Form 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
|X| Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934.
For the quarterly period ended September 30, 2000
|_| 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 000-23842
ATEL Cash Distribution Fund V, L.P.
(Exact name of registrant as specified in its charter)
California 94-3165807
---------- ----------
(State or other jurisdiction of (I. R. S. Employer
incorporation or organization) Identification No.)
235 Pine Street, 6th Floor, San Francisco, California 94104
(Address of principal executive offices)
Registrant's telephone number, including area code: (415) 989-8800
Indicate by a 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 |_|
DOCUMENTS INCORPORATED BY REFERENCE
None
1
<PAGE>
Part I. FINANCIAL INFORMATION
Item 1: Financial Statements.
2
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
BALANCE SHEETS
SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
(Unaudited)
ASSETS
2000 1999
---- ----
Cash $1,721,222 $ 3,330,065
Accounts receivable 2,281,744 2,772,627
Other receivables, net of allowance for
doubtful accounts of $100,605 in 2000 and
1999 1,150,214 1,309,783
Investments in leases 49,118,943 60,548,669
---------------- -----------------
$ 54,272,123 $ 67,961,144
================ =================
LIABILITIES AND PARTNERS' CAPITAL
Non-recourse debt $ 17,632,348 $ 22,138,639
Accounts payable
Other 890,105 359,831
General Partner 71,221 117,089
Equipment purchases 1,352 1,352
Accrued interest 73,964 107,182
Unearned lease income 272,528 416,654
---------------- -----------------
Total liabilities 18,941,518 23,140,747
Partners' capital:
General Partner 188,310 169,819
Limited Partners 35,142,295 44,650,578
---------------- -----------------
Total partners' capital 35,330,605 44,820,397
---------------- -----------------
Total liabilities and partners' capital $ 54,272,123 $ 67,961,144
================ =================
See accompanying notes.
3
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
INCOME STATEMENTS
NINE AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 2000 AND 1999
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
------------- -------------
2000 1999 2000 1999
---- ---- ---- ----
Revenues:
Leasing activities:
<S> <C> <C> <C> <C>
Operating leases $ 7,318,455 $10,489,356 $1,848,987 $ 3,237,430
Direct financing leases 921,928 1,330,480 205,989 416,433
Leveraged leases 63,785 74,818 18,852 24,939
Gain (loss) on sales of assets 893,417 233,547 (10,822) (258,557)
Interest income 111,549 215,767 48,574 68,590
Other 27,343 (1,410) 13,176 5,959
---------------- ---------------- ---------------- -----------------
9,336,477 12,342,558 2,124,756 3,494,794
Expenses:
Depreciation and amortization 4,981,627 6,234,664 1,509,573 2,043,712
Interest 1,068,208 1,579,828 351,305 488,760
Management fees 609,084 794,182 117,297 208,975
Administrative cost reimbursements 315,319 263,709 119,725 118,969
Other 261,793 282,632 76,996 61,366
Railcar maintenance 251,389 59,099 112,819 71,270
---------------- ---------------- ---------------- -----------------
7,487,420 9,214,114 2,287,715 2,993,052
---------------- ---------------- ---------------- -----------------
Net income (loss) $ 1,849,057 $3,128,444 $ (162,959) $ 501,742
================ ================ ================ =================
Net income (loss):
General Partner $ 18,491 $ 31,284 $ (1,630) $ 5,017
Limited Partners 1,830,566 3,097,160 (161,329) 496,725
---------------- ---------------- ---------------- -----------------
$ 1,849,057 $3,128,444 $ (162,959) $ 501,742
================ ================ ================ =================
Net income (loss) per Limited Partnership unit $ 0.15 $ 0.25 $ (0.01) $ 0.04
Weighted average number of units outstanding 12,497,000 12,497,000 12,497,000 12,497,000
</TABLE>
See accompanying notes.
4
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
NINE MONTH PERIOD ENDED
SEPTEMBER 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Limited Partners General
Units Amount Partner Total
<S> <C> <C> <C> <C>
Balance December 31, 1999 12,497,000 $44,650,578 $ 169,819 $ 44,820,397
Distributions to limited partners (11,338,849) - (11,338,849)
Net income 1,830,566 18,491 1,849,057
---------------- ---------------- ---------------- -----------------
Balance September 30, 2000 12,497,000 $35,142,295 $ 188,310 $ 35,330,605
================ ================ ================ =================
-
</TABLE>
See accompanying notes.
ATEL CASH DISTRIBUTION FUND V, L.P.
STATEMENT OF CASH FLOWS
NINE AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 2000 AND 1999
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
------------- -------------
2000 1999 2000 1999
---- ---- ---- ----
Operating activities:
<S> <C> <C> <C> <C>
Net income $ 1,849,057 $3,128,444 $ (162,959) $ 501,742
Adjustments to reconcile net income (loss) to net
cash provided by operations
Depreciation and amortization 4,981,627 6,234,664 1,509,573 2,043,712
Leveraged lease income (63,785) (74,818) (18,852) (24,939)
(Gain) loss on sale of assets (893,417) (233,547) 10,822 258,557
Changes in operating assets and liabilities:
Accounts receivable 490,883 391,383 (156,626) 82,140
Accounts payable, General Partner (45,868) (111,419) (199,005) 42,628
Accounts payable, other 530,274 68,810 44,852 10,429
Unearned lease income (144,126) (211,125) 1,048 (15,007)
Accrued interest (33,218) (23,808) (16,535) (7,475)
---------------- ---------------- ---------------- -----------------
Net cash provided by operating activities 6,671,427 9,168,584 1,012,318 2,891,787
---------------- ---------------- ---------------- -----------------
Investing activities:
Proceeds from sales of assets 5,519,246 3,050,692 879,544 797,701
Reductions in investment in direct financing leases 1,886,055 1,331,428 672,932 165,636
Payments received on notes receivable 159,569 - - -
Reductions in investment in leveraged leases - 476,332 - 153,145
Purchase of equipment on operating leases - (178,200) - -
---------------- ---------------- ---------------- -----------------
Net cash provided by investing activities 7,564,870 4,680,252 1,552,476 1,116,482
---------------- ---------------- ---------------- -----------------
</TABLE>
5
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
STATEMENT OF CASH FLOWS
NINE AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 2000 AND 1999
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
------------- -------------
2000 1999 2000 1999
---- ---- ---- ----
Financing activities:
<S> <C> <C> <C> <C>
Distributions to limited partners (11,338,849) (11,248,840) (3,842,083) (3,749,100)
Repayments of non-recourse debt (4,506,291) (5,406,891) (1,080,842) (1,686,443)
Repayment of line of credit - (1,000,000) - -
---------------- ---------------- ---------------- -----------------
Net cash used in financing activities (15,845,140) (17,655,731) (4,922,925) (5,435,543)
---------------- ---------------- ---------------- -----------------
Net decrease in cash and cash equivalents (1,608,843) (3,806,895) (2,358,131) (1,427,274)
Cash and cash equivalents at beginning
of period 3,330,065 8,872,945 4,079,353 6,493,324
---------------- ---------------- ---------------- -----------------
Cash and cash equivalents at end of period $ 1,721,222 $5,066,050 $1,721,222 $ 5,066,050
================ ================ ================ =================
Supplemental disclosure of cash flow information:
Cash paid for interest during period $ 1,101,426 $1,603,636 $ 367,840 $ 496,235
================ ================ ================ =================
Supplemental schedule of non-cash transactions:
Direct financing lease assets reclassified to notes
receivable $ - $ 288,184 $ - $ 288,184
================ ================ ================ =================
</TABLE>
See accompanying notes.
6
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(Unaudited)
1. Interim financial statements:
The unaudited interim financial statements reflect all adjustments which are, in
the opinion of the general partners, necessary to a fair statement of financial
position and results of operations for the interim periods presented. All such
adjustments are of a normal recurring nature. These unaudited interim financial
statements should be read in conjunction with the most recent report on Form
10K.
2. Organization and partnership matters:
ATEL Cash Distribution Fund V, L.P. (the Partnership), was formed under the laws
of the State of California on September 23, 1992, for the purpose of acquiring
equipment to engage in equipment leasing and sales activities. Contributions in
the aggregate of $600 were received as of October 6, 1992, $100 of which
represented the General Partner's continuing interest, and $500 of which
represented the Initial Limited Partners' capital investment.
Upon the sale of the minimum amount of Units of Limited Partnership interest
(Units) of $1,200,000 and the receipt of the proceeds thereof on March 19, 1993,
the Partnership commenced operations.
The Fund does not make a provision for income taxes since all income and losses
will be allocated to the Partners for inclusion in their individual tax returns.
3. Investment in leases:
The Partnership's investment in leases consists of the following:
<TABLE>
<CAPTION>
Depreciation
Expense or Reclass-
December 31, Amortization ifications & September 30,
1999 of Leases Dispositions 2000
---- --------- -------------- ----
<S> <C> <C> <C> <C>
Net investment in operating leases $43,955,033 $ (4,755,249) $ (5,214,929) $33,984,855
Net investment in direct financing leases 14,969,534 (1,886,055) (1,725,333) 11,358,146
Net investment in leveraged leases 2,123,085 63,785 (611,424) 1,575,446
Residual value interests 835,759 - - 835,759
Equipment held for sale or lease 5,008 - 2,925,857 2,930,865
Initial direct costs, net of accumulated
amortization of $1,805,948 in 1999 and
$1,675,238 in 2000. 915,059 (226,378) - 688,681
Reserve for losses (2,254,809) - - (2,254,809)
---------------- ---------------- ---------------- -----------------
$60,548,669 $ (6,803,897) $ (4,625,829) $ 49,118,943
================ ================ ================ =================
</TABLE>
7
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(Unaudited)
3. Investments in leases (continued):
The following schedule provides an analysis of the Partnership's investment in
property on operating leases by major classifications as of December 31, 1999,
dispositions and reclassifications during the quarters ended March 31, June 30
and September 30, 2000 and as of September 30, 2000.
<TABLE>
<CAPTION>
December 31, Dispositions & Reclassifications September 30,
--------------------------------
1999 1st Quarter 2nd Quarter 3rd Quarter 2000
---- ----------- ----------- ----------- ----
<S> <C> <C> <C> <C> <C>
Transportation $ 42,798,186 $(3,657,042) $3,261,725 $ (5,634,911) $ 36,767,958
Construction 15,399,236 $(2,033,221) $ (750,548) (134,984) 12,480,483
Mining 6,981,798 (1,880,826) (1,748,000) 1,748,000 5,100,972
Materials handling 7,636,308 (564,941) (1,503,469) (468,072) 5,099,826
Furniture and fixtures 4,709,326 - - - 4,709,326
Manufacturing 3,475,585 - - - 3,475,585
Office automation 145,726 - (145,726) - -
----------------- ---------------- ---------------- ---------------- -----------------
81,146,165 (8,136,030) (886,018) (4,489,967) 67,634,150
Less accumulated depreciation (37,191,132) 2,305,589 (746,891) 1,983,139 (33,649,295)
----------------- ---------------- ---------------- ---------------- -----------------
$ 43,955,033 $(5,830,441) $ (1,632,909) $ (2,506,828) $ 33,984,855
================= ================ ================ ================ =================
</TABLE>
All of the property on operating leases was acquired during 1993, 1994, 1995,
1996 and 1997.
At September 30, 2000, the aggregate amounts of future minimum lease payments
are as follows:
<TABLE>
<CAPTION>
Direct
Operating Financing Total
<S> <C> <C> <C>
Three months ending December 31, 2000 $ 2,047,859 $ 736,535 $2,784,394
Year ending December 31, 2001 5,472,650 2,473,232 7,945,882
2002 3,640,770 2,125,473 5,766,243
2003 1,764,423 428,733 2,193,156
2004 779,777 622,851 1,402,628
Thereafter 5,460,813 5,007,927 10,468,740
---------------- ---------------- ----------------
$19,166,292 $11,394,751 $ 30,561,043
================ ================ ================
</TABLE>
8
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(Unaudited)
3. Investments in leases (continued):
Direct financing leases:
The following lists the components of the Partnership's investment in direct
financing leases as of September 30, 2000.
Total minimum lease payments receivable $11,394,751
Estimated residual values of leased equipment (unguaranteed) 3,442,265
----------------
Investment in direct financing leases 14,837,016
Less unearned income (3,478,870)
----------------
Net investment in direct financing leases $11,358,146
================
4. Non-recourse debt:
Notes payable to financial institutions are due in varying monthly, quarterly
and semi-annual installments of principal and interest. The notes are secured by
assignments of lease payments and pledges of the assets which were purchased
with the proceeds of the particular notes. Interest rates on the notes vary from
6.5% to 11.05%.
Future minimum principal payments of non-recourse debt as of September 30, 2000
are as follows:
<TABLE>
<CAPTION>
Principal Interest Total
--------- -------- -----
<S> <C> <C> <C>
Three months ending December 31, 2000 $ 1,276,976 $ 333,132 $1,610,108
Year ending December 31, 2001 4,551,860 1,060,433 5,612,293
2002 2,899,228 699,578 3,598,806
2003 709,048 553,832 1,262,880
2004 453,006 513,642 966,648
Thereafter 7,742,230 2,917,355 10,659,585
---------------- ---------------- ----------------
$17,632,348 $6,077,972 $ 23,710,320
================ ================ ================
</TABLE>
5. Related party transactions:
The terms of the Agreement of Limited Partnership provide that the General
Partner and/or Affiliates are entitled to receive certain fees for equipment
acquisition, management and resale and for management of the Partnership. The
amounts above are gross amounts incurred by the General Partner and/or
affiliates, including commissions to broker-dealers for the sales of Limited
Partnership Units.
The General Partner and/or Affiliates earned the following fees and commissions,
pursuant to the Agreement of Limited Partnership as follows:
2000 1999
---- ----
Equipment and incentive management fees $ 609,084 $ 794,182
Reimbursement of administrative costs 315,319 263,709
---------------- ----------------
$ 924,403 $1,057,891
================ ================
9
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(Unaudited)
6. Partner's capital:
The Fund is authorized to issue up to 12,500,000 Units of Limited Partnership
interest in addition to the Initial Limited Partners.
The Fund's Net Profits, Net Losses and Tax Credits are to be allocated 99% to
the Limited Partners and 1% to the General Partner.
As more fully described in the Agreement of Limited Partnership, available Cash
from Operations and Cash from Sales or Refinancing shall be distributed as
follows:
First, 5% of Distributions of Cash from Operations to the General Partner as
Incentive Management Fees.
Second, the balance to the Limited Partners until the Limited Partners have
received aggregate Distributions, as defined, in an amount equal to their
Original Invested Capital, as defined, plus a 10% per annum cumulative
(compounded daily) return on their Adjusted Invested Capital, as defined.
Third, the General Partner will receive as Incentive Management Fees, the
following:
(A) 10% of remaining Cash from Operations, as defined,
(B) 15% of remaining Cash from Sales or Refinancing, as defined.
Fourth, the balance to the Limited Partners.
7. Line of credit:
The Partnership participates with the General Partner and certain of its
Affiliates in a $77,500,000 revolving credit agreement with a group of financial
institutions which expires on July 28, 2001. The agreement includes an
acquisition facility and a warehouse facility which are used to provide bridge
financing for assets on leases. Draws on the acquisition facility by any
individual borrower are secured only by that borrower's assets, including
equipment and related leases. Borrowings on the warehouse facility are recourse
jointly to certain of the Affiliates, the Partnership and the General Partner.
At September 30, 2000, the Partnership had no borrowings under the line of
credit.
The credit agreement includes certain financial covenants applicable to each
borrower. The Partnership was in compliance with its covenants as of September
30, 2000.
10
<PAGE>
Item 2: Management's Discussion and Analysis of Financial Condition and Results
of Operations
Capital Resources and Liquidity
The Partnership currently has available adequate reserves to meet contingencies,
but in the event those reserves were found to be inadequate, the Partnership
would likely be in a position to borrow against its current portfolio to meet
such requirements. The General Partner envisions no such requirements for
operating purposes.
As of September 30, 2000, the Partnership had borrowed $58,317,911. The
remaining unpaid balance as of that date was $17,632,348. Long-term borrowings
are to be non-recourse to the Partnership, that is, the only recourse of the
lender will be to the equipment or corresponding lease acquired or secured with
the loan proceeds. The General Partner expects that aggregate borrowings in the
future will not exceed 40% of aggregate equipment cost. In any event, the
Agreement of Limited Partnership limits such borrowings to 40% of the total cost
of equipment, in aggregate.
The Partnership participates with the General Partner and certain of its
affiliates in a $77,500,000 revolving line of credit with a group of financial
institutions. The line of credit expires on July 28, 2001.
No commitments of capital have been or are expected to be made other than for
the acquisition of additional equipment. As of September 30, 2000, there were no
such commitments.
If inflation in the general economy becomes significant, it may affect the
Partnership inasmuch as the residual (resale) values and rates on re-leases of
the Partnership's leased assets may increase as the costs of similar assets
increase. However, the Partnership's revenues from existing leases would not
increase, as such rates are generally fixed for the terms of the leases without
adjustment for inflation.
If interest rates increase significantly, the lease rates that the Partnership
can obtain on future leases will be expected to increase as the cost of capital
is a significant factor in the pricing of lease financing. Leases already in
place, for the most part, would not be affected by changes in interest rates.
In 2000 and in 1999, the Partnership's most significant source of cash was lease
rents.
Cash flows - 2000 vs. 1999:
In both 2000 and 1999, the Partnership's primary source of operating cash flows
was operating lease rents. Operating lease rents have decreased by $3,170,901
(30%) as a result of asset sales over the last year.
In 2000 and 1999 the largest source of cash from investing activities was the
proceeds from sales of lease assets. In both years, lease rents from direct
financing lease transactions also provided a significant amount of cash flows.
There were no sources if cash from financing activities in 2000 or in 1999.
Repayments of non-recourse debt have decreased as a result of scheduled debt
payments. Distributions to the Limited Partners did not change significantly.
Results of operations - 2000 vs. 1999:
In 2000, operations resulted in net income of $1,849,057 for the nine month
period and a net loss of $162,959 for the three month period. In 1999,
operations resulted in net income of $3,128,444 for the nine month period and
$501,742 for the three month period.
Operating leases are the Partnership's primary source of revenues. Such revenues
decreased by $3,170,901 (30%) compared to 1999. The decrease resulted from asset
sales over the last year. Depreciation expense is directly related to operating
lease assets and has also decreased compared to 1999 as a result of these asset
sales. Management fees are based on the Partnership's revenues and its
distributions to the Limited Partners. As a result of the decrease in lease
revenues, management fees have declined compared to 1999. Debt balances have
been reduced by scheduled debt payments and this has resulted in the decrease of
$511,620 in interest expense compared to 1999.
11
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
No material legal proceedings are currently pending against the Partnership or
against any of its assets.
Schwegmann's Giant Supermarkets
In October 1997, Schwegmann's Giant Supermarkets, one of the Partnership's
lessees, defaulted on two of five locations of retail grocery store fixtures and
equipment, the lease payments, and certain other obligations under the lease,
with a receivable balance currently totaling approximately $1.7 million. The
remaining portion of the lease payments with respect to three of five stores was
assumed by SGSM Acquisition Company ("SGSM"). Payments with respect to these
leases remained current until February 1999; however, on March 26, 1999, SGSM
filed for protection under Chapter 11 of the U.S. Bankruptcy Code. On February
22, 2000 and then on September 20, 2000, two of the obligors under the original
lease, Schwegmann Westside Expressway Inc. and Schwegmann Giant Supermarkets
Partnership filed for protection under Chapter 11 of the U. S. Bankruptcy Code,
respectively.
The Partnership is currently pursuing damages in the amount of $2.8 million,
representing amounts due under the lease. The lessee has claimed that it has
sufficient assets to satisfy the claims of all secured creditors of the lessee;
however, the lessee's assets are primarily relatively illiquid real property
investments. As of this date, the General Partner believes that it is doubtful
as to the likelihood of recovering all of the amounts claimed, however, it has a
reasonable basis for assuming substantial recovery of its current balance.
Pegasus Gold Corporation
On January 16, 1998, Pegasus Gold Corporation filed for protection under Chapter
11. The initial meeting of creditors established by the Bankruptcy Court was
held on March 9, 1998. The lessee's lease with the Partnership had previously
been leveraged on a non-recourse basis with The CIT Group/Equipment Financing,
Inc. ("CIT"), and all lease receivables (currently estimated at $2,336,266 as of
September 30, 2000) were assigned to the lender. Consequently, the Partnership's
exposure is no greater than the fair market residual value of the equipment
under lease, currently estimated at $1,101,803. The reorganized lessee/debtor
has assumed the Partnership's lease in the Bankruptcy Court and, made all past
due payments current. The Partnership has entered into an Escrow Agreement with
CIT, wherein CIT has agreed not to foreclose on the Partnership's interest so
long as the lessee continues to perform under the lease.
At this time, the lessee is current in its lease obligations. The ultimate
recovery under this lease is dependent on the price of gold remaining at a level
sufficient to make the lessee's operations profitable, and, consequently, any
assessment of the impact of an adverse outcome of this matter remains uncertain.
Quaker Coal Company
On December 31, 1997, Quaker Coal Company requested a moratorium on lease
payments from January through March 1998. No lease payments were made through
June of 1998. As a result, the General Partner declared the lease in default.
Subsequently, the lessee made the outstanding payments, however, the General
Partner refused to waive the default and insisted on additional damages in the
range of $993,000 to $1,370,000. The General Partner sued the lessee for damages
and was awaiting judgment from the court when on June 16, 2000, the lessee filed
for protection under the U. S. Bankruptcy Act.
The Partnership has filed a stipulation for relief from stay to allow the court
to issue its ruling, and has filed a request to participate on the Official
Committee of Unsecured Creditors. The Partnership has succeeded upon securing
the return of its equipment which it is currently liquidating. The amounts of
these damages have not been included in the financial statements included in
Item 1 of this report, however the liklihood of recovery of amounts above the
liquidation of the equipment is speculative.
12
<PAGE>
Item 2. Changes In Securities.
Inapplicable.
Item 3. Defaults Upon Senior Securities.
Inapplicable.
Item 4. Submission Of Matters To A Vote Of Security Holders.
Inapplicable.
Item 5. Other Information.
Inapplicable.
Item 6. Exhibits And Reports On Form 8-K.
(a)Documents filed as a part of this report
1. Financial Statements
Included in Part I of this report:
Balance Sheets, September 30, 2000 and December
31, 1999.
Income statements for the nine and three month
periods ended September 30, 2000 and 1999.
Statement of changes in partners' capital for the
nine months ended September 30, 2000.
Statements of cash flows for the nine and three
month periods ended September 30, 2000 and 1999.
Notes to the Financial Statements
2. Financial Statement Schedules
All other schedules for which provision is made
in the applicable accounting regulations of the
Securities and Exchange Commission are not
required under the related instructions or are
inapplicable, and therefore have been omitted.
(b) Report on Form 8-K
None
13
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date:
November 9, 2000
ATEL CASH DISTRIBUTION FUND V, L.P.
(Registrant)
By: ATEL Financial Corporation
General Partner of Registrant
By: /s/ A. J. BATT
---------------------------------
A. J. Batt
President and Chief Executive Officer
of General Partner
By: /s/ DEAN L. CASH
---------------------------------
Dean L. Cash
Executive Vice President
of General Partner
By: /s/ PARITOSH K. CHOKSI
-----------------------------------
Paritosh K. Choksi
Principal financial officer of
registrant
By: /s/ DONALD E. CARPENTER
-----------------------------------
Donald E. Carpenter
Principal accounting officer of
registrant
14
