SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 10-Q/A
(Amendment No. 1)
[x] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the fiscal quarter ended March 30, 1994.
[ ] 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 1-9670
_______________________
PLM INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 94-3041257
(State or other jurisiction 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 (ro
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 shares outstanding of each of the
issuer's classes of common stock, as of the last practicable date:
Common Stock - $.01 Par Value; Outstanding as of May 13, 1994 -
10,495,114 shares
<PAGE>
<TABLE>
PLM INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(1994 amounts as restated, see Note 8)
<CAPTION>
March 31, December 31,
1994 1993
(in thousands)
ASSETS
<S> <C> <C>
Cash and cash equivalents $ 12,203 $ 19,685
Receivables 6,036 6,037
Receivables from affiliates 9,017 10,981
Equity interest in affiliates 17,432 17,707
Transportation equipment held for
operating leases 203,470 205,810
Less accumulated depreciation (105,498) (105,122)
97,972 100,688
Restricted cash and cash equivalents 13,312 7,055
Restricted marketable securities 38,149 44,469
Other 11,997 11,098
Total assets $206,118 $217,720
LIABILITIES, MINORITY INTEREST, AND SHAREHOLDERS' EQUITY
Liabilities:
Senior secured debt $ 36,747 $ 45,000
Bank debt related to ESOP 50,280 50,280
Other secured debt 3,288 2,839
Subordinated debt 31,000 31,000
Payables and other liabilities 13,608 18,082
Deferred income taxes 19,116 19,386
Total liabilities 154,039 166,587
Minority Interest 352 -0-
Shareholders' Equity:
Preferred stock, $.01 par value, 10,000,000
shares authorized, 4,901,474 at March 31,
1994, and 4,916,301 at December 31, 1993,
series A Convertible shares issued and
outstanding, aggregate $63,719,162 at
March 31, 1994, and $63,911,913 at
December 31, 1993, ($13 per share)
liquidation preference at paid-in amount 62,020 63,569
Unearned Compensation/Loan to ESOP
on ESOP shares (41,236) (50,280)
20,784 13,289
Common stock, $.01 par value, 50,000,000
shares authorized, 10,486,782 shares issued
and outstanding at March 31, 1994,
(excluding 417,209 shares held in treasury)
and 10,465,306 at December 31, 1993, 109 109
(excluding 432,018 shares held in treasury)
Paid in capital, in excess of par 55,737 55,557
Treasury stock (100) (131)
55,746 55,535
Accumulated deficit (24,803) (17,691)
Total shareholders' equity 51,727 51,133
Total liabilities, minority interest,
and shareholders' equity $206,118 $217,720
</TABLE>
See accompanying notes to these financial statements.
<PAGE>
<TABLE>
PLM INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(1994 amounts as restated, see Note 8)
(in thousands, except per share data)
<CAPTION>
For the three months ended
March 31,
1994 1993
<S> <C> <C>
Revenues:
Operating leases $ 7,272 $ 9,340
Management fees and partnership interests 3,485 3,609
Commissions and other fees 3,202 3,913
(Loss) gain on the disposal of transportation
equipment, net (117) 1,397
Other 1,125 120
Total revenues 14,967 18,379
Costs and expenses:
Operations support 5,604 5,163
Depreciation and amortization 3,168 3,378
Commissions 1,556 2,883
General and administrative 2,354 2,143
Total costs and expenses 12,682 13,567
Operating income 2,285 4,812
Interest expense 2,291 3,382
Other income (expense), net 152 (295)
Interest income 803 1,327
Income before income taxes 949 2,462
Provision (benefit) for income taxes (112) 874
Net income before cumulative effect of
accounting change 1,061 1,588
Cumulative effect of accounting change 5,130 --
Net (loss) income (4,069) 1,588
Preferred dividend imputed on allocated shares 562 341
Preferred dividend imputed on unallocated shares
(net of $521 income tax benefit for the three
months ended March 31, 1993) -- 895
Net (loss) income to common shares $(4,631) $ 352
(Loss) earnings per common share outstanding $ (0.37) $ 0.03
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
PLM INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(1994 amounts as restated, see Note 8)
(in thousands)
<CAPTION>
For the three months ended
March 31,
1994 1993
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ (4,069) $ 1,588
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 3,168 3,378
Cumulative effect of accounting change 5,130 --
Decrease in deferred income taxes (503) (2,626)
Compensation expense for ESOP, net 85 --
Loss (gain) on disposal of assets 117 (1,380)
Undistributed residual value interests 217 69
Minority interest in net income of subsidiaries 20 -0-
(Decrease) increase in payables and other liabilities (5,666) 1,921
Decrease in receivables and receivables from
affiliates 2,314 232
Cash distributions from affiliates in excess of
income accrued 109 70
Decrease in other assets 248 766
Purchase of equipment for lease (365) (312)
Proceeds from sale of equipment for lease 1,182 109
Purchase of assets held for sale to affiliates (3,695) -0-
Proceeds from sale of assets held for sale to
affiliates 3,695 17,534
Net cash provided by operating activities 1,987 21,349
Cash flows from investing activities:
Additional investment in affiliates (51) -0-
Proceeds from the sale of investments 89 -0-
Proceeds from the maturity and sale of restricted
marketable securities 15,792 23,539
Purchase of restricted marketable securities (9,472) (23,963)
Increase in restricted cash and cash equivalents (6,257) (4,615)
Acquisition of subsidiaries (1,139) -0-
Net cash used in investing activities (1,038) (5,039)
Cash flows from financing activities:
Principal payments under equipment loans (8,350) (11,955)
Cash dividends paid on Preferred Stock (934) (1,034)
Payments received from ESOP trustee 834 --
Proceeds from exercise of stock options 19 -0-
Financing of assets held for sale to affiliates 2,953 -0-
Repayment of financing for assets held for sale
to affiliates (2,953) -0-
Net cash used in financing activities (8,431) (12,989)
Net (decrease) increase in cash and cash equivalents (7,482) 3,321
Cash and cash equivalents at beginning of period 19,685 9,407
Cash and cash equivalents at end of period $ 12,203 $ 12,728
Supplemental information:
Interest paid during the period $ 2,535 $ 3,069
Income taxes paid during the period $ 3,875 $ 263
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PLM INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1994
1. In the opinion of management, the accompanying
unaudited consolidated financial statements contain
all adjustments necessary to present fairly the
Company's financial position as of March 31, 1994,
and the statements of operations and cash flows for
the three months ended March 31, 1994, and 1993.
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 consolidated financial statements. For
further information, reference should be made to the
financial statements and notes thereto included in
the Company's Annual Report on Form 10-K for the year
ended December 31, 1993, on file at the Securities
and Exchange Commission.
2. In February 1994, 6,667 common shares were issued for
the exercise of stock options. In addition, 14,809
common shares were taken out of treasury stock and
issued to former participants in the Company's
Employee Stock Ownership Plan. Consequently, the
total common shares outstanding increased to
10,486,782 at March 31, 1994, from the 10,465,306
outstanding at December 31, 1993. Net income (loss)
per common share was computed by dividing net income
(loss) to common shares by the weighted average
number of shares of common stock deemed outstanding
during the period which includes the Employee Stock
Ownership Plan ("ESOP") convertible preferred shares
committed to be released as prescribed under the
American Institute of Certified Public Accountants
Statement of Position 93-6 which the Company has
adopted (refer to Footnote 8). Dilution that could
result from the issuance of stock options is not
material.
3. Certain amounts in the 1993 financial statements have
been reclassified to conform to the 1994
presentation.
4. As of March 31, 1994, the Company has reclassified
assets held for sale to equipment held for operating
lease, unless the particular asset is subject to a
pending contract for sale or held for sale to an
affiliated partnership. Transportation equipment
held for operating leases at March 31, 1994, and
December 31, 1993, includes equipment previously
reported as held for sale.
5. As of January 1, 1994, the Company has adopted
Statement of Financial Accounting Standards No. 115
("Accounting For Certain Investments in Debt and
Equity Securities") ("SFAS No. 115"). At January 1,
1994, the Company classified most of its marketable
securities as held-to-maturity securities based on
management intent and ability to hold. All
securities that were considered available-for-sale at
January 1, 1994, were sold during the first quarter,
with the corresponding gain or loss included in
income. As of March 31, 1994, the Company has
classified all of its marketable securities as held-
to-maturity securities. Thus, all marketable
securities are reported on the balance sheet at
amortized cost, and any unrealized gains and losses
have not been recorded.
6. In February 1994, the Company completed the purchase
of a majority interest in Aeromil Australia Pty Ltd
("Aeromil"). Aeromil is one of Australia's largest
aircraft dealers specializing in local and
international marketing of business, commuter, and
commercial aircraft. The acquisition was accounted
for by the purchase method of accounting and
accordingly the purchase price will be allocated to
assets and liabilities based on the estimated fair
value at the date of acquisition an no goodwill is
expected to be recorded. The portion of Aeromil not
owned by PLM is shown as minority interest on the
balance sheet.
7. The Company's senior secured financing expires on
June 30, 1994. The Company is presently in due
diligence and documentation with a lender group to
replace the senior secured debt. Management of the
Company believes this replacement financing will be
completed prior to maturity of the senior secured
debt.
8. On November 22, 1993 the American Institute of
Certified Public Accountants issued Statement of
Position 93-6 "Employers' Accounting for Employee
Stock Ownership Plans" (SOP 93-6) which changes the
way companies report transactions with leveraged
employee stock ownership plans ("ESOPs") for
financial statement purposes, including the
following: (i) compensation expense is to be
recognized based on the fair value of shares
committed to be released to employees net of the
imputed dividend on allocated shares; (ii) interest
received on the loan to the ESOP is not recorded as
income; (iii) only dividends on allocated shares are
reflected as a reduction to income to common
shareholders; and (iv) the previously reported Loan
to Employee Stock Ownership Plan is not recognized
under SOP 93-6; instead, an amount representing the
unearned compensation related to the unallocated
shares is reported as a reduction of Preferred Stock.
The Company elected to adopt SOP 93-6 in the third
quarter of 1994, which required the previously issued
financial statements to be restated to reflect the
change in accounting as of January 1, 1994. The
adoption of SOP 93-6 resulted in a non-cash charge to
earnings of $5.1 million for the impact of the change
in accounting principle which was recorded as of the
beginning of the year of adoption. Additionally, SOP
93-6 eliminates the recognition of interest income on
the Company's loan to the ESOP and records the entire
tax benefit of the ESOP as a reduction in income tax
expense.
9. Subsequent Event
On May 11, 1994, the Company signed a memorandum of
agreement to sell one marine vessel for $6.3 million
which approximates its carrying value. The sale is
expected to be completed in the second or third
quarter of 1994.
10. Legal Proceedings
The Company is involved as plaintiff or defendant in
various legal actions incident to its business.
Management does not believe that any of these actions
will be material to the financial condition of the
Company.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results
of Operations
The Company owns a diversified portfolio of transportation
equipment from which it earns operating lease revenue and incurs
operating expenses. The Company also raises investor equity
through syndicated partnerships and invests the equity raised in
transportation equipment which it manages on behalf of its
investors. The Company earns various fees and equity interests
from syndication and investor equipment management activities.
The Company's transportation equipment held for operating leases
is mainly equipment built prior to 1988. As trailer equipment
ages, the Company is generally replacing it with newer
equipment. However, aged equipment for other equipment types
may not be replaced. Rather, proceeds from the liquidation of
other equipment types may be invested in trailers or in other
Company investment opportunities. Failure to replace equipment
may result in shorter lease terms and higher costs of
maintaining and operating aged equipment and, in certain
instances, limited remarketability.
For the Three Months Ended March 31, 1994, vs. March 31, 1993
(A) Revenues
The Company's total revenues for the quarters ended
March 31, 1994, and 1993 were $15.0 million and
$18.4 million, respectively. The decrease in 1994
revenues is principally composed of a 22% decrease
in operating lease revenue, a 3% decrease in
management fees and partnership interests, an 18%
decrease in commission and other fees, and a loss on
the disposal of transportation equipment, partially
offset by a $1.0 million increase in other revenue.
1. Operating Lease Revenues - $7.3 million vs.
$9.3 million
For the three months ended March 31, 1994, the
Company had an average $204.6 million of equipment
in its operating lease portfolio, which is
approximately $21.2 million less than the original
cost of equipment held during the first quarter of
1993. The reduction in equipment is a consequence
of the Company's strategic decision to dispose of
certain assets resulting in the sale of almost its
entire railcar portfolio, a 23% reduction in its
aircraft fleet , and a net reduction of 5% and 16%
in its marine container and trailer portfolios,
respectively, compared to the first quarter of
1993.
The reduction in equipment is the primary reason
trailer, rail, aircraft, and marine container
revenue, were reduced by $0.8 million, $0.6
million, $0.5 million, and $0.2 million,
respectively. Also contributing to the decline in
marine container revenue was lower utilization.
<PAGE>
2. Management Fees and Partnership Interests -
$3.5 million vs. $3.6 million
Management fees decreased approximately $0.2
million for the quarter ended March 31, 1994, as
compared to the first quarter of 1993. These fees
are, for the most part, based on the revenues
generated by equipment under management. The
managed equipment portfolio grows correspondingly
with new syndication activity. Affiliated
partnership and investment program surplus
operating cash flows and loan proceeds invested in
additional equipment increase management fees.
While equipment under management increased from
1993 to 1994, lease rates for affiliated
partnerships and investment programs fell so that
gross revenues, which give rise to the management
fees, decreased. Equipment managed at March 31,
1994, and 1993 (measured at original cost)
amounted to $1.14 billion and $ 1.07 billion,
respectively. The Company also records as
revenues its equity interest in the earnings of
the Company's affiliated partnerships which
revenues increased approximately $0.1 million from
the first quarter of 1993.
3. Commissions and Other Fees - $3.2 million vs.
$3.9 million
Commission revenue and other fees are derived from
raising syndicated equity and acquiring and
leasing equipment for Company-sponsored investment
programs. Commission revenue consists of
placement fees which are earned on the amount of
equity raised. Acquisition and lease negotiation
fees are earned on the amount of equipment
purchased and leased on behalf of syndicated
investment programs. Debt placement fees are
earned for debt placed in the investment programs.
These fees are governed by applicable program
agreements and securities regulations. The
Company also receives a residual interest in
additional equipment acquired by affiliated
partnerships. Income is recognized on residual
interests based upon the general partner's share
of the present value of the estimated disposition
proceeds of the equipment portfolios of
affiliated partnerships.
During the three months ended March 31, 1994,
program equity raised totaled $17.0 million,
compared to $31.1 million in the same period of
1993, resulting in a decrease in placement
commissions of approximately $1.2 million.
Syndication equity raising efforts are influenced
by many factors, including general economic
conditions, performance of comparable investments,
and the number of firms that undertake to sell
Company-sponsored programs. There can be no
assurances that future syndication sales will
perform as well as or better than prior periods.
On behalf of various investor programs and
partnerships, a total of $31.4 million of
equipment was purchased during the three months
ended March 31, 1994, compared to $18.0 million in
the same period of 1993, resulting in a $0.8
million increase in acquisition and lease
negotiation fees.
Residual interest income decreased $0.1 million as
a result of ad- justments resulting from the sale
of program equipment for which the Company had
previously recorded residual interest income.
4. (Loss) Gain on the Disposal of Transportation
Equipment - ($0.1) million vs. $1.4 million
The loss on the disposal of transportation
equipment in 1994 resulted from the net loss on
the disposition of trailers. The gain in 1993 was
the result of the sale of railcars.
5. Other - $1.1 million vs $0.1 million
Other revenues are principally revenue earned by
Aeromil ($0.8 million), the Company's aircraft
leasing and spare parts brokerage subsidiary
acquired in February of 1994, and insurance
premiums earned by Transportation Equipment
Indemnity Company Ltd., a captive insurance
company.
(B) Costs and Expenses
1. Operations support expense (including salary
and office-related expenses for non-
administrative activities, provision for
doubtful accounts, equipment insurance, repair
and maintenance costs, and equipment
remarketing costs) increased $0.4 million (8%)
for the three months ended March 31, 1994, from
the same period in 1993. The increase resulted
from $0.7 million in costs associated with the
operation of Aeromil. This was offset by lower
equipment operation costs resulting from the
reduction in the equipment portfolio.
2. Depreciation and amortization expense decreased
$0.2 million (6%) for the quarter ended March
31, 1994 as compared to the similar period in
1993. The decrease resulted from the decrease
in depreciable equipment.
3. Commission expenses are primarily incurred by
the Company in connection with the syndication
of investment partnerships. Commissions are
also paid for certain leasing activities.
Commission expenses for the three months ended
March 31, 1994, decreased $1.3 million (46%)
from a similar period in 1993. The reduction
is the result of lower equity syndication
levels and lower equipment commissions.
4. General and administrative expenses increased
$0.2 million (10%) during the quarter ended
March 31, 1994, compared to a similar period in
1993. The increase is a result of higher
professional service costs.
(C) Other Items
1. Interest expense decreased to $2.3 million
compared with $3.4 million for the same period
in 1993 as a result of reduced debt levels.
2. Other income (expense) was income of $0.2
million in the first quarter of 1994, compared
to an expense of $0.3 million in the first
quarter of 1993. The change is a result of a
reduction in the estimated cost related to the
Company's interest rate SWAP agreement caused
by an increase in interest rates.
3. Interest income decreased to $0.8 million in
the three months ended March 31, 1994, compared
to $1.3 million for the same period in 1993,
primarily due to reduced marketable securities
and cash balances and lower interest rates paid
on investments and the adoption of SOP 93-6
which eliminates the recognition of interest
income on the Company's loan to the ESOP.
4. The provision for income taxes for the three
months ended March 31, 1994, of a $0.1 million
tax benefit reflects the entire tax benefit of
the ESOP. For the quarter ended March 31,
1993, the Company's provision for income taxes
was $0.9 million, which represented an
effective rate of 36% and included the tax
benefit of the preferred dividend on only the
ESOP shares allocated to ESOP participants.
Under Statement of Financial Accounting
Standards No. 109 ("Accounting For Income
Taxes") ("SFAS No. 109"), and the Company's
previous accounting for the ESOP, the ESOP
dividend is presented net of the tax benefit on
ESOP shares not allocated to participants.
With the adoption of SOP 93-6 the entire tax
benefit for the ESOP is reflected in the
provision for income taxes.
(D) Net (Loss) Income
For the three months ended March 31, 1994, net
income before the cumulative effect of the
accounting change was $1.0 million. In addition,
$0.6 million is reflected for the imputed preferred
dividend on allocated ESOP shares resulting in a net
loss to common shareholders before the cumulative
effect of the accounting change of $0.5 million and
a loss per common share of $0.04. In comparison,
for the same period in 1993, net income was $1.6
million and the net income available to common
shareholders was $0.4 million, with income per
common share of $0.03.
<PAGE>
Liquidity and Capital Resources
Cash requirements have been historically satisfied through cash
flow from operations, borrowings, or sales of transportation
equipment.
Liquidity throughout 1994 and beyond will depend, in part, on
continued remarketing of the equipment portfolio at similar
lease rates, continued success in raising syndicated equity for
the sponsored programs, effectiveness of cost control programs,
ability of the Company to secure new financing, and possible
additional equipment sales. Management believes the Company can
accomplish the preceding and will have sufficient liquidity and
capital resources for the future. Specifically, future
liquidity is influenced by the following:
(A) Debt Financing:
Senior and Subordinated Debt: On October 28, 1992,
the Company's senior secured term loan agreement was
amended to provide an accelerated principal
amortization schedule. The amended agreement
provides for the net proceeds from the sale of
transportation equipment to be placed into
collateral accounts to be used for principal
reductions. No further principal payments are
required before maturity. Final maturity of the
senior secured indebtedness is June 30, 1994. The
Company is presently in due diligence and
documentation with a lender group to replace the
senior secured debt. Management of the Company
believes this replacement financing will be
completed prior to maturity of the senior secured
debt facility.
Bridge Financing: Assets held on an interim basis
for placement with affiliated partnerships have,
from time to time, been partially funded by a $25.0
million short-term equipment acquisition loan
facility. This facility, made available to the
Company effective June 30, 1993, provides 80 percent
financing, and the Company uses working capital for
the non-financed costs of these transactions. The
commitment for this facility expires on July 13,
1994. The Company expects to renew the facility at
that time.
This facility, which is shared with PLM Equipment
Growth and Income Fund VII, ("EGF VII") allows the
Company to purchase equipment prior to the
designated program or partnership being identified,
or prior to having raised sufficient resources to
purchase the equipment. The Company usually enjoys
a spread between the net lease revenue earned and
the interest expense during the interim holding
period. As of May 13, 1994, the Company had no
outstanding borrowings and EGF VII had borrowed $3.0
million under this facility.
<PAGE>
(B) Equity Financing:
On August 21, 1989, the Company established a
leveraged employee stock ownership plan ("ESOP").
PLM International issued 4,923,077 shares of
Preferred Stock to the ESOP for $13.00 per share,
for an aggregate purchase price of $64,000,001. The
sale was originally financed, in part, with the
proceeds of a loan (the "Bank Loan") from a
commercial bank (the "Bank") which proceeds were
lent to the ESOP ("ESOP Debt") on terms
substantially the same as those in the Bank Loan
agreement. The ESOP Debt is secured, in part, by
the shares of Preferred Stock, while the Bank Loan
is secured with cash equivalents and marketable
securities. Preferred dividends are payable semi-
annually on February 21 and August 21, which
corresponds to the ESOP Debt payment dates. Bank
Loan debt service is covered through release of the
restricted cash and marketable securities. While
the annual ESOP dividend is fixed at $1.43 per
share, the interest rate on the ESOP debt varies
resulting in uneven debt service requirements. If
interest rates continue at current levels, it is
expected that ESOP dividends during 1994 will exceed
the required ESOP Debt service, with the excess
being used for additional principal payments.
Management, as part of its overall strategic
planning process, is evaluating the effectiveness of
the ESOP and the Company's other qualified benefit
plan.
The Company elected in the third quarter of 1994, to
adopt Statement of Position 93-6 "Employers'
Accounting for Employee Stock Ownership Plans" (SOP
93-6) which requires the previously issued financial
statements to be restated to reflect the change in
accounting as of January 1, 1994. SOP 93-6 requires
different accounting treatment for certain items
relating to the ESOP than those previously used by
the Company. (Refer to Footnote 8)
(C) Portfolio Activities:
In the first quarter of 1994, the Company generated
proceeds of $1.2 million from the sale of equipment.
The net proceeds from these and other equipment
sales were placed in collateral accounts as required
by the amended senior secured term loan agreement
and used for debt payments. If the funds held in
these collateral accounts exceed certain levels
specified by the amended senior loan agreement, the
excess of these funds are available for
reinvestment in transportation equipment or for
other purposes.
Over the last two years the Company has downsized
the equipment portfolio, through the sale or
disposal of under-performing and non-performing
assets, in an effort to strengthen the future
performance of the portfolio. This downsizing
exercise is now complete. The Company will continue
to identify under-performing and non-performing
assets for sale or disposal as necessary, but the
Company intends on maintaining approximately the
same size portfolio for the near future.
(D) Syndication Activities:
The Company earns fees generated from syndication
activities. In May 1993, EGF VII became effective
and selling activities commenced. As of the date of
this report, $59.4 million had been raised for this
partnership. The Company will likely continue to
offer units in EGF VII through the end of 1994.
Although the Company has increased its market share
over the last year, the overall Limited Partnership
syndications market has been contracting. The
Company's management is concerned about the
continued contraction of the syndications market and
its effect on the volume of partnership equity that
can be raised. Management does not expect the
Company to syndicate the same volume of partnership
equity as it did last year.
<PAGE>
Item 1. Legal Proceedings
See Note 9 of Notes to Consolidated Financial Statements.
(A) Exhibits
None
(B) Reports on Form 8-K
None
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 INTERNATIONAL, INC.
David J. Davis
Vice President and Corporate
Controller
Date: May 13, 1994
<PAGE>
Item 1. Legal Proceedings
See Note 9 of Notes to Consolidated Financial Statements.
(A) Exhibits
None
(B) Reports on Form 8-K
None
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 INTERNATIONAL, INC.
/s/ David J. Davis
David J. Davis
Vice President and Corporate
Controller
Date: May 13, 1994
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extrated from the first
quarter 10-Q/A and is qualified in its entirety by reference to such 10-Q/A.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1994
<CASH> 12203
<SECURITIES> 38149
<RECEIVABLES> 6036
<ALLOWANCES> 0
<INVENTORY> 0
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