SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
/X/ Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended September 30, 2002
/ / 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: 0-20131
Fidelity Leasing Income Fund VIII, L.P.
_______________________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 23-2627143
_______________________________________________________________________________
(State of organization) (I.R.S. Employer Identification No.)
1845 Walnut Street, Suite 1000, Philadelphia, Pennsylvania 19103
_______________________________________________________________________________
(Address of principal executive offices) (Zip code)
(215) 574-1636
_______________________________________________________________________________
(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 regis-
trant was required to file such reports), and (2) has been subject to such fil-
ing requirements for the past 90 days.
Yes __X__ No _____
Page 1 of 19
Part I: Financial Information
Item 1: Financial Statements
FIDELITY LEASING INCOME FUND VIII, L.P.
BALANCE SHEETS
ASSETS
(Unaudited) (Audited)
September 30, December 31,
2002 2001
_____________ ____________
Cash and cash equivalents $2,600,917 $2,908,429
Accounts receivable 125,642 319,052
Due from related parties - 8,999
Net investment in direct
financing leases 338,388 1,648,681
Equipment under operating leases
(net of accumulated depreciation
of $151,533 and $1,025,054,
respectively) - 41,288
Equipment held for sale or lease 88,317 103,500
__________ __________
Total assets $3,153,264 $5,029,949
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Lease rents paid in advance $ 436 $ 12,272
Accounts payable and
accrued expenses 14,118 7,231
Due to related parties 33,444 12,189
__________ __________
Total liabilities 47,998 31,692
Partners' capital 3,105,266 4,998,257
__________ __________
Total liabilities and
partners' capital $3,153,264 $5,029,949
========== ==========
The accompanying notes are an integral part of these financial statements.
2
FIDELITY LEASING INCOME FUND VIII, L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
2002 2001 2002 2001
____ ____ ____ ____
Income:
Earned income on direct
financing leases $11,911 $ 49,150 $ 73,460 $234,803
Rentals 8,833 42,604 72,566 130,726
Interest 18,338 24,245 55,833 60,991
Gain on sale of equipment, net 28,271 - 45,071 -
Other 284 2,172 2,831 2,932
_______ ________ ________ ________
67,637 118,171 249,761 429,452
_______ ________ ________ ________
Expenses:
Depreciation 3,796 16,098 27,159 48,295
General and administrative 19,058 20,063 61,048 49,037
General and administrative to
related party 22,834 23,409 66,422 62,958
Management fee to related party 4,239 11,324 28,123 39,700
Reserve for uncollectible
accounts - 33,884 - 86,786
_______ ________ ________ ________
49,927 104,778 182,752 286,776
_______ ________ ________ ________
Net income $17,710 $ 13,393 $ 67,009 $142,676
======= ======== ======== ========
Net income per equivalent
limited partnership unit $ 1.25 $ 0.95 $ 4.64 $ 10.47
======= ======== ======== ========
Weighted average number of
equivalent limited partnership
units outstanding during
the period 9,659 13,215 10,821 13,374
======= ======== ======== ========
The accompanying notes are an integral part of these financial statements.
3
FIDELITY LEASING INCOME FUND VIII, L.P.
STATEMENT OF PARTNERS' CAPITAL
For the nine months ended September 30, 2002
(Unaudited)
General Limited Partners
Partner Units Amount Total
_______ _____ ______ _____
Balance, January 1, 2002 $ 733 21,695 $4,997,524 $4,998,257
Cash distributions (19,600) - (1,940,400) (1,960,000)
Net income 16,800 - 50,209 67,009
_______ ______ __________ __________
Balance, September 30, 2002 ($ 2,067) 21,695 $3,107,333 $3,105,266
======= ====== ========== ==========
The accompanying notes are an integral part of these financial statements.
4
FIDELITY LEASING INCOME FUND VIII, L.P.
STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 2002 and 2001
(Unaudited)
2002 2001
____ ____
Cash flows from operating activities:
Net income $ 67,009 $ 142,676
__________ __________
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 27,159 48,295
Reserve for uncollectible accounts - 86,786
Gain on sale of equipment, net (45,071) -
(Increase) decrease in accounts receivable 193,410 (72,184)
(Increase) decrease in due from related parties 8,999 22,738
Increase (decrease) in lease rents paid
in advance (11,836) (7,462)
Increase (decrease) in accounts payable and
accrued expenses 6,887 (34,150)
Increase (decrease) in due to related parties 21,255 (7,473)
__________ __________
200,803 36,550
__________ __________
Net cash provided by operating activities 267,812 179,226
__________ __________
Cash flows from investing activities:
Investment in direct financing leases (106,605) (502,226)
Acquisition of equipment, net 15,183 -
Proceeds from sale of equipment 59,200 -
Proceeds from direct financing leases,
net of earned income 1,416,898 1,772,526
__________ __________
Net cash provided by investing activities 1,384,676 1,270,300
__________ __________
Cash flows from financing activities:
Distributions (1,960,000) (300,000)
__________ __________
Net cash used in financing activities (1,960,000) (300,000)
__________ __________
Increase (decrease) in cash and cash equivalents (307,512) 1,149,526
Cash and cash equivalents, beginning of
period 2,908,429 1,682,259
__________ __________
Cash and cash equivalents, end of period $2,600,917 $2,831,785
========== ==========
The accompanying notes are an integral part of these financial statements.
5
FIDELITY LEASING INCOME FUND VIII, L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2002
(Unaudited)
The accompanying unaudited condensed financial statements have been prepared
by the Fund in accordance with accounting principles generally accepted in
the United States of America, pursuant to the rules and regulations of the
Securities and Exchange Commission. In the opinion of Management, all ad-
justments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included.
1. EQUIPMENT LEASED
The Fund has equipment leased under the direct financing method in accor-
dance with Statement of Financial Accounting Standards No. 13. This
method provides for recognition of income (the excess of the aggregate
future rentals and estimated unguaranteed residuals upon expiration of
the lease over the related equipment cost) over the life of the lease
using the interest method. The Fund's direct financing leases are for
initial lease terms ranging from 24 to 60 months.
The approximate net investment in direct financing leases as of Septem-
ber 30, 2002 is as follows (unaudited):
Minimum lease payments to be received $364,000
Unearned rental income (26,000)
________
$338,000
========
The Fund also has equipment under operating leases. The Fund's operating
leases are for initial lease terms of 3 to 36 months. Generally, operat-
ing leases will not recover all of the undepreciated cost and related
expenses of its rental equipment during the initial lease terms and the
Fund is prepared to remarket the equipment. Fund policy is to review
quarterly the expected economic life of its rental equipment in order to
determine the recoverability of its undepreciated cost. Recent and antici-
pated technological developments affecting the equipment and competitive
factors in the marketplace are considered among other things, as part of
this review. In accordance with accounting principles generally accepted
in the United States of America, the Fund writes down its rental equipment
to its estimated net realizable value when the amounts are reasonably
estimated and only recognizes gains upon actual sale of its rental
equipment.
6
FIDELITY LEASING INCOME FUND VIII, L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
1. EQUIPMENT LEASED (Continued)
The future approximate minimum rentals to be received on noncancellable
direct financing and operating leases as of September 30, 2002 are as
follows (unaudited):
Direct
Years Ending December 31 Financing Operating
________________________ _________ _________
2002 $109,000 $1,000
2003 176,000 -
2004 27,000 -
2005 26,000 -
2006 26,000 -
________ ______
$364,000 $1,000
======== ======
2. RELATED PARTY TRANSACTIONS
The General Partner receives 4% or 2% of rental payments from equip-
ment under operating leases and full pay-out leases, respectively, for
administrative and management services performed on behalf of the Fund.
Full pay-out leases are noncancellable leases for which the rental payments
due during the initial term are at least sufficient to recover the purchase
price of the equipment, including acquisition fees. This management fee is
paid monthly only if and when the Limited Partners have received distribu-
tions for the period from the initial closing through the end of the most
recent calendar quarter equal to a return for such period at a rate of 11%
per year on the aggregate amount paid for their units.
The General Partner may also receive up to 3% of the proceeds from the
sale of the Fund's equipment for services and activities to be performed
in connection with the disposition of equipment. The payment of this sales
fee is deferred until the Limited Partners have received cash distributions
equal to the purchase price of their units plus an 11% cumulative com-
pounded priority return. Based on current estimates, it is not expected
that the Fund will be required to pay this sales fee to the General
Partner.
Additionally, the General Partner and its parent company are reimbursed by
the Fund for certain costs of services and materials used by or for the
Fund except those items covered by the above-mentioned fees. Following is
a summary of fees and costs of services and materials charged by the
General Partner or its parent company during the three and nine months
ended September 30, 2002 and 2001 (unaudited):
7
FIDELITY LEASING INCOME FUND VIII, L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
2. RELATED PARTY TRANSACTIONS (Continued)
Three Months Ended Nine Months Ended
September 30 September 30
2002 2001 2002 2001
____ ____ ____ ____
Management fee $ 4,239 $11,324 $28,123 $39,700
Reimbursable costs 22,834 23,409 66,422 62,958
During the first quarter of 2001, the Fund transferred its checking and
investment accounts from Hudson United Bank to The Bancorp.com, Inc.
(TBI). The son and the spouse of the Chairman of Resource America, Inc.
are the Chairman and Chief Executive Officer, respectively, of TBI. The
Fund maintains a normal banking relationship with TBI.
The amount due from related parties at December 31, 2001 represents monies
due the Fund from the General Partner and/or other affiliated funds for
rentals and sales proceeds collected and not yet remitted to the Fund.
Amounts due to related parties at September 30, 2002 and December 31, 2001
represent monies due to the General Partner for the fees and costs
mentioned above, as well as, rentals and sales proceeds collected by the
Fund on behalf of other affiliated funds.
3. CASH DISTRIBUTION
The General Partner declared and paid a cash distribution of $30,000
in September 2002 for the month ended July 31, 2002 to all admitted
partners as of July 31, 2002. Additionally, the General Partner declared
and paid cash distributions of $30,000 and $500,000 subsequent to Septem-
ber 30, 2002 for the months ended August 31 and September 30, 2002 to
all admitted partners as of August 31 and September 30, 2002.
8
FIDELITY LEASING INCOME FUND VIII, L. P.
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Fidelity Leasing Income Fund VIII, L.P. had revenues of $67,637 and
$118,171 for the three months ended September 30, 2002 and 2001, respectively,
and $249,761 and $429,452 for the nine months ended September 30, 2002 and
2001, respectively. Earned income from direct financing leases and rental
income from the leasing of equipment accounted for 31% and 78% of total
revenues for the third quarter of 2002 and 2001, respectively, and 58% and
85% of total revenues for the nine months ended September 30, 2002 and 2001,
respectively. The decrease in revenues was primarily attributable to the de-
crease in earned income on direct financing leases of approximately $161,000.
Earned income on direct financing leases decreased because of the monthly
amortization of unearned income using the interest method. Additionally, the
early termination of certain direct financing leases during the last quarter
of 2001 and the first nine months of 2002 accounted for the decrease in earned
income on direct financing leases during the nine months ended September 30,
2002. The decrease in total revenues was also attributable to the decrease
in rental income. Rental income decreased approximately $58,000 because of
equipment under operating leases that terminated and was sold since September
2001. The increase in net gain on sale of equipment served to mitigate the
overall decrease in revenues for the nine months ended September 30, 2002.
The Fund recognized a net gain on sale of equipment of $45,071 during the nine
months ended September 30, 2002 compared to $-0- for the same period in 2001.
Expenses were $49,927 and $104,778 for the three months ended Septem-
ber 30, 2002 and 2001, respectively, and $182,752 and $286,776 for the nine
months ended September 30, 2002 and 2001, respectively. Depreciation expense
comprised 8% and 15% of total expenses during the third quarter of 2002 and
2001, respectively, and 15% and 17% of total expenses for the nine months
ended September 30, 2002 and 2001, respectively. The decrease in expenses
during the nine months ended September 30, 2002 was primarily attributable to
the decrease in the reserve for uncollectible accounts. During the nine months
ended September 30, 2001, approximately $87,000 was charged to this account to
reserve for potential uncollectible rentals. There was no charge to the
reserve for uncollectible accounts during the nine months ended September 30,
2002. The decrease in depreciation expense of approximately $21,000 also
contributed to the overall decrease in expenses during the first nine months
of 2002. The decrease in this account resulted from equipment under operating
leases that terminated and was sold during 2002. Furthermore, management fee
to related party decreased during the nine months ended September 30, 2002
compared to the nine months ended September 30, 2001. This account decreased
because of the decrease in rentals earned on both operating and direct fi-
nancing leases. Management fee is earned as a percentage of these rentals.
The overall decrease in expenses was lowered by the increase in general and
administrative expense. General and administrative expense increased in 2002
because of an increase in the various expenses incurred to operate the Fund on
a daily basis.
9
FIDELITY LEASING INCOME FUND VIII, L.P.
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (Continued)
RESULTS OF OPERATIONS (Continued)
The Fund's net income was $17,710 and $13,393 for the three months
ended September 30, 2002 and 2001, respectively, and $67,009 and $142,676
for the nine months ended September 30, 2002 and 2001, respectively. The
earnings per equivalent limited partnership unit, after earnings allocated to
the General Partner, were $1.25 and $0.95 based on a weighted average number of
equivalent limited partnership units outstanding of 9,659 and 13,215 for the
three months ended September 30, 2002 and 2001, respectively. The earnings per
equivalent limited partnership unit, after earnings allocated to the General
Partner, were $4.64 and $10.47 based on a weighted average number of equiv-
alent limited partnership units outstanding of 10,821 and 13,374 for the nine
months ended September 30, 2002 and 2001, respectively.
The Fund generated (used) cash from operations of ($6,765) and $63,375,
for the purpose of determining cash available for distribution, during the
quarter ended September 30, 2002 and 2001, respectively. The General Partner
declared and paid one cash distribution of $30,000 in September 2002 for the
month ended July 31, 2002. Subsequent to September 30, 2002, the General
Partner declared and paid cash distributions of $30,000 and $500,000 for the
months ended August 31 and September 30, 2002. The General Partner declared
and paid one cash distribution of $30,000 in September 2001 and two cash
distributions of $30,000 each subsequent to September 2001 for the three
months ended September 30, 2001. For the nine months ended September 30,
2002 and 2001, the Fund generated $49,097 and $277,757 of cash from operations
for the purpose of determining cash available for distribution. The General
Partner declared cash distributions totaling $1,680,000 and $270,000 for the
nine months ended September 30, 2002 and 2001, respectively. The Fund paid
seven cash distributions totaling $1,150,000 during the first nine months of
2002 and cash distributions of $30,000 and $500,000 subsequent to September 30,
2002. In addition, the Fund paid three cash distributions totaling $810,000
during the first nine months of 2002 for the months of October, November and
December 2001. The Fund paid seven cash distributions of $30,000 each during
the first nine months of 2001 and two cash distributions of $30,000 each sub-
sequent to September 30, 2001 for the nine months ended September 30, 2001.
For financial statement purposes, the Fund records cash distributions to
partners on a cash basis in the period in which they are paid.
ANALYSIS OF FINANCIAL CONDITION
The Fund is currently in the process of dissolution. As provided in
the Restated Limited Partnership Agreement, the assets of the Fund shall be
liquidated as promptly as is consistent with obtaining their fair value.
During this time, the Fund will continue to look for opportunities to
purchase equipment under operating leases or invest in direct financing
leases with cash available from operations that was not distributed to
partners in previous periods. The Fund invested $106,605 and $502,226
in direct financing leases during the nine months ended September 30, 2002
and 2001, respectively.
10
FIDELITY LEASING INCOME FUND VIII, L. P.
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
ANALYSIS OF FINANCIAL CONDITION (Continued)
The cash position of the Fund is reviewed daily and cash is invested on a
short-term basis.
The Fund's cash from operations is expected to continue to be adequate to
cover all operating expenses and contingencies during the next twelve month
period.
Item 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes to the Fund's exposure to market
risk since its Annual Report on Form 10-K for the year ended December 31,
2001.
Item 4: CONTROLS AND PROCEDURES
The Chief Executive Officer and Chief Financial Officer of LEAF Financial
Corporation, the General Partner of the Fund, have concluded, based on an
evaluation conducted within 90 days prior to the filing date of this Quarterly
Report on Form 10-Q, that the Fund's disclosure controls and procedures as
defined in Rules Section 240.13a-14(c) and 240.15d-14(c) are effective.
There have been no significant changes in the Fund's internal controls
or in other factors since the date of the Chief Executive Officer's and Chief
Financial Officer's evaluation that could significantly affect these internal
controls, including any corrective actions with regard to significant defi-
ciencies and material weaknesses.
11
Part II: Other Information
FIDELITY LEASING INCOME FUND VIII, L.P.
September 30, 2002
Item 1. Legal Proceedings: Inapplicable.
Item 2. Changes in Securities: Inapplicable.
Item 3. Defaults Upon Senior Securities: Inapplicable.
Item 4. Submission of Matters to a Vote of Securities Holders: Inapplicable.
Item 5. Other Information: Inapplicable.
Item 6. Exhibits and Reports on Form 8-K:
Exhibit No. Description
----------- -----------
99.1 Certification pursuant to 18 U.S.C.,
Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley
Act of 2002
99.2 Certification pursuant to 18 U.S.C.,
Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley
Act of 2002
b) Reports on Form 8-K: None
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the regis-
trant has duly caused this report to be signed on its behalf by the under-
signed, thereunto duly authorized.
FIDELITY LEASING INCOME FUND VIII, L.P.
11-14-02 By: /s/ Crit S. DeMent
____________________________
Crit S. DeMent
Chairman of the Board of Directors
of LEAF Financial Corporation
(Principal Executive Officer)
11-14-02 By: /s/ Miles Herman
____________________________
Miles Herman
President and a Director of
LEAF Financial Corporation
11-14-02 By: /s/ Freddie M. Kotek
____________________________
Freddie M. Kotek
Director of LEAF Financial Corporation
11-14-02 By: /s/ Marianne T. Schuster
____________________________
Marianne T. Schuster
Vice President of Accounting of
LEAF Financial Corporation
(Principal Financial Officer)
13
CERTIFICATIONS
I, Crit DeMent, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Fidelity Leasing
Income VIII, L.P.;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particu-
larly during the period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effect-
tiveness of the disclosure controls and procedures based on our evaluation as
of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's audit committee of regis-
trant's board of directors (or persons performing the equivalent function):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and
6. The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
14
CERTIFICATIONS (continued)
Date: November 14, 2002
/s/ Crit DeMent
____________________________
Crit S. DeMent
Chairman of the Board of Directors of LEAF Financial Corporation
(Principal Executive Officer)
15
CERTIFICATIONS
I, Marianne T. Schuster, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Fidelity Leasing
Income VIII, L.P.;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particu-
larly during the period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effect-
tiveness of the disclosure controls and procedures based on our evaluation as
of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's audit committee of regis-
trant's board of directors (or persons performing the equivalent function):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and
6. The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
16
CERTIFICATIONS (continued)
Date: November 14, 2002
/s/ Marianne T. Schuster
____________________________
Marianne T. Schuster
Vice President of Accounting of LEAF Financial Corporation
(Principal Financial Officer)
17
Exhibit 99.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Fidelity Leasing Income Fund VIII,
L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2002 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Crit S. DeMent, Principal Executive Officer of LEAF Financial Corporation,
the General Partner of the Fund, certify, pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13 (a)
or 15 (d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of opera-
tions of the Fund.
/s/ Crit S. DeMent
________________________
Crit S. DeMent
Principal Executive Officer of LEAF Financial Corporation
November 14, 2002
18
Exhibit 99.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Fidelity Leasing Income Fund VIII,
L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2002 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Marianne T. Schuster, Principal Financial Officer of LEAF Financial Corpora-
tion, the General Partner of the Fund, certify, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002,
that:
(1) The Report fully complies with the requirements of Section 13 (a)
or 15 (d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of opera-
tions of the Fund.
/s/ Marianne T. Schuster
________________________
Marianne T. Schuster
Principal Financial Officer of LEAF Financial Corporation
November 14, 2002
19