PROFESSIONAL LEASE MANAGEMENT INCOME FUND I LLC - 10-Q Quarterly Report

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 March 31, 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) 

	March 31,			December 31,
		2003			2002

Assets

Equipment held for operating leases	$	103,864		$	89,472
Less accumulated depreciation		(57,336	)		(55,619	)

Net equipment		46,528			33,853

Cash and cash equivalents		2,865			560
Restricted cash		568			568
Cash held in escrow accounts		5,186			19,792
Accounts and note receivable, less allowance for doubtful
accounts of $3,220 in 2003 and $3,532 in 2002		2,834			2,342
Investment in unconsolidated special-purpose entities		1,887			2,044
Debt placement fees, less accumulated amortization
of $111 in 2003 and $105 in 2002		65			71
Prepaid expenses and other assets		437			443


Total assets	$	60,370		$	59,673


Liabilities and members’ equity

Liabilities:
Accounts payable and accrued expenses	$	1,101		$	622
Due to affiliates		204			191
Lessee deposits and reserves for repairs		4,022			3,917
Note payable		16,000			16,000
Total liabilities		21,327			20,730


Commitments and contingencies

Members' equity:
Class A members (4,971,311 units in 2003 and 2002)		39,043			38,943
Class B member		--			--

Total members' equity		39,043			38,943


Total liabilities and members' equity	$	60,370		$	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 INCOME 

(in thousands of dollars, except weighted-average unit amounts) 

(unaudited) 

	For the Three Months
	Ended March 31,
		2003			2002

Revenues

Lease revenue	$	4,391		$	4,749
Interest and other income		64			99
Gain on disposition of equipment		109			4
Total revenues		4,564			4,852


Expenses

Depreciation		1,844			1,748
Repairs and maintenance		493			452
Equipment operating expenses		610			984
Insurance expense		142			114
Management fees to affiliate		243			213
Interest expense		302			348
General and administrative expenses to affiliates		57			89
Other general and administrative expenses		382			170
(Recovery of) provision for bad debt expense		(312	)		782
Total expenses		3,761			4,900


Equity in net income of unconsolidated special-purpose entities		141			129


Net income	$	944		$	81


Members' share of net income (loss)