-----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, D14/+YlaPDbxVNvlCxnqc1joHHbPPxxgGAMFyh7XkYwlHWx+6fYDsfy651GCRpd6 YOc7/OoE4dsJwduPGZLHoQ== 0000950159-97-000146.txt : 19970520 0000950159-97-000146.hdr.sgml : 19970520 ACCESSION NUMBER: 0000950159-97-000146 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 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: 97607721 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, 1997 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 IKON CAPITAL, 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, 1997. Common Stock, $.01 par value per share 1,000 shares Registered Debt Outstanding as of April 30, 1997 $1,353,750,000 The registrant, an indirect wholly owned subsidiary of IKON Office Solutions, Inc ("IKON"), 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 IKON CAPITAL, INC. PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Balance Sheets--March 31, 1997 and September 30, 1996 Statements of Income--Three months ended March 31, 1997 and March 31, 1996 and Six months ended March 31, 1997 and March 31, 1996 Statements of Cash Flows--Six months ended March 31, 1997 and March 31, 1996 Notes to Financial Statements--March 31, 1997 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) IKON CAPITAL, INC. BALANCE SHEETS (in thousands, except share and per share amounts)
March 31, September 30, 1997 1996 Assets Investment in leases: Direct financing leases $1,444,772 $1,140,851 Less: Unearned income (253,413) (203,459) ----------- ----------- 1,191,359 937,392 Funded leases, net 395,912 313,250 ----------- ----------- 1,587,271 1,250,642 Accounts receivable 53,176 48,334 Prepaid expenses and other assets 12,273 15,582 Leased equipment-operating rentals at cost less accumulated depreciation of: 3/97 - $25,106 9/96 - $ 17,624 40,306 31,341 Property and equipment at cost, less accumulated depreciation of: 3/97 - $2,926 9/96 - $ 2,536 9,581 6,889 =========== =========== Total assets $1,702,607 $1,352,788 =========== =========== Liabilities and shareholder's equity Liabilities: Accounts payable and accrued expenses $41,898 $42,538 Accrued interest 23,208 20,870 Due to IKON Office Solutions 10,630 24,330 Notes payable to Banks 25,000 58,000 Medium Term Notes 1,312,400 969,900 Deferred income taxes 59,650 45,750 ----------- ----------- Total liabilities 1,472,786 1,161,388 Shareholder's equity: Common Stock - $.01 par value, 1,000 shares authorized, issued, and outstanding Contributed capital 131,415 112,415 Retained earnings 98,406 78,985 ----------- ----------- Total shareholder's equity 229,821 191,400 =========== =========== Total liabilities and shareholder's equity $1,702,607 $1,352,788 =========== ===========
See notes to financial statements. IKON CAPITAL, INC. STATEMENTS OF INCOME (in thousands)
Three Months Ended Six Months Ended March 31 March 31 1997 1996 1997 1996 Revenues: Lease finance income $40,657 $28,180 $77,557 $53,540 Rental income 5,136 3,346 9,928 6,577 Interest on IKON tax deferrals 2,888 2,122 5,624 4,011 Other income 2,097 1,721 3,831 3,089 ------- ------- ------- ------- 50,778 35,369 96,940 67,217 Expenses: Interest 19,602 13,696 37,228 27,113 General and administrative 15,113 10,487 28,072 18,796 ------- ------- ------- ------- 34,715 24,183 65,300 45,909 Gain on sale of investment in leases 664 277 1,277 589 ------- ------- ------- ------- Income before income taxes 16,727 11,463 32,917 21,897 Provision for income taxes 6,858 4,700 13,496 8,978 ------- ------- ------- ------- Net income $9,869 $6,763 $19,421 $12,919 ======= ======= ======= =======
See notes to financial statements. IKON CAPITAL, INC. STATEMENTS OF CASH FLOWS (in thousands)
Six Months Ended March 31, 1997 1996 Operating activities: Net income $19,421 $12,919 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 7,872 6,532 Provision for deferred taxes 13,900 18,808 Gain on sale of investment in leases (1,277) (589) Changes in operating assets and liabilities: Accounts receivable (4,842) (5,616) Prepaid expenses and other assets 4,586 (243) Accounts payable and accrued expenses (640) 2,654 Accrued interest 2,338 4,336 --------- --------- Net cash provided 41,358 38,801 --------- --------- Investing activities: Purchases of leased equipment, net (16,447) (9,132) Purchases of property and equipment, net (3,082) (1,043) Direct financing leases: Additions (619,015) (365,156) Cancellations 87,839 60,577 Collections 225,802 129,602 Proceeds from sale 51,407 26,454 Funded leases: Additions (187,360) (163,217) Cancellations 26,587 18,462 Collections 78,111 39,499 --------- --------- Net cash used (356,158) (263,954) --------- --------- Financing activities: Proceeds from bank borrowings 60,000 Payments on bank borrowings (33,000) (40,000) Proceeds from issuance of medium term notes 385,500 169,500 Payments on medium term notes (43,000) (30,000) Capital contributed by IKON 19,000 17,000 --------- --------- Net cash provided 328,500 176,500 --------- --------- Decrease (increase) in amounts due to IKON 13,700 (48,653) Due (to) from IKON at beginning of period (24,330) 26,577 ========= ========= Due (to) from IKON at end of period ($10,630) ($22,076) ========= =========
See notes to financial statements. IKON Capital, Inc. Notes to Financial Statements March 31, 1997 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 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, 1996. Note 2: Medium Term Note Program During the six months ended March 31, 1997, IKON Capital issued an additional $385.5 million under its $1.5 billion medium term note program. At March 31, 1997, $1,312.4 million of medium term notes remain outstanding with a weighted average interest rate of 6.7%, leaving $114.6 million available under this program. Note 3: Asset Securitization In September 1996, IKON Capital entered into a new agreement to sell, under an asset securitization program, an undivided ownership interest in $150 million of eligible direct financing lease receivables. This is in addition to an existing agreement for $125 million entered into in September 1994. Under these agreements, the company sold $51.4 million in direct financing leases during the first six months of fiscal 1997, replacing leases which had been liquidated during the period and recognized a pretax gain of approximately $1.3 million. Under the terms of the sales agreements, the Company will continue to service the lease portfolio. 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, 1997 Compared with the Three Months Ended March 31, 1996 Comparative summarized results of operations for the three months ended March 31, 1997 and 1996 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.
Three Months (dollars in thousands) Ended March 31 Increase 1997 1996 Amount Percent Revenues: Lease finance income $40,657 $28,180 $ 12,477 44.3% Rental income 5,136 3,346 1,790 53.5% Interest on IKON tax deferrals 2,888 2,122 766 36.1% Other income 2,097 1,721 376 21.8% --------- --------- --------- 50,778 35,369 15,409 43.6% Expenses: Interest 19,602 13,696 5,906 43.1% General and administrative 15,113 10,487 4,626 44.1% --------- --------- --------- 34,715 24,183 10,532 43.6% Gain on sale of investment in leases 664 277 387 139.7% --------- --------- ---------- Income before income taxes 16,727 11,463 5,264 45.9% Provision for income taxes 6,858 4,700 2,158 45.9% --------- --------- --------- Net income $ 9,869 $ 6,763 $ 3,106 45.9% ========= ========= =========
Revenues Total revenues increased $15.4 million or 43.6% in the second quarter of fiscal 1997 compared to the second quarter of fiscal 1996. Approximately 81% or $12.5 million of this increase in revenues was a result of increased lease finance income due to continued growth in the portfolio of direct financing and funded leases. The lease portfolio, net of lease receivables that were sold in asset securitization transactions, increased 41.1% from March 31, 1996 to March 31, 1997. Office equipment placed on rental by the IKON dealers to customers, with cancelable terms, may be funded by the Company. During the second quarters of fiscal 1997 and 1996, IKON Capital funded $9.6 million and $1.6 million, respectively. Operating leases contributed $5.1 million in rental income during the second quarter of fiscal 1997, compared to $3.3 million in the second quarter of 1996. The Company earns interest income on the deferred tax liabilities of the IKON dealers resulting from leases funded through the Company at a rate consistent with the Company's weighted average outside borrowing rate of interest. The Company's average rate was 6.8% for both the second quarter of fiscal 1997 and the second quarter of fiscal 1996. In addition, the deferred tax base upon which these payments are calculated increased 36.8% to $185.5 million at March 31, 1997 from $135.6 million at March 31, 1996. As a result of the increased deferred tax liabilities, interest income on deferred taxes rose $766,000 or 36.1% when comparing the three months ended March 31, 1997 to the three months ended March 31, 1996. Other income consists primarily of late payment charges and various billing fees. The structure of these fees has remained basically unchanged from fiscal 1996. 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 $376,000 or 21.8%, when comparing the second quarter of fiscal 1997 to the same period of fiscal 1996. Expenses Debt to fund the lease portfolio in the form of loans from banks and the issuance of medium term notes in the public market increased by 43.1%, to $1,337.4 million outstanding at March 31, 1997. The Company paid a weighted average interest rate on all borrowings for the second quarters of fiscal 1997 and fiscal 1996 of 6.8%. As a result of the increased borrowings, interest expense grew by $5.9 million or 43.1%, when comparing the second quarter of fiscal 1997 to fiscal 1996. At March 31, 1997, the Company's debt to equity ratio, including intercompany amounts owed to IKON was 5.9 to 1. Total general and administrative expenses for the quarter ended March 31, 1997 increased by $4.6 million or 44.1%, over the quarter ended March 31, 1996. The general and administrative expense category in the second quarter of fiscal 1997 includes depreciation expense on leased equipment totaling $3.7 million, compared to $3.2 million for the second quarter of fiscal 1996. In addition, the general and administrative expense category includes lease bonus subsidy payments to either IKON or directly to the IKON dealers, based on the level of dealer participation in the Company's leasing programs or for the funding of targeted new lease volume. During the second quarter of fiscal 1997, lease bonus subsidy payments totaled $3.5 million as compared to $2.1 million during the second quarter of fiscal 1996. Excluding the effects of depreciation expense on operating leases and lease bonus subsidy payments, remaining general and administrative expenses grew by $2.8 million or 54.5%, when comparing the second quarter of fiscal 1997 to the second quarter of fiscal 1996. Gain on Sale of Investment in Leases In September 1996, the Company entered into an asset securitization transaction whereby the Company sold an undivided ownership interest in $150 million in eligible direct financing lease receivables. This agreement was structured as a revolving securitization so that as collections reduce previously sold interests, additional leases can be sold up to $150 million. 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 was also structured as a revolving securitization. Under this program, new leases can be sold up to $125 million as collections reduce previously sold lease receivables. During the three months ended March 31, 1997, collections reduced previously sold interests under these two agreements by approximately $26.0 million. The Company sold an additional $26.0 million in net eligible direct financing leases during the second quarter of fiscal 1997 and recognized pretax gains of $664,000. Income Before Taxes Income before taxes for the second quarter of fiscal 1997 increased by $5.3 million or 45.9% over the second quarter of fiscal 1996. This increase in income before taxes was essentially the effect of higher earnings on a larger lease portfolio base, partially offset by higher borrowing costs due to the increased debt to fund the lease portfolio. Provision for Income Taxes Income taxes for the second quarter of fiscal 1997 increased by $2.2 million or 45.9% over the second quarter of fiscal 1996. This increase in income taxes is directly attributable to the increase in income before taxes in the second quarter of fiscal 1997 as compared to the second quarter of fiscal 1996. The effective tax rate was 41% for both the second quarter of fiscal 1997 and 1996. Six Months Ended March 31, 1997 Compared with the Six Months Ended March 31, 1996 Comparative summarized results of operations for the six months ended March 31, 1997 and 1996 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.
Six Months (dollars in thousands) Ended March 31 Increase 1997 1996 Amount Percent Revenues: Lease finance income $77,557 $53,540 $ 24,017 44.9% Rental income 9,928 6,577 3,351 51.0% Interest on IKON tax deferrals 5,624 4,011 1,613 40.2% Other income 3,831 3,089 742 24.0% --------- --------- ---------- 96,940 67,217 29,723 44.2% Expenses: Interest 37,228 27,113 10,115 37.3% General and administrative 28,072 18,796 9,276 49.4% --------- --------- --------- 65,300 45,909 19,391 42.2% Gain on sale of investment in leases 1,277 589 688 116.8% --------- ---------- --------- Income before income taxes 32,917 21,897 11,020 50.3% Provision for income taxes 13,496 8,978 4,518 50.3% --------- --------- ---------- Net income $ 19,421 $ 12,919 $ 6,502 50.3% ========= ========= ==========
Revenues Total revenues increased $29.7 million or 44.2% in the first six months of fiscal 1997 compared to the first six months of fiscal 1996. Approximately 80.8% or $24.0 million of this increase in revenues was a result of increased lease finance income due to continued growth in the portfolio of direct financing and funded leases. The lease portfolio, net of lease receivables that were sold in asset securitization transactions, increased 41.1% from March 31, 1996 to March 31, 1997. Office equipment placed on rental by the IKON dealers to customers, with cancelable terms, may be funded by the Company. During the first six months of fiscal 1997 and 1996, IKON Capital funded $16.4 million and $9.1 million, respectively. Operating leases contributed $9.9 million in rental income during the first six months of fiscal 1997, compared to $6.6 million in the first six months of fiscal 1996. The Company earns interest income on the deferred tax liabilities of the IKON dealers resulting from leases funded through the Company at a rate consistent with the Company's weighted average outside borrowing rate of interest. The Company's average rate was 6.8% for the both the first six months of fiscal 1997 and fiscal 1996. In addition, the deferred tax base upon which these payments are calculated increased 36.8% to $185.5 million at March 31, 1997 from $135.6 million at March 31, 1996. As a result of the increased deferred tax liabilities, interest income on deferred taxes rose $1.6 million or 40.2% when comparing the six months ended March 31, 1997 to the six months ended March 31, 1996. Other income consists primarily of late payment charges and various billing fees. The structure of these fees has remained basically unchanged from fiscal 1996. 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 $742,000 or 24.0%, when comparing the first six months of fiscal 1997 to the same period of fiscal 1996. Expenses Debt to fund the lease portfolio in the form of loans from banks and the issuance of medium term notes in the public market increased by 43.1%, to $1,337.4 million outstanding at March 31, 1997. The Company paid a weighted average interest rate on all borrowings for the first half of both fiscal 1997 and fiscal 1996 of 6.8%. As a result of the increased borrowings, interest expense grew by $10.1 million or 37.3%, when comparing the first half of fiscal 1997 to the first half of fiscal 1996. At March 31, 1997, the Company's debt to equity ratio, including intercompany amounts owed to IKON, was 5.9 to 1. Total general and administrative expenses for the six months ended March 31, 1997 increased by $9.3 million or 49.4%, over the six months ended March 31, 1996. The general and administrative expense category in the first six months of fiscal 1997 includes depreciation expense on leased equipment totaling $7.9 million, compared to $6.2 million for the first six months of fiscal 1996. In addition, the general and administrative expense category includes lease bonus subsidy payments to either IKON or directly to the IKON dealers, based on the level of dealer participation in the Company's leasing programs or for the funding of targeted new lease volume. During the first six months of fiscal 1997, lease bonus subsidy payments totaled $5.6 million as compared to $2.6 million during the first six months of fiscal 1996. Excluding the effects of depreciation expense on operating leases and lease bonus subsidy payments, remaining general and administrative expenses grew by $4.6 million or 46.0%, when comparing the first six months of fiscal 1997 to the first six months of fiscal 1996. Gain on Sale of Investment in Leases In September 1996, the Company entered into an asset securitization transaction whereby the Company sold an undivided ownership interest in $150 million in eligible direct financing lease receivables. This agreement was structured as a revolving securitization so that as collections reduce previously sold interests, additional leases can be sold up to $150 million. 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 was also structured as a revolving securitization. Under this program, new leases can be sold up to $125 million as collections reduce previously sold lease receivables. During the six months ended March 31, 1997, collections reduced previously sold interests under these two agreements by approximately $51.4 million. The Company sold an additional $51.4 million in net eligible direct financing leases during the first half of fiscal 1997 and recognized pretax gains of approximately $1.3 million. Income Before Taxes Income before taxes for the first half of fiscal 1997 increased by $11.0 million or 50.3% over the first half of fiscal 1996. This increase in income before taxes was essentially the effect of higher earnings on a larger lease portfolio base, partially offset by higher borrowing costs due to the increased debt to fund the lease portfolio. Provision for Income Taxes Income taxes for the first six months of fiscal 1997 increased by $4.5 million or 50.3% over the first six months of fiscal 1996. This increase in income taxes is directly attributable to the increase in income before taxes in the first half of fiscal 1997 as compared to the first half of fiscal 1996. The effective tax rate was 41% for both the first half of fiscal 1997 and 1996. Forward-looking Information This document contains, and other materials filed or to be filed by the Company with the Commission which are incorporated by reference herein, as well as information included in oral statements or other written statements made or to be made by the Company, contain or will contain or include, disclosures which are forward-looking statements relating to the Company or its parent, IKON, within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the 1934 Act. Such forward-looking statements address, among other things, strategic initiatives (including plans for enhancing the Company's or IKON's business through new acquisitions, information technology systems, sales strategies, market growth plans, margin enhancement initiatives, capital expenditure requirements and financing sources). Such forward-looking information is based upon management's current plans or expectations and is subject to a number of uncertainties and risks that could significantly affect the Company's and/or IKON's current plans, anticipated actions and future financial condition and results. These uncertainties and risks include, but are not limited to, those relating to IKON's successful management of an aggressive program to acquire and integrate new companies, including companies with technical services and products that are relatively new to IKON, and also including companies outside the United States, which present additional risks relating to international operations; risks and uncertainties (applicable to both the Company and IKON) relating to conducting operations in a competitive environment; delays, difficulties, technological changes and employment issues (applicable to both the Company and IKON) associated in a large-scale transformation project; debt service requirements (applicable to both the Company and IKON) including sensitivity to fluctuations in interest rates; and general economic conditions. As a consequence, current plans, anticipated actions and future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of the Company or IKON. 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 (b) Reports on Form 8-K On April 18, 1997, the registrant filed a Current Report on Form 8-K to file, under Item 5 of the form, the earnings of its parent, IKON Office Solutions, Inc. for the fiscal quarter ended March 31, 1997 and the announcement of certain management changes, and the announcement that it may repurchase from time to time as much as 5 percent of its outstanding shares in open market transactions. On April 23, 1997, the registrant filed a Current Report on Form 8-K to file, under Item 5 of the form, a Press Release issued by the Registrant's parent, IKON Office Solutions, Inc., stating that it was unaware of any reason its stock, which recently had traded down sharply, should be under pressure. The Press Release also stated that IKON knows of no material developments concerning its business or financial statements which have not been publicly disclosed. 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. IKON CAPITAL, INC. Date May 15, 1997 /s/ Harry G. Kozee Harry G. Kozee Vice President-Finance (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 IKON Capital, Inc. and is qualified in its entirity by reference to such financial statments. 6-MOS SEP-30-1997 MAR-31-1997 0 0 1,640,447,000 0 0 0 77,919,000 28,032,000 1,702,607,000 0 1,337,400,000 0 0 0 229,821,000 1,702,607,000 0 96,940,000 0 0 28,072,000 0 37,228,000 32,917,000 13,496,000 19,421,000 0 0 0 19,421,000 0 0 Includes net investments in leases of $1,587,271,000 and other accounts receivable. Included leased equipment of: cost - $65,412,000; accumulated depreciation - $25,106,000. 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.
-----END PRIVACY-ENHANCED MESSAGE-----