<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
June 30, 1997 Commission File Number 0-19466
- --------------------- -------------------------------
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
----------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 36-3684373
- --------------------- ---------------------------
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 XIX, L.P.
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 1997
PART I - FINANCIAL INFORMATION
Item 1.
Index to Financial Statements
Balance Sheets
June 30, 1997 (unaudited) 3
December 31, 1996 4
Statements of Revenue and Expenses (unaudited)
For the three months ended June 30, 1997 5
For the three months ended June 30, 1996 6
For the six months ended June 30, 1997 7
For the six months ended June 30, 1996 8
Statements of Changes in Partners' Equity
For the six months ended June 30, 1997
(unaudited) 9
Statements of Cash Flows (unaudited)
For the six months ended June 30, 1997 10
For the six months ended June 30, 1996 11
Notes to Financial Statements (unaudited) 12
Item 2.
Management's Discussion and Analysis of
Financial Condition and Results of Operations 13 - 16
PART II - OTHER INFORMATION
Items 1-6. 17
2
<PAGE> 3
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
BALANCE SHEETS
June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
ASSETS
Cash and cash equivalents $1,323,804 $ 2,240,123 $ 3,563,927
Investments in commercial lease
paper, net 4,876 31,437 36,313
Net investment in direct
financing leases - 4,033,311 4,033,311
Diverted and other assets, net 713,344 3,495,176 4,208,520
Datronic assets, net - - -
---------- ----------- -----------
$2,042,024 $ 9,800,047 $11,842,071
========== =========== ===========
LIABILITIES AND PARTNERS' EQUITY
Accounts payable and accrued
expenses $ 18,523 $ 101,154 $ 119,677
Lessee rental deposits 54,157 348,971 403,128
---------- ----------- -----------
Total liabilities 72,680 450,125 522,805
Total partners' equity 1,969,344 9,349,922 11,319,266
---------- ----------- -----------
$2,042,024 $ 9,800,047 $11,842,071
========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE> 4
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
BALANCE SHEETS
December 31, 1996
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
ASSETS
Cash and cash equivalents $1,446,892 $ 2,130,637 $ 3,577,529
Due from management company 7,747 51,383 59,130
Investments in commercial
lease paper, net 10,035 74,458 84,493
Net investment in direct
financing leases 7,047 5,634,500 5,641,547
Diverted and other
assets, net 713,344 3,495,176 4,208,520
Datronic assets, net - - -
---------- ----------- -----------
$2,185,065 $11,386,154 $13,571,219
========== =========== ===========
LIABILITIES AND PARTNERS' EQUITY
Accounts payable and
accrued expenses $ 39,992 $ 226,286 $ 266,278
Lessee rental deposits 76,715 491,052 567,767
---------- ----------- -----------
Total liabilities 116,707 717,338 834,045
Total partners' equity 2,068,358 10,668,816 12,737,174
---------- ----------- -----------
$2,185,065 $11,386,154 $13,571,219
========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE> 5
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the three months ended June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Revenue:
Lease income $ 1,673 $ 161,370 $ 163,043
Interest income 5,533 35,086 40,619
--------- ----------- ----------
7,206 196,456 203,662
--------- ----------- ----------
Expenses:
General Partner's
expense reimbursement 58,993 322,515 381,508
Professional fees 16,738 97,882 114,620
Other operating expenses 226 1,522 1,748
Credit for lease losses (11,051) (54,146) (65,197)
--------- ----------- ----------
64,906 367,773 432,679
--------- ---------- ----------
Net loss $ (57,700) $ (171,317) $ (229,017)
========= ========== ==========
Net loss -
General Partner $ (577) $ (1,713) $ (2,290)
========= ========== =========
Net loss -
Limited Partners $ (57,123) $ (169,604) $(226,727)
========= ========== =========
Net loss per limited
partnership unit $(1.69) $ (1.02)
====== =======
Weighted average number
of limited partnership units
outstanding 33,858 165,901
====== =======
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 6
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the three months ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Revenue:
Lease income (loss) $ (12,213) $ 223,061 $ 210,848
Interest income 36,625 206,714 243,339
--------- --------- ---------
24,412 429,775 454,187
--------- --------- ---------
Expenses:
Amortization of organization
and equipment acquisition costs 7,043 34,507 41,550
Management fees-New Era 46,293 305,367 351,660
General Partner's expense
reimbursement 9,394 46,029 55,423
Professional fees 16,246 86,584 102,830
Other operating expenses 1,250 6,562 7,812
Provision for lease losses - 175,000 175,000
--------- --------- ---------
80,226 654,049 734,275
--------- --------- ---------
Net loss $ (55,814) $(224,274) $(280,088)
========= ========= =========
Net loss -
General Partner $ (558) $ (2,243) $ (2,801)
========= ========= =========
Net loss -
Limited Partners $ (55,256) $(222,031) $(277,287)
========= ========= =========
Net loss per limited
partnership unit $(1.63) $ (1.34)
====== =======
Weighted average number
of limited partnership units
outstanding 33,858 165,901
====== =======
</TABLE>
See accompanying notes to financial statements.
6
<PAGE> 7
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the six months ended June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
----------- ---------- ---------
<S> <C> <C> <C>
Revenue:
Lease income $ 4,013 $ 355,777 $ 359,790
Interest income 10,361 70,525 80,886
--------- ---------- ----------
14,374 426,302 440,676
--------- ---------- ----------
Expenses:
General Partner's
expense reimbursement 113,393 634,380 747,773
Professional fees 31,978 187,142 219,120
Other operating expenses 3,476 19,020 22,496
Credit for lease losses (35,459) (103,738) (139,197)
-------- ---------- ----------
113,388 736,804 850,192
--------- ---------- ----------
Net loss $ (99,014) $ (310,502) $ (409,516)
========= ========== ==========
Net loss -
General Partner $ (990) $ (3,105) $ (4,095)
========= ========== ==========
Net loss -
Limited Partners $ (98,024) $ (307,397) $ (405,421)
========= ========== ==========
Net loss per limited
partnership unit $(2.90) $ (1.85)
====== =======
Weighted average number
of limited partnership units
outstanding 33,858 165,901
====== =======
</TABLE>
See accompanying notes to financial statements.
7
<PAGE> 8
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the six months ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Revenue:
Lease income (loss) $ (1,362) $ 611,177 $ 609,815
Interest income 45,521 262,292 307,813
--------- --------- ---------
44,159 873,469 917,628
--------- --------- ---------
Expenses:
Amortization of organization
and equipment acquisition costs 25,620 125,528 151,148
Management fees-New Era 93,658 692,849 786,507
General Partner's expense
reimbursement 40,367 197,788 238,155
Professional fees 38,747 199,849 238,596
Other operating expenses 5,421 40,604 46,025
Provision for lease losses - 175,000 175,000
--------- --------- ---------
203,813 1,431,618 1,635,431
--------- --------- ---------
Net loss $(159,654) $(558,149) $(717,803)
========= ========= =========
Net loss -
General Partner $ (1,597) $ (5,581) $ (7,178)
========= ========= =========
Net loss -
Limited Partners $(158,057) $(552,568) $(710,625)
========= ========= =========
Net loss per limited
partnership unit $(4.67) $ (3.33)
====== =======
Weighted average number
of limited partnership units
outstanding 33,858 165,901
====== =======
</TABLE>
See accompanying notes to financial statements.
8
<PAGE> 9
DATRONIC EQUIPMENT INCOME FUND XIX, 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, 1996 $(730,106)* $2,141,949 $11,325,331 $12,737,174
Distributions to partners (8,238) - (1,000,154) (1,008,392)
Net loss (4,095) (98,024) (307,397) (409,516)
Allocation of General
Partner's Equity 742,439 (74,581) (667,858) -
-------- ---------- ----------- -----------
Balance, June 30, 1997 $ -0- $1,969,344 $ 9,349,922 $11,319,266
========= ========== =========== ===========
</TABLE>
* Balance as previously reported was $0 due to allocation of $73,591 and
$656,515 to Liquidating and Continuing Limited Partners' Equity,
respectively.
See accompanying notes to financial statements.
9
<PAGE> 10
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Cash flows from operating
activities:
Net loss $ (99,014) $ (310,502) $ (409,516)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Credit for lease losses (35,459) (103,738) (139,197)
Changes in assets and
liabilities:
Accounts payable and
accrued expenses (21,469) (125,132) (146,601)
Lessee rental deposits (22,558) (142,081) (164,639)
Due from management
company 7,747 51,383 59,130
---------- ---------- ----------
(170,753) (630,070) (800,823)
----------- ---------- ----------
Cash flows from investing
activities:
Principal collections on
leases 42,506 1,704,927 1,747,433
Repayments of commercial
lease paper 5,159 43,021 48,180
--------- ---------- ----------
47,665 1,747,948 1,795,613
--------- ------------ ----------
Cash flows from financing
activities:
Distributions to
Limited Partners - (1,000,154) (1,000,154)
Distributions to
General Partner - (8,238) (8,238)
--------- ---------- ----------
- (1,008,392) (1,008,392)
--------- ---------- ----------
Net increase (decrease) in
cash and cash equivalents (123,088) 109,486 (13,602)
Cash and cash equivalents:
Beginning of year 1,446,892 2,130,637 3,577,529
---------- ---------- ----------
End of second quarter $1,323,804 $2,240,123 $3,563,927
========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
10
<PAGE> 11
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss $ (159,654) $ (558,149) $ (717,803)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Amortization expense 25,620 125,528 151,148
Provision for lease losses - 175,000 175,000
Changes in assets and liabilities:
Accounts payable and accrued
expenses (17,380) (108,071) (125,451)
Lessee rental deposits 4,281 15,784 20,065
Due to management company 66 (27,825) (27,759)
---------- ---------- ----------
(147,067) (377,733) (524,800)
---------- ---------- ----------
Cash flows from investing activities:
Purchases of lease receivables - (919,590) (919,590)
Principal collections on leases 180,341 2,739,262 2,919,603
Sale of leases - 931,931 931,931
Repayments of commercial lease paper 5,805 70,683 76,488
Release of restricted cash 182,488 894,135 1,076,623
Principal collections on installment
contract receivable 33,173 162,541 195,714
---------- ---------- ----------
401,807 3,878,962 4,280,769
---------- ---------- ----------
Cash flows from financing activities:
Distributions to Limited Partners - (4,019,455) (4,019,455)
Distributions to General Partner - (24,064) (24,064)
---------- ---------- ----------
- (4,043,519) (4,043,519)
---------- ---------- ----------
Net increase (decrease) in cash and
cash equivalents 254,740 (542,290) (287,550)
Cash and cash equivalents:
Beginning of year 1,219,379 2,056,790 3,276,169
---------- ---------- ----------
End of second quarter $1,474,119 $1,514,500 $2,988,619
========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
11
<PAGE> 12
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 1997
(Unaudited)
NOTE 1 - ORGANIZATION:
Datronic Equipment Income Fund XIX, L.P., a Delaware Limited Partnership (the
"Partnership"), was formed on December 22, 1989 for the purpose of acquiring
and leasing both high-and low-technology equipment. Reference is made to Notes
3, 4, 5, and 6 to the Partnership's financial statements included in the 1996
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 1996 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.
NOTE 3 - LIMITED PARTNERSHIP DISTRIBUTIONS:
Distributions to Liquidating Limited Partners were suspended after payment of
the October 1, 1995 distribution. Distributions to Continuing Limited Partners
were reduced to an annual rate of 9% effective with the February 1, 1996
distribution. The Partnership entered its Liquidating Phase in August 1996.
Accordingly, Continuing Limited Partners received their last reduced Target
Distribution on July 1, 1996 and received their first Liquidating Distribution
on October 1, 1996.
12
<PAGE> 13
PART I
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,
1996 through June 30, 1997. The discussion and analysis of results of
operations is for the three and six month periods ended June 30, 1997 as
compared to the corresponding periods in 1996.
Financial Condition, Liquidity and Capital Resources
During the six months ended June 30, 1997, Partnership assets continued to be
converted to cash in order to pay Partnership operating expenses, liquidate
Partnership liabilities and make distributions to limited partners.
Investment in commercial lease paper, net decreased an aggregate of
approximately $48,000 during the six months ended June 30, 1997 due to
scheduled principal collections.
Net investment in direct financing leases decreased approximately $1,608,000
during the six months ended June 30, 1997. This decrease is primarily
attributable to principal collections of approximately $1,747,000, partially
offset by a credit for lease losses of $139,000.
Accounts payable and accrued expenses decreased approximately $147,000 during
the six months ended June 30, 1997 primarily due to payment of accrued legal
fees and sales and use taxes.
Lessee rental deposits decreased approximately $165,000 for the six months
ended June 30, 1997 resulting from payments made to lessees at end of lease
term.
In the aggregate, partners' equity decreased approximately $1,418,000 during
the six months ended June 30, 1997 due to a net loss of approximately $410,000
and distributions to partners of approximately $1,008,000.
During the six months ended June 30, 1997, the Partnership's operating
activities resulted in a use of approximately $801,000 of cash. This was due
to a net loss of approximately $410,000 and decreases in accounts payable,
accrued expenses and lessee rental deposits of approximately $311,000 and a
non-cash credit for lease losses of $139,000, partially offset by a decrease in
due from management company of approximately $59,000. During the period, cash
flows from investing activities aggregated approximately $1,796,000 comprised
of principal collections on leases of approximately $1,747,000 and collections
of commercial lease paper of approximately $48,000. Cash flows used for
financing activities of approximately $1,008,000,
13
<PAGE> 14
consisted of distributions to limited partners of approximately $1,000,000 and
the general partner of approximately $8,000.
The Partnership's sources of liquidity on both a long-term and short-term basis
are expected to come principally from cash-on-hand and cash receipts from
lessees under the leases owned by the Partnership. In addition, the
Partnership's sources of liquidity on a long-term basis are expected to include
proceeds from the sale of Diverted and other assets and portions of the
Partnership's lease portfolios which may be sold in bulk. Management believes
that its sources of liquidity in the short and long-term are sufficient to meet
its operating cash obligations, provide for the ongoing pursuit of litigation
and an orderly liquidation of the Partnership. Distributions to Liquidating
Limited Partners were suspended after the October 1, 1995 distribution.
Distributions to the Continuing Limited Partners will continue as long as cash
is available.
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, Diverted and other assets,
Datronic assets, litigation and the liquidation of the other Datronic
Partnerships (see Notes 3, 5 and 9 to the Partnership's financial statements
included in the 1996 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 unlikely that any additional
distributions to Liquidating Limited Partners will be made until all remaining
assets are liquidated and the pending litigation is resolved. The amount of
future distributions, if any, to the Limited Partners is likely to be
significantly less than the amount of partners' equity reflected in the June
30, 1997 Balance Sheets (see the financial statements included in Item 1).
Results of Operations
Lease income decreased approximately $48,000 and $250,000 for the three and six
month periods ended June 30, 1997 as compared to the corresponding periods in
1996 primarily due to the declining lease portfolio.
Interest income decreased approximately $203,000 and $227,000 for the three and
six month periods ended June 30, 1997 as compared to the corresponding periods
in 1996. These decreases are primarily due to an early payoff of an
installment contract receivable in December, 1996 which generated interest
income of approximately $34,000 and $71,000, respectively, for the three and
six month periods ended June 30, 1996, and the recognition in the second
quarter of 1996 of approximately $175,000 of interest previously earned on
restricted cash balances. These amounts are partially offset by additional
interest earned for the three and six months ended June 30, 1997 of $6,000 and
$19,000, respectively, as a result of increased cash balances.
14
<PAGE> 15
Amortization of organization and equipment acquisition costs decreased
approximately $42,000 and $151,000 for the three and six month periods ended
June 30, 1997 as compared to the corresponding periods in 1996 due to these
costs becoming fully amortized as of June, 1996.
Management fees-New Era represent amounts paid New Era for managing the
Partnership on a day-to-day basis pursuant to a Management Agreement which was
terminated effective June 30, 1996. Accordingly, fees paid to New Era amounted
to zero for the three and six months ended June 30, 1997 as compared to
approximately $352,000 and $787,000 for the corresponding periods in 1996.
Subsequent to June 30, 1996, the General Partner, Lease Resolution Corporation
("LRC"), has assumed responsibility for day-to-day management of the
Partnership and the corresponding costs and expenses are included in General
Partner's expense reimbursement (see Note 8 to the Partnership's financial
statements included in the 1996 Form 10-K).
The General Partner's expense reimbursement represents amounts paid to LRC in
its capacity as general partner in excess of what LRC received as partner
distributions. LRC was paid approximately $387,000 for the three months ended
June 30, 1997 (including $5,000 in partner distributions) and $756,000 for the
six months then ended (including $8,000 in partner distributions). This
compares to total payments of $65,000 (including $10,000 in partner
distributions) and $262,000 (including $24,000 in partner distributions),
respectively, for the comparable three and six month periods of 1996. The
increase of $322,000 and $494,000, respectively, for the three and six month
periods primarily represent incremental expenses associated with LRC's
assumption of the day-to-day management of the Partnership's operations
effective July 1, 1996. These expenses were previously included in Management
Fees-New Era (see Note 8 to the Partnership's financial statements included in
their 1996 Form 10-K). Included in the 1997 expenses is approximately $66,000
representing a one time expense associated with the relocation of former New
Era employees to reduced office space.
Professional fees increased approximately $12,000 for the three month period
and decreased approximately $19,000 for the six month period ended June 30,
1997 as compared to the corresponding periods in 1996. The increase is
primarily due to increased legal fees related to collections and Partnership
claims against former accountants and others partially offset by a decrease in
other legal fees and audit fees. The decrease for the six month period
resulted from reductions in legal fees relating to Partnership claims against
former accountants and others and audit fees partially offset by increased
legal fees related to collections.
Other operating expenses decreased approximately $6,000 and $24,000 for the
three and six month periods ended June 30, 1997 as compared to the
corresponding periods in 1996 primarily due to reductions in bank charges, UCC
filing fees and miscellaneous expenses.
15
<PAGE> 16
Provision (credit) for lease losses reflects Management's ongoing assessment of
potential losses inherent in the lease portfolio and in 1997 lease collections
on certain leases in excess of those anticipated in prior years.
16
<PAGE> 17
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Reference is made to Item 3 - Legal Proceedings in the Partnership's December
31, 1996 Form 10-K, as amended, for a discussion of material legal proceedings
involving the Partnership.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
See Exhibit Index.
(b) Reports on Form 8-K
None.
17
<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 12th day of August 1997.
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
Registrant
By: /s/DONALD D. TORISKY
--------------------------------------
Donald D. Torisky
Chairman and Chief Executive Officer,
Lease Resolution Corporation
General Partner of
Datronic Equipment Income Fund XIX, L.P.
By: /s/ROBERT P. SCHAEN
--------------------------------------
Robert P. Schaen
Vice Chairman and Chief Financial Officer,
Lease Resolution Corporation
General Partner of
Datronic Equipment Income Fund XIX, 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
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 3,563,927
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 11,842,071
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 11,319,266
<TOTAL-LIABILITY-AND-EQUITY> 11,842,071
<SALES> 0
<TOTAL-REVENUES> 440,676
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 22,496
<LOSS-PROVISION> (139,197)
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (409,516)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
