<PAGE> 1
UNITED STATES
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
----------------------------------
For the Quarter Ended
September 30, 1996 Commission File Number 0-16764
- --------------------- -------------------------------
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
----------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 36-3535958
- --------------------- ---------------------------
State or other IRS Employer Identification
jurisdiction of Number
incorporation or
organization
1300 E. Woodfield Road, Suite 312 Schaumburg, Illinois 60173
- --------------------------------- ---------------------------
Address of principal City, State, Zip Code
executive offices
Registrant's telephone number: (847) 240-6200
---------------------------
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the Registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days.
(1) Yes x No
--- ---
(2) Yes x No
--- ---
<PAGE> 2
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 1996
PART I - FINANCIAL INFORMATION
Item 1.
Index to Financial Statements
Balance Sheets
September 30, 1996 (unaudited)
December 31, 1995
Statements of Revenue and Expenses (unaudited)
For the three months ended September 30, 1996
For the three months ended September 30, 1995
For the nine months ended September 30, 1996
For the nine months ended September 30, 1995
Statements of Changes in Partners' Equity
For the nine months ended September 30, 1996
(unaudited)
Statements of Cash Flows (unaudited)
For the nine months ended September 30, 1996
For the nine months ended September 30, 1995
Notes to Financial Statements (unaudited)
Item 2.
Management's Discussion and Analysis of
Financial Condition and Results of Operations
PART II - OTHER INFORMATION
Items 1-6.
<PAGE> 3
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
BALANCE SHEETS
September 30, 1996 - Unaudited
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
-------- -------- -----
<S> <C> <C> <C>
ASSETS
- ------
Cash and cash equivalents $1,399,878 $2,615,192 $4,015,070
Net investment in direct
financing leases 11,475 73,192 84,667
Diverted and other assets, net 149,907 242,110 392,017
Investment in foreclosed
properties, net 742,489 1,199,167 1,941,656
---------- ---------- ----------
$2,303,749 $4,129,661 $6,433,410
========== ========== ==========
LIABILITIES AND PARTNERS' EQUITY
- --------------------------------
Accounts payable and
accrued expenses $ 85,551 $ 144,313 $ 229,864
Lessee rental deposits 147,264 248,975 396,239
Due to management company 306 493 799
---------- --------- ----------
Total liabilities 233,121 393,781 626,902
Total partners' equity 2,070,628 3,735,880 5,806,508
---------- ---------- ----------
$2,303,749 $4,129,661 $6,433,410
========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
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<PAGE> 4
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
BALANCE SHEETS
December 31, 1995
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
-------- -------- -----
<S> <C> <C> <C>
ASSETS
- ------
Cash and cash equivalents $1,348,281 $2,443,281 $3,791,562
Net investment in direct
financing leases 147,213 369,781 516,994
Diverted and other assets, net 149,907 242,110 392,017
Investment in foreclosed
properties, net 745,854 1,204,602 1,950,456
Restricted cash 43,130 69,657 112,787
---------- ---------- ----------
$2,434,385 $4,329,431 $6,763,816
========== ========== ==========
LIABILITIES AND PARTNERS' EQUITY
- --------------------------------
Accounts payable and
accrued expenses $ 133,794 $ 217,322 $ 351,116
Lessee rental deposits 174,492 301,773 476,265
Due to management company 67 84 151
---------- ---------- ----------
Total liabilities 308,353 519,179 827,532
Total partners' equity 2,126,032 3,810,252 5,936,284
---------- ---------- ----------
$2,434,385 $4,329,431 $6,763,816
========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
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<PAGE> 5
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the three months ended September 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
-------- -------- -----
<S> <C> <C> <C>
Revenue:
Lease income $ 6,946 $ 16,423 $ 23,369
Interest income 17,157 27,725 44,882
Rental income 35,352 57,096 92,448
-------- --------- ---------
59,455 101,244 160,699
-------- --------- ---------
Expenses:
Management fees-New Era 70,019 116,676 186,695
General Partner's
expense reimbursement 8,370 13,518 21,888
Professional fees 61,248 100,040 161,288
Other operating expenses 7,219 12,356 19,575
Credit for lease losses (40,152) (109,848) (150,000)
-------- --------- ---------
106,704 132,742 239,446
-------- --------- ---------
Net loss $(47,249) $ (31,498) $ (78,747)
======== ========= =========
Net loss - General Partner $ (472) $ (315) $ (787)
======== ========= =========
Net loss - Limited Partners $(46,777) $ (31,183) $ (77,960)
======== ========= =========
Net loss per Limited
Partnership Unit $(1.22) $ (.51)
====== ======
Weighted average number
of Limited Partnership Units
outstanding 38,197 61,696
====== ======
</TABLE>
See accompanying notes to financial statements.
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<PAGE> 6
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the three months ended September 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
-------- -------- -----
<S> <C> <C> <C>
Revenue:
Lease income $ 10,943 $ 27,573 $ 38,516
Settlement proceeds (Note 4) 81,362 131,404 212,766
Interest income 13,973 22,613 36,586
Rental income 31,468 50,786 82,254
-------- -------- ---------
137,746 232,376 370,122
-------- -------- ---------
Expenses:
Management fees-New Era 72,441 120,058 192,499
General Partner's
expense reimbursement 6,696 10,814 17,510
Professional fees (Note 4) 80,810 132,532 213,342
Other operating expenses 16,444 27,326 43,770
Credit for lease losses (57,360) (92,640) (150,000)
-------- -------- ---------
119,031 198,090 317,121
-------- -------- ---------
Net earnings $ 18,715 $ 34,286 $ 53,001
======== ======== =========
Net earnings -
General Partner $ 187 $ 343 $ 530
======== ======== =========
Net earnings -
Limited Partners $ 18,528 $ 33,943 $ 52,471
======== ======== =========
Net earnings per Limited
Partnership Unit $ 0.49 $ 0.55
====== ======
Weighted average number
of Limited Partnership Units
outstanding 38,197 61,696
====== ======
</TABLE>
See accompanying notes to financial statements.
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<PAGE> 7
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the nine months ended September 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
-------- -------- -----
<S> <C> <C> <C>
Revenue:
Lease income $ 21,165 $ 51,186 $ 72,351
Interest income 55,979 90,460 146,439
Rental income 100,002 161,510 261,512
--------- --------- ---------
177,146 303,156 480,302
--------- --------- ---------
Expenses:
Management fees-New Era 210,706 350,685 561,391
General Partner's
expense reimbursement 44,048 71,140 115,188
Professional fees 124,222 202,024 326,246
Other operating expenses 16,094 29,463 45,557
Credit for lease losses (162,520) (337,480) (500,000)
--------- --------- ---------
232,550 315,832 548,382
--------- --------- ---------
Net loss $ (55,404) $ (12,676) $ (68,080)
========= ========= =========
Net loss - General Partner $ (554) $ (127) $ (681)
========= ========= =========
Net loss - Limited Partners $ (54,850) $ (12,549) $ (67,399)
========= ========= =========
Net loss per Limited
Partnership Unit $(1.44) $ (.20)
====== ======
Weighted average number
of Limited Partnership
Units outstanding 38,197 61,696
====== ======
</TABLE>
See accompanying notes to financial statements.
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<PAGE> 8
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the nine months ended September 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
-------- -------- -----
<S> <C> <C> <C>
Revenue:
Lease income $ 79,566 $ 169,879 $ 249,445
Settlement proceeds (Note 4) 81,362 131,404 212,766
Interest income 39,855 65,506 105,361
Rental income 63,780 103,008 166,788
--------- --------- ---------
264,563 469,797 734,360
--------- --------- ---------
Expenses:
Management fees-New Era 224,299 373,722 598,021
General Partner's
expense allowance 38,982 62,959 101,941
Professional fees (Note 4) 191,429 315,350 506,779
Other operating expenses 28,599 51,356 79,955
Credit for lease losses (172,080) (277,920) (450,000)
--------- --------- ---------
311,229 525,467 836,696
--------- --------- ---------
Net loss $ (46,666) $ (55,670) $(102,336)
========= ========= =========
Net loss - General Partner $ (467) $ (557) $ (1,024)
========= ========= =========
Net loss - Limited Partners $ (46,199) $ (55,113) $(101,312)
========= ========= =========
Net loss per Limited
Partnership Unit $(1.21) $(0.89)
====== ======
Weighted average number
of Limited Partnership Units
outstanding 38,197 61,696
====== ======
</TABLE>
See accompanying notes to financial statements.
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<PAGE> 9
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
STATEMENT OF CHANGES IN PARTNERS' EQUITY
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
General Limited Limited Total
Partner's Partners' Partners' Partners'
Equity Equity Equity Equity
------ ------ ------ ------
<S> <C> <C> <C> <C>
Balance, December 31, 1995 $(113,423)* $2,164,949 $3,884,758 $5,936,284
Distributions to partners
(Note 3) - - (61,696) (61,696)
Net loss (681) (54,850) (12,549) (68,080)
Allocation of General
Partner's equity 114,104 (39,471) (74,633) -
--------- ---------- ---------- ----------
Balance, September 30, 1996 $ - $2,070,628 $3,735,880 $5,806,508
========= ========== ========== ==========
</TABLE>
* Balance as previously reported was $0 due to allocation of $38,917 and
$74,506 to Liquidating and Continuing Limited Partners' Equity,
respectively.
See accompanying notes to financial statements.
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<PAGE> 10
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
-------- -------- -----
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss $ (55,404) $ (12,676) $ (68,080)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Credit for lease losses (162,520) (337,480) (500,000)
Changes in assets and liabilities:
Accounts payable and accrued
expenses 48,243 (73,009) (121,252)
Lessee rental deposits (27,228) (52,798) (80,026)
Due to management company 239 409 648
------------- ------------- -------------
(293,156) (475,554) (768,710)
------------- ------------- -------------
Cash flows from investing activities:
Principal collections on leases 298,258 634,069 932,327
Release of restricted cash 43,130 69,657 112,787
Recoveries on foreclosed property 3,365 5,435 8,800
------------- ------------- -------------
344,753 709,161 1,053,914
------------- ------------- -------------
Cash flows from financing activities:
Distributions to Limited Partners (a) - (61,696) (61,696)
------------- ------------- -------------
- (61,696) (61,696)
------------ ------------- -------------
Net increase in cash and
cash equivalents 51,597 171,911 223,508
Cash and cash equivalents:
Beginning of year 1,348,281 2,443,281 3,791,562
------------- ------------- -------------
End of third quarter $ 1,399,878 $ 2,615,192 $ 4,015,070
============= ============= =============
</TABLE>
(a) Distributions during the period were $1.00 per unit for Continuing
Limited Partners (see Note 3).
See accompanying notes to financial statements.
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<PAGE> 11
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
-------- -------- -----
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss $ (46,666) $ (55,670) $ (102,336)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Credit for lease losses (172,080) (277,920) (450,000)
Changes in assets and liabilities:
Accounts payable and accrued
expenses (44,211) (72,099) (116,310)
Lessee rental deposits (19,554) (31,580) (51,134)
Due to Management Company 13 (214) (201)
------------ ------------ ------------
(282,498) (437,483) (719,981)
------------ ------------ ------------
Cash flows from investing activities:
Principal collections on leases 622,981 1,199,255 1,822,236
Distribution of diverted and other assets 55,448 89,554 145,002
Distribution of Datronic assets 10,670 17,234 27,904
Repayments of commercial lease paper 552 892 1,444
Net investment in foreclosed properties 19,670 31,769 51,439
------------ ------------ ------------
709,321 1,338,704 2,048,025
------------ ------------ ------------
Cash flows from financing activities:
Distributions to limited partners (a) (175,111) (654,868) (829,979)
Distributions to General Partner (6,137) (14,679) (20,816)
------------ ------------ ------------
(181,248) (669,547) (850,795)
------------ ------------ ------------
Net increase in cash and
cash equivalents 245,575 231,674 477,249
Cash and cash equivalents:
Beginning of year 1,015,656 2,136,628 3,152,284
------------ ------------ ------------
End of third quarter $ 1,261,231 $ 2,368,302 $ 3,629,533
============ ============ ============
</TABLE>
(a) Distributions during the period were $4.58 per unit for Liquidating Limited
Partners and $10.61 per unit for Continuing Limited Partners.
See accompanying notes to financial statements.
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<PAGE> 12
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 1996
(Unaudited)
NOTE 1 - ORGANIZATION:
Datronic Equipment Income Fund XVI, L.P., a Delaware Limited Partnership (the
"Partnership"), was formed on April 21, 1987 for the purpose of acquiring and
leasing both high-and low-technology equipment. Reference is made to Notes 4,
6, 7 and 8 to the Partnership's financial statements included in the 1995 Form
10-K for a discussion of the alleged diversion of Partnership assets in 1991
and 1992 and the subsequent litigation and settlement, change in general
partner, new classes of limited partners established, and amendments to the
Partnership Agreement which occurred.
NOTE 2 - BASIS OF FINANCIAL STATEMENTS:
The accompanying financial statements should be read in conjunction with the
Partnership's financial statements included in the 1995 Form 10-K. The
financial information furnished herein is unaudited but in the opinion of
Management includes all adjustments necessary (all of which are normal
recurring adjustments) for a fair presentation of financial condition and
results of operations. See Note 3 to the Partnership's financial statements
included in the 1995 Form 10-K.
NOTE 3 - LIMITED PARTNERSHIP DISTRIBUTIONS:
Distributions to Liquidating Limited Partners were suspended after payment of
the April 1, 1995 distribution. Distributions to Continuing Limited Partners
were suspended after payment of the January 1, 1996 distribution.
NOTE 4 - SETTLEMENT WITH FORMER ATTORNEYS:
On August 10, 1995, the United States District Court of the Northern District
of Illinois, Eastern Division, approved as fair, reasonable and adequate, a
settlement with all the Datronic Partnerships and the Partnerships' former
attorneys, Siegan, Barbakoff, Gomberg & Kane in the aggregate amount of
$1,775,000 ($212,766 for the Partnership) or $2.13 per unit (see Note 6 to the
financial statements included in the Partnership's 1995 Form 10-K). A total of
$683,147 of expenses ($81,888 for the Partnership), consisting primarily of
professional fees, were incurred in connection with this recovery resulting in
a net recovery of $1,091,853 or $1.31 per
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<PAGE> 13
unit. However, since the Partnerships had previously paid $239,397 ($28,696
for the Partnership) of these expenses, a total of $1,331,250 or $1.60 per unit
was available for distribution. Accordingly, on October 1, 1995, the
Partnership distributed $1.60 per unit to Liquidating Limited Partners and to
Continuing Limited Partners. All settlement proceeds and all related expenses
have been allocated to all unit holders of the Datronic Partnerships based on
the number of limited partnership units owned.
- 13 -
<PAGE> 14
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of liquidity and capital resources covers
material changes in the Partnership's financial condition from December 31,
1995 through September 30, 1996. The discussion and analysis of results of
operations is for the three and nine month periods ended September 30, 1996 as
compared to the corresponding periods in 1995.
Financial Condition, Liquidity and Capital Resources
During the nine months ended September 30, 1996, Partnership assets were
converted to cash which was used to pay Partnership operating expenses and the
January 1, 1996 distribution to the Continuing Limited Partners and to ensure
that sufficient cash will be available to pursue pending litigation and
liquidate the Partnership in an orderly manner.
Net investment in direct financing leases decreased approximately $432,000
during the nine months ended September 30, 1996 primarily due to principal
collections of approximately $932,000 partially offset by a credit for lease
losses of $500,000.
Restricted cash of approximately $113,000 has been included in cash and cash
equivalents due to the removal of claims against such cash (see Part II, Item 1
- - Legal Proceedings) and repayment to the Partnership with interest in June
1996.
Accounts payable and accrued expenses decreased approximately $121,000 during
the nine months ended September 30, 1996 primarily due to payment of legal
fees.
In the aggregate, partners' equity decreased approximately $130,000 during the
nine months ended September 30, 1996 due to distributions to Continuing Limited
Partners of approximately $62,000, and a net loss of approximately $68,000.
During the nine months ended September 30, 1996, the Partnership's operating
activities resulted in an approximate use of $769,000 of cash. This was due
principally to decreases in accounts payable and security deposits of
approximately $201,000, a non-cash credit for lease losses of $500,000, and a
net loss of approximately $68,000. During the period, cash flows from
investing activities aggregated approximately $1,054,000 due primarily to
principal collections on leases of approximately $932,000 and the availability
of restricted cash of $113,000. Cash flows used for financing activities of
approximately $62,000 consisted of distributions to the Continuing Limited
Partners.
The Partnership's principal source of liquidity on a short-term basis is
expected to be cash on hand, cash receipts from lessees
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<PAGE> 15
under leases owned by the Partnership, rental proceeds from foreclosed
properties and interest income. The Partnership's sources of liquidity on a
long-term basis are expected to include cash on hand, rental proceeds from
foreclosed properties and proceeds from the sale of other assets of the
Partnership including, without limitation, foreclosed properties and diverted
and other assets. Management believes that the Partnership's sources of
liquidity in the short and long-term are sufficient to meet operating cash
obligations. Distributions to the Liquidating Limited Partners were suspended
after the April 1, 1995 distribution and distributions to the Continuing
Limited Partners were suspended after the January 1, 1996 distribution.
Distributions were suspended to ensure that sufficient cash will be available
to pursue recoveries under pending litigation with the Partnership's former
accountants and others and to liquidate the Partnership in an orderly manner.
The continued operation and eventual liquidation of the Partnership involves
numerous complex issues which have to be resolved. These issues relate to the
timing and realizability of lease-related assets, foreclosed properties,
diverted and other assets, Datronic assets, litigation and the liquidation of
the other Datronic Partnerships (see Notes 4, 6 and 9 to the Partnership's
financial statements included in the 1995 Form 10-K). These issues make it
difficult to predict the time and costs necessary to operate and liquidate the
Partnership in an orderly manner. As a result of these uncertainties, it is
not possible to predict the timing and availability of cash for future
distributions to Limited Partners. However, it is likely that the amount of
future distributions, if any, to the Limited Partners will ultimately be
significantly less than the amount of Partner's Equity reflected in the
September 30, 1996 Balance Sheets (see financial statements included in Item
1).
Results of Operations
Lease income decreased approximately $15,000 and $177,000 for the three and
nine month periods ended September 30, 1996 as compared to the corresponding
periods in 1995 primarily due to declining lease portfolios.
Settlement proceeds of approximately $213,000 recorded in the three and nine
month periods ended September 30, 1995, resulted from a settlement with the
Partnership's former attorneys. See Note 4 to the financial statements
included in Item 1.
Interest income increased approximately $8,000 and $41,000 for the three and
nine month periods ended September 30, 1996 as compared to the corresponding
periods in 1995. This was primarily due to recognition in the second quarter
of 1996 of approximately $18,000 of interest previously earned on restricted
cash balances as well
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<PAGE> 16
as additional interest earned due to higher cash balances.
Rental income increased approximately $10,000 and $95,000 for the three and
nine month periods ended September 30, 1996 as compared to the corresponding
periods in 1995. The three month increase is due to rate increases built into
the rental contracts. In addition to the rate increases, the nine month
increase is attributable to the recognition of rental income on foreclosed
properties subsequent to March 1995 as rental income. Prior to April 1995,
rental income was credited to the investment in foreclosed properties, net.
See Note 10 to the Partnership's financial statements included in the 1995 Form
10-K.
Management fees-New Era represent amounts paid New Era for managing the
Partnership on a day-to-day basis. These fees amounted to approximately
$187,000 and $561,000 for the three and nine months ended September 30, 1996 as
compared to $192,000 and $598,000 for the same periods in 1995. See Note 8 to
the Partnership's financial statements included in the 1995 Form 10-K.
The General Partner's expense reimbursement represents the amount paid to LRC
in excess of LRC's 1% share of cash flow available for distribution. Total
amounts paid to LRC are primarily a function of the amount of time LRC spends
on the activities of the Partnership and the timing of certain LRC expenses.
Total amounts paid to LRC for the three and nine month periods ended September
30, 1996 were approximately $22,000 and $115,000 (all of which represents
General Partner's expense reimbursement) as compared to approximately $20,000
and $123,000 ($17,000 and $102,000, respectively, represents the General
Partner's expense reimbursement and $3,000 and $21,000, respectively,
represents LRC's 1% share of cash flow available for distribution) for the
corresponding periods ended September 30, 1995. See Note 7 to the
Partnership's financial statements included in the 1995 Form 10-K.
Professional fees decreased approximately $52,000 and $181,000 for the three
and nine month periods ended September 30, 1996 as compared to the
corresponding periods in 1995. These decreases are primarily due to the fees
paid in 1995 in connection with the settlement with the Partnership's former
attorneys (see Note 4 to the financial statements included in Item 1) and
collection fees.
Other operating expenses decreased approximately $23,000 and $34,000 for the
three and nine month periods ended September 30, 1996 as compared to the
corresponding periods in 1995 primarily due to decreases in equipment sale
losses and the payment of insurance premiums on foreclosed properties in
September 1995.
The credit for lease losses reflects Management's ongoing assessment of
potential losses inherent in the lease portfolios and actual lease collections
on certain leases in excess of those anticipated in prior years.
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<PAGE> 17
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Reference is made to Item 3 - Legal Proceedings in the Partnership's December
31, 1995 Form 10-K for a discussion of material legal proceedings involving the
Partnership.
Reference is made to Part II, Item 1 - Legal Proceedings in the Partnership's
March 31, 1996 Form 10-Q for a discussion of legal proceedings involving claims
against restricted cash and diverted and other assets.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3.
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5.
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
See Exhibit Index.
(b) Reports on Form 8-K
None.
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<PAGE> 18
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized, on the 11th day of November 1996.
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
Registrant
By: DONALD D. TORISKY
--------------------------------------------
Donald D. Torisky
Chairman and Chief Executive Officer
Lease Resolution Corporation
General Partner of
Datronic Equipment Income Fund XVI, L.P.
By: DOUGLAS E. VAN SCOY
--------------------------------------------
Douglas E. Van Scoy
Chief Financial Officer and Director
New Era Funding Corp.
Managing Agent of
Datronic Equipment Income Fund XVI, L.P.
- 18 -
<PAGE> 19
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- ----------- -----------
27 Financial Data Schedule, which is
submitted electronically to the
Securities and Exchange Commission
for Information only and not filed.
- 19 -
<PAGE> 20
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized, on the 11th day of November 1996.
DATRONIC EQUIPMENT INCOME FUND XVI, L.P.
Registrant
By: ________________________________________
Donald D. Torisky
Chairman and Chief Executive Officer
Lease Resolution Corporation
General Partner of
Datronic Equipment Income Fund XVI, L.P.
By: ________________________________________
Douglas E. Van Scoy
Chief Financial Officer and Director
New Era Funding Corp.
Managing Agent of
Datronic Equipment Income Fund XVI, L.P.
- 17 -
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
BALANCE SHEET AND THE STATEMENTS OF REVENUE AND EXPENSES AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT ON FORM 10-Q.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
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