-----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, KxTqlbKVV1DwF2DBd6NfKEEj80+nEB9q16xy5set+HNShvYqQmv3B85StTT84DiR bPrLBeBPN320yiNmpbCFsQ== 0000950149-96-001807.txt : 19961113 0000950149-96-001807.hdr.sgml : 19961113 ACCESSION NUMBER: 0000950149-96-001807 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961112 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRONOS GLOBAL INCOME FUND XV LP CENTRAL INDEX KEY: 0000912605 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 943186624 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-23886 FILM NUMBER: 96658831 BUSINESS ADDRESS: STREET 1: 444 MARKET ST STREET 2: 15TH FLR CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4156778990 10-Q 1 FORM 10-Q 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 SEPTEMBER 30, 1996 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 0-23886 CRONOS GLOBAL INCOME FUND XV, L.P. (Exact name of registrant as specified in its charter) California 94-3186624 (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 XV, L.P. REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1996 TABLE OF CONTENTS
PAGE PART I - FINANCIAL INFORMATION Item 1. Financial Statements Balance Sheets - September 30, 1996 (unaudited) and December 31, 1995 4 Statements of Operations for the three and nine months ended September 30, 1996 and 1995 (unaudited) 5 Statements of Cash Flows for the nine months ended September 30, 1996 and 1995 (unaudited) 6 Notes to Financial Statements (unaudited) 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 PART II - OTHER INFORMATION Item 5. Other Materially Important Events 13 Item 6. Exhibits and Reports on Form 8-K 14
2 3 PART I - FINANCIAL INFORMATION Item 1. Financial Statements Presented herein are the Registrant's balance sheets as of September 30, 1996 and December 31, 1995, statements of operations for the three and nine months ended September 30, 1996 and 1995, and statements of cash flows for the nine months ended September 30, 1996 and 1995. 3 4 CRONOS GLOBAL INCOME FUND XV, L.P. BALANCE SHEETS (UNAUDITED)
September 30, December 31, 1996 1995 ------------- ------------ Assets Current assets: Cash, includes $1,295,341 at September 30, 1996 and $715,458 at December 31, 1995 in interest-bearing accounts $ 1,295,827 $ 717,359 Short-term investments 4,790,478 33,333,858 Net lease receivables due from Leasing Company (notes 1 and 2) 2,467,010 2,130,519 ------------ ------------ Total current assets 8,553,315 36,181,736 ------------ ------------ Container rental equipment, at cost 123,802,605 100,639,251 Less accumulated depreciation 11,472,195 6,375,758 ------------ ------------ Net container rental equipment 112,330,410 94,263,493 ------------ ------------ Organizational costs, net 1,986,438 2,424,105 ------------ ------------ $122,870,163 $132,869,334 ============ ============ Liabilities and Partners' Capital Current liabilities: Due to general partner (notes 1 and 3) $ 49,550 $ 118,059 Interest payable -- 10,967 Due to manufacturers 991,000 4,250,500 ------------ ------------ Total current liabilities 1,040,550 4,379,526 ------------ ------------ Partners' capital (deficit): General partner (28,601) (41,287) Limited partners 121,858,214 128,531,095 ------------ ------------ Total partners' capital 121,829,613 128,489,808 ------------ ------------ $122,870,163 $132,869,334 ============ ============
The accompanying notes are an integral part of these statements 4 5 CRONOS GLOBAL INCOME FUND XV, L.P. STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Nine Months Ended -------------------------------- ------------------------------ September 30, September 30, September 30, September 30, 1996 1995 1996 1995 ------------- ------------- ------------- ------------- Net lease revenue (notes 1 and 4) $3,476,389 $3,570,505 $10,177,679 $9,177,491 Other operating expenses: Depreciation and amortization 1,940,357 1,455,907 5,571,441 3,797,398 Other general and administrative expenses 45,691 9,348 135,296 73,814 ---------- ---------- ----------- ---------- 1,986,048 1,465,255 5,706,737 3,871,212 ---------- ---------- ----------- ---------- Earnings from operations 1,490,341 2,105,250 4,470,942 5,306,279 Other income (expense): Interest income 95,039 26,506 617,131 66,417 Net gain on disposal of equipment 44,985 25,582 80,089 32,348 Interest expense -- (287,639) -- (784,675) ---------- ---------- ----------- ---------- 140,024 (235,551) 697,220 (685,910) ---------- ---------- ----------- ---------- Net earnings $1,630,365 $1,869,699 $ 5,168,162 $4,620,369 ========== ========== =========== ========== Allocation of net earnings: General partner $ 221,435 $ 99,174 $ 604,103 $ 230,624 Limited partners 1,408,930 1,770,525 4,564,059 4,389,745 ---------- ---------- ----------- ---------- $1,630,365 $1,869,699 $ 5,168,162 $4,620,369 ========== ---------- =========== ========== Limited partners' per unit share of net earnings $ .20 $ .40 $ .64 $ 1.24 ========== ========== =========== ==========
The accompanying notes are an integral part of these statements 5 6 CRONOS GLOBAL INCOME FUND XV, L.P. STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended Nine Months Ended September 30, September 30, 1996 1995 ----------------- ----------------- Net cash provided by operating activities $ 10,311,785 $ 6,803,569 Cash flows provided by (used in) investing activities: Proceeds from sale of container rental equipment 331,812 76,764 Purchase of container rental equipment (25,496,324) (33,724,645) Acquisition fees to general partner (1,274,816) (2,251,052) ------------ ------------ Net cash used in investing activities (26,439,328) (35,898,933) ------------ ------------ Cash flows provided by (used in) financing activities: Capital contributions -- 54,032,140 Underwriting commissions -- (5,403,214) Offering and organizational expenses (9,011) (1,052,338) Distributions to partners (11,828,358) (4,610,672) Borrowings from revolving credit facility -- 33,060,237 Repayments to revolving credit facility -- (44,001,726) Loan origination costs -- (875) ------------ ------------ Net cash provided by (used in) financing activities (11,837,369) 32,023,552 ------------ ------------ Net increase (decrease) in cash and cash equivalents (27,964,912) 2,928,188 Cash and cash equivalents at January 1 34,051,217 1,732,203 ------------ ------------ Cash and cash equivalents at September 30 $ 6,086,305 $ 4,660,391 ============ ============ Supplemental disclosure for cash flow information: Cash paid during the period for: Interest $ 8,003 $ 640,279 ============ ============
The accompanying notes are an integral part of these statements 6 7 CRONOS GLOBAL INCOME FUND XV, L.P. NOTES TO UNAUDITED FINANCIAL STATEMENTS (1) Summary of Significant Accounting Policies (a) Nature of Operations Cronos Global Income Fund XV, L.P. (the "Partnership") is a limited partnership organized under the laws of the State of California on August 26, 1993, for the purpose of owning and leasing marine cargo containers, special purpose containers and container-related equipment. Cronos Capital Corp. ("CCC") is the general partner and, with its affiliate Cronos Containers Limited (the "Leasing Company"), manages and controls the business of the Partnership. (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 two 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 financial statements. (c) Basis of Accounting The Partnership utilizes the accrual method of accounting. Revenue is recognized when earned. The Partnership has determined that for accounting purposes the Leasing Agent Agreement is a lease, and the receivables, payables, gross revenues and operating expenses attributable to the containers managed by the Leasing Company are, for accounting purposes, those of the Leasing Company and not of the Partnership. Consequently, the Partnership's balance sheets and statements of operations display the payments to be received by the Partnership from the Leasing Company as the Partnership's receivables and revenues. (Continued) 7 8 CRONOS GLOBAL INCOME FUND XV, L.P. NOTES TO UNAUDITED FINANCIAL STATEMENTS (d) Financial Statement Presentation These 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 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 generally accepted accounting principles (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. 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. (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, the Leasing Company, 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 September 30, 1996 and December 31, 1995 were as follows:
September 30, December 31, 1996 1995 ------------- ------------ Lease receivables, net of doubtful accounts of $118,489 at September 30, 1996 and $201,958 at December 31, 1995 $4,606,292 $3,857,584 Less: Direct operating payables and accrued expenses 1,083,420 740,754 Damage protection reserve 623,637 537,205 Base management fees 330,981 361,199 Reimbursed administrative expenses 101,244 87,907 ---------- ---------- $2,467,010 $2,130,519 ========== ==========
(3) Due to General Partner The amounts due to CCC at September 30, 1996 and December 31, 1995 consist of acquisition fees. (Continued) 8 9 CRONOS GLOBAL INCOME FUND XV, L.P. NOTES TO UNAUDITED FINANCIAL STATEMENTS (4) Net Lease Revenue Net lease revenue is determined by deducting direct operating expenses, management fees and reimbursed administrative expenses to CCC, the Leasing Company, 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 nine-month periods ended September 30, 1996 and 1995 were as follows:
Three Months Ended Nine Months Ended ------------------------------ ---------------------------- September 30, September 30, September 30, September 30, 1996 1995 1996 1995 ------------- ------------- ------------- ------------- Rental revenue $5,595,759 $4,941,181 $15,978,696 $12,969,132 Rental equipment operating expenses 1,399,868 749,557 3,741,927 2,169,742 Base management fees 387,773 338,259 1,108,689 899,564 Reimbursed administrative expenses 331,729 282,860 950,401 722,335 ---------- ---------- ----------- ----------- $3,476,389 $3,570,505 $10,177,679 $ 9,177,491 ========== ========== =========== ===========
(5) Equipment Purchases As of September 30, 1996, the Partnership had purchased the following types of equipment:
Purchased from Purchased Container Total Equipment Type from CCC Manufacturers Purchased -------------- --------- -------------- --------- Dry Cargo Containers: Twenty-foot 8,357 17,292 25,649 Forty-foot 2,884 5,867 8,751 Forty-foot high-cube 397 1,400 1,797 Refrigerated Cargo Containers: Twenty-foot 163 300 463 Forty-foot high-cube 100 -- 100 Tank Containers: Twenty-foot 133 96 229
The aggregate purchase price (excluding acquisition fees) of the equipment acquired by the Partnership through September 30, 1996, was $118,371,769, of which $117,380,769 was paid from the Net Proceeds of this offering, and $991,000 remained payable to equipment manufacturers. Of the aggregate equipment, $39,848,186 thereof had been acquired from CCC or its affiliates and $78,523,583 thereof had been acquired from third-party container manufacturers located in Taiwan, South Korea, India, Indonesia, the People's Republic of China, Italy, Germany, Turkey, Hong Kong and the United Kingdom. Equipment acquired from CCC or its affiliates had been purchased by CCC and its affiliates as new equipment, and was resold to the Partnership at cost, minus the net revenues earned by CCC in operating the equipment prior to its resale to the Partnership. 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 September 30, 1996 and December 31, 1995. The Registrant initiated its offering of limited partnership interests to the public subsequent to December 17, 1993. The Registrant commenced operations on February 22, 1994 when the minimum subscription proceeds of $2,000,000 was obtained from at least 100 investors (excluding from such count, Pennsylvania residents, the general partner, and affiliates of the general partner). At December 15, 1995, the termination date of the offering, the Registrant had raised $143,031,380 through the offering of limited partnership interests, from which it had paid brokerage commissions, reimbursed CCC for public offering expenses, and purchased equipment. The following table sets forth the use of said subscription proceeds as of September 30, 1996.
Percentage of Amount Gross Proceeds ------ -------------- Gross Subscription Proceeds $143,031,380 100% Public Offering Expenses: Underwriting Commissions 14,303,138 10.0% Offering and Organization Expenses 2,977,551 2.1% ------------ --- Total Public Offering Expenses 17,280,689 12.1% ------------ --- Net Proceeds 125,750,691 87.9% Acquisition Fees 5,869,038 4.1% Working Capital Reserve 1,430,314 1.0% Unexpended Proceeds 1,070,570 0.7% ------------ --- Gross Proceeds Invested in Equipment $117,380,769 82.1% ============ ====
During the third quarter of 1996, the Registrant disbursed $2,165,513 of unexpended proceeds to finance an additional 217 forty-foot and 200 forty-foot high-cube dry cargo containers, as well as 11 tank containers. The Registrant's cash and short-term investment balances as of September 30, 1996 included $1,070,570 in unexpended proceeds from the offering of limited partnership interests, together with interest earned thereon, and amounts reserved as working capital. Of the $1,070,570 in unexpended proceeds remaining at September 30, 1996, $991,000 was reserved for equipment delivered during the third quarter of 1996 and payable to equipment manufacturers during the fourth quarter of 1996. The acquisition fees related to these equipment purchases were $49,550. At September 30, 1996, the Registrant has also committed to purchase an additional 50 twenty-foot, 37 forty-foot and 41 forty-foot high-cube dry cargo containers, replacing containers which have been lost or damaged beyond repair, at an aggregate manufacturer's invoice cost of $400,560. Approximately $440,000 in cash generated from equipment sales and reserved as part of the Registrant's September 30, 1996 cash balances, will be used to finance these purchases. 10 11 The statements contained in the following discussion are based on current expectations. These statements are forward looking and actual results may differ materially. Indicative of the cyclical nature of the container leasing business, containerized trade growth slowed in the last quarter of 1995, and excess inventories began to develop. This slowdown has resulted in reduced equipment utilization and lower per-diem rental rates in the container leasing industry during the first nine months of 1996. The Registrant's utilization rates have also been influenced by its efforts to invest unexpended proceeds from its offering, as containers purchased directly from container manufacturers experience an off-hire period while they are marketed and repositioned for initial lease-out. At September 30, 1996, the utililization rates of the Registrant's fleet were 82%, 91%, and 90% for dry, refrigerated, and tank containers respectively. During the first nine months of 1996, the Leasing Company implemented various marketing strategies, including but not limited to, offering incentives to shipping companies and repositioning containers to high demand locations in order to counter the market conditions. Accordingly, ancillary revenues have fallen, and free-day incentives offered to the shipping lines have increased. In addition, rental equipment operating expenses of the Registrant have increased due to higher storage and handling costs associated with the off-hire fleet, and increased repositioning costs. These leasing market conditions are expected to adversely impact the Registrant's results from operations through the remainder of 1996 and into 1997. 2) Material changes in the results of operations between the three and nine-month periods ended September 30, 1996 and the three and nine-month periods ended September 30, 1995. Net lease revenue for the three month period ended September 30, 1996 was $3,476,789, a decrease of approximately 3% over the same period in the prior year, reflecting higher rental operating expenses due to the softer container leasing market. Net lease revenue for the nine month period ended September 30, 1996 was $10,177,679, an increase of approximately 11% over the same period in the prior year, resulting from the Registrant's increased fleet size. Gross rental revenue (a component of net lease revenue) for the three and nine-month periods ended September 30, 1996 was $5,595,759 and $15,978,696, respectively, an increase of 13% and 23% from the same periods in the prior year, respectively. During 1996, gross rental revenue was primarily impacted by the Registrant's increase in fleet size resulting from the investment of the remaining unexpended offering proceeds. Average dry cargo container per-diem rental rates for the three and nine-month periods ended September 30, 1996 declined approximately 10% and 6%, respectively, when compared to the same periods in the prior year, respectively. Average refrigerated container per-diem rental rates for the three-month period ended September 30, 1996 decreased approximately 5%, when compared to the same three-month period in the prior year. However, average refrigerated container per-diem rental rates increased 6% for the nine-month period ended September 30, 1996, when compared to the same nine-month period in the prior year. Average tank container per-diem rental rates for the three and nine-month periods ended September 30, 1996 increased approximately 1% and 3%, when compared to the same periods in the prior year, respectively. The Registrant's average fleet size and utilization rates for the three and nine-month periods ended September 30, 1996 and 1995 were as follows:
Three Months Ended Nine Months Ended ------------------------------- ------------------------------- September 30, September 30, September 30, September 30, 1996 1995 1996 1995 ------------- ------------- ------------- ------------- Average Fleet Size (measured in twenty-foot equivalent units (TEU)) Dry cargo containers 46,507 36,459 44,716 36,983 Refrigerated cargo containers 663 363 641 363 Tank containers 229 165 214 165 Average Utilization Dry cargo containers 83% 88% 82% 88% Refrigerated cargo containers 93% 99% 82% 99% Tank containers 87% 95% 89% 97%
11 12 Rental equipment operating expenses were 25% and 23% of the Registrant's gross lease revenue during the three and nine-month periods ended September 30, 1996, respectively, as compared to 15% and 17% during the three and nine-month periods ended September 30, 1995, respectively. Costs associated with lower utilization levels, including handling, storage and repositioning contributed to the increase in the rental equipment operating expenses, as a percentage of gross lease revenue. 12 13 PART II - OTHER INFORMATION Item 5. Other Materially Important Events Equipment Acquisitions Pursuant to its undertakings made in its Registration Statement No. 33-69356, Section 7.2 (h) of the Partnership Agreement, the Registrant had purchased the following types of equipment as of September 30, 1996:
Purchased Registrant's Purchased from from Container Total Average Cost Equipment Type the General Partner Manufacturers Purchased Per Container --------------- ------------------- -------------- --------- ------------- Dry Cargo Containers: Twenty-foot 8,357 17,292 25,649 $ 2,368 Forty-foot 2,884 5,867 8,751 $ 3,781 Forty-foot high-cube 397 1,400 1,797 $ 4,097 Refrigerated Cargo Containers: Twenty-foot 163 300 463 $20,192 Forty-foot high-cube 100 -- 100 $23,094 Tank Containers: Twenty-foot 133 96 229 $24,164
The aggregate purchase price (excluding acquisition fees) of the equipment acquired by the Registrant through September 30, 1996, was $118,371,769, of which $117,380,769 was paid from the Net Proceeds of this offering, and $991,000 remained payable to equipment manufacturers. Of the aggregate equipment, $39,848,185 thereof had been acquired from CCC or its affiliates and $78,523,583 thereof had been acquired from third-party container manufacturers located in Taiwan, South Korea, India, Indonesia, the People's Republic of China, Italy, Germany, Turkey, Hong Kong and the United Kingdom. Equipment acquired from CCC or its affiliates had been purchased by CCC or its affiliates as new equipment, and was resold to the Registrant at cost, minus the net revenues earned by CCC in operating the equipment prior to its resale to the Registrant. 13 14 PART II - OTHER INFORMATION 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 15, 1993 3(b) Certificate of Limited Partnership of the Registrant ** 10 Form of Leasing Agent Agreement with Cronos Containers Limited *** 27 Financial Data Schedule Filed with this document
(b) Reports on Form 8-K In lieu of filing a current report on Form 8-K, the Registrant has provided in Part II, Item 5 hereof, a description of its purchase of marine cargo containers during the three-month period ended September 30, 1996. - ---------------- * Incorporated by reference to Exhibit "A" to the Prospectus of the Registrant dated December 17, 1993, included as part of Registration Statement on Form S-1 (No. 33-69356) ** Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No. 33-69356) *** Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No. 33-69356) 14 15 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 XV, L.P. By Cronos Capital Corp. The General Partner By /s/ JOHN KALLAS ----------------------------------------- John Kallas Vice President, Treasurer Principal Financial & Accounting Officer Date: November 11, 1996 15 16 EXHIBIT INDEX
Exhibit No. Description Method of Filing ------- ----------- ---------------- 3(a) Limited Partnership Agreement of the Registrant, amended and * restated as of December 15, 1993 3(b) Certificate of Limited Partnership of the Registrant ** 10 Form of Leasing Agent Agreement with Cronos Containers Limited *** 27 Financial Data Schedule Filed with this document
- ---------------- * Incorporated by reference to Exhibit "A" to the Prospectus of the Registrant dated December 17, 1993, included as part of Registration Statement on Form S-1 (No. 33-69356) ** Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No. 33-69356) *** Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No. 33-69356) EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AT SEPTEMBER 30, 1996 (UNAUDITED) AND THE STATEMENT OF OPERATIONS FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1996 (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 SEPTEMBER 30, 1996 9-MOS DEC-31-1996 JAN-01-1996 SEP-30-1996 6,086,305 0 2,467,010 0 0 8,553,315 123,802,605 11,472,195 122,870,163 1,040,550 0 0 0 0 121,829,613 122,870,163 0 10,177,679 0 5,706,737 0 0 0 0 0 0 0 0 0 5,168,162 0 0
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