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, 1997
|_| 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 0-28368
ATEL Cash Distribution Fund VI, L.P.
(Exact name of registrant as specified in its charter)
California 94-3207229
(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
<PAGE>
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements.
<PAGE>
ATEL CASH DISTRIBUTION FUND VI, L.P.
BALANCE SHEETS
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
(Unaudited)
ASSETS
1997 1996
---- ----
Cash and cash equivalents $332,655 $1,123,336
Accounts receivable 7,489,898 6,198,258
Investments in leases 165,426,769 185,510,097
----------------- -----------------
Total assets $173,249,322 $192,831,691
================= =================
LIABILITIES AND PARTNERS' CAPITAL
Non-recourse debt $80,033,002 $80,789,732
Line of credit 6,750,000 15,598,257
Accounts payable:
General Partner 323,976 45,070
Equipment purchases 441,852 638,379
Other 415,247 415,008
Accrued interest payable 3,062,757 1,746,206
Unearned operating lease income 528,849 397,883
----------------- -----------------
Total liabilities 91,555,683 99,630,535
Partners' capital:
General Partner (202,361) (118,690)
Limited Partners 81,896,000 93,319,846
----------------- -----------------
Total partners' capital 81,693,639 93,201,156
----------------- -----------------
Total liabilities and partners' capital $173,249,322 $192,831,691
================= =================
See accompanying notes.
<PAGE>
ATEL CASH DISTRIBUTION FUND VI, L.P.
STATEMENTS OF OPERATIONS
NINE AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
------------- -------------
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Leasing activities:
Operating leases $26,544,273 $15,880,432 $8,885,718 $6,379,734
Direct financing leases 187,966 164,221 62,366 54,003
Gain (loss) on sales of assets 27,454 (103,256) (32,659) (112,636)
Interest 16,956 47,295 3,276 8,369
Other 6,847 69,411 5,380 67,446
------------------ ---------------- ----------------- -----------------
26,783,496 16,058,103 8,924,081 6,396,916
Expenses:
Depreciation and amortization 20,562,503 12,099,732 6,786,438 4,660,786
Interest expense 5,941,242 3,351,933 1,648,873 1,432,018
Administrative cost reimbursements to General
Partner 330,520 509,538 139,548 229,144
Equipment and incentive management fees to
General Partner 1,129,257 722,337 430,829 300,709
Other 616,231 370,774 186,656 229,431
Professional fees 78,417 177,836 30,573 54,284
Provision for losses 178,594 160,599 - 64,000
------------------ ---------------- ----------------- -----------------
28,836,764 17,392,749 9,222,917 6,970,372
------------------ ---------------- ----------------- -----------------
Net loss ($2,053,268) ($1,334,646) ($298,836) ($573,456)
================== ================ ================= =================
Net loss:
General Partner (20,533) (13,346) (2,988) (5,735)
Limited Partners (2,032,735) (1,321,300) (295,848) (567,721)
------------------ ---------------- ----------------- -----------------
($2,053,268) ($1,334,646) ($298,836) ($573,456)
================== ================ ================= =================
Net loss per Limited Partnership Unit ($0.16) ($0.15) ($0.02) ($0.06)
Weighted average number of Units outstanding 12,500,050 8,570,592 12,500,050 10,097,070
</TABLE>
See accompanying notes.
<PAGE>
ATEL CASH DISTRIBUTION FUND VI, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
NINE MONTH PERIOD ENDED
SEPTEMBER 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Limited Partners General
Units Amount Partner Total
----- ------ ------- -----
<S> <C> <C> <C> <C>
Balance December 31, 1996 12,500,050 $93,319,846 ($118,690) $93,201,156
Other syndication costs to affiliates (41,174) - (41,174)
Distributions to partners (9,349,937) (63,138) (9,413,075)
Net loss (2,032,735) (20,533) (2,053,268)
------------------ ---------------- ----------------- -----------------
Balance September 30, 1997 12,500,050 $81,896,000 ($202,361) $81,693,639
================== ================ ================= =================
</TABLE>
See accompanying notes.
<PAGE>
ATEL CASH DISTRIBUTION FUND VI, L.P.
STATEMENT OF CASH FLOWS
NINE AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
------------- -------------
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Operating activities:
Net loss ($2,053,268) ($1,334,646) ($298,836) ($573,456)
Adjustment to reconcile net income to cash
provided by operating activities:
Depreciation and amortization 20,562,503 12,099,732 6,786,438 4,660,786
Loss (gain) on sales of assets (27,454) 103,256 32,659 112,636
Provision for losses 178,594 160,599 - 64,000
Changes in operating assets and liabilities:
Accounts receivable (1,291,640) (531,146) 1,676,732 153,321
Accounts payable, General Partner 278,906 (653,457) 138,448 (602,917)
Accounts payable, other 239 778,704 87,917 692,107
Accrued interest payable 1,316,551 247,792 (165,069) 178,278
Unearned lease income 130,966 (8,206) (115,296) 79,161
------------------ ---------------- ----------------- -----------------
Net cash provided by operations 19,095,397 10,862,628 8,142,993 4,763,916
------------------ ---------------- ----------------- -----------------
Investing activities:
Purchases of equipment on operating leases (1,338,943) (92,069,843) - (37,205,859)
Purchases of equipment on direct financing leases (94,469) (368,527) (60,654) (259,110)
Purchases of residual value interests - (335,139) - -
Initial direct costs paid to General Partner - (2,070,264) - (519,224)
Reduction in net investment in direct financing
leases 452,614 367,424 153,413 131,286
Proceeds from sales of assets 153,956 396,557 (48,704) 293,310
------------------ ---------------- ----------------- -----------------
Net cash used in investing activities (826,842) (94,079,792) 44,055 (37,559,597)
------------------ ---------------- ----------------- -----------------
</TABLE>
<PAGE>
ATEL CASH DISTRIBUTION FUND VI, L.P.
STATEMENT OF CASH FLOWS
(CONTINUED)
NINE AND THREE MONTH PERIODS ENDED
SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
------------- -------------
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Financing activities:
Borrowings under line of credit 1,210,974 58,391,599 750,000 18,912,219
Repayments of borrowings under line of credit (10,059,231) (62,004,518) - (11,507,696)
Proceeds of non-recourse debt 10,686,017 62,182,581 - 22,448,429
Repayments of non-recourse debt (11,442,747) (3,195,344) (6,139,112) (2,467,341)
Capital contributions received - 47,249,420 - 16,620,130
Payment of syndication costs to General Partner (41,174) (6,455,989) - (2,018,034)
Distributions to Partners (9,413,075) (5,940,171) (3,126,924) (2,356,278)
------------------ ---------------- ----------------- -----------------
Net cash (used in) provided by financing
activities (19,059,236) 90,227,578 (8,516,036) 39,631,429
------------------ ---------------- ----------------- -----------------
Net (decrease) increase in cash and cash
equivalents (790,681) 7,010,414 (328,988) 6,835,748
Cash and cash equivalents at beginning of
period 1,123,336 2,074,913 661,643 2,249,579
------------------ ---------------- ----------------- -----------------
Cash and cash equivalents at end of period $332,655 $9,085,327 $332,655 $9,085,327
================== ================ ================= =================
Supplemental disclosures of cash flow
information:
Cash paid during the period for interest $5,941,242 $3,351,933 $1,648,873 $2,990,293
================== ================ ================= =================
Supplemental schedule of non-cash transactions:
Operating lease assets reclassified to equipment
held for lease $1,360,763 $729,071
Less accumulated depreciation (282,137) (269,686)
================ =================
$1,078,626 $459,385
================ =================
</TABLE>
See accompanying notes.
<PAGE>
ATEL CASH DISTRIBUTION FUND VI, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
(Unaudited)
1. Summary of significant accounting policies:
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 VI, L.P. (the Fund), was formed under the laws of
the State of California on June 29 , 1994, for the purpose of acquiring
equipment to engage in equipment leasing and sales activities. Contributions in
the amount of $600 were received as of July 21, 1994, $100 of which represented
the General Partner's (ATEL Financial Corporation'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 January 3,
1995, the Partnership commenced operations. The Fund or the General Partner on
behalf of the Fund, will incur costs in connection with the organization,
registration and issuance of the Units. The amount of such costs to be born by
the Fund is limited by certain provisions in the Agreement of Limited
Partnership.
The Partnership 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
Balance Expense or Reclass- Balance
December 31, Amortization ifications & September 30,
1996 Additions of Leases Dispositions 1997
---- --------- --------- ------------ ----
<S> <C> <C> <C> <C> <C>
Net investment in operating
leases $177,700,195 $1,142,416 (19,646,522) (356,348) $158,839,741
Net investment in direct financing
leases 3,442,129 94,469 (452,614) - 3,083,984
Equipment held for sale or lease 44,318 - - 229,846 274,164
Residual interests 379,551 - - - 379,551
Initial direct costs, net of
accumulated amortization of
$933,369 in 1996 and
$2,094,732 in 1997 4,266,610 - (915,981) - 3,350,629
Reserve for losses (322,706) (178,594) - - (501,300)
------------------- ------------------ ---------------- ----------------- -----------------
$185,510,097 $1,058,291 ($21,015,117) ($126,502) $165,426,769
=================== ================== ================ ================= =================
</TABLE>
<PAGE>
ATEL CASH DISTRIBUTION FUND VI, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
(Unaudited)
3. Investment in leases (continued):
Property on operating leases consists of the following:
<TABLE>
<CAPTION>
Balance Balance
December 31, Acquisitions, Dispositions & Reclassifications September 30,
1996 1st Quarter 2nd Quarter 3rd Quarter 1997
---- ----------- ----------- ----------- ----
<S> <C> <C> <C> <C> <C>
Transportation $101,516,495 ($67,540) ($797,703) $100,651,252
Construction 32,643,774 - (35,263) 32,608,511
Materials handling 30,738,706 - (7,271) 30,731,435
Manufacturing 18,727,504 - - 18,727,504
Office automation 11,352,842 538,683 $40,323 224,011 12,155,859
Miscellaneous 3,683,663 - - - 3,683,663
Communications 658,185 - - - 658,185
Medical 343,409 - - - 343,409
Food processing 317,520 - - - 317,520
------------------- ------------------ ---------------- ----------------- -----------------
199,982,098 471,143 40,323 (616,226) 199,877,338
Less accumulated depreciation (22,281,903) (6,631,769) (6,049,154) (6,074,771) (41,037,597)
------------------- ------------------ ---------------- ----------------- -----------------
$177,700,195 ($6,160,626) ($6,008,831) ($6,690,997) $158,839,741
=================== ================== ================ ================= =================
</TABLE>
All of the property on leases was acquired in 1995, 1996 and 1997.
At September 30, 1997, the aggregate amounts of future minimum lease payments
are as follows:
Direct
Operating Financing
Leases Leases Total
------ ------ -----
Three months ending December 31, 1997 $7,291,420 $212,018 $7,503,438
Year ending December 31, 1998 31,859,496 485,178 32,344,674
1999 28,711,809 244,772 28,956,581
2000 24,941,248 184,703 25,125,951
2001 15,548,120 119,258 15,667,378
Thereafter 34,015,320 606,280 34,621,600
-------------- ------------ --------------
$142,367,413 $1,852,209 $144,219,622
============== ============ ==============
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
6.33% to 12.23%.
Future minimum principal payments of non-recourse debt as of September 30, 1997
are as follows:
Principal Interest Total
--------- -------- -----
Three months ending December 31, 1997 $2,380,861 $805,419 $3,186,280
Year ending December 31, 1998 16,123,942 7,792,128 23,916,070
1999 18,005,658 4,912,475 22,918,133
2000 15,298,516 3,495,033 18,793,549
2001 8,155,658 2,368,177 10,523,835
Thereafter 20,068,367 7,225,580 27,293,947
------------- ------------- --------------
$80,033,002 $26,598,812 $106,631,814
============= ============= ==============
<PAGE>
ATEL CASH DISTRIBUTION FUND VI, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
(Unaudited)
5. Related party transactions:
The terms of the Limited Partnership Agreement 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 General Partner and/or Affiliates earned fees, commissions and
reimbursements, pursuant to the Limited Partnership Agreement as follows:
<TABLE>
<CAPTION>
1997 1996
---- ----
<S> <C> <C>
Incentive management fees (computed as 3.25% of distributions of cash from
operations, as defined in the Limited Partnership Agreement) and equipment
management fees (computed as 3.5% of gross revenues from operating leases, as
defined in the Limited Partnership Agreement plus 2% of gross revenues from full
payout leases, as defined in the Limited Partnership Agreement). $1,129,257 $722,337
Administrative cost reimbursements to General Partner 330,520 509,538
Reimbursement of other syndication costs 41,174 2,235,277
Selling commissions (equal to 9.5% of the selling price of the Limited Partnership
units, deducted from Limited Partners' capital) - 4,472,078
Acquisition fees equal to 3% of the equipment purchase price, for evaluating and
selecting equipment to be acquired (not to exceed approximately 4.5% of
Gross Proceeds, included in property on operating leases). - 1,722,725
----------------- -----------------
$1,500,951 $9,661,955
================= =================
</TABLE>
5. Related party transactions (continued):
The Limited Partnership Agreement allows for the reimbursement of costs incurred
by the General Partner in providing administrative services to the Partnership.
Administrative services provided include Partnership accounting, investor
relations, legal counsel and lease and equipment documentation. The General
Partner is not reimbursed for services where it is entitled to receive a
separate fee as compensation for such services, such as acquisition and
management of equipment. Reimbursable costs incurred by the General Partner are
allocated to the Partnership based upon actual time incurred by employees
working on Partnership business and an allocation of rent and other costs based
on utilization studies.
Substantially all employees of the General Partner record time incurred in
performing administrative services on behalf of all of the Partnerships serviced
by the General Partner. The General Partner believes that the costs reimbursed
are the lower of (i) actual costs incurred on behalf of the Partnership or (ii)
the amount the Partnership would be required to pay independent parties for
comparable administrative services in the same geographic location and are
reimbursable in accordance with the Limited Partnership Agreement.
<PAGE>
ATEL CASH DISTRIBUTION FUND VI, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
(Unaudited)
6. Partner's capital:
As of September 30, 1997, 112,500,050 Units ($125,000,500) were issued and
outstanding. The Fund is authorized to issue up to 12,500,050 Units, including
the 50 Units issued to the initial limited partners.
The Partnership Net Profits, Net Losses, and Tax Credits are to be allocated 99%
to the Limited Partners and 1% to the General Partner.
Available Cash from Operations and Cash from Sales and Refinancing, as defined
in the Limited Partnership Agreement, shall be distributed as follows:
First, 95% (95.75% after June 30, 1995) of Distributions of Cash from
Operations to the Limited Partners, 1% of Distributions of Cash from
Operations to the General Partner and 4% (3.25% after June 30, 1995) to an
affiliate of the General Partner as Incentive Management Compensation, 99%
of Distributions of Cash from Sales or Refinancing to the Limited Partners
and 1% of Cash from Sales or Refinancing to the General Partner.
Second, the balance to the Limited Partners until the Limited Partners have
received Aggregate Distributions 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.
Third, an affiliate of the General Partner will receive as Incentive
Management Compensation, 4% (3.25% after June 30, 1995) of remaining Cash
from Sales or Refinancing.
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 $90,000,000 revolving credit agreement with a group of financial
institutions which expires on October 28, 1998. The agreement includes an
acquisition facility to be used by the Partnership and Affiliates 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.
At September 30, 1997, the Partnership had $6,750,000 of 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, 1997.
8. Commitments:
As of September 30, 1997, the Partnership had outstanding commitments to
purchase lease equipment totaling approximately $10,000.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Capital Resources and Liquidity
In 1997, the Partnership's primary activity was equipment acquisition, leasing
and sales activities. During the first three quarters of 1996, the Partnership's
primary activities were raising funds through its offering of Limited
Partnership Units (Units) and engaging in equipment leasing activities.
The Partnership's primary source of liquidity during the first nine months of
1997 was lease rents. The liquidity of the Partnership will vary in the future,
increasing to the extent cash flows from leases exceed expenses, and decreasing
as lease assets are acquired, as distributions are made to the limited partners
and to the extent expenses exceed cash flows from leases.
<PAGE>
As another source of liquidity, the Partnership has contractual obligations with
a diversified group of lessees which consist primarily of fixed lease terms at
fixed rental amounts. As the initial lease terms expire, the Partnership will
re-lease or sell the equipment. The future liquidity beyond the contractual
minimum rentals will depend on the General Partner's success in re-leasing or
selling the equipment as it comes off lease.
The Partnership participates with the General Partner and certain of its
affiliates in a $90,000,000 revolving line of credit with a financial
institution. The line of credit expires on October 28, 1998.
The Partnership anticipates reinvesting a portion of lease payments from assets
owned in new leasing transactions. Such reinvestment will occur only after the
payment of all obligations, including debt service (both principal and
interest), the payment of management and acquisition fees to the General Partner
and providing for cash distributions to the Limited Partners.
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, 1997, the Partnership had borrowed $96,305,533 with a
remaining unpaid balance of $80,033,002. The General Partner expects that
aggregate borrowings in the future will not exceed 50% of aggregate equipment
cost. In any event, the Agreement of Limited Partnership limits such borrowings
to 50% of the total cost of equipment, in aggregate.
No commitments of capital have been or are expected to be made other than for
the acquisition of additional equipment. Such commitments totaled approximately
$10,000 as of September 30, 1997.
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.
1997 vs. 1996:
In 1997, lease rents were the Partnership's primary source of cash. During the
first three quarters of 1996, the Partnership's primary sources of liquidity
were the proceeds of its offering of Units, proceeds of non-recourse debt and
funds borrowed on the line of credit.
In both years, cash from operating activities was almost entirely from operating
lease rents.
Proceeds from the sales of assets and direct financing lease rents were the only
investing sources of cash and were not significant. The primary investing use of
cash was the purchase of assets on operating and direct financing leases.
<PAGE>
In 1997, financing sources of cash consisted of borrowings on the line of credit
and proceeds of non-recourse debt. Non-recourse debt proceeds were used to repay
outstanding balances on the line of credit. In 1996, cash from financing sources
consisted of borrowings under the line of credit. The borrowings under the line
of credit were used to fund lease asset acquisitions and payments on the line
were made from capital contributions received and proceeds of non-recourse debt.
Results of operations
Operations resulted in a net loss of $1,334,646 for the nine months ended
September 30, 1996 compared to $2,053,268 in 1997. Operations resulted in a net
loss of $573,456 in 1996 compared to $298,836 in 1997 for the three month
periods. The Partnership's primary source of revenues is from operating leases.
This is expected to remain true in future periods although the amounts are
expected to increase as a result of additional equipment acquisitions.
Depreciation expense is the single largest expense of the Partnership and is
expected to remain so in future periods although at a higher amount. Equipment
management fees are based on the Partnership's rental revenues and are expected
to increase in relation to expected increases in the Partnership's revenues from
leases. Incentive management fees are based on the levels of distributions to
limited partners. As the effective distribution rate increases and as the number
of units outstanding increases (as a result of the continuing offering of such
units), the incentive management fee is expected to increase.
During 1996, the Partnership was raising equity through its public offering and
was entering into significant lease transactions and significant purchases of
related equipment. At September 30, 1996 both of these activities were
continuing. The offering was concluded in the fourth quarter of 1996 and the
majority of equipment acquisitions were also completed in 1996. As a result,
operations in 1997 are not comparable to 1996.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
Inapplicable.
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, 1997 and December 31,
1996.
Statement of changes in partners' capital for the nine
month period ended September 30, 1997.
Statements of operations for the nine and three month
periods ended September 30, 1997 and 1996.
Statements of cash flows for the nine and three month
periods ended September 30, 1997 and 1996.
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
<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 12, 1997
ATEL CASH DISTRIBUTION FUND VI, 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/ F. RANDALL BIGONY
-------------------------------------------------------
F. Randall Bigony
Principal financial officer of registrant
By: /s/ DONALD E. CARPENTER
-------------------------------------------------------
Donald E. Carpenter
Principal accounting officer of registrant
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-mos
<FISCAL-YEAR-END> dec-31-1997
<PERIOD-END> sep-30-1997
<CASH> 332,655
<SECURITIES> 0
<RECEIVABLES> 7,489,898
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 173,249,322
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 81,693,639
<TOTAL-LIABILITY-AND-EQUITY> 173,249,322
<SALES> 0
<TOTAL-REVENUES> 26,783,496
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 22,716,928
<LOSS-PROVISION> 178,594
<INTEREST-EXPENSE> 5,941,242
<INCOME-PRETAX> (2,053,268)
<INCOME-TAX> 0
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</TABLE>
