UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-13080
LIBERTY EQUIPMENT INVESTORS L.P.-1984
(Exact name of Registrant as specified in its charter)
Delaware 13-3222673
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
World Financial Center - South Tower, N.Y., N.Y. 10080-6114
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(212) 236-6472
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required to
file such reports), and (2) has been subject to filing
requirements for the past 90 days. Yes X No
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Liberty Equipment Investors L.P.-1984
Table of Contents
Consolidated Balance Sheets as of June 30, 1995
(Unaudited) and December 30, 1994 (Unaudited)
Consolidated Statements of Operations for the Thirteen and
Twenty-Six Week Periods Ended June 30, 1995 (Unaudited)and
July 1, 1994 (Unaudited)
Consolidated Statements of Cash Flows for the Twenty-Six
Week Periods Ended June 30, 1995 (Unaudited) and July 1,
1994 (Unaudited)
Notes to Financial Statements for the Twenty-Six Week
Period Ended June 30, 1995 (Unaudited)
<PAGE>
LIBERTY EQUIPMENT INVESTORS L.P.-1984
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 1995 (UNAUDITED)
AND DECEMBER 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION> June 30, December 30,
Notes 1995 1994
<S> <C> <C> <C>
ASSETS: 3,4,5
Cash and cash equivalents $ 1,808,365 $ 1,717,573
Property under management
contract and held for lease
(less accumulated depreciation
of $3,686,444 and $4,577,749,
respectively) 1,327,531 2,094,070
Deferred costs (less accumulated
amortization of $351,840 and
$353,057, respectively)
752 6,045
Net assets of discontinued
operations of Windplant 5 - 5,246,131
Accounts receivable and other
assets 292,073 395,265
TOTAL ASSETS $ 3,428,721 $ 9,459,084
LIABILITIES AND PARTNERS'
CAPITAL:
Liabilities:
Notes Payable - Windplant 5 $ - $ 4,445,512
Accounts payable and accrued
liabilities 5 218,356 674,421
Liabilities of discontinued
operations of Medical Imaging
Centers 3,4 106,414 221,164
Total Liabilities 324,770 5,341,097
</TABLE>
(Continued on the following page)
<PAGE>
LIBERTY EQUIPMENT INVESTORS L.P.-1984
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 1995 (UNAUDITED)
AND DECEMBER 30, 1994 (UNAUDITED)
(Continued)
<TABLE>
<CAPTION> June 30, December 30,
Notes 1995 1994
<S> <C> <C> <C>
Partners' Capital:
General Partner: 1
Capital contributions, net of
offering expenses and return of
capital 224,249 233,115
Cash distributions (59,349) (56,978)
Cumulative loss (133,861) (134,958)
31,039 41,179
Limited Partners: 1
Capital contributions, net of
offering expenses and return of
capital (31,338.3 Units of
Limited Partnership Interest)
22,200,628 23,078,399
Cash distributions (5,875,451) (5,640,713)
Cumulative loss (13,252,265) (13,360,878)
3,072,912 4,076,808
Total Partners' Capital 3,103,951 4,117,987
TOTAL LIABILITIES AND PARTNERS'
CAPITAL $ 3,428,721 $ 9,459,084
See Notes to Consolidated Financial Statements (Unaudited).
</TABLE>
<PAGE>
LIBERTY EQUIPMENT INVESTORS L.P.-1984
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THIRTEEN AND TWENTY-SIX WEEK PERIODS
ENDED JUNE 30, 1995 (UNAUDITED)
AND JULY 1, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
Thirteen Weeks Twenty-Six Weeks
June 30, July 1, June 30, July 1,
Notes 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
REVENUES:
Rental income $ 225,951 $ 342,815 $ 507,409 $ 705,883
Interest
income 26,506 18,514 51,424 35,851
Gain on
disposals of
leased assets 10,215 11,964 94,530 21,423
Total Revenues 262,672 373,293 653,363 763,157
EXPENSES:
Depreciation
and
amortization
expense 88,614 155,621 189,130 307,394
Property
operating
expenses 132,028 174,459 278,216 355,637
Other
operating
expenses 69,824 50,071 141,307 104,665
Total Expenses 290,466 380,151 608,653 767,696
(Continued on the following page)
</TABLE>
<PAGE>
LIBERTY EQUIPMENT INVESTORS L.P.-1984
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THIRTEEN AND TWENTY-SIX WEEK PERIODS
ENDED JUNE 30, 1995 (UNAUDITED)
AND JULY 1, 1994 (UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
Thirteen Weeks Twenty-Six Weeks
June 30, July 1, June 30, July 1,
Notes 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
(LOSS)/INCOME
FROM
CONTINUING
OPERATIONS (27,794) (6,858) 44,710 (4,539)
DISCONTINUED
OPERATIONS:
Loss from
discontinued
operations of
medical
imaging
centers 4 -- (10,658) -- (192,357)
Gain on
disposal of
Costa Mesa
Imaging Center
Investment
3 -- -- 65,000 --
NET (LOSS)/
INCOME $ (27,794) $ (17,516) $ 109,710 $(196,896)
NET (LOSS)/
INCOME
ALLOCATED TO
GENERAL
PARTNER $ (278) $ (175) $ 1,097 $ (1,969)
See Notes to Consolidated Financial Statements (Unaudited).
</TABLE>
<PAGE>
LIBERTY EQUIPMENT INVESTORS L.P.-1984
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THIRTEEN AND TWENTY-SIX WEEK PERIODS
ENDED JUNE 30, 1995 (UNAUDITED)
AND JULY 1, 1994 (UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
Thirteen Weeks Twenty-Six Weeks
June 30, July 1, June 30, July 1,
Notes 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
NET (LOSS)/
INCOME
ALLOCATED TO
LIMITED
PARTNERS
(31,338.3
Units of
Limited
Partnership
Interest) (27,516) (17,341) 108,613 (194,927)
Net (Loss)/
Income $ (27,794) $ (17,516) $ 109,710 $(196,896)
PER UNIT OF LIMITED
PARTNERSHIP
INTEREST:
(LOSS)/INCOME
FROM
CONTINUING
OPERATIONS $ (0.88) $ (.22) $ 1.41 $ (.14)
DISCONTINUED
OPERATIONS:
Loss from
discontinued
operations of
medical
imaging
centers 4 -- (.34) -- (6.08)
Gain on
disposal of
Costa Mesa
Imaging Center
Investment 3 -- -- 2.05 --
NET (LOSS)/
INCOME $ (0.88) $ (.56) $ 3.46 $ (6.22)
See Notes to Consolidated Financial Statements (Unaudited).
</TABLE>
<PAGE>
LIBERTY EQUIPMENT INVESTORS L.P.-1984
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE TWENTY-SIX WEEK PERIODS ENDED JUNE 30, 1995 (UNAUDITED)
AND JULY 1, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
June 30, July 1,
1995 1994
<S> <C> <C>
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
Cash flows from operating activities:
Net Income/(Loss) $ 109,710 $ (196,896)
Adjustments to reconcile net
income/(loss) to net cash (used
in)/provided by operating
activities:
Depreciation and amortization 189,130 307,394
Gain on disposal of leased assets (94,530) (21,423)
Gain on sale of Costa Mesa imaging
center investment (65,000) --
Current year accrued interest paid
for discontinued operations of
Windplant (134,268) --
Increase/Decrease in:
Accounts payable and accrued
liabilities (456,065) (147)
Deferred costs 4,610 6,832
Accounts receivable and other
assets 56,173 (55,525)
Liabilities of discontinued
operations of medical imaging
centers (114,750) (15,171)
Net cash (used in)/provided by
operating activities (504,990) 25,064
Cash flows from investing activities:
Proceeds from disposed equipment 719,641 585,871
Proceeds from sale of Windplant 5,380,399 --
Proceeds from sale of Costa Mesa
imaging center investment 65,000 --
Net cash provided by investing
activities 6,165,040 585,871
</TABLE>
(Continued on the following page)
<PAGE>
LIBERTY EQUIPMENT INVESTORS L.P.-1984
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE TWENTY-SIX WEEK PERIODS ENDED JUNE 30, 1995 (UNAUDITED)
AND JULY 1, 1994 (UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
June 30, July 1,
1995 1994
<S> <C> <C>
Cash flows from financing activities:
Repayment of Notes Payable -
Windplant (4,445,512) -
Cash distributed to:
Limited Partners (234,738) (362,778)
General Partner (2,371) (3,664)
Capital returned to:
Limited Partners (877,771) (420,680)
General Partner (8,866) (4,249)
Net cash used in financing
activities (5,569,258) (791,371)
Net increase (decrease) in cash
and cash equivalents 90,792 (180,436)
Cash and Cash Equivalents at
Beginning of the Year 1,717,573 2,319,346
Cash and Cash Equivalents at End
of the Period $ 1,808,365 $2,138,910
</TABLE>
See Notes to Consolidated Financial Statements (Unaudited).
LIBERTY EQUIPMENT INVESTORS L.P.-1984
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE TWENTY-SIX WEEK PERIOD ENDED JUNE 30, 1995 (UNAUDITED)
NOTE 1. Organization
Liberty Equipment Investors L.P. - 1984 (the "Partnership") was
formed and the Agreement and Certificate of Limited Partnership
was filed under the Revised Uniform Limited Partnership Act of
the State of Delaware on July 10, 1984. The General Partner is
Whitehall Partners Inc. (the "General Partner"), a Delaware
Corporation which is an indirect wholly-owned subsidiary of
Merrill Lynch & Co. Inc.
The purpose of the Partnership is to operate, lease and otherwise
invest in and deal with equipment and direct and indirect
interests therein.
Pursuant to the terms of the Partnership Agreement, the General
Partner is liable for all general obligations of the Partnership
to the extent not paid by the Partnership. The Limited Partners
are not liable for the obligations of the Partnership beyond the
amount of their contributed capital.
In the opinion of the General Partner, the financial statements
include all adjustments necessary to fairly reflect the results
of the interim periods presented. All adjustments are of a
normal recurring nature.
NOTE 2. Additional Information
Additional information, including the audited year end 1994
Financial Statements and the Summary of Significant Accounting
Policies, is included in the Partnership's Annual Report on Form
10-K for the year ended December 30, 1994 on file with the
Securities and Exchange Commission. All accounting policies are
as stated in the aforementioned annual report except for revenues
and expenses relating to the Partnership's maritime shipping
containers which, for interim reporting purposes, are estimated
based upon the prior quarter's results.
NOTE 3. Sale of Assets Related to the Costa Mesa Imaging Center
The Costa Mesa joint venture agreement and the lease for the
facility which houses the equipment owned by the Partnership and
used by the Costa Mesa joint venture were both scheduled to
expire on May 23, 1995. Effective February 20, 1995 (the
"Effective Date"), the Partnership entered into an agreement (the
"Purchase and Sale Agreement") with CMR pursuant to which the
Partnership sold its interests in the joint venture, the
equipment, the leasehold and leasehold improvements including all
of its obligations to CMR for an aggregate purchase price of
$65,000. CMR had simultaneously caused the joint venture to
enter into an agreement (the "Asset Agreement") with a third
party, not related to the Partnership or CMR, to sell all assets
of the joint venture, including those assets acquired by CMR from
the Partnership. Pursuant to the Purchase and Sale Agreement,
the Partnership was paid the $65,000 purchase price on April 3,
1995. In connection with the sale, the Partnership has been
released as of the Effective Date from all obligations under the
lease, including, without limitation, all future rent payments
and any expenses to restore the premises to their original
condition at the end of the lease. In addition, CMR, MRI and the
joint venture entered into a release agreement with the
Partnership, releasing the Partnership from all obligations,
claims and other liabilities, past, present and future, with
respect to the joint venture and related matters. The
Partnership entered into a similar release agreement for the
benefit of CMR, MRI and the joint venture. The Partnership
recognized a gain of $65,000 on the transaction.
NOTE 4. Discontinued Operations - Medical Imaging Centers
The Partnership recorded its Medical Imaging Segment as a
discontinued operation on July 1, 1994. Together, the Miami and
Costa Mesa imaging centers constituted the Partnership's
discontinued Medical Imaging Segment. As of June 30, 1995 and
December 30, 1994, the Partnership's liabilities of discontinued
operations related to its Medical Imaging Centers were comprised
of accruals for closing, selling or otherwise liquidating the
facilities, totaling $106,414 and $221,164, respectively.
The income and expenses for the Medical Imaging Centers for the
thirteen and twenty-six week periods ended July 1, 1994 were as
follows:
Thirteen Twenty-Six
Weeks Weeks
Total revenues $ 293,300 $ 844,007
Total expenses (303,958) (1,036,364)
Loss from discontinued operations
of Medical Imaging Centers
$ (10,658) $ (192,357)
NOTE 5. Sale of Windplant
The Partnership consummated the sale of its Windplant to an
affiliate of the Windplant manager effective April 12, 1995.
Pursuant to the sale, the Partnership received total
consideration of $6,061,669 consisting of a cash purchase price
of $5,380,399 and the forgiveness of $681,270 of amounts owing to
certain affiliates of the buyer. Of the $5,380,399 cash purchase
price, $5,080,399 was applied to the payment of the outstanding
principal amount of, and all accrued and unpaid interest on, the
construction notes issued by the Partnership in connection with
the Partnership's purchase of the Windplant. Also, as a result
of the sale, the buyer assumed certain agreements related to the
operations and maintenance of, and the sale and transmission of
energy generated by, the Windplant; and the buyer and/or an
affiliate of the buyer assumed all remaining liabilities and
obligations of the Partnership relating to the ownership,
construction, operation, maintenance and/or management of the
Windplant. There was no gain or loss recorded in the second
quarter resulting from the Partnership's sale of the Windplant.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Liquidity and Capital Resources
At June 30, 1995, Registrant had $1,808,365 in cash and cash
equivalents. Of this amount, $1,607,207 was invested in
commercial paper. The balance was primarily maintained in money
market and demand deposit cash accounts. These amounts represent
funds held in reserve for working capital purposes and cash
distributions to Partners. Approximately $862,000 will be
distributed to Partners in the third quarter of 1995.
Registrant generated positive cash flow from its bus and
container investments and asset sales in the first half of 1995,
which, together with cash reserves, was utilized to meet
operating requirements and provide for distributions to Partners.
On May 19, 1995 Registrant mailed to its limited partners a Proxy
Statement Furnished in Connection with the Solicitation of
Consents relating to an amendment to Registrant's Partnership
Agreement. The solicitation was successfully concluded whereby a
majority of limited partners consented to the amendment.
Pursuant to the amendment, the requirement that limited partners
consent to any sale, abandonment or disposition of all or
substantially all of Registrant's assets has been eliminated to
the extent that, in the determination of the General Partner,
such sale, abandonment or disposition is in the best interests of
Registrant.
Buses
Registrant sold its remaining five buses during the first half of
1995 for an aggregate amount of $339,005, net of sales
commissions.
Sale of Windplant
Registrant consummated the sale of its Windplant to an affiliate
of the Windplant manager effective April 12, 1995. Pursuant to
the sale, Registrant received total consideration of $6,061,669
consisting of a cash purchase price of $5,380,399 and the
forgiveness of $681,270 of amounts owing to certain affiliates of
the buyer. Of the $5,380,399 cash purchase price, $5,080,399 was
applied to the payment of the outstanding principal amount of,
and all accrued and unpaid interest on, the construction notes
issued in connection with Registrant's purchase of the Windplant.
Also, as a result of the sale, the buyer assumed certain
agreements related to the operations and maintenance of, and the
sale and transmission of energy generated by, the Windplant; and
the buyer and/or an affiliate of the buyer assumed all remaining
liabilities and obligations of Registrant relating to the
ownership, construction, operation, maintenance and/or management
of the Windplant.
Medical Imaging Centers
Together, the Miami and Costa Mesa facilities constituted
Registrant's discontinued Medical Imaging Segment. During the
first half of 1995, Registrant expended funds from reserves
allocated for closing and liquidating the facilities. As of June
30, 1995, Registrant's liabilities from discontinued operations
related to its Medical Imaging Segment, which were comprised
primarily of such reserves, totaled $106,414.
Miami Imaging Center
Registrant believes that it has adequate reserves to satisfy all
future costs associated with liquidating its investment in Mid-
Miami Inc. and Mid-Miami L.P.
Costa Mesa Imaging Center
The Costa Mesa joint venture agreement and the lease for the
facility which houses the equipment owned by Registrant and used
by the Costa Mesa joint venture were both scheduled to expire on
May 23, 1995. Effective February 20, 1995 (the "Effective
Date"), Registrant entered into an agreement (the "Purchase and
Sale Agreement") with CMR pursuant to which Registrant sold its
interests in the joint venture, the equipment, the leasehold and
leasehold improvements including all of its obligations to CMR
for an aggregate purchase price of $65,000. CMR had
simultaneously caused the joint venture to enter into an
agreement (the "Asset Agreement") with a third party, not related
to Registrant or CMR, to sell all assets of the joint venture,
including those assets acquired by CMR from Registrant. Pursuant
to the Purchase and Sale Agreement, Registrant was paid the
$65,000 purchase price on April 3, 1995. In connection with the
sale, Registrant has been released as of the Effective Date from
all obligations under the lease, including, without limitation,
all future rent payments and any expenses to restore the premises
to their original condition at the end of the lease. In
addition, CMR, MRI and the joint venture entered into a release
agreement with Registrant, releasing Registrant from all
obligations, claims and other liabilities, past, present and
future, with respect to the joint venture and related matters.
Registrant entered into a similar release agreement for the
benefit of CMR, MRI and the joint venture.
Containers
Registrant's container manager has been disposing of certain
containers on Registrant's behalf. These containers required non-
cost-effective rehabilitation due to wear and age. As a result
of the age and condition of the containers, the rate of disposal
of the containers may remain high through 1995.
Typically, as equipment ages, cash flows generated from the
equipment and equipment market values tend to decline. The
degree of decline is a function of the equipment's remaining
useful life, its current physical condition, the type of service
the equipment is employed in, and the impact of newer equipment
entering the market. Aging of Registrant's containers will have
a material impact on the future result of operations and
liquidity of Registrant since as the containers age, more are
retired each year because the cost of repairs becomes non-
economic.
Although Registrant believes that the aging of its containers
will reduce future container revenues and market value, due to
the uncertainty of the timing of container retirements,
Registrant is unable to determine the impact on its future
liquidity and results of operations.
Asset Impairment and Estimated Useful Life of Assets
Registrant assesses the impairment of assets on a quarterly basis
or immediately upon the occurrence of a significant event in the
marketplace or an event that directly impacts its assets or
related contracts. The methodology varies depending on the type
of asset but typically consists of comparing the net book value
of the asset to either: 1) the undiscounted expected future cash
flows generated by the asset plus estimated salvage value, if
any, less estimated selling commissions at the end of the cash
flow stream (usually corresponding to the end of the current
lease term of the asset), and/or 2) the current market values
obtained from industry sources. The market values used are
conservative wholesale values.
If the net book value of a particular asset is materially higher
than the estimated net realizable value, Registrant will write
down the net book value of the asset accordingly; however,
Registrant does not write its assets down to a value below the
asset-related non-recourse debt. Registrant relies on industry
sources and its experience in the particular marketplace to
determine whether an asset impairment is other than temporary.
Each year, Registrant compares the estimated useful life of its
assets to similar assets owned by others in the particular
industry and assesses useful life in light of changing technology
in the particular industry. Registrant also assesses the
estimated useful life of its equipment immediately upon the
occurrence of a significant event in the marketplace or an event
that directly impacts its assets or related contracts.
Summary
Registrant anticipates pursuing a course of liquidation whereby
Registrant would opportunistically liquidate its remaining
containers in 1995. Due to uncertainty of the timing and
negotiated sales price of future container sales, Registrant is
unable to determine the impact of such potential sales or
dispositions on its liquidity and future results of operations.
It is currently estimated that Registrant's cash reserves,
together with cash from its container operations and container
sales, will be adequate to satisfy all of its operating
obligations and provide for distributions to Partners.
Results of Operations
Overall Results
Thirteen Week Periods Ended June 30, 1995 and July 1, 1994:
Registrant generated a net loss of $27,794 in the thirteen week
period ended June 30, 1995 compared to a net loss of $17,516 in
the corresponding period in 1994. The unfavorable change
primarily reflects a higher loss from continuing operations in
the 1995 second quarter compared to the same period in 1994,
partially offset by a 1994 loss of approximately $10,658 from the
discontinued operations of the Medical Imaging Segment.
Continuing Operations
Registrant's continuing operations generated a higher loss in the
1995 second quarter compared to the same period in 1994 primarily
as a result of lower revenues partially offset by lower expenses.
Registrant's total revenues decreased in the 1995 second quarter
when compared to the same period of 1994 reflecting lower
revenues from Registrant's containers and buses. Registrant's
buses generated $4,000 in revenue in the second quarter of 1995
compared to revenues of approximately $40,000 in the same period
in 1994 reflecting the sale of buses in the intervening period.
Container revenues decreased to approximately $222,000 in the
1995 second quarter from approximately $303,000 in the same 1994
period, primarily reflecting the disposal of containers in the
intervening period.
Registrant's total expenses including depreciation and
amortization expense and property operating expenses decreased in
the second quarter of 1995 when compared to the second quarter of
1994 primarily due to the sale of buses and containers in the
intervening period.
Discontinued Operations
Registrant's Medical Imaging Segment, which was recorded as a
discontinued operation in the second quarter of 1994, was
comprised of Registrant's Miami and Costa Mesa medical imaging
centers. The results of operations of Registrant's Medical
Imaging Segment are not comparable since: (1) the Miami imaging
center was closed in the third quarter of 1994 and (2) no results
of operations of the Medical Imaging Segment have been recorded
by Registrant after the 1994 second quarter.
Twenty-Six Week Period Ended June 30, 1995 and July 1, 1994:
Registrant generated net income of $109,710 in the twenty-six
week period ended June 30, 1995 compared to a net loss of
$196,896 in the corresponding period in 1994. The favorable
change reflects: (1) income from continuing operations in the
1995 first half compared to a loss from continuing operations the
same period in 1994 (2) a gain on the sale of Registrant's
interest in its Costa Mesa medical imaging venture in the 1995
first half and (3) a 1994 loss of approximately $192,000 from the
discontinued operations of the Medical Imaging Segment.
Continuing Operations
Registrant's continuing operations generated income in the 1995
first half compared to a loss in the same period of 1994
primarily as a result of lower expenses partially offset by lower
revenues.
Registrant's total revenues decreased in the first half of 1995
when compared to the same period in 1994 reflecting lower
revenues from Registrant's buses and containers partially offset
by higher gains from the sale of containers in the first half of
1995. Registrant's buses generated revenues in the first half of
1995 of approximately $23,000 compared to approximately $90,000
in the same period in 1994 reflecting the sale of buses in the
intervening period. Container revenues decreased to approximately
$484,000 in the 1995 first half from approximately $616,000 in
the same 1994 period, primarily reflecting the disposal of
containers in the intervening period.
Registrant's total expenses including depreciation and
amortization expense and property operating expenses decreased in
the first half of 1995 when compared to the first half of 1994
primarily due to the sale of buses and containers in the
intervening period.
Discontinued Operations
Registrant's Medical Imaging Segment, which was recorded as a
discontinued operation in the second quarter of 1994, was
comprised of Registrant's Miami and Costa Mesa medical imaging
centers. The results of operations of Registrant's Medical
Imaging Segment are not comparable since: (1) the Miami imaging
center was closed in the third quarter of 1994 and (2) no results
of operations of the Medical Imaging Segment have been recorded
by Registrant after the 1994 second quarter.
Results by Segment
Registrant's Equipment Leasing Segment, which consisted of
investments in buses and containers in each of the 1994 and 1995
thirteen and twenty-six week periods, comprises Registrant's
remaining continuing operations. Information regarding this
segment is described under Overall Results - Continuing
Operations, above.
The results from Registrant's discontinued Medical imaging
segment, which was comprised of Registrant's Miami and Costa Mesa
imaging facilities in each of the 1994 and 1995 thirteen and
twenty-six week periods, are described above under Overall
Results - Discontinued Operations.
Inflation
The low level of inflation during the first half of 1995 did not
significantly affect operating income and expenses.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None
Item 2. Changes in Securities.
None
Item 3. Defaults Upon Senior Securities.
None
Item 4. Submission of Matters to a Vote of Security Holders.
On May 19, 1995 Registrant mailed to its limited
partners a Proxy Statement Furnished in Connection with
the Solicitation of Consents relating to an amendment
to Registrant's Partnership Agreement. The
solicitation was successfully concluded whereby a
majority of limited partners consented to the
amendment. Pursuant to the amendment, the requirement
that limited partners consent to any sale, abandonment
or disposition of all or substantially all of
Registrant's assets has been eliminated to the extent
that, in the determination of the General Partner, such
sale, abandonment or disposition is in the best
interests of Registrant.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
A). Exhibits
None.
B). Reports on Form 8-K
Registrant filed a report on Form 8-K on April 27, 1995
with regard to the sale of its Windplant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
LIBERTY EQUIPMENT INVESTORS L.P.-1984
By: Whitehall Partners Inc.
General Partner
Dated: August 11, 1995 /s/ Robert F. Aufenanger
Robert F. Aufenanger
Director and President
Chief Executive Officer
Dated: August 11, 1995 /s/ Diane T. Herte
Diane T. Herte
Treasurer
Chief Accounting Officer
and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial
information extracted from the second quarter ended 1995
Form 10Q Consolidated Balance Sheets and Consolidated
Statements of Operations and is qualified in its entirety by
reference to such financial statements.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-29-1995
<PERIOD-END> JUN-30-1995
<CASH> 201,158
<SECURITIES> 1,607,207
<RECEIVABLES> 292,073
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 5,013,975
<DEPRECIATION> 3,686,444
<TOTAL-ASSETS> 3,428,721
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 3,103,951
<TOTAL-LIABILITY-AND-EQUITY> 3,428,721
<SALES> 0
<TOTAL-REVENUES> 653,363
<CGS> 0
<TOTAL-COSTS> 608,653
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 44,710
<INCOME-TAX> 0
<INCOME-CONTINUING> 44,710
<DISCONTINUED> 65,000
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 109,710
<EPS-PRIMARY> 3.46
<EPS-DILUTED> 0
</TABLE>
