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PLM EQUIPMENT GROWTH FUNDS REPORT SECOND QUARTER RESULTS

    SAN FRANCISCO, Aug. 13 /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 June 30, 1993.
    PLM Equipment Growth Fund reported total revenue of $6.7 million for the quarter ended June 30, 1993, compared to $7.4 million in 1992.  Net income for the quarter was $1.4 million (including a $545,000 gain on disposition of equipment), compared to a net loss of $2.4 million (including a $2.5 million non-cash book adjustment to equipment value) in 1992.  Cash distributions per depositary unit for the quarter were 57.5 cents, equal to 57.5 cents a year ago.
    PLM Equipment Growth Fund reported total revenue of $13.3 million for the six months ended June 30, 1993, compared to $14.6 million in 1992.  Net income for the six months was $2.9 million (including a $556,000 gain on disposition of equipment), compared to a net loss of $2.7 million (including a $2.5 million non-cash book adjustment to equipment value) in 1992.  Cash distributions per depositary unit for the six months were $1.15, equal to $1.15 a year ago.
    The following table sets forth a summary of selected operating statistics for the quarter and six months ended June 30:
                    SELECTED OPERATING STATISTICS(A)
                                 Quarter Ended      Six Months Ended
       June 30:                  1993     1992        1993     1992
    Revenue                  $  6,696  $  7,374   $ 13,306  $ 14,595
    Net income (loss)        $  1,417  $ (2,388)  $  2,885  $ (2,701)
    Distributions paid       $  3,439  $  3,459   $  6,898  $  6,929
    Depositary units
      outstanding               5,891     5,943      5,891     5,943
    Distributions paid per
      depositary unit        $  0.575  $  0.575   $   1.15  $   1.15
    Total equipment
      portfolio(B)           $123,978  $146,247   $123,978  $146,247
    Net earnings (loss) per
      depositary unit        $   0.24  $  (0.42)  $   0.48  $  (0.48)
    NOTES:
    (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 $7.5 million for the quarter ended June 30, 1993, compared to $8.5 million in 1992. Net loss for the quarter was $284,000 (including a $161,000 non-cash book adjustment to equipment value, and a $336,000 loss on disposition of equipment), compared to a net loss of $2.2 million in 1992 (including a $948,000 non-cash book adjustment to equipment value, and a $227,000 loss on disposition of equipment).  Cash distributions per depositary unit for the quarter were 40 cents, compared to 55 cents a year ago.
    PLM Equipment Growth Fund II reported total revenue of $22.1 million for the six months ended June 30, 1993, compared to $17.4 million in 1992.  Net income for the six months was $6.1 million (including a $161,000 non-cash book adjustment to equipment value, and a $6.5 million net gain on disposition of equipment), compared to a net loss of $2.7 million (including a $948,000 non-cash book adjustment to equipment value, and a $235,000 loss on disposition of equipment) in 1992.  Cash distributions per depositary unit for the six months were 80 cents, compared to $1.10 a year ago.
    The following table sets forth a summary of selected operating statistics for the quarter and six months ended June 30:
                    SELECTED OPERATING STATISTICS(A)
                                Quarter Ended       Six Months Ended
        June 30:                  1993     1992      1993    1992
    Revenue                   $  7,498  $  8,537   $ 22,087  $ 17,357
    Net income (loss)         $   (284) $ (2,209)  $  6,137  $ (2,716)
    Distributions paid        $  3,156  $  4,342   $  6,314  $  8,687
    Depositary units
     outstanding                 7,494     7,500      7,494     7,500
    Distributions paid per
     depositary unit          $   0.40  $   0.55   $   0.80  $   1.10
    Total equipment
     portfolio(B)             $158,062  $167,270   $158,062  $167,270
    Net earnings (loss) per
     depositary unit          $  (0.04)  $ (0.33)  $   0.78  $  (0.40)
    NOTES:
    (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 $10.2 million for the quarter ended June 30, 1993, compared to $11.0 million in 1992.  Net loss for the quarter was $989,000, compared to a net loss of $807,000 in 1992.  Cash distributions per depositary unit for the quarter were 40 cents, compared to 52.5 cents a year ago.
    PLM Equipment Growth Fund III reported total revenue of $21.0 million for the six months ended June 30, 1993, compared to $22.2 million in 1992.  Net loss for the six months was $2.7 million (including a $1.4 million loss on disposition of equipment), compared to a net loss of $911,000 in 1992.  Cash distributions per depositary unit for the six months were 80 cents, compared to $1.05 a year ago.
    The following table sets forth a summary of selected operating statistics for the quarter and six months ended June 30:
                  SELECTED OPERATING STATISTICS(A)
                                Quarter Ended       Six Months Ended
        June 30:                  1993     1992      1993    1992
    Revenue                   $ 10,157  $ 10,989   $ 21,032  $ 22,189
    Net loss                  $   (989) $   (807)  $ (2,677) $   (911)
    Distributions paid        $  4,208  $  5,526   $  8,417  $ 11,054
    Depositary units
     outstanding                 9,988    10,000      9,988  $ 10,000
    Distributions paid per
     depositary unit          $   0.40  $  0.525   $   0.80  $   1.05
    Total equipment
     portfolio(B)             $205,804  $212,784   $205,804  $212,784
    Net loss per
     depositary unit          $  (0.12)  $ (0.11)  $  (0.31) $  (0.13)
    NOTES:
    (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, "During the second quarter, we continued to identify and sell underperforming assets while specifying and purchasing equipment that we believe will provide higher long-term yields.  This strategic repositioning of assets should leave the funds better poised to benefit when domestic and international conditions improve."
    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-             08/13/93
    CONTACT:  Janet Turner, vice president, Investor Relations, of PLM International, 415-905-7214
    (PLM GFX GFY GFZ) CO:  PLM INTERNATIONAL INC.; PLM FINANCIAL SERVICES INC. IN:  TRN SU:  ERN ST:  CA


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Date:Aug 13, 1993
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