEA INCOME FUND VIII,
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(1)   Summary of Significant Accounting Policies

      (a) Nature of Operations

          IEA Income Fund VIII, A California Limited Partnership (the
          "Partnership") was organized under the laws of the State of California
          on August 31, 1987 for the purpose of owning and leasing marine cargo
          containers. Cronos Capital Corp. ("CCC") is the general partner and,
          with its affiliate Cronos Containers Limited (the "Leasing Company"),
          manages the business of the Partnership. The Partnership shall
          continue until December 31, 2008, unless sooner terminated upon the
          occurrence of certain events.

          The Partnership commenced operations on January 6, 1988, 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 August 31,
          1988, at which time 21,493 limited partnership units had been
          purchased.

          As of March 31, 1997, the Partnership operated 2,003 twenty-foot,
          2,071 forty-foot and 135 forty-foot high-cube marine dry cargo
          containers.


      (b) Leasing Company and Leasing Agent Agreement

          Pursuant to the Limited Partnership Agreement of the Partnership, all
          authority to administer the business of the Partnership is vested in
          CCC. CCC has entered into a Leasing Agent Agreement whereby the
          Leasing Company has the responsibility to manage the leasing
          operations of all equipment owned by the Partnership. Pursuant to the
          Agreement, the Leasing Company is responsible for leasing, managing
          and re-leasing the Partnership's containers to ocean carriers and has
          full discretion over which ocean carriers and suppliers of goods and
          services it may deal with. The Leasing Agent Agreement permits the
          Leasing Company to use the containers owned by the Partnership,
          together with other containers owned or managed by the Leasing Company
          and its affiliates, as part of a single fleet operated without regard
          to ownership. Since the Leasing Agent Agreement meets the definition
          of an operating lease in Statement of Financial Accounting Standards
          (SFAS) No. 13, it is accounted for as a lease under which the
          Partnership is lessor and the Leasing Company is lessee.

          The Leasing Agent Agreement generally provides that the Leasing
          Company will make payments to the Partnership based upon rentals
          collected from ocean carriers after deducting direct operating
          expenses and management fees to CCC. The Leasing Company leases
          containers to ocean carriers, generally under operating leases which
          are either master leases or term leases (mostly two to five years).
          Master leases do not specify the exact number of containers to be
          leased or the term that each container will remain on hire but allow
          the ocean carrier to pick up and drop off containers at various
          locations; rentals are based upon the number of containers used and
          the applicable per-diem rate. Accordingly, rentals under master leases
          are all variable and contingent upon the number of containers used.
          Most containers are leased to ocean carriers under master leases;
          leasing agreements with fixed payment terms are not material to the
          financial statements. Since there are no material minimum lease
          rentals, no disclosure of minimum lease rentals is provided in these
          financial statements.


                                                                  (Continued)

                                        7


<PAGE>   8

                              IEA INCOME FUND VIII,
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


      (c) Basis of Accounting

          The Partnership utilizes the accrual method of accounting. Net lease
          revenue is recorded by the Partnership in each period based upon its
          leasing agent agreement with the Leasing Company. Net lease revenue is
          generally dependent upon operating lease rentals from operating lease
          agreements between the Leasing Company and its various lessees, less
          direct operating expenses and management fees due in respect of the
          containers specified in each operating lease agreement.


      (d) Financial Statement Presentation

          These financial statements have been prepared without audit. Certain
          information and footnote disclosures normally included in financial
          statements prepared in accordance with generally accepted accounting
          procedures have been omitted. It is suggested that these financial
          statements be read in conjunction with the financial statements and
          accompanying notes in the Partnership's latest annual report on Form
          10-K.

          The preparation of financial statements in conformity with generally
          accepted accounting principles (GAAP) requires the Partnership to make
          estimates and assumptions that affect the reported amounts of assets
          and liabilities and disclosure of contingent assets and liabilities at
          the date of the financial statements and the reported amounts of
          revenues and expenses during the reported period. Actual results could
          differ from those estimates.

          The interim financial statements presented herewith reflect all
          adjustments of a normal recurring nature which are, in the opinion of
          management, necessary to a fair statement of the financial condition
          and results of operations for the interim periods presented.


(2)   Net Lease Receivables Due from Leasing Company

      Net lease receivables due from the Leasing Company are determined by
      deducting direct operating payables and accrued expenses, base management
      fees payable, and reimbursed administrative expenses payable to CCC and
      its affiliates from the rental billings payable by the Leasing Company to
      the Partnership under operating leases to ocean carriers for the
      containers owned by the Partnership. Net lease receivables at March 31,
      1997 and December 31, 1996 were as follows:

<TABLE>
<CAPTION>
                                                         March 31,   December 31,
                                                           1997         1996
                                                         ---------   ------------
<S>                                                       <C>           <C>    
     Lease receivables, net of doubtful accounts
        of $134,608 at March 31, 1997 and $137,194
        at December 31, 1996                             $593,457      $621,759
     Less:
     Direct operating payables and accrued expenses       183,212       170,099
     Damage protection reserve                             88,124       104,457
     Base management fees                                  51,871        52,702
     Reimbursed administrative expenses                     9,712        10,800
                                                         --------      --------
                                                         $260,538      $283,701
                                                         ========      ========
</TABLE>



                                                                     (Continued)

                                       8

<PAGE>   9

                              IEA INCOME FUND VIII,
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(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 billed by the Leasing Company under operating leases to
      ocean carriers for the containers owned by the Partnership. Net lease
      revenue for the three-month periods ended March 31, 1997 and 1996, was as
      follows: Three Months Ended

<TABLE>
<CAPTION>
                                               Three Months Ended
                                              -----------------------
                                              March 31,     March 31,
                                                1997          1996
                                              --------      ---------
<S>                                           <C>           <C>     
     Rental revenue                           $533,814      $737,442

     Less:
     Rental equipment operating expenses       179,213       189,957
     Base management fees                       37,218        49,439
     Reimbursed administrative expenses         31,018        41,735
                                              --------      --------
                                              $286,365      $456,311
                                              ========      ========
</TABLE>




                                       9

<PAGE>   10


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

It is suggested that the following discussion be read in conjunction with the
Registrant's most recent annual report on Form 10-K.

1)    Material changes in financial condition between March 31, 1997 and 
      December 31, 1996.

      During the first quarter of 1997, the Registrant disposed of 44 containers
      as part of its ongoing operations. At March 31, 1997, 88% of the original
      equipment remained in the Registrant's fleet, as compared to 89% at
      December 31, 1996, and was comprised of the following:

<TABLE>
<CAPTION>
                                                            40-Foot
                                      20-Foot    40-Foot    High Cube
                                      -------    -------    ---------
<S>                                      <C>        <C>         <C>
     Containers on lease:
         Term leases                     148        220         15
         Master lease                  1,256      1,232         96
                                       -----      -----      -----
                Subtotal               1,404      1,452        111
     Containers off lease                599        619         24
                                       -----      -----      -----
            Total container fleet      2,003      2,071        135
                                       =====      =====      =====
</TABLE>


<TABLE>
<CAPTION>
                                                                                               40-Foot
                                                  20-Foot                40-Foot              High Cube
                                            -----------------      -----------------     ------------------ 
                                            Units          %       Units         %        Units         %
                                            -----      -----       -----      -----       -----      -----
<S>                                         <C>          <C>       <C>          <C>         <C>        <C> 
     Total purchases                        2,244        100%      2,396        100%        150        100%
         Less disposals                       241         11%        325         14%         15         10%
                                            -----      -----       -----      -----       -----      -----
     Remaining fleet at March 31, 1997      2,003         89%      2,071         86%        135         90%
                                            =====      =====       =====      =====       =====      =====
</TABLE>


      The Registrant's operating performance contributed to an 8% decline in net
      lease receivables at March 31, 1997 when compared to December 31, 1996.
      During the first quarter of 1997, distributions from operations and sales
      proceeds amounted to $460,462, reflecting distributions to the general and
      limited partners for the fourth quarter of 1996. This represents a decline
      from the $597,033 distributed during the fourth quarter of 1996,
      reflecting distributions for the third quarter of 1996.

      During 1996, ocean carriers and other transport companies moved away from
      leasing containers outright, as declining container prices, favorable
      interest rates and the abundance of available capital resulted in ocean
      carriers and transport companies purchasing a larger share of equipment
      for their own account, reducing the demand for leased containers. Once the
      demand for leased containers began to fall, per-diem rental rates were
      also adversely affected. These conditions continued to exist throughout
      the first quarter of 1997, contributing to decline in the Registrant's
      average utilization rate from 76% at December 31, 1996 to 71% at March 31,
      1997. The Leasing Company continues to implement various marketing
      strategies, including but not limited to, offering incentives to shipping
      companies, repositioning containers to high demand locations and focusing
      towards term leases and other leasing opportunities including the leasing
      of containers for local storage, in order to counter current leasing
      market conditions. These conditions are expected to continue throughout
      1997, impacting the Registrant's liquidity and capital resources.



                                       10


<PAGE>   11


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

      Net lease revenue for the first quarter of 1997 was $286,365, a decline of
      approximately 37% from the first quarter of 1996. Approximately 24% of the
      Registrant's net earnings for the three-month period ended March 31, 1997,
      were from gain on disposal of equipment, as compared to 11% for the same
      three-month period in the prior year. As the Registrant's container
      disposals increase in subsequent periods, net gain on disposal should
      contribute significantly to the Registrant's net earnings and may
      fluctuate dependent on the level of container disposal.

      Gross rental revenue (a component of net lease revenue) for the quarter
      was $533,814, a decline of 28% from the same period last year. During
      1997, gross rental revenue was primarily impacted by the sluggish
      container leasing market conditions that existed during 1996 and
      throughout the first quarter of 1997. As a result, average per-diem rental
      rates declined 13% when compared to the same period in the prior year. The
      Registrant's average fleet size and utilization rates for the three-month
      periods ended March 31, 1997 and 1996 were as follows:

<TABLE>
<CAPTION>
                                                   Three Months Ended
                                                --------------------------
                                                 March 31,       March 31,
                                                   1997            1996
                                                ----------       ---------
<S>                                              <C>              <C>  
     Average Fleet Size (measured in
        twenty-foot equivalent units (TEU))      6,431            6,856
     Average Utilization                            71%              79%
</TABLE>

      The Registrant's aging and declining fleet size contributed to a 5%
      decline in depreciation expense when compared to the same period in the
      prior year. Rental equipment operating expenses were 34% of the
      Registrant's gross lease revenue during the three-month period ended March
      31, 1997, as compared to 26% during the three-month period ended March 31,
      1996. This increase was largely attributable to an increase in costs
      associated with lower utilization levels, including handling and storage.

      As reported in the Registrant's Current Report on Form 8-K and Amendment
      No. 1 to Current Report on Form 8-K, filed with the Commission on February
      7, 1997 and February 26, 1997, respectively, Arthur Andersen, London,
      England, resigned as auditors of The Cronos Group, a Luxembourg
      Corporation headquartered in Orchard Lea, England (the "Parent Company"),
      on February 3, 1997.

      The Parent Company is the indirect corporate parent of Cronos Capital
      Corp., the General Partner of the Registrant. In its letter of resignation
      to the Parent Company, Arthur Andersen states that it resigned as auditors
      of the Parent Company and all other entities affiliated with the Parent
      Company. While its letter of resignation was not addressed to the General
      Partner or the Registrant, Arthur Andersen confirmed to the General
      Partner that its resignation as auditors of the entities referred to in
      its letter of resignation included its resignation as auditors of Cronos
      Capital Corp. and the Registrant.

      The Registrant does not, at this time, have sufficient information to
      determine the impact, if any, that the concerns expressed by Arthur
      Andersen in its letter of resignation may have on the future operating
      results and financial condition of the Registrant or the Leasing Company's
      ability to manage the Registrant's fleet in subsequent periods. However,
      the General Partner of the Registrant does not believe, based upon the
      information currently available to it, that Arthur Andersen's resignation
      was triggered by any concern over the accounting policies and procedures
      followed by the Registrant.

      Arthur Andersen's report on the financial statements of Cronos Capital
      Corp. and the Registrant, for either of the past two years, has not
      contained an adverse opinion or a disclaimer of opinion, nor was any such
      report qualified or modified as to uncertainty, audit scope, or accounting
      principles.



                                       11


<PAGE>   12

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

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


      Cautionary Statement

      This Quarterly Report on Form 10-Q contains statements relating to future
      results of the Registrant, including certain projections and business
      trends, that are "forward-looking statements" as defined in the Private
      Securities Litigation Reform Act of 1995. Actual results may differ
      materially from those projected as a result of certain risks and
      uncertainties, including but not limited to changes in: economic
      conditions; trade policies; demand for and market acceptance of leased
      marine cargo containers; competitive utilization and per-diem rental rate
      pressures; as well as other risks and uncertainties, including but not
      limited to those described in the above discussion of the marine container
      leasing business under Item 2., Management's Discussion and Analysis of
      Financial Condition and Results of Operations; and those detailed from
      time to time in the filings of Registrant with the Securities and Exchange
      Commission.




                                       12


<PAGE>   13


                           PART II - OTHER INFORMATION


Item 6.   Exhibits and Reports on Form 8-K

(a)   Exhibits

<TABLE>
<CAPTION>
Exhibit
   No.                              Description                                 Method of Filing
-------                             -----------                                 ----------------
<S>            <C>                                                              <C>
   3(a)        Limited Partnership Agreement of the Registrant, amended and     *
               restated as of October 13, 1987

   3(b)        Certificate of Limited Partnership of the Registrant             **

   27          Financial Data Schedule                                          Filed with this document
</TABLE>

(b)   Reports on Form 8-K

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

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


____________

*   Incorporated by reference to Exhibit "A" to the Prospectus of the Registrant
    dated October 13, 1987, included as part of Registration Statement on Form
    S-1 (No. 33-16984)

**  Incorporated by reference to Exhibit 3.4 to the Registration Statement on
    Form S-1 (No. 33-16984)



                                       13


<PAGE>   14


                                   SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                     IEA INCOME FUND VIII,
                                     A California Limited Partnership

                                     By  Cronos Capital Corp.
                                         The General Partner


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



Date:  June 16, 1997




                                       14


<PAGE>   15

                                  EXHIBIT INDEX



<TABLE>
<CAPTION>
Exhibit
   No.                              Description                                 Method of Filing
-------                             -----------                                 ----------------
<S>            <C>                                                              <C>
   3(a)        Limited Partnership Agreement of the Registrant, amended and     *
               restated as of October 13, 1987

   3(b)        Certificate of Limited Partnership of the Registrant             **

   27          Financial Data Schedule                                          Filed with this document
</TABLE>


____________
*   Incorporated by reference to Exhibit "A" to the Prospectus of the Registrant
    dated October 13, 1987, included as part of Registration Statement on Form
    S-1 (No. 33-16984)

**  Incorporated by reference to Exhibit 3.4 to the Registration Statement on
    Form S-1 (No. 33-16984)