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 June 30, 1998
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 June 30, 1998 (Unaudited) and December 31, 1997
Schedule of Portfolio Investments as of June 30, 1998 (Unaudited)
Statements of Operations for the Three and Six Months Ended June 30, 1998
and 1997 (Unaudited)
Statements of Cash Flows for the Six Months Ended June 30, 1998 and 1997
(Unaudited)
Statement of Changes in Partners' Capital for the Six Months Ended June 30,
1998 (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>
June 30, 1998 December 31,
(Unaudited) 1997
ASSETS
Portfolio investments, at fair value (cost $10,460,214 at
<S> <C> <C> <C> <C> <C> <C> <C>
June 30, 1998 and $10,528,421 at December 31, 1997) $ 6,342,794 $ 6,366,864
Cash and cash equivalents 4,110 16,061
Receivable from securities sold (net of unamortized discount of
$50,353 at June 30, 1998 and $66,322 at December 31, 1997) 95,470 122,180
Accrued interest receivable 214,279 150,000
--------------- ----------------
TOTAL ASSETS $ 6,656,653 $ 6,655,105
=============== ================
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable and accrued expenses $ 45,402 $ 44,355
Due to Management Company 123,366 22,134
Due to Independent General Partners 31,500 10,500
--------------- ----------------
Total Liabilities 200,268 76,989
--------------- ----------------
Partners' Capital:
Managing General Partner 577,953 577,197
Individual General Partners 3,518 3,577
Limited Partners (11,217 Units) 9,992,334 10,158,899
Unallocated net unrealized depreciation of investments (4,117,420) (4,161,557)
--------------- ----------------
Total Partners' Capital 6,456,385 6,578,116
--------------- ----------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 6,656,653 $ 6,655,105
=============== ================
</TABLE>
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (Unaudited)
June 30, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Initial Investment
Company / Position Date Cost Fair Value
EIS International, Inc.(A) (B)
228,682 shares of Common Stock Mar. 1990 $ 3,096,597 $ 1,229,166
- -------------------------------------------------------------------------------------------------------------------------------
Inn-Room Systems, Inc. (C) *
1,548,494 shares of Common Stock Oct. 1989 1,320,349 774,247
Demand Promissory Note at prime plus 1% due 12/31/98 102,940 102,940
-------------- -------------
1,423,289 877,187
- -------------------------------------------------------------------------------------------------------------------------------
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 12/31/99 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 0
-------------- -------------
5,151,532 3,447,645
- -------------------------------------------------------------------------------------------------------------------------------
Thunderbird Technologies, Inc.
788,796 shares of Preferred Stock Oct. 1992 788,796 788,796
- -------------------------------------------------------------------------------------------------------------------------------
TOTALS $ 10,460,214 $ 6,342,794
============== =============
</TABLE>
(A) Public company.
(B)In May 1998, the Partnership exercised warrants for the purchase of 29,015
common shares of EIS International, Inc. for a total cost of $40,815.
Subsequently, the Partnership sold 6,600 common shares of EIS for $40,832
realizing a loss of $68,190.
(C) In June 1998, the Partnership exercised warrants for the purchase of 68,003
common shares of Inn-Room Systems, Inc. The cost to exercise such warrants,
totaling $680, was paid through the reduction of the principal balance of
the demand promissory note, due from the company, from $103,620 to $102,940.
* 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 Six Months Ended
June 30, June 30,
1998 1997 1998 1997
-------------- ------------ -------------- --------
INVESTMENT INCOME AND EXPENSES
Income:
<S> <C> <C> <C> <C>
Interest from short-term investments $ 121 $ 2,777 $ 286 $ 10,460
Interest and other income from portfolio
investments 39,242 31,864 80,294 58,599
-------------- ------------ -------------- -----------
Totals 39,363 34,641 80,580 69,059
-------------- ------------ -------------- -----------
Expenses:
Management fee 55,468 55,896 111,364 111,792
Professional fees 7,236 8,242 14,919 16,870
Mailing and printing 6,091 3,522 9,581 6,692
Independent General Partners' fees 10,500 10,500 21,000 21,000
Other expenses 11,154 10,882 21,394 31,694
-------------- ------------ -------------- -----------
Totals 90,449 89,042 178,258 188,048
-------------- ------------ -------------- -----------
NET INVESTMENT LOSS (51,086) (54,401) (97,678) (118,989)
Net realized loss from portfolio investments (68,190) (31,665) (68,190) (31,665)
-------------- ------------ -------------- -----------
NET REALIZED LOSS FROM OPERATIONS (119,276) (86,066) (165,868) (150,654)
Change in unrealized depreciation of investments (632,298) 650,254 44,137 223,462
-------------- ------------ -------------- -----------
NET (DECREASE) INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ (751,574) $ 564,188 $ (121,731) $ 72,808
============== ============ ============== ===========
</TABLE>
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
STATEMENTS OF CASH FLOWS (Unaudited)
For the Six Months Ended June 30,
<TABLE>
1998 1997
------------ --------
CASH FLOWS USED FOR OPERATING ACTIVITIES
<S> <C> <C> <C> <C> <C> <C>
Net investment loss $ (97,678) $ (118,989)
Adjustments to reconcile net investment loss to cash used for operating
activities:
Increase in accrued interest receivable (65,522) (49,856)
Increase (decrease) in payables 123,279 (20,745)
----------- -------------
Cash used for operating activities (39,921) (189,590)
----------- -------------
CASH FLOWS PROVIDED FROM (USED FOR)
INVESTING ACTIVITIES
Cost of portfolio investments purchased (40,815) (600,000)
Proceeds from the sale of portfolio investments 68,785 21,844
----------- -------------
Cash provided from (used for) investing activities 27,970 (578,156)
----------- -------------
Decrease in cash and cash equivalents (11,951) (767,746)
Cash and cash equivalents at beginning of period 16,061 900,186
----------- -------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 4,110 $ 132,440
=========== =============
Supplemental disclosure of non-cash investing and
financing activities:
Acquisition of 68,003 common shares of Inn-Room
Systems, Inc. - through reduction of notes $ 680 $ -
</TABLE>
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (Unaudited)
For the Six Months Ended June 30, 1998
<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 $ 577,197 $ 3,577 $ 10,158,899 $ (4,161,557) $ 6,578,116
Net investment loss 14,934 (40) (112,572) - (97,678)
Net realized loss from portfolio
investments (14,178) (19) (53,993) - (68,190)
Change in unrealized depreciation
of investments - - - 44,137 44,137
------------ -------- --------------- -------------- ---------------
Balance at end of period $ 577,953 $ 3,518 $ 9,992,334(A) $ (4,117,420) $ 6,456,385
============ ======== =============== ============== ===============
</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 $570 at June 30, 1998.
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.
<PAGE>
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 $4.1
million at June 30, 1998, which was recorded for financial statement purposes,
has not been recognized for tax purposes. Additionally, from inception to June
30, 1998, other timing differences relating to net realized gains totaling $1.0
million have been recorded on the Partnership's financial statements but have
not yet been recorded on the Partnership's tax return and 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 the Limited Partners of the Partnership. For
such services, the Management Company charges the Partnership $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 three
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
As of June 30, 1998, the Partnership's investments were categorized as follows:
<TABLE>
Percentage of
Type of Investments Cost Fair Value Net Assets*
- ------------------- --------------- --------------- -----------
<S> <C> <C> <C>
Preferred Stock $ 4,300,147 $ 1,902,254 29.46%
Common Stock 4,559,627 2,840,100 43.99%
Debt Securities 1,600,440 1,600,440 24.79%
---------------- -------------- ------
Total $ 10,460,214 $ 6,342,794 98.24%
================ ============== ======
Country/Geographic Region
Midwestern U.S. $ 6,574,821 $ 4,324,832 66.98%
Eastern U.S. 3,885,393 2,017,962 31.26%
---------------- -------------- ------
Total $ 10,460,214 $ 6,342,794 98.24%
================ ============== ======
Industry
Wireless Communications $ 5,151,532 $ 3,447,645 53.39%
Computer Software 3,096,597 1,229,166 19.04%
Vending Equipment 1,423,289 877,187 13.59%
Semiconductors 788,796 788,796 12.22%
---------------- -------------- -------
Total $ 10,460,214 $ 6,342,794 98.24%
================ ============== ======
</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 June 30, 1998, the Partnership held $4,110 in an interest-bearing cash
account. The Partnership earned $121 and $286 of interest for such cash account
for the three and six months ended June 30, 1998, respectively. Interest earned
from short-term investments in future periods is subject to fluctuations in
short-term interest rates and changes in amounts available for investment in
such securities.
During the three months ended June 30, 1998, the Partnership exercised its
warrant to purchase 29,015 common shares of EIS International, Inc. for $40,815.
Also during the quarter, the Partnership sold 6,600 common shares of EIS for
$40,832. The Partnership has fully invested the net proceeds received from the
offering of Units 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.
As of June 30, 1998, the Partnership's current liabilities exceeded its cash
balance by approximately $200,000. Funds needed to cover such current
liabilities and the Partnership's future follow-on investments and operating
expenses are expected to be obtained from existing cash reserves, interest and
other income from portfolio investments and proceeds from the sale of portfolio
investments. As a result of the current cash shortage, payments to the Managing
General Partner and Independent General Partners have been temporarily
suspended.
Results of Operations
For the three and six months ended June 30, 1998, the Partnership had a net
realized loss from operations of $119,276 and $165,868, respectively. For the
three and six months ended June 30, 1997, the Partnership had a net realized
loss from operations of $86,066 and $150,654, 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 - For the three and six
months ended June 30, 1998, the Partnership had a net realized loss from its
portfolio investments of $68,190 resulting from the sale of 6,600 shares of EIS
International, Inc.
common stock, as discussed above.
For the three and six months ended June 30, 1997, the Partnership had a net
realized loss from its portfolio investments of $31,665 resulting from the final
escrow payment received in connection with the 1996 merger of EIS International,
Inc. and Cybernetics Systems, Inc. In June 1997, the Partnership received 16,682
common shares of EIS, representing 100% of the shares held in escrow. However,
in connection with a settlement agreement among EIS and the former Cybernetics
shareholders, the Partnership received $1,320, in July 1997, representing only a
portion of the $32,985 cash balance held in escrow. As a result, the Partnership
realized a loss of $31,665 for the quarter ended June 30, 1997.
Investment Income and Expenses - Net investment loss for the three months ended
June 30, 1998 and 1997 was $51,086 and $54,401, respectively. The decrease in
net investment loss for the three months ended June 30, 1998 compared to the
same period in 1997, is comprised of a $4,722 increase in investment income
partially offset by a $1,407 increase in operating expenses. The increase in
investment income for the 1998 period is comprised of a $7,378 increase in
income from portfolio investments partially offset by a $2,656 decrease in
interest from short-term investments. The increase in income from portfolio
investments is due to the additional promissory notes of Spectrix Corporation
held by the Partnership during the 1998 period compared to the same period in
1997. The decrease in interest from short-term investments for the 1998 period
primarily is due to a reduction of funds available for investment in such
securities during the 1998 period. The increase in operating expenses primarily
is the result of a $2,569 increase in mailing and printing expenses partially
offset by a $1,162 net decrease in other operating expenses. The increase
mailing and printing expenses resulted primarily from additional charges related
to the 1998 proxy tabulation.
Net investment loss for the six months ended June 30, 1998 and 1997 was $97,678
and $118,989, respectively. The decrease in net investment loss for the 1998
period as compared to the same period in 1997, is comprised of an $11,521
increase in investment income and a $9,790 decrease in operating expenses. The
increase in investment income for the 1998 period is comprised of a $21,695
increase in income from portfolio investments partially offset by a $10,174
decrease in interest from short-term investments. The increase in income from
portfolio investments relates to the additional promissory notes of Spectrix
Corporation held by the Partnership during the 1998 period compared to the same
period in 1997. The decrease in interest from short-term investments for the
1998 period compared to the same period in 1997 primarily is due to a reduction
of funds available for investment in such securities during the 1998 period. The
decrease in operating expenses for the 1998 period primarily resulted from
miscellaneous other expense accrual adjustments made during the first quarter of
1997.
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 June 30, 1998 and 1997 was $55,468 and $55,896 respectively. The
management fee for the six months ended June 30, 1998 and 1997 was $111,364 and
$111,792 respectively. 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
received from short-term investments, income earned from portfolio investments
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 six months ended June 30, 1998,
the Partnership had a $9,610 net unrealized loss resulting from the net downward
revaluation of its investment in EIS International, Inc., due to a decrease in
the public market price of the company's common stock at the end of the period.
Additionally during the six month period, $53,747 was transferred from
unrealized loss to realized loss due to the sale of 6,600 common shares of EIS,
as discussed above. The $53,747 transfer to realized loss partially offset by
the $9,610 unrealized loss, reduced net unrealized depreciation of investments
by $44,137 for the six month period.
For the six months ended June 30, 1997, the Partnership had a $223,462
unrealized gain, resulting from the net upward revaluation of its investment in
EIS, due to an increase in the public market price of the company's common stock
at the end of the period. Accordingly, net unrealized depreciation of
investments was reduced by $223,462 for the six 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.
As of June 30, 1998, the Partnership's net assets were $6,456,385, down $121,731
from $6,578,116 at December 31, 1997. The $121,731 decrease was comprised of the
$165,868 net realized loss from operations, partially offset by the $44,137
reduction to net unrealized depreciation of investments for the six month
period.
As of June 30, 1997, the Partnership's net assets were $9,085,903, up $72,808
from $9,013,095 at December 31, 1996. The $72,808 increase was comprised of the
$223,462 reduction to net unrealized depreciation of investments, partially
offset by the $150,654 net realized loss from operations for the six 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 June 30, 1998 and December 31, 1997 was $570 and $580,
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.
The 1998 Annual Meeting of Limited Partners was held on June 26, 1998 and
reconvened on July 10, 1998. At the meeting, the following matters were voted on
and approved:
<TABLE>
Affirmative
Votes Withheld
Election of the four Individual General Partners, to serve for the ensuing year:
<S> <C> <C>
Jeffrey T. Hamilton 4,337 1,634
Robert S. Ames 4,343 1,628
Alfred M. Bertocchi 4,349 1,622
George M. Weimer 4,343 1,628
Election of the General Partner, WTVI Co., L.P. to
serve as Managing General Partner
for the ensuing year. 4,539 1,432
Affirmative Negative
Votes Votes Abstentions
Approval of the continuance of the
Management Agreement between the
Partnership and the Management Company 4,472 1,802 399
Ratification of the selection of
BDO Seidman LLP as independent
auditors for the Partnership's fiscal
year ending December 31, 1998 4,809 811 351
</TABLE>
Item 5. Other Information.
Not applicable.
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.
WESTFORD TECHNOLOGY VENTURES, L.P.
By: WTVI Co., L.P.
its managing general partner
By: Hamilton Capital Management Inc.
its general partner
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
By: 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: Treasurer and Director (Principal Financial
Susan J. Trammell and Accounting Officer) of Hamilton Capital
Management Inc.
</TABLE>
Date: August 13, 1998
<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
JUNE 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 10,460,214
<INVESTMENTS-AT-VALUE> 6,342,794
<RECEIVABLES> 309,749
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4,110
<TOTAL-ASSETS> 6,656,653
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 200,268
<TOTAL-LIABILITIES> 200,268
<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> 4,117,420
<NET-ASSETS> 6,456,385
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 80,580
<OTHER-INCOME> 0
<EXPENSES-NET> 178,258
<NET-INVESTMENT-INCOME> (97,678)
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