SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 1995
Commission file number 02-95458
GEMINI EQUIPMENT PARTNERS INCOME FUND IX
(Exact name of registrant as specified in its charter)
1301 West Newport Center Drive
Deerfield Beach, Florida 33442
(305) 570-7676
Virginia 54-1385487
(State of organization) (I.R.S. Employer Identification No.)
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 such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
Number of shares outstanding of each of registrant's classes of
securities:
Number of Units
Title of Each Class at March 31, 1995
Units of Limited Partnership Interest:
$500 per unit 21,222
GEMINI EQUIPMENT PARTNERS INCOME FUND IX
Index
Page
Number
Part I. Financial Information
Item 1. Financial Statements and Notes to
Financial Statements. 3-7
Balance Sheets as of March 31, 1995 and
December 31, 1994. 3
Statements of Operations, for the three months
Ended March 31, 1995 and March 31, 1994 4
Statements of Partners' Equity (Deficit),
for the Quarter ended March 31, 1995 5
Statements of Cash Flows for the three months
Ended March 31, 1995 and March 31, 1994 6
Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Result of
Operations. 8
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K 8
Signatures 9
GEMINI EQUIPMENT PARTNERS INCOME FUND IX
BALANCE SHEETS
March 31, December 31,
1995 1994
Assets
Cash & Cash Equivalents $274,832 $ 71,828
Net Investment in Direct
Financing Leases - Less Allowance
for Doubtful Accounts of $266,676 and
$270,750, respectively 218,361 327,334
Operating Lease Rent
Receivable [RECEIVABLES]7,882 3,198
Less: Allowance for Doubtful Accounts
[ALLOWANCES](2,123) (2,123)
Net Operating Lease Receivable 5,759 1,075
Rental Equipment, at Cost PP&E> 519,469 2,173,393
Less: Accumulated Depreciation
[DEPRECIATION] (472,965) (2,097,226)
Net Rental Equipment 46,504 76,167
Due from General Partner 6,903 92,018
Other Receivables 70,060 78,450
Total Assets [TOTAL-ASSETS]$ 622,419 $ 646,872
Liabilities and Partners' Equity
Accounts Payable 18,049 41,161
Lease Obligations 199,818 259,284
Security Deposits 169,491 221,229
Total Liabilities 387,358 521,674
Partners' Equity (Deficit):
General Partner (27,104) (28,203)
Limited Partners 262,165 153,401
Total Partners' Equity [OTHER-SE]235,061 125,198
Total Liabilities and Partners' Equity
[TOTAL-LIABILITY-AND-EQUITY]$ 622,419 $ 646,872
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND IX
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31,
1995 1994
Revenues
Leasing income $ 44,392 $ 239,306
Other income 9,217 641,921
Net Gain on sale of equipment 92,477 18,505
Total Revenues [TOTAL-REVENUES] 146,086 899,732
Expenses
Direct costs 3,838 29,783
Management fees 9,379 85,160
General and administrative 8,071 39,748
Provision for bad debts 3,126 11,219
Leasing Costs & interest 839 (13,631)
Depreciation 10,681 56,825
Total Operating Expenses [TOTAL-COSTS] 35,934 209,104
Net Income [NET-INCOME]$ 110,152 $ 690,628
Net Income Allocation
General Partner $ 1,102 $ 6,906
Limited Partners 109,050 683,722
$ 110,152 $ 690,628
Net Income per Limited
Partnership Unit EPS-PRIMARY>$ 5.14 $ 32.22
Weighted Average Number
of Limited Partnership
Units Outstanding 21,222 21,222
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND IX
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
(Unaudited)
Limited Partners General Partner Total
Partners' Equity (Deficit),
December 31, 1994 $ 153,401 $ (28,203) $ 125,198
Translation loss (286) (3) (289)
Distributions 0 0 0
Net income 109,050 1,102 110,152
Partners' Equity
(Deficit),March 31, 1995 262,165 (27,104) 235,061
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND IX
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended March 31,
Cash flows from operating activities: 1994 1995
Net income (loss) $ 110,152 $ 690,628
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation 10,681 56,825
Loss (gain) on sale of rental equipment (92,477) (18,505)
Provision for bad debts, net
of recoveries (4,074) (19,044)
Change in assets and liabilities:
(Increase) decrease in rent receivable,net (4,684) 17,764
(Increase) decrease in investment in direct
financing leases* 113,047 319,209
(Increase) decrease in other receivables 8,390 (559,500)
(Increase) decrease in accounts receivable
General Partner 85,115 0
Increase (decrease) in accounts
payable Affiliates 0 (414)
Increase (decrease) in lease obligations (59,466) (349,764)
Increase (decrease) in accounts payable (23,112) (2,072)
Increase (decrease) in accounts payable
General Partner 0 50,421
Increase (decrease) in security deposits (51,738) (3,836)
Increase (decrease) in deferred revenue 0 (2,801)
Net cash provided by operating activities 91,834 178,911
Cash flows from investing activities:
Proceeds from sale of equipment 111,459 23,941
Net cash provided by (used in)
investing activities 111,459 23,941
Cash flows from financing activities:
Distribution to partners 0 (321,545)
Net cash used in financing activities 0 (321,545)
Effect of exchange rate on cash (289) (24)
Increase (decrease) in cash &
cash equivalents 203,004 (118,717)
Cash & Cash equivalents
at beginning of year 17,828 242,700
Cash & cash equivalents at end of year $ 274,832 $ 123,983
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND IX
Notes to Financial Statements
(Unaudited)
Note 1 - Financial Statements
In the opinion of the Company, the accompanying unaudited
financial statements contain only normal recurring accruals
necessary to present fairly the financial position as of
March 31, 1995, and the results of operations and the cash
flows for the three month periods ended March 31, 1995 and March
31, 1994.
Certain information and footnote disclosures normally included in
the financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted.
These statements should be read in conjunction with the financial
statements and notes contained in the Company's annual report to
shareholders for the fiscal year ended December 31, 1994. The
results of operations for the three months ended March 31, 1995
are not necessarily indicative of operating results to be
expected for the full fiscal year.
GEMINI EQUIPMENT PARTNERS INCOME FUND IX
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Net Income for the three months ended March 31, 1995 was $110,152
or $5.14 per limited partnership unit, compared to net income for
the three months ended March 31, 1994 of $690,628 or $32.22 per
limited partnership unit. The decrease in net income is
attributed to proceeds from a settlement with Xerox in 1994. The
partnership's pro-rata share of this settlement was $620,485,
which was included in other income in the three months ended
March 31, 1994. Management fees related to the portion of the
Xerox proceeds applicable to rental income were $51,504 and were
contributed to the Partnership to effect the General Partner's
capital balance in 1994. Declines in rental income were due to
no new lease origination since 1992. As the lease portfolio
matures, leases expire and they are renewed at lower rental
amounts or the equipment is sold. The increase in the gain on
the sale of equipment from $18,505 for the three months ended
March 31, 1994 to $92,477 for the three months ended March 31,
1995 is the primarily the result of the sale of equipment from
one lease in the portfolio acquired in 1992. It is not
anticipated that any other equipment remaining at March 31, 1995
will be sold at a significant gain. Depreciation has declined as
equipment has reached the end of its depreciable lives. Rental
equipment declined $1,653,924 as a result of the sale or
scrapping of equipment. It is anticipated that all of the
remaining equipment will be disposed of during 1995 and 1996.
LIQUIDITY AND CAPITAL RESOURCES
The primary source of funds for the period was the rental income
and proceeds from the sale of equipment. As of March 31, 1995,
the Partnership had off-lease equipment with a cost of $519,469.
As of March 31, 1995, the Partnership had returned approximately
96.8% of the limited partners' original investment through
distributions. The Partnership expects that a cash distributions
may be payable at an annualized rate of 5% in June 1995.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - None
(b) Reports on Form 8-K
The registrant was not required to file a report on
Form 8-K during the three months ended March 31, 1995
GEMINI EQUIPMENT PARTNERS INCOME FUND IX
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the
dates indicated.
GEMINI EQUIPMENT PARTNERS INCOME FUND IX
By: FINALCO GROUP, INC.,
sole General Partner of the registrant
By:/S/ Julia M. Decker Vice President of Accounting,
Julia M. Decker Controller and Assistant
Treasurer
Date: May 12, 1995
