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 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 March 31, 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 March 31, 1995 and
December 31, 1994. 3
Statements of Operations, for the three months ended
March 31, 1995 and March 31, 1994. 4
Statement 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 X
BALANCE SHEETS
March 31, December 31,
1995 1994
(Unaudited)
Assets
Cash & Cash Equivalents $ 87,588 $ 59,427
Net Investment in Finance Leases-
Net of Allowance for Bad Debt of
$17,632 in 1995 and 1994 2,501 3,173
Rent Receivable [RECEIVABLES]19,353 18,795
Less: Allowance for Doubtful
Accounts [ALLOWANCES](429) (429)
Net Rent Receivable 18,924 18,366
Rental Equipment, at Cost [PP&E]53,475 1,660,176
Less: Accumulated
Depreciation [DEPRECIATION](48,426) (1,653,834)
Net Rental Equipment 5,049 6,342
Accounts Receivable-Affiliates 165 0
Accounts Receivable-General Partner 0 4,898
Other Accounts Receivable, net of allowance
for bad debt of $4,560 in 1995 and 1994 24,044 20,154
Total Assets [TOTAL-ASSETS]$ 138,271 $ 112,360
Liabilities and Partners' Equity
Accounts Payable $ 2,984 $ 12,123
Due to General Partner 1,701 0
Security Obligations 62,164 61,822
Deferred Revenue 20,633 27,511
Total Liabilities 87,482 101,456
General Partner (38,861) (39,260)
Limited Partners 89,650 50,164
Total Partners' Equity [OTHER-SE]50,789 10,904
Total Liabilities and Partners' Equity
[TOTAL-LIABILITY-AND-EQUITY]$ 138,271 $ 112,360
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND X
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ending March 31,
1995 1994
Revenues
Rental income $ 37,872 $ 97,310
Other income 7,747 414,986
Net Gain on sale of equipment 3,537 15,639
Total Revenues [TOTAL-REVENUES]49,156 527,935
Expenses
Direct costs 4,563 21,270
Management fees 2,265 34,678
Interest-Leasing Costs 0 1,131
General and administrative 1,255 2,345
Bad Debt 0 (212)
Depreciation 1,188 17,650
Total Operating Expenses [TOTAL-COSTS]9,271 76,862
Net Income [NET-INCOME]$ 39,885 $ 451,073
Net Income Allocation
General Partner $ 399 $ 4,511
Limited Partners 39,486 446,562
$ 39,885 $ 451,073
Net Income per Limited
Partnership Unit [EPS-PRIMARY]$ 2.32 $ 26.21
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 0 0 0
Net Income 39,486 399 39,885
Partners' Equity (Deficit)
March 31, 1995 $ 89,650 $ (38,861) $ 50,789
See Notes to Financial Statements
GEMINI EQUIPMENT PARTNERS INCOME FUND X
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended March 31,
1995 1994
Cash flows from operating activities:
Net income $ 39,885 $ 451,073
Adjustments to reconcile net income
to net cash provided by
operating activities:
Depreciation 1,188 17,650
Loss (gain) on sale of rental equipment (3,537) (15,639)
Provision for bad debts, net of recoveries 0 (26,621)
Change in assets and liabilities:
(Increase) decrease in rents
receivable (558) 10,742
(Increase) decrease in investment
in leases 672 25,272
(Increase) decrease in accounts
receivable-affiliate (165) 0
(Increase) decrease in other accounts
receivable (3,890) (394,506)
(Increase) decrease in due from
General Partner 4,898 0
Increase (decrease) in accounts
payable (9,139) (3,956)
Increase (decrease) in lease obligations 0 50
Increase (decrease) in due to
General Partner 1,701 27,043
Increase (decrease) in security deposits 342 (16,775)
Increase (decrease) in deferred
revenue (6,878) (2,201)
Net cash provided by operating
activities 24,519 72,132
Cash flows from investing activities:
Proceeds from sale of equipment 3,642 17,304
Net cash provided by
investing activities 3,642 17,304
Cash flows from financing activities:
Distribution to partners 0 (258,197)
Net cash used in financing activities 0 (258,197)
Increase (decrease) in cash &
cash equivalents 28,161 (168,761)
Cash & cash equivalents at
beginning of year 59,427 282,688
Cash & cash equivalents at end
of quarter $ 87,588 $ 113,927
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 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 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 three months ended March 31, 1995 was $39,885
or $2.32 per limited partnership unit, compared to net income
for the three months ended March 31, 1994 of $451,073 or $26.21
per limited partnership unit. The decrease in net income is
primarily attributed to proceeds from a settlement with Xerox in
1994. The partnership's pro-rata share of this settlement was
$386,201, which was included in other income. Management fees
related to the portion of the Xerox proceeds applicable to rental
income were $27,645 and were contributed to the Partnership to
effect the General Partner's capital balance. Management fees
declined due to maturing leases and equipment being sold or
scrapped. Declines in rental income of $59,438 in 1995 were
offset by decreases in depreciation, interest, and General and
Administrative expenses. These decreases are due to the
termination of leases and the disposition of assets as the
partnership winds down. Legal fees associated with the Xerox
litigation of $11,140 were included in direct costs in 1994.
Gains on sale of equipment decreased due to a decline in the
market value of residuals, and a reduction of equipment available
for sale.
LIQUIDITY AND CAPITAL RESOURCES
The primary source of funds for the period was rental income. As
of March 31, 1995, the Partnership had off-lease equipment with a
cost of $53,475.
As of March 31, 1995, the Partnership had returned approximately
90.5% of the limited partners' original investment through
distributions. The Partnership expects that the next cash
distribution will be payable at an annualized rate of 4% on June
30, 1995. 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 three months ended March 31, 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: May 12, 1995
