-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, LGXA6QLYeeUQEIpMs7lEwzLskU73Tpl5JgPPGPuyCu99HzWvqEKNqqO3E8/+AFGf aytjabSYSMTeFmj5p09sDA== 0000950109-95-001651.txt : 19950505 0000950109-95-001651.hdr.sgml : 19950505 ACCESSION NUMBER: 0000950109-95-001651 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950504 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALCO CAPITAL RESOURCE INC CENTRAL INDEX KEY: 0000922255 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PAPER AND PAPER PRODUCTS [5110] IRS NUMBER: 232493042 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20405 FILM NUMBER: 95534621 BUSINESS ADDRESS: STREET 1: 1738 BASS RD CITY: MACON STATE: GA ZIP: 31210 BUSINESS PHONE: 2152968000 MAIL ADDRESS: STREET 1: BOX 834 CITY: VALLEY FORGE STATE: PA ZIP: 19482 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 10-Q (Mark One)* [X] Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 1995 or [ ] Transition -------------- report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 to for the transition period from __________ to __________ Commission file number 0-20405 --------------------------------------------------------- ALCO CAPITAL RESOURCE, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 23-2493042 - ------------------------------- ------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1738 Bass Road, Macon, Georgia 31210 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (912) 471-2300 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) NONE - -------------------------------------------------------------------------------- (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. Yes ___ No ___ * Applicable only to corporate issuers: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of April 30, 1995. Common Stock, $.01 par value per share 1,000 shares Registered Debt Outstanding as of March 31, 1995 $308 million The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is, therefore, filing with the reduced disclosure format contemplated thereby. INDEX ALCO CAPITAL RESOURCE, INC. PART I. FINANCIAL INFORMATION - ------------------------------ Item 1. Financial Statements (Unaudited) Balance Sheets--March 31, 1995 and September 30, 1994 Statements of Income--Three months ended March 31, 1995 and March 31, 1994; Six months ended March 31, 1995 and March 31, 1994 Statements of Cash Flows--Six months ended March 31, 1995 and March 31, 1994 Notes to Financial Statements--March 31, 1995 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations PART II. OTHER INFORMATION - --------------------------- Item 6. Exhibits and Reports on Form 8-K SIGNATURES - ---------- PART I . FINANCIAL INFORMATION ------------------------------ ITEM 1: FINANCIAL STATEMENTS (UNAUDITED) - ---------------------------------------- ALCO CAPITAL RESOURCE, INC. BALANCE SHEETS (IN THOUSANDS)
MARCH 31, SEPTEMBER 30, ASSETS 1995 1994 -------------- ------------- Investments in leases: Direct financing leases $646,691 $508,365 Less: Unearned income (100,511) (76,689) -------------- ------------- 546,180 431,676 Funded leases, net 133,706 103,797 -------------- ------------- 679,886 535,473 Accounts receivable 20,293 17,700 Due from Alco Standard Corporation 2,190 Prepaid expenses and other assets 6,061 5,037 Leased equipment-operating rentals at cost less accumulated depreciation of: 3/95 - $ 1,568 12,767 Property and equipment at cost, less accumulated depreciation of: 3/95 - $ 1,595; 9/94 -$1,939 4,618 3,418 -------------- ------------- Total assets $725,815 $561,628 ============== ============= LIABILITIES AND SHAREHOLDER'S EQUITY Liabilities: Accounts payable and accrued expenses $8,547 $6,438 Accrued interest 8,541 5,342 Due to Alco Standard Corporation 11,419 Income taxes payable 353 Notes payable to Banks 280,000 330,000 Medium Term Notes 308,000 105,000 Deferred income taxes 22,049 20,048 -------------- ------------- Total liabilities 627,137 478,600 Shareholder's equity: Common Stock - $.01 par value, 1,000 shares authorized, issued, and outstanding Contributed capital 60,415 53,415 Retained earnings 38,263 29,613 -------------- ------------- Total Shareholder's equity 98,678 83,028 -------------- ------------- Total liabilities and shareholder's equity $725,815 $561,628 ============== =============
See notes to financial statements. ALCO CAPITAL RESOURCE, INC. STATEMENTS OF INCOME (IN THOUSANDS)
THREE MONTHS ENDED SIX MONTHS ENDED MARCH 31 MARCH 31 ------------------ ------------------ 1995 1994 1995 1994 --------- -------- --------- -------- REVENUES: Lease finance income $17,247 $14,580 $33,115 $28,248 Rental income 1,267 1,834 Interest on Alco income tax deferrals 1,500 849 2,796 1,650 Other income 1,195 766 2,135 1,408 --------- -------- --------- -------- 21,209 16,195 39,880 31,306 EXPENSES: Interest 8,149 6,213 15,200 12,207 General and administrative 6,549 4,763 11,835 9,107 --------- -------- --------- -------- 14,698 10,976 27,035 21,314 GAIN ON SALE OF LEASE RECEIVABLES 609 1,182 --------- -------- --------- -------- INCOME BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 7,120 5,219 14,027 9,992 PROVISION FOR INCOME TAXES 2,683 2,009 5,377 3,870 --------- -------- --------- -------- INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 4,437 3,210 8,650 6,122 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING FOR INCOME TAXES 140 --------- -------- --------- -------- NET INCOME $4,437 $3,210 $8,650 $6,262 ========= ======== ========= ========
See notes to financial statements. 4 ALCO CAPITAL RESOURCE, INC. STATEMENTS OF CASH FLOWS (IN THOUSANDS)
SIX MONTHS ENDED MARCH 31 ------------------------------ 1995 1994 ---------- ---------- OPERATING ACTIVITIES: Net income $8,650 $6,262 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 1,849 171 Cumulative effect of change in accounting principle (140) Provision for deferred taxes 2,001 3,173 Gain on sale of Lease Receivables (1,182) Changes in operating assets and liabilities: Accounts receivable (2,593) (2,071) Income taxes (353) Prepaid expenses and other assets 158 (1,747) Accounts payable and accrued expenses 2,109 2,166 Accrued interest 3,199 240 ---------- ---------- Net cash provided 13,838 8,054 ---------- ---------- INVESTING ACTIVITIES: Purchases of equipment for rental, net (14,335) Purchases of property and equipment (1,595) (711) Disposal of equipment 114 Direct financing leases: Additions (271,502) (179,632) Cancellations 43,256 27,108 Collections 81,437 84,873 Proceeds from sale 38,335 Funded leases: Additions (66,464) (21,794) Cancellations 10,589 4,784 Collections 19,936 12,997 ---------- ---------- Net cash used (160,229) (72,375) ---------- ---------- FINANCING ACTIVITIES: Proceeds from bank borrowings 48,000 Payments on bank borrowings (50,000) (12,000) Proceeds from issuance of medium term notes 203,000 Contributed capital 7,000 3,900 ---------- ---------- Net cash provided 160,000 39,900 ---------- ---------- DECREASE(INCREASE) IN AMOUNTS DUE TO ALCO 13,609 (24,421) DUE (TO) FROM ALCO AT BEGINNING OF PERIOD (11,419) 552 ---------- ---------- DUE FROM (TO) ALCO AT END OF PERIOD $2,190 ($23,869) ========== ==========
See notes to financial statements. ALCO CAPITAL RESOURCE, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 1995 Note 1: Basis of Presentation --------------------- The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the financial statements and footnotes thereto included in the Company's report on Form 10-K for the year ended September 30, 1994. Note 2: Medium Term Note Program ------------------------ Effective July 1994, the Company began offering to the public from time to time medium term notes having an aggregate initial offering price not exceeding $500 million or the equivalent thereof in foreign currency. These notes are offered at varying maturities of nine months or more from their dates of issue and may be subject to redemption at the option of the Company or repayment at the option of the holder, in whole or in part, prior to the maturity date in conjunction with meeting specified provisions. Interest rates are determined based on market conditions at the time of issuance. As of March 31, 1995, $308 million of medium term notes were outstanding with a weighted average interest rate of 7.4%. Note 3: Asset Securitization -------------------- Under an asset securitization agreement entered into in September 1994, the Company sold an undivided ownership interest in $125 million of eligible direct financing lease receivables. The agreement, which expires in September 1995, was structured as a revolving securitization so that as collections reduce previously sold interests, new leases can be sold up to $125 million. During the first six months of fiscal 1995, collections reduced previously sold interests by $38.3 million. The Company sold an additional $38.3 million in net eligible direct financing leases and recognized a $1,182,000 gain on the sale ($721,000, net of tax). Note 4: Supplemental Information to Statements of Cash Flows ---------------------------------------------------- Interest paid was approximately $12,000,000 for the six months ended March 31, 1995 as well as the six months ended March 31, 1994. Cash paid for income taxes was $4,323,000 and $2,153,000 for the six months ended March 31, 1995 and 1994, respectively. Item 2. Management's Discussion and Analysis of Financial Condition ----------------------------------------------------------- and Results of Operations ------------------------- Pursuant to General Instruction H(2)(a) of Form 10-Q, the following analysis of the results of operations is presented in lieu of Management's Discussion and Analysis of Financial Condition and Results of Operations. Three Months Ended March 31, 1995 Compared with the Three Months Ended March 31, 1994 --------------------------------------------------- Comparative summarized results of operations for the three months ended March 31, 1995 and 1994 are set forth in the table below. This table also shows the increase in the dollar amounts of major revenue and expense items between periods, as well as the percentage increase.
(dollars in thousands) Three Months Ended March 31 Increase -------------- -------- 1995 1994 Amount Percent ---- ----- ------ ------- Revenues Lease finance income $17,247 $14,580 $2,667 18.3% Rental income 1,267 1,267 Interest on Alco income tax deferral 1,500 849 651 76.7 Other income 1,195 766 429 56.0 ------ ------ ----- 21,209 16,195 5,014 31.0 Expenses Interest 8,149 6,213 1,936 31.2 General and administrative 6,549 4,763 1,786 37.5 ------ ------ ----- 14,698 10,976 3,722 33.9 Gain on sale of lease receivables 609 609 ------ ------ ----- Income before income taxes 7,120 5,219 1,901 36.4 Income taxes 2,683 2,009 674 33.5 ------ ------ ----- Net income $ 4,437 $ 3,210 $1,227 38.2% ====== ====== =====
Revenues - -------- Total revenues increased $5 million or 31% from the three month period ended March 31, 1994 to the three month period ended March 31, 1995. Approximately 53% of this increase in revenues was due to increased lease finance income resulting from additional leases in the portfolio, which continues to experience growth. During the twelve month period from March 1994 to March 1995, the portfolio grew 25.1%, net of lease receivables that were sold in asset securitization transactions. For the same period, the total portfolio, including securitized assets, grew by 48%. At the start of the first quarter of fiscal 1995, the Company began offering a new operating lease product to the Alco Office Products dealer network, whereby office equipment rented to customers could be funded through the Company. At the end of the first half of fiscal 1995, operating leases with equipment carried at $12.8 million, net of accumulated depreciation, were outstanding. This new product contributed rental income of $1,267,000 during the second quarter of fiscal 1995. Management expects the use of operating leases to grow steadily over time. The Company continues to charge Alco interest on the benefit Alco receives for income tax deferrals associated with the Company's leasing transactions. For fiscal 1993 and 1994, Alco paid interest on the deferred tax balances at a rate of 6%. During the second quarter of fiscal 1995, Alco changed the method by which the interest rate on deferred taxes is calculated, so that the Company earns interest at a rate consistent with the Company's weighted average outside borrowing rate of interest. This change was made retroactively to the start of fiscal 1995 and resulted in an average interest rate of 6.4% for the first half of fiscal 1995. In addition, the deferred tax base upon which these payments are calculated increased from $62.4 million at March 31, 1994 to $90.5 million at March 31, 1995. Due to these increases in the interest rate and the deferred tax balances, interest income on the Alco income tax deferral rose $651,000 or 76.7% when comparing the three months ended March 31, 1994 to the three months ended March 31, 1995. Other income, which consists primarily of late payment charges and various billing fees also increased because of the larger lease portfolio upon which these fees are based. Overall, other income from these sources grew by $429,000 or 56%, when comparing the second quarter of fiscal 1994 to the second quarter of fiscal 1995. Expenses - -------- Debt to fund the lease portfolio in the form of loans from major banks and the issuance of medium term notes in the public markets rose by 36.4%, from a total of $431 million outstanding at March 31, 1994 to $588 million at March 31, 1995. Interest expense grew by $1,936,000 or 31.2% from the second quarter of fiscal 1994 to the second quarter of fiscal 1995, as a result of the increased borrowings and an increase in interest rates. At March 31, 1995, the debt to equity ratio was less than the required 6:1. Total general and administrative expenses grew $1.8 million or 37.5% when comparing the three months ended March 31, 1994 to the three months ended March 31, 1995. Included in the general and administrative expense category is the dealer lease bonus program which represents special bonus subsidy payments to Alco Office Products companies based on their new lease volume. For the three months ended March 31, 1995, the lease bonus payments were 25.8% higher or $2,486,000, as compared to $1,976,000 for the three months ended March 31, 1994. At the start of fiscal 1995, the Company reduced the bonus subsidy payout to approximately two-thirds of the fiscal 1994 level in anticipation of higher borrowing costs to fund the portfolio. In addition, general and administrative expenses for the three months ended March 31, 1995 include $1,111,000 in depreciation expense on equipment funded as operating rentals. As previously mentioned, the Company began the funding of operating leases in October 1994; therefore, there is no comparable equipment depreciation expense included in general and administrative expenses for the second quarter of fiscal 1994. Excluding the effect of the lease bonus program and depreciation expense on operating leases, remaining general and administrative expenses grew $165,000 or 5.9% when comparing the second quarter of fiscal 1994 to the second quarter of fiscal 1995. The increase in general and administrative expenses is indicative of the continued growth of the lease portfolio and the related rise in the portfolio servicing costs of the Company. Gain on Sale of Lease Receivables - --------------------------------- Under an asset securitization agreement entered into in September 1994, the Company sold an undivided ownership interest in $125 million of eligible direct financing lease receivables. The agreement, which expires in September 1995, was structured as a revolving securitization so that as collections reduce previously sold interests, new leases can be sold up to $125 million. During the second quarter of fiscal 1995, collections reduced previously sold interests by $19.5 million. The Company sold an additional $19.5 million in net eligible direct financing leases and recognized a $609,000 gain on the sale ($371,000, net of tax). Income Before Taxes - ------------------- Income before taxes grew by $1.9 million or 36.4%, when comparing pre-tax earnings for the second quarters of fiscal 1995 and fiscal 1994. This increase was essentially the net effect of higher earnings on a larger lease portfolio, supplemented by strong growth in other income and a slower growth rate in general and administrative expenses than was experienced in fiscal 1994. Taxes on Income - --------------- The $674,000 or 33.5% increase in income taxes from the three month period ended March 31, 1994 to the three month period ended March 31, 1995 is directly attributable to the higher income before income taxes in the second quarter of fiscal 1995 as compared to the first quarter of fiscal 1994. The effective tax rate was 37.7% and 38.5% for the quarters ended March 31, 1995 and 1994, respectively. Six Months Ended March 31, 1995 Compared with the Six Months Ended March 31, 1994 ------------------------------------------------- Comparative summarized results of operations for the six months ended March 31, 1995 and 1994 are set forth in the table below. This table also shows the increase/decrease in the dollar amounts of major revenue and expense items between periods, as well as the percentage increase.
(dollars in thousands) Six Months Ended March 31 Increase/(Decrease) -------------- ------------------- 1995 1994 Amount Percent ---- ---- ------ ------- Revenues Lease finance income $33,115 $28,248 $4,867 17.2% Rental income 1,834 1,834 Interest on Alco income tax deferral 2,796 1,650 1,146 69.5 Other income 2,135 1,408 727 51.6 ------ ------ ----- 39,880 31,306 8,574 27.4 Expenses Interest 15,200 12,207 2,993 24.5 General and administrative 11,835 9,107 2,728 30.0 ------ ------ ----- 27,035 21,314 5,721 26.8 Gain on sale of lease receivables 1,182 1,182 ------ ------ ----- Income before income taxes and cumulative effect of change in accounting principle 14,027 9,992 4,035 40.4 Income taxes 5,377 3,870 1,507 38.9 ------ ------ ----- Income before cumulative effect of change in accounting principle 8,650 6,122 2,528 41.3 Cumulative effect of change in accounting for income taxes 140 (140) ------ ------ ------ Net income $ 8,650 $ 6,262 $2,388 38.1% ====== ====== =====
Revenues - -------- Total revenues increased $8.6 million or 27.4% from the six month period ended March 31, 1994 to the six month period ended March 31, 1995. Approximately 57% of this increase in revenues was due to increased lease finance income resulting from additional leases in the portfolio, which continues to experience growth. During the twelve month period from March 1994 to March 1995, the portfolio grew 25.1%, net of lease receivables that were sold in asset securitization transactions. For the same period, the total portfolio, including securitized assets, grew by 48%. At the start of fiscal 1995, the Company began offering a new operating lease product to the Alco Office Products dealer network, whereby office equipment rented to customers could be funded through the Company. At the end of the first half of fiscal 1995, operating leases with equipment carried at $12.8 million, net of accumulated depreciation, were outstanding. This new product contributed rental income of $1,834,000 during the first half of fiscal 1995. Management expects the use of operating leases to grow steadily over time. The Company continues to charge Alco interest on the benefit Alco receives for income tax deferrals associated with the Company's leasing transactions. For fiscal 1993 and 1994, Alco paid interest on the deferred tax balances at a rate of 6%. During the second quarter of fiscal 1995, Alco changed the method by which the interest rate on deferred taxes is calculated, so that the Company earns interest at a rate consistent with the Company's weighted average outside borrowing rate of interest. This change was made retroactively to the start of fiscal 1995 and resulted in an average interest rate of 6.4% for the first half of fiscal 1995. In addition, the deferred tax base upon which these payments are calculated increased from $62.4 million at March 31, 1994 to $90.5 million at March 31, 1995. Due to these increases in the interest rate and the deferred tax balances, interest income on the Alco income tax deferral rose $1,146,000 or 69.5% when comparing the first half of fiscal 1994 to the first half of fiscal 1995. Other income, which consists primarily of late payment charges and various billing fees also increased because of the larger portfolio size upon which these fees are based. Overall, other income from these sources grew by $727,000 or 51.6%. Expenses - -------- Debt to fund the lease portfolio in the form of loans from major banks and the issuance of medium term notes in the public markets rose by 36.4%, from a total of $431 million outstanding at March 31, 1994 to $588 million at March 31, 1995. Interest expense grew by $2,993,000 or 24.5% from the first half of fiscal 1994 to the first half of fiscal 1995, as a result of the increased borrowings and an increase in interest rates. At March 31, 1995, the debt to equity ratio was less than the required 6:1. Total general and administrative expenses grew $2.7 million or 30% from the first half of fiscal 1994 as compared to the first half of fiscal 1995. Included in the general and administrative expense category is the dealer lease bonus program which represents special bonus subsidy payments to Alco Office Products companies based on their new lease volume. For the first six months of fiscal 1995, the lease bonus payments were 15.2% higher or $4,147,000, as compared to $3,600,000 for the first six months of fiscal 1994. At the start of fiscal 1995, the Company reduced the bonus subsidy payout to approximately two- thirds of the fiscal 1994 level in anticipation of higher borrowing costs to fund the portfolio. In addition, general and administrative expenses for the first half of fiscal 1995 include $1,568,000 in depreciation expense on equipment funded as operating rentals. As previously mentioned, the Company began the funding of operating leases in October 1994; therefore, there is no comparable equipment depreciation expense included in general and administrative expenses in the first half of fiscal 1994. Excluding the effect of the lease bonus program and depreciation expense on operating leases, general and administrative expenses grew $613,000 or 11.1% when comparing the first half of fiscal 1994 to the first half of fiscal 1995. The increase in general and administrative expenses is indicative of the continued growth of the lease portfolio and the related rise in the portfolio servicing costs of the Company. Gain on Sale of Lease Receivables - --------------------------------- Under an asset securitization agreement entered into in September 1994, the Company sold an undivided ownership interest in $125 million of eligible direct financing lease receivables. The agreement, which expires in September 1995, was structured as a revolving securitization so that as collections reduce previously sold interests, new leases can be sold up to $125 million. During the first half of fiscal 1995, collections reduced previously sold interests by $38.3 million. The Company sold an additional $38.3 million in net eligible direct financing leases and recognized a $1,182,000 gain on the sale ($721,000, net of tax). Income Before Taxes - ------------------- Income before taxes grew by $4 million or 40.4%, when comparing pre-tax earnings for the first six months of fiscal 1995 and fiscal 1994. This increase was essentially the net effect of higher earnings on a larger lease portfolio, supplemented by strong growth in other income and a slower growth rate in general and administrative expenses than was experienced in fiscal 1994. Taxes on Income - --------------- The $1.5 million or 38.9% increase in income taxes from the six month period ended March 31, 1994 to the six month period ended March 31, 1995 is directly attributable to the higher income before income taxes in the first half of fiscal 1995 as compared to the first half of fiscal 1994. The effective tax rate was 38.3% and 38.7% for the six months ended March 31, 1995 and 1994, respectively. PART II. OTHER INFORMATION --------------------------- Item 6. Exhibits and Reports on Form 8-K ----------------------------------------- (a) The following Exhibits are furnished pursuant to Item 601 of Regulation S-K: Exhibit No. (27) Financial Data Schedule SIGNATURES ---------- 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. This report has also been signed by the undersigned in his capacity as the chief accounting officer of the Registrant. ALCO CAPITAL RESOURCE, INC. Date May 5, 1995 /s/Robert M. Kearns II --------------------- ----------------------------------- Robert M. Kearns II Vice President (Chief Accounting Officer) Index to Exhibits ----------------- Exhibit Number -------------- (27) Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from the financial statements of Alco Capital Resource, Inc. and is qualified in its entirety by reference to such financial statements. 6-MOS SEP-30-1995 MAR-31-1995 0 0 700,179,000 0 0 0 20,548,000 3,163,000 725,815,000 0 0 10 0 0 98,677,990 725,815,000 0 39,880,000 0 0 11,835,000 0 15,200,000 14,027,000 5,377,000 8,650,000 0 0 0 8,650,000 0 0 Includes net investments in leases of $679,886,000 and other accounts receivable. Includes leased equipment of: cost - $14,335,000; accumulated depreciation - $1,568,000. Represents general and administrative expenses. Not required as the registrant is a wholly-owned subsidiary.
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