http://two

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click on the headlines to go to the story, plus is also in this “new” format

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April 17, 2000-the first Leasing News story is archived. This e-mail series started many years ago to leasing industry colleagues of Kit Menkin, managing partner of American Leasing. The e-mail report grew from once a month, to several times a month, and was up to over several hundred, being sent out once or twice a week, when it grew to a size large enough to incorporated as Leasing News with an Advisory Board. A website to read in html instead of text, and when completed, the idea of having an archive section. Prior to this date, they were never saved, but deleted. And from one or two days a week, or whenever there was news, it is now generally five days a week.

It was originally simply “Leasing News. “ Classified ads and other features were added to the website, with a book section the latest: http://two.leasingnews.org/Books.htm Readers supply much of the “inside news”. Originally an afternoon edition, it was changed to early morning (actually being sent out around 1:30am, PDT ), after most newspapers have sent to the streets their early morning edition, too. This gives a final review of major newspapers throughout the United States. From being a West Coast planned edition, it now times the news for the East Coast as well. An up-dated version

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“Shannon Green, AVP,(left) and Shannon McNerthey, special projects coordinator, Financial Pacific Company (right) welcome over 80 attendees to the Columbia Winery last month for a combination wine tour/Washington Regional Meeting. Guest speakers from McGavick Graves, Attorneys at Law discussed “ Article 2A” and “Lessor Liability.”

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Sales Manager: Portland, OR. 18+ yrs w/ bank leasing company. Supervised 14-20 sales people. Willing to relocate for the proper position. Or, seeking sales position in current location (13+yrs direct sales). email:pthygeson@netscape.net

Senior level sales professional w/ (20) plus experience in mid market financing & leasing. The last (8) plus years being self employed in middle market brokerage. Email:markhenley@qwest.net

I have over 25 years owning an independent leasing company that specialized in truck leasing. Tow trucks, Limos, ambulances, tractors, etc.. Email:rfleisher@rsrcapital.com

Professional. finance mgr. w/formal credit ed./ reg. vp/ secured/unsecured commercial loans/ direct end user network/equip. leasing/structuring small,mid,big ticket transactions. 10+ years NE & SE. Have vendor servicing w/existing and active network of accounts will bring with me. Email:AlanAustin2000@msn.com

30 years in transportation Finance with strong management/ sales background. Represented company on national & region markets. Started two successful operations- produce profits and growth. Email:pml@mindspring.com

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(( for United Association of Equipment Leasing (UAEL) Spring Educational Conference May 1-4 at the Rancho Las Palmas Marriott Resort & Spa in

“Thanks for the announcement. I hooked up with ‘Uncle Joe’ (Joe Woodley, CEO

generation’ at the conference (particularly the Southern California crowd)... so it would be great if they could make a concerted effort to make it out to the event and renew old acquaintances ----catch up, exchange ideas...share some of the

“In spite of the terror campaign, war and repressed economic picture, Capital Werks/Preferred Leasing is chugging along nicely...we are well over half way to meeting our announced, twelve month goal of building a 100 person sales force...in fact, we have outgrown our current location and will be moving in two months to a larger space.

“There are a lot of encouraging economic signs. Jim Raeder and I believe we are in a good position to exploit this pent up demand when it breaks loose. We’re following exactly what ELA Fleming said in Leasing News, Jim and I are

this event and have fun at the same time. The report will be under your by-line, so no guide lines. . Kit )

representative Jim McCommon. To learn more or to sign up at the Conference and meet Mr. McQuitty, please go to: www.uael.org

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Synovus Reports 8.7% Increase in Net Income for First Quarter 2003; Company Adopts Repurchase Plan for $200 Million in Stock

COLUMBUS, Ga.----Synovus' (NYSE:SNV) first quarter earnings grew 8.7% over first quarter 2002 to $89.9 million, which represented earnings per share growth of 7.3% to $.30 per share, Synovus Chairman and CEO James H. Blanchard announced today.

"Our board of directors has unanimously approved a $200 million share repurchase plan that demonstrates its confidence in our future," said Blanchard. "This equates to approximately 11 million shares based upon current market prices. The shares will be purchased from time to time over the next two years at prices considered attractive to management. It is expected that at least 5.5 million of such shares will be repurchased within 90 days following this announcement. Repurchased shares will be used for general corporate purposes."

Return on assets for the quarter was 1.89% and return on equity was 17.26% for the first quarter 2003, compared to 2.03% and 19.52%, respectively, in the same period last year. Shareholders' equity at March 31, 2003, was $2.18 billion, which represented a very strong 10.58% of quarter-end assets. Total assets ended the quarter at $20.6 billion, an increase of 23% from the same period last year.

Synovus Financial Services' (formerly banking operations) net income increased 6.0% over the first quarter last year. Return on assets for the quarter was 1.40% and return on equity was 16.14%. Loans grew by 22.4% (14.5%, excluding acquisitions and divestures) during the first quarter over the same period last year. The net interest margin compressed more than expected, which was attributed to the lowest interest rate environment in 45 years. The net interest margin was 4.31% for the quarter, compared to 4.77% for the first quarter last year. The ratio of nonperforming assets to loans and other real estate increased to 0.72% from 0.64% in the last quarter, with half of the increase attributed to acquisitions in the quarter. The allowance for loan losses was 1.40% of loans, and net charge-offs were 0.37% of average loans for the first quarter. The allowance for loan losses provides coverage of 272% of nonperforming loans and the provision for loan losses covered net charge-offs by 1.48x for the quarter. Management is confident about the quality of the loan portfolio.

Financial Services' non-interest income was up 24.5% as compared to the first quarter last year, with increases in service charges on deposits of 11%, net mortgage revenue of 80% and credit card fees of 19% over the same period last year. Financial Management Services and insurance revenues increased 10.5% over last year, with trust down 4%, brokerage up 6%, financial planning/asset management (which consists of Creative Financial Group and GLOBALT, acquired in 2001 and 2002, respectively) up 121%, and insurance down 11%. Financial Services' non-interest income as a percentage of Financial Services' revenues 3/4 excluding securities gains/losses 3/4 was 29% for the quarter. During the quarter, Synovus completed the acquisitions of United Financial Holdings, Inc., consisting of United Bank and Trust Company in St. Petersburg, Florida and United Bank of the Gulf Coast in Sarasota, Florida, and FNB Bankshares, Inc. in Covington, Georgia, which added $930 million in assets and 19 branches. The efficiency ratio for the quarter was 52.8% versus 53.7% for the first quarter 2002.

MicroFinancial Announces a Final Amendment to Its Credit Agreement; All Existing Lenders Participate in New Agreement

WOBURN, Mass.----MicroFinancial Incorporated (NYSE-MFI), a leader in Microticket leasing and finance, today announced that it has secured an amendment to its Credit Agreement and received permanent waivers under its securitization facility.

The Company indicated that it has signed an agreement that amends its credit facility and stabilizes the Company's relationship with its lenders. The agreement also modifies the final maturity date to January of 2005.

The terms of the amended credit facility require the balance of the approximately $110 million senior term loan be paid out over the next 22 months. The loan will accrue interest at a rate of prime plus 2%, which will be payable monthly. Certain financial covenants such as fixed charge coverage, debt to net worth ratios, and minimum allowance balance requirements were eliminated.

The credit facility was originally entered into on August 2000. This amendment replaces the Forbearance and Modification Agreement from the senior credit facility that expired on February 7, 2003.

The Company also announced today that it has obtained a permanent waiver for its securitization agreements that will waive each existing event of default retroactively to the date the event of default occurred. It will also waive specific future events of default under the terms of the securitization agreements. This document will replace the temporary waiver which expired on April 15, 2003.

Richard Latour, President and Chief Operating Officer stated, "We are pleased to have secured a long-term amendment of our credit facility and securitzation from both our bank group and our securitzation lenders. We believe that this provides a solid foundation that will allow us to focus our attention on seeking a financial partner as we actively consider various financing, restructuring and strategic alternatives."

The Company filed its Form 10K with the Securities and Exchange Commission on April 15, 2003.

Fourth quarter revenue for the period ended December 31, 2002 decreased 24.0%, or $8.9 million to $28.0 million compared to $36.9 million last year. The net loss for the quarter was $7.7 million, or ($0.60) per diluted share as compared with net income of $2.1 million or $0.16 per diluted share in the prior year's fourth quarter. The decline in net income for the quarter is primarily the result of a 30.4% decline in lease and loan revenues to $11.2 million, a 46.1% decline in service fee and other revenues to $4.0 million, and a 32.7% increase in the provision for credit losses to $22.5 million as compared with the fourth quarter ended December 31, 2001. While revenue reductions were primarily related to lower origination volume, the additional provision for credit losses was required to maintain the Company's reserve policy requirements.

Total operating expenses for the quarter, before the provision for credit losses, remained relatively flat at $18.4 million compared to the same period in 2001. Interest expense declined 1.0% to $3.0 million as a result of lower debt balances of approximately $34.0 million offset by increased interest costs. Selling, general and administrative expenses decreased $200,000 to $11.2 million for the fourth quarter ended December 31, 2002 versus $11.4 million for the same period last year. The decrease was attributable to reductions in personnel related expenses of approximately $1.8 million, which was offset by increases in legal expenses. The provision for credit losses increased to $22.5 million for the quarter ended December 31, 2002 from $16.9 million for the same period last year, while net charge offs increased to $28.8 million. Past due balances greater than 31 days delinquent at December 31, 2002 increased to 22.9% from 17.2% last quarter. Net cash provided by operating activities for the quarter decreased 4.0% to $29.1 million compared to $30.2 million during the same period in 2001.

Revenues for the year ended December 31, 2002 decreased 18.0% to $126.8 million compared to $154.0 million during the same period in fiscal 2001. The net loss for the year ending December 31, 2002 was $22.1 million versus net income of $16.3 million for the same period last year. Fully diluted earnings per share for the year was a loss of $1.72 on 12,862,834 shares.

Total operating expenses for the year, before the provision for credit losses, increased 2.0% to $74.7 million compared to $73.6 million in 2001. Interest expense declined 25.0% to $10.8 million as a result of lower average debt balances of approximately $17.3 million and lower interest costs of approximately 122 basis points. Selling, general and administrative expenses increased $600,000 to $45.5 million for the year ended December 31, 2002 versus $44.9 million for the same period last year. The decrease was driven by a reduction in personnel related expenses of approximately $2.1 million, as management reduced headcount from 380 to 203, but this was offset by increases in legal expenses. Depreciation and Amortization increased 28.0% to $18.3 million compared to $14.4 million in 2001. The provision for credit losses, including the additional provision of $35.0 million taken in the third quarter of 2002, increased to $88.9 million for the year ended December 31, 2002 from $54.1 million for the same period last year. The additional provision was required to reserve against dealer receivables and certain portfolio assets. Net charge-offs increased 27.0% to $65.0 million and gross lease investment was down 16.0% or $71.1 million from the same period last year, primarily caused by lower origination volume activity in 2002. Net cash provided by operating activities for the year ended December 31, 2002 decreased 1.0% to $120.6 million compared to $122.3 million for the year ended December 31, 2001.

MicroFinancial Inc. (NYSE:MFI), headquartered in Woburn, MA, is a financial intermediary specializing in leasing and financing for products in the $500 to $10,000 range. The company has been in operation since 1986.

March starts surprised some analysts by the magnitude of the rebound from the February decline: starts were up over 8% to 1.78 million (SAAR) while single family was up almost 8% to a very strong 1.41 million (SAAR). The multi family (MF) sector also improved, increasing almost 11%. Permits, an indicator of future activity, were off 7% to 1.65 million (SAAR). Regionally, there was strength in starts in all regions except the West, where starts fell almost 5%. Permit activity weakness was widespread with permits falling in all regions except the Midwest.

Analysis and outlook: The strength of the March rebound from the weather related February drop was better than expected. The weakness in March permit activity probably reflects consumer anxiety over war concerns although job growth continues to be a problem. In fact, there has been no net job creation in almost 24 months, and the manufacturing sector continues to suffer from overcapacity. On the positive side, inflation (CPI/retail and PPI/wholesale) remains a non-issue. Interest rates remain very attractive with the 30-year mortgage still well below 6%.

In the 2nd half of the year, most analysts expect housing to pull back modestly as the consensus feels the economy will improve in the second half, and this will push mortgage rates higher. If the economy doesn’t improve, the Fed recently reminded us that it has alternative means to stimulate the economy. With Fed funds rate about as low as it can go, the Fed can alternatively, buy long-term Treasury bonds. That pushes bond prices higher and yields lower (bond prices and yields or rates move in opposite directions). The Fed regularly buys bonds to expand the money supply – “money creation”. Just by saying this publicly, however, makes me think that the Fed has concerns about the economy.

The consensus-housing outlook for 2003 is 1.65 million starts, with1.3 million, or almost 80 per cent being single-family units. “The housing boom is expected to fade, and not burn out” (Felsenthal/Reuters/April 9). The multi-family sector isn’t expected to improve this year, primarily because affordability and therefore, demand for single-family homes is so good. Having said that, most of the weakness in housing this year will probably is in the more expensive, upscale/high end, custom housing sector (i.e. >$500,000). These homes are staying on the market longer, and inventories are starting to build in some regions. The negative “wealth effect” of the three-year bear equity market is a major factor. Furthermore, price appreciation will probably slow across the board as the “boom” fades. Overall, the importance of housing to the economy will probably diminish by year-end as other sectors (ex. business investment) contribute more. However, housing will remain healthy, providing support for the rest of the economy.

Fitch Ratings-New York-: First quarter delinquent U.S. commercial mortgage-backed securities (CMBS) loan balances grew by more than 14% over year-end 2002, according to the latest Fitch Ratings Loan Delinquency Index (the Index) released today. The rise to 1.39% from the previous Index of 1.31% is the largest quarterly increase since the Index was created at year end 2001.

'The increase in CMBS delinquencies is directly due to a dramatic rise in delinquent hotel and office loans,' said Mary MacNeill, Senior Director, Fitch Ratings.

The most substantial increase in delinquents occurred in hotel loans. The delinquency balance for hotel loans grew by $270 million in the first quarter, a 37% increase over year-end. At slightly more than $1 billion, hotel loans account for approximately 35% of the $2.8 billion in delinquent CMBS loans. MacNeill noted the vulnerability of hotels in the wake of declining corporate and vacation travelers, factors driven by poor economic conditions and uncertainty over future geopolitical event risks.

'Fitch is quite certain that delinquencies within the hotel sector will continue to rise, given the number of hotel loans Fitch analysts have under review,' said MacNeill.

The delinquent office loan balance grew by 30% in the 1st quarter, from $200 million to $260 million. While office loans make up only 9% of the total delinquent balance, Fitch anticipates a continued rise in office loan delinquencies through, at best, mid-year 2004.

'Fitch had predicted the declining performance in office loans,' said MacNeill. 'The high vacancy rates and lowered rents most markets are experiencing are the consequences of what has now become an extended economic downturn.'

Within the other property sectors, retail and industrial delinquent balances in the first quarter grew by 5% and 7%, respectively. Delinquent multifamily loans declined by 4%. Together, those three property types account for 42% of the delinquent balance.

The Fitch Index is calculated on the balance of loans 60 or more days delinquent, and includes properties in foreclosure and real estate owned, in the 372 transactions monitored by Fitch analysts. Loans less than 60 days delinquent are excluded from the Index. Previous Fitch research has shown loans 60 or more days delinquent better demonstrate default trends.

Fitch's CMBS Loan Delinquency Index is available on the Fitch Ratings web site at 'www.fitchratings.com'.

Contact: Mary MacNeill 1-212-908-0785 or Mary O'Rourke 1-212-908-0711, New York.

The Bank of New York Company, Inc. Reports First Quarter E.P.S. of 41 Cents; Return on Equity of 17.80%, Return on Assets Of 1.49%

NEW YORK----The Bank of New York Company, Inc. (NYSE:BK) reports first quarter diluted earnings per share of 41 cents, compared with 14 cents earned in the fourth quarter of 2002 and 50 cents in the first quarter of 2002. Net income was $295 million for the first quarter, compared with $100 million in the fourth quarter of 2002 and $362 million in the first quarter of 2002. Net income for the fourth quarter of 2002 included a higher loan loss provision, primarily for airline leasing exposures, that reduced fourth quarter net income by $230 million or 32 cents per share.

The first quarter was adversely impacted by global economic weakness and geopolitical developments that resulted in declines in equity prices and trading volumes, as well as in capital markets activity. In addition, expenses were higher given revised pension assumptions and the expensing of stock options. Despite the difficult environment, the Company's securities servicing businesses were stable. Overall, strong results in the Company's fixed income-linked businesses largely offset continued weakness in the equity-linked businesses, in particular execution services and depositary receipts. New business wins, market share gains, and expanded product offerings also helped to offset the weak environment. The Company's other major fee categories increased on a sequential quarter basis, including private client services and asset management, which was up 3%, foreign exchange and other trading, which increased 27%, and global payment services, which was up 3%. Overall, noninterest income was up $11 million, or 1.4%, over the fourth quarter of 2002. In addition, credit costs stabilized at a $40 million provision level for the quarter, with non-performing assets down 1%.

Chairman and Chief Executive Officer Thomas A. Renyi stated, "The business environment this quarter has been more difficult and uncertain than expected as a result of ongoing geopolitical developments. Nonetheless, we continue to benefit from a balanced mix of businesses, new business wins and disciplined expense management. We are also encouraged to see stability return to our credit costs.

"Despite the challenging operating environment, we remain focused on executing our strategy and investing in our businesses to meet our long-term financial goals. We anticipate closing the Pershing acquisition on schedule in the second quarter, and we remain confident in our ability to realize the projected expense and revenue synergies from this important transaction."

In January, The Bank of New York announced an agreement to acquire Pershing, the premier correspondent clearing firm, from Credit Suisse First Boston.

The diversification of the Company's business model provided stability through a difficult market environment, as total securities servicing fees decreased slightly to $474 million in the first quarter from $484 million in the fourth quarter. Total securities servicing fees were up $21 million, or 5%, from a year ago, primarily due to acquisitions in 2002.

Fees from global issuer services were flat on a sequential quarter basis and in comparison with the first quarter of 2002. In both cases, continued strong performance in corporate trust, which benefited from new debt issuance, largely offset decreased fees in depositary receipts resulting from the slowdown in cross-border investing and new capital raisings.

Fees from investor services were relatively stable, with a slight increase on both a sequential quarter basis and over last year's first quarter. Strong performers on a sequential quarter basis included global custody and wholesale distribution services (formerly global liquidity services). Global custody benefited from the phase-in of new client wins, increased transaction volumes, and a weaker dollar. Wholesale distribution services benefited from the current uncertain market environment, which drove demand for the Company's cash sweep products. These areas largely offset the loss of a domestic outsourcing client. Year-over-year growth is primarily attributable to wholesale distribution services and an acquisition. As of March 31, 2003, assets under custody were $6.8 trillion, unchanged from December 31, 2002.

Broker-dealer services was the strongest performer for the quarter in terms of both sequential quarter and year-over-year fee growth. Strong performers on a sequential quarter basis included mutual fund services, government securities clearance and global collateral management. Mutual fund services benefited from the strong fixed income environment and a weaker dollar. Government securities clearance and global collateral management benefited in comparison with both periods from increased fixed income trading volumes, new clients, and expanded product offerings. Broker-dealer services also benefited from an acquisition that closed in the first quarter.

Execution and clearing services decreased on a sequential quarter basis, reflecting the decline in market trading volumes in the first quarter. Total combined first quarter NYSE and NASDAQ trading volume was down 11% from the fourth quarter of 2002. Fees in execution and clearing services increased over last year, which is primarily due to several acquisitions in 2002.

VALLEY FORGE, Pa.----IKON Office Solutions, Inc. (NYSE:IKN) announced that IKON Receivables Funding, LLC will issue, on or about April 23, 2003, approximately $852 million of equipment lease-backed notes. IOS Capital LLC, a subsidiary of IKON Office Solutions, will act as Servicer. IKON Receivables Funding is a wholly owned subsidiary of IOS Capital.

The four classes of lease-backed notes are rated P-1/A-1+ and Aaa/AAA by Moody's Investor Service and Standard & Poor's, respectively. The notes are backed by lease contracts on copiers and other office equipment. The notes are insured by AMBAC Assurance Corporation. Lehman Brothers and JPMorgan were the joint lead managers on the sale, with Banc of America Securities LLC, Deutsche Bank Securities and PNC Capital Markets acting as co-managers. The weighted average interest rate on this transaction is 2.58%.

A registration statement related to these securities was filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

"The asset-backed market continues to serve as our primary source of funding for our leasing operations," stated William S. Urkiel, Senior Vice President and Chief Financial Officer of IKON, "With 78 percent of IKON's equipment revenues in the U.S. financed through IOS Capital, our ability to access the asset-backed market at favorable terms contributes to the consistent returns we experience in our leasing business."

IKON accounts for the asset-backed notes as borrowings, with the debt and related assets reflected on the Company's balance sheet. Finance income related to the pledged lease receivables is recognized over the life of the underlying lease contracts. Asset-backed debt is generally retired with inflows from the related lease receivables. IKON and IOS Capital are parties to a support agreement that requires IOS Capital to maintain a debt to equity ratio not in excess of six to one.

IKON Office Solutions (www.ikon.com) is a leading provider of products and services that help businesses manage document workflow and increase efficiency. IKON provides customers with total business solutions for every office, production and outsourcing need, including copiers and printers, color solutions, distributed printing, facilities management, and legal document solutions, as well as network integration, connectivity and custom workflow and imaging application development. IOS Capital, LLC, a wholly owned subsidiary of IKON, provides lease financing to customers and is one of the largest captive finance companies in North America. With Fiscal 2002 revenues of $4.8 billion, IKON has approximately 600 locations worldwide including the United States, Canada, Mexico, the United Kingdom, France, Germany, Ireland and Denmark.

#### Press Release ###############################################

GATX Technology Appoints Michael F. DiGrazia as Senior Vice President Of Operations

TAMPA, Fla., -FirstCall via COMTEX/ -- GATX Technology announced the appointment of Michael F. DiGrazia as Senior Vice President of Operations effective April 1. Mr. DiGrazia's primary role is to manage all operational functions, including asset management, remarketing, pricing, credit and client relations.

Tom McGreal, president of GATX Technology, said, "Mike's broad range of operating experience will be invaluable to the growth and development of GATX Technology. His commitment to delivering outstanding customer service and achieving operating efficiency will enable our customers to more effectively acquire, manage and dispose of their technology assets."

Mr. DiGrazia has more than 18 years of combined leasing and operations experience. Most recently, Mr. DiGrazia was Vice President of Corporate Operations for Comdisco Inc., where his management responsibilities included technical services, sales administration, and contract management, as well as other customer service functions. Mr. DiGrazia was actively involved in Comdisco Inc.'s vertical leasing businesses and European remarketing capabilities.

Mr. DiGrazia received a BS in Business Management from Northeastern Illinois University in Chicago, Illinois. Mr. DiGrazia will relocate to Tampa, Florida, headquarters for GATX Technology.

COMPANY DESCRIPTION

GATX Technology is a unit of GATX Financial Corporation, a wholly owned subsidiary of GATX Corporation (NYSE: GMT). GATX is a specialized finance and leasing company combining asset knowledge and services, structuring expertise, partnering and risk capital to serve customers and partners worldwide. In addition to information technology leasing, GATX specializes in railcar and locomotive leasing, and aircraft operating leasing.

Investor, corporate, financial, historical financial, photographic and news release information may be found at www.gatx.com .

CONTACT:

Robert C. Lyons

GATX Corporation

Phone Number: (312) 621-6633

[Headlines]

### Press Release ##############################################

http://www.boston.com/dailynews/106/economy/Caterpillar_posts_strong_first:.shtml

Apple sold fewer computers, but made more money on each machine: $14M Net Profit