UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For The Quarter 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 333-11243
CAPITA PREFERRED TRUST
A DELAWARE I.R.S. EMPLOYER IDENTIFICATION
BUSINESS TRUST No. 22-3467159
c/o AT&T Capital Corporation
44 Whippany Road, Morristown, New Jersey 07962-1983
Telephone Number 201-397-3000
__________________
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.......
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
CAPITA PREFERRED TRUST
STATEMENT OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 1997
(Dollars in Thousands)
(Unaudited)
REVENUES - Distributions on partnership
preferred securities $4,670
-------
Net income $4,670
=======
The accompanying notes are an integral part of these Financial Statements.
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CAPITA PREFERRED TRUST
BALANCE SHEETS
(Dollars in Thousands)
March 31, December 31,
1997 1996
(unaudited)
-------- --------
ASSET - Limited partnership interest
in Partnership $206,186 $206,186
-------- --------
SHAREOWNERS' EQUITY:
Trust Preferred Securities -
authorized, issued and outstanding
8,000,000 shares, $25 liquidation
value 200,000 200,000
Trust Common Securities -
$25 liquidation value 6,186 6,186
Retained Earnings 0 0
-------- --------
Total Shareowners' Equity $206,186 $206,186
======== ========
The accompanying notes are an integral part of these Financial Statements.
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CAPITA PREFERRED TRUST
STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997
(Dollars in Thousands)
(Unaudited)
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income $ 4,670
-------
Net Cash provided by Operating activities 4,670
-------
CASH FLOW FROM FINANCING ACTIVITIES:
Payment of distributions (4,670)
-------
Net Cash provided by Financing
activities (4,670)
-------
Net change in cash and cash equivalents 0
Cash and cash equivalents at beginning
of period 0
-------
Cash and cash equivalents at end
of period $ 0
=======
The accompanying notes are an integral part of these Financial Statements.
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CAPITA PREFERRED TRUST
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
The accompanying unaudited financial statements have been prepared by
Capita Preferred Trust (the "Trust") pursuant to the rules and regulations of
the Securities and Exchange Commission ("SEC") and, in the opinion of
management, reflect all adjustments, consisting of normal recurring adjustments,
necessary for a fair presentation of the results of operations, financial
position and cash flows for each period shown. The results for interim periods
are not necessarily indicative of financial results for the full year. These
unaudited financial statements should be read in conjunction with the audited
Financial Statements and notes thereto included in the Trust's Annual Report on
Form 10-K for the year ended December 31, 1996.
2. Financial information of the Partnership
Summarized financial information for Capita Preferred Funding L.P. (the
"Partnership"), accounted for by the equity method is as follows (dollars in
thousands):
At or for the three months ended
March 31, 1997 (Unaudited) At December 31, 1996
Current assets $ 2,426 $ 2,426
Noncurrent assets 240,146 240,146
Partners' Capital $242,572 $242,572
Revenues $ 5,358
Net Income $ 5,358
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS. (Dollars in thousands)
Results of Operations and Changes in Cash Flows
On March 31, 1997, holders of Capita Preferred Trust (the "Trust")
securities were paid the required quarterly cash distribution of $4,670 (annual
rate of 9.06%). On that same date, the Trust also received quarterly
distributions (annual rate of 9.06%) from Capita Preferred Funding L.P. (the
"Partnership") of $4,670 relating to its $206,186 limited partnership interest
in the Partnership.
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CAPITA PREFERRED TRUST
PART II - OTHER INFORMATION
Item 6. Exhibits and reports on Form 8-K.
a) Exhibits:
Exhibit Number
27 Financial Data Schedule
b) Current Reports on Form 8-K:
Report on Form 8-K, dated February 12, 1997, was filed pursuant
to Item 4 (Change in Registrant's Certifying Accountants).
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
CAPITA PREFERRED TRUST
EDWARD M. DWYER
---------------
By: Edward M. Dwyer
Regular Trustee
May 14, 1997
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EXHIBIT INDEX
EXHIBITS
Exhibit
Number Description
27. Financial Data Schedule
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