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UNITED STATES
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 fiscal quarter ended June 30, 2003

     [ ]   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 0-28376
_______________________



PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(Exact name of registrant as specified in its charter)


Delaware
 
94-3209289
(State or other jurisdiction of
 
(I.R.S. Employer
incorporation or organization)
 
Identification No.)
 
 
 
235 3 rd Street South, Suite 200
 
 
St. Petersburg, FL
 
33701
(Address of principal executive offices)
 
(Zip code)
 
 
 

   Registrant's telephone number, including area code (727) 803-1800
   _______________________

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
- -
     
 

PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(A Delaware Limited Liability Company)
CONDENSED BALANCE SHEETS
(in thousands of dollars, except unit amounts)
(unaudited)

 
June 30,
 
December 31,
 
 
2003
 
 
 
2002
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equipment held for operating leases
$
108,231
 
 
$
89,472
 
Less accumulated depreciation
 
(59,306
)
 
 
(55,619
)
 
 
 
 
 
 
 
 
Net equipment
 
48,925
 
 
 
33,853
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
3,900
 
 
 
560
 
Restricted cash
 
573
 
 
 
568
 
Cash held in escrow accounts
 
1,632
 
 
 
19,792
 
Accounts and note receivable, less allowance for doubtful
 
 
 
 
 
 
 
accounts of $2,693 in 2003 and $3,532 in 2002
 
2,899
 
 
 
2,342
 
Investment in unconsolidated special-purpose entities
 
1,737
 
 
 
2,044
 
Debt placement fees, less accumulated amortization
 
 
 
 
 
 
 
of $116 in 2003 and $105 in 2002
 
61
 
 
 
71
 
Prepaid expenses and other assets
 
365
 
 
 
443
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
60,092
 
 
$
59,673
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and members’ equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
1,309
 
 
$
622
 
Due to affiliates
 
263
 
 
 
191
 
Lessee deposits and reserves for repairs
 
3,987
 
 
 
3,917
 
Note payable
 
16,000
 
 
 
16,000
 
Total liabilities
 
21,559
 
 
 
20,730
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commitments and contingencies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Members' equity:
 
 
 
 
 
 
 
Class A members (4,971,311 units)
 
38,533
 
 
 
38,943
 
Class B member
 
--
 
 
 
--
 
 
 
 
 
 
 
 
 
Total members' equity
 
38,533
 
 
 
38,943
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and members' equity
$
60,092
 
 
$
59,673
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 














See accompanying notes to unaudited condensed financial statements.
- -
     
 

PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(A Delaware Limited Liability Company)
CONDENSED STATEMENTS OF OPERATIONS
(in thousands of dollars, except weighted-average unit amounts)
(unaudited)

 
For the Three Months
 
For the Six Months
 
Ended June 30,
 
Ended June 30,
 
 
2003
 
 
 
2002
 
 
 
2003
 
 
 
2002
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lease revenue
$
4,650
 
 
$
4,781
 
 
$
9,041
 
 
$
9,531
 
Interest and other income
 
93
 
 
 
91
 
 
 
157
 
 
 
189
 
Gain on disposition of equipment
 
19
 
 
 
4
 
 
 
123
 
 
 
8
 
Loss on disposition of equipment
 
(5
)
 
 
--
 
 
 
--
 
 
 
--
 
Total revenues
 
4,757
 
 
 
4,876
 
 
 
9,321
 
 
 
9,728
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation
 
2,011