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 quarter ended June 30, 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 0-15436
-----------------------
PLM EQUIPMENT GROWTH FUND
(Exact name of registrant as specified in its charter)
California 94-2998816
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Market, Steuart Street Tower,
Suite 900, 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 ______
Indicate the number of units outstanding of each of the issuer's
classes of partnership units, as of the latest practicable date:
Class Outstanding at August 7, 1995
Limited Partnership Depositary Units: 5,820,150
General Partnership Units: 1
<PAGE>
PLM EQUIPMENT GROWTH FUND
(A Limited Partnership)
BALANCE SHEETS
(in thousands of dollars)
<TABLE>
ASSETS
<CAPTION>
June 30, December 31,
1995 1994
<S> <C> <C>
Equipment held for operating leases, at cost $ 104,837 $ 119,123
Less accumulated depreciation (64,254) (69,122)
Net equipment 40,583 50,001
Cash and cash equivalents 5,377 2,542
Restricted cash 4,410 1,952
Accounts receivable, less allowance for doubtful accounts
of $254 at June 30, 1995, and $203 at December 31, 1994 1,683 1,919
Prepaid expenses and other assets 151 210
Deferred charges, net of accumulated amortization of
$417 at June 30, 1995, and $381 at December 31, 1994 9 45
Total assets $ 52,213 $ 56,669
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable and accrued expenses $ 1,552 $ 1,921
Due to affiliates 185 230
Security deposits 572 518
Prepaid deposits and reserve for repairs 1,533 1,937
Note payable 28,000 28,000
Total liabilities 31,842 32,606
Partners' capital (deficit):
Limited Partners (5,820,150 Depositary Units
at June 30, 1995, and 5,848,197 Depositary
Units at December 31, 1994) 20,682 24,374
General Partner (311) (311)
Total partners' capital 20,371 24,063
Total liabilities and partners' capital $ 52,213 $ 56,669
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PLM EQUIPMENT GROWTH FUND
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(thousands of dollars, except per unit amounts)
<TABLE>
<CAPTION>
For the three months For the six months
ended June 30, ended June 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Revenues:
Lease revenue $ 5,202 $ 5,629 $ 11,222 $ 11,552
Interest and other income 94 42 171 103
Net gain (loss) on disposition of equipment 1,148 (94) 1,791 (190)
Total revenues 6,444 5,577 13,184 11,465
Expenses:
Depreciation and amortization 2,194 2,638 4,480 5,136
Management fees to affiliate 347 293 683 656
Repairs and maintenance 360 753 1,167 1,389
Interest expense 541 350 1,072 692
Insurance expense to affiliate 37 46 131 18
Other insurance expense 126 121 200 170
Marine equipment operating expenses 618 528 1,306 623
General and administrative expenses to affiliate 203 165 421 301
Other general and administrative expenses 191 253 294 519
Loss on revaluation of equipment -- 960 -- 960
Total expenses 4,617 6,107 9,754 10,464
Net income (loss) $ 1,827 $ (530) $ 3,430 $ 1,001
Partners' share of net income (loss):
Limited Partners $ 1,793 $ (564) $ 3,362 $ 951
General Partner 34 34 68 50
Total $ 1,827 $ (530) $ 3,430 $ 1,001
Net income (loss) per Depositary
Unit (5,820,150 Units at June
30, 1995; 5,853,197 Units at
June 30, 1994) $ 0.31 $ (0.10) $ 0.58 $ 0.16
Cash distributions $ 3,391 $ 3,400 $ 6,788 $ 6,785
Cash distributions per Depositary Unit $ 0.58 $ 0.58 $ 1.15 $ 1.15
</TABLE>
See accompanying notes to financial statements.
<PAGE>
PLM EQUIPMENT GROWTH FUND
(A Limited Partnership)
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the year ended December 31, 1994 and the six months ended
June 30, 1995
(in thousands)
<TABLE>
<CAPTION>
Limited General
Partners Partner Total
<S> <C> <C> <C>
Partners' capital (deficit) at December 31, 1993 $ 38,047 $ (311) $ 37,736
Net (loss) income (43) 118 75
Repurchase of Depositary Units (168) -- (168)
Cash distributions (13,462) (118) (13,580)
Partners' capital (deficit) at December 31, 1994 24,374 (311) 24,063
Net income 3,362 68 3,430
Repurchase of Depositary Units (334) -- (334)
Cash distributions (6,720) (68) (6,788)
Partners' capital (deficit) at June 30, 1995 $ 20,682 $ (311) $ 20,371
</TABLE>
See accompanying notes to financial statements.
<PAGE>
PLM EQUIPMENT GROWTH FUND
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30,
(in thousands)
1995 1994
Operating activities: $ 3,430 $ 1,001
Net income
Adjustment to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization 4,480 5,136
Net (gain) loss on disposition of equipment (1,791) 190
Loss on revaluation of equipment -- 960
Changes in operating assets and liabilities:
Accounts receivable, net 236 (709)
Due to affiliates (45) 41
Prepaid expenses and other assets 59 (82)
Restricted cash (54) 334
Accounts payable and accrued expenses (98) (616)
Security deposits 54 (10)
Prepaid deposits and reserve for repairs (404) (68)
Net cash provided by operating activities 5,867 6,177
Investing activities:
Payments for capital improvements and
equipment purchases (40) (248)
(Increase) decrease in restricted cash (2,404) 24
Proceeds from disposition of equipment 6,534 1,326
Net cash provided by investing activities 4,090 1,102
Financing activities:
Cash distributions paid to partners (6,788) (6,785)
Repurchases of Depositary Units (334) (64)
Net cash used in financing activities (7,122) (6,849)
Net increase in cash and cash equivalents 2,835 430
Cash and cash equivalents at beginning of period 2,542 3,556
Cash and cash equivalents at end of period $ 5,377 $ 3,986
Supplemental information:
Interest paid $ 1,044 $ 690
See accompanying notes to financial
statements.
<PAGE>
PLM EQUIPMENT GROWTH FUND
A Limited Partnership
NOTES TO FINANCIAL STATEMENTS
June 30, 1995
1. Opinion of Management
In the opinion of the management of PLM Financial Services, Inc., the
General Partner, the accompanying unaudited financial statements contain
all adjustments necessary, consisting primarily of normal recurring
accruals, to present fairly the financial position of PLM Equipment Growth
Fund (the "Partnership") as of June 30, 1995, the statements of operations
for the three and six months ended June 30, 1995 and 1994, the statements
of changes in Partners' capital for the year ended December 31, 1994 and
the six months ended June 30, 1995, and the statements of cash flows for
the six months ended June 30, 1995 and 1994. Certain information and
footnote 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 Partnership's Annual Report on Form 10-K
for the year ended December 31, 1994, on file at the Securities and
Exchange Commission.
2. Cash Distributions
Cash distributions are recorded when paid and totaled $6.8 million for both
the six months ended June 30, 1995 and 1994. Cash distributions to
Unitholders in excess of net income are considered to represent a return of
capital. Cash distributions to Unitholders of $3.4 million and $5.8 million
for the six months ended June 30, 1995 and 1994, respectively, were deemed
to be a return of capital.
Cash distributions of $3.4 million ($0.58 per Depositary Unit) were
declared on June 15, 1995, and are to be paid on August 15, 1995, to the
Unitholders of record as of June 30, 1995.
3. Depositary Unit Repurchase Plan
The Partnership has engaged in a program to repurchase up to 250,000
Depositary Units. During the six months ended June 30, 1995, the
Partnership had repurchased 28,047 Depositary Units at a cost of $334,000.
As of June 30, 1995, the Partnership had repurchased a total of 164,850
Depositary Units at a cost of $2.4 million.
4. Equipment
Equipment held for operating leases is stated at cost.
The components of equipment are as follows (in thousands):
June 30, December 31,
1995 1994
Railcar equipment $ 24,495 $ 26,041
Marine containers 9,108 9,819
Marine vessels 17,539 22,264
Aircraft and aircraft engines 27,242 34,321
Trailers 10,909 11,134
Mobile offshore drilling unit 15,544 15,544
104,837 119,123
Less accumulated depreciation (64,254) (69,122)
Net equipment $ 40,583 $ 50,001
<PAGE>
PLM EQUIPMENT GROWTH FUND
A Limited Partnership
NOTES TO FINANCIAL STATEMENTS
June 30, 1995
4. Equipment (continued)
Revenues are earned by placing the equipment under operating leases which
are generally billed monthly or quarterly. Some of the Partnership's marine
containers are leased to operators of utilization-type leasing pools which
include equipment owned by unaffiliated parties. In such instances,
revenues received by the Partnership consist of a specified percentage of
revenues generated by leasing the equipment to sublessees, after deducting
certain direct operating expenses of the pooled equipment. Rents for
railcars are based on mileage traveled or a fixed rate; rents for all other
equipment are based on fixed rates.
As of June 30, 1995, all equipment in the Partnership's portfolio was on
lease or operating in PLM-affiliated short-term trailer rental facilities
except for 73 marine containers with a carrying value of $0.2 million.
During the six months ended June 30, 1995, the Partnership sold or disposed
of one marine vessel, 247 marine containers, one commercial aircraft, one
commuter aircraft, 35 trailers, and 15 railcars with an aggregate net book
value of $5.0 million for proceeds of $6.5 million. Included in the gain on
sale of the marine vessel is the unused portion of accrued drydocking of
$0.3 million. During the six months ended June 30, 1994, the Partnership
sold or disposed of two commercial aircraft, 112 marine containers, eight
trailers, and 53 railcars with an aggregate net book value of $1.5 million
for aggregate proceeds of $1.3 million.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Liquidity and Capital Resources
(A) Results of Operations - For the six months ended June 30, 1995 and 1994
The Partnership's net operating income before loss on revaluation, depreciation,
amortization, and gain/loss on sales declined by approximately 16% for the six
months ended June 30, 1995 from the same period in 1994.
Reductions in operating income resulted from:
-A decrease in aircraft net contribution due to the sale of two commercial
aircraft during 1994, and due to the sale of one commercial aircraft and one
commuter aircraft during 1995;
-A decrease in marine container net contribution due to the sale of 566 marine
containers during 1994 and 247 marine containers during the six months ended
June 30, 1995;
-A decrease in marine vessel net contribution resulting from an increase in
operating expenses as one of the Partnership's marine vessels transitioned from
a "time" charter, where the lessee pays for most operating costs, into a
"voyage" charter where all voyage costs are absorbed by the lessor.
The net effect of re-leases on Partnership net income was relatively
small. Interest expense increased as the base rate of interest on the
Partnership's floating rate debt rose.
(B) Financial Condition - Capital Resources, Liquidity, and Distributions
The General Partner purchased the Partnership's initial equipment portfolio with
capital raised from its initial equity offering and permanent debt financing. No
further capital contributions from original partners are permitted under the
terms of the Partnership's Limited Partnership Agreement, while the
Partnership's total outstanding indebtedness, currently $28.0 million, cannot be
increased. The Partnership relies on operating cash flow to meet its operating
obligations and to make cash distributions to the Limited Partners.
For the six months ended June 30, 1995, the General Partner generated
sufficient operating cash flows to meet its operating obligations, but used
undistributed available cash from prior periods of $0.9 million to maintain the
current level of distributions to the partners.
Pursuant to the Limited Partnership Agreement, the Partnership ceased
during the third quarter of 1994 to reinvest in additional equipment. The
General Partner has attempted to assemble an equipment portfolio capable of
achieving a level of operating cash flow for the remaining life of the
Partnership sufficient to meet its obligations and sustain a predictable level
of distributions to the partners. Equipment sales now result in partial
liquidation of the Partnership's portfolio, with proceeds being used for payment
of debt or distributions to partners.
The Partnership's permanent debt obligation matures in September, 1995.
The General Partner intends to refinance part or all of this debt so that its
maturity coincides with the liquidation phase of the Partnership, and to retire
this refinanced debt with proceeds from sales of equipment during the
liquidation phase of the Partnership. Negotiations on the refinancing are
currently under way.
The Partnership intends to use excess cash flow, if any, after payment
of expenses, for loan principal and cash distributions to investors.
(C) Depositary Unit Repurchase Plan
The Partnership has engaged in a program to repurchase up to 250,000 Depositary
Units. During the six months ended June 30, 1995, the Partnership had
repurchased 28,047 Depositary Units at a cost of $334,000. As of June 30, 1995,
the Partnership had repurchased a total of 164,850 Depositary Units at a cost of
$2.4 million.
<PAGE>
Comparison of the Partnership's Operating Results for the Three Months Ended
June 30, 1995 and 1994
(A) Revenues
Total revenues of $6.4 million for the quarter ended June 30, 1995 increased
from $5.6 million for the same quarter in 1994. The increase in 1995 revenues
was primarily attributable to a recorded net gain on the sale or disposition of
equipment compared to a net loss during the same period of 1994.
(1) Lease revenues decreased to $5.2 million for the quarter ended June 30, 1995
compared to $5.6 million in the same quarter of 1994. The following table
presents lease revenues by equipment type (in thousands):
For the three months
ended June 30,
1995 1994
Railcar equipment $1,682 $1,740
Marine vessels 1,473 1,367
Aircraft and aircraft engines 637 1,025
Trailers 638 652
Marine containers 394 441
Mobile offshore drilling unit 378 404
$5,202 $5,629
The decrease in 1995 lease revenues primarily resulted from:
(a) a decrease of $0.4 million in aircraft and aircraft engine lease
revenue resulting from the sale of two commercial aircraft in June of 1994, and
the sale of one commercial aircraft and one commuter aircraft during the three
months ended June 30, 1995;
(b) a decrease of $0.1 million in railcar lease revenue resulting from the
sale of 57 railcars during 1994, and 15 railcars during 1995;
(c) an increase of $0.1 million in marine vessel lease revenue resulting
one of the Partnership's marine vessels, operating on a "voyage" charter,
earning higher daily rates, offset partially by lower lease revenues due to the
sale of one of the Partnership's marine vessels in the second quarter of 1995.
(2) Net gain on disposition of equipment for the second quarter 1995
totaled $1.1 million from the sale or disposal of one marine vessel, 160 marine
containers, one commercial aircraft, one commuter aircraft, 29 trailers, and
three railcars, with an aggregate net book value of $4.5 million for aggregate
proceeds of $5.3 million. Included in the gain on sale of the marine vessel is
the unused portion of accrued drydocking of $0.3 million. For the second quarter
of 1994, the $0.1 million net loss on disposition of equipment resulted from the
sale or disposal of two commercial aircraft, 11 marine containers, one trailer,
and 51 railcars with an aggregate net book value of $1.3 million for aggregate
proceeds of $1.2 million.
(B) Expenses
Total expenses for the three months ended June 30, 1995 of $4.6 million
decreased from $6.1 million for the same period in 1994. The decrease in 1995
was primarily attributable to lower depreciation and amortization and repair and
maintenance expense, and a loss on revaluation of equipment recorded in 1994,
partially offset by higher interest and marine equipment operating expenses.
(1) Direct operating expenses (defined as repairs and maintenance, insurance
expenses, and marine equipment operating expenses) decreased to $1.1 million in
the second quarter 1995 from $1.4 million in the same period in 1994. The
decrease resulted from:
(a) a decrease of $0.4 million in repairs and maintenance expenses
resulting from lower running repair expenses for the Partnership's railcar
assets, and due to the sale of a total of 72 railcars in 1994 and 1995, and one
marine vessel in the second quarter of 1995;
(b) an increase of $0.1 million in marine equipment operating expenses due
to one of the Partnership's marine vessels transferring in June of 1994 from a
"time" charter, where the lessee pays for most operating costs into a "voyage"
charter where all voyage costs are paid by the Partnership.
(2) Indirect operating expenses (defined as depreciation and amortization
expense, management fees, interest expense, and general and administrative
expenses ) were $3.5 million in the second quarter of 1995 compared to $3.7 for
the same quarter of 1994. The decrease in indirect operating expenses resulted
from:
(a) a decrease of $0.4 million in depreciation and amortization expense
from 1994 levels reflecting the Partnership's use of the double-declining
depreciation method and the sale of certain assets during 1995 and 1994;
(b) an increase of $0.2 million in interest expense resulting from an
increase in the floating rate of interest on the Partnership's debt.
(3) There was no loss on revaluation of equipment recorded during the quarter
ended June 30, 1995. During the quarter ended June 30, 1994, the Partnership
recorded a loss on revaluation of equipment of $1.0 million resulting from the
reduction in carrying value of one commercial aircraft to its estimated net
realizable value.
(C) Net Income (Loss)
As a result of the foregoing, the Partnership's net income of $1.8 million in
the second quarter of 1995, increased from a net loss of $0.5 million during the
same period in 1994. The Partnership's ability to operate and liquidate assets,
secure leases, and re-lease those assets whose leases expire during the duration
of the Partnership is subject to many factors and the Partnership's performance
in the second quarter 1995 is not necessarily indicative of future periods. In
the second quarter 1995, the Partnership distributed $3.4 million to the
Unitholders, or $0.58 per Depositary Unit.
Comparison of the Partnership's Operating Results for the Six Months Ended June
30, 1995 and 1994
(A) Revenues
Total revenues of $13.2 million for the six months ended June 30, 1995 increased
from $11.5 million for the same period in 1994. The increase in 1995 revenues
was primarily attributable to a recorded net gain on the sale or disposition of
equipment compared to a net loss for the same period in 1994.
(1) Lease revenues decreased to $11.2 million for the six months ended June 30,
1995 from $11.6 million in the same period of 1994. The following table presents
lease revenues by equipment type (in thousands):
For the six months
ended June 30,
1995 1994
Railcar equipment $ 3,450 $ 3,514
Marine vessels 3,401 2,759
Aircraft and aircraft engines 1,412 2,098
Trailers 1,297 1,226
Marine containers 838 1,018
Mobile offshore drilling unit 824 937
$11,222 $11,552
The decrease in 1995 lease revenues resulted from:
(a) a decrease of $0.7 million in aircraft lease revenue resulting from the
sale of two commercial aircraft in June of 1994, and the sale of one commercial
aircraft and one commuter aircraft during the six months ended June 30, 1995;
<PAGE>
(b) a decrease of $0.2 million in marine container lease revenue resulting
from the sale of 247 marine containers in the six months ended June 30, 1995,
and the sale of 566 marine containers during 1994;
(c) a decrease of $0.1 million in mobile offshore drilling unit ("rig")
lease revenue due to a reduced re-lease rate as a result of the rig's
repositioning to the Gulf of Mexico during 1994 in order to capture greater
long-term opportunity;
(d) an increase of $0.6 million in marine vessel lease revenue resulting
from one of the Partnership's marine vessels, operating on a "voyage" charter,
earning higher daily rates;
(e) an increase of $0.1 million in trailer lease revenue resulting from the
purchase of 40 trailers during the second and third quarters of 1994.
(2) Net gain on disposition of equipment for the six months ended June 30, 1995
totaled $1.8 million from the sale or disposal of one marine vessel, 247 marine
containers, one commercial aircraft, one commuter aircraft, 35 trailers, and 15
railcars, with an aggregate net book value of $5.0 million for aggregate
proceeds of $6.5 million. Included in the gain on sale of the marine vessel is
the unused portion of accrued drydocking of $0.3 million. For the six months
ended June 30, 1994, the $0.2 million net loss on disposition of equipment
resulted from the sale or disposal of two commercial aircraft, 112 marine
containers, eight trailers, and 53 railcars with an aggregate net book value of
$1.5 million for aggregate proceeds of $1.3 million.
(B) Expenses
Total expenses for the six months ended June 30, 1995, of $9.8 million decreased
from $10.5 million for the same period in 1994. The decrease in 1995 was
primarily attributable to lower depreciation and amortization, repairs and
maintenance, and a loss on revaluation of equipment recorded in 1994, offset
partially by higher marine operating, interest and insurance expense.
(1) Direct operating expenses (defined as repairs and maintenance, insurance
expenses, and marine equipment operating expenses) increased to $2.8 million in
the six months ended June 30, 1995 from $2.2 million in the same period in 1994.
The increase resulted from:
(a) an increase of $0.7 million in marine equipment operating expenses due
to one of the Partnership's marine vessels transferring in June 1994 from a
"time" charter, where the lessee is responsible for most operating costs, into a
voyage charter where all "voyage" costs are paid by the Partnership;
(b) an increase of $0.1 million in insurance expense which resulted from a
refund in the first quarter of 1994 from an insurance pool in which the
Partnership's marine vessels participate due to lower than expected insurance
claims in the pool. A similar refund was not received in the six months ended
June 30, 1995;
(c) a decrease of $0.2 million in repairs and maintenance expenses
resulting from lower running repair expenses for the Partnership's railcar
assets, and due to the sale of a total of 72 railcars in 1994 and 1995, and one
marine vessel in the second quarter in 1995.
(2) Indirect operating expenses (defined as depreciation and amortization
expense, management fees, interest expense, and general and administrative
expenses ) were $7.0 million in the six months ended June 30, 1995 compared to
$7.3 for the same period of 1994. The decrease in indirect operating expenses
resulted primarily from:
(a) a decrease of $0.7 million in depreciation and amortization expense
from 1994 levels reflecting the Partnership's use of the double-declining
depreciation method and the sale of certain assets during 1995 and 1994;
(b) an increase of $0.4 million in interest expense resulting from an
increase in the floating rate of interest on the Partnership's debt.
(3) There was no loss on revaluation of equipment recorded during the six months
ended June 30, 1995. During the six months ended June 30, 1994, the Partnership
recorded a loss on revaluation of equipment of $1.0 million resulting from the
reduction in carrying value of one commercial aircraft to its estimated net
realizable value.
(C) Net Income
As a result of the foregoing, the Partnership's net income of $3.4 million for
the six months ended June 30, 1995 increased from net income of $1.0 million for
the same period in 1994. The Partnership's ability to operate and liquidate
assets, secure leases, and re-lease those assets whose leases expire during the
duration of the Partnership is subject to many factors and the Partnership's
performance in the six months ended June 30, 1995 is not necessarily indicative
of future periods. In the six months ended June 30, 1995, the Partnership
distributed $6.7 million to the Unitholders, or $1.15 per Depositary Unit.
Trends
Generally, Partnership performance continues to be sensitive to trends in those
industry segments in which the Partnership equipment is either subject to
frequent re-leasing activity, or is impacted by changing demand for particular
Partnership equipment. In the former case, the Partnership's trailers have been
subject to softening demand, particularly for refrigerated over-the-road units;
and its rig has been subject to relatively low rates in an essentially static
market. In the latter case, the Partnership's 10-12 year old marine containers
(the majority of its marine container portfolio) are being retired at an
increased rate as container manufacturers step up deliveries of new containers;
while demand for the Partnership's older Stage II aircraft and engines has
declined in the U.S. market, leading the General Partner to remarket such
equipment abroad. Currently, demand for Partnership equipment remains strong in
the rail and over-the-road dry van areas.
The General Partner monitors these equipment markets. In those markets
in which the cyclical nature of demand has short- to intermediate-term impact,
the General Partner expects that partnership performance will be subject to such
market fluctuations and will vary accordingly. In those markets in which demand
for Partnership equipment has dropped for unacceptable lengths of time, the
General Partner takes appropriate action to reduce the Partnership's exposure to
such events.
<PAGE>
PART II - OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 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 EQUIPMENT GROWTH FUND
By: PLM Financial Services, Inc.
General Partner
Date: August 7, 1995 By: /s/ David J. Davis
------------------
David J. Davis
Vice President and
Corporate Controller
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 5,377
<SECURITIES> 0
<RECEIVABLES> 1,683
<ALLOWANCES> 254
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 104,837
<DEPRECIATION> 64,254
<TOTAL-ASSETS> 52,213
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 20,371
<TOTAL-LIABILITY-AND-EQUITY> 52,213
<SALES> 0
<TOTAL-REVENUES> 13,184
<CGS> 0
<TOTAL-COSTS> 8,682
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,072
<INCOME-PRETAX> 3,430
<INCOME-TAX> 0
<INCOME-CONTINUING> 3,430
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,430
<EPS-PRIMARY> .59
<EPS-DILUTED> .59
</TABLE>
