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PLM EQUIPMENT GROWTH FUNDS ANNOUNCE YEAR-END RESULTS

 SAN FRANCISCO, March 19 /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 and year ended Dec. 31, 1992.
 PLM Equipment Growth Fund reported total revenue of $27.5 million for the year ended Dec. 31, 1992, compared to $44.6 million (including a $9.0-million gain on equipment sales) in 1991. Net loss for the year, after giving effect to a $7.9-million, noncash adjustment, resulting from a revaluation of certain equipment, was $7.5 million, compared to net income of $9.2 million in 1991. Cash distributions per depositary unit for the year were $2.30, equal to a year ago.
 For the quarter ended Dec. 31, 1992, total revenue was $6.3 million, compared to $15.9 million (including a $7.7-million gain on equipment sales) in 1991. Net loss for the fourth quarter of 1992, after giving effect to a $5.5 million, noncash adjustment resulting from a revaluation of certain equipment was $5.3 million, compared to net income of $6.7 million in 1991. Cash distributions per depositary unit paid in the fourth quarter were 57.5 cents, equal to a year ago.
 The following table sets forth a summary of certain operating statistics for the quarter and year ended Dec. 31, 1992:
 PLM EQUIPMENT GROWTH FUND
 CERTAIN OPERATING STATISTICS
 (Figures are in thousands, except per unit data)
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenue $ 6,355 $15,914 $27,470 $44,596
 Net Income (Loss) $(5,271) $ 6,728 $(7,492) $ 9,204
 Distributions $ 3,451 $ 3,471 $13,830 $13,885
 Distributions per
 unit $ 0.575 $ 0.575 $ 2.30 $ 2.30
 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 Financial Services Inc., a subsidiary of PLM International, is the general partner for PLM Equipment Growth Fund.
 PLM Equipment Growth Fund II reported total revenue of $34.5 million for the year ended Dec. 31, 1992, compared to $44.5 million (including a $5.2-million gain on equipment sales) in 1991. Net loss for the year, after giving effect to a $6.9-million, noncash adjustment resulting from a revaluation of certain equipment, was $10.5 million, compared to net income of $41.4 million in 1991. Cash distributions per depositary unit for the year were $2.20, equal to a year ago.
 For the quarter ended Dec. 31, 1992, total revenue was $8.6 million, compared to $14.3 million (including a $4.1-million gain on equipment sales) in 1991. Net loss for the fourth quarter of 1992, after giving effect to a $5.9-mllion, noncash adjustment resulting from a revaluation of certain equipment, was $7 million, compared to net income of $3.7 million in 1991. Cash distributions per depositary unit paid in the fourth quarter were 55 cents, equal to a year ago.
 The following table sets forth a summary of certain operating statistics for the quarter and year ended Dec. 31, 1992:
 PLM EQUIPMENT GROWTH FUND II
 Certain Operating Statistics(A)
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenue $ 8,567 $14,286 $ 34,509 $44,519
 Net income (loss) $(7,001) $ 3,657 $(10,489) $ 1,447
 Distributions $ 4,342 $ 4,342 $ 17,371 $17,369
 Distributions per unit $ 0.55 $ 0.55 $ 2.20 $ 2.20
 (A) Figures are in thousands, except per unit data.
 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 Financial Services Inc., subsidiary of PLM International is, the general partner for PLM Equipment Growth Fund.
 PLM Equipment Growth Fund III reported total revenue of $43.7 million for the year ended Dec. 31, 1992, compared to $55.3 million (including a $5.8-million gain in equipment sales) in 1991. Net loss for the year, after giving effect to a $8.3-million, noncash adjustment resulting from a revaluation of certain equipment, was $11.2 million, compared to a loss of $32,617 in 1991. Cash distributions per depositary unit for the year were $2.10, compared to $2.05 a year ago.
 For the quarter ended Dec. 31, 1992, total revenue was $9.9 million, compared to $17.7 million (including a $5.8-million gain on equipment sales) in 1991. Net loss for the fourth quarter of 1992, after giving effect to a $6.1-million, noncash adjustment resulting from a revaluation of certain equipment, was $8.4 million, compared to net income of $2.8 million in 1991. Cash distributions per depositary unit paid in the fourth quarter were 52.5 cents, equal to a year ago.
 The following table sets forth a summary of certain operating statistics for the quarter and year ended Dec. 31, 1992:
 PLM EQUIPMENT GROWTH FUND III
 Certain Operating Statistics(A)
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenue $ 9,926 $ 17,707 $ 43,721 $ 55,290
 Net income (loss) $ (8,420) $ 2,804 $(11,249) $ (33)
 Distributions $ 5,526 $ 5,526 $ 22,106 $ 21,579
 Distributions per unit $ 0.525 $ 0.525 $ 2.10 $ 2.05
 (A) Figures are in thousands, except per unit data.
 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. PLM Financial Services Inc., a subsidiary of PLM International, is the general partner for PLM Equipment Growth Fund III.
 In announcing the results, Allen V. Hirsch, president of PLM Financial Services Inc., the general partner of the funds, said, "The continued downturn of the airline industry and the soft marine market prompted the revaluation of primarily aircraft and vessel assets in each of the funds. As part of the revaluation process, we have identified certain equipment that may be sold. These proceeds will be reinvested into more promising equipment opportunities."
 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- 3/19/93
 /CONTACT: Valerie Carattini-Cooke, director of Corporate Communications of PLM International, 415-905-7227/
 (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


SG-GT -- SF007 -- 8139 03/19/93 20:50 EST
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