0000950123-11-041288.txt : 20110429 0000950123-11-041288.hdr.sgml : 20110429 20110429060151 ACCESSION NUMBER: 0000950123-11-041288 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110429 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110429 DATE AS OF CHANGE: 20110429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRONOS GLOBAL INCOME FUND XVI LP CENTRAL INDEX KEY: 0001002519 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 943230380 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27496 FILM NUMBER: 11790792 BUSINESS ADDRESS: STREET 1: 444 MARKET ST 15TH FLOOR STREET 2: C/O CRONOS CAPITAL CORP CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4156778990 MAIL ADDRESS: STREET 1: 444 MARKET ST 15TH FLOOR STREET 2: C/O CRONOS CAPITAL CORP CITY: SAN FRANCISCO STATE: CA ZIP: 94111 8-K 1 f58998e8vk.htm FORM 8-K e8vk
 
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
April 29, 2011
Date of Report (Date of Earliest Event Reported)
Cronos Global Income Fund XVI, L.P.
(Exact name of registrant as specified in its charter)
California
(State or Other Jurisdiction of Incorporation)
     
0-27496   94-3230380
     
(Commission File Number)   (IRS Employer Identification No.)
One Front Street, Suite 925, San Francisco, California 94111
(Address of principal executive offices) (Zip Code)
(415) 677-8990
(Fund’s Telephone Number, Including Area Code)
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR § 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR § 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR § 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR § 240.13e-4(c))
 
 

 

 

Item 7.01   Regulation FD Disclosure.
          On April 29, 2011, Cronos Global Income Fund XVI, L.P., a California limited partnership (the ” Fund”), mailed its 2010 annual report to its limited partners, which includes a letter to the limited partners from Peter J. Younger, President and Chief Executive Officer of Cronos Capital Corp. (“ CCC”), the general partner of the Fund. A copy of the letter to limited partners is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The 2010 annual report to limited partners consists of the Fund’s 2010 Annual Report on Form 10-K, as filed with the SEC on March 16, 2011.
          The information in this Current Report on Form 8-K, including the attached letter, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (“ Exchange Act”) or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01   Financial Statements and Exhibits.
  (d)   Exhibits
  99.1   Letter to the limited partners of the Fund from CCC, dated April 29, 2011.
SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the Fund has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  CRONOS GLOBAL INCOME FUND XVI, L.P.
 		  
  By   Cronos Capital Corp.,    
    The General Partner   
 
  By   /s/ Frank P. Vaughan    
    Frank P. Vaughan   
    Chief Financial Officer   
Date: April 29, 2011

 

 

INDEX TO EXHIBITS
     
Exhibit   Description
99.1
  Letter from Cronos Capital Corp., general partner of Cronos Global Income Fund XVI, L.P. (the “Fund”), dated April 29, 2011, to the limited partners of the Fund.

 

EX-99.1 2 f58998exv99w1.htm EX-99.1 exv99w1
EXHIBIT 99.1
April 29, 2011
To the Limited Partners of Cronos Global Income Fund XVI, L.P.:
Capitalizing on the recovery in global trade during 2010, Cronos Global Income Fund XVI, L.P. (“The Partnership”) was able to deliver strong results over the course of the year. Net income per Limited Partner Unit increased 532% compared to the prior year, as improved market dynamics resulted in increased utilization for the Partnership’s fleet. The combination of high utilization and growing demand for container equipment enabled the Partnership to extend leases at attractive rates, while taking advantage of a market favorable to the disposition of equipment. These market dynamics have continued into the first quarter of 2011, with utilization rates over 97% through March 2011.
The Partnership has entered into its 16th year of operations and is continuing its liquidation phase. At December 31, 2010, approximately 48% of the original equipment remained in the Partnership’s fleet, compared to 57% at the end of 2009. As the fleet ages, disposal revenues will continue to be a key profit driver during the remaining life of the Partnership. The disposal market remained strong in 2010, allowing the Partnership to realize a 104% increase in gains on the disposal of container equipment when compared to the prior year.
The General Partner will take several factors into consideration when examining options for the timing of terminating the Partnership, including the level of gross lease revenue generated by the diminishing fleet and the direct operating expenses relative to this revenue, projected disposal proceeds and any foreseeable changes in other general and administrative expenses. During the first half of 2011, Cronos Capital Corp., as General Partner, may distribute a request for proposal (“RFP”) to prospective third-party container buyers. A RFP would seek to determine the interest such parties may have in purchasing the remaining containers owned by the Partnership. The General Partner will not make a decision relating to the final liquidation of the Partnership until any such proposals have been received and fully evaluated.
We enclose the Partnership’s 10-K Annual Report for 2010 and encourage you to review it fully.
Sincerely,
Peter J. Younger
President and Chief Executive Officer
Cronos Capital Corp.
The General Partner
Important Cautionary Information Regarding Forward-Looking Statements
Statements in this letter regarding Cronos Global Income Fund XVI, L.P.’s business that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements involve risks and uncertainties, are only predictions, and may differ materially from actual future events or results. For a discussion of such risks and uncertainties, see “Risk Factors” in the Fund’s Annual Report on Form 10-K that is included with this letter. (Because the Fund is a limited partnership, the Fund is not entitled to rely upon the safe harbor provision for forward-looking statements relating to the operations of the Fund under Section 21E of the Securities Exchange Act of 1934.)
Our views, estimates, plans and outlook as described in this letter may change subsequent to the date of this letter. Except as required by applicable law, we are under no obligation to modify or update any or all of the statements made herein despite any subsequent changes we may make in our views, estimates, plans or outlook for the future.