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 June 30, 1995
Commission file number 2-95458
GEMINI EQUIPMENT PARTNERS INCOME FUND X
1301 West Newport Center Drive
Deerfield Beach, Florida 33442
(305) 570-7676
Virginia 54-1385491
(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 June 30, 1995
Units of Limited Partnership Interest:
$500 per unit 17,041
GEMINI EQUIPMENT PARTNERS INCOME FUND X
Index
Page
Number
Part I. Financial Information
Item 1. Financial Statements and Notes to Financial
Statements. 3-7
Balance Sheets as of June 30, 1995 and
December 31, 1994. 3
Statements of Operations, for the six months ended
June 30, 1995 and June 30, 1994. 4
Statements of Operations, for the three months ended
June 30, 1995 and June 30, 1994. 5
Statement of Partners' Equity (Deficit), for the
Quarter ended June 30, 1995. 6
Statements of Cash Flows for the six months ended
June 30, 1995 and June 30, 1994. 7
Notes to Financial Statements. 8
Item 2. Management's Discussion and Analysis of Financial
Condition and Result of Operations. 9
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K 9
Signatures. 10
GEMINI EQUIPMENT PARTNERS INCOME FUND X
BALANCE SHEETS
June 30, December 31,
1995 1994
(Unaudited)
Assets
Cash & Cash Equivalents $ 31,552 $ 59,427
Net Investment in Finance Leases-
Net of Allowance for Bad Debt of
$17,632 in 1995 and 1994 2,282 3,173
Rent Receivable [RECEIVABLES]14,378 18,795
Less: Allowance for Doubtful
Accounts [ALLOWANCES](429) (429)
Net Rent Receivable 13,949 18,366
Rental Equipment, at Cost [PP&E]36,244 1,660,176
Less: Accumulated
Depreciation [DEPRECIATION](32,898) (1,653,834)
Net Rental Equipment 3,346 6,342
Accounts Receivable-General Partner 0 4,898
Other Accounts Receivable, net of allowance
for bad debt of $4,560 in 1995 and 1994 21,303 20,154
Total Assets [TOTAL-ASSETS]$ 72,432 $ 112,360
Liabilities and Partners' Equity
Accounts Payable $ 0 $ 12,123
Due to General Partner 6,491 0
Security Obligations 61,786 61,822
Deferred Revenue 13,755 27,511
Total Liabilities 82,032 101,456
General Partner (38,613) (39,260)
Limited Partners 29,013 50,164
Total Partners' Equity [OTHER-SE](9,600) 10,904
Total Liabilities and Partners' Equity
[TOTAL-LIABILITY-AND-EQUITY]$ 72,432 $ 112,360
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND X
STATEMENTS OF OPERATIONS
(Unaudited)
Six Months Ending June 30,
1995 1994
Revenues
Rental income $ 68,325 $ 156,582
Other income 15,830 418,983
Net Gain on sale of equipment 6,149 (5,558)
Total Revenues [TOTAL-REVENUES]90,304 570,007
Expenses
Direct costs 16,418 28,418
Management fees 4,092 38,911
Interest-Leasing Costs 0 1,670
General and administrative 2,364 3,755
Bad Debt 0 228
Depreciation 2,729 32,683
Total Operating Expenses[TOTAL-COSTS]25,603 105,665
Net Income [NET-INCOME]$ 64,701 $ 464,342
Net Income Allocation
General Partner $ 647 $ 4,643
Limited Partners 64,054 459,699
$ 64,701 $ 464,342
Net Income per Limited
Partnership Unit [EPS-PRIMARY]$ 3.76 $ 26.98
Weighted Average Number of
Limited Partnership Units
Outstanding 17,041 17,041
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND X
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ending June 30,
1995 1994
Revenues
Rental income $ 30,453 $ 59,272
Other income 8,082 3,997
Net Gain on sale of equipment 2,612 (21,197)
Total Revenues 41,147 42,072
Expenses
Direct costs 11,854 7,148
Management fees 1,827 4,233
Interest-Leasing Costs 0 538
General and administrative 1,109 1,411
Bad Debt 0 440
Depreciation 1,541 15,033
Total Operating Expenses 16,331 28,803
Net Income $ 24,816 $ 13,269
Net Income Allocation
General Partner $ 248 $ 133
Limited Partners 24,568 13,136
$ 24,816 $ 13,269
Net Income per Limited
Partnership Unit $ 1.44 $ 0.77
Weighted Average Number of
Limited Partnership Units
Outstanding 17,041 17,041
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND X
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
(Unaudited)
Limited General
Partners Partner Total
Partners' Equity (Deficit),
December 31, 1994 $ 50,164 $ (39,260) $ 10,904
Distributions (85,205) 0 (85,205)
Net Income 64,054 647 64,701
Partners' Equity (Deficit)
June 30, 1995 $ 29,013 $ (38,613) $ (9,600)
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND X
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended June 30,
1995 1994
Cash flows from operating activities:
Net income $ 64,701 $ 464,342
Adjustments to reconcile net income
to net cash provided by
operating activities:
Depreciation 2,729 32,683
Loss (gain) on sale of rental equipment (6,149) 5,544
Provision for bad debts, net of recoveries 0 (44,920)
Change in assets and liabilities:
(Increase) decrease in rents
receivable 4,417 25,442
(Increase) decrease in investment
in leases 891 51,311
(Increase) decrease in other accounts
receivable (1,149) (22,706)
(Increase) decrease in due from
General Partner 4,898 4,267
Increase (decrease) in accounts
payable (12,123) (11,031)
Increase (decrease) in lease obligations 0 1,738
Increase (decrease) in due to
General Partner 6,491 486
Increase (decrease) in security deposits (36) (20,681)
Increase (decrease) in deferred
revenue (13,756) 2,003
Net cash provided by operating
activities 50,914 485,002
Cash flows from investing activities:
Proceeds from sale of equipment 6,416 46,627
Net cash provided by
investing activities 6,416 46,627
Cash flows from financing activities:
Additional contributed capital 0 27,645
Distribution to partners (82,205) (726,825)
Net cash used in financing activities (82,205) (699,180)
Increase (decrease) in cash &
cash equivalents (27,875) (167,551)
Cash & cash equivalents at
beginning of year 59,427 282,688
Cash & cash equivalents at end
of quarter $ 31,552 $ 115,137
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND X
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 June 30, 1995, and the results of operations and the cash
flows for the six month periods ended June 30, 1995 and June
30, 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 six months ended June 30, 1995
are not necessarily indicative of operating results to be
expected for the full fiscal year.
GEMINI EQUIPMENT PARTNERS INCOME FUND X
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 six months ended June 30, 1995 was $64,701
or $3.76 per limited partnership unit, compared to net income
for the six months ended June 30, 1994 of $464,342 or $26.98
per limited partnership unit. The decrease in net income is
primarily attributed to the inclusion in other income in the six
months ended June 30, 1994 of the proceeds from the Xerox
settlement. Rental revenue declines as leases mature and renew
at lower rates or equipment is sold or scrapped. Legal fees
associated with the Xerox litigation of $11,140 were included in
direct costs in 1994. Gains on sale of equipment increased due to
the sale of equipment that had been fully depreciated.
LIQUIDITY AND CAPITAL RESOURCES
The primary source of funds for the period was rental income. As
of June 30, 1995, the Partnership had off-lease equipment with a
cost of $36,244.
As of June 30, 1995, the Partnership had returned approximately
91.5% of the limited partners' original investment through
distributions. The Partnership expects that future cash
distributions will be dependent upon the sale of equipment. The
General Partner expects to close this Partnership during 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 six months ended June 30, 1995
GEMINI EQUIPMENT PARTNERS INCOME FUND X
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 X
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: August 17, 1995
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> JUN-30-1995
<CASH> 31,552
<SECURITIES> 0
<RECEIVABLES> 14,378
<ALLOWANCES> (429)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 36,244
<DEPRECIATION> (32,898)
<TOTAL-ASSETS> 72,432
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> (9,600)
<TOTAL-LIABILITY-AND-EQUITY> 72,432
<SALES> 0
<TOTAL-REVENUES> 90,304
<CGS> 0
<TOTAL-COSTS> 25,603
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 64,701
<EPS-PRIMARY> 3.76
<EPS-DILUTED> 0
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