-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H3Qxu5PsjtWI3EMXaRqQBw1oCYy9zPnlEfb9qTHuUb1rXvsU2pIwDWhvb4Cmed8f GSYxXqBhzBAa6pS1uRnsvw== 0000927016-96-000241.txt : 19960517 0000927016-96-000241.hdr.sgml : 19960517 ACCESSION NUMBER: 0000927016-96-000241 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN INCOME 8 LIMITED PARTNERSHIP CENTRAL INDEX KEY: 0000780399 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 042947857 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16499 FILM NUMBER: 96564796 BUSINESS ADDRESS: STREET 1: C/O AMERICAN FINANCE GROUP STREET 2: 53 STATE STREET, 14TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6175421200 MAIL ADDRESS: STREET 1: C/O AMERICAN FINANCE GROUP STREET 2: 53 STATE STREET, 14TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109 10-Q 1 QUARTERLY REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [ X X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1996 ---------------------------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________ to ____________________ --------------------- For Quarter Ended March 31, 1996 Commission File No. 0-16499 American Income 8 Limited Partnership - ---------------------------------------------------------------------------- (Exact name of registrant as specified in its charter)
Massachusetts 04-2947857 - -------------------------------- -------------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 98 North Washington Street, Boston, MA 02114 - --------------------------------------- -------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (617) 854-5800 --------------
- -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report.) 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 --------- APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court 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_________ No_________ AMERICAN INCOME 8 LIMITED PARTNERSHIP FORM 10-Q INDEX
Page ---- PART I. FINANCIAL INFORMATION: Item 1. Financial Statements Statement of Financial Position at March 31, 1996 and December 31, 1995 3 Statement of Operations for the three months ended March 31, 1996 and 1995 4 Statement of Cash Flows for the three months ended March 31, 1996 and 1995 5 Notes to the Financial Statements 6-8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9-11 PART II. OTHER INFORMATION: Items 1 - 6 12
2 AMERICAN INCOME 8 LIMITED PARTNERSHIP STATEMENT OF FINANCIAL POSITION March 31, 1996 and December 31, 1995 (Unaudited)
March 31, December 31, 1996 1995 ------------ ------------- ASSETS - ------ Cash and cash equivalents $ 327,832 $ 430,613 Rents receivable, net of allowance for doubtful accounts of $18,000 at December 31, 1995 618 799 Accounts receivable - affiliate 70,873 175,884 Equipment at cost, net of accumulated depreciation of $7,752,304 and $7,908,452 at March 31, 1996 and December 31, 1995, respectively 4,322,980 4,484,865 ---------- ---------- Total assets $4,722,303 $5,092,161 ========== ========== LIABILITIES AND PARTNERS' CAPITAL - --------------------------------- Accrued liabilities $ 19,750 $ 20,000 Accrued liabilities - affiliate 10,197 9,080 Deferred rental income 13,531 179,561 Cash distributions payable to partners 141,765 283,530 ---------- ---------- Total liabilities 185,243 492,171 ---------- ---------- Partners' capital (deficit): General Partner (118,995) (118,365) Limited Partnership Interests (74,852 Units; initial purchase price of $250 each) 4,656,055 4,718,355 ---------- ---------- Total partners' capital 4,537,060 4,599,990 ---------- ---------- Total liabilities and partners' capital $4,722,303 $5,092,161 ========== ==========
The accompanying notes are an integral part of these financial statements. 3 AMERICAN INCOME 8 LIMITED PARTNERSHIP STATEMENT OF OPERATIONS for the three months ended March 31, 1996 and 1995 (Unaudited)
1996 1995 --------- --------- Income: Lease revenue $225,269 $362,024 Interest income 5,464 9,456 Gain on sale of equipment 40,828 30,000 -------- -------- Total income 271,561 401,480 -------- -------- Expenses: Depreciation 161,885 172,439 Interest expense -- 12,917 Equipment management fees - affiliate 11,263 18,101 Operating expenses - affiliate 19,578 30,644 -------- -------- Total expenses 192,726 234,101 -------- -------- Net income $ 78,835 $167,379 ======== ======== Net income per limited partnership unit $ 1.04 $ 2.21 ======== ======== Cash distribution declared per limited partnership unit $ 1.87 $ 3.75 ======== ========
The accompanying notes are an integral part of these financial statements. 4 AMERICAN INCOME 8 LIMITED PARTNERSHIP STATEMENT OF CASH FLOWS for the three months ended March 31, 1996 and 1995 (Unaudited)
1996 1995 ---------- ---------- Cash flows from (used in) operating activities: $ 78,835 $ 167,379 Net income Adjustments to reconcile net income to net cash from operating activities: Depreciation 161,885 172,439 Gain on sale of equipment (40,828) (30,000) Decrease in allowance for doubtful accounts (18,000) -- Changes in assets and liabilities Decrease (increase) in: rents receivable 18,181 (179) accounts receivable - affiliate 105,011 (24,787) Increase (decrease) in: accrued interest -- 448 accrued liabilities (250) (5,500) accrued liabilities - affiliate 1,117 (409) deferred rental income (166,030) (14,099) --------- --------- Net cash from operating activities 139,921 265,292 --------- --------- Cash flows from investing activities: Proceeds from equipment sales 40,828 30,000 --------- --------- Net cash from investing activities 40,828 30,000 --------- --------- Cash flows used in financing activities: Principal payments - notes payable -- (20,693) --------- --------- Distributions paid (283,530) (283,530) --------- --------- Net cash used in financing activities (283,530) (304,223) --------- --------- Net decrease in cash and cash equivalents (102,781) (8,931) Cash and cash equivalents at beginning of period 430,613 712,472 --------- --------- Cash and cash equivalents at end of period $ 327,832 $ 703,541 ========= ========= Supplemental disclosure of cash flow information: Cash paid during the period for interest $ -- $ 12,469 ========= =========
The accompanying notes are an integral part of these financial statements. 5 AMERICAN INCOME 8 LIMITED PARTNERSHIP Notes to the Financial Statements March 31, 1996 (Unaudited) NOTE 1 - BASIS OF PRESENTATION - ------------------------------ The financial statements presented herein are prepared in conformity with generally accepted accounting principles and the instructions for preparing Form 10-Q under Rule 10-01 of Regulation S-X of the Securities and Exchange Commission and are unaudited. As such, these financial statements do not include all information and footnote disclosures required under generally accepted accounting principles for complete financial statements and, accordingly, the accompanying financial statements should be read in conjunction with the footnotes presented in the 1995 Annual Report. Except as disclosed herein, there has been no material change to the information presented in the footnotes to the 1995 Annual Report. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary to present fairly the financial position at March 31, 1996 and December 31, 1995 and results of operations for the three month periods ended March 31, 1996 and 1995 have been made and are reflected. NOTE 2 - CASH - ------------- The Partnership invests excess cash with large institutional banks in reverse repurchase agreements with overnight maturities. The reverse repurchase agreements are secured by U.S. Treasury Bills or interests in U.S. Government securities. NOTE 3 - REVENUE RECOGNITION - ---------------------------- Rents are payable to the Partnership monthly, quarterly or semi- annually and no significant amounts are calculated on factors other than the passage of time. The leases are accounted for as operating leases and are noncancellable. Rents received prior to their due dates are deferred. Future minimum rents of $3,181,315 are due as follows:
For the year ending March 31, 1997 $ 823,709 1998 791,165 1999 652,074 2000 644,274 2001 270,093 ---------- Total $3,181,315 ==========
6 AMERICAN INCOME 8 LIMITED PARTNERSHIP Notes to the Financial Statements (Continued) NOTE 4 - EQUIPMENT - ------------------ The following is a summary of equipment owned by the Partnership at March 31, 1996. In the opinion of American Finance Group ("AFG"), the acquisition cost of the equipment did not exceed its fair market value.
Lease Term Equipment Equipment Type (Months) at Cost - ------------------------------------ ------------------------- ------------ Aircraft 36-108 $ 9,414,460 Flight simulators 60 802,831 Motor vehicles 12-72 676,559 Communications 30-36 597,223 Materials handling 1-60 321,389 Trailers and intermodal containers 48-60 136,695 Photocopying 1-36 104,511 Computers and peripherals 1-60 21,616 ----------- Total equipment cost 12,075,284 Accumulated depreciation (7,752,304) ----------- Equipment, net of accumulated depreciation $ 4,322,980 ===========
At March 31, 1996, the Partnership's equipment portfolio included equipment having a proportionate original cost of $10,077,358, representing approximately 83% of total equipment cost. The summary above includes equipment held for re-lease or sale which was fully depreciated and had an original cost of approximately $68,000 at March 31, 1996. Effective January 1, 1996, the Partnership adopted Financial Accounting Standards Board Statement No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of, which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Statement 121 also addresses the accounting for long-lived assets that are expected to be disposed of. Adoption of this statement did not have a material impact on the financial statements of the Partnership. 7 NOTE 5 - RELATED PARTY TRANSACTIONS - ----------------------------------- All operating expenses incurred by the Partnership are paid by AFG on behalf of the Partnership and AFG is reimbursed at its actual cost for such expenditures. Fees and other costs incurred during each of the three month periods ended March 31, 1996 and 1995, which were paid or accrued by the Partnership to AFG or its Affiliates, are as follows:
1996 1995 -------- -------- Equipment management fees $11,263 $18,101 Administrative charges 5,193 3,000 Reimbursable operating expenses due to third parties 14,385 27,644 ------- ------- Total $30,841 $48,745 ======= =======
All rents and proceeds from the sale of equipment are paid directly to either AFG or to a lender. AFG temporarily deposits collected funds in a separate interest-bearing escrow account prior to remittance to the Partnership. At March 31, 1996, the Partnership was owed $70,873 by AFG for such funds and the interest thereon. These funds were remitted to the Partnership in April 1996. NOTE 6 - LEGAL PROCEEDINGS - -------------------------- On March 15, 1993, Herman's Sporting Goods, Inc., a lessee of the Partnership (the "Debtor"), filed for protection under Chapter 11 of the Bankruptcy Code in the United States District Court, Trenton, New Jersey (the "District Court"). Certain unpaid rents due to the Partnership were scheduled by the Debtor as unsecured claims. Upon order of the District Court, renewal rental schedules for all equipment leased to the Debtor by the Partnership were executed and are currently in effect. On August 23, 1994, the District Court confirmed the Debtor's First Modified Plan of Reorganization, as Amended and Modified, and the Partnership has received two of the three scheduled payments from the Debtor with respect to its unsecured claims. On April 26, 1996, the Debtor refiled for protection under Chapter 11 of the Bankruptcy Code in the District Court. Rents due to the Partnership pursuant to the renewal schedules due to expire on June 30, 1996, aggregating $12,075, were scheduled by the Debtor as unsecured claims. In addition, the third scheduled payment under the 1993 schedule of unsecured claims of $7,216 has not been received by the Partnership. The Partnership's equipment portfolio includes equipment on lease to the Debtor with an original cost of approximately $597,222, which is fully depreciated for financial reporting purposes and represents 5% of the Partnership's aggregate equipment portfolio at March 31, 1996. This equipment is expected to be returned to the Partnership to be held for sale or release and the General Partner will pursue collection of all outstanding amounts from the Debtor. The Partnership does not expect to experience any material loss as a result of these bankruptcies. NOTE 7 - SUBSEQUENT EVENT - ------------------------- Pursuant to its agreements with PLM International, Inc., referred to in Note 7 of the Partnership's 1995 financial statements, American Finance Group agreed to change its name and logo, except where they are used in connection with the Partnership and other affiliated investment programs. For all other purposes, American Finance Group will operate as Equis Financial Group effective April 2, 1996. 8 AMERICAN INCOME 8 LIMITED PARTNERSHIP FORM 10-Q PART I. FINANCIAL INFORMATION Item 2. Management's Discussion and Analysis of Financial Condition and Results - -------------------------------------------------------------------------------- of Operations. - -------------- Three months ended March 31, 1996 compared to the three months ended March 31, - ------------------------------------------------------------------------------ 1995: - ----- Overview - -------- As an equipment leasing partnership, the Partnership was organized to acquire a diversified portfolio of capital equipment subject to lease agreements with third parties. The Partnership was designed to progress through three principal phases: acquisitions, operations, and liquidation. During the operations phase, a period of approximately six years, all equipment in the Partnership's portfolio progresses through various stages. Initially, all equipment generates rental revenues under primary term lease agreements. During the life of the Partnership, these agreements expire on an intermittent basis and equipment held pursuant to the related leases are renewed, re-leased or sold, depending on prevailing market conditions and the assessment of such conditions by AFG to obtain the most advantageous economic benefit. Over time, a greater portion of the Partnership's original equipment portfolio becomes available for remarketing and cash generated from operations and from sales or refinancings begins to fluctuate. Ultimately, all equipment will be sold and the Partnership will be dissolved. In accordance with the Partnership's stated investment objectives and policies, the General Partner is considering the wind- up of the Partnership's operations, including the liquidation of its entire portfolio. The Partnership's operations commenced in 1987. Results of Operations - --------------------- For the three months ended March 31, 1996, the Partnership recognized lease revenue of $225,269, compared to $362,024 for the same period in 1995. The decrease in lease revenue from 1995 to 1996 was expected and resulted from renewal lease term expirations and the sale of equipment. The Partnership also earns interest income from temporary investments of rental receipts and equipment sales proceeds in short-term instruments. The Partnership's equipment portfolio includes certain assets in which the Partnership holds a proportionate ownership interest. In such cases, the remaining interests are owned by AFG or an affiliated equipment leasing program sponsored by AFG. Proportionate equipment ownership enables the Partnership to further diversify its equipment portfolio by participating in the ownership of selected assets, thereby reducing the general levels of risk which could result from a concentration in any single equipment type, industry or lessee. The Partnership and each affiliate individually report, in proportion to their respective ownership interests, their respective shares of assets, liabilities, revenues, and expenses associated with the equipment. During the three months ended March 31, 1996, the Partnership sold equipment, which had been fully depreciated, to existing lessees and third parties. These sales resulted in a net gain, for financial statement purposes, of $40,828 compared to a net gain of $30,000 on fully depreciated equipment for the same period in 1995. It cannot be determined whether future sales of equipment will result in a net gain or a net loss to the Partnership, as such transactions will be dependent upon the condition and type of equipment being sold and its marketability at the time of sale. In addition, the amount of gain or loss reported for financial statement purposes is partly a function of the amount of accumulated depreciation associated with the equipment being sold. 9 AMERICAN INCOME 8 LIMITED PARTNERSHIP FORM 10-Q PART I. FINANCIAL INFORMATION The ultimate realization of residual value for any type of equipment is dependent upon many factors, including AFG's ability to sell and re-lease equipment. Changing market conditions, industry trends, technological advances, and many other events can converge to enhance or detract from asset values at any given time. AFG attempts to monitor these changes in order to identify opportunities which may be advantageous to the Partnership and which will maximize total cash returns for each asset. The total economic value realized upon final disposition of each asset is comprised of all primary lease term revenues generated from that asset, together with its residual value. The latter consists of cash proceeds realized upon the asset's sale in addition to all other cash receipts obtained from renting the asset on a re-lease, renewal or month-to-month basis. The Partnership classifies such residual rental payments as lease revenue. Consequently, the amount of gain or loss reported in the financial statements is not necessarily indicative of the total residual value the Partnership achieved from leasing the equipment. Depreciation expense for the three months ended March 31, 1996 was $161,885, compared to $172,439 for the same period in 1995. For financial reporting purposes, to the extent that an asset is held on primary lease term, the Partnership depreciates the difference between (i) the cost of the asset and (ii) the estimated residual value of the asset on a straight-line basis over such term. For purposes of this policy, estimated residual values represent estimates of equipment values at the date of primary lease expiration. To the extent that an asset is held beyond its primary lease term, the Partnership continues to depreciate the remaining net book value of the asset on a straight- line basis over the asset's remaining economic life. Interest expense was $12,917 or 3.6% of lease revenue during the three months ended March 31, 1995. Interest expense is not expected to be incurred in future periods due to the retirement of all outstanding debt obligations during 1995. Management fees were 5% of lease revenue during each of the three month periods ended March 31, 1996 and 1995 and will not change as a percentage of lease revenue in future periods. Operating expenses consist principally of administrative charges, professional service costs, such as audit and legal fees, as well as printing, distribution and remarketing expenses. In certain cases, equipment storage or repairs and maintenance costs may be incurred in connection with equipment being remarketed. Collectively, operating expenses represented 8.7% of lease revenue for the three months ended March 31, 1996, compared to 8.5% of lease revenue for the same period in 1995. The amount of future operating expenses cannot be predicted with certainty; however, such expenses are usually higher during the acquisition and liquidation phases of a partnership. Other fluctuations typically occur in relation to the volume and timing of remarketing activities. Liquidity and Capital Resources and Discussion of Cash Flows - ------------------------------------------------------------ The Partnership by its nature is a limited life entity which was established for specific purposes described in the preceding "Overview". As an equipment leasing program, the Partnership's principal operating activities derive from asset rental transactions. Accordingly, the Partnership's principal source of cash from operations is provided by the collection of periodic rents. These cash inflows have been used to satisfy debt service obligations associated with leveraged leases, and are currently used to pay management fees and operating costs. Operating activities generated net cash inflows of $139,921 and $265,292 for the three months ended March 31, 1996 and 1995, respectively. Future renewal, re-lease and equipment sale activities will cause a gradual decline in the Partnership's lease revenues and corresponding sources of operating cash. Overall, expenses associated with rental activities, such as management fees, and net cash flow from operating activities will decline as the Partnership experiences a higher frequency of remarketing events. 10 AMERICAN INCOME 8 LIMITED PARTNERSHIP FORM 10-Q PART I. FINANCIAL INFORMATION Ultimately, the Partnership will dispose of all assets under lease. This will occur principally through sale transactions whereby each asset will be sold to the existing lessee or to a third party. Generally, this will occur upon expiration of each asset's primary or renewal/re-lease term. In certain instances, casualty or early termination events may result in the disposal of an asset. Such circumstances are infrequent and usually result in the collection of stipulated cash settlements pursuant to terms and conditions contained in the underlying lease agreements. Cash realized from asset disposal transactions is reported under investing activities on the accompanying Statement of Cash Flows. During the three months ended March 31, 1996, the Partnership realized $40,828 in equipment sale proceeds compared to $30,000 during the same period in 1995. Future inflows of cash from asset disposals will vary in timing and amount and will be influenced by many factors including, but not limited to, the frequency and timing of lease expirations, the type of equipment being sold, its condition and age, and future market conditions. The Partnership obtained long-term financing in connection with certain equipment leases. The repayments of principal related to such indebtedness are reported as a component of financing activities. All of the Partnership's outstanding debt obligations were retired in 1995. Cash distributions to the General and Limited Partners are declared and generally paid within fifteen days following the end of each calendar quarter. The payment of such distributions is presented as a component of financing activities. For the three months ended March 31, 1996 the Partnership declared total cash distributions of Distributable Cash From Operations and Distributable Cash From Sales and Refinancings of $141,765. In accordance with the Amended and Restated Agreement and Certificate of Limited Partnership, the Limited Partners were allocated 99% of these distributions, or $140,347, and the General Partner was allocated 1%, or $1,418. The first quarter 1996 cash distribution was paid on April 15, 1996. Cash distributions paid to the Limited Partners consist of both a return of and a return on capital. To the extent that cash distributions consist of Cash From Sales or Refinancings, substantially all of such cash distributions should be viewed as a return of capital. Cash distributions do not represent and are not indicative of yield on investment. Actual yield on investment cannot be determined with any certainty until conclusion of the Partnership and will be dependent upon the collection of all future contracted rents, the generation of renewal and/or re-lease rents, and the residual value realized for each asset at its disposal date. Future market conditions, technological changes, the ability of AFG to manage and remarket the assets, and many other events and circumstances, could enhance or detract from individual asset yields and the collective performance of the Partnership's equipment portfolio. The future liquidity of the Partnership will be influenced by the foregoing and will be greatly dependent upon the collection of contractual rents and the outcome of residual activities. The General Partner anticipates that cash proceeds resulting from these sources will satisfy the Partnership's future expense obligations. However, the amount of cash available for distribution in future periods will fluctuate. Equipment lease expirations and asset disposals will cause the Partnership's net cash from operating activities to diminish over time; and equipment sale proceeds will vary in amount and period of realization. In addition, the Partnership may be required to incur asset refurbishment or upgrade costs in connection with future remarketing activities. Accordingly, fluctuations in the level of quarterly cash distributions will occur during the life of the Partnership. 11 AMERICAN INCOME 8 LIMITED PARTNERSHIP FORM 10-Q PART II. OTHER INFORMATION Item 1. Legal Proceedings Response: Refer to Note 6 herein and to Note 6 in the 1995 Annual Report Item 2. Changes in Securities Response: None Item 3. Defaults upon Senior Securities Response: None Item 4. Submission of Matters to a Vote of Security Holders Response: None Item 5. Other Information Response: None Item 6(a). Exhibits Response: None Item 6(b). Reports on Form 8-K Response: None 12 SIGNATURE PAGE Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on behalf of the registrant and in the capacity and on the date indicated. AMERICAN INCOME 8 LIMITED PARTNERSHIP By: AFG Leasing Associates II, a Massachusetts general partnership and the General Partner of the Registrant. By: AFG Leasing Incorporated, a Massachusetts corporation and General Partner in such General Partnership. By: /s/ Michael J. Butterfield -------------------------------------- Michael J. Butterfield Treasurer of AFG Leasing Incorporated (Duly Authorized Officer and Principal Accounting Officer) Date: May 13, 1996 ------------------------------------ By: /s/ Gary Romano -------------------------------------- Gary M. Romano Clerk of AFG Leasing Incorporated (Duly Authorized Officer and Principal Financial Officer) Date: May 13, 1996 ------------------------------------ 13 EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 327,832 0 71,491 0 0 399,323 12,075,284 7,752,304 4,722,303 185,243 0 0 0 0 4,537,060 4,722,303 225,269 271,561 0 0 192,726 0 0 78,835 0 78,835 0 0 0 78,835 0 0
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