Form 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
|X| Quarterly Report Pursuant to Section 13
or 15(d) of the Securities Exchange Act
of 1934. For the quarterly period ended
September 30, 2001
|_| 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 333-62477
ATEL Capital Equipment Fund VIII, LLC
(Exact name of registrant as specified in its charter)
California 94-3307404
---------- ----------
(State or other jurisdiction of (I. R. S. Employer
incorporation or organization) Identification No.)
235 Pine Street, 6th Floor, San Francisco, California 94104
(Address of principal executive offices)
Registrant's telephone number, including area code: (415) 989-8800
Indicate by a 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 |_|
DOCUMENTS INCORPORATED BY REFERENCE
None
1
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements.
2
ATEL CAPITAL EQUIPMENT FUND VIII, LLC
BALANCE SHEETS
SEPTEMBER 30, 2001 AND DECEMBER 31, 2000
(Unaudited)
ASSETS
2001 2000
---- ----
Cash and cash equivalents $ 1,841,257 $ 2,484,785
Accounts receivable 5,431,760 5,339,569
Other assets 92,500 115,000
Investments in leases 185,841,295 190,893,298
----------------- ------------------
Total assets $193,206,812 $198,832,652
================= ==================
LIABILITIES AND MEMBERS' CAPITAL
Long-term debt $ 91,343,000 $ 86,668,000
Non-recourse debt 6,159,963 7,325,744
Line of credit 1,000,000 -
Accounts payable:
Managing member 695,548
Other 763,279 485,895
Accrued interest payable 159,443 267,823
Unearned operating lease income 2,606,411 2,051,141
----------------- ------------------
Total liabilities 102,032,096 97,494,151
Members' capital:
Managing member - -
Other members 91,174,716 101,338,501
----------------- ------------------
Total members' capital 91,174,716 101,338,501
----------------- ------------------
Total liabilities and members' capital $193,206,812 $198,832,652
================= ==================
See accompanying notes.
3
ATEL CAPITAL EQUIPMENT FUND VIII, LLC
INCOME STATEMENTS
NINE AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 2001 AND 2000
(Unaudited)
Nine Months Three Months
Ended September 30, Ended September 30,
------------------- -------------------
2001 2000 2001 2000
---- ---- ---- ----
Revenues:
Leasing activities:
Operating leases $32,328,224 $21,367,986 $ 9,304,558 $ 8,553,136
Direct financing leases 693,523 553,989 185,381 284,861
Gain on sales of assets 1,788,113 1,453 - -
Interest 124,378 126,961 14,554 52,973
Other 26,921 10,729 1,012 8,156
------------------ ------------------ ----------------- ------------------
34,961,159 22,061,118 9,505,505 8,899,126
Expenses:
Depreciation and amortization 25,203,081 16,078,770 10,421,957 5,894,918
Interest expense 7,245,633 5,208,362 1,670,772 1,897,752
Asset management fees to Managing Member 1,445,643 973,761 435,665 380,784
Cost reimbursements to Managing Member 741,886 935,437 215,621 394,855
Other 224,010 341,126 60,288 274,197
Professional fees 193,582 102,055 8,152 61,145
------------------ ------------------ ----------------- ------------------
35,053,835 23,639,511 12,812,455 8,903,651
------------------ ------------------ ----------------- ------------------
Net loss $ (92,676) $ (1,578,393) $(3,306,950) $ (4,525)
================== ================== ================= ==================
Net income (loss):
Managing member $ 754,604 $ 536,365 $ 251,156 $ 202,487
Other members (847,280) (2,114,758) (3,558,106) (207,012)
------------------ ------------------ ----------------- ------------------
$ (92,676) $ (1,578,393) $(3,306,950) $ (4,525)
================== ================== ================= ==================
Net loss per Limited Liability Company
Unit $ (0.06) $ (0.21) $ (0.26) $ (0.02)
Weighted average number of Units outstanding 13,570,188 9,887,359 13,570,188 11,359,758
4
ATEL CAPITAL EQUIPMENT FUND VIII, LLC
STATEMENT OF CHANGES IN MEMBERS' CAPITAL
NINE MONTH PERIOD ENDED
SEPTEMBER 30, 2001
(Unaudited)
Other Members Managing
-------------
Units Amount Member Total
Balance December 31, 2000 13,570,188 $101,338,501 $ - $101,338,501
Distributions to members (9,316,505) (754,604) (10,071,109)
Net loss (847,280) 754,604 (92,676)
------------------ ------------------ ----------------- ------------------
Balance September 30, 2001 13,570,188 $91,174,716 $ - $ 91,174,716
================== ================== ================= ==================
See accompanying notes.
STATEMENTS OF CASH FLOWS
NINE AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 2001 AND 2000
(Unaudited)
Nine Months Three Months
Ended September 30, Ended September 30,
------------------- -------------------
2001 2000 2001 2000
---- ---- ---- ----
Operating activities:
Net loss $ (92,676) $ (1,578,393) $(3,306,950) $ (4,525)
Adjustments to reconcile net loss to
cash provided by operating activities:
Depreciation 25,203,081 16,078,770 10,421,957 5,894,918
Gain on sales of assets (1,788,113) (1,453) - -
Changes in operating assets and liabilities:
Accounts receivable (92,191) (1,688,343) (1,063,310) (1,333,079)
Other assets 22,500 22,500 7,500 7,500
Accounts payable, Managing Member (695,548) (294,612) (509,889) (34,909)
Accounts payable, other 277,384 284,779 384,584 (1,043,755)
Accrued interest payable (108,380) 118,910 (49,338) (47,369)
Unearned lease income 555,270 737,264 960,303 818,548
------------------ ------------------ ----------------- ------------------
Net cash provided by operations 23,281,327 13,679,422 6,844,857 4,257,329
------------------ ------------------ ----------------- ------------------
Investing activities:
Purchases of equipment on operating leases (27,938,716) (51,934,271) - (16,307,225)
Purchases of equipment on direct financing leases (810,271) (8,322,910) - (7,243,757)
Proceeds from sales of assets 8,601,318 9,520 - -
Reduction of net investment in direct financing leases 1,930,535 553,989 533,700 (345,933)
Payment of initial direct costs (145,831) (691,273) - (211,455)
Net cash (used in) provided by investing
------------------ ------------------ ----------------- ------------------
activities (18,362,965) (60,384,945) 533,700 (24,108,370)
------------------ ------------------ ----------------- ------------------
5
ATEL CAPITAL EQUIPMENT FUND VIII, LLC
STATEMENTS OF CASH FLOWS
(Continued)
NINE AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 2001 AND 2000
(Unaudited)
Nine Months Three Months
Ended September 30, Ended September 30,
------------------- -------------------
2001 2000 2001 2000
---- ---- ---- ----
Financing activities:
Borrowings under line of credit 20,756,335 21,908,796 4,000,000 1,000,000
Repayments of line of credit (19,756,335) (22,816,169) (12,223,497) (5,507,373)
Proceeds of long-term debt 19,000,000 27,400,000 9,000,000 19,000,000
Repayments of long-term debt (14,325,000) (8,478,000) (5,177,000) (3,555,000)
Distributions to members (9,316,505) (6,614,767) (3,097,588) (2,496,936)
Repayments of non-recourse debt (1,165,781) (2,067,853) - (981,380)
Distributions to managing member (754,604) (536,365) (251,156) (202,487)
Capital contributions received - 42,662,020 - 12,936,030
Payment of syndication costs to managing member - (6,049,329) - (1,889,790)
------------------ ------------------ ----------------- ------------------
Net cash provided by financing activities (5,561,890) 8,795,642 (7,749,241) 7,256,824
------------------ ------------------ ----------------- ------------------
Net decrease in cash and cash
equivalents (643,528) (37,909,881) (370,684) (12,594,217)
Cash and cash equivalents at beginning of
period 2,484,785 3,973,342 2,211,941 4,224,129
------------------ ------------------ ----------------- ------------------
Cash and cash equivalents at end of period $ 1,841,257 $ (33,936,539) $ 1,841,257 $(8,370,088)
================== ================== ================= ==================
Supplemental disclosures of cash flow
information:
Cash paid during the period for interest $ 7,245,633 $ 5,208,362 $ 1,611,730 $ 4,785,780
================== ================== ================= ==================
See accompanying notes.
6
ATEL CAPITAL EQUIPMENT FUND VIII, LLC
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
(Unaudited)
1. Summary of significant accounting policies:
Interim financial statements:
The unaudited interim financial statements reflect all adjustments which are, in
the opinion of the managing member, necessary to a fair statement of financial
position and results of operations for the interim periods presented. All such
adjustments are of a normal recurring nature. These unaudited interim financial
statements should be read in conjunction with the most recent report on Form
10K.
2. Organization and Company matters:
ATEL Capital Equipment Fund VIII, LLC. (the Company), was formed under the laws
of the State of California on July 31 , 1998, for the purpose of acquiring
equipment to engage in equipment leasing and sales activities. Contributions in
the amount of $600 were received as of October 7, 1998, $100 of which
represented the Managing Member's (ATEL Financial Corporation's) continuing
interest, and $500 of which represented the Initial Members' capital investment.
Upon the sale of the minimum amount of Units of Limited Liability Company
interest (Units) of $1,200,000 and the receipt of the proceeds thereof on
January 13, 1999, the Company commenced operations.
The Company does not make a provision for income taxes since all income and
losses will be allocated to the Partners for inclusion in their individual tax
returns.
3. Investment in leases:
The Company's investment in leases consists of the following:
Depreciation
Balance Expense or Reclassi- Balance
December 31, Amortization fications or September 30,
2000 Additions of Leases Dispositions 2001
---- --------- --------- ------------ ----
Net investment in operating leases $173,395,247 $ 27,938,716 $ (24,921,543) $ (6,813,205) $169,599,215
Net investment in direct financing
leases 16,253,263 810,271 (1,930,535) - 15,132,999
Initial direct costs, net of
accumulated amortization 1,244,788 145,831 (281,538) - 1,109,081
----------------- ------------------ ------------------ ----------------- ------------------
$190,893,298 $ 28,748,987 $ (26,852,078) $ (6,813,205) $185,841,295
================= ================== ================== ================= ==================
7
ATEL CAPITAL EQUIPMENT FUND VIII, LLC
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
(Unaudited)
3. Investment in leases (continued):
Operating leases:
Property on operating leases consists of the following:
Balance Balance
December 31, Acquisitions, Dispositions & Reclassifications September 30,
----------------------------------------------
2000 1st Quarter 2nd Quarter 3rd Quarter 2001
---- ----------- ----------- ----------- ----
Manufacturing $ 48,027,279 $ 533,851 $ 618,173 $ - $ 49,179,303
Transportation, rail 39,634,498 9,741,779 - - 49,376,277
Aircraft 31,614,874 6,920,565 130,563 - 38,666,002
Containers 21,228,750 - - - 21,228,750
Transportation, other 23,583,472 (144,316) (1,000) - 23,438,156
Natural gas compressors 14,045,134 6,467 - - 14,051,601
Other 12,711,963 8,901 - - 12,720,864
Materials handling 5,858,081 2,613,347 (760,907) - 7,710,521
Marine vessel 4,314,031 - - - 4,314,031
---------------- ------------------ ------------------ ----------------- ------------------
201,018,082 19,680,594 (13,171) - 220,685,505
Less accumulated depreciation (27,622,835) (5,588,036) (7,547,866) (10,327,553) (51,086,290)
---------------- ------------------ ------------------ ----------------- ------------------
$173,395,247 $ 14,092,558 $ (7,561,037) $(10,327,553) $169,599,215
================ ================== ================== ================= ==================
Direct financing leases:
As of September 30, 2001, investment in direct financing leases consists office
automation equipment. The following lists the components of the Company's
investment in direct financing leases as of September 30, 2001:
Total minimum lease payments receivable $ 13,175,034
Estimated residual values of leased equipment (unguaranteed) 4,908,381
-----------------
Investment in direct financing leases 18,083,415
Less unearned income (2,950,416)
-----------------
Net investment in direct financing leases $ 15,132,999
=================
All of the property on leases was acquired in 1999, 2000 and 2001.
8
ATEL CAPITAL EQUIPMENT FUND VIII, LLC
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
(Unaudited)
3. Investment in leases (continued):
At September 30, 2001, the aggregate amounts of future minimum lease payments
are as follows:
Direct
Operating Financing
Leases Leases Total
Three months ending December 31, 2001 $ 7,749,483 $ 1,055,331 $ 8,804,814
Year ending December 31, 2002 31,676,015 3,260,750 34,936,765
2003 25,198,860 2,948,178 28,147,038
2004 15,739,916 1,989,108 17,729,024
2005 11,389,500 1,901,705 13,291,205
Thereafter 16,431,935 2,019,962 18,451,897
------------------ ----------------- ------------------
$108,185,709 $ 13,175,034 $121,360,743
================== ================= ==================
4. Non-recourse debt:
At September 30, 2001, non-recourse debt consists of notes payable to financial
institutions. The notes are due in varying quarterly and semi-annual payments.
Interest on the notes is at rates from 7.98% to 14.0%. The notes are secured by
assignments of lease payments and pledges of assets. The notes mature from 2001
through 2006.
Future minimum payments of non-recourse debt are as follows:
Principal Interest Total
Three months ending December 31, 2001 $ 144,998 $ 185,702 $ 330,700
Year ending December 31, 2002 312,109 515,608 827,717
2003 397,915 483,617 881,532
2004 4,425,557 170,437 4,595,994
2005 418,256 77,737 495,993
Thereafter 461,128 34,866 495,994
------------------ ----------------- ------------------
$ 6,159,963 $ 1,467,967 $ 7,627,930
================== ================= ==================
10
ATEL CAPITAL EQUIPMENT FUND VIII, LLC
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
(Unaudited)
5. Other long-term debt:
In 1999, the Company entered into a $70 million receivables funding program (the
Program) (which has been increased to $125 million) with a receivables financing
company that issues commercial paper rated A1 by Standard and Poors and P1 by
Moody's Investor Services. Under the Program, the receivables financing company
receives a general lien against all of the otherwise unencumbered assets of the
Company. The Program provides for borrowing at a variable interest rate (6.3810%
at September 30, 2001).
The Program requires the Managing Member to enter into various interest rate
swaps with a financial institution (also rated A1/P1) to manage interest rate
exposure associated with variable rate obligations under the Program by
effectively converting the variable rate debt to fixed rates. As of September
30, 2001, the Company receives or pays interest on a notional principal of
$91,343,000, based on the difference between nominal rates ranging from 4.35% to
7.72% and the variable rate under the Program. No actual borrowing or lending is
involved. The last of the swaps terminates in 2009. The differential to be paid
or received is accrued as interest rates change and is recognized currently as
an adjustment to interest expense related to the debt.
Borrowings under the Program are as follows:
Original Balance Rate on
Amount September 30, Interest Swap
Date Borrowed Borrowed 2001 Agreement
------------- -------- ---- ---------
11/11/1999 $20,000,000 $11,413,000 6.84%
12/21/1999 20,000,000 17,090,000 7.41%
12/24/1999 25,000,000 16,382,000 7.44%
4/17/2000 6,500,000 5,130,000 7.45%
4/28/2000 1,900,000 1,225,000 7.72%
8/3/2000 19,000,000 15,857,000 7.50%
10/31/2000 7,500,000 6,265,000 7.13%
1/29/2001 8,000,000 7,199,000 5.91%
6/1/2001 2,000,000 1,782,000 5.04%
9/1/2001 9,000,000 9,000,000 4.35%
------------------ ------------------
$118,900,000 $91,343,000
================== ==================
11
ATEL CAPITAL EQUIPMENT FUND VIII, LLC
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
(Unaudited)
5. Other long-term debt (continued):
Other long-term debt borrowings mature from 2004 through 2009. Future minimum
principal payments of long-term debt are as follows:
Principal Interest Total
Three months ending December 31, 2001 $ 5,674,000 $ 1,531,370 $ 7,205,370
Year ending December 31, 2002 23,297,000 5,139,613 28,436,613
2003 21,173,000 3,605,271 24,778,271
2004 14,771,000 2,363,448 17,134,448
2005 11,079,000 1,487,319 12,566,319
Thereafter 15,349,000 1,521,546 16,870,546
------------------ ----------------- ------------------
$91,343,000 $ 15,648,567 $106,991,567
================== ================= ==================
6. Related party transactions:
The terms of the Limited Company Operating Agreement provide that the Managing
Member and/or Affiliates are entitled to receive certain fees for equipment
acquisition, management and resale and for management of the Company.
The Limited Liability Company Operating Agreement allows for the reimbursement
of costs incurred by the Managing Member in providing administrative services to
the Company. Administrative services provided include Company accounting,
investor relations, legal counsel and lease and equipment documentation. The
Managing Member is not reimbursed for services where it is entitled to receive a
separate fee as compensation for such services, such as acquisition and
management of equipment. Reimbursable costs incurred by the Managing Member are
allocated to the Company based upon actual time incurred by employees working on
Company business and an allocation of rent and other costs based on utilization
studies.
Substantially all employees of the Managing Member record time incurred in
performing administrative services on behalf of all of the Companies serviced by
the Managing Member. The Managing Member believes that the costs reimbursed are
the lower of actual costs incurred on behalf of the Company or the amount the
Company would be required to pay independent parties for comparable
administrative services in the same geographic location and are reimbursable in
accordance with the Limited Liability Company Operating Agreement.
12
ATEL CAPITAL EQUIPMENT FUND VIII, LLC
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
(Unaudited)
6. Related party transactions (continued):
The Managing Member and/or Affiliates earned fees, commissions and
reimbursements, pursuant to the Limited Liability Company Agreement as follows:
2001 2000
---- ----
Asset management fees to Managing Member $ 1,445,643 $ 973,761
Cost reimbursements to Managing Member 741,886 935,437
Selling commissions (equal to 9.5% of the selling price of the Limited Liability
Company units, deducted from Other Members' capital) - 5,716,800
Reimbursement of other syndication costs to Managing Member - 2,788,098
----------------- ------------------
$ 2,187,529 $ 10,414,096
================= ==================
7. Member's capital:
As of September 30, 2001, 13,570,188 Units ($135,701,880) were issued and
outstanding. The Company's registration statement with the Securities and
Exchange Commission became effective December 7, 1998. The Company is authorized
to issue up to 15,000,050 Units, including the 50 Units issued to the initial
members. The offering was terminated on November 30, 2000.
The Company's Net Income, Net Losses, and Distributions are to be allocated
92.5% to the Members and 7.5% to the Managing Member.
8. Line of credit:
The Company participates with the Managing Member and certain of its Affiliates
in a $62,000,000 revolving credit agreement with a group of financial
institutions which expires on April 12, 2002. The agreement includes an
acquisition facility and a warehouse facility which are used to provide bridge
financing for assets on leases. Draws on the acquisition facility by any
individual borrower are secured only by that borrower's assets, including
equipment and related leases. Borrowings on the warehouse facility are recourse
jointly to certain of the Affiliates, the Company and the Managing Member.
At September 30, 2001, the Company had $1,000,000 of borrowings under the line
of credit.
The credit agreement includes certain financial covenants applicable to each
borrower. The Company was incompliance with its covenants as of September 30,
2001.
13
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Capital Resources and Liquidity
During the first nine months of 2001, the our primary activity was engaging in
equipment leasing activities. During the first nine months of 2000, our primary
activities were raising funds through its offering of Limited Liability Company
Units (Units) and engaging in equipment leasing activities.
Our liquidity will vary in the future, increasing to the extent cash flows from
leases exceed expenses, and decreasing as lease assets are acquired, as
distributions are made to the members and to the extent expenses exceed cash
flows from leases.
As another source of liquidity, we have contractual obligations with a
diversified group of lessees for fixed lease terms at fixed rental amounts. As
the initial lease terms expire we will re-lease or sell the equipment. Our
future liquidity beyond the contractual minimum rentals will depend on our
success in re-leasing or selling the equipment as it comes off lease.
We participate with the General Partner and certain of its affiliates in a
$62,000,000 revolving line of credit with a group of financial institutions. The
line of credit expires on April 12, 2002.
We anticipates reinvesting a portion of lease payments from assets owned in new
leasing transactions. We will reinvest only after the payment of all
obligations, including debt service (both principal and interest), the payment
of management and acquisition fees to the Managing Member and providing for cash
distributions to the Other Members.
We currently have available adequate reserves to meet contingencies, but in the
event those reserves were found to be inadequate, we would likely be in a
position to borrow against our current portfolio to meet such requirements. We
envision no such requirements for operating purposes.
We have not made any commitments of capital, nor do we expect to make any
commitments, except for the acquisition of additional equipment. We had made no
such commitments as of September 30, 2001.
If inflation in the general economy becomes significant, it may affect us in
that the residual (resale) values and rates on re-leases of our leased assets
may increase as the costs of similar assets increase. However, our revenues from
existing leases would not increase, as such rates are generally fixed for the
terms of the leases without adjustment for inflation.
If interest rates increase significantly, the lease rates that we can obtain on
future leases will be expected to increase as the cost of capital is a
significant factor in the pricing of lease financing. Our leases already in
place, for the most part, would not be affected by changes in interest rates.
Cash Flows
During the first nine months of 2001, our primary source of liquidity was
operating lease rents. During the first nine months of 2000, our primary source
of liquidity was the proceeds of its offering of Units.
Our primary source of cash flows from operating activities was operating lease
revenues in both 2001 and on 2000.
14
In 2001, our most significant source of cash flows from investing was the
proceeds that we received from the sales of lease assets. In the third quarter
of 2001, our only significant source of cash from investing activities was rents
from direct financing leases. In 2000, rents from direct financing leases were
the only significant source of cash from investing activities. We used of cash
in investing activities to purchase operating and direct financing lease assets
and to pay initial direct costs related to lease asset purchases.
In 2001, our only sources of cash from financing activities was proceeds of
long-term debt and borrowings on the line of credit. In 2000, our primary source
of cash from financing activities was the proceeds of our public offering of
Units of Limited Liability Company interest. Our only other financing sources of
cash was borrowings under the line of credit and proceeds of long-term debt. We
used cash in financing activities to pay syndication costs associated with the
offering, to rep debt and to make distributions to the members. Our repayments
of debt have increased due to borrowings after the third quarter of 1999.
Results of operations
We commenced operations on January 13, 1999. In 2000, our operations resulted in
a net loss of $92,676 for the nine month period and $3,306,950 for the three
month period. In 2001, our operations resulted in a net loss of $1,578,3933 for
the nine month period and $4,525 for the three month period. Our primary source
of revenues is from operating leases. In future periods, we also expect that
operating leases will be our most significant source of revenues. Depreciation
is related to operating lease assets and thus, to operating lease revenues. We
expect it to increase in future periods as acquisitions continue. Our lease
rents and depreciation have increased compared to 2000 as a result of
acquisitions over the last year.
Asset management fees are based on our gross lease rents plus the proceeds we
receive from the sales of lease assets. They are limited to certain percentages
of lease rents, distributions to members and certain other items. As assets are
acquired, lease rents are collected and distributions are made to the members,
we expect these fees to increase. These factors gave rise to the increase in
fees compared to 2000.
In 2001 and 2000, interest relates to long-term debt, non-recourse debt and to
borrowings under the line of credit. The amounts we have borrowed have increased
compared to 2000 and have caused the increase in interest expense.
Our results of operations in 2001 and 2000 are not comparable as a result of
significant acquisitions of lease equipment in 2000 and 2001.
PART II. OTHER INFORMATION
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 Security Holders.
Inapplicable.
Item 5. Other Information.
Inapplicable.
15
Item 6. Exhibits And Reports On Form 8-K.
(a)Documents filed as a part of this report
1. Financial Statements
Included in Part I of this report:
Balance Sheets, September 30, 2001 and December 31, 2000.
Income statements for the nine and three month periods ended
September 30, 2001 and 2000.
Statement of changes in partners' capital for the nine month
period ended September 30, 2001.
Statements of cash flows for the nine and three month
periods ended September 30, 2001 and 2000.
Notes to the Financial Statements
2. Financial Statement Schedules
All other schedules for which provision is made in the
applicable accounting regulations of the Securities and
Exchange Commission are not required under the related
instructions or are inapplicable, and therefore have been
omitted.
(b) Report on Form 8-K
None
16
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.
Date:
November 12, 2001
ATEL CAPITAL EQUIPMENT FUND VIII, LLC
(Registrant)
By: ATEL Financial Corporation
Managing Member of Registrant
By: /s/ DEAN L. CASH
-------------------------------------
Dean Cash
President and Chief Executive Officer
of Managing Member
By: /s/ PARITOSH K. CHOKSI
-------------------------------------
Paritosh K. Choksi
Executive Vice President of
Managing Member and Principal
financial officer of registrant
By: /s/ DONALD E. CARPENTER
-------------------------------------
Donald E. Carpenter
Principal accounting
officer of registrant
17