-----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, Ml5OoPf0aghag9+gtqryb6wuG/0OtL1XroO2zRBlWsZyT7HRpA6AiKxQe2teZNuu KyvtjvGs3i1RbEu6CaB29w== 0001019542-98-000002.txt : 19980518 0001019542-98-000002.hdr.sgml : 19980518 ACCESSION NUMBER: 0001019542-98-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATEL CAPITAL EQUIPMENT FUND VII LP CENTRAL INDEX KEY: 0001019542 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 943248318 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-24175 FILM NUMBER: 98621987 BUSINESS ADDRESS: STREET 1: 235 PINE STREET 6TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: 4159898800 MAIL ADDRESS: STREET 1: 235 PINE STREET STREET 2: SIXTH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 10-Q 1 1ST QUARTER REPORT 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 March 31, 1998 |_| 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 333-08879 ATEL Capital Equipment Fund VII, L.P. (Exact name of registrant as specified in its charter) California 94-3248318 (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 Part I. FINANCIAL INFORMATION Item 1. Financial Statements. ATEL CAPITAL EQUIPMENT FUND VII, L.P. BALANCE SHEETS MARCH 31, 1998 AND DECEMBER 31, 1997 (Unaudited) ASSETS 1998 1997 ---- ---- Cash and cash equivalents $2,003,334 $2,014,706 Accounts receivable 2,084,731 917,219 Other assets 200,000 200,000 Investments in leases 110,232,834 101,284,861 ----------------- ------------------ Total assets $114,520,899 $104,416,786 ================= ================== LIABILITIES AND PARTNERS' CAPITAL Lines of credit $37,254,961 $40,390,460 Non-recourse debt 7,945,141 8,127,374 Accounts payable: General Partner 245,704 334,256 Other 268,026 535,621 Accrued interest expense 256,690 197,664 Unearned operating lease income 1,025,730 930,997 ----------------- ------------------ Total liabilities 46,996,252 50,516,372 Partners' capital: General Partner (338,699) (247,461) Limited Partners 67,863,346 54,147,875 ----------------- ------------------ Total partners' capital 67,524,647 53,900,414 ----------------- ------------------ Total liabilities and partners' capital $114,520,899 $104,416,786 ================= ================== See accompanying notes. ATEL CAPITAL EQUIPMENT FUND VII, L.P. STATEMENT OF OPERATIONS THREE MONTH PERIODS ENDED MARCH 31, 1998 AND 1997 (Unaudited) 1998 1997 ---- ---- Revenues: Leasing activities: Operating leases $5,392,236 $1,515,545 Direct financing leases 262,173 - Leveraged leases 32,879 - Gain on sales of assets 878 - Interest 6,567 2,646 Other 723 117 ----------------- ------------------ 5,695,456 1,518,308 Expenses: Depreciation 2,913,361 1,018,723 Interest expense 846,237 303,983 Administrative cost reimbursements to General Partner 247,691 87,163 Equipment and incentive management fees to General Partner 295,546 57,329 Other 145,296 52,694 Provision for losses 56,954 - Professional fees 8,751 8,345 ----------------- ------------------ 4,513,836 1,528,237 ----------------- ------------------ Net income (loss) $1,181,620 ($9,929) ================= ================== Net income (loss): General Partner $88,622 ($745) Limited Partners 1,092,998 (9,184) ================= ================== $1,181,620 ($9,929) ================= ================== Net income (loss) per Limited Partnership Unit $0.15 ($0.01) Weighted average number of Units outstanding 7,504,449 788,645 STATEMENT OF CHANGES IN PARTNERS' CAPITAL THREE MONTH PERIOD ENDED MARCH 31, 1998 (Unaudited)
Limited Partners General Units Amount Partner Total Balance December 31, 1996 6,716,896 $54,147,875 ($247,461) $53,900,414 Capital contributions 1,649,064 16,490,640 - 16,490,640 Less selling commissions to affiliates (1,566,611) - (1,566,611) Other syndication costs to affiliates (595,950) - (595,950) Distributions to partners (1,705,606) (179,860) (1,885,466) Net income 1,092,998 88,622 1,181,620 ----------------- ----------------- ----------------- ------------------ Balance March 31, 1997 8,365,960 $67,863,346 ($338,699) $67,524,647 ================= ================= ================= ==================
See accompanying notes. ATEL CAPITAL EQUIPMENT FUND VII, L.P. STATEMENT OF CASH FLOWS THREE MONTH PERIODS ENDED MARCH 31, 1998 AND 1997
1998 1997 Operating activities: Net income (loss) $1,181,620 ($9,929) Adjustments to reconcile net income to cash provided by operating activities: Leveraged lease income (32,879) - Gain on sales of assets (878) Depreciation 2,913,361 1,018,723 Provision for losses 56,954 - Changes in operating assets and liabilities: Accounts receivable (1,167,512) (216,218) Accounts payable, General Partner (88,552) 54,079 Accounts payable, other (267,595) 53,979 Accrued interest expense 59,026 - Unearned lease income 94,733 125,214 ----------------- ------------------ Net cash provided by operations 2,748,278 1,025,848 ----------------- ------------------ Investing activities: Purchases of equipment on operating leases (11,560,028) (21,146,051) Purchases of equipment held for sale or lease (441,187) - Purchases of equipment on direct financing leases - (760,000) Reduction of net investment in direct financing leases 106,076 Proceeds from sales of assets 10,608 - ----------------- ------------------ Net cash used in investing activities (11,884,531) (21,906,051) ----------------- ------------------ Financing activities: Borrowings under line of credit - 9,273,690 Repayments of borrowings under line of credit (3,135,499) (485,000) Repayments of non-recourse debt (182,233) - Capital contributions received 16,490,640 15,567,090 Payment of syndication costs to General Partner (2,162,561) (2,281,544) Distributions to limited partners (1,705,606) (76,227) Distributions to general partner (179,860) - ----------------- ------------------ Net cash provided by financing activities 9,124,881 21,998,009 ----------------- ------------------ Net increase in cash and cash equivalents (11,372) 1,117,806 Cash and cash equivalents at beginning of period 2,014,706 600 ----------------- ------------------ Cash and cash equivalents at end of period $2,003,334 $1,118,406 ================= ================== Supplemental disclosures of cash flow information: Cash paid during the period for interest $303,983 ==================
See accompanying notes. ATEL CAPITAL EQUIPMENT FUND VII, L.P. NOTES TO FINANCIAL STATEMENTS MARCH 31, 1998 (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 Capital Equipment Fund VII, L.P. (the Fund), was formed under the laws of the State of California on July 17 , 1996, 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 17, 1996, $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 7, 1997, the Partnership commenced operations. 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. ATEL CAPITAL EQUIPMENT FUND VII, L.P. NOTES TO FINANCIAL STATEMENTS MARCH 31, 1998 (Unaudited) 3. Investment in leases: The Partnership's investment in leases consists of the following:
Depreciation Balance Expense or Reclassi- Balance December 31, Amortization fications or March 31, 1997 Additions of Leases Dispositions 1998 ---- --------- --------- - ------------- ---- Net investment in operating leases $83,268,573 11,560,028 (2,900,278) ($9,730) $91,918,593 Net investment in direct financing leases 16,609,199 - (106,076) - 16,503,123 Net investment in leveraged leases 1,449,068 - 32,879 - 1,481,947 Assets held for sale or lease 441,187 (11,763) - 429,424 Reserve for losses (74,277) (56,954) - - (131,231) Initial direct costs, net of accumulated amortization 32,298 - (1,320) - 30,978 ------------------- ----------------- ----------------- ----------------- ------------------ $101,284,861 $11,944,261 ($2,986,558) ($9,730) $110,232,834 =================== ================= ================= ================= ==================
Property on operating leases consists of the following:
Balance Balance December 31, March 31, 1997 Additions Dispositions 1998 ---- --------- ------------ ---- Transportation $51,120,754 $4,648,781 ($10,255) $55,759,280 Manufacturing 14,342,104 709,848 - 15,051,952 Mining 6,275,273 1,286,210 - 7,561,483 Motor vehicles 5,454,671 - - 5,454,671 Office automation 1,624,385 3,328,775 - 4,953,160 Aircraft 3,430,000 - 3,430,000 Materials handling 3,127,344 216,900 - 3,344,244 Other 2,601,605 220,887 - 2,822,492 Furniture and fixtures 1,132,479 1,148,627 - 2,281,106 ----------------- ----------------- ----------------- ------------------ 89,108,615 11,560,028 (10,255) 100,658,388 Less accumulated depreciation (5,840,042) (2,900,278) 525 (8,739,795) ----------------- ----------------- ----------------- ------------------ $83,268,573 $8,659,750 ($9,730) $91,918,593 ================= ================= ================= ==================
ATEL CAPITAL EQUIPMENT FUND VII, L.P. NOTES TO FINANCIAL STATEMENTS MARCH 31, 1998 (Unaudited) 3. Investment in leases (continued): As of March 31, 1998, investment in direct financing leases consists of fuel trucks. The following lists the components of the Partnership's investment in direct financing leases as of March 31, 1998: Total minimum lease payments receivable $14,225,842 Estimated residual values of leased equipment (unguaranteed) 7,106,748 -------------- Investment in direct financing leases 21,332,590 Less unearned income (4,829,467) -------------- Net investment in direct financing leases $16,503,123 ============== All of the property on leases was acquired in 1997 and 1998. There were no significant dispositions of such property. At March 31, 1998, the aggregate amounts of future minimum lease payments are as follows: Direct Year ending Operating Financing December 31, Leases Leases Total 1998 $12,202,121 $1,892,635 $14,094,756 1999 17,842,529 2,523,513 20,366,042 2000 14,761,168 2,523,513 17,284,681 2001 12,206,797 2,523,513 14,730,310 2002 8,843,965 2,116,959 10,960,924 Thereafter 6,580,933 2,645,709 9,226,642 ----------------- ----------------- ----------------- $72,437,513 $14,225,842 $86,663,355 ================= ================= ================= 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 8.3% to 10.0%. Future minimum payments of non-recourse debt are as follows: Year ending December 31, Principal Interest Total 1998 $569,893 $216,809 $786,702 1999 1,258,792 984,894 2,243,686 2000 1,703,036 540,650 2,243,686 2001 1,861,393 382,293 2,243,686 2002 1,466,096 219,272 1,685,368 Thereafter 1,085,931 108,819 1,194,750 ----------------- ----------------- ----------------- $7,945,141 $2,452,737 $10,397,878 ================= ================= ================= ATEL CAPITAL EQUIPMENT FUND VII, L.P. NOTES TO FINANCIAL STATEMENTS MARCH 31, 1998 (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 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. The General Partner and/or Affiliates earned fees, commissions and reimbursements, pursuant to the Limited Partnership Agreement as follows:
1998 1997 ---- ---- Selling commissions (equal to 9.5% of the selling price of the Limited Partnership units, deducted from Limited Partners' capital) $1,566,611 $1,478,874 Reimbursement of other syndication costs 595,950 802,670 Incentive management fees (computed as 4% 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). 295,546 57,329 Administrative costs reimbursed to General Partner 247,691 87,163 ----------------- ------------------ $2,705,798 $2,426,036 ================= ==================
ATEL CAPITAL EQUIPMENT FUND VII, L.P. NOTES TO FINANCIAL STATEMENTS MARCH 31, 1998 (Unaudited) 6. Partner's capital: As of March 31, 1998, 8,365,960 Units ($83,659,600) were issued and outstanding. The Fund's registration statement with the Securities and Exchange Commission became effective November 29, 1996. The Fund is authorized to issue up to 15,000,050 Units, including the 50 Units issued to the initial limited partners. Available Cash from Operations, as defined in the Limited Partnership Agreement, shall be distributed as follows: First, Distributions of Cash from Operations shall be 88.5% to the Limited Partners, 7.5% to the General Partner and 4% to the General Partner or its affiliate designated as the recipient of the Incentive Management Fee, 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, as defined in the Limited Partnership Agreement. Second, 85% to the Limited Partners, 7.5% to the General Partner and 7.5% to the General Partner or its affiliate designated as the recipient of the Incentive Management Fee. Available Cash from Sales or Refinancing, as defined in the Limited Partnership Agreement, shall be distributed as follows: First, Distributions of Sales or Refinancings shall be 92.5% to the Limited Partners and 7.5% to the General Partner, 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. Second, 85% to the Limited Partners, 7.5% to the General Partner and 7.5% to the General Partner or its affiliate designated as the recipient of the Incentive Management Fee. 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 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 March 31, 1998, the Partnership had $37,254,961 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 March 31, 1998. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Capital Resources and Liquidity During the first quarter of 1998 and 1997, the Partnership's primary activities were raising funds through its offering of Limited Partnership Units (Units) and engaging in equipment leasing activities. Through March 31, 1998, the Partnership had received subscriptions for 8,365,960 Units ($83,659,600) all of which were issued and outstanding. During the funding period, the Partnership's primary source of liquidity is subscription proceeds from the public offering of Units. 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. As another source of liquidity, the Partnership has contractual obligations with a diversified group of lessees for 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. No commitments of capital have been or are expected to be made other than for the acquisition of additional equipment. Such commitments totaled approximately $7,020,000 as of March 31, 1998. 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. Cash Flows During the first quarters of 1998 and 1997, the Partnership's primary sources of liquidity were the proceeds of its offering of Units. Cash from operating activities was almost entirely from operating lease rents in both years. Once the Partnership's offering is completed, operating leases are expected to be the primary source of cash. In the first quarter of 1998, the only sources of cash from investing activities was proceeds from sales of assets and rents from direct financing leases. Neither was significant compared to the Partnership's other sources of cash. There were no sources of cash from investing activities during the first quarter of 1997. The primary investing use of cash was the purchase of assets on operating leases. Cash from financing sources consisted of cash received for subscriptions for Units. Distributions to Partners has increased as the offering has continued and the number of outstanding Units has increased compared to 1997. Results of operations Operations resulted in a net income of $1,181,620 in 1998 compared to a net loss of $9,929 in the same period in 1997. 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. Depreciation is related to operating lease assets and thus, to operating lease revenues. It is expected to increase in future periods as acquisitions continue. 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 number of units outstanding increases (as a result of the continuing offering of such units), the incentive management fee is expected to increase. Interest expense in the first quarter of 1998 relates primarily to the borrowings under the line of credit. Interest expense for the first quarter of 1997 related to the borrowings under the line of credit. It included all amounts related to those borrowings, going back as far as November 1996 when the General Partner started to fund the related transactions on behalf of the Partnership. All of the revenues and related carrying costs for these transactions were attributed to the Partnership in the first quarter of 1997. Results of operations in future periods are expected to vary considerably from those of the first quarter of 1998 as the Partnership continues to acquire significant amount of lease assets. 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. Information provided pursuant to ss. 228.701 (Item 701(f))(formerly included in Form SR): (1) Effective date of the offering: November 29, 1996; File Number: 33388 (2) Offering commenced: November 29, 1996 ( 3) The offering did not terminate before any securities were sold. (4) The offering has not been terminated prior to the sale of all of the securities. (5) The managing underwriter is ATEL Securities Corporation. (6) The title of the registered class of securities is "Units of limited partnership interest" (7) Aggregate amount and offering price of securities registered and sold as of March 31, 1998
Aggregate Aggregate price of price of offering offering Amount amount Amount amount Title of Security Registered registered sold sold Limited Partnership units 15,000,000 $150,000,000 8,365,910 $83,659,100 (8) Costs incurred for the issuers account in connection with the issuance and distribution of the securities registered for each category listed below: Direct or indirect payments to directors, officers, general partners of the issuer or their associates; to persons owning ten percent or more of any Direct or class of equity securities of indirect the issuer; Direct or indirect and to affiliates of payments to the issuer others Total Underwriting discounts and commissions $3,736,447 $4,211,168 $7,947,615 Other expenses - 4,014,660 4,014,660 ----------------- ----------------- ------------------ Total expenses $3,736,447 $8,225,828 $11,962,274 ================= ================= ==================
(9) Net offering proceeds to the issuer after the total expenses in item 8: $71,696,826
(10) The amount of net offering proceeds to the issuer used for each of the purposes listed below:
Direct or indirect payments to directors, officers, general partners of the issuer or their associates; to persons owning ten percent or more of any Direct or class of equity securities of indirect the issuer; Direct or indirect and to affiliates of payments to the issuer others Total Purchase and installation of machinery and equipment $ - $71,278,531 $71,278,531 Working capital - 418,296 418,296 ----------------- ----------------- ------------------ $ - $71,696,826 $71,696,826 ================= ================= ==================
(11) The use of the proceeds in Item 10 does not represent a material change in the uses of proceeds described in the prospectus. 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, March 31, 1998 and December 31, 1997. Statements of operations for the three month periods ended March 31, 1998 and 1997. Statement of changes in partners' capital for the three months ended March 31, 1998. Statements of cash flows for the three month periods ended March 31, 1998 and 1997. 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 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: May 12, 1998 ATEL CAPITAL EQUIPMENT FUND VII, 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 EX-27 2 FDS --
5 3-MOS DEC-31-1998 DEC-31-1998 2,003,334 0 2,084,731 0 0 0 0 0 114,520,899 0 0 0 0 0 67,524,647 114,520,899 0 5,695,456 0 0 3,610,645 56,954 846,237 1,181,620 0 1,181,620 0 0 0 1,181,620 0 0
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