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 fiscal quarter ended March 31, 1998.
[ ] 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 0-15437
-----------------------
PLM Transportation Equipment Partners IXA 1986
Income Fund
(Exact name of registrant as specified in its charter)
California 94-2992018
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Market, Steuart Street Tower
Suite 800, San Francisco, CA 94105-1301
(Address of principal (Zip code)
executive offices)
Registrant's telephone number, including area code (415) 974-1399
-----------------------
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 such
filing requirements for the past 90 days.
Yes X No ______
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXA 1986 INCOME FUND
BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
------------------------------------------
<S> <C> <C>
Assets
Equipment held for operating leases, at cost $ 456,512 $ 715,860
Less accumulated depreciation (442,154) (674,944)
------------------------------------------
Net equipment 14,358 40,916
Cash and cash equivalents 111,858 376,794
Accounts receivable, net of allowance for doubtful accounts of
$41,110 in 1998 and $45,515 in 1997 10,988 25,471
Prepaid insurance 442 661
------------------------------------------
Total assets $ 137,646 $ 443,842
==========================================
Liabilities and capital
Liabilities:
Accounts payable $ 6,253 $ 16,202
Due to affiliates -- 5,059
Total liabilities 6,253 21,261
Capital:
Beneficiaries or limited partners (24,285 units) 114,381 402,657
Beneficiary or General Partner 17,012 19,924
------------------------------------------
Total capital 131,393 422,581
------------------------------------------
Total liabilities and capital $ 137,646 $ 443,842
==========================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXA 1986 INCOME FUND
STATEMENTS OF INCOME
For the Three Months Ended March 31,
<TABLE>
<CAPTION>
1998 1997
-----------------------------------
<S> <C> <C>
Revenues
Lease revenue $ 20,000 $ 74,417
Interest and other income 3,674 2,487
Net gain on disposition of equipment 34,016 58,174
--------------------------------------
Total revenue 57,690 135,078
Expenses
Depreciation 6,418 41,804
Management fees to affiliate -- 15,178
Repairs and maintenance 5,925 6,401
Insurance expense 219 906
General and administrative expenses
to affiliates 6,387 17,917
Other general and administrative expenses 7,540 11,353
(Recovery of) provision for bad debts (4,405 ) 1,331
--------------------------------------
Total expenses 22,084 94,890
--------------------------------------
Net income $ 35,606 $ 40,188
======================================
Allocation of net income
Beneficiaries or limited partners $ 35,250 $ 39,786
Beneficiary or General Partner 356 402
--------------------------------------
Total $ 35,606 $ 40,188
======================================
Net income per weighted-average unit outstanding - 24,285 units $ 1.45 $ 1.64
======================================
Cash distributions $ -- $ 65,174
======================================
Cash distributions per weighted-average
unit outstanding $ -- $ 2.68
======================================
Special cash distributions $ 326,794 $ --
======================================
Special cash distributions per weighted-average
unit outstanding $ 13.32 $ --
======================================
Total cash distributions per weighted-average
unit outstanding $ 13.32 $ 2.68
======================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXA 1986 INCOME FUND
STATEMENTS OF CHANGES IN CAPITAL
For the period from December 31, 1996 to March 31, 1998
<TABLE>
<CAPTION>
Beneficiaries Beneficiary
(formerly (formerly
Limited General
Partners) Partner) Total
-----------------------------------------------------
<S> <C> <C> <C>
Capital (deficit) as of December 31, 1996 $ 743,918 $ (100,521) $ 643,397
Net income 88,071 124,782 212,853
Cash distributions (65,057) (657) (65,714 )
Special distributions (364,275) (3,680) (367,955 )
--------------------------------------------------------------
Capital as of December 31, 1997 402,657 19,924 422,581
Net income 35,250 356 35,606
Special distributions (323,526) (3,268) (326,794 )
--------------------------------------------------------------
Capital as of March 31, 1998 $ 114,381 $ 17,012 $ 131,393
==============================================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXA 1986 INCOME FUND
STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31,
<TABLE>
<CAPTION>
1998 1997
---------------------------------
<S> <C> <C>
Operating activities
Net income $ 35,606 $ 40,188
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation 6,418 41,804
Net gain on disposition of equipment (34,016) (58,174)
Changes in operating assets and liabilities
Accounts receivable, net 14,483 19,370
Prepaid insurance 219 605
Accounts payable (9,949) (2,464)
Due to affiliates (5,059) --
Net cash provided by operating activities 7,702 41,329
Investing activities
Proceeds from disposition of equipment 54,156 76,319
Net cash provided by investing activities 54,156 76,319
Financing activities
Cash distributions paid to beneficiaries (formerly limited partners) (323,526) (65,057)
Cash distributions paid to Beneficiary (formerly General Partner) (3,268) (657)
----------------------------------------
Net cash used in financing activities (326,794) (65,714)
----------------------------------------
Net increase (decrease) in cash and cash equivalents (264,936) 51,934
Cash and cash equivalents at beginning of period 376,794 211,878
----------------------------------------
Cash and cash equivalents at end of period $ 111,858 $ 263,812
========================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXA 1986 INCOME FUND
NOTES TO FINANCIAL STATEMENTS
March 31, 1998
1. Liquidation of the Partnership
With the disposal of the majority of the equipment portfolio, the
Partnership's remaining assets were transferred into a liquidating trust on
January 1, 1998. The sole Beneficiaries of the liquidating trust are the
limited partners and the General Partner. The Trustees, as designated by
the General Partner, are three officers of the General Partner. The amounts
reflected as assets and liabilities of the Trust have not been adjusted to
reflect liquidation values. The equipment portfolio that is actively being
marketed for sale by the Trustees continues to be carried at the lower of
depreciated cost or fair value less estimated cost of disposal. Although
the Trustees estimate that there will be distributions to the Beneficiaries
after final disposal of assets and settlement of liabilities, the amounts
cannot be accurately determined prior to actual disposal of the equipment.
Cash receipts (including proceeds from the sale of assets) in excess of
expected obligations and reasonable reserves will be distributed to the
Beneficiaries in the liquidating trust from time to time, and not less
often than annually. Upon final liquidation, the liquidating trust will be
dissolved.
For tax purposes, the liquidating trust will continue to be treated as a
partnership under Internal Revenue Regulation Section 301.7701-3(b)(1)(i).
Partnership tax returns will be filed until all the liquidating trust
assets are distributed.
The Trustees have applied to the Securities and Exchange Commission (SEC)
to terminate the Trust's obligation to file future reports on Form 10-Q and
Form 10-K. If approved by the SEC, the Trustees will discontinue all future
filings of these reports.
2. Opinion of Management
In the opinion of the Trustees, the accompanying unaudited financial
statements contain all adjustments necessary, consisting primarily of
normal recurring accruals, to present fairly the Trust's financial position
as of March 31, 1998 and December 31, 1997, the statements of income and
cash flows for the three months ended March 31, 1998 and 1997, and the
statements of changes in capital for the period from December 31, 1996 to
March 31, 1998. Certain information and note disclosures normally included
in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted from the accompanying
financial statements. For further information, reference should be made to
the financial statements and notes thereto included in the Annual Report on
Form 10-K for the year ended December 31, 1997, on file at the Securities
and Exchange Commission.
3. Equipment
Equipment held for operating leases is stated at cost. The components of
equipment are as follows:
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
-------------------------------------
<S> <C> <C>
Trailers $ 456,512 $ 715,860
Less accumulated depreciation (442,154 ) (674,944)
-----------------------------------------
Net equipment $ 14,358 $ 40,916
=========================================
</TABLE>
As of March 31, 1998 and December 31, 1997, all equipment was operating in
PLM-affiliated short-term rental facilities.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXA 1986 INCOME FUND
NOTES TO FINANCIAL STATEMENTS
March 31, 1998
3. Equipment (continued)
During the three months ended March 31, 1998, the Trust sold or disposed of
trailers with an aggregate book value of $20,140 for proceeds of $54,156.
During the three months ended March 31, 1997, the Partnership sold or
disposed of a marine container and trailers with an aggregate book value of
$18,145 for proceeds of $76,319.
4. Cash Distributions
The Trustees paid special distributions of $13.32 per weighted-average unit
during the first quarter of 1998. The Partnership paid cash distributions
of $2.68 per weighted-average unit during the first quarter of 1997.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXB 1986 INCOME FUND
BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
-------------------------------------
<S> <C> <C>
Assets
Equipment held for operating leases, at cost $ 195,077 $ 237,580
Less accumulated depreciation ( 189,121) (227,868)
------------------------------------------
Net equipment 5,956 9,712
Cash and cash equivalents 47,708 93,836
Accounts receivable, net of allowance for doubtful
accounts of $22,075 in 1998 and in 1997 1,116 7,450
Prepaid insurance 191 284
------------------------------------------
Total assets $ 54,971 $ 111,282
==========================================
Liabilities and capital
Liabilities:
Accounts payable $ 3,500 $ 9,720
Due to affiliates -- 3,637
Total liabilities 3,500 13,357
Capital:
Beneficiaries or limited partners (17,460 units) 39,639 85,629
Beneficiary or General Partner 11,832 12,296
----------------- ----------------
---------- ----
Total capital 51,471 97,925
------------------------------------------
Total liabilities and capital $ 54,971 $ 111,282
==========================================
</TABLE>
see accompanying notes to financial statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXB 1986 INCOME FUND
STATEMENTS OF OPERATIONS
For the Three Months Ended March 31,
<TABLE>
<CAPTION>
1998 1997
-----------------------------
<S> <C> <C>
Revenues
Lease revenue $ 1,950 $ 20,242
Interest and other income 554 4,109
Net gain on disposition of equipment 3,765 31,354
---------------------------------
Total revenue 6,269 55,705
Expenses
Depreciation 2,022 26,041
Management fees to affiliate -- 10,913
Repairs and maintenance 177 2,773
Insurance expense 93 716
General and administrative expenses to affiliates 1,680 11,207
Other general and administrative expenses 4,915 9,174
Total expenses 8,887 60,824
Net loss $ ( 2,618) $ (5,119)
=================================
Allocation of net loss
Beneficiaries or limited partners $ ( 2,592) $ (5,068)
Beneficiary or General Partner (26) (51)
---------------------------------
Total $ ( 2,618) $ (5,119)
=================================
Net loss per weighted-average unit outstanding - 17,460 units $ (0.15) $ (0.29)
=================================
Cash distributions $ -- $ 48,063
=================================
Cash distributions per weighted-average
unit outstanding $ -- $ 2.73
=================================
Special distributions $ 43,836 $ 300,000
=================================
Special distributions per weighted-average
unit outstanding $ 2.49 $ 17.01
=================================
Total distributions per weighted-average
unit outstanding $ 2.49 $ 19.74
=================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXB 1986 INCOME FUND
STATEMENTS OF CHANGES IN CAPITAL
For the period from December 31, 1996 to March 31, 1998
<TABLE>
<CAPTION>
Beneficiaries Beneficiary
(formerly (formerly
Limited General
Partners) Partner) Total
-----------------------------------------------------
<S> <C> <C> <C>
Capital (deficit) as of December 31, 1996 $ 758,143 $ (69,985) $ 688,158
Net income (loss) (66,032 ) 88,407 22,375
Cash distributions (47,582 ) (481) (48,063 )
Special distributions (558,900 ) (5,645) (564,545 )
---------------------------------------------------------
Capital as of December 31, 1997 85,629 12,296 97,925
Net loss (2,592 ) (26) (2,618 )
Special distributions (43,398 ) (438) (43,836 )
---------------------------------------------------------
Capital as of March 31, 1998 $ 39,639 $ 11,832 $ 51,471
=========================================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXB 1986 INCOME FUND
STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31,
<TABLE>
<CAPTION>
1998 1997
--------------------------------
<S> <C> <C>
Operating activities
Net loss $ ( 2,618) $ (5,119)
Adjustments to reconcile net loss
to net cash provided by (used in) operating activities:
Depreciation 2,022 26,041
Net gain on disposition of equipment ( 3,765) (31,354)
Changes in operating assets and liabilities:
Accounts receivable, net 833 (3,067)
Prepaid insurance 93 496
Accounts payable (6,220) (3,070)
Due to affiliates (3,637) --
-------------------------------------
Net cash used in operating activities (13,292) (16,073)
-------------------------------------
Investing activities
Proceeds from disposition of equipment 11,000 51,000
Net cash provided by investing activities 11,000 51,000
Financing activities
Cash distributions paid to beneficiaries (formerly limited partners) (43,398) (344,582)
Cash distributions paid to Beneficiary (formerly General Partner) (438) (3,481)
-------------------------------------
Net cash used in financing activities (43,836) (348,063)
-------------------------------------
Net decrease in cash and cash equivalents (46,128) (313,136)
Cash and cash equivalents at beginning of period 93,836 478,922
-------------------------------------
Cash and cash equivalents at end of period $ 47,708 $ 165,786
=====================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXB 1986 INCOME FUND
NOTES TO FINANCIAL STATEMENTS
March 31, 1998
1. Liquidation of the Partnership
With the disposal of the majority of the equipment portfolio, the
Partnership's remaining assets were transferred into a liquidating trust on
January 1, 1998. The sole Beneficiaries of the liquidating trust are the
limited partners and the General Partner. The Trustees, as designated by
the General Partner, are three officers of the General Partner. The amounts
reflected as assets and liabilities of the Trust have not been adjusted to
reflect liquidation values. The equipment portfolio that is actively being
marketed for sale by the Trustees continues to be carried at the lower of
depreciated cost or fair value less estimated cost of disposal. Although
the Trustees estimate that there will be distributions to the Beneficiaries
after final disposal of assets and settlement of liabilities, the amounts
cannot be accurately determined prior to actual disposal of the equipment.
Cash receipts (including proceeds from the sale of assets) in excess of
expected obligations and reasonable reserves will be distributed to the
Beneficiaries in the liquidating trust from time to time, and not less
often than annually. Upon final liquidation, the liquidating trust will be
dissolved.
For tax purposes, the liquidating trust will continue to be treated as a
partnership under Internal Revenue Regulation Section 301.7701-3(b)(1)(i).
Partnership tax returns will be filed until all the liquidating trust
assets are distributed.
The Trustees have applied to the Securities and Exchange Commission (SEC)
to terminate the Trust's obligation to file future reports on Form 10-Q and
Form 10-K. If approved by the SEC, the Trustees will discontinue all future
filings of these reports.
2. Opinion of Management
In the opinion of the Trustees, the accompanying unaudited financial
statements contain all adjustments necessary, consisting primarily of
normal recurring accruals, to present fairly the Trust's financial position
as of March 31, 1998 and December 31, 1997, the statements of operations
and cash flows for the three months ended March 31, 1998 and 1997, and the
statements of changes in capital for the period from December 31, 1996 to
March 31, 1998. Certain information and note disclosures normally included
in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted from the accompanying
financial statements. For further information, reference should be made to
the financial statements and notes thereto included in the Annual Report on
Form 10-K for the year ended December 31, 1997, on file at the Securities
and Exchange Commission.
3. Equipment
Equipment held for operating leases is stated at cost. The components of
owned equipment are as follows:
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
-----------------------------------
<S> <C> <C>
Trailers $ 195,077 237,580
Less accumulated depreciation (189,121 ) (227,868)
---------------------------------------
Net equipment $ 5,956 $ 9,712
=======================================
</TABLE>
As of March 31, 1998 and December 31, 1997, all equipment was either on
lease or operating in PLM affiliated short-term rental facilities.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXB 1986 INCOME FUND
NOTES TO FINANCIAL STATEMENTS
March 31, 1998
3. Equipment (continued)
During the first quarter of 1998, the Trust repossessed a trailer, that had
been sold for a gain of $3,432 in 1997, due to a collection problem.
During the three months ended March 31, 1998, the Trust sold or disposed of
trailers with a net book value of $3,803 for proceeds of $11,000. During
the three months ended March 31, 1997, the Partnership sold or disposed of
trailers with a net book value of $19,646 for proceeds of $51,000.
4. Cash Distributions
The Trustees or General Partner paid special distributions of $2.49 and
$17.01 per weighted-average unit during the first quarter of 1998 and 1997,
respectively. The Partnership paid cash distributions of $2.73 per
weighted-average unit during the first quarter of 1997.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXC 1986 INCOME FUND
BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
--------------------------------------
<S> <C> <C>
Assets
Equipment held for operating leases, at cost $ 1,068,297 $ 1,527,504
Less accumulated depreciation (1,027,916) (1,449,772)
--------------------------------------------
Net equipment 40,381 77,732
Cash and cash equivalents 178,455 104,309
Accounts receivable, net of allowance for doubtful
accounts of $2,323 in 1998 and $8,393 in 1997 20,972 59,608
Prepaid insurance 374 560
--------------------------------------------
Total assets $ 240,182 $ 242,209
============================================
Liabilities and capital
Liabilities:
Accounts payable $ 6,801 $ 10,921
Due to affiliates -- 3,523
Total liabilities 6,801 14,444
Capital:
Beneficiaries or limited partners (16,914 units) 220,109 214,549
Beneficiary or General Partner 13,272 13,216
---------------- ----------------
----------- -----
Total capital 233,381 227,765
------------------------------------------
Total liabilities and capital $ 240,182 $ 242,209
==========================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXC 1986 INCOME FUND
STATEMENTS OF INCOME
For the Three Months Ended March 31,
<TABLE>
<CAPTION>
1998 1997
-----------------------------
<S> <C> <C>
Revenues
Lease revenue $ 27,074 $ 73,450
Interest and other income 1,862 2,629
Net gain on disposition of equipment 61,989 49,863
----------------------------------
Total revenue 90,925 125,942
Expenses
Depreciation 16,832 39,629
Management fees to affiliate -- 10,568
Repairs and maintenance 6,149 22,763
Insurance expense 186 1,003
General and administrative expenses to affiliates 7,584 27,531
Other general and administrative expenses 6,319 8,709
(Recovery of) provision for bad debts (6,070) 2,916
----------------------------------
Total expenses 31,000 113,119
Net income $ 59,925 $ 12,823
==================================
Allocation of net income
Beneficiaries or limited partners $ 59,326 $ 12,695
Beneficiary or General Partner 599 128
----------------------------------
Total $ 59,925 $ 12,823
==================================
Net income per weighted-average
unit outstanding (16,914 units) $ 3.51 $ 0.75
==================================
Cash distributions $ -- $ 57,017
==================================
Cash distributions per weighted-average
unit outstanding $ -- $ 3.34
==================================
Special distributions $ 54,309 $ 100,000
==================================
Special distributions per weighted-average
unit outstanding $ 3.18 $ 5.85
==================================
Total distributions per weighted-average
unit outstanding $ 3.18 $ 9.19
==================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXC 1986 INCOME FUND
STATEMENTS OF CHANGES IN CAPITAL
For the period from December 31, 1996 to March 31, 1998
<TABLE>
<CAPTION>
Beneficiaries
(formerly Beneficiary
Limited (formerly Total
Partners) General
Partner)
-------------------------------------------------------
<S> <C> <C> <C>
Capital (deficit) as of December 31, 1996 $ 704,628 $ (68,097) $ 636,531
Net income 28,911 86,555 115,466
Cash distributions (56,447 ) (570) (57,017)
Special distributions (462,543 ) (4,672) (467,215)
-----------------------------------------------------------
Capital as of December 31, 1997 214,549 13,216 227,765
Net income 59,326 599 59,925
Special distributions (53,766 ) (543) (54,309)
-----------------------------------------------------------
Capital as of March 31, 1998 $ 220,109 $ 13,272 $ 233,381
===========================================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXC 1986 INCOME FUND
STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31,
<TABLE>
<CAPTION>
1998 1997
---------------------------------
<S> <C> <C>
Operating activities
Net income $ 59,925 $ 12,823
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation 16,832 39,629
Net gain on disposition of equipment (61,989) (49,863)
Change in operating assets and liabilities
Accounts receivable, net 27,636 13,232
Prepaid insurance 186 640
Accounts payable (4,120) (5,549)
Due to affiliates (3,523) --
-------------------------------------
Net cash provided by operating activities 34,947 10,912
-------------------------------------
Investing activities
Proceeds from disposition of equipment 93,508 79,550
Cash provided by investing activities 93,508 79,550
-------------------------------------
Financing activities
Cash distributions paid to beneficiaries (formerly limited partners) (53,766) (155,447)
Cash distributions paid to Beneficiary (formerly General Partner) (543) (1,570)
-------------------------------------
Net cash used in financing activities (54,309) (157,017)
-------------------------------------
Net increase (decrease) in cash and cash equivalents 74,146 (66,555)
Cash and cash equivalents at beginning of period 104,309 264,450
-------------------------------------
Cash and cash equivalents at end of period $ 178,455 $ 197,895
=====================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXC 1986 INCOME FUND
NOTES TO FINANCIAL STATEMENTS
March 31, 1998
1. Liquidation of the Partnership
With the disposal of the majority of the equipment portfolio, the
Partnership's remaining assets were transferred into a liquidating trust on
January 1, 1998. The sole Beneficiaries of the liquidating trust are the
limited partners and the General Partner. The Trustees, as designated by
the General Partner, are three officers of the General Partner. The amounts
reflected as assets and liabilities of the Trust have not been adjusted to
reflect liquidation values. The equipment portfolio that is actively being
marketed for sale by the Trustees continues to be carried at the lower of
depreciated cost or fair value less estimated cost of disposal. Although
the Trustees estimate that there will be distributions to the Beneficiaries
after final disposal of assets and settlement of liabilities, the amounts
cannot be accurately determined prior to actual disposal of the equipment.
Cash receipts (including proceeds from the sale of assets) in excess of
expected obligations and reasonable reserves will be distributed to the
Beneficiaries in the liquidating trust from time to time, and not less
often than annually. Upon final liquidation, the liquidating trust will be
dissolved.
For tax purposes, the liquidating trust will continue to be treated as a
partnership under Internal Revenue Regulation Section 301.7701-3(b)(1)(i).
Partnership tax returns will be filed until all the liquidating trust
assets are distributed.
The Trustees have applied to the Securities and Exchange Commission (SEC)
to terminate the Trust's obligation to file future reports on Form 10-Q and
Form 10-K. If approved by the SEC, the Trustees will discontinue all future
filings of these reports.
2. Opinion of Management
In the opinion of the Trustees, the accompanying unaudited financial
statements contain all adjustments necessary, consisting primarily of
normal recurring accruals, to present fairly the Trust's financial position
as of March 31, 1998 and December 31, 1997, the statements of income and
cash flows for the three months ended March 31, 1998 and 1997, and the
statements of changes in capital for the period from December 31, 1996 to
March 31, 1998. Certain information and note disclosures normally included
in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted from the accompanying
financial statements. For further information, reference should be made to
the financial statements and notes thereto included in the Annual Report on
Form 10-K for the year ended December 31, 1997, on file at the Securities
and Exchange Commission.
Equipment
Equipment held for operating leases is stated at cost. The components of
owned equipment are as follows:
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
----------------------------------------
<S> <C> <C>
Trailers $ 1,068,297 $ 1,527,504
Less accumulated depreciation (1,027,916 ) (1,449,772)
----------------------------------------
Net equipment $ 40,381 $ 77,732
========================================
</TABLE>
All of the equipment was operating in PLM-affiliated short-term rental
facilities as of March 31, 1998 and December 31, 1997.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXC 1986 INCOME FUND
NOTES TO FINANCIAL STATEMENTS
March 31, 1998
Equipment (continued)
During the first quarter of 1998, the Trust repossessed two trailers, that
had been sold for a gain of $6,969 in 1997, due to a collection problem.
During the three months ended March 31, 1998, the Trust sold or disposed of
trailers with a net book value of $24,550 for proceeds of $93,508. During
the three months ended March 31, 1997, the Partnership sold or disposed of
trailers with a net book value of $29,687 for proceeds of $79,550.
4. Cash Distributions
The Trustees or General Partner paid special distributions of $3.18 and
$5.85 per weighted-average unit during the first quarter of 1998 and 1997,
respectively. The Partnership paid a cash distribution of $3.34 per
weighted-average unit during the first quarter of 1997.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXD 1986 INCOME FUND
BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
--------------------------------------
<S> <C> <C>
Assets
Equipment held for operating leases, at cost $ 316,403 $ 609,053
Less accumulated depreciation (299,187) (568,582)
--------------------------------------------
Net equipment 17,216 40,471
Cash and cash equivalents 102,485 125,940
Accounts receivable, net of allowance for doubtful
accounts of $32,220 in 1998 and in 1997 2,175 39,740
Prepaid insurance 1,320 1,413
--------------------------------------------
Total assets $ 123,196 $ 207,564
============================================
Liabilities and capital
Liabilities:
Accounts payable $ 3,645 $ 17,342
Due to affiliates -- 1,985
Total liabilities 3,645 19,327
Capital:
Beneficiaries or limited partners (9,529 units) 112,054 180,054
Beneficiary or General Partner 7,497 8,183
------------------------------------------
Total capital 119,551 188,237
------------------------------------------
Total liabilities and capital $ 123,196 $ 207,564
==========================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXD 1986 INCOME FUND
STATEMENTS OF INCOME
For the Three Months Ended March 31,
<TABLE>
<CAPTION>
1998 1997
-----------------------------
<S> <C> <C>
Revenues
Lease revenue $ 9,757 $ 19,219
Interest and other income 1,563 837
Net gain on disposition of equipment 12,197 25,044
--------------------------------
Total revenue 23,517 45,100
Expenses
Depreciation 6,151 19,489
Management fees to affiliate -- 5,956
Repairs and maintenance 2,338 2,716
Insurance expense 93 435
General and administrative expenses to affiliates 2,967 6,904
Other general and administrative expenses 4,714 6,573
Provision for bad debts -- 67
Total expenses 16,263 42,140
--------------------------------
Net income $ 7,254 $ 2,960
================================
Allocation of net income
Beneficiaries or limited partners $ 7,181 $ 2,930
Beneficiary or General Partner 73 30
------------------------------
Total $ 7,254 $ 2,960
================================
Net income per weighted-average unit outstanding (9,529 units) $ 0.75 $ 0.31
================================
Cash distributions $ -- $ 18,549
================================
Cash distributions per weighted-average
unit outstanding $ -- $ 1.93
================================
Special distributions $ 75,940 $ --
================================
Special distributions per weighted-average
unit outstanding $ 7.89 $ --
================================
Total distributions per weighted-average
unit outstanding $ 7.89 $ 1.93
================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXD 1986 INCOME FUND
STATEMENTS OF CHANGES IN CAPITAL
For the period from December 31, 1996 to March 31, 1998
<TABLE>
<CAPTION>
Beneficiaries Beneficiary
Limited (formerly
Partners) General
Partner) Total
-------------------------------------------------------
<S> <C> <C> <C>
Capital (deficit) as of December 31, 1996 $ 305,760 $ (39,161) $ 266,599
Net income 83,235 49,454 132,689
Cash distributions (18,364 ) (185) (18,549)
Special distributions (190,577 ) (1,925) (192,502)
-----------------------------------------------------------
Capital as of December 31, 1997 180,054 8,183 188,237
Net income 7,181 73 7,254
Special distributions (75,181 ) (759) (75,940)
-----------------------------------------------------------
Capital as of March 31, 1998 $ 112,054 $ 7,497 $ 119,551
===========================================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXD 1986 INCOME FUND
STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31,
<TABLE>
<CAPTION>
1998 1997
--------------------------------
<S> <C> <C>
Operating activities
Net income $ 7,254 $ 2,960
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation 6,151 19,489
Net gain on disposition of equipment (12,197) (25,044)
Changes in operating assets and liabilities
Accounts receivable, net 37,565 11,238
Prepaid insurance 93 281
Accounts payable (13,697) (2,920)
Due to affiliate (1,985) --
-------------------------------------
Net cash provided by operating activities 23,184 6,004
-------------------------------------
Investing activities
Proceeds from disposition of equipment 29,301 43,219
-------------------------------------
Net cash provided by investing activities 29,301 43,219
-------------------------------------
Financing activities
Cash distributions paid to beneficiaries (formerly limited partners) (75,181) (18,364)
Cash distributions paid to Beneficiary (formerly General Partner) (759) (185)
-------------------------------------
Net cash used in financing activities (75,940) (18,549)
-------------------------------------
Net increase (decrease) in cash and cash equivalents (23,455) 30,674
Cash and cash equivalents at beginning of period 125,940 77,140
-------------------------------------
Cash and cash equivalents at end of period $ 102,485 $ 107,814
=====================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXD 1986 INCOME FUND
NOTES TO FINANCIAL STATEMENTS
March 31, 1998
1. Liquidation of Partnership
With the disposal of the majority of the equipment portfolio, the
Partnership's remaining assets were transferred into a liquidating trust on
January 1, 1998. The sole Beneficiaries of the liquidating trust are the
limited partners and the General Partner. The Trustees, as designated by
the General Partner, are three officers of the General Partner. The amounts
reflected as assets and liabilities of the Trust have not been adjusted to
reflect liquidation values. The equipment portfolio that is actively being
marketed for sale by the Trustees continues to be carried at the lower of
depreciated cost or fair value less estimated cost of disposal. Although
the Trustees estimate that there will be distributions to the Beneficiaries
after final disposal of assets and settlement of liabilities, the amounts
cannot be accurately determined prior to actual disposal of the equipment.
Cash receipts (including proceeds from the sale of assets) in excess of
expected obligations and reasonable reserves will be distributed to the
Beneficiaries in the liquidating trust from time to time, and not less
often than annually. Upon final liquidation, the liquidating trust will be
dissolved.
For tax purposes, the liquidating trust will continue to be treated as a
partnership under Internal Revenue Regulation Section 301.7701-3(b)(1)(i).
Partnership tax returns will be filed until all the liquidating trust
assets are distributed.
The Trustees have applied to the Securities and Exchange Commission (SEC)
to terminate the Trust's obligation to file future reports on Form 10-Q and
Form 10-K. If approved by the SEC, the Trustees will discontinue all future
filings of these reports.
2. Opinion of Management
In the opinion of the Trustees, the accompanying unaudited financial
statements contain all adjustments necessary, consisting primarily of
normal recurring accruals, to present fairly the Trust's financial position
as of March 31, 1998 and December 31, 1997, the statements of income and
cash flows for the three months ended March 31, 1998 and 1997, and the
statements of changes in capital for the period from December 31, 1996 to
March 31, 1998. Certain information and note disclosures normally included
in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted from the accompanying
financial statements. For further information, reference should be made to
the financial statements and notes thereto included in the Annual Report on
Form 10-K for the year ended December 31, 1997, on file at the Securities
and Exchange Commission.
3. Equipment
Equipment held for operating leases is stated at cost. The components of
equipment are as follows:
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
-------------------------------------
<S> <C> <C>
Trailers $ 316,403 $ 609,053
Less accumulated depreciation (299,187 ) (568,582)
-----------------------------------------
Net equipment $ 17,216 $ 40,471
=========================================
</TABLE>
All equipment owned by the Trust or Partnership was operating in
PLM-affiliated short-term rental facilities as of March 31, 1998 and December
31, 1997.
<PAGE>
PLM TRANSPORTATION EQUIPMENT PARTNERS IXD 1986 INCOME FUND
NOTES TO FINANCIAL STATEMENTS
March 31, 1998
Equipment (continued)
During the three months ended March 31, 1998, the Trust sold or disposed of
trailers with an aggregate net book value of $17,104 for proceeds of
$29,301. During the three months ended March 31, 1997, the Partnership sold
or disposed of marine containers and trailers with an aggregate net book
value of $18,175 for proceeds of $43,219.
4. Cash Distributions
The Trustees paid special distributions of $7.89 per weighted-average unit
during the first quarter of 1998. The General Partner paid cash
distributions of $1.93 per weighted-average unit during the first quarter
of 1997.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
(I) RESULTS OF OPERATIONS
Comparison of the Partnership's Operating Results for the Three Months Ended
March 31, 1998 and 1997
TEP IXA
(A) Owned Equipment Operations
Revenues less direct expenses (defined as repairs and maintenance and asset
specific insurance expense) on owned equipment decreased for the quarter ended
March 31, 1998, when compared to the same period of 1997. The following table
presents revenues less direct expenses by owned equipment type:
<TABLE>
<CAPTION>
For the Three Months
Ended March 31,
1998 1997
---------------------------------
<S> <C> <C>
Trailers $ 14,075 $ 49,290
Marine containers -- 18,090
</TABLE>
Trailers: Trailer revenues and direct expenses were $20,000 and $5,925,
respectively, for the quarter ended March 31, 1998, compared to $56,097 and
$6,807, respectively, during the same period of 1997. The number of trailers
owned by the Trust declined over the twelve months due to disposition of
trailers. The result of this declining fleet was a decrease in trailer net
contribution.
Marine containers: Marine container revenues and direct expenses were zero for
the quarter ended March 31, 1998, compared to $18,321 and $231, respectively,
during the same period of 1997. The decrease in marine container net
contribution resulted from the disposition of the remaining marine containers
during 1997.
(B) Indirect Expenses Related to Owned Equipment
Total indirect expenses of $16,159 for the quarter ended March 31, 1998,
decreased from $87,583 for the same period of 1997. Significant variances are
explained as follows:
(i) a $35,386 decrease in depreciation expense reflecting asset sales or
dispositions during 1998 and during 1997.
(ii) a $15,343 decrease in general and administrative expenses reflects
decreased accounting and data processing costs, and lower administrative costs
related to short-term rental facilities due to the decreased volume of trailers
in these facilities.
(iii) a $15,178 decrease in management fees to affiliates due to the transfer of
the remaining assets into a liquidating trust. The Trustees are not entitled to
a management fee.
(iv) a $5,736 decrease in bad debt expense primarily reflecting the
Partnership's recovery of certain receivable balances previously reserved for as
bad debts.
(C) Net Gain on Disposition of Equipment
For the quarter ended March 31, 1998, the Partnership realized a gain of $34,016
on the sale of trailers. In the same period in 1997, the Partnership realized a
gain of $58,174 on the sale or disposition of marine container and trailers.
<PAGE>
(D) Net Income
As a result of the foregoing, the Trust's net income of $35,606 in the first
quarter of 1998 decreased from $40,188 in the same period in 1997. The Trust's
ability to operate or liquidate assets, secure leases, and re-lease those assets
whose leases expire during the duration of the Trust is subject to many factors,
and the Trust's performance in the first quarter of 1998, is not necessarily
indicative of future periods. In the first quarter of 1998, the Trust made a
special distribution of $323,526 to the beneficiaries, or approximately $13.32
per weighted-average unit.
TEP IXB
(A) Owned Equipment Operations
Revenues less direct expenses (defined as repairs and maintenance and asset
specific insurance expense) on owned equipment decreased for the quarter ended
March 31, 1998, when compared to the same period of 1997. The following table
presents revenues less direct expenses by owned equipment type:
<TABLE>
<CAPTION>
For the Three Months
Ended March 31,
1998 1997
----------------------------------
<S> <C> <C>
Trailers $ 1,773 $ 10,184
Marine containers -- 4,420
Railcar equipment -- 2,431
</TABLE>
Trailers: Trailer revenues and direct expenses were $1,950 and $177,
respectively, for the quarter ended March 31, 1998, compared to $13,206 and
$3,022, respectively, during the same period of 1997. The number of trailers
owned by the Trust declined over the past twelve months due to disposition of
trailers. The result of this declining fleet was a decrease in trailer net
contribution.
Marine containers: Marine container revenues and direct expenses were zero for
the quarter ended March 31, 1998, compared to $4,486 and $66, respectively,
during the same period of 1997. The decrease in marine container net
contribution resulted from the disposition of the remaining marine containers
during 1997.
Railcar equipment: Railcar revenues and direct expenses were zero for the
quarter ended March 31, 1998, compared to $2,550 and $119, respectively, during
the same period of 1997. The decrease in contribution was due to the sale of the
remaining railcars during 1997.
(B) Indirect Expenses Related to Owned Equipment
Total indirect expenses of $8,710 for the quarter ended March 31, 1998,
decreased from $57,617 for the same period of 1997. Significant variances are
explained as follows:
(i) a $24,019 decrease in depreciation expense reflecting asset sales or
dispositions during 1998 and 1997.
(ii) a $13,786 decrease in general and administrative expenses reflects the
decreased accounting and data processing costs, and lower administrative costs
related to short-term rental facilities due to the decreased volume of trailers
in these facilities.
(iii) a $10,913 decrease in management fees to affiliates due to the transfer of
the remaining assets into a liquidating Trust. The Trustees are not entitled to
a management fee.
(C) Net Gain on Disposition of Equipment
For the quarter ended March 31, 1998, the Trust realized a gain of $3,765 on the
disposal of trailers compared to the same period of 1997, where the Partnership
realized a gain of $31,354 on the disposal of trailers.
(D) Net Loss
As a result of the foregoing, the Trust had a net loss of $2,618 for the quarter
ended March 31, 1998, compared to a net loss of $5,119 for the same period in
1997. The Trust's ability to operate or liquidate assets, secure leases, and
re-lease those assets whose leases expire during the duration of the Trust is
subject to many factors, and the Trust's performance for the quarter ended March
31, 1998, is not necessarily indicative of future periods. For the quarter ended
March 31, 1998, the Trust distributed a special distribution $43,398 to the
beneficiaries, or approximately $2.49 per weighted-average unit.
TEP IXC
(A) Owned Equipment Operations
Revenues less direct expenses (defined as repairs and maintenance and asset
specific insurance expenses) on owned equipment decreased for the quarter ended
March 31, 1998 when compared to the same period of 1997. The following table
presents revenues less direct expenses by owned equipment type:
<TABLE>
<CAPTION>
For the Three Months
Ended March 31,
1998 1997
-------------------------------------
<S> <C> <C>
Trailers $ 20,925 $ 51,728
Marine containers -- 804
Railcar equipment -- (2,590 )
</TABLE>
Trailers: Trailer revenues and direct expenses were $27,074 and $6,149,
respectively, for the quarter ended March 31, 1998, compared to $75,172 and
$23,444, respectively, during the same period of 1997. The number of trailers
declined over the past twelve months due to the disposition of trailers. The
result of this declining fleet was a decrease in trailer net contribution.
Marine containers: Marine container revenues and direct expenses were zero for
the quarter ended March 31, 1998, compared to $828 and $24, respectively, during
the same period of 1997. The decrease in marine container net contribution
resulted from the disposition of the Trust's remaining marine containers during
1997.
Railcar equipment: Railcar revenues and direct expenses were zero for the
quarter ended March 31, 1998, compared to a credit of $2,550 and $40,
respectively, during the same period of 1997. The increase in contribution was
due to a credit given back to a former lessee in the first quarter of 1997. No
similar credit was given in the first quarter of 1998.
(B) Indirect Expenses Related to Owned Equipment
Total indirect expenses of $24,851 for the quarter ended March 31, 1998,
decreased from $89,611 for the same period of 1997. Significant variances are
explained as follows:
(i) a $22,797 decrease in depreciation expense reflecting asset sales during the
first quarter of 1998 and during 1997.
(ii) a $22,337 decrease in general and administrative expenses due to lower
accounting costs and administrative costs due to sale of equipment and decreased
volume of trailers in the short-term rental facilities.
(iii) a $10,568 decrease in management fee to affiliate due to the transfer of
the remaining assets into a liquidating trust. The Trustees are not entitled to
a management fee.
(iv) a $8,986 decrease in bad debt expense primarily reflecting the
Partnership's recovery of certain receivable balances previously reserved for as
bad debts.
<PAGE>
(C) Net Gain on Disposition of Equipment
For the quarter ended March 31, 1998, the Trust realized a gain of $61,989 on
the disposition of trailers, compared to the same period in 1997, when the
Partnership realized a gain of $49,863 on the disposition of trailers.
(D) Net Income
As a result of the foregoing, the Trust's net income increased to $59,925 for
the quarter ended March 31, 1998, from $12,823 in the same period in 1997. The
Trust's ability to operate or liquidate assets, secure leases, and re-lease
those assets whose leases expire during the duration of the Trust is subject to
many factors, and the Trust's performance for the quarter ended March 31, 1998,
is not necessarily indicative of future periods. For the quarter ended March 31,
1998, the Trust distributed a special distribution of $53,766 to the
beneficiaries, or approximately $3.18 per weighted-average unit.
TEP IXD
(A) Owned Equipment Operations
Revenues less direct expenses (defined as repairs and maintenance and asset
specific insurance expenses) on owned equipment decreased for the quarter ended
March 31, 1998 when compared to the same period of 1997. The following table
presents revenues less direct expenses by owned equipment type:
<TABLE>
<CAPTION>
For the Three Months
Ended March 31,
1998 1997
-------------------------------------
<S> <C> <C>
Trailers $ 7,419 $ 8,603
Marine containers -- 7,579
</TABLE>
Trailers: Trailer revenues and direct expenses were $9,757 and $2,338,
respectively, for the quarter ended March 31, 1998, compared to $11,583 and
$2,980, respectively, during the same period of 1997. The number of trailers
declined over the past twelve months due to the disposition of trailers. The
result of this declining fleet was a decrease in trailer net contribution.
Marine containers: Marine container revenues and direct expenses were zero for
the quarter ended March 31, 1998, compared to $7,636 and $57, respectively,
during the same period of 1997. The decrease in marine container net
contribution resulted from the disposition of the remaining marine containers
during 1997.
(B) Indirect Expenses Related to Owned Equipment
Total indirect expenses of $13,925 for the quarter ended March 31, 1998,
decreased from $39,103 for the same period of 1997. Significant variances are
explained as follows:
(i) a $13,338 decrease in depreciation expense reflecting asset sales during
1998 and 1997.
(ii) a $5,956 decrease in management fees to affiliates due to the transfer of
the remaining assets into a liquidating trust. The Trustees are not entitled to
a management fee.
(iii) a $5,796 decrease in general and administrative expenses due to lower
accounting costs and administrative costs due to sale of equipment and decreased
volume of trailers in the short-term rental facilities.
(C) Net Gain on Disposition of Equipment
For the quarter ended March 31, 1998, the Trust realized a gain of $12,197 on
the disposal of trailers, as compared to a gain of $25,044 on the disposal of
marine containers and trailers for the quarter ended March 31, 1997.
<PAGE>
(D) Net Income
As a result of the foregoing, the Trust's net income of $7,254 in the first
quarter 1998, compared to the net income of $2,960 in the same period in 1997.
The Trust's ability to operate or liquidate assets, secure leases, and re-lease
those assets whose leases expire during the duration of the Trust is subject to
many factors, and the Trust's performance in the first quarter of 1998, is not
necessarily indicative of future periods. In the first quarter of 1998, the
Trustees made a special distribution $75,181 to the beneficiaries, or
approximately $7.89 per weighted-average unit.
(II) ASSET SALES
As discussed in Note 1 to each of the accompany financial statements and (V)
below, the General Partner is actively marketing the remaining equipment for
sale.
(III) YEAR 2000 COMPLIANCE
The Trustees are currently addressing the Year 2000 computer software issue and
are creating a timetable for carrying out any program modifications that may be
required. The Trustees do not anticipate that the cost of these modifications
allocable to the Partnerships' will be material.
(IV) ACCOUNTING PRONOUNCEMENTS
In June 1997, the Financial Accounting Standards Board issued two new
statements: SFAS No. 130, "Reporting Comprehensive Income," which requires
enterprises to report, by major component and in total, all changes in equity
from nonowner sources; and SFAS No. 131, "Disclosures about Segments of an
Enterprise and Related Information," which establishes annual and interim
reporting standards for a public company's operating segments and related
disclosures about its products, services, geographic areas, and major customers.
Both statements are effective for the Partnership's fiscal year ended December
31, 1998. The effect of adoption of these statements will be limited to the form
and content of the Partnership's disclosures and will not impact the
Partnership's results of operations, cash flow, or financial position.
(V) OUTLOOK FOR THE FUTURE
With the majority of the equipment portfolio now liquidated, the Partnerships'
remaining assets were transferred into a liquidating trust as of January 1, 1998
(see Note 1) to each of the accompanying financial statements. Any excess
proceeds over expected obligations will be distributed to the Beneficiaries in
the liquidating trust.
(VI) FORWARD-LOOKING INFORMATION
Except for historical information contained herein, the discussion in this Form
10-Q contains forward-looking statements that involve risks and uncertainties,
such as statements of the Partnerships' plans, objectives, expectations, and
intentions. The cautionary statements made in this Form 10-Q should be read as
being applicable to all related forward-looking statements wherever they appear
in this Form 10-Q. The Partnerships' actual results could differ materially from
those discussed here.
<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None.
(b) Reports on Form 8-K
None.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PLM TRANSPORTATION EQUIPMENT
PARTNERS IXA 1986 INCOME FUND
Date: May 14, 1998 By: /s/ Stephen M. Bess
--------------------
Stephen M. Bess
Trustee
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 111,858
<SECURITIES> 0
<RECEIVABLES> 52,098
<ALLOWANCES> 41,110
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 456,512
<DEPRECIATION> 442,154
<TOTAL-ASSETS> 137,646
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 131,393
<TOTAL-LIABILITY-AND-EQUITY> 137,646
<SALES> 0
<TOTAL-REVENUES> 57,690
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 26,489
<LOSS-PROVISION> (4,405)
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 35,606
<INCOME-TAX> 0
<INCOME-CONTINUING> 35,606
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 35,606
<EPS-PRIMARY> 1.45
<EPS-DILUTED> 1.45
</TABLE>
