Date: Fri, 19 Dec 1997 17:02:36 GMT Server: Apache/1.2.1 Last-Modified: Sun, 17 Aug 1997 00:11:18 GMT ETag: "7fdb1-1981-33f641a6" Content-Length: 6529 Accept-Ranges: bytes Connection: close Content-Type: text/html PLM: Celebrating 25 Years

1996 Annual Report Excerpts

Celebrating 25 Years

During our twenty-fifth anniversary, we salute the many investors, customers, business partners, and employees who together have succeeded in building one of the world's foremost equipment leasing corporations: PLM International.

1972-Professional Lease Management, Inc. begins operations by managing its first railcar lease. The Company also successfully completes its first investor railcar management program.

1979-The Company, now known as PLM, Inc., completes the sale of its fourteenth investor railcar management program, increasing its managed portfolio to more than 2,000 railcars for 1,000 investors.

1981-PLM, Inc. expands its offerings to include the PLM Transportation Equipment Partners series of investor programs, diversifying its managed portfolio to include aircraft, trailers, and containers, in addition to railcars.

1983-PLM, Inc. becomes PLM Financial Services, Inc., a publicly-held company.

1986-The Company, in response to changes in the economic and tax environments, successfully makes the transition to income-oriented investor programs by offering PLM Equipment Growth Fund, the first in a 10-year series of diversified transportation equipment leasing programs.

1988-PLM International, Inc. is formed from the consolidation of 21 PLM Transportation Equipment Partner programs and 3 program syndication and equipment leasing subsidiaries: PLM Financial Services, Inc., PLM Transportation Equipment Management, Inc., and PLM Railcar Management Services, Inc. The remaining subsidiary, PLM Railcar Maintenance Company, is spun off into Transcisco Industries, Inc. in exchange for shares of PLM.

PLM completes its first international lease for a Boeing 727 commercial aircraft.

1989-PLM's owned and managed transportation equipment portfolio surpasses the $1 billion mark, operated on behalf of over 75,000 program investors and shareholders.

Although sales of the PLM Equipment Growth Fund programs remain strong, the overall limited partnership syndication industry begins to contract. Seeking to diversify its revenue sources, the Company establishes PLM Rental, Inc., its short-term trailer rental business.

1991-PLM completes the acquisition of the assets of Resources Trailer Leasing, Inc. (RTL). With the integration of RTL's assets, PLM Rental operates the fifth-largest trailer rental company in the United States through 10 locations nationwide.

1992-PLM's current management team implements the first half of a two-part strategy to improve performance by focusing on strengthening the Company's financial position. The process begins with the sale of older, underperforming transportation assets to reduce total indebtedness.

1994-PLM's Employee Stock Ownership Plan (ESOP) and preferred dividend are eliminated; total debt (excluding debt related to the ESOP) is reduced by 43% over two years; the 3.4 million block of PLM common shares originally owned by Transcisco Industries, Inc. is sold to PLM and independent investors. PLM completes the acquisition of an 80% interest in Aeromil Australia. PLM Rental is now the third-largest retail trailer lessor in the United States and operates the largest fleet of on-demand refrigerated trailers in the country.

1995-PLM embarks on the second half of its strategy by focusing on expanding and diversifying its revenue sources. The American Finance Group, Inc. (AFG) subsidiary is formed. Total Company debt is further reduced; PLM begins the first of a series of common stock repurchase programs.

1996-PLM suspends investor program syndication activities and announces a new strategic plan to expand three core business operations: AFG, PLM Rental, and equipment portfolio management. The Company repurchases 1.7 million shares and reduces the number of common shares outstanding by over 22% since the first repurchase plan in 1995.

Copyright © 1997, PLM International, Inc.
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