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PLM EQUIPMENT GROWTH FUNDS REPORT THIRD QUARTER RESULTS

 SAN FRANCISCO, Nov. 15 /PRNewswire/ -- PLM Equipment Growth Fund (AMEX: GFX), PLM Equipment Growth Fund II (AMEX: GFY) and PLM Equipment Growth Fund III (AMEX: GFZ), California limited partnerships that own and lease diversified portfolios of transportation equipment, today announced results for the quarter ended Sept. 30, 1993.
 PLM Equipment Growth Fund reported total revenue of $5.5 million for the quarter ended Sept. 30, 1993, compared to $6.5 million in 1992. Net loss for the quarter was $1.4 million (including an $800,000 non-cash book adjustment to equipment value), compared to net income of $479,000 in 1992. Cash distributions per depositary unit for the quarter were $0.575, equal to $0.575 a year ago.
 PLM Equipment Growth Fund reported total revenue of $18.8 million for the nine months ended Sept. 30, 1993, compared to $21.1 million in 1992. Net income for the nine months was $1.5 million (including an $871,000 non-cash book adjustment to equipment value and a $629,000 gain on disposition of equipment), compared to a net loss of $2.2 million (including a $2.5 million non-cash book adjustment to equipment value) in 1992. Cash distributions per depositary unit for the nine months were $1.725, equal to $1.725 a year ago.
 The following table sets forth a summary of selected operating statistics for the quarter and nine months ended Sept. 30:
 PLM EQUIPMENT GROWTH FUND
 Selected Operating Statistics(A)
 Quarter Ended Nine Months Ended
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 Revenue $ 5,486 $ 6,540 $ 18,792 $ 21,135
 Net Income (Loss) $ (1,356) $ 479 $ 1,529 $ (2,221)
 Distributions Paid $ 3,430 $ 3,453 $ 10,328 $ 10,379
 Depositary Units
 Outstanding 5,878 5,943 5,878 5,943
 Distributions Paid per
 Depositary Unit $ 0.575 $ 0.575 $ 1.725 $ 1.725
 Total Equipment
 Portfolio(B) $125,179 $128,470 $125,179 $128,470
 Net Earnings (Loss) per
 Depositary Unit $ (0.23) $ 0.07 $ 0.24 $ (0.40)
 (A)Figures are in thousands, except per unit data.
 (B)Original purchase price plus capitalized costs, excluding equipment acquisition fees.
 PLM Equipment Growth Fund is a $120-million income-oriented limited partnership formed in May 1986 to acquire, manage and lease a diversified portfolio of used transportation equipment. The fund began trading on the American Stock Exchange June 1, 1989.
 PLM Equipment Growth Fund II reported total revenue of $7.4 million for the quarter ended Sept. 30, 1993, compared to $8.6 million in 1992. Net loss for the quarter was $363,000, compared to a net loss of $773,000 in 1992. Cash distributions per depositary unit for the quarter were $0.40, compared to $0.55 a year ago.
 PLM Equipment Growth Fund II reported total revenue of $29.5 million for the nine months ended Sept. 30, 1993, compared to $25.9 million in 1992. Net income for the nine months was $5.8 million (including a $161,000 non-cash book adjustment to equipment value, and $6.6 million net gain on disposition of equipment), compared to a net loss of $3.4 million (including a $948,000 non-cash book adjustment to equipment value, and a $216,000 loss on disposition of equipment) in 1992. Cash distributions per depositary unit for the nine months were $1.20, compared to $1.65 a year ago.
 The following table sets forth a summary of selected operating statistics for the quarter and nine months ended Sept. 30:
 PLM EQUIPMENT GROWTH FUND II
 Selected Operating Statistics(A)
 Quarter Ended Nine Months Ended
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 Revenue $ 7,448 $ 8,584 $ 29,535 $ 25,941
 Net Income (Loss) $ (363) $ (773) $ 5,774 $ (3,448)
 Distributions Paid $ 3,196 $ 4,342 $ 9,510 $ 13,029
 Depositary Units
 Outstanding 7,493 7,500 7,493 7,500
 Distributions Paid per
 Depositary Unit $ 0.40 $ 0.55 $ 1.20 $ 1.65
 Total Equipment
 Portfolio(B) $169,258 $166,491 $169,258 $166,491
 Net Earnings (Loss) per
 Depositary Unit $ (0.06) $ (0.14) $ 0.70 $ (0.54)
 (A)Figures are in thousands, except per unit data.
 (B)Original purchase price plus capitalized costs, excluding equipment acquisition fees.
 PLM Equipment Growth Fund II is a $150-million income-oriented limited partnership formed in March 1987 to acquire, manage and lease a diversified portfolio of used transportation equipment. The fund began trading on the American Stock Exchange Nov. 20, 1990.
 PLM Equipment Growth Fund III reported total revenue of $12.7 million for the quarter ended Sept. 30, 1993, compared to $11.6 million in 1992. Net income for the quarter was $2.3 million (including a $2.7 million gain on disposition of equipment), compared to a net loss of $1.9 million (including a $2.0 million non-cash book adjustment to equivalent value, and an $858,000 gain on disposition of equipment) in 1992. Cash distributions per depositary unit for the quarter were $0.40, compared to $0.525 a year ago.
 PLM Equipment Growth Fund III reported total revenue of $32.3 million for the nine months ended Sept. 30, 1993, compared to $33.8 million in 1992. Net loss for the nine months was $393,000 (including a $1.4 million gain on disposition of equipment), compared to a net loss of $2.8 million in 1992 (including a $2.2 million non-cash book adjustment to equipment value and an $893,000 gain on disposition of equipment). Cash distributions per depositary unit for the nine months were $1.20, compared to $1.575 a year ago.
 The following table sets forth a summary of selected operating statistics for the quarter and nine months ended Sept. 30:
 PLM EQUIPMENT GROWTH FUND III
 Selected Operating Statistics(A)
 Quarter Ended Nine Months Ended
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 Revenue $ 12,659 $ 11,572 $ 32,321 $ 33,795
 Net Income (Loss) $ 2,284 $ (1,917) $ (393) $ (2,829)
 Distributions Paid $ 4,206 $ 5,525 $ 12,623 $ 16,580
 Depositary Units
 Outstanding 9,985 10,000 9,985 10,000
 Distributions Paid per
 Depositary Unit $ 0.40 $ 0.525 $ 1.20 $ 1.575
 Total Equipment
 Portfolio(B) $193,935 $210,697 $193,935 $210,697
 Net Earnings (Loss) per
 Depositary Unit $ 0.22 $ (0.23) $ (0.03) $ (0.37)
 (A)Figures are in thousands, except per unit data.
 (B)Original purchase price plus capitalized costs, excluding equipment acquisition fees.
 PLM Equipment Growth Fund III is a $200-million income-oriented limited partnership formed in March 1988 to acquire, manage and lease a diversified portfolio of used transportation equipment. The fund began trading on the American Stock Exchange Aug. 16, 1991.
 In announcing the results, Allen V. Hirsch, president of PLM Financial Services Inc., the general partner of the funds, said, "Third quarter revenues were impacted by the planned sale of certain assets in each of the partnerships combined with a lag in reinvesting the sales proceeds into equipment with greater income-producing potential. While these sales are consistent with our asset redeployment strategy, as a result of continuing weak economic conditions, we remain selective in our equipment acquisitions. Proceeds from sales during the first half of the year were used in the third quarter to purchase over-the-road trailers for Growth Fund I and a 45 percent interest in a mobile off- shore drilling unit for Growth Fund II. We are in the process of purchasing an interest in a 'Lakes' fitted dry bulk carrier for Growth Fund III."
 PLM Financial Services Inc., a subsidiary of PLM International (AMEX: PLM), is the general partner for PLM Equipment Growth Funds. PLM International is a transportation equipment leasing company specializing in the management of equipment on operating leases. The company is also the leading sponsor of syndicated investment programs organized to invest primarily in transportation equipment.
 -0- 11/15/93
 /CONTACT: Janet Turner, vice president, investor relations, of PLM, 415-905-7214/
 (GFX GFY GFZ PLM)


CO: PLM Equipment Growth Fund; PLM Equipment Growth Fund II; PLM
 Equipment Growth Fund III; PLM International ST: California IN: TRN SU: ERN


RB-LW -- SF010 -- 4793 11/15/93 21:04 EST
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