0000950109-95-003034.txt : 19950811 0000950109-95-003034.hdr.sgml : 19950811 ACCESSION NUMBER: 0000950109-95-003034 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950810 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: 95560684 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 June 30, 1995 or [ ] Transition ------------- report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to -------- -------- Commission file number 0-20405 ---------------------------------------------------------- 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 July 31, 1995. Common Stock, $.01 par value per share 1,000 shares Registered Debt Outstanding as of June 30, 1995 $472 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--June 30, 1995 and September 30, 1994 Statements of Income--Three months ended June 30, 1995 and June 30, 1994; Nine months ended June 30, 1995 and June 30, 1994 Statements of Cash Flows--Nine months ended June 30, 1995 and June 30, 1994 Notes to Financial Statements--June 30, 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)
June 30, September 30, 1995 1994 ------------- ------------- Assets Investments in leases: Direct financing leases $743,655 $508,365 Less: Unearned income (117,854) (76,689) ------------- ------------- 625,801 431,676 Funded leases, net 152,983 103,797 ------------- ------------- 778,784 535,473 Accounts receivable 21,808 17,700 Due from Alco Standard Corporation 3,042 Prepaid expenses and other assets 6,880 5,037 Leased equipment-operating rentals at cost less accumulated depreciation of: 6/95 - $ 3,578. 18,792 Property and equipment at cost, less accumulated depreciation of: 6/95 - $ 1,730; 9/94 -$1,939. 4,566 3,418 ------------- ------------- Total assets $833,872 $561,628 ============= ============= Liabilities and shareholder's equity Liabilities: Accounts payable and accrued expenses $9,146 $6,438 Accrued interest 3,616 5,342 Due to Alco Standard Corporation 11,419 Income taxes payable 353 Notes payable to Banks 210,000 330,000 Medium Term Notes 472,000 105,000 Deferred income taxes 24,361 20,048 ------------- ------------- Total liabilities 719,123 478,600 Shareholder's equity: Common Stock - $.01 par value, 1,000 shares authorized, issued, and outstanding Contributed capital 71,415 53,415 Retained earnings 43,334 29,613 ------------- ------------- Total shareholder's equity 114,749 83,028 ------------- ------------- Total liabilities and shareholder's equity $833,872 $561,628 ============= =============
See notes to financial statements. ALCO CAPITAL RESOURCE, INC. STATEMENTS OF INCOME (in thousands)
Three Months Ended Nine Months Ended June 30 June 30 --------------------------- --------------------------- 1995 1994 1995 1994 ---------- ---------- ---------- ---------- Revenues: Lease finance income $19,666 $15,780 $52,781 $44,028 Rental income 2,226 4,060 Interest on Alco income tax deferrals 1,602 960 4,398 2,610 Other income 1,184 808 3,319 2,216 ---------- ---------- ---------- ---------- 24,678 17,548 64,558 48,854 Expenses: Interest 9,752 6,246 24,952 18,453 General and administrative 7,128 5,402 18,963 14,509 ---------- ---------- ---------- ---------- 16,880 11,648 43,915 32,962 Gain on sale of lease receivables 579 1,761 ---------- ---------- ---------- ---------- Income before income taxes and cumulative effect of change in accounting principle 8,377 5,900 22,404 15,892 Provision for income taxes Current 994 419 4,556 1,116 Deferred 2,312 1,909 4,127 5,082 ---------- ---------- ---------- ---------- 3,306 2,328 8,683 6,198 ---------- ---------- ---------- ---------- Income before cumulative effect of change in accounting principle 5,071 3,572 13,721 9,694 Cumulative effect of change in accounting for income taxes 140 ---------- ---------- ---------- ---------- Net income $5,071 $3,572 $13,721 $9,834 ========== ========== ========== ==========
See notes to financial statements. ALCO CAPITAL RESOURCE, INC. STATEMENTS OF CASH FLOWS (in thousands)
Nine Months Ended June 30 -------------------------- 1995 1994 -------- -------- Operating activities: Net income $13,721 $9,834 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 3,993 276 Cumulative effect of change in accounting principle (140) Provision for deferred taxes 4,313 5,082 Gain on sale of Lease Receivables (1,761) Changes in operating assets and liabilities: Accounts receivable (4,108) (3,784) Prepaid income taxes and other assets (435) (2,579) Accounts payable and accrued expenses 2,708 2,162 Accrued interest (1,726) (1,455) -------- -------- Net cash provided by operating activities 16,705 9,396 Investing activities: Purchases of equipment for rental (22,370) Purchases of property and equipment (1,676) (905) Disposal of equipment 113 Direct financing leases: Additions (463,814) (306,235) Cancellations 71,820 46,008 Collections 139,686 150,698 Proceeds from sale of leases 58,183 Funded leases: Additions (90,418) (42,625) Cancellations 14,001 8,119 Collections 27,231 22,780 -------- -------- Net cash used by investing activities (267,244) (122,160) Financing activities: Proceeds from bank borrowings 148,000 Payments on bank borrowings (120,000) (77,000) Proceeds from issuance of medium term notes 367,000 Contributed capital 18,000 8,300 -------- -------- Net cash provided by financing activities 265,000 79,300 -------- -------- Decrease(increase) in amounts due to Alco 14,461 (33,464) Due (to) from Alco at beginning of period (11,419) 552 -------- -------- Due from (to) Alco at end of period $3,042 ($32,912) ======== ========
See notes to financial statements. Alco Capital Resource, Inc. Notes to Financial Statements June 30, 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 June 30, 1995, $472 million of medium term notes were outstanding with a weighted average interest rate of 7.1%. Effective June 1995, the Company filed an additional medium term note registration in the aggregate initial offering price not exceeding $1 billion (plus $28 million remaining from the $500 million program). This additional note program was structured with virtually the same terms and conditions as the original $500 million medium term note program. Notes under the new registration were offered for sale starting in July 1995. 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 (but is expected to be renewed), 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 nine months of fiscal 1995, collections reduced previously sold interests by $58.2 million. The Company sold an additional $58.2 million of net eligible direct financing leases and recognized a $1,761,000 gain on the sale ($1,074,000, net of tax). Note 4: Supplemental Information to Statements of Cash Flows ---------------------------------------------------- Interest paid for the nine months ended June 30, 1995 and 1994 was $26.7 million and $19.9 million, respectively. Income tax payments for the nine months ended June 30, 1995 and 1994 were $5.5 million and $2.7 million, 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 June 30, 1995 Compared with the Three Months Ended June 30, 1994 -------------------------------- Comparative summarized results of operations for the three months ended June 30, 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 related percentage increase.
(dollars in thousands) Three Months Ended June 30 Increase ---------------- ---------------- 1995 1994 Amount Percent ------- ------- ------ -------- Revenues Lease finance income $19,666 $15,780 $3,886 24.6% Rental income 2,226 2,226 Interest on Alco income tax deferral 1,602 960 642 66.9 Other income 1,184 808 376 46.5 ------- ------- ------ 24,678 17,548 7,130 40.6 Expenses Interest 9,752 6,246 3,506 56.1 General and administrative 7,128 5,402 1,726 32.0 ------- ------- ------ 16,880 11,648 5,232 44.9 Gain on sale of lease receivables 579 579 ------- ------- ------ Income before income taxes 8,377 5,900 2,477 42.0 Income taxes 3,306 2,328 978 42.0 ------- ------- ------ Net income $ 5,071 $ 3,572 $1,499 42.0% ======= ======= ======
Revenues -------- Total revenues increased $7.1 million or 40.6% when comparing the three month period ended June 30, 1994 to the three month period ended June 30, 1995. Approximately 54.5% or $3.9 million of this growth in revenues was a result of increased lease finance income due to growth in the portfolio of direct financing and funded leases. During the twelve month period from June 30, 1994 to June 30, 1995, the portfolio grew at a 31.3% rate, net of lease receivables that were sold in asset securitization transactions. At the start of fiscal year 1995, the Company began offering a new operating lease product to the Alco Office Products (AOP) dealer network, whereby office equipment placed on long term rental to customers could be funded through the Company. At the end of the third quarter of fiscal year 1995, operating leases with equipment totalling approximately $18.8 million in value were outstanding, net of accumulated depreciation on the equipment. This new product contributed $2.2 million in rental income to total revenues during the third quarter of fiscal 1995. 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 6% rate of interest. 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 back to the start of fiscal 1995 and resulted in an average interest rate of 6.6% for fiscal 1995 year-to-date. In addition, the deferred tax base upon which these payments are calculated increased from $67.8 million at June 30, 1994 to $102.4 million at June 30, 1995. Due to the combined effect of the increased interest rate and increased deferred tax balances, but primarily due to the increased deferred tax balances, interest income on deferred taxes rose $642,000 or 66.9% when comparing the three months ended June 30, 1994 to the three months ended June 30, 1995. Other income consists primarily of late payment charges and various billing fees. The structure of these fees has remained basically unchanged from fiscal 1994 to fiscal 1995. The growth in other income is primarily due to the increased size of the lease portfolio upon which these fees are based. Overall, fee income from these sources grew by $376,000 or 46.5%, when comparing the third quarter of fiscal 1994 to the third 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 46.4%, from a total of $466 million outstanding at June 30, 1994 to $682 million at June 30, 1995. As a result of increased borrowing to fund the portfolio and an increase in the Company's average cost of debt during fiscal 1995, interest expense grew by $3.5 million or 56.1% when comparing the results for the third quarter of fiscal 1994 to the third quarter of fiscal 1995. At June 30, 1995, the Company's debt to equity ratio, including intercompany amounts due from Alco, was at 5.9:1. During June 1995, the Company completed the filing of a new medium term note registration in the amount of $1 billion, designed to meet the Company's anticipated portfolio funding needs over the next eighteen to twenty-four months. This new note program was structured similar to the original $500 million medium term note program that the Company filed in June 1994 which was used to meet portfolio funding needs during the period July 1994 to June 1995. The new program allows for the issuance of medium term notes in the public markets with maturities ranging from nine months up to ten years, through four nationally recognized investment firms. Total general and administrative expenses grew by approximately $1.7 million or 32%, when comparing the third quarter of fiscal 1994 to the same period of fiscal 1995. However, the general and administrative expense total reported for the third quarter of fiscal 1995 includes depreciation expense on leased equipment of approximately $2 million. There is no comparable depreciation expense included in general and administrative expenses reported for the third quarter of fiscal 1994, due to the October 1994 start of the operating lease product. In addition, the general and administrative expense totals for both the third quarter 1994 and the third quarter 1995 include the lease bonus subsidy payments made to AOP dealers for qualifying new lease volume. At the start of the third quarter of fiscal 1995, bonus subsidy payments to dealers were reduced, due to the Company's increased borrowing costs. As a result, the lease bonus payments were $540,000 or 23.5% less in the third quarter of fiscal 1995 as compared to the third quarter of fiscal 1994. Excluding the effect of the addition of depreciation expense on operating leases and the reduction in lease bonus subsidy payments, remaining general and administrative expenses grew $256,000 or 8.2%, when comparing the third quarter of fiscal 1994 to the third quarter of fiscal 1995. There have been no significant changes in the portfolio servicing costs of the Company between fiscal 1994 and fiscal 1995. Accordingly, the 8.2% increase in general and administrative expenses between these two quarters is primarily due to the growth of the serviced lease portfolio. Gain on Sale of Lease Receivables --------------------------------- Under an asset securitization program entered into in September 1994, the Company sold an undivided ownership interest in $125 million of eligible direct financing lease receivables. This agreement, which expires in September 1995 (but is expected to be renewed), 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 three months ended June 30, 1995, collections reduced previously sold interests by $19.8 million. The Company sold an additional $19.8 million in net eligible direct financing leases and recognized a $579,000 gain on the sale ($353,000 net of tax). Income Before Taxes ------------------- Income before taxes grew by approximately $2.5 million or 42.0%, when comparing pretax earnings for the third quarter of fiscal 1994 to fiscal 1995. This increase in income before taxes was essentially the net effect of higher finance income on a larger portfolio base, that was supplemented by strong growth in other income segments (including gain on sale of lease receivables) and a slower growth rate in general and administrative expenses than was experienced in fiscal 1994. Taxes on Income --------------- The $978,000 or 42.0% increase in income taxes from the third quarter of fiscal 1994 to the third quarter of fiscal 1995 is directly attributable to higher income before taxes in the third quarter of fiscal 1995 as compared to the third quarter of fiscal 1994. Effective tax rates for the two periods remained unchanged at 39.5%. Nine Months Ended June 30, 1995 Compared with the Nine Months Ended June 30, 1994 ------------------------------------------------- Comparative summarized results of operations for the nine months ended June 30, 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) Nine Months Ended June 30 Increase/(Decrease) ---------------- -------------------- 1995 1994 Amount Percent ------- ------- --------- --------- Revenues Lease finance income $52,781 $44,028 $ 8,753 19.9% Rental income 4,060 4,060 Interest on Alco income tax deferral 4,398 2,610 1,788 68.5 Other income 3,319 2,216 1,103 49.8 ------- ------- ------- 64,558 48,854 15,704 32.1 Expenses Interest 24,952 18,453 6,499 35.2 General and administrative 18,963 14,509 4,454 30.7 ------- ------- ------- 43,915 32,962 10,953 33.2 Gain on sale of lease receivables 1,761 1,761 ------- ------- ------- Income before income taxes and cumulative effect of change in accounting principle 22,404 15,892 6,512 41.0 Income taxes 8,683 6,198 2,485 40.1 ------- ------- ------- Income before cumulative effect of change in accounting principle 13,721 9,694 4,027 41.5 Cumulative effect of change in accounting for income taxes 140 (140) ------- ------- ------- Net income $13,721 $ 9,834 $ 3,887 39.5% ======= ======= =======
Revenues -------- Total revenues increased $15.7 million or 32.1% when comparing the nine month period ended June 30, 1994 to the nine month period ended June 30, 1995. Approximately 55.7% or $8.8 million of this increase in revenues was a result of increased lease finance income due to growth in the portfolio of direct financing and funded leases. During the twelve month period from June 30, 1994 to June 30, 1995, the portfolio grew at a 31.3% rate, net of lease receivables that were sold in asset securitization transactions. At the start of fiscal 1995, the Company began offering a new operating lease product to the AOP dealer network, whereby office equipment placed on long term rental to customers could be funded through the Company. At the end of the third quarter of fiscal year 1995, operating leases with equipment totalling approximately $18.8 million in value were outstanding, net of accumulated depreciation on the equipment. This new product contributed $4.1 million in rental income to total revenues during the first nine months of fiscal 1995. 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 6% rate of interest. 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 back to the start of fiscal 1995 and resulted in an average interest rate of 6.6% for the nine months of fiscal 1995. In addition, the deferred tax base upon which these payments are calculated increased from $67.8 million at June 30, 1994 to $102.4 million at June 30, 1995. Due to the combined effect of the increased interest rate and the increased deferred tax balances, but primarily due to increased deferred tax balances, interest income on deferred taxes rose $1.8 million or 68.5% when comparing the nine months ended June 30, 1994 to the nine months ended June 30, 1995. Other income consists primarily of late payment charges and various billing fees. The structure of these fees has remained basically unchanged from fiscal 1994 to fiscal 1995. The growth in other income from fees is primarily due to the increased size of the lease portfolio upon which these fees are based. Overall, fee income from these sources grew by $1.1 million or 49.8%, when comparing the first nine months of fiscal 1994 to the same period 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 46.4%, from a total of $466 million outstanding at June 30, 1994 to $682 million at June 30, 1995. As a result of increased borrowing to fund the portfolio, interest expense grew by $6.5 million or 35.2% when comparing the first nine months of fiscal 1994 to the first nine months of fiscal 1995. At June 30, 1995, the Company's debt to equity ratio, including intercompany amounts due from Alco, was at 5.9:1. During June 1995, the Company completed the filing of a new medium term note registration in the amount of $1 billion, designed to meet the Company's anticipated portfolio funding needs over the next eighteen to twenty-four months. This new note program was structured similar to the original $500 million medium term note program that the Company filed in June 1994 which was used to meet portfolio funding needs during the period July 1994 to June 1995. The new program allows for the issuance of medium term notes in the public markets with maturities ranging from nine months up to ten years, through four nationally recognized investment firms. Total general and administrative expenses grew by approximately $4.5 million or 30.7%, when comparing the first nine months of fiscal 1994 to the same period of fiscal 1995. However, the general and administrative expense category for fiscal 1995 includes year-to-date depreciation expense on leased equipment totalling $3.6 million. There is no comparable depreciation expense included in general and administrative expenses for the first nine months of fiscal 1994, due to the October 1994 startup of the operating lease product. Excluding the effect of the addition of depreciation expense on operating leases, remaining general and administrative expenses grew $876,000 or 6.0%, when comparing the first nine months of fiscal 1994 to the first nine months of fiscal 1995. There have been no significant changes in the portfolio servicing costs of the Company between fiscal 1994 and fiscal 1995, therefore, the 6.0% increase in general and administrative expenses between these two periods is a direct result of the growth of the serviced lease portfolio. 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. This agreement, which expires in September 1995 (but is expected to be renewed), 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 nine months ended June 30, 1995, collections reduced previously sold interests by $58.2 million. The Company sold an additional $58.2 million in net eligible direct financing leases and recognized a $1.8 million gain on the sale ($1.1 million, net of tax). Income Before Taxes ------------------- Income before taxes grew by $6.5 million or 41.0%, when comparing pretax earnings for the first nine months of fiscal 1994 to fiscal 1995. This increase in income before taxes was essentially the net effect of higher finance income on a larger portfolio base, that was supplemented by strong growth in other income segments (including gain on sale of lease receivables) and a slower growth rate in general and administrative expenses than was experienced in fiscal 1994. Taxes on Income --------------- The $2.5 million or 40.1% increase in income taxes from the nine month period ended June 30, 1994 to the nine month period ended June 30, 1995 is directly attributable to higher income before taxes in the first nine months of fiscal 1995 as compared to the first nine months of fiscal 1994. The effective tax rate for the first nine months of fiscal year 1995 was 38.8% compared to 39.0% for the first nine months of 1994. 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 August 10, 1995 /s/Robert M. Kearns II ---------------- ---------------------- Robert M. Kearns II Vice President (Chief Accounting Officer) 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. 9-MOS SEP-30-1995 JUN-30-1995 0 0 800,592,000 0 0 0 28,666,000 5,308,000 833,872,000 0 682,000,000 0 0 0 114,749,000 883,872,000 0 64,558,000 0 0 18,963,000 0 24,952,000 22,404,000 8,683,000 13,721,000 0 0 0 13,721,000 0 0 Includes net investments on leases of $778,784,000 and other accounts receivable Includes leased equipment of: cost - $22,370,000; accumulated depreciation - $3,578,000 Common stock, $.01 par value, 1,000 shares outstanding. Since total is less than $1,000, zero is reported. Not required as the registrant is a wholly-owned subsidiary.