<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 June 30, 1997
or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to _______________
Commission File Number: 333-26933
COMMONWEALTH INCOME & GROWTH FUND III
(Exact name of registrant as specified in its charter)
Pennsylvania 23-2895714
(State or other jurisdiction of (I.R.S. Employer identification No.)
incorporation or organization)
1160 West Swedesford Road
Berwyn, Pennsylvania 19312
(Address, including zip code, of principal executive offices)
(610) 647-6800
(Registrant's telephone number including area code)
Indicate by check mark whether the registrant (1) has filed all
reports 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>
Part I: FINANCIAL INFORMATION
Item 1: Financial Statements
Commonwealth Income & Growth Fund III
Balance Sheet
June 30, 1997
<TABLE>
<S> <C>
Assets
Cash............................................................... $ 1,500
---------
---------
Partners' capital
General partner.................................................... $ 1,000
Limited partner.................................................... 500
---------
Total partners' capital............................................ $ 1,500
---------
---------
</TABLE>
See accompanying notes.
<PAGE>
Commonwealth Income & Growth Fund III
Statement of Operations
From April 28, 1997 (date of inception) to June 30, 1997
None
See accompanying notes.
<PAGE>
Commonwealth Income & Growth Fund III
Statement of Partners' Capital
From April 28, 1997 (date of inception) to June 30, 1997
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNER PARTNER GENERAL LIMITED
UNITS UNITS PARTNER PARTNER TOTAL
------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C>
Initial contribution............. 50 25 $ 1,000 $ 500 $ 1,500
------- ------- -------- ------- --------
------- ------- -------- ------- --------
</TABLE>
See accompanying notes.
<PAGE>
Commonwealth Income & Growth Fund III
Statements of Cash Flows
From April 28, 1997 (date of inception) to June 30, 1997
<TABLE>
<S> <C>
Financing activities
Partners' contributions........................................... $ 1,500
---------
Net increase in cash at end of period............................. $ 1,500
---------
---------
</TABLE>
See accompanying notes.
<PAGE>
Commonwealth Income & Growth Fund III
Notes to Financial Statements
June 30, 1997
The accompanying unaudited condensed financial statements have
been prepared by the Partnership in accordance with generally
accepted accounting principles, pursuant to the rules and
regulations of the Securities and Exchange Commission. In the
opinion of the General Partner, all adjustments (consisting of
normal recurring accruals) considered necessary for a fair
presentation have been included.
1. Business
Commonwealth Income & Growth Fund III (the "Partnership") is a
limited partnership. The Partnership is currently offering for
sale up to 750,000 units of the limited partnership at the
purchase price of $20 per unit. The Partnership was declared
effective by the Securities and Exchange Commission on July 25,
1997. The Partnership will use proceeds of the offerings to
acquire, own, lease and sell various types of computer peripheral
equipment and other similar capital equipment, which will be
leased primarily to U.S. corporations and institutions. The
Partnership's general partner is Commonwealth Income & Growth
Fund, Inc. (the "General Partner"), a Pennsylvania corporation
which is an indirect wholly-owned subsidiary of Commonwealth
Capital Corp. Approximately ten years after the commencement of
operations, the Partnership intends to have sold or otherwise
disposed of all of its computer equipment, make final
distributions to partners, and to dissolve. Unless sooner
terminated, the Partnership will continue until December 31,
2009.
<PAGE>
Commonwealth Income & Growth Fund III
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 Securities
Holders.
Inapplicable
Item 5. Other Information.
Inapplicable
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits: None
b) Report on Form 8-K: None
<PAGE>
SIGNATURE
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.
COMMONWEALTH INCOME & GROWTH FUND III
BY: COMMONWEALTH INCOME & GROWTH
FUND, INC. General Partner
September 3, 1997 By: /s/ David A. Kintzer, CPA
- ----------------------- ---------------------------------
Date David A. Kintzer, CPA
Chief Financial Officer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<CIK> 0001038878
<NAME> CIGF-III
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 1,500
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,500
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 1,500
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 1,500
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
