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 March 31, 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 000-23842
ATEL Cash Distribution Fund V, L.P.
(Exact name of registrant as specified in its charter)
California 94-3165807
- ---------- ----------
(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 CASH DISTRIBUTION FUND V, L.P.
BALANCE SHEETS
MARCH 31, 2001 AND DECEMBER 31, 2000
(Unaudited)
ASSETS
2001 2000
---- ----
Cash and cash equivalents $ 525,564 $1,571,943
Accounts receivable 2,050,654 2,299,308
Notes receivable, net of allowance for
doubtful account of $100,605
in 2001 and 2000 1,309,783 1,309,783
Investments in leases 41,416,500 44,819,860
--------------------- -----------------
Total assets $ 45,302,501 $50,000,894
===================== =================
LIABILITIES AND PARTNERS' CAPITAL
Non-recourse debt $14,475,591 $16,389,312
Line of credit 2,000,000 1,000,000
Accounts payable:
Equipment purchases 1,352 1,352
General Partner 102,492 76,886
Other 821,478 860,649
Accrued interest expense 47,568 61,866
Unearned operating lease income 79,271 194,253
--------------------- -----------------
Total liabilities 17,527,752 18,584,318
Partners' capital:
General Partner 187,715 186,646
Limited Partners 27,587,034 31,229,930
--------------------- -----------------
Total partners' capital 27,774,749 31,416,576
--------------------- -----------------
Total liabilities and partners' capital $ 45,302,501 $50,000,894
===================== =================
See accompanying notes.
3
ATEL CASH DISTRIBUTION FUND V, L.P.
INCOME STATEMENTS
THREE MONTH PERIODS ENDED
MARCH 31, 2001 AND 2000
(Unaudited)
Revenues: 2001 2000
---- ----
Leasing activities:
Operating leases $ 1,553,439 $2,811,074
Direct financing leases 151,390 390,128
Leveraged leases 14,243 2,410
Gain on sales of assets 282,187 150,078
Interest income 13,691 39,164
Other 1,165 5,285
--------------------- -----------------
2,016,115 3,398,139
Expenses:
Depreciation and amortization 1,183,416 1,679,517
Interest expense 293,909 338,024
Cost reimbursements to General Partner 173,833 72,350
Equipment and incentive management fees to General Partner 102,492 115,923
Other 72,200 53,240
Professional fees 71,736 20,978
Railcar maintenance 11,610 94,576
--------------------- -----------------
1,909,196 2,374,608
--------------------- -----------------
Net income $ 106,919 $1,023,531
===================== =================
Net income:
General Partner $ 1,069 $ 10,235
Limited Partners 105,850 1,013,296
--------------------- -----------------
$ 106,919 $1,023,531
===================== =================
Net income per Limited Partnership Unit $ 0.01 $ 0.08
Weighted average number of Units outstanding 12,497,000 12,497,000
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
THREE MONTH PERIOD
ENDED MARCH 31, 2001
(Unaudited)
Limited Partners General
Units Amount Partner Total
Balance December 31, 2000 12,497,000 $31,229,930 $ 186,646 $31,416,576
Distributions to limited partners (3,748,746) - (3,748,746)
Net income 105,850 1,069 106,919
----------------- ---------------- --------------------- -----------------
Balance March 31, 2001 12,497,000 $27,587,034 $ 187,715 $27,774,749
================= ================ ===================== =================
See accompanying notes.
4
ATEL CASH DISTRIBUTION FUND V, L.P.
STATEMENTS OF CASH FLOWS
THREE MONTH PERIODS ENDED
MARCH 31, 2001 AND 2000
Operating activities: 2001 2000
---- ----
Net income $ 106,919 $1,023,531
Adjustment to reconcile net income to cash provided
by operating activities:
Depreciation and amortization 1,183,416 1,679,517
Gain on sales of lease assets (282,187) (150,078)
Leveraged lease income (14,243) (2,410)
Changes in operating assets and liabilities:
Accounts receivable 248,654 740,761
Accounts payable, General Partner 25,606 23,764
Accounts payable, other (39,171) 12,032
Accrued interest expense (14,298) (10,002)
Unearned operating lease income (114,982) (143,669)
--------------------- -----------------
Net cash provided by operations 1,099,714 3,173,446
--------------------- -----------------
Investing activities:
Proceeds from sales of lease assets 2,370,549 2,085,860
Reduction of net investment in direct financing leases 117,339 153,893
Reduction of net investment in leveraged leases 28,486 4,820
--------------------- -----------------
Net cash provided by investing activities 2,516,374 2,244,573
--------------------- -----------------
Financing activities:
Distributions to Limited Partners (3,748,746) (3,747,991)
Repayments of non-recourse debt (1,913,721) (1,701,838)
Borrowings under line of credit 1,000,000 -
--------------------- -----------------
Net cash used in financing activities (4,662,467) (5,449,829)
--------------------- -----------------
Net decrease in cash and cash equivalents (1,046,379) (31,810)
Cash and cash equivalents at beginning of period 1,571,943 3,330,065
--------------------- -----------------
Cash and cash equivalents at end of period $ 525,564 $3,298,255
===================== =================
Supplemental disclosures of cash flow information:
Cash paid during the period for interest $ 308,207 $ 348,026
===================== =================
See accompanying notes.
5
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 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 general partners, 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 partnership matters:
ATEL Cash Distribution Fund V, L.P. (the Partnership), was formed under the laws
of the State of California on September 23, 1992, for the purpose of acquiring
equipment to engage in equipment leasing and sales activities. Contributions in
the aggregate of $600 were received as of October 6, 1992, $100 of which
represented the General Partner's continuing interest, and $500 of which
represented the Initial Limited Partners' capital investment.
Upon the sale of the minimum amount of Units of Limited Partnership interest
(Units) of $1,200,000 and the receipt of the proceeds thereof on March 19, 1993,
the Partnership commenced operations.
The Partnership 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 Partnership's investment in leases consists of the following:
Depreciation
Balance Expense and Balance
December 31, Amortization Reclassifications March 31,
2000 of Leases & Dispositions 2001
---- --------- -------------- ----
Net investment in operating leases $ 32,786,220 $ (1,114,777) $ (699,375) $30,972,068
Net investment in direct financing leases 10,806,430 (117,339) (1,100,048) 9,589,043
Net investment in leveraged leases 1,567,840 (14,243) (247,501) 1,306,096
Residual value interests 835,759 - - 835,759
Assets held for sale or lease 414,733 - (41,438) 373,295
Reserve for losses (2,224,816) - - (2,224,816)
Initial direct costs, net of accumulated
amortization of $1,396,983 in 2000 and
$1,314,532 in 2001 633,694 (68,639) - 565,055
----------------- ---------------- --------------------- -----------------
$ 44,819,860 $ (1,314,998) $ (2,088,362) $41,416,500
================= ================ ===================== =================
6
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2001
(Unaudited)
3. Investment in leases (continued):
Property on operating leases consists of the following:
Balance Balance
December 31, Reclassifications March 31,
2000 Depreciation & Dispositions 2001
---- ------------ -------------- ----
Transportation $ 39,986,135 $ (1,955,780) $38,030,355
Construction 11,811,563 (120,465) 11,691,098
Materials handling 4,258,309 (518,682) 3,739,627
Manufacturing 3,128,154 - 3,128,154
----------------- ---------------- --------------------- -----------------
59,184,161 (2,594,927) 56,589,234
Less accumulated depreciation (26,397,941) $ (1,114,777) 1,895,552 (25,617,166)
----------------- ---------------- --------------------- -----------------
$ 32,786,220 $ (1,114,777) $ (699,375) $30,972,068
================= ================ ===================== =================
All of the property on leases was acquired in 1993, 1994, 1995, 1996 and 1997.
At March 31, 2001, the aggregate amounts of future minimum lease payments are as
follows:
Direct
Year ending Operating Financing
December 31, Leases Leases Total
------------ ------ ------ -----
2001 $3,925,388 $1,524,684 $ 5,450,072
2002 3,544,551 1,955,437 5,499,988
2003 1,722,093 428,734 2,150,827
2004 767,944 622,852 1,390,796
2005 821,534 496,654 1,318,188
Thereafter 4,639,278 4,511,271 9,150,549
----------------- ---------------- ---------------------
$ 15,420,788 $9,539,632 $ 24,960,420
================= ================ =====================
7
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2001
(Unaudited)
4. Non-recourse debt:
Notes payable to financial institutions are due in varying monthly, quarterly
and semi-annual installments of principal and interest. The notes are secured by
assignments of lease payments and pledges of the assets which were purchased
with the proceeds of the particular notes. Interest rates on the notes vary from
6.7% to 10.53%.
Future minimum principal payments of non-recourse debt are as follows:
Year ending
December 31, Principal Interest Total
------------ --------- -------- -----
2001 $2,812,319 $ 730,585 $ 3,542,904
2002 2,725,049 694,127 3,419,176
2003 709,048 553,832 1,262,880
2004 453,005 513,642 966,647
2005 481,214 485,263 966,477
Thereafter 7,294,956 2,432,093 9,727,049
----------------- ---------------- ---------------------
$ 14,475,591 $5,409,542 $ 19,885,133
================= ================ =====================
5. Related party transactions:
The terms of the Limited Partnership Agreement provide that the General Partner
and/or Affiliates are entitled to receive certain fees for equipment
acquisition, management and resale and for management of the Partnership.
The Limited Partnership Agreement allows for the reimbursement of costs incurred
by the General Partner in providing services to the Partnership. Services
provided include Partnership accounting, investor relations, legal counsel and
lease and equipment documentation. The General Partner 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 General Partner are allocated to the Partnership based upon
actual time incurred by employees working on Partnership business and an
allocation of rent and other costs based on utilization studies.
Substantially all employees of the General Partner record time incurred in
performing services on behalf of all of the Partnerships serviced by the General
Partner. The General Partner believes that the costs reimbursed are the lower of
(i) actual costs incurred on behalf of the Partnership or (ii) the amount the
Partnership would be required to pay independent parties for comparable services
in the same geographic location and are reimbursable in accordance with the
Limited Partnership Agreement.
8
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2001
(Unaudited)
5. Related party transactions (continued):
The General Partner and/or Affiliates earned fees, commissions and
reimbursements, pursuant to the Limited Partnership Agreement as follows:
2001 2000
---- ----
Costs reimbursed to General Partner $ 173,833 $ 72,350
Incentive management fees (computed as 5% of distributions of cash from
operations, as defined in the Limited Partnership Agreement) and equipment
management fees (computed as 5% of gross revenues from operating leases, as
defined in the Limited Partnership Agreement plus 2% of gross revenues from full
payout leases, as defined in the Limited Partnership Agreement). 102,492 115,923
--------------------- -----------------
$ 276,325 $ 188,273
===================== =================
6. Partner's capital:
As of March 31, 2001, 12,497,000 Units of Limited Partnership (Units) interest
were issued and outstanding (including the 50 Units issued to the initial
Limited Partners). The Partnership is authorized to issue up to 12,500,000 Units
in addition to those issued to the initial Limited Partners.
The Partnership's Net Profits, Net Losses and Tax Credits are to be allocated
99% to the Limited Partners and 1% to the General Partner.
As more fully described in the Partnership Agreement, available Cash from
Operations and Cash from Sales or Refinancing shall be distributed as follows:
First, 5% of Distributions of Cash from Operations to the General Partner as
Incentive Management Fees.
Second, the balance to the Limited Partners until the Limited Partners have
received aggregate Distributions, as defined, in an amount equal to their
Original Invested Capital, as defined, plus a 10% per annum cumulative
(compounded daily) return on their Adjusted Invested Capital, as defined.
Third, the General Partner will receive as Incentive Management Fees, the
following: (A) 10% of remaining Cash from Operations, as defined, (B) 15% of
remaining Cash from Sales or Refinancing, as defined.
Fourth, the balance to the Limited Partners.
9
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2001
(Unaudited)
7. Line of credit:
The Partnership participates with the General Partner 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 Partnership and the General Partner.
The Partnership had $1,000,000 of borrowings under the agreement at March 31,
2001.
The credit agreement includes certain financial covenants applicable to each
borrower. The Partnership was in compliance with its covenants as of March 31,
2001.
10
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Capital Resources and Liquidity
In 2001 and 2000, the Partnership's primary sources of cash were proceeds from
sales of lease assets and operating lease rents. The liquidity of the
Partnership will vary in the future, increasing to the extent cash flows from
leases and proceeds from asset sales exceed expenses, and decreasing as
distributions are made to the limited partners and to the extent expenses exceed
cash flows from leases and proceeds from sales of assets.
As another source of liquidity, the Partnership has contractual obligations with
a diversified group of lessees for fixed lease terms at fixed rental amounts. As
the initial lease terms expire the Partnership will re-lease or sell the
equipment. The future liquidity beyond the contractual minimum rentals will
depend on the General Partner's success in re-leasing or selling the equipment
as it comes off lease.
The Partnership participates with the General Partner and certain of its
affiliates in a $62,000,000 revolving line of credit with a financial
institution. The line of credit expires on April 12, 2002.
The Partnership anticipates reinvesting a portion of lease payments from assets
owned in new leasing transactions. Such reinvestment will occur only after the
payment of all obligations, including debt service (both principal and
interest), the payment of management and acquisition fees to the General Partner
and providing for cash distributions to the Limited Partners.
The Partnership currently has available adequate reserves to meet contingencies,
but in the event those reserves were found to be inadequate, the Partnership
would likely be in a position to borrow against its current portfolio to meet
such requirements. The General Partner envisions no such requirements for
operating purposes.
As of March 31, 2001, the Partnership had borrowed $58,317,911 on a non-recourse
basis with remaining unpaid balances of $14,475,591. Borrowings are to be
generally non-recourse to the Partnership, that is, the only recourse of the
lender upon a default by the lessee on the underlying lease will be to the
equipment or corresponding lease acquired with the loan proceeds. The General
Partner expects that aggregate borrowings in the future will not exceed 40% of
aggregate equipment cost. In any event, the Agreement of Limited Partnership
limits such borrowings to 40% of the total cost of equipment, in aggregate.
No commitments of capital have been or are expected to be made other than for
the acquisition of additional equipment. As of March 31, 2001, the Partnership
had no such commitments.
If inflation in the general economy becomes significant, it may affect the
Partnership inasmuch as the residual (resale) values and rates on re-leases of
the Partnership's leased assets may increase as the costs of similar assets
increase. However, the Partnership's 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 the Partnership
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. Leases already in
place, for the most part, would not be affected by changes in interest rates.
11
Cash Flows
In both 2001 and 2000, the Partnership's primary operating source of cash was
revenues from operating leases. Operating lease revenues decreased by
$1,257,635, primarily as a result of sales of operating lease assets over the
last year.
In 2001 and 2000, the Partnership's primary source of cash flows from investing
activities was proceeds from sales of lease assets. Such sales proceeds are not
expected to be consistent from one period to another. Rents on direct financing
and leveraged leases (accounted for as reductions in the net investment in such
leases) also provided cash in both 2001 and 2000.
In 2001 and 2000, the single largest financing use of cash was distributions to
limited partners. The amount of such distributions did not change significantly.
In 2001, the only source of cash from financing activities was $1,000,000
borrowed on the line of credit. There were no sources of cash from financing
activities in 2000. As a result of scheduled debt payments, certain notes have
been paid off. This would have led to an overall reduction in the amounts of
cash used to repay debt compared to 2000. The total principal payments increase
because of an early repayment of debt of $696,742.
Results of operations
Operations resulted in net income of $106,919 in 2001 compared to $1,023,531 in
2000.
Operating lease revenues (and the related depreciation expense) have decreased
as a result of sales of assets over the last year. Direct financing lease
revenues have decreased due to the same cause.
As scheduled debt payments have been made, debt balances have been reduced. This
caused interest expense to decrease by $44,115 compared to 2000.
Sales of lease assets increased in the first quarter of 2001 compared to the
same period in 2000. Gains recognized on these sales increased from $150,078 in
2000 to $282,187 in 2001.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
The following is a discussion of legal matters involving the Partnership but
which do not represent claims against the Partnership or its assets, except for
the claim by Republic Financial Corporation described below. No other material
legal proceedings are currently pending against the Partnership or against any
of its assets.
Schwegmann's Giant Supermarkets:
In October 1997, Schwegmann's Giant Supermarkets defaulted on the timely
performance of the lease payments, and certain other obligations under the
lease, with respect to two of five locations of retail grocery store fixtures
and equipment, with a receivable balance then totaling approximately $1.7
million. The remaining portion of the lease payments with respect to three of
five stores was assumed by SGSM Acquisition Company (a subsidiary of Kohlberg
and Co.) ("SGSM"). Payments with respect to these leases remained current until
February 1999; however, on March 26, 1999, SGSM filed for protection under
Chapter 11 of the U.S. Bankruptcy Code. On February 22, 2000, and then on
September 20, 2000, two of the obligors under the original lease, Schwegmann
Westside Expressway Inc. and Schwegmann Giant Supermarkets Partnership, filed
for protection under Chapter 11 of the U.S. Bankruptcy Code, respectively.
12
The Partnership has liquidated all equipment leased under their lease, resulting
in net proceeds of $384,353.41, which represent 9.26% of original equipment
cost.
The Partnership obtained and recorded a judgment against the lessee and
guarantors in the approximate amount of $2.8 million, and pursued recovery of
these liquidated damages, plus expenses, due under the lease. The lessee claimed
sufficient assets to satisfy the claims of all secured creditors of the lessee;
however, the lessee's assets are primarily relatively illiquid real property
investments. The lessee received $15,000,000 in proceeds from a parcel of real
property sold to a large home improvement retail chain, which amount was
sufficient to pay off substantially all of the creditors, including the
Partnership's claim of $2.8 million. As of this date, the Partnership has
received in excess of $2.6 million in satisfaction of its claim, and the General
Partner believes that it has a reasonable basis for assuming recovery of its
remaining liquidated damages balance, in the approximate amount of $800,000 in
full satisfaction of its claim.
Pegasus Gold Corporation:
On January 16, 1998, Pegasus Gold Corporation filed for protection under Chapter
11 of the U.S. Bankruptcy Code. The initial meeting of creditors established by
the U.S. Trustee's Office was held on March 9, 1998. The lessee's lease with the
Partnership had previously been leveraged on a non-recourse basis with The CIT
Group/Equipment Financing, Inc. ("CIT"), and all lease receivables (currently
estimated at $2,211,902 as of February 14, 2001) were assigned to the lender.
Consequently, the Partnership's exposure is no greater than the fair market
residual value of the equipment under lease, currently estimated at $1,101,803.
The reorganized lessee/debtor has assumed the Partnership's lease in the
Bankruptcy Court and cured all past due payments which are now current. The
Partnership has entered into an Escrow Agreement with CIT, wherein CIT has
agreed not to foreclose on the Partnership's interest so long as the lessee
continues to perform under the lease.
At this time, the lessee is current in its lease obligations. The ultimate
recovery under this lease is dependent on the price of gold remaining at a level
sufficient to make the lessee's operations profitable, and, consequently, any
assessment of the impact of an adverse outcome of this matter remains uncertain,
although at this point, only 18 months remain of the original seven-year lease
term.
Quaker Coal Company:
On December 31, 1997, Quaker Coal Company requested a moratorium on lease
payments from January through March 1998. No lease payments were made by the
lessee through June of 1998, and as a result, the General Partner declared the
lease in default. Subsequently, the lessee cured the outstanding payments and
eventually satisfied substantially all lease payments due under the Lease;
however, the General Partner refused to waive the default and insisted on
contractual damages. The General Partner filed a suit against the lessee for its
contractual damages in the U.S. District Court of Northern California (the
"Court") (Case No. 98-02971 THE). On June 16, 2000, the lessee filed for
protection under Chapter 11 of the U.S. Bankruptcy Code. The amounts of these
damages have not been included in the financial statements included in Part I,
Item 1 of this report.
The Partnership obtained a stipulation for relief from the automatic bankruptcy
stay to allow the Court to issue its ruling, and filed a request to participate
on the Official Committee of Unsecured Creditors in the bankruptcy proceedings.
The Partnership succeeded upon securing the return of its equipment, which has
been liquidated, netting approximately 17% of the original equipment cost. The
Court issued a ruling on March 4, 2001, denying the Partnership's claim for
damages. The Lessee subsequently filed a claim against the Partnership, for
reimbursement of its legal expenses. The General Partner believes the Court's
decision is erroneous, as a matter law, and has filed an appeal of the decision
in the U.S. District Court of Appeals. Currently, the likelihood of recovery of
amounts above the payment of the lease rent and the liquidation of the equipment
is speculative and highly uncertain.
13
Republic Transportation Finance, Inc.:
On September 11, 2000, Republic Transportation Finance, Inc. and its parent,
Republic Financial Corporation (collectively, "Republic"), filed suit against
the Partnership, claiming relief in the approximate amount of $1,110,770,
representing Republic's interpretation of their proceeds to a residual sharing
arrangement. The Partnership does not dispute that remarketing proceeds are owed
to Republic, merely the amount. The Partnership believes that Republic is
entitled to approximately $587,317, based upon the Partnership's interpretation
of the contract. The Partnership believes that the suit is without merit, and is
aggressively defending the action. Although the Partnership lost its request for
dismissal of the suit for failure of establishing personal jurisdiction, and is
preparing to defend on the merits of the case, it is simultaneously seeking an
acceptable settlement. Although the Partnership believes it has a reasonable
basis for prevailing or arriving at a satisfactory settlement, the outcome of
this matter remains uncertain.
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.
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, March 31, 2001 and December 31, 2000.
Statements of income for the three month periods ended
March 31, 2001 and 2000.
Statement of changes in partners' capital for the three
month period ended March 31, 2001.
Statements of cash flows for the three month periods
ended March 31, 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
14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date:
May 11, 2001
ATEL CASH DISTRIBUTION FUND V, L.P.
(Registrant)
By: ATEL Financial Corporation
General Partner of Registrant
By: /s/ Dean L. Cash
----------------------------------
Dean L. Cash
President and Chief Executive Officer
of General Partner
By: /s/ Paritosh K. Choksi
------------------------------------
Paritosh K. Choksi
Principal financial officer
of registrant
By: /s/ Donald E. Carpenter
------------------------------------
Donald E. Carpenter
Principal accounting
officer of registrant
15