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 September 29, 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 September 29, 1995
(Unaudited) and December 30, 1994 (Unaudited)
Consolidated Statements of Operations for the Thirteen and
Thirty-Nine Week Periods Ended September 29, 1995
(Unaudited)and September 30, 1994 (Unaudited)
Consolidated Statements of Cash Flows for the Thirty-Nine
Week Periods Ended September 29, 1995 (Unaudited) and
September 30, 1994 (Unaudited)
Notes to Consolidated Financial Statements for the Thirty-
Nine Week Period Ended September 29, 1995 (Unaudited)
<PAGE>
LIBERTY EQUIPMENT INVESTORS L.P.-1984
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 29, 1995 (UNAUDITED)
AND DECEMBER 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION> September 29, December 30,
Notes 1995 1994
<S> <C> <C> <C>
ASSETS: 3,4
Cash and cash equivalents $ 1,169,004 $ 1,717,573
Property under management
contract and held for lease
(less accumulated depreciation
of $3,543,156 and $4,577,749,
respectively) 1,163,149 2,094,070
Deferred costs (less accumulated
amortization of $351,389 and
$353,057, respectively) 473 6,045
Net assets of discontinued
operations of Windplant 5 - 5,246,131
Accounts receivable and other
assets 159,049 395,265
TOTAL ASSETS $ 2,491,675 $ 9,459,084
LIABILITIES AND PARTNERS'
CAPITAL:
Liabilities:
Notes Payable - Windplant 5 $ - $ 4,445,512
Accounts payable and accrued
liabilities 5 174,344 674,421
Liabilities of discontinued
operations of Medical Imaging
Centers 4 62,652 221,164
Total Liabilities 236,996 5,341,097
</TABLE>
(Continued on the following page.)
<PAGE>
LIBERTY EQUIPMENT INVESTORS L.P.-1984
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 29, 1995 (UNAUDITED)
AND DECEMBER 30, 1994 (UNAUDITED)
(Continued)
<TABLE>
<CAPTION> September 29, December 30,
Notes 1995 1994
<S> <C> <C> <C>
Partners' Capital:
General Partner:
Capital contributions, net of
offering expenses and return of
capital 216,861 233,115
Cash distributions (60,509) (56,978)
Cumulative loss (133,807) (134,958)
22,545 41,179
Limited Partners:
Capital contributions, net of
offering expenses and return of
capital (31,338.3 Units of
Limited Partnership Interest) 21,469,283 23,078,399 21,469,283 23,078,399
Cash distributions (5,990,240) (5,640,713)
Cumulative loss (13,246,909) (13,360,878)
2,232,134 4,076,808
Total Partners' Capital 2,254,679 4,117,987
TOTAL LIABILITIES AND PARTNERS'
CAPITAL $ 2,491,675 $ 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 THIRTY-NINE WEEK PERIODS
ENDED SEPTEMBER 29, 1995 (UNAUDITED)
AND SEPTEMBER 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
Thirteen Weeks Thirty-Nine Weeks
September September September September
29, 30, 29, 30,
Note 1995 1994 1995 1994
s
<S> <C> <C> <C> <C> <C>
REVENUES:
Rental
income $ 204,443 $ 335,219 $ 711,852 $ 1,041,102
Interest
income 20,564 20,218 71,988 56,069
(Loss)/Gain
on disposals
of leased
assets (19,009) 18,974 75,521 40,397
Total
Revenues 205,998 374,411 859,361 1,137,568
EXPENSES:
Depreciation
and amortiza-
tion expense 83,177 125,266 272,307 432,660
Property
operating
expenses 73,874 197,557 352,090 553,194
Other
operating
expenses 43,537 104,386 184,844 209,051
Total
Expenses 200,588 427,209 809,241 1,194,905
(Continued on the following page.)
</TABLE>
<PAGE>
LIBERTY EQUIPMENT INVESTORS L.P.-1984
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THIRTEEN AND THIRTY-NINE WEEK PERIODS
ENDED SEPTEMBER 29, 1995 (UNAUDITED)
AND SEPTEMBER 30, 1994 (UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
Thirteen Weeks Thirty-Nine Weeks
September September September September
29, 30, 29, 30,
Note 1995 1994 1995 1994
s
<S> <C> <C> <C> <C> <C>
INCOME/(LOSS)
FROM
CONTINUING
OPERATIONS 5,410 (52,798) 50,120 (57,337)
DISCONTINUED
OPERATIONS:
Loss from
discontinued
operations of
Medical
Imaging
Centers 4 -- -- -- (192,357)
Gain on
disposal of
Costa Mesa
Imaging
Center
Investment 3 -- -- 65,000 --
NET INCOME/
(LOSS) $ 5,410 $ (52,798) $ 115,120 $ (249,694)
NET INCOME/
(LOSS)
ALLOCATED TO
GENERAL
PARTNER $ 54 $ (528) $ 1,151 $ (2,497)
(Continued on the following page.)
</TABLE>
<PAGE>
LIBERTY EQUIPMENT INVESTORS L.P.-1984
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THIRTEEN AND THIRTY-NINE WEEK PERIODS
ENDED SEPTEMBER 29, 1995 (UNAUDITED)
AND SEPTEMBER 30, 1994 (UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
Thirteen Weeks Thirty-Nine Weeks
Sept. 29, Sept. 30, Sept. 29, Sept. 30,
Not 1995 1994 1995 1994
es
<S> <C> <C> <C> <C> <C>
NET INCOME/
(LOSS)
ALLOCATED TO
LIMITED
PARTNERS
(31,338.3
Units of
Limited
Partnership
Interest) 5,356 (52,270) 113,969 (247,197)
Net Income/
(Loss) $ 5,410 $ (52,798) $ 115,120 $ (249,694)
PER UNIT OF LIMITED
PARTNERSHIP INTEREST:
INCOME/(LOSS)
FROM
CONTINUING
OPERATIONS $ 0.17 $ (1.67) $ 1.58 $ (1.81)
DISCONTINUED
OPERATIONS:
Loss from
discontinued
operations of
Medical
Imaging
Centers 4 -- -- -- (6.08)
Gain on
disposal of
Costa Mesa
Imaging Center
Investment 3 -- -- 2.05 --
NET INCOME/
(LOSS) $ 0.17 $ (1.67) $ 3.63 $ (7.89)
See Notes to Consolidated Financial Statements (Unaudited).
</TABLE>
<PAGE>
LIBERTY EQUIPMENT INVESTORS L.P.-1984
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THIRTY-NINE WEEK PERIODS ENDED SEPTEMBER 29, 1995 (UNAUDITED)
AND SEPTEMBER 30, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
September 29, September 30,
1995 1994
<S> <C> <C>
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
Cash flows from operating activities:
Net income/(loss) $ 115,120 $ (249,694)
Adjustments to reconcile net
income/(loss) to net cash used in
operating activities:
Depreciation and amortization 272,307 432,660
Gain on disposal of leased assets (75,521) (40,397)
Gain on sale of Costa Mesa Imaging
Center Investment (65,000) --
Current year accrued interest paid
for discontinued operations of
Windplant (134,268) --
Decrease in:
Accounts payable and accrued
liabilities (500,077) (2,118)
Net liabilities of discontinued
operations of Medical Imaging
Centers (158,512) (206,728)
Decrease/(Increase) in:
Deferred costs 4,610 (84)
Accounts receivable and other assets 166,642 (104,946)
Net cash used in operating
activities (374,699) (171,307)
Cash flows from investing activities:
Proceeds from disposed equipment 804,671 668,032
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 6,250,070 668,032
</TABLE>
(Continued on the following page.)
<PAGE>
LIBERTY EQUIPMENT INVESTORS L.P.-1984
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THIRTY-NINE WEEK PERIODS ENDED SEPTEMBER 29, 1995 (UNAUDITED)
AND SEPTEMBER 30, 1994 (UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
September 29, September 30,
1995 1994
<S> <C> <C>
Cash flows from financing activities:
Repayment of Notes Payable -
Windplant (4,445,512) --
Cash distributed to:
Limited Partners (349,527) (423,981)
General Partner (3,531) (4,282)
Capital returned to:
Limited Partners (1,609,116) (829,552)
General Partner (16,254) (8,379)
Net cash used in financing
activities (6,423,940) (1,266,194)
Net decrease in cash and cash
equivalents (548,569) (769,469)
Cash and Cash Equivalents at
Beginning of the Period 1,717,573 2,319,346
Cash and Cash Equivalents at End
of the Period $ 1,169,004 $ 1,549,877
</TABLE>
See Notes to Consolidated Financial Statements (Unaudited).
LIBERTY EQUIPMENT INVESTORS L.P.-1984
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THIRTY-NINE WEEK PERIOD ENDED SEPTEMBER 29, 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 Costa Mesa Resources, Inc.
("CMR")pursuant to which the Partnership sold its interests in
the Costa Mesa 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 Costa Mesa 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
Costa Mesa 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 Costa Mesa 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 Costa Mesa joint venture and related
matters. The Partnership entered into a similar release
agreement for the benefit of CMR, MRI and the Costa Mesa 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 September 29, 1995
and December 30, 1994, the Partnership's liabilities from
discontinued operations related to its Medical Imaging Centers
were comprised of accruals for closing, selling or otherwise
liquidating the facilities, totaling $62,652 and $221,164,
respectively.
The income and expenses for the Medical Imaging Centers for the
thirteen and thirty-nine week periods ended September 30, 1994
were as follows:
Thirteen Thirty-Nine
Weeks Weeks
Total revenues $ -- $ 844,007
Total expenses -- (1,036,364)
Loss from discontinued operations
of Medical Imaging Centers
$ -- $ (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 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 September 29, 1995, Registrant had $1,169,004 in cash and cash
equivalents. Of this amount, $934,651 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 $196,000 will be distributed to Partners
in the fourth quarter of 1995.
Registrant generated positive cash flow from its bus and
container investments and asset sales in the thirty-nine week
period ended September 29, 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 by Registrant 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 imaging centers constituted
Registrant's discontinued Medical Imaging Segment. During the
thirty-nine week period ended September 29, 1995, Registrant
expended funds from reserves allocated for closing, selling or
otherwise liquidating the centers. As of September 29, 1995,
Registrant's liabilities from discontinued operations related to
its Medical Imaging Centers, were comprised of such reserves,
totaling $62,652.
Miami Imaging Center
Registrant believes that it has adequate reserves to satisfy all
future costs, if any, associated with the disposition of 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 Costa Mesa Resources, Inc. ("CMR") pursuant
to which Registrant sold its interests in the Costa Mesa 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
Costa Mesa 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 Costa Mesa 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 Costa Mesa 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 Costa Mesa joint venture and related
matters. Registrant entered into a similar release agreement for
the benefit of CMR, MRI and the Costa Mesa 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 has continued to remain high.
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 is pursuing a course of liquidation whereby Registrant
will opportunistically liquidate its remaining containers in
1995. No assurance can be provided that the containers will be
successfully sold in 1995. Upon the ultimate sale of the
containers, Registrant will commence taking steps to liquidate
and dissolve. 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 September 29, 1995 and September 30, 1994:
Registrant generated a net income of $5,410 in the thirteen week
period ended September 29, 1995 compared to a net loss of $52,798
in the corresponding period in 1994. The favorable change
primarily reflects net income from continuing operations in the
1995 thirteen week period compared to a net loss in the same
period in 1994, as further described below.
Continuing Operations
Registrant's continuing operations generated income in the 1995
thirteen week period compared to a loss in the same period in
1994 primarily as a result of lower expenses partially offset by
lower revenues.
Registrant's total revenues decreased in the 1995 thirteen week
period when compared to the same period of 1994 reflecting lower
revenues from Registrant's containers and buses. Registrant's
buses generated no revenue in the thirteen week period of 1995
compared to revenues of approximately $33,000 in the same period
in 1994 reflecting the sale of buses in the intervening period.
Container revenues decreased to approximately $204,000 in the
1995 thirteen week period from approximately $302,000 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 1995 thirteen week period when compared to the same period 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. There were no operations from Registrant's discontinued
Medical Imaging Segment during the periods.
Thirty-Nine Week Period Ended September 29, 1995 and September
30, 1994:
Registrant generated net income of $115,120 in the thirty-nine
week period ended September 29, 1995 compared to a net loss of
$249,694 in the corresponding period in 1994. The favorable
change is attributable to: (1) income from continuing operations
in the 1995 thirty-nine week period compared to a loss from
continuing operations in the same period in 1994 (2) a gain on
the sale of Registrant's interest in its Costa Mesa Imaging
Center Investment in the 1995 period 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
thirty-nine week period 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 thirty-nine week
period 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 1995 thirty-nine week period. Registrant's buses generated
revenues of approximately $23,000 in the 1995 thirty-nine week
period compared to approximately $123,000 in the same period in
1994 reflecting the sale of buses in the intervening period.
Container revenues decreased to approximately $689,000 in the
1995 thirty-nine week period from approximately $918,000 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 1995 thirty-nine week period when compared to the same period
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, (2) no results of
operations of the Medical Imaging Segment have been recorded by
Registrant after the 1994 second quarter, and (3) Registrant
recognized a gain of $65,000 on the sale in the 1995 first
quarter of its interest in the Costa Mesa imaging center related
assets.
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 thirty-nine 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
thirty-nine week periods, are described above under Overall
Results - Discontinued Operations.
Inflation
The low level of inflation during the thirty-nine week period of
1995 did not significantly affect operating income and expenses.
<PAGE>
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.
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
A). Exhibits:
Exhibit # Description Page Number
27. Financial Data Schedule
B). Reports on Form 8-K
None
<PAGE>
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: November 9, 1995 /s/ Robert F. Aufenanger
Robert F. Aufenanger
Director and President
Chief Executive Officer
Dated: November 9, 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 third 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> 9-MOS
<FISCAL-YEAR-END> DEC-29-1995
<PERIOD-END> SEP-29-1995
<CASH> 234,353
<SECURITIES> 934,651
<RECEIVABLES> 159,049
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 4,706,305
<DEPRECIATION> 3,543,156
<TOTAL-ASSETS> 2,491,675
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 2,254,679
<TOTAL-LIABILITY-AND-EQUITY> 2,491,675
<SALES> 0
<TOTAL-REVENUES> 859,361
<CGS> 0
<TOTAL-COSTS> 809,241
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 50,120
<INCOME-TAX> 0
<INCOME-CONTINUING> 50,120
<DISCONTINUED> 65,000
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 115,120
<EPS-PRIMARY> 3.63
<EPS-DILUTED> 0
</TABLE>
