<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 SEPTEMBER 30, 1996

                                       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 SEPTEMBER 30, 1996

                                TABLE OF CONTENTS

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

Item 1.   Financial Statements

          Balance Sheets - September 30, 1996 (unaudited) and December 31, 1995                                             4

          Statements of Operations for the three and nine months ended September 30, 1996 and 1995 (unaudited)              5

          Statements of Cash Flows for the nine months ended September 30, 1996 and 1995 (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                                                                                    12
</TABLE>


                                        2
<PAGE>   3
                         PART I - FINANCIAL INFORMATION


Item 1.   Financial Statements

          Presented herein are the Registrant's balance sheets as of September
          30, 1996 and December 31, 1995, statements of operations for the three
          and nine months ended September 30, 1996 and 1995, and statements of
          cash flows for the nine months ended September 30, 1996 and 1995.




                                        3
<PAGE>   4
                              IEA INCOME FUND VIII,
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                     September 30,     December 31,
                                                                         1996              1995
                                                                     -------------     -------------
<S>                                                                  <C>               <C>
                   Assets
Current assets:
    Cash, includes $202,814 at September 30, 1996 and $151,831
       at December 31, 1995 in interest-bearing accounts             $   203,220       $   152,012
    Short-term investments                                               601,741           655,627
    Net lease receivables due from Leasing Company
       (notes 1 and 2)                                                   354,926           425,492
                                                                     -----------       -----------

           Total current assets                                        1,159,887         1,233,131
                                                                     -----------       -----------

Container rental equipment, at cost                                   11,639,919        12,088,535
    Less accumulated depreciation                                      5,111,441         4,792,590
                                                                     -----------       -----------
       Net container rental equipment                                  6,528,478         7,295,945
                                                                     -----------       -----------

                                                                     $ 7,688,365       $ 8,529,076
                                                                     ===========       ===========

      Liabilities and Partners' Capital

Current liabilities:
    Due to general partner
       (notes 1 and 3)                                               $      --         $     7,111
                                                                     -----------       -----------

Partners' capital:
    General partner                                                        3,660             3,171
    Limited partners                                                   7,684,705         8,518,794
                                                                     -----------       -----------

           Total partners' capital                                     7,688,365         8,521,965
                                                                     -----------       -----------

                                                                     $ 7,688,365       $ 8,529,076
                                                                     ===========       ===========
</TABLE>

        The accompanying notes are an integral part of these statements.

                                        4
<PAGE>   5
                              IEA INCOME FUND VIII,
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                           Three Months Ended            Nine Months Ended
                                                      ---------------------------   -----------------------------
                                                      September 30,  September 30,  September 30,    September 30,
                                                          1996           1995           1996             1995
                                                      -------------  -------------  -------------   -------------
<S>                                                    <C>            <C>            <C>              <C>
Net lease revenue (notes 1 and 4)                      $365,037       $514,655       $1,206,121       $1,686,314
Other operating expenses:
   Depreciation                                         168,894        175,579          515,246          531,366
   Other general and administrative expenses              8,988          1,894           22,564           29,268
                                                       --------       --------       ----------       ----------
                                                        177,882        177,473          537,810          560,634
                                                       --------       --------       ----------       ----------
     Earnings from operations                           187,155        337,182          668,311        1,125,680
Other income:
   Interest income                                       10,541         11,509           30,185           36,012
   Net gain on disposal of equipment                     35,248          8,415           79,146           38,005
                                                       --------       --------       ----------       ----------
                                                         45,789         19,924          109,331           74,017
                                                       --------       --------       ----------       ----------
     Net earnings                                      $232,944       $357,106       $  777,642       $1,199,697
                                                       ========       ========       ==========       ==========
Allocation of net earnings:
   General partner                                     $ 41,172       $ 65,220       $  140,790       $  176,776
   Limited partners                                     191,772        291,886          636,852        1,022,921
                                                       --------       --------       ----------       ----------
                                                       $232,944       $357,106       $  777,642       $1,199,697
                                                       ========       ========       ==========       ==========
Limited partners' per unit share of net earnings       $   8.92       $  13.58       $    29.63       $    47.59
                                                       ========       ========       ==========       ==========
</TABLE>


        The accompanying notes are an integral part of these statements.

                                        5
<PAGE>   6
                              IEA INCOME FUND VIII,
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                   Nine Months Ended
                                                            --------------------------------
                                                            September 30,      September 30,
                                                                 1996               1995
                                                            -------------      -------------
<S>                                                          <C>                <C>
Net cash provided by operating activities                    $ 1,273,569        $ 1,783,584

Cash flows provided by (used in) investing activities:
   Proceeds from sale of container rental equipment              342,108            190,590
   Acquisition fees paid to general partner                       (7,112)           (11,314)
                                                             -----------        -----------

         Net cash provided by investing activities               334,996            179,276
                                                             -----------        -----------

Cash flows used in financing activities:
   Distribution to partners                                   (1,611,243)        (1,874,685)
                                                             -----------        -----------

Net increase (decrease) in cash and cash equivalents              (2,678)            88,175

Cash and cash equivalents at January 1                           807,639            746,017
                                                             -----------        -----------

Cash and cash equivalents at September 30                    $   804,961        $   834,192
                                                             ===========        ===========
</TABLE>


        The accompanying notes are an integral part of these 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 and
                  controls the business of the Partnership.

      (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.

      (c)         Basis of Accounting

                  The Partnership utilizes the accrual method of accounting.
                  Revenue is recognized when earned.

                  The Partnership has determined that for accounting purposes
                  the Leasing Agent Agreement is a lease, and the receivables,
                  payables, gross revenues and operating expenses attributable
                  to the containers managed by the Leasing Company are, for
                  accounting purposes, those of the Leasing Company and not of
                  the Partnership. Consequently, the Partnership's balance
                  sheets and statements of operations display the payments to be
                  received by the Partnership from the Leasing Company as the
                  Partnership's receivables and revenues.


                                                                     (Continued)

                                        7
<PAGE>   8
                              IEA INCOME FUND VIII,
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


      (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.

              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, the Leasing Company, 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 September 30, 1996
              and December 31, 1995 were as follows:
<TABLE>
<CAPTION>
                                                           September 30,   December 31,
                                                               1996           1995
                                                           -------------   ------------
<S>                                                          <C>            <C>
Lease receivables, net of doubtful accounts
     of $157,795 at September 30, 1996 and $136,750 at
     December 31, 1995                                       $624,651       $773,483
Less:
Direct operating payables and accrued expenses                164,438        166,803
Damage protection reserve                                      40,389         92,138
Base management fees                                           53,561         75,211
Reimbursed administrative expenses                             11,337         13,839
                                                             --------       --------
                                                             $354,926       $425,492
                                                             ========       ========
</TABLE>


(3)   Due to General Partner

      The amount due to CCC at December 31, 1995 consists of acquisition fees.



                                                                     (Continued)

                                        8
<PAGE>   9
                              IEA INCOME FUND VIII,
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


  (4)         Net Lease Revenue

              Net lease revenue is determined by deducting direct operating
              expenses, management fees and reimbursed administrative expenses
              to CCC and the Leasing Company, 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 and nine-month periods ended September 30, 1996 and 1995,
              was as follows:
<TABLE>
<CAPTION>
                                             Three Months Ended                Nine Months Ended
                                       ------------------------------    ------------------------------
                                        September 30,   September 30,    September 30,    September 30,
                                            1996             1995           1996              1995
                                       -------------    ------------     ------------     -----------
<S>                                       <C>            <C>              <C>              <C>
Rental revenue                            $633,244       $  836,443       $2,047,309       $2,525,657

Rental equipment operating expenses        185,615          215,497          584,406          526,996
Base management fees                        43,667           55,495          137,592          170,621
Reimbursed administrative expenses          38,925           50,796          119,190          141,726
                                          --------       ----------       ----------       ----------
                                          $365,037       $  514,655       $1,206,121       $1,686,314
                                          ========       ==========       ==========       ==========
</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 September 30, 1996 and
      December 31, 1995.

      During the first nine months of 1996, the Registrant disposed of 181
      containers as part of its ongoing operations, contributing to the change
      in the Registrant's financial condition. At September 30, 1996, 90% of the
      original equipment remained in the Registrant's fleet, as compared to 94%
      at December 31, 1995, comprised as follows:
<TABLE>
<CAPTION>
                                                        40-Foot
                                20-Foot     40-Foot    High-Cube
                                -------     -------    ---------
<S>                              <C>         <C>         <C>
Containers on lease:
     Term leases                   130         212        11
     Master lease                1,332       1,377       107
                                 -----       -----       ---
         Subtotal                1,462       1,589       118
Containers off lease               574         540        18
                                 -----       -----       ---
     Total container fleet       2,036       2,129       136
                                 =====       =====       ===
<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                           208         9%         267        11%        14         9%
                                            -----       ---        -----       ---        ---       ---
Remaining fleet at September 30, 1996       2,036        91%       2,129        89%       136        91%
                                            =====       ===        =====       ===        ===       ===
</TABLE>

      Net lease receivables at September 30, 1996, declined when compared to
      December 31, 1995. Contributing to this decline were favorable collections
      of the Registrant's lease receivables, a reduction in the Registrant's
      average fleet size, and its related operating performance. The reduction
      in fleet size and its related operating performance also contributed to a
      decline in direct operating payables, damage protection reserve,
      reimbursed administrative expenses payable, and base management fees
      payable.

      During the third quarter of 1996, distributions from operations and sales
      proceeds amounted to $482,850, reflecting distributions to the general and
      limited partners for the second quarter of 1996. This represents a decline
      from the $530,613 distributed during the second quarter of 1996,
      reflecting distributions for the first quarter of 1996. Additional
      container disposals should contribute to lower operating results and,
      consequently, lower distributions from operations to its partners in
      subsequent periods. However, sales proceeds distributed to its partners
      may fluctuate in subsequent periods, reflecting the level of container
      disposals.

      The statements contained in the following discussion are based on current
      expectations. These statements are forward looking and actual results may
      differ materially. Indicative of the cyclical nature of the container
      leasing business, containerized trade growth slowed in the last quarter of
      1995, and excess inventories began to develop. This slowdown has resulted
      in reduced equipment utilization and lower per-diem rental rates in the
      container leasing industry during the first nine months of 1996.
      Accordingly, the Registrant's utilization rate has declined from an
      average of 87% at December 31, 1995 to 74% at September 30, 1996.
      Additionally, during the first nine months of 1996, the Leasing Company
      implemented various marketing strategies, including but not limited to,
      offering incentives to shipping companies and repositioning containers to
      high demand locations in order to counter the market conditions. Ancillary
      revenues have fallen, and free-day incentives offered to the shipping
      lines have increased. In addition, rental equipment operating expenses of
      the Registrant have increased due to higher storage and handling costs
      associated with the off-hire fleet, and increased repositioning costs.
      These leasing market


                                       10
<PAGE>   11
      conditions are expected to adversely impact the Registrant's results
      from operations through the remainder of 1996 and into 1997.

2)    Material changes in the results of operations between the three and
      nine-month periods ended September 30, 1996 and the three and nine-month
      periods ended September 30, 1995.

      Net lease revenue for the three and nine-month periods ended September 30,
      1996 was $365,037, and $1,206,121, respectively, a decline of 29% and 28%
      from the same three and nine-month periods in the prior year,
      respectively. Approximately 15% and 10% of the Registrant's net earnings
      for the three and nine-month periods ended September 30, 1996,
      respectively, were from gain on disposal of equipment, as compared to 2%
      and 3% for the same three and nine-month periods in the prior year,
      respectively. As the Registrant's disposals increase in subsequent
      periods, net gain on disposal will contribute significantly to the
      Registrant's net earnings.

      Gross rental revenue (a component of net lease revenue) for the three and
      nine-month periods ended September 30, 1996 was $633,244, and $2,047,309,
      respectively, reflecting a decline of 24% and 19% from the same three and
      nine-month periods in 1995, respectively. During 1996, gross rental
      revenue was primarily impacted by the Registrant's lower per-diem rental
      rates and utilization levels. Average per-diem rental rates decreased
      approximately 7% and 3%, when compared to the same three and nine-month
      periods in the prior year, respectively, as they became subject to the
      downward pressures of an increasingly soft container leasing market. The
      Registrant's average fleet size and utilization rates for the three and
      nine-month periods ended September 30, 1996 and September 30, 1995 were as
      follows:
<TABLE>
<CAPTION>
                                              Three Months Ended            Nine Months Ended
                                          ---------------------------- -----------------------------
                                          September 30,  September 30,  September 30,  September 30,
                                              1996           1995          1996             1995
                                          ------------   ------------  --------------  -------------
<S>                                           <C>           <C>           <C>             <C>
Average Fleet Size (measured in
    twenty-foot equivalent units (TEU))       6,598         6,933         6,733           6,996
Average Utilization                              76%           88%           77%             87%
</TABLE>


      The Registrant's declining fleet size contributed to a 4% and 3% decline
      in depreciation expense when compared to the same three and nine-month
      periods ended September 30, 1996, respectively. Rental equipment operating
      expenses were 29% of the Registrant's gross lease revenue in each of the
      three and nine-month periods ended September 30, 1996, respectively, as
      compared to 26% and 21% during the three and nine-month periods ended
      September 30, 1995, respectively. These increases were largely
      attributable to a decline in gross lease revenue resulting from lower
      utilization rates, lower per-diem rates, a downward trend in ancillary
      revenue, and an increase in free-day incentives offered to shipping
      companies. Costs associated with lower utilization levels, including
      handling, storage and repositioning also contributed to the increase in
      the rental equipment operating expenses, as a percentage of gross lease
      revenue. A reduction in the Registrant's average fleet size and its
      related operating performance contributed to the decline in base
      management fees, when compared to the same periods in the prior year.




                                       11
<PAGE>   12
                           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

      No reports on Form 8-K were filed by the Registrant during the quarter
      ended September 30, 1996








-----------------

*        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)



                                       12
<PAGE>   13
                                   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 Financial & Accounting Officer



Date:  November 11, 1996




                                       13
<PAGE>   14
<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)