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PLM EQUIPMENT GROWTH FUND ANNOUNCES QUARTERLY RESULTS

     PLM EQUIPMENT GROWTH FUND ANNOUNCES QUARTERLY RESULTS
    SAN FRANCISCO, Nov. 14 /PRNewswire/ -- PLM Equipment Growth Fund (AMEX: GFX), a California limited partnership that owns and leases a diversified portfolio of transportation equipment, today announced results for the quarter ended Sept. 30, 1991.
    For the quarter ended Sept. 30, 1991, total revenue was $9.3 million, compared to $9.9 million for the same quarter in 1990.  Net loss for the third quarter of 1991 was $209,000, compared to net income of $1.8 million for the same period in 1990.  The net loss in the third quarter is primarily due to increased marine operating expenses, reduction in the gain on the disposition of equipment and the one-time loss on the revaluation of three commuter aircraft.  With the continued economic uncertainty of the commuter aircraft industry, the partnership reduced the carrying value of these commuter aircraft to their current estimated net realizable values.  We are optimistic that the anticipated sale of these aircraft as well as the proceeds from additional equipment sales during the final quarter of 1991 could improve the quarterly results of the partnership in the fourth quarter by allowing sale proceeds to be redeployed into additional transportation equipment.  Cash distributions payable per depositary unit for the third quarter were 58 cents, compared to 58 cents for the same quarter in 1990.
    For the nine months ended Sept. 30, 1991, total revenue was $28.7 million, compared to $27.7 million in 1990.  Net income for the first nine months of 1991 was $2.5 million, compared to $3.8 million for the same period in 1990.  Cash distributions payable per depositary unit for the nine months ended Sept. 30, 1991 were $1.73 compared to $1.70 a year ago.
    The following table sets forth a summary of certain operating statistics for the quarter and nine months ended Sept. 30:
                  Certain Operating Statistics(i)
                                        Quarter         Nine Months
                                    Ended Sept. 30    Ended Sept. 30
                                     1991    1990      1991     1990
    Revenue                         $9,275   $9,898  $28,682  $27,658
    Net Income (Loss)                $(209)  $1,797   $2,476   $3,782
    Distributions Payable           $3,469   $3,476  $10,414  $10,277
    Depositary Units
     Outstanding                     5,973    5,985    5,973    5,985
    Net Income (Loss) per
     Depositary Unit                $(0.03)   $0.30    $0.41    $0.63
    Distributions Payable per
     Depositary Unit                 $0.58    $0.58    $1.73    $1.70
    Total Equipment
     Portfolio (ii)              $150,598  $146,723  $150,598 $146,723
    (i) Figures are in thousands, except per unit data.
    (ii) Total acquisition cost including capitalized repairs exclusive of depreciation.
    PLM Equipment Growth Fund is a $120 million income-oriented limited partnership formed in May, 1986 to acquire, lease and manage a diversified portfolio of used transportation equipment.  The fund began trading on the American Stock Exchange June 1, 1989 and has 5.973 million depositary units outstanding.  PLM Financial Services Inc., a subsidiary of PLM International, is the General Partner for PLM Equipment Growth Fund.
    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-                     11/14/91
    /CONTACT:  Valerie Carattini-Cooke of PLM International, 415-905-7227/
    (GFX) CO:  PLM Equipment Growth Fund ST:  California IN:  FIN TRN SU:  ERN RM -- SF020 -- 1329 11/14/91 20:49 EST
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Publication:PR Newswire
Date:Nov 14, 1991
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