-----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, JpuymGzx8C7nbusPgVjJRCGTaqlJ6zs2wvS9k550OnOycCcUOuWs6eIVwMjqunRB LQM+QLpNzLAgC+2EWobxqQ== 0000927016-96-000820.txt : 19960814 0000927016-96-000820.hdr.sgml : 19960814 ACCESSION NUMBER: 0000927016-96-000820 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960813 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN INCOME PARTNERS III-D LIMITED PARTNERSHIP CENTRAL INDEX KEY: 0000808516 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 046579994 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-17532 FILM NUMBER: 96611240 BUSINESS ADDRESS: STREET 1: 98 NORTH WASHINGTON ST. CITY: BOSTON STATE: MA ZIP: 02114 BUSINESS PHONE: 6178545800 MAIL ADDRESS: STREET 1: 98 NORTH WASHINGTON ST CITY: BOSTON STATE: MA ZIP: 02114 10-Q 1 QUARTERLY REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [XX] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 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 June 30, 1996 Commission File No. 0-17532 American Income Partners III-D Limited Partnership - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Massachusetts 04-6579994 - --------------------------------------- -------------------------- (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 PARTNERS III-D LIMITED PARTNERSHIP FORM 10-Q INDEX Page ---- PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements Statement of Financial Position at June 30, 1996 and December 31, 1995 3 Statement of Operations for the three and six months ended June 30, 1996 and 1995 4 Statement of Cash Flows for the six months ended June 30, 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 9-12 PART II. OTHER INFORMATION: Items 1 - 6 13
2 AMERICAN INCOME PARTNERS III-D LIMITED PARTNERSHIP STATEMENT OF FINANCIAL POSITION June 30, 1996 and December 31, 1995 (Unaudited)
June 30, December 31, 1996 1995 ----------- ------------ ASSETS - ------ Cash and cash equivalents $ 471,504 $ 450,165 Rents receivable, net of allowance for doubtful accounts of $17,000 at December 31, 1995 16,512 18,442 Accounts receivable - affiliate 47,406 37,479 Equipment at cost, net of accumulated depreciation of $3,431,466 and $5,332,783 at June 30, 1996 and December 31, 1995, respectively 1,044,527 1,439,393 ---------- ---------- Total assets $1,579,949 $1,945,479 ========== ========== LIABILITIES AND PARTNERS' CAPITAL - --------------------------------- Notes payable $ -- $ 51,649 Accrued interest -- 153 Accrued liabilities 11,750 20,000 Accrued liabilities - affiliate 4,002 24,668 Deferred rental income 10,429 6,944 Cash distributions payable to partners 98,470 98,470 ---------- ---------- Total liabilities 124,651 201,884 ---------- ---------- Partners' capital (deficit): General Partners (99,241) (96,358) Limited Partnership Interests (519,926 Units; initial purchase price of $25 each) 1,554,539 1,839,953 ---------- ---------- Total partners' capital 1,455,298 1,743,595 ---------- ---------- Total liabilities and partners' $1,579,949 $1,945,479 capital ========== ==========
The accompanying notes are an integral part of these financial statements 3 AMERICAN INCOME PARTNERS III-D LIMITED PARTNERSHIP STATEMENT OF OPERATIONS for the three and six months ended June 30, 1996 and 1995 (Unaudited)
Three Months Six Months Ended June 30, Ended June 30, 1996 1995 1996 1995 --------------- -------------- ---------- --------- Income: Lease revenue $ 109,887 $159,253 $234,965 $310,159 Interest income 5,559 6,964 10,980 13,532 Gain on sale of equipment 92,479 -- 101,486 181,295 --------- -------- -------- -------- Total income 207,925 166,217 347,431 504,986 --------- -------- -------- -------- Expenses: Depreciation 49,375 65,312 94,866 131,579 Write down of equipment 300,000 -- 300,000 -- Interest expense -- 2,587 577 5,820 Equipment management fees - affiliate 5,494 7,963 11,748 15,508 Operating expenses - affiliate 15,677 21,492 31,597 43,375 --------- -------- -------- -------- Total expenses 370,546 97,354 438,788 196,282 --------- -------- -------- -------- Net income (loss) $(162,621) $ 68,863 $(91,357) $308,704 ========= ======== ======== ======== Net income (loss) $ ( 0.31) $ 0.13 $ (0.17) $ 0.59 per limited partnership unit ========= ======== ======== ======== Cash distributions declared per limited partnership unit $ 0.19 $ 0.31 $0.37 $ 0.62 ========= ======== ======== ========
The accompanying notes are an integral part of these financial statements 4 AMERICAN INCOME PARTNERS III-D LIMITED PARTNERSHIP STATEMENT OF CASH FLOWS for the six months ended June 30, 1996 and 1995 (Unaudited)
1996 1995 ---------- ---------- Cash flows from (used in) operating activities: $ (91,357) $ 308,704 Net income (loss) Adjustments to reconcile net income to (loss) net cash from operating activities: Depreciation 94,866 131,579 Write-down of equipment 300,000 -- Gain on sale of equipment (101,486) (181,295) Decrease in allowance for doubtful accounts (17,000) -- Changes in assets and liabilities Decrease (increase) in: rents receivable 18,930 75,163 accounts receivable - affiliate (9,927) 5,718 Increase (decrease) in: accrued interest (153) (4,494) accrued liabilities (8,250) (500) accrued liabilities - affiliate (20,666) 274 deferred rental income 3,485 3,396 -------- --------- Net cash from operating activities 168,442 338,545 -------- --------- Cash flows from investing activities: Proceeds from equipment sales 101,486 181,295 -------- --------- Net cash from investing activities 101,486 181,295 -------- --------- Cash flows used in financing activities: Principal payments - notes payable (51,649) (144,930) Distributions paid (196,940) (328,236) -------- --------- Net cash used in financing activities (248,589) (473,166) -------- --------- Net increase in cash and cash equivalents 21,339 46,674 Cash and cash equivalents at beginning of period 450,165 477,199 -------- --------- Cash and cash equivalents at end of period $ 471,504 $ 523,873 ======== ========= Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 730 $ 10,314 ======== =========
the accompanying notes are an integral part of these financial statements. 5 AMERICAN INCOME PARTNERS III-D LIMITED PARTNERSHIP Notes to the Financial Statements June 30, 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 June 30, 1996 and December 31, 1995 and results of operations for the three and six month periods ended June 30, 1996 and 1995 have been made and are reflected. NOTE 2 - CASH ------------- At June 30, 1996, the Partnership had $465,000 invested in reverse repurchase agreements secured by U.S. Treasury Bills or interests in U.S. Government securities. NOTE 3 - REVENUE RECOGNITION ---------------------------- Rents are payable to the Partnership monthly or quarterly 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 $549,062 are due as follows:
For the year ending June 30, 1997 $326,858 1998 141,655 1999 52,526 2000 24,020 2001 4,003 --------- Total $549,062 =========
NOTE 4 - EQUIPMENT ------------------ The following is a summary of equipment owned by the Partnership at June 30, 1996. In the opinion of American Finance Group ("AFG"), the acquisition cost of the equipment did not exceed its fair market value. 6 AMERICAN INCOME PARTNERS III-D LIMITED PARTNERSHIP Notes to the Financial Statements (Continued)
Lease Term Equipment Equipment Type (Months) at Cost - -------------- ------------ ------------ Aircraft 36-60 $ 3,212,715 Manufacturing 60 414,060 Materials handling 4-60 395,697 Computers and peripherals 1-53 209,566 Tractors and heavy duty trucks 24-60 115,786 Retail store fixtures 1-36 76,571 Construction and mining 48-60 31,866 Photocopying 6-36 19,732 ----------- Total equipment cost 4,475,993 Accumulated depreciation (3,431,466) ----------- Equipment, net of accumulated depreciation $ 1,044,527 ===========
At June 30, 1996, the Partnership's equipment portfolio included equipment having a proportionate original cost of $3,703,268, representing approximately 83% of total equipment cost. At June 30, 1996, the Partnership was not holding any equipment not subject to a lease. During the quarter ended June 30, 1996, the Partnership recorded a write- down, representing an impairment in value, pertaining to its interest in a Lockheed L-1011 aircraft. This adjustment was precipitated by continuing deterioration in the secondary market for wide-body aircraft of this type. Several air carriers have reduced their commitment to the L-1011 and, currently, a major domestic air carrier is expected to retire eleven L-1011 aircraft from its fleet. Further, it appears that future demand for this type of aircraft will be weak, consisting principally of air cargo carriers or operators of passenger charters. In consideration of such circumstances and in accordance with Financial Accounting Standards Board Statement No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of, the Partnership reduced the carrying value of its L-1011 aircraft interest to its estimated current fair market value. This resulted in a write-down of $300,000, representing $0.57 per limited partnership unit. 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 six month periods ended June 30, 1996 and 1995, which were paid or accrued by the Partnership to AFG or its Affiliates, are as follows: 7 AMERICAN INCOME PARTNERS III-D LIMITED PARTNERSHIP Notes to the Financial Statements (Continued)
1996 1995 -------- -------- Equipment management fees $11,748 $15,508 Administrative charges 8,952 8,952 Reimbursable operating expenses due to third parties 22,645 34,423 ------- ------- Total $43,345 $58,883 ======= =======
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 June 30, 1996, the Partnership was owed $47,406 by AFG for such funds and the interest thereon. These funds were remitted to the Partnership in July 1996. 8 AMERICAN INCOME PARTNERS III-D LIMITED PARTNERSHIP FORM 10-Q PART I. FINANCIAL INFORMATION Item 2. Management's Discussion and Analysis of Financial Condition and ------------------------------------------------------------------------ Results of Operations. ---------------------- Three and six months ended June 30, 1996 compared to the three and six months ----------------------------------------------------------------------------- ended June 30, 1995: -------------------- Overview -------- The Partnership was organized in 1988 as a direct-participation equipment leasing program to acquire a diversified portfolio of capital equipment subject to lease agreements with third parties. The Partnership's stated investment objectives and policies contemplated that the Partnership would wind-up its operations within approximately seven years of its inception. Accordingly, the Managing General Partner is pursuing the remarketing of all of the Partnership's remaining equipment and has engaged an investment adviser to solicit interested third-party buyers. This effort is being undertaken in conjunction with certain other affiliated partnerships and, if successful, would result in the sale of each affected partnership's assets to a selected buyer. The Managing General Partner believes this approach will (i) maximize the disposition prices of each partnership's assets and (ii) prevent the incidence of future expenses to operate a publicly-registered limited partnership with a declining asset base. The Managing General Partner is evaluating expressions of interest submitted by the investment adviser from a number of potential buyers, but is under no obligation to accept any proposal. If successful, the Managing General Partner anticipates that it would wind-up the operations of the Partnership and make a liquidating distribution to the Partners, net of any cash reserves which the Managing General Partner may consider appropriate, on or before December 31, 1996. Results of Operations --------------------- For the three and six months ended June 30, 1996, the Partnership recognized lease revenue of $109,887 and $234,965, respectively, compared to $159,253 and $310,159 for the same periods in 1995. The decrease in lease revenue from 1995 to 1996 was expected and resulted principally from primary 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 June 30, 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 $92,479. There were no equipment sales during the three months ended June 30, 1995. During the six months ended June 30, 1996 and 1995, the Partnership sold equipment which had been fully depreciated to existing lessees and third parties. These sales resulted in net gains, for financial statement purposes, of $101,486 and $181,295, respectively. 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 9 AMERICAN INCOME PARTNERS III-D LIMITED PARTNERSHIP FORM 10-Q PART I. FINANCIAL INFORMATION 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. 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 revenue 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 and six months ended June 30, 1996 was $49,375 and $94,866, respectively, compared to $65,312 and $131,579 for the same periods 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. During the quarter ended June 30, 1996, the Partnership recorded a write- down, representing an impairment in value, pertaining to its interest in a Lockheed L-1011 aircraft. This adjustment was precipitated by continuing deterioration in the secondary market for wide-body aircraft of this type. Several air carriers have reduced their commitment to the L-1011 and, currently, a major domestic air carrier is expected to retire eleven L-1011 aircraft from its fleet. Further, it appears that future demand for this type of aircraft will be weak, consisting principally of air cargo carriers or operators of passenger charters. In consideration of such circumstances and in accordance with Financial Accounting Standards Board Statement No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of, the Partnership reduced the carrying value of its L-1011 aircraft interest to its estimated current fair market value. This resulted in a write-down of $300,000, representing $0.57 per limited partnership unit. Interest expense was $2,587 or 1.6% of lease revenue for the three months ended June 30, 1995. No interest expense was incurred during the same period in 1996. Interest expense was $577 or less than 1% of lease revenue for the six months ended June 30, 1996 compared to $5,820, or 1.9% of lease revenue for the same period in 1995. Interest expense is not expected to be incurred in future periods due to the retirement of all outstanding debt obligations during 1996. Management fees were 5% of lease revenue in each of the periods ended June 30, 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 10 AMERICAN INCOME PARTNERS III-D LIMITED PARTNERSHIP FORM 10-Q PART I. FINANCIAL INFORMATION storage or repairs and maintenance costs may be incurred in connection with equipment being remarketed. Collectively, operating expenses represented approximately 14.3% and 13.4% of lease revenue for the three and six month periods ended June 30, 1996, respectively, compared to 13.5% and 14% of lease revenue for the same periods 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 are used to satisfy debt service obligations associated with leveraged leases, and to pay management fees and operating costs. Operating activities generated net cash inflows of $168,442 and $338,545 in 1996 and 1995, respectively. Future renewal, re- lease and equipment sale activities will cause a gradual decline in the Partnership's lease revenue 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. 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 six months ended June 30, 1996, the Partnership realized $101,486 in equipment sale proceeds compared to $181,295 for 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. Each note payable is recourse only to the specific equipment financed and to the minimum rental payments contracted to be received during the debt amortization period (which period generally coincides with the lease rental term). As rental payments are collected, a portion or all of the rental payment is used to repay the associated indebtedness. At June 30, 1996, the Partnership had no outstanding indebtedness. Cash distributions to the General Partners and Recognized Owners 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 six month period ended June 30, 1996, the Partnership declared total cash distributions of Distributable Cash From Operations and Distributable Cash From Sales and Refinancings of $196,940. In accordance with the Amended and Restated Agreement and Certificate of Limited Partnership, the Recognized Owners were allocated 99% of these distributions, or $194,971, and the General Partners were allocated 11 AMERICAN INCOME PARTNERS III-D LIMITED PARTNERSHIP FORM 10-Q PART I. FINANCIAL INFORMATION 1%, or $1,969. The second quarter 1996 cash distribution was paid on July 15, 1996. Cash distributions paid to the Recognized Owners 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 contracted rents, the generation of renewal and/or re-lease rents, and the residual value realized for each asset at its disposal date. 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. 12 AMERICAN INCOME PARTNERS III-D LIMITED PARTNERSHIP FORM 10-Q PART II. OTHER INFORMATION Item 1. Legal Proceedings Response: None 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 13 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 PARTNERS III-D LIMITED PARTNERSHIP By: AFG Leasing Incorporated, a Massachusetts corporation and the Managing General Partner of the Registrant. By: /s/ Michael J. Butterfield ------------------------------------- Michael J. Butterfield Treasurer of AFG Leasing Incorporated (Duly Authorized Officer and Principal Accounting Officer) Date: August 13, 1996 ------------------------------------- By: /s/ Gary M. Romano ------------------------------------- Gary M. Romano Clerk of AFG Leasing Incorporated (Duly Authorized Officer and Principal Financial Officer) Date: August 13, 1996 ------------------------------------- 14
EX-27 2 FINANCIAL DATA SCHEDULE
5 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 471,504 0 63,918 0 0 535,422 4,475,993 3,431,466 11,579,949 124,651 0 0 0 0 1,455,298 1,579,949 0 347,431 0 0 438,788 0 577 (91,357) 0 (91,357) 0 0 0 (91,357) 0 0
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