-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WC9IohXrIGSUH9I0Vc/PA54FGdXxsB+7qzw7PQzZM/b/hK1RaEnfBbZRHpdB64Bu WyV9l9mgLelK0vNNHGW04Q== /in/edgar/work/20000814/0000950149-00-001769/0000950149-00-001769.txt : 20000921 0000950149-00-001769.hdr.sgml : 20000921 ACCESSION NUMBER: 0000950149-00-001769 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRONOS GLOBAL INCOME FUND XVI LP CENTRAL INDEX KEY: 0001002519 STANDARD INDUSTRIAL CLASSIFICATION: [7359 ] IRS NUMBER: 943230380 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-27496 FILM NUMBER: 695457 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 10-Q 1 e10-q.txt QUARTER REPORT 1 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, 2000 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 0-27496 CRONOS GLOBAL INCOME FUND XVI, L.P. (Exact name of registrant as specified in its charter) California 94-3230380 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 444 Market Street, 15th Floor, San Francisco, California 94111 (Address of principal executive offices) (Zip Code) (415) 677-8990 (Registrant's telephone number, including area code) 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 [ ]. 2 CRONOS GLOBAL INCOME FUND XVI, L.P. REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2000 TABLE OF CONTENTS
PAGE PART I - FINANCIAL INFORMATION Item 1. Financial Statements Condensed Balance Sheets - June 30, 2000 and December 31, 1999 (unaudited) 4 Condensed Statements of Operations for the three and six months ended June 30, 2000 and 1999 (unaudited) 5 Condensed Statements of Cash Flows for the six months ended June 30, 2000 and 1999 (unaudited) 6 Notes to Condensed Financial Statements (unaudited) 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3. Quantitative and Qualitative Disclosures About Market Risk 11 PART II - OTHER INFORMATION Item 1. Legal Proceedings 12 Item 6. Exhibits and Reports on Form 8-K 13
2 3 PART I - FINANCIAL INFORMATION Item 1. Financial Statements Presented herein are the Registrant's condensed balance sheets as of June 30, 2000 and December 31, 1999, condensed statements of operations for the three and six months ended June 30, 2000 and 1999, and condensed statements of cash flows for the six months ended June 30, 2000 and 1999. 3 4 CRONOS GLOBAL INCOME FUND XVI, L.P. CONDENSED BALANCE SHEETS (UNAUDITED)
June 30, December 31, 2000 1999 ------------ ------------ Assets Current assets: Cash and cash equivalents, includes $1,345,616 at June 30, 2000 and $1,987,785 at December 31, 1999 in interest-bearing accounts $ 1,383,117 $ 1,987,885 Net lease receivables due from Leasing Company (notes 1 and 2) 694,885 513,262 ------------ ------------ Total current assets 2,078,002 2,501,147 ------------ ------------ Container rental equipment, at cost 31,613,510 26,618,929 Less accumulated depreciation 6,407,945 5,542,131 ------------ ------------ Net container rental equipment 25,205,565 21,076,798 ------------ ------------ Other assets 861,794 50,000 ------------ ------------ Total assets $ 28,145,361 $ 23,627,945 ============ ============ Liabilities and partners' capital Current liabilities: Current portion of equipment debt $ 840,600 $ -- ------------ ------------ Total current liabilities 840,600 -- ------------ ------------ Equipment debt - long term 4,203,000 -- ------------ ------------ Total liabilities 5,043,600 -- ------------ ------------ Partners' capital (deficit): General partner (17,987) (12,730) Limited partners 23,119,748 23,640,675 ------------ ------------ Total partners' capital 23,101,761 23,627,945 ------------ ------------ Total liabilities and partners' capital $ 28,145,361 $ 23,627,945 ============ ============
The accompanying notes are an integral part of these condensed financial statements. 4 5 CRONOS GLOBAL INCOME FUND XVI, L.P. CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Six Months Ended ----------------------------- -------------------------- June 30, June 30, June 30, June 30, 2000 1999 2000 1999 ----------- ----------- ----------- ----------- Net lease revenue (notes 1 and 3) $ 978,948 $ 655,589 $ 1,789,492 $ 1,334,502 Other operating expenses: Depreciation 463,271 402,688 876,694 805,204 Other general and administrative expenses 23,870 11,113 44,338 24,823 ----------- ----------- ----------- ----------- 487,141 413,801 921,032 830,027 ----------- ----------- ----------- ----------- Income from operations 491,807 241,788 868,460 504,475 Other income (expenses): Interest income 18,146 21,898 41,401 41,030 Net gain (loss) on disposal of equipment (137) (1,938) (488) 3,953 Interest expense (88,469) -- (88,469) -- ----------- ----------- ----------- ----------- (70,460) 19,960 (47,556) 44,983 ----------- ----------- ----------- ----------- Net income $ 421,347 $ 261,748 $ 820,904 $ 549,458 =========== =========== =========== =========== Allocation of net income: General partner $ 31,156 $ 25,956 $ 62,097 $ 59,923 Limited partners 390,191 235,792 758,807 489,535 ----------- ----------- ----------- ----------- $ 421,347 $ 261,748 $ 820,904 $ 549,458 =========== =========== =========== =========== Limited partners' per unit share of net income $ 0.24 $ 0.15 $ 0.47 $ 0.31 =========== =========== =========== ===========
The accompanying notes are an integral part of these condensed financial statements. 5 6 CRONOS GLOBAL INCOME FUND XVI, L.P. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended ----------------------------- June 30, June 30, 2000 1999 ----------- ----------- Net cash provided by operating activities $ 711,889 $ 1,471,077 Cash provided by (used in) investing activities: Proceeds from disposal of equipment 30,431 27,206 Purchase of container rental equipment (5,043,600) -- ----------- ----------- Net cash provided by (used in) investing activities (5,013,169) 27,206 ----------- ----------- Cash provided by (used in) financing activities: Distribution to partners (1,347,088) (1,262,892) Borrowings from term facility 5,043,600 -- ----------- ----------- Net cash provided by (used in) financing activities 3,696,512 (1,262,892) ----------- ----------- Net increase (decrease) in cash and cash equivalents (604,768) 235,391 Cash and cash equivalents at January 1 1,987,885 1,843,812 ----------- ----------- Cash and cash equivalents at June 30 $ 1,383,117 $ 2,079,203 =========== =========== Supplementary disclosure of cash flow information: Cash paid during the period for interest $ 52,417 $ -- =========== ===========
The accompanying notes are an integral part of these condensed financial statements. 6 7 CRONOS GLOBAL INCOME FUND XVI, L.P. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (1) Summary of Significant Accounting Policies (a) Nature of Operations Cronos Global Income Fund XVI, L.P. (the "Partnership") is a limited partnership organized under the laws of the State of California on September 1, 1995, for the purpose of owning and leasing marine cargo containers, special purpose containers and container related equipment worldwide to ocean carriers. To this extent, the Partnership's operations are subject to the fluctuations of world economic and political conditions. Such factors may affect the pattern and levels of world trade. The Partnership believes that the profitability of, and risks associated with, leases to foreign customers is generally the same as those of leases to domestic customers. The Partnership's leases generally require all payments to be made in United States currency. Cronos Capital Corp. ("CCC") is the general partner and, with its affiliate Cronos Containers Limited (the "Leasing Company"), manages the business of the Partnership. CCC and the Leasing Company also manage the container leasing business for other partnerships affiliated with the general partner. The Partnership shall continue until December 31, 2015, unless sooner terminated upon the occurrence of certain events. The Partnership commenced operations on March 29, 1996, when the minimum subscription proceeds of $2,000,000 were received from over 100 subscribers (excluding from such count Pennsylvania residents, the general partner, and all affiliates of the general partner). On February 3, 1997, CCC suspended the offer and sale of units in the Partnership. The offering terminated on December 27, 1997, at which time 1,599,667 limited partnership units had been purchased. (b) Leasing Company and Leasing Agent Agreement The Partnership has entered into a Leasing Agent Agreement whereby the Leasing Company has the responsibility to manage the leasing operations of all equipment owned by the Partnership. Pursuant to the Agreement, the Leasing Company is responsible for leasing, managing and re-leasing the Partnership's containers to ocean carriers and has full discretion over which ocean carriers, and suppliers of goods and services it may deal with. The Leasing Agent Agreement permits the Leasing Company to use the containers owned by the Partnership, together with other containers owned or managed by the Leasing Company and its affiliates, as part of a single fleet operated without regard to ownership. Since the Leasing Agent Agreement meets the definition of an operating lease in Statement of Financial Accounting Standards (SFAS) No. 13, it is accounted for as a lease under which the Partnership is lessor and the Leasing Company is lessee. The Leasing Agent Agreement generally provides that the Leasing Company will make payments to the Partnership based upon rentals collected from ocean carriers after deducting direct operating expenses and management fees to CCC and the Leasing Company. The Leasing Company leases containers to ocean carriers, generally under operating leases which are either master leases or term leases (mostly one to five years). Master leases do not specify the exact number of containers to be leased or the term that each container will remain on hire but allow the ocean carrier to pick up and drop off containers at various locations; rentals are based upon the number of containers used and the applicable per-diem rate. Accordingly, rentals under master leases are all variable and contingent upon the number of containers used. Most containers are leased to ocean carriers under master leases; leasing agreements with fixed payment terms are not material to the financial statements. Since there are no material minimum lease rentals, no disclosure of minimum lease rentals is provided in these condensed financial statements. 7 (Continued) 8 CRONOS GLOBAL INCOME FUND XVI, L.P. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (c) Basis of Accounting The Partnership utilizes the accrual method of accounting. Net lease revenue is recorded by the Partnership in each period based upon its leasing agent agreement with the Leasing Company. Net lease revenue is generally dependent upon operating lease rentals from operating lease agreements between the Leasing Company and its various lessees, less direct operating expenses and management fees due in respect of the containers specified in each operating lease agreement. (d) Financial Statement Presentation These condensed financial statements have been prepared without audit. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting procedures have been omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and accompanying notes in the Partnership's latest annual report on Form 10-K. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires the Partnership 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 reported period. Actual results could differ from those estimates. The interim financial statements presented herewith reflect all adjustments of a normal recurring nature which are, in the opinion of management, necessary to a fair statement of the financial condition and results of operations for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. (2) Net Lease Receivables Due from Leasing Company Net lease receivables due from the Leasing Company are determined by deducting direct operating payables and accrued expenses, base management fees payable, and reimbursed administrative expenses payable to CCC and its affiliates from the rental billings payable by the Leasing Company to the Partnership under operating leases to ocean carriers for the containers owned by the Partnership. Net lease receivables at June 30, 2000 and December 31, 1999 were as follows:
June 30, December 31, 2000 1999 ------------- ------------- Gross lease receivables $ 1,199,690 $ 869,797 Less: Direct operating payables and accrued expenses 294,755 223,001 Damage protection reserve 29,106 25,021 Base management fees payable 88,755 68,101 Reimbursed administrative expenses 51,528 16,942 Allowance for doubtful accounts 40,661 23,470 ------------- ------------- Net lease receivables $ 694,885 $ 513,262 ============= =============
8 (Continued) 9 CRONOS GLOBAL INCOME FUND XVI, L.P. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (3) Net Lease Revenue Net lease revenue is determined by deducting direct operating expenses, base management fees and reimbursed administrative expenses to CCC and its affiliates from the rental revenue billed by the Leasing Company under operating leases to ocean carriers for the containers owned by the Partnership. Net lease revenue for the three and six-month periods ended June 30, 2000 and 1999 was as follows:
Three Months Ended Six Months Ended -------------------------- ------------------------- June 30, June 30, June 30, June 30, 2000 1999 2000 1999 ---------- ---------- ---------- ---------- Rental revenue (note 4) $1,231,358 $ 931,210 $2,355,176 $1,895,152 Less: Rental equipment operating expenses 115,863 163,582 290,931 335,239 Base management fees 77,452 64,630 154,955 131,316 Reimbursed administrative expenses 59,095 47,409 119,798 94,095 ---------- ---------- ---------- ---------- $ 978,948 $ 655,589 $1,789,492 $1,334,502 ========== ========== ========== ==========
(4) Operating Segment The Financial Accounting Standards Board has issued SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information," which changes the way public business enterprises report financial and descriptive information about reportable operating segments. An operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and about which separate financial information is available. Management operates the Partnership's container fleet as a homogenous unit and has determined, after considering the requirements of SFAS No. 131, that as such it has a single reportable operating segment. The Partnership derives its revenues from cargo marine containers. As of June 30, 2000, the Partnership operated 4,503 twenty-foot, 1,492 forty-foot and 1,655 forty-foot high-cube dry cargo marine containers, as well as 89 twenty-foot and 299 forty-foot refrigerated cargo containers, and 52 twenty-four thousand-liter tanks. A summary of gross lease revenue, by product, for the three and six-month periods ended June 30, 2000 and 1999 follows:
Three Months Ended Six Months Ended -------------------------- -------------------------- June 30, June 30, June 30, June 30, 2000 1999 2000 1999 ---------- ---------- ---------- ---------- Dry cargo containers $ 835,897 $ 513,138 $1,573,868 $1,051,120 Refrigerated containers 355,011 376,371 700,231 755,219 Tank containers 40,450 41,701 81,077 88,813 ---------- ---------- ---------- ---------- Total $1,231,358 $ 931,210 $2,355,176 $1,895,152 ========== ========== ========== ==========
Due to the Partnership's lack of information regarding the physical location of its fleet of containers when on lease in the global shipping trade, it is impracticable to provide the geographic area information required by SFAS No. 131. ****** 9 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations It is suggested that the following discussion be read in conjunction with the Registrant's most recent annual report on Form 10-K. 1) Material changes in financial condition between June 30, 2000 and December 31, 1999. At June 30, 2000, the Registrant had $1,383,117 in cash and cash equivalents, a decrease of $604,768 from the cash balances at December 31, 1999. At June 30, 2000, the Registrant had approximately $200,000 in cash generated from equipment sales reserved as part of its cash balances. The Registrant committed to purchase an additional 22 forty-foot high-cube dry cargo marine containers, replacing containers which have been lost or damaged beyond repair at an aggregate cost of approximately $61,215. Throughout the remainder of 2000, the Registrant expects to use cash generated from equipment sales to purchase and replace containers which have been lost or damaged beyond repair. The Registrant's allowance for doubtful accounts increased from $23,470 at December 31, 1999 to $40,661 at June 30, 2000. This increase was attributable to the delinquent account receivable balances of approximately eight lessees. The Leasing Company has either negotiated specific payment terms with these lessees or is pursuing other alternatives to collect the outstanding balances. In each instance, the Registrant believes it has provided sufficient reserves for all doubtful accounts. On March 30, 2000, the Registrant borrowed $3,305,600 under a term loan for the purpose of acquiring additional equipment. The Registrant borrowed an additional $1,011,000 on April 28, 2000 and an additional $727,000 on May 31, 2000. The term loan was obtained from one lending source allowing the Registrant to take advantage of equipment purchasing opportunities pursuant to the Registrant's Partnership Agreement. The loan, due to expire in the year 2006, is scheduled to be fully repaid in twenty-four quarterly installments from leasing revenue received by the Registrant. The Registrant's cash distribution from operations for the second quarter of 2000 was 8.0% (annualized) of the limited partners' original capital contributions, unchanged from the first quarter of 2000. These distributions are directly related to the Registrant's results from operations and may fluctuate accordingly. The growth in the volume of world trade, a rise in exports to the Far East, and the global effects of a strong U.S. economy have resulted in improved market conditions for the container leasing industry. As a result of these and other factors, including repositioning initiatives implemented earlier in the year, utilization of the Registrant's fleet of containers has exhibited steady improvement in recent months. In addition, new container prices, as well as interest rates, have been rising from historically low levels. During such times, ocean carriers tend to reduce their capital spending to supplement their owned fleets of containers in favor of leasing. The pressure on per diem rates has impacted the Registrant's revenues, but there has been some rate stabilization in recent months. The Registrant will continue to take advantage of improving market conditions by repositioning equipment to locations of greatest demand as well as seeking out leasing opportunities that will strengthen utilization and enhance the performance of the fleet. 2) Material changes in the results of operations between the three and six-month periods ended June 30, 2000 and 1999. Net lease revenue for the three and six-month periods ended June 30, 2000 was $978,948 and $1,789,492, respectively, an increase of approximately 49% and 34%, from the same respective three and six-month periods in the prior year. Gross rental revenue (a component of net lease revenue) for the three and six-month periods ended June 30, 2000 was $1,231,358 and $2,355,176, respectively, reflecting an increase of 32% and 24%, from the same respective three and six-month periods in the prior year. This increase can be attributable to the rental revenue earned on the Registrant's purchase of additional equipment. Dry cargo container average per-diem rental rates for the three and six-month periods ended June 30, 2000 declined approximately 3% and 6%, respectively, when compared to the same three and six-month periods in the prior year. Refrigerated container average per-diem rental rates for both the three and six-month periods ended June 30, 2000 declined 5% when compared to the same periods in the prior year. Tank container average per-diem rental rates for the three and six-month periods ended June 30,2000 declined 12% and 11%, respectively, when compared to the sam periods in the prior year. 10 (Continued) 11 The Registrant's average fleet size and utilization rates for the three and six-month periods ended June 30, 2000 and 1999 were as follows:
Three Months Ended Six Months Ended ----------------------- ----------------------- June 30, June 30, June 30, June 30, 2000 1999 2000 1999 -------- -------- -------- -------- Average fleet size (measured in twenty-foot equivalent units (TEU)) Dry cargo containers 9,401 6,830 7,923 6,835 Refrigerated containers 687 688 687 688 Tank containers 52 52 52 52 Average Utilization Dry cargo containers 86% 75% 83% 75% Refrigerated containers 99% 99% 97% 99% Tank containers 74% 75% 74% 76%
Rental equipment operating expenses, as a percentage of the Registrant's gross lease revenue, were 9% and 12%, respectively, during the three and six-month periods ended June 30, 2000, compared to 18% during each of the three and six-month periods ended June 30, 1999. Base management fees during the three and six-month periods ended June 30, 2000 increased 20% and 18%, respectively, when compared to the same three and six-month periods in the prior year as a result of higher gross rental revenues. Item 3. Quantitative and Qualitative Disclosures About Market Risk Not applicable. 11 12 PART II - OTHER INFORMATION Item 1. Legal Proceedings On March 20, 2000, KM Investments, LLC, a California limited liability company ("KM") filed its complaint (the "Complaint") in the Superior Court for the County of Los Angeles against CCC, as general partner of the Partnership, alleging violation of the California Revised Limited Partnership Act, breach of fiduciary duty, and unfair competition. KM claims to be an assignee of units of limited partnership interests in the Partnership and six other California limited partnerships (collectively, the "Cronos Partnerships") managed by CCC as general partner. KM, which is in the business of making unregistered tender offers for up to 4.9% of the outstanding interests in limited partnerships, claims that CCC has wrongfully refused to provide KM with lists of the limited partners of the Cronos Partnerships to enable KM to make unregistered tender offers to the limited partners of the Cronos Partnerships. KM asks for declaratory relief, damages according to proof, attorneys' fees, costs, interest, a temporary restraining order and/or a preliminary injunction barring CCC from giving limited partner lists to any other party before delivering such lists to KM, punitive damages, and an order prohibiting CCC from receiving reimbursement of its legal fees incurred in defending the action from the Cronos Partnerships. On April 24, 2000, CCC filed its demurrer to the Complaint and its motion to strike those portions of the Complaint seeking punitive damages. By its demurrer, CCC asserted that KM, as an assignee of units of the Cronos Partnerships, is not entitled to review or receive a copy of the lists of the limited partners of the Cronos Partnerships; that CCC has not breached any fiduciary duty to KM; and that CCC has not engaged in unfair competition as alleged by KM. CCC requested that the Court dismiss KM's Complaint. On June 8, 2000, the Court heard CCC's demurrer, and sustained (i.e., granted) it in its entirety, allowing KM thirty days to file an amended complaint. KM did so on or about July 10, 2000, asserting the same causes of action as set forth in its original complaint. CCC intends to demur to KM's amended complaint and to move to strike those portions of the complaint seeking punitive damages. CCC believes that KM's complaint is without merit. 12 13 PART II - OTHER INFORMATION (CONTINUED) Item 6. Exhibits and Reports on Form 8-K (a) Exhibits
Exhibit No. Description Method of Filing ------- --------------------------------------------------------------------- ------------------------ 3(a) Limited Partnership Agreement of the Registrant, amended and restated * as of December 28, 1995 3(b) Certificate of Limited Partnership of the Registrant ** 10 Form of Leasing Agent Agreement with Cronos Containers Limited *** 10.1 Note Purchase Agreement, dated as of March 30, 2000, by and between Filed with this document the Registrant (the "Company"), Cronos Containers Limited (the "Guarantor") and IBJ Whitehall Business Credit Corporation (the "Purchaser") 10.2 Guarantee, dated as of March 30, 2000, by and between the Guarantor, Filed with this document the Company and the Purchaser. 10.3 Secured note, dated as of March 30, 2000, by and between the Company Filed with this document and the Purchaser 10.4 Pledge and Security Agreement, dated as of March 30, 2000, by and Filed with this document between the Registrant (the "Debtor") and IBJ Whitehall Business Credit Corporation (the "Secured Party)" 27 Financial Data Schedule Filed with this document
(b) Reports on Form 8-K No reports on Form 8-K were filed by the Registrant during the quarter ended June 30, 2000. - ------------------ * Incorporated by reference to Exhibit "A" to the Prospectus of the Registrant dated December 28, 1995, included as part of Registration Statement on Form S-1 (No. 33-98290) ** Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No. 33-98290) *** Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No. 33-98290) 13 14 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. CRONOS GLOBAL INCOME FUND XVI, L.P. By Cronos Capital Corp. The General Partner By /s/ Dennis J. Tietz ---------------------------------------- Dennis J. Tietz President and Director of Cronos Capital Corp. ("CCC") Principal Executive Officer of CCC Date: August 14, 2000 14 15 EXHIBIT INDEX
Exhibit No. Description Method of Filing ------- --------------------------------------------------------------------- ------------------------ 3(a) Limited Partnership Agreement of the Registrant, amended and restated * as of December 28, 1995 3(b) Certificate of Limited Partnership of the Registrant ** 10 Form of Leasing Agent Agreement with Cronos Containers Limited *** 10.1 Note Purchase Agreement, dated as of March 30, 2000, by and between Filed with this document the Registrant (the "Company"), Cronos Containers Limited (the "Guarantor") and IBJ Whitehall Business Credit Corporation (the "Purchaser") 10.2 Guarantee, dated as of March 30, 2000, by and between the Guarantor, Filed with this document the Company and the Purchaser. 10.3 Secured note, dated as of March 30, 2000, by and between the Company Filed with this document and the Purchaser 10.4 Pledge and Security Agreement, dated as of March 30, 2000, by and Filed with this document between the Registrant (the "Debtor") and IBJ Whitehall Business Credit Corporation (the "Secured Party)" 27 Financial Data Schedule Filed with this document
- ------------------ * Incorporated by reference to Exhibit "A" to the Prospectus of the Registrant dated December 28, 1995, included as part of Registration Statement on Form S-1 (No. 33-98290) ** Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No. 33-98290) *** Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No. 33-98290) EX-27.1 2 ex27-1.txt FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AT JUNE 30, 2000 (UNAUDITED) AND THE STATEMENT OF OPERATIONS FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2000 (UNAUDITED) AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS INCLUDED AS PART OF ITS QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD JUNE 30, 2000. 6-MOS DEC-31-2000 JAN-01-2000 JUN-30-2000 1,383,117 0 694,885 0 0 2,078,002 31,613,510 6,407,945 28,145,361 840,600 0 0 0 0 23,101,761 28,145,361 0 1,789,492 0 921,032 0 0 88,469 0 0 0 0 0 0 820,904 0 0
-----END PRIVACY-ENHANCED MESSAGE-----