SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 September 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 0-16208
WESTFORD TECHNOLOGY VENTURES, L.P.
===============================================================================
(Exact name of registrant as specified in its charter)
Delaware 13-3423417
===============================================================================
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
17 Academy Street, 5th Floor
Newark, New Jersey 07102-2905
===============================================================================
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (201) 624-2131
Not applicable
===============================================================================
Former name, former address and former fiscal year, if changed since last report
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. Yes X No
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Balance Sheets as of September 30, 1997 (Unaudited) and December 31, 1996
Schedule of Portfolio Investments as of September 30, 1997 (Unaudited)
Statements of Operations for the Three and Nine Months Ended September 30, 1997
and 1996 (Unaudited)
Statements of Cash Flows for the Nine Months Ended September 30, 1997 and 1996
(Unaudited)
Statement of Changes in Partners' Capital for the Nine Months Ended September
30, 1997 (Unaudited)
Notes to Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
Item 2. Changes in Securities.
Item 3. Defaults upon Senior Securities.
Item 4. Submission of Matters to a Vote of Security Holders.
Item 5. Other Information.
Item 6. Exhibits and Reports on Form 8-K.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
WESTFORD TECHNOLOGY VENTURES, L.P.
BALANCE SHEETS
<TABLE>
September 30,
1997 December 31,
(Unaudited) 1996
ASSETS
Portfolio investments at fair value (cost $10,528,421 at
<S> <C> <C> <C> <C> <C> <C> <C>
September 30, 1997 and $9,928,421 at December 31, 1996) $ 6,955,069 $ 7,948,265
Cash and cash equivalents 63,665 900,186
Deposit in escrow - 32,985
Receivable from securities sold (net of unamortized discount of
$71,997 at September 30, 1997 and $85,029 at December 31, 1996) 133,862 160,642
Accrued interest receivable 117,444 34,854
--------------- ----------------
TOTAL ASSETS $ 7,270,040 $ 9,076,932
=============== ================
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable $ 37,874 $ 53,337
Due to Independent General Partners 10,500 10,500
--------------- ----------------
Total liabilities 48,374 63,837
----------------------------------------
Partners' Capital:
Managing General Partner 570,139 559,134
Individual General Partners 3,599 3,674
Limited Partners (11,217 Units) 10,221,280 10,430,443
Unallocated net unrealized depreciation of investments (3,573,352) (1,980,156)
--------------- ------------------------
Total partners' capital 7,221,666 9,013,095
----------------------------------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 7,270,040 $ 9,076,932
=============== ================
</TABLE>
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
September 30, 1997
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Initial Investment
Company / Position Date Cost Fair Value
EIS International, Inc.(A)
<C> <C> <C> <C>
206,267 shares of Common Stock Mar. 1990 $ 2,726,335 $ 1,650,136
Warrants to purchase 29,015 shares of Common Stock
at $1.41 per share, expiring between 12/31/98 and 3/23/00 438,469 191,305
- -------------------------------------------------------------------------------------------------------------------------------
Inn-Room Systems, Inc. *
1,342,491 shares of Common Stock Oct. 1989 1,243,686 671,246
Demand Promissory Note at 1% plus prime due 12/31/97 105,000 105,000
Warrants to purchase 206,003 shares of Common Stock at
$0.01 per share, expiring between 12/31/97 and 6/30/98 74,603 100,941
- -------------------------------------------------------------------------------------------------------------------------------
Spectrix Corporation*
742,304 shares of Preferred Stock June 1989 3,511,351 1,113,458
274,862 shares of Common Stock 142,681 412,293
Demand Promissory Notes at 8% 1,497,500 1,497,500
Warrants to purchase 424,394 shares of Common Stock
at $.50 per share, expiring between 12/31/97 and 4/30/03 0 424,394
Warrants to purchase 50,000 shares of Common Stock at
$4.00 per share, expiring 04/30/03 0
- -----------------------------------------------------------------------------------------------------------
Thunderbird Technologies, Inc.
788,796 shares of Preferred Stock Oct. 1992 788,796 788,796
- -------------------------------------------------------------------------------------------------------------------------------
TOTALS $ 10,528,421 $ 6,955,069
============== =============
</TABLE>
(A) Public company.
* May be deemed an affiliated person of the Partnership as defined in the
Investment Company Act of 1940.
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
--------------- ---------------- --------------- --------
INVESTMENT INCOME AND EXPENSES
Income:
<S> <C> <C> <C> <C>
Interest from short-term investments $ 904 $ 20,009 $ 11,364 $ 43,940
Interest and other income from portfolio
investments 38,549 13,516 97,148 32,908
--------------- ---------------- --------------- -------------
Totals 39,453 33,525 108,512 76,848
--------------- ---------------- --------------- -------------
Expenses:
Management fee 55,896 55,941 167,688 167,843
Professional fees 15,738 14,944 58,108 48,121
Mailing and printing 2,103 2,868 8,795 18,072
Independent General Partners' fees 10,500 10,500 31,500 31,500
Miscellaneous 2,795 3,687 8,989 13,333
--------------- ---------------- --------------- -------------
Totals 87,032 87,940 275,080 278,869
--------------- ---------------- --------------- -------------
NET INVESTMENT LOSS (47,579) (54,415) (166,568) (202,021)
Net realized gain (loss) from portfolio investments - - (31,665) 2,929,998
--------------- ---------------- --------------- -------------
NET REALIZED GAIN (LOSS) FROM
OPERATIONS - (allocable to Partners) (47,579) (54,415) (198,233) 2,727,977
Net change in unrealized depreciation of
investments (1,816,658) (2,231,233) (1,593,196) (3,075,410)
--------------- ---------------- --------------- ----------
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ (1,864,237) $ (2,285,648) $ (1,791,429) $ (347,433)
=============== ================ =============== =============
</TABLE>
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Nine Months Ended September 30,
<TABLE>
1997 1996
-------------- --------
CASH FLOWS USED FOR OPERATING ACTIVITIES
<S> <C> <C>
Net investment loss $ (166,568) $ (202,021)
Adjustments to reconcile net investment loss to cash used for operating
activities:
Increase in accrued interest on short-term investments - (6,836)
Increase in accrued interest receivable (84,625) (16,574)
(Decrease) increase in payables (15,463) 3,967
------------- -------------
Cash used for operating activities (266,656) (221,464)
------------- -------------
CASH FLOWS (USED FOR) PROVIDED FROM INVESTING
ACTIVITIES
Net purchase of short-term investments - (841,921)
Cost of portfolio investments purchased (600,000) (710,000)
Proceeds from the sale of portfolio investments 30,135 1,538,850
Repayment of promissory notes - 100,000
------------- -------------
Cash (used for) provided from investing activities (569,865) 86,929
------------- -------------
Decrease in cash and cash equivalents (836,521) (134,535)
Cash and cash equivalents at beginning of period 900,186 206,504
------------- -------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 63,665 $ 71,969
============= =============
</TABLE>
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)
For the Nine Months Ended September 30, 1997
<TABLE>
Unallocated
Managing Individual Net Unrealized
General General Limited Depreciation of
Partner Partners Partners Investments Total
<S> <C> <C> <C> <C> <C>
Balance at beginning of period $ 559,134 $ 3,674 $ 10,430,443 $ (1,980,156) $ 9,013,095
Net investment loss 17,589 (66) (184,091) - (166,568)
Net realized loss from portfolio
investments (6,584) (9) (25,072) - (31,665)
Net change in unrealized
depreciation of investments - - - (1,593,196) (1,593,196)
------------ -------- --------------- -------------- ---------------
Balance at end of period $ 570,139 $ 3,599 $ 10,221,280(A) $ (3,573,352) $ 7,221,666
============ ======== =============== ============== ===============
</TABLE>
(A) The net asset value per $1,000 unit of limited partnership interest,
including an assumed allocation of net unrealized depreciation of
investments, is $637.
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. Organization and Purpose
Westford Technology Ventures, L.P. (the "Partnership") is a Delaware limited
partnership formed on September 3, 1987. WTVI Co., L.P., the managing general
partner of the Partnership (the "Managing General Partner") and four individuals
(the "Individual General Partners") are the general partners of the Partnership.
Hamilton Capital Management Inc. (the "Management Company") is the general
partner of the Managing General Partner and the management company of the
Partnership. The Partnership began its principal operations on December 1, 1988.
The Partnership's objective is to achieve long-term capital appreciation by
making venture capital investments in new and developing companies and other
special investment situations. The Partnership will not engage in any other
business or activity. The Partnership is scheduled to terminate on December 31,
1998, subject to the right of the Individual General Partners to extend the term
for up to two additional two-year periods.
2. Significant Accounting Policies
Valuation of Investments - Short-term investments are carried at amortized cost
which approximates market. Portfolio investments are carried at fair value as
determined quarterly by the Managing General Partner under the supervision of
the Individual General Partners. The fair value of publicly-held portfolio
securities is adjusted to the closing public market price for the last trading
day of each quarter discounted by a factor of 0% to 50% for sales restrictions.
Factors considered in the determination of an appropriate discount include,
underwriter lock-up or Rule 144 trading restrictions, insider status where the
Partnership either has a representative serving on the Board of Directors or is
greater than a 10% shareholder, and other liquidity factors such as the size of
the Partnership's position in a given company compared to the trading history of
the public security. Privately-held portfolio securities are carried at cost
until significant developments affecting the portfolio company provide a basis
for change in valuation. The fair value of private securities is adjusted 1) to
reflect meaningful third-party transactions in the private market or 2) to
reflect significant progress or slippage in the development of the company's
business such that cost is no longer reflective of fair value. As a venture
capital investment fund, the Partnership's portfolio investments involve a high
degree of business and financial risk that can result in substantial losses. The
Managing General Partner considers such risks in determining the fair value of
the Partnership's portfolio investments.
Use of Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
Investment Transactions - Investment transactions are recorded on the accrual
method. Portfolio investments are recorded on the trade date, the date the
Partnership obtains an enforceable right to demand the securities or payment
therefor. Realized gains and losses on investments sold are computed on a
specific identification basis.
WESTFORD TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - continued
Income Taxes - No provision for income taxes has been made since all income and
losses are allocable to the Partners for inclusion in their respective income
tax returns. The Partnership's net assets for financial reporting purposes
differ from its net assets for tax purposes. Net unrealized depreciation of
$3,573,352 at September 30, 1997, which was recorded for financial statement
purposes, has not been recognized for tax purposes. From inception to September
30, 1997, other timing differences relating to net realized gains totaling
$984,700 have been recorded on the Partnership's financial statements but have
not yet been recorded on the Partnership's tax return. Additionally, syndication
costs relating to the selling of Units totaling $1.2 million were charged to
partners' capital on the financial statements but have not been deducted or
charged against partners' capital for tax purposes.
Cash Equivalents - The Partnership considers all highly liquid debt instruments
(primarily money market funds) to be cash equivalents.
3. Allocation of Partnership Profits and Losses
The Partnership Agreement provides that the Managing General Partner will be
allocated, on a cumulative basis over the life of the Partnership, 20% of the
Partnership's aggregate investment income and net realized gains from venture
capital investments, provided that such amount is positive. All other gains and
losses of the Partnership are allocated among all the Partners, including the
Managing General Partner, in proportion to their respective capital
contributions to the Partnership.
4. Related Party Transactions
The Management Company is responsible for the management and administrative
services necessary for the operation of the Partnership. For these services, the
Management Company receives a management fee at an annual rate of 2.5% of the
gross capital contributions to the Partnership (net of selling commissions and
organizational expenses paid by the Partnership), reduced by capital distributed
and realized losses, with a minimum fee of $200,000 per annum. Such fee is
determined quarterly and paid monthly.
The Management Company also directly provides certain shareholder services and
database management support for Limited Partners of the Partnership. For such
services, the Management Company receives $8,500 per quarter. This amount is
paid to the Management Company in addition to the regular management fee
discussed above.
5. Independent General Partners' Fees
As compensation for services rendered to the Partnership, each of the four
Independent General Partners receives $10,000 annually in quarterly installments
and $1,000 for each meeting of the Independent General Partners attended, plus
out-of-pocket expenses.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - continued
6. Classification of Portfolio Investments
The Partnership's investments were categorized as follows as of September 30,
1997:
<TABLE>
Percentage of
Type of Investments Cost Fair Value Net Assets*
- ------------------- --------------- --------------- -----------
<S> <C> <C> <C>
Preferred Stock $ 4,300,147 $ 1,902,254 26.34%
Common Stock 4,625,774 3,450,315 47.78%
Debt Securities 1,602,500 1,602,500 22.19%
---------------- -------------- ------
Total $ 10,528,421 $ 6,955,069 96.31%
================ ============== ======
Country/Geographic Region
Midwestern U.S. $ 6,574,821 $ 4,324,832 59.89%
Eastern U.S. 3,953,600 2,630,237 36.42%
---------------- -------------- ------
Total $ 10,528,421 $ 6,955,069 96.31%
================ ============== ======
Industry
Wireless Communications $ 5,151,532 $ 3,447,645 47.74%
Computer Software 3,164,804 1,841,441 25.50%
Vending Equipment 1,423,289 877,187 12.15%
Semiconductors 788,796 788,796 10.92%
---------------- -------------- -------
Total $ 10,528,421 $ 6,955,069 96.31%
================ ============== ======
</TABLE>
* Fair value as a percentage of net assets.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Liquidity and Capital Resources
At September 30, 1997, the Partnership held $63,700 in an interest-bearing cash
account. The Partnership earned $900 and $11,400 of interest from its cash
balances for the three and nine months ended September 30, 1997, respectively.
Interest earned from cash balances and short-term investments in future periods
is subject to fluctuations in short-term interest rates and changes in cash
balances and amounts available for investment in short-term securities.
The Partnership has fully invested its original net proceeds of $10.5 million
and will not make investments in any new portfolio companies. However, the
Partnership may make additional follow-on investments in existing portfolio
companies when required. The Partnership made no follow-on investments in
existing portfolio companies during the three months ended September 30, 1997.
Funds needed to cover the Partnership's future follow-on investments and
operating expenses will be obtained from existing cash reserves, interest and
other investment income and from proceeds from the sale of portfolio
investments.
Results of Operations
For the three and nine months ended September 30, 1997, the Partnership had a
net realized loss from operations of $47,600 and $198,200, respectively. For the
three and nine months ended September 30, 1996, the Partnership had a net
realized loss from operations of $54,400 and a net realized gain from operations
of $2.7 million, respectively. Net realized gain or loss from operations is
comprised of 1) net realized gain or loss from portfolio investments and 2) net
investment income or loss (investment income less operating expenses).
Realized Gains and Losses from Portfolio Investments - The Partnership had no
realized gains or losses from its portfolio investments during the three months
ended September 30, 1997. For the nine months ended September 30, 1997, the
Partnership had a net realized loss from its portfolio investments of $31,700
relating to the final escrow payment received in connection with the 1996 merger
of EIS International, Inc. with Cybernetics Systems, Inc. In June 1997, the
Partnership received 16,682 common shares of EIS, representing 100% of the
shares previously held in escrow. However, in connection with a settlement
agreement among EIS and the former Cybernetics shareholders, the Partnership
received $1,320, representing only a portion of the $32,985 cash balance
previously held in escrow. As a result, the Partnership realized a loss of
$31,665 for the quarter ended June 30, 1997.
For the three months ended September 30, 1996, the Partnership had no realized
gains or losses from its portfolio investments. For the nine months ended
September 30, 1996, the Partnership had a net realized gain from its portfolio
investments of $2.9 million. In May 1996, the Partnership sold its remaining
21,673 shares of Cincinnati Bell Inc. common stock in the public market for $1.1
million, realizing a gain of $657,000. In March 1996, EIS International, Inc., a
public company, completed its merger with Cybernetics Systems International,
Inc. In connection with the merger, the Partnership exchanged its Cybernetics
holdings for $460,245 in cash, 206,267 shares of restricted EIS common stock and
warrants to purchase 29,015 shares of EIS common stock at $1.41 per share. Of
the total merger consideration, $32,985 of cash and 16,682 shares of EIS common
stock were placed in escrow and released during 1997 as discussed above. The
Partnership realized a gain of $2.2 million in connection with the merger during
the first quarter of 1996.
Investment Income and Expenses - Net investment loss for the three months ended
September 30, 1997 and 1996 was $47,600 and $54,400, respectively. The decrease
in net investment loss for the 1997 period as compared to the same period in
1996, primarily resulted from a $25,000 increase in interest income from
portfolio investments partially offset by a $19,100 decrease in interest from
short-term investments. The increase in interest income from portfolio
investments relates to the additional promissory notes of Spectrix Corporation
held by the Partnership during the 1997 period compared to the same period in
1996. The decrease in interest from short-term investments primarily is due to a
reduction of funds available for investment in such securities during the 1997
period. Operating expenses remained relatively flat at $87,000 for the 1997
period compared to $87,900 for the same period in 1996.
Net investment loss for the nine months ended September 30, 1997 and 1996 was
$166,600 and $202,000, respectively. The decrease in net investment loss for the
1997 period compared to the same period in 1996, primarily resulted from a
$64,200 increase in interest income from portfolio investments relating to the
additional promissory notes of Spectrix Corporation, as discussed above,
partially offset by a $32,600 decrease in interest from short-term investments,
reflecting the reduction of funds available for investment in such securities
during the 1997 period. Additionally, operating expenses declined by only $3,800
for the 1997 period compared to the 1996 period.
The Management Company is responsible for the management and administrative
services necessary for the operation of the Partnership. The Management Company
receives a management fee at the annual rate of 2.5% of the gross capital
contributions to the Partnership (net of selling commissions and organizational
expenses paid by the Partnership), reduced by capital distributed and realized
losses, with a minimum annual fee of $200,000. The management fee for the three
months ended September 30, 1997 and 1996 was approximately $56,000 for both
periods. The management fee for the nine months ended September 30, 1997 and
1996 was approximately $168,000 for both periods. To the extent possible, the
management fee and other expenses incurred directly by the Partnership are paid
with funds provided from operations. Funds provided from operations primarily
are obtained from interest and other investment income and proceeds received
from the sale of portfolio investments.
Unrealized Gains and Losses and Changes in Unrealized Appreciation or
Depreciation of Portfolio Investments - For the nine months ended September 30,
1997, the Partnership had $1.6 million net unrealized loss, primarily resulting
from the net downward revaluation of its investment in Spectrix Corporation at
the end of the period. Accordingly, net unrealized depreciation increased by
$1.6 million for the nine month period.
For the nine months ended September 30, 1996, the Partnership had a $263,000 net
unrealized loss, primarily resulting from the net downward revaluation of its
publicly-traded securities. Additionally, during the nine month period, $2.8
million of unrealized gain was transferred to realized gain relating to the sale
of Cybernetics and Cincinnati Bell, as discussed above. As a result, net
unrealized appreciation of investments decreased $3.1 million for the nine month
period.
Net Assets - Changes in net assets resulting from operations are comprised of
1) net realized gain or loss from operations and 2) changes in net unrealized
appreciation or depreciation of investments.
At September 30, 1997, the Partnership's net assets were $7.2 million, down $1.8
million from $9.0 million at December 31, 1996. The $1.8 million decrease was
comprised of the $1.6 million increase to net unrealized depreciation of
investments and the $198,200 net realized loss from operations for the nine
month period.
At September 30, 1996, the Partnership's net assets were $10.4 million, down
$347,400 from $10.8 million at December 31, 1995. The $347,400 decrease was
comprised of the $3.1 million decrease in net unrealized appreciation of
investments exceeding the $2.7 million net realized gain from operations for the
nine month period.
Gains and losses from investments are allocated to the Partners' capital
accounts when realized in accordance with the Partnership Agreement (see Note 3
of Notes to Financial Statements). However, for purposes of calculating the net
asset value per unit of limited partnership interest ("Unit"), net unrealized
appreciation or depreciation of investments has been included as if it had been
realized and allocated to the Limited Partners in accordance with the
Partnership Agreement. Pursuant to such calculation, the net asset value per
$1,000 Unit at September 30, 1997 and December 31, 1996 was $637 and $790,
respectively.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Partnership is not a party to any material pending legal proceedings.
Item 2. Changes in Securities.
Not applicable.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
No matters were submitted to a vote of security holders during the period
covered by this report.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
(27) Financial Data Schedule.
(b) No reports on Form 8-K have been filed during the quarter
covered by this report.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, this report has been signed below by the following persons on
behalf of the Registrant, in the capacities, and on the dates indicated.
<TABLE>
WESTFORD TECHNOLOGY VENTURES, L.P.
By: WTVI Co., L.P.
its managing general partner
By: Hamilton Capital Management Inc.
its general partner
<S> <C> <C> <C> <C> <C> <C>
By: /s/ Jeffrey T. Hamilton President, Secretary and Director (Principal
Jeffrey T. Hamilton Executive Officer) of Hamilton Capital
Management Inc. and Individual General
Partner of Westford Technology Ventures, L.P.
By: /s/ Susan J. Trammell Treasurer and Director (Principal Financial
Susan J. Trammell and Accounting Officer) of Hamilton Capital
Management Inc.
Date: November 13, 1997
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM WESTFORD
TECHNOLOGY VENTURES, L.P.'S QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED
SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 10,528,421
<INVESTMENTS-AT-VALUE> 6,955,069
<RECEIVABLES> 251,306
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 63,665
<TOTAL-ASSETS> 7,270,040
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,374
<TOTAL-LIABILITIES> 48,374
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 11,217
<SHARES-COMMON-PRIOR> 11,217
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,573,352)
<NET-ASSETS> 7,221,666
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 108,512
<OTHER-INCOME> 0
<EXPENSES-NET> 275,080
<NET-INVESTMENT-INCOME> (166,568)
<REALIZED-GAINS-CURRENT> (31,665)
<APPREC-INCREASE-CURRENT> (1,593,196)
<NET-CHANGE-FROM-OPS> (1,791,429)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,791,429)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 8,117,381
<PER-SHARE-NAV-BEGIN> 790
<PER-SHARE-NII> (16)
<PER-SHARE-GAIN-APPREC> (137)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 637
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
