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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March 31,
2006
 OR
 o
    
    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 0-23158
 CRONOS GLOBAL INCOME FUND XIV, L.P.
  California
(State or other jurisdiction of
incorporation or organization)
    
    94-3163375
(I.R.S. Employer
Identification No.)
 One Front Street, Suite 925, San Francisco, California
  
  94111(Address of principal executive offices)
  
  (Zip Code) 
 þ o
  o o þ
 o þ




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CRONOS GLOBAL INCOME FUND XIV, L.P.
 Report on Form 10-Q for the Quarterly Period
Ended March 31, 2006
 TABLE OF CONTENTS
 PAGEPART I  FINANCIAL INFORMATION
    
    
    3Item 1. Financial Statements
    
    
    3Condensed Balance Sheets  March 31, 2006 and December 31, 2005 (unaudited)
    
    
    4Condensed Statements of Operations for the three months ended March 31, 2006 and 2005 (unaudited)
    
    
    5Condensed Statements of Cash Flows for the three months ended March 31, 2006 and 2005 (unaudited)
    
    
    6Notes to Condensed Financial Statements (unaudited)
    
    
    7Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    12Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    17Item 4. Controls and Procedures
    
    
    17PART II  OTHER INFORMATION
    
    
    18Item 1. Legal Proceedings
    
    
    18Item 1A. Risk Factors
    
    
    18Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    18Item 3. Defaults Upon Senior Securities
    
    
    18Item 4. Submissions of Matters to a Vote of Securities Holders
    
    
    18Item 5. Other Information
    
    
    18Item 6. Exhibits
    
    
    18
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Financial Statements
   3




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CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Condensed Balance Sheets
 (Unaudited)
 March 31,
    
    
    December 31,2006
    
    
    2005AssetsCurrent assets:Cash and cash equivalents, includes $1,445,861 at March 31, 2006 and
$1,634,572 at December 31, 2005 in interest-bearing accounts
    
    $
    1,460,861
    
    
    $
    1,649,572Net lease and other receivables due from Leasing Company
    
    
    427,848
    
    
    
    427,800Total current assets
    
    
    1,888,709
    
    
    
    2,077,372Container rental equipment, at cost
    
    
    23,999,147
    
    
    
    26,037,800Less accumulated depreciation
    
    
    (17,708,397
    )
    
    
    (18,846,642
    )Net container rental equipment
    
    
    6,290,750
    
    
    
    7,191,158Total assets
    
    $
    8,179,459
    
    
    $
    9,268,530Partners CapitalPartners capital (deficit):General partner
    
    $
    (437,170
    )
    
    $
    (470,255
    )Limited partners
    
    
    8,616,629
    
    
    
    9,738,785Total partners capital
    
    $
    8,179,459
    
    
    $
    9,268,530
  4




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CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Condensed Statements of Operations
 (Unaudited)
 Three Months EndedMarch 31,
    
    
    March 31,2006
    
    
    2005Net lease revenue
    
    $
    478,813
    
    
    $
    671,832Other operating income (expenses):Depreciation
    
    
    (385,815
    )
    
    
    (512,626
    )Other general and administrative expenses
    
    
    (35,892
    )
    
    
    (29,928
    )Net gain (loss) on disposal of equipment
    
    
    44,666
    
    
    
    (77,109
    )(377,041
    )
    
    
    (619,663
    )Income from operations
    
    
    101,772
    
    
    
    52,169Other income:Interest income
    
    
    14,673
    
    
    
    8,491Net income
    
    $
    116,445
    
    
    $
    60,660Allocation of net income:General partner
    
    $
    69,745
    
    
    $
    34,817Limited partners
    
    
    46,700
    
    
    
    25,843$
    116,445
    
    
    $
    60,660Limited partners per unit share of net income
    
    $
    0.02
    
    
    $
    0.01
  5




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CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Condensed Statements of Cash Flows
 (Unaudited)
 Three Months EndedMarch 31,
    
    
    March 31,2006
    
    
    2005Net cash provided by operating activities
    
    $
    545,137
    
    
    $
    552,463Cash flows from investing activities:Proceeds from sale of container rental equipment
    
    
    471,671
    
    
    
    508,573Cash flows from financing activities:Distribution to general partner
    
    
    (36,664
    )
    
    
    (48,722
    )Distribution to limited partners
    
    
    (1,168,855
    )
    
    
    (1,367,809
    )Net cash used in financing activities
    
    
    (1,205,519
    )
    
    
    (1,416,531
    )Net decrease in cash and cash equivalents
    
    
    (188,711
    )
    
    
    (355,495
    )Cash and cash equivalents at the beginning of the period
    
    
    1,649,572
    
    
    
    2,235,887Cash and cash equivalents at the end of the period
    
    $
    1,460,861
    
    
    $
    1,880,392
  6




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CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Notes to Unaudited Condensed Financial Statements
 Summary of Significant Accounting Policies
 Nature of Operations
     Leasing Company and Leasing Agent Agreement
   7




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CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Unaudited Condensed Financial Statements
 Leasing Company and Leasing Agent Agreement (continued)
  Basis of Accounting
  Use of Estimates
   Container Rental Equipment
    8




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CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Unaudited Condensed Financial Statements
 Container Rental Equipment (continued)
  Allocation of Net Income or Loss, Partnership Distributions and Partners Capital
Accounts
     9




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CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Unaudited Condensed Financial Statements
 Financial Statement Presentation
   Net Lease and Other Receivables Due from Leasing Company
  March 31,
    
    
    December 31,2006
    
    
    2005Gross lease and other receivables
    
    $
    951,830
    
    
    $
    933,160Less:Direct operating payables and accrued expenses
    
    
    294,890
    
    
    
    245,322Damage protection reserve
    
    
    61,087
    
    
    
    87,426Base management fees receivable
    
    
    (3,964
    )
    
    
    (1,497
    )Reimbursed administrative expenses
    
    
    16,765
    
    
    
    15,150Allowance for doubtful accounts
    
    
    155,204
    
    
    
    158,959523,982
    
    
    
    505,360Net lease and other receivables
    
    $
    427,848
    
    
    $
    427,800
  10




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CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Unaudited Condensed Financial Statements
 Net Lease Revenue
  Three Months EndedMarch 31,
    
    
    March 31,2006
    
    
    2005Rental revenue
    
    $
    628,335
    
    
    $
    889,826Less:Rental equipment operating expenses
    
    
    63,884
    
    
    
    101,910Base management fees
    
    
    43,852
    
    
    
    60,927Reimbursed administrative expensesSalaries
    
    
    30,575
    
    
    
    37,882Other payroll related expenses
    
    
    4,239
    
    
    
    7,403General and administrative expenses
    
    
    6,972
    
    
    
    9,872Total reimbursed administrative expenses
    
    
    41,786
    
    
    
    55,157149,522
    
    
    
    217,994Net lease revenue
    
    $
    478,813
    
    
    $
    671,832
 Operating Segment
   Three Months EndedMarch 31,
    
    
    March 31,2006
    
    
    2005Dry cargo containers
    
    $
    495,068
    
    
    $
    654,225Refrigerated containers
    
    
    133,267
    
    
    
    235,601Total
    
    $
    628,335
    
    
    $
    889,826
  11




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Managements Discussion and Analysis of Financial Condition and Results of
Operations
  Market Overview
      12




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Results of Operations
   
    
    Activity-related expenses, including agent and depot costs such as repairs,
maintenance and handling.
    
    Inventory-related expenses for off-hire containers, comprising storage and
repositioning costs. These costs are sensitive to the quantity of off-hire containers
as well as the frequency at which containers are re-delivered.
    
    Legal and other expenses, including legal costs related to the recovery of containers
and doubtful accounts, insurance and provisions for doubtful accounts.
 13




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Dry Cargo
    
    
    RefrigeratedContainers
    
    
    Containers40-Foot20-Foot
    
    
    40-Foot
    
    
    High-Cube
    
    
    20-Foot
    
    
    40-FootContainers on lease:Master lease
    
    
    2,761
    
    
    
    855
    
    
    
    100
    
    
    
    162
    
    
    
    6Term leaseShort term1
    
    
    1,319
    
    
    
    610
    
    
    
    29
    
    
    
    30
    
    
    
    Long term 2
    
    
    264
    
    
    
    46
    
    
    
    2
    
    
    
    
    
    
    
    Subtotal
    
    
    4,344
    
    
    
    1,511
    
    
    
    131
    
    
    
    192
    
    
    
    6Containers off lease
    
    
    375
    
    
    
    218
    
    
    
    24
    
    
    
    70
    
    
    
    2Total container fleet
    
    
    4,719
    
    
    
    1,729
    
    
    
    155
    
    
    
    262
    
    
    
    8
 
 1.
    
    Short term leases represent term leases that are either scheduled for renegotiation or
that may expire on or before March 2007.2.
    
    Long term leases represent term leases, the majority of which will expire between April
2007 and December 2010. Dry Cargo
    
    
    RefrigeratedContainers
    
    
    Containers20-Foot
    
    
    40-Foot
    
    

40-Foot High-Cube
    
    
    20-Foot
    
    
    40-FootUnits
    
    
    %
    
    
    Units
    
    
    %
    
    
    Units
    
    
    %
    
    
    Units
    
    
    %
    
    
    Units
    
    
    %Total purchases
    
    
    8,778
    
    
    
    100
    %
    
    
    3,612
    
    
    
    100
    %
    
    
    216
    
    
    
    100
    %
    
    
    511
    
    
    
    100
    %
    
    
    350
    
    
    
    100
    %Less disposals
    
    
    4,059
    
    
    
    46
    %
    
    
    1,883
    
    
    
    52
    %
    
    
    61
    
    
    
    28
    %
    
    
    289
    
    
    
    49
    %
    
    
    342
    
    
    
    98
    %Remaining fleet at March 31, 2006
    
    
    4,719
    
    
    
    54
    %
    
    
    1,729
    
    
    
    48
    %
    
    
    155
    
    
    
    72
    %
    
    
    262
    
    
    
    51
    %
    
    
    8
    
    
    
    2
    %
 Three Months Ended March 31, 2006 Compared to the Three Months Ended March 31, 2005
 Net lease revenue
 Three Months EndedMarch 31,
    
    
    March 31,2006
    
    
    2005Fleet size (measured in twenty-foot equivalent units (TEU))
Dry cargo containers
    
    
    8,878
    
    
    
    10,977Dry cargo containers
    
    
    8,878
    
    
    
    10,977Refrigerated containers
    
    
    299
    
    
    
    509Average utilization ratesDry cargo containers
    
    
    91
    %
    
    
    95
    %Refrigerated containers
    
    
    74
    %
    
    
    86
    %
 Depreciation expense
 Other general and administrative expenses
 14




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Net gain on disposal of equipment
  Liquidity and Capital Resources
    15




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Cash from Operating Activities
 Cash from Investing Activities
 Cash from Financing Activities
 Critical Accounting Policies
  
    
    Container equipment  depreciable lives
    
    Container equipment  valuation
    
    Allowance for doubtful accounts
  Inflation
  16




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Quantitative and Qualitative Disclosures About Market Risk
 Exchange rate risk:
 
 Controls and Procedures
   17




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PART II  OTHER INFORMATION
 
 Item 1.
    
    Legal Proceedings
  
 Item 1A.
    
    Risk Factors
  
 Item 2.
    
    Unregistered Sales of Equity Securities and Use of Proceeds
  
 Item 3.
    
    Defaults Upon Senior Securities
  
 Item 4.
    
    Submissions of Matters to a Vote of Securities Holders
  
 Item 5.
    
    Other Information
  
 Item 6.
    
    Exhibits
  ExhibitNo
    
    Description
    
    Method of Filing3(a)
    
    Limited Partnership Agreement, amended and
restated as of December 2, 1992
    
    *3(b)
    
    Certificate of Limited Partnership
    
    **10
    
    Form of Leasing Agent Agreement with
Cronos Containers Limited
    
    ***31.1
    
    Rule 13a-14 Certification
    
    Filed with this document31.2
    
    Rule 13a-14 Certification
    
    Filed with this document32
    
    Section 1350 Certification
    
    Filed with this document****
 
 *
    
    Incorporated by reference to Exhibit A to the Prospectus of the Partnership dated December
2, 1992, included as part of Registration Statement on Form S-1 (No. 33-51810)**
    
    Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No.
33-51810)***
    
    Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No.
33-51810)****
    
    This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as
required by Section 906, is not to be deemed filed with the Commission or subject to the
rules and regulations promulgated by the Commission under the Securities Exchange Act of 1934,
as amended, or to the liabilities of Section 18 of said Act. 18




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SIGNATURES
  CRONOS GLOBAL INCOME FUND XIV, L.P.By
    
    Cronos Capital Corp.The General PartnerBy
    
    /s/ Dennis J. TietzDennis J. TietzPresident and Director of Cronos Capital Corp. (CCC)Principal Executive Officer of CCCBy
    
    /s/ John KallasJohn KallasChief Financial Officer andDirector of Cronos Capital Corp. (CCC)Principal Financial and Accounting Officer of CCC
  19




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EXHIBIT INDEX
 ExhibitNo
    
    Description
    
    Method of Filing3(a)
    
    Limited Partnership Agreement, amended and
restated as of December 2, 1992
    
    *3(b)
    
    Certificate of Limited Partnership
    
    **10
    
    Form of Leasing Agent Agreement with
Cronos Containers Limited
    
    ***31.1
    
    Rule 13a-14 Certification
    
    Filed with this document31.2
    
    Rule 13a-14 Certification
    
    Filed with this document32
    
    Section 1350 Certification
    
    Filed with this document****
 
 *
    
    Incorporated by reference to Exhibit A to the
Prospectus of the Partnership dated December 2, 1992, included as part of Registration Statement on Form S-1 (No. 33-51810)**
    
    Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No.
33-51810)***
    
    Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No.
33-51810)****
    
    This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as
required by Section 906, is not to be deemed filed with the Commission or subject to the
rules and regulations promulgated by the Commission under the Securities Exchange Act of 1934,
as amended, or to the liabilities of Section 18 of said Act. 20