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PLM INTERNATIONAL REPORTS THIRD QUARTER RESULTS

 SAN FRANCISCO, Nov. 15 /PRNewswire/ -- San Francisco-based PLM International Inc. (AMEX: PLM) today reported the results of its operations for the quarter and nine months ended Sept. 30, 1993.
 For the quarter, PLM International reported consolidated revenues of $15.4 million, compared to $18.6 million for the same quarter in 1992. Net income to common shares in the third quarter was equal to $0.5 million or 5 cents per common share, compared to net income of $1.2 million or 11 cents per common share in 1992.
 For the nine-month period, consolidated revenues were $51.9 million, compared to $55.2 million for the same period in 1992. Net income to common shares in the first nine months of 1993 was equal to $1.3 million or 13 cents per common share, compared to a net loss of $23.4 million (after a $36.6 million pre-tax, non-cash restructuring adjustment) or $2.23 per common share in 1992.
 The following table sets forth a summary of selected operating statistics for the quarter and nine months ended Sept. 30, 1993 and 1992:
 PLM INTERNATIONAL INC.
 Selected Operating Statistics(A)
 Quarter Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Total Revenues $15,387 $18,579 $51,907 $ 55,190
 Income (Loss) Before Income
 Taxes $ 1,736 $ 3,621 $ 6,851 $(32,707)
 Net Income (Loss) $ 1,736 $ 2,927 $ 5,028 $(18,129)
 Preferred Dividends(B) $ 1,236 $ 1,760 $ 3,708 $ 5,280
 Net Income (Loss) to
 Common Shares(C) $ 500 $ 1,167 $ 1,320 $(23,409)
 Average Common Shares
 Outstanding(D) 10,527 10,497 10,520 10,497
 Net Income (Loss) per
 Common Share $ 0.05 $ 0.11 $ 0.13 $ (2.23)
 (A)Figures are in thousands, except per share data.
 (B)Net of $0.5 million tax benefit for the three months ended Sept. 30, 1993, and $1.6 million for the nine months ended Sept. 30, 1993.
 (C)After giving effect to $36.6 million of pre-tax non-cash restructuring adjustments during the second quarter 1992.
 (D)Included for per common share calculation.
 Robert N. Tidball, PLM International president and chief executive officer, said, "Our quarter to quarter profitability continues to gradually increase, reaffirming the actions we have announced to streamline the company. The third quarter results were affected by two offsetting adjustments. Continuing adverse changes in market conditions caused us to reduce the carrying value of certain of our equipment by approximately $900,000, which was offset by a favorable tax adjustment of approximately $600,000. During the third quarter, we continued to apply the sales proceeds from less desirable assets to the reduction of our senior debt, which has been reduced by more than $50 million in the last 16 months. We believe these steps continue to strengthen our financial position, enabling us to turn our focus toward capitalizing on future growth 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- 11/15/93
 /CONTACT: Janet Turner, vice president, investor relations, of PLM, 415-905-7214/
 (PLM)


CO: PLM International Inc. ST: California IN: TRN SU: ERN

RB-SG -- SF009 -- 4641 11/15/93 16:18 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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