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Headlines---
Capital
Stream to Dismiss Lawsuit
DVI
to File Bankruptcy?---Up-date
Scuttlebutt-GE
Capital's Acquisition Transamerica
More
Leasing Association Reactions----
U.S.
Bank Names Mike Michael New Portland Market President
Fitch
"B" Rating/Negative on AmeriCredit
Willis
1st Q Profits Rise 29% to $2.0 Million
This Border ##### Denotes Press Release (Not Written By Leasing
News)
Classified Ads---Help wanted
|
About the Company: www.leasingpartnerscapital.com |
|
Nationwide Funding is committed to customer service, innovation and leadership. We are a leading provider of equipment financing solutions for businesses nationwide, and the vendors who serve them.
|
|
About the Company: www.odysseyequipfinance.com |
Job Wanted ads at:
http://65.209.205.32/LeasingNews/JobPostings.htm
------------------------------------------------------------------------------------------------------------
Capital Stream to Dismiss Lawsuit
London Stock Exchange this morning reported Twins Acquistions
purchased
another 4,016,032 shares at 27 pence, giving them:
" Resultant total of the same class owned or controlled
(and percentage of
class) 35,563,278 (59.02%)"
After throwing in the towel in the bidding for International
Decision Systems, a reliable source informs that the lawsuit Capital Stream
filed will be dismissed shortly.
It is also expected that the IDS board of directors will
resign shortly, according
to an inside source.
"For all intent
and purposes Schroeder controls the company and can appoint their own
board. However I expect that they will continue to buy the
stock and once
they hit 90% will take the company private."
Kevin Riegelsberger has become the hulk.
http://two.leasingnews.org/temporary/hulk.gif
Repeated calls and e-mails have gone unanswered, but when
the official
“press release” is made, we’ll have it off their web site.
It is reported there will not be any celebrations at IDS
in Minnesota until all
of this is wrapped up, which could be as early as next month.
DVI to File Bankruptcy?---Up-date
The rumors about Netbank or Republic Leasing of South Carolina
considering the portfolio's are not true. Republic does not buy
portfolios. They only
purchase individual leases from approved brokers
and lessors. They
usually are on a one-to-one basis or a program basis
with their established lessors.
According to highly reliable sources, Republic, who is interested
in
all "good business from good sources," may consider
funding some of
DVI's (or any other qualified source) leases that meet Republic's
normal
criteria, if counsel agrees that their normal broker/lessor
funding
procedures will protect them under the existing circumstances. In other
words, just business as usual.
By the press releases of DVI, management appears "desperate"
for an
angel to come in to stave off their inability to acquire
funds to meet
cash flow. There are
a lot of unhappy vendors, staff, and
sales
people, too, plus many jobs are at stake. A failure of this magnitude
is not what the leasing industry needs today.
A very reliable inside source tells Leasing News that DVI
has "... not
funded any deals in close to three weeks....they had been conducting business (i.e. approving
deals) up until last Friday. They have not issued any approvals since Friday.
Looks like the wheels have ground to a halt.
Unlikely they will restart anytime soon if ever.
"The million dollar question is!!! will Strategic Partners
(i.e. small
ticket division in Chicago) simply emerge as a "new entity" and start conducting business
as usual. The problem child has been big brother in Pennsylvania."
What The Lessors Are Saying About…GE Capital’s Acquisition
of Transamerica
ELAonline.com
Aegon N.V., the Dutch
insurance company, announced it had reached an agreement through its subsidiary
Transamerica Finance Corporation (TFC), to sell most of TFC’s commercial
lending business to GE Commercial Finance for a total payment of approximately
$5.4 billion. The transaction is expected to close before year-end 2003.
Under the terms of the agreement, Aegon will sell all of
those TFC business units that provide distribution financing (including
inventory floorplan financing) for manufacturers and dealers, as well
as equipment financial services and specialty finance units that engage
in leasing and commercial loan financing for equipment, real estate, technology
companies and international structured finance.
The units being sold, acquired in 1999 as part of Aegon’s
acquisition of Transamerica Corporation, include approximately 1,700 employees
and serve customers primarily in North America and Europe. The operations
being sold are based in Chicago.
Chris Gillock, a corporate spokesman for Transamerica, said,
“We’re very happy with the transaction. These businesses have been non-core
businesses for Aegon since they acquired Transamerica in 1999, so it was
time. At the time of purchase, they said they wouldn’t stay in the financial
services. GE folks approached unsolicited and a deal was cut.”
Industry lessors
had a different reaction upon hearing of the sale. Edward Dahlka, President,
LaSalle National Leasing Corporation, said, “This is obviously another
example of the consolidation going on in our industry. Transamerica is
a customer and that’s one less customer for us. I’m hopeful that Transamerica’s
people will find work that will bring more participants to our industry
or find work in the GE family.”
Deborah Monosson,
President and CEO, Boston Financial & Equity Corporation:
“I think it leaves a void in the marketplace. I believe in
competition and Transamerica was one of the more sizeable leasing companies
that could compete in the business..who's next?”
CONTACT:
Amy J. Holmes, CAE
ELA
E-mail: aholmes@elamail.com
--------------------------------------------------------------------------------------------------------
**** announcement *****************************************
More Leasing Association Reactions----
From Dr. Ray Williams, CAE
Regarding your recent report on leasing associations, thank
you for your
supportive comments on my tenure as UAEL's exec.
As I have mentioned before, you provide an invaluable service
to the Equipment Leasing Industry. Hope all is well.
My Best,
Ray
--
From Bob Bell, President, National Association of Equipment
Leasing Brokers
As you might have guessed, I have received numerous e-mails
from members
and former board members of NAELB regarding your articles
on leasing
associations and the inevitable comments by some of your
readers. As
the current president of NAELB I believe it is incumbent
on me to offer
a few comments as well.
I can’t speak for other associations and I certainly don’t
claim to
have divine insight, but I do know a great deal about what
our members
want and what has made our association resilient and successful.
Yes,
successful. We owe
an immeasurable debt of gratitude to those hard
working former NAELB board members and leaders who came before
us for
their insight, tenacity, and dedication to create, nurture,
and develop
this association. I
wish I could name them all, but surely I would
slight someone, and that would be extremely unfortunate.
The reason for the decline in association membership has
been dissected
and examined ad infinitum. It is not just the leasing industry that has
suffered from the slow economy and shrinking business count.
That
having been said, I still expect our membership to be at
an all time
HIGH by year end. This
will be accomplished by providing tangible
economic as well as educational and networking benefits to
our members.
We are not just strong on membership and benefits, but our
financial
condition is extremely solid as well.
It has been said that due to advances in technology and the
information
super highway, leasing associations and annual conferences
are passe.
Kit, I know opinions are like belly buttons, everybody has
one, but a
recent member survey indicated that 73% of our members consider
the
Annual Conference to be “important”
or “93very important” to their
business. Furthermore,
I anticipate we will have excellent attendance
at our Fall regional meetings in Irvine on September 19-20
and Atlanta
on November 7-8. Everyone
is invited to attend and can register as of
next Wednesday at www.naelb.org
Our plan, which we began implementing several years ago,
was simply to
provide leasing professionals with so many tangible benefits
(i.e.,
$2.00 credit reports, $7.95 overnight shipments (unlimited
weight, no
pickup charges, or fuel surcharges), .039 long distance,
free access to
legal assistance, and of course the ever so popular online
Leasing
Forum, that they would feel compelled to join. Once a member of NAELB,
our hope was and still is, these new members would get actively
involved
and by doing so, grow professionally and economically.
The plan seems
to be working!
In conclusion, I can only surmise those having divine insight
or
consummate knowledge of the leasing business, have no need
to associate
with any of the leasing associations. The rest of us mortals, however,
can find substantial benefits in belonging to and participating
in one or more industry organizations.
I will be at both regional meetings and I look forward to
seeing old friends and making new ones.
Kindest regards,
Bob Bell, CLP
President
NAELB
877-349-5957
--
Due to some
unknown e-mail glitch you did not get the entire text of my e-mail.
You should have know when you saw it come through unsigned.
I would appreciate it if you would print the whole thing. I don't want anybody to think that I have, or would ever give up
on the association movement.
Bob Rodi
President
LeaseNOW, Inc
( Your e-mail was signed with your full signature. I still
have a copy. However, if you say
there was a glich, which has happened in the past with e-mail from LeaseNOW,
we are glad to print what you had originally intended::
I have read your association piece and I have
enjoyed the responses. Please allow
me to advance my comments and voice my opinion.
First of all I would characterize your comments
on the UAEL "having it all" as somewhat misplaced. Without reopening old wounds I will simply say
that what UAEL had during that era was merely a façade. The dismantling of that façade began with Jim
Lahti, continued with George Davis and simply ended with me. As far as your characterization of certain members
who have left the UAEL and now actively work for other associations I
think they may fall into the categories that were described by Jeffrey
Taylor. Many of these members simply
find themselves being left behind by the industry. The "perfect storm" has claimed a lot of victims. Many of them have been "swamped" by
the technology wave and other changes in the industry that undermine what
little competitive edge they thought they had.
Now many of these people find themselves trapped in an industry
that they can't leave because that technology wave has created barriers
to entry in many industries. Instead
of bowing out gracefully they will choose to swim against the current
until they sink beneath the waves of the perfect storm for the final time.
Ironically enough, I recall a conversation that
took place between me and a prominent UAEL member more than 10 years ago.
It was a very successful fall conference and this individual looked
out over the room and said, "Bob, the funny thing is that half of
these people are out of business and just don't know it yet".
That was sage advice from a very experienced and respected member
of that organization. That observation proved to be very astute.
I would also comment on the "run up"
in membership that was experienced by associations in the mid nineties.
Many of us knew that new entrants to the industry were not there
because of their commitment to the industry.
They were attracted by wide open credit windows and the volume
driven philosophy that was meant to produce quick profits and leverage
the cheap money of securitization. These companies were never serious players.
Many of them were members one year and gone the next year but,
Jeff Taylor was right again when he observed that all of the association
leadership was enamored with the money that these companies were willing
to throw around and spend.
That being said I would not trade one minute that
I have spent volunteering or working for UAEL nor do I have any regrets
about any amount of money I had invested in UAEL membership. I sat down one day and added up what we had
invested in the UAEL over the past 17 years. Including dues, travel, conferences
and the extra money spent to be a part of the leadership, I calculated
that I had invested approximately $130,000.00.
I have personally earned well over 30x that amount during the same
time period. In addition we have
employed more than 50 people, all of whom were well paid with good benefits.
In 17 years I have never missed a conference and
when I land in Portland for the UAEL fall conference I will be attending
a WAEL/UAEL conference for the 35th time. I learn something from one of
my peers at every conference and I get to see long time friends and yes,
play golf. Hopefully other attendees
learn something from me. That is
what the association is about. It
is not about discounts on Fedex and Credit reports.
Jeff Taylor may be right and the association movement
may be heading for its final days. Over the next 10 years it will serve an aging
and dwindling membership base. As
increasingly sophisticated risk based scoring models are developed the
customer base will be sliced and diced into increasingly discreet categories. The behavior of these applicant pools will be
predictable and intelligent systems will render decisions and even be
capable of "subjective" decisions.
This will negate the need for the originator and it may in turn
negate the need for the association. Whatever the case, I can guarantee
that I will be there to turn out the lights for the last time at the last
conference. I just can't imagine drinking with a credit
scoring model, no matter how good she looks.
Bob Rodi, CLP
President
LeaseNOW, Inc.
www.leasenow.com
1-800-321-LEASE (5327) x101
Coda: Please print this for me.
After I reread my comments I would like to clarify one item.
I stated that the "dismantling of the UAEL façade" began
when Jim Lahti was president and continued with George Davis, subsequently
ending with me in the year 2000. I
want to point out that Jim Lahti and George Davis had two of the best
years, financially, in the association's 25 year history.
The UAEL executive committee of that era began to realize that
the association had to change and that G&A expenses were spiraling
out of control. By focusing on and subsequently isolating and
eliminating the problem, the current leadership was free to concentrate
on service to the membership rather than competing with other associations.
Bob Rodi, CLP
President
LeaseNOW, Inc.
www.leasenow.com
1-800-321-LEASE (5327) x101
Thank You, Jeffrey Taylor
Thank you, Jeff, for the plug in your newsletter. We picked up new readers
in Australia, France, Japan, plus many in the United States
after you
mentioned our six month report on Leasing Associations (
in the U.S.).
I did not realize
you had so many readers around the world, and some
very large corporations, too.
One plug deserve another, so those who don’t know Mr. Taylor’s
schedule:
Jeffrey Taylor Sales Training Schedule At A Glance
New York - August 11
Chicago - August 12
San Francisco - August 14
Boston - September 6
San Diego - October 11
http://two.leasingnews.org/temporary/JTaylor.htm
He will be “on the road,” and today, Friday, is the last
day
to register. Don’t
miss this opportunity to meet “face-to-face”
with this author and trainer. The literature at the class is
worth more than the entrance fee. He also guarantees
your money back, if you don’t get anything from his training—
no hassle, no argument, your money back.
#### Press Release #############################################
International Decision Systems Announces
Alliance with BEA WebLogic Platform 8.1
MINNEAPOLIS, Minn., International
Decision Systems
Inc. (IDS) has announced
that it uses the BEA WebLogic Enterprise
PlatformTM to support the IDS lease/loan and asset management
software
solutions Customer Care, InfoLease Integration Manager and
Rapport. In
addition to serving as a BEA channel partner, IDS will provide
frontline
support for WebLogic Express and WebLogic Server with BEA-certified
technical representatives.
The announcement supports the general availability of BEA
WebLogic
Platform 8.1TM, a unified architecture that provides superior
business
integration through the convergence of application development
and
integration from BEA Systems, Inc. (Nasdaq:BEAS), the world-leading
application infrastructure software company.
IDS is the global
leader in developing lease/loan accounting and
portfolio management software and services that allow companies
to
streamline their business processes, thereby saving them
time and money.
Together, IDS and BEA can provide asset finance companies
with increased
technological efficiency by simplifying the flow of information
within their
enterprise and decreasing the cost of managing applications.
³BEA¹s WebLogic Express and WebLogic Server are the industry
standard, and
are perfect complements to IDS¹ Rapport, Customer Care and
Integration
Manager,² states IDS chief architect Howard Dunlavy. ³Our
strategic alliance
with BEA will bring solutions to market that will enable
companies to get
better information faster resulting in improved overhead
cost control,
automated operations and protected profit margins.²
Dunlavy cites WebLogic Express¹ low cost Java Servlet Engine with 24/7
support as another major factor in partnering with BEA. ³IDS
applications
don¹t require full implementation of the Java 2 Enterprise
Edition (J2EE)
specification. They can be run in WebLogic Express, saving
our customers
money as a result. ³
IDS¹ solutions will also support BEA¹s WebLogic Server, a
dominant
J2EE-compliant application server on the market. ³Many IDS
customers have
already committed to WebLogic Server as a standard within
their
environments,² Dunlavy explains. ³By supporting WebLogic
Server, which is
cross-functional with other enterprise solutions, IDS products will be more
robust.²
The IDS/BEA alliance is effective as of July 2003.
About International Decision Systems
International Decision Systems (IDS) is the global leader
in developing
lease/loan accounting and portfolio management software and
services. With
offices in the United Kingdom; Minneapolis, MN; Sydney, Australia
and
Singapore, IDS offers the largest and most experienced global
consulting,
implementation and technical support teams in the leasing
industry.
InfoLease, the world¹s premier lease/loan portfolio and asset
management
system, comprises the foundation of IDS¹ product line. With
a web-enabled
front-end and more than 70 custom add-on solutions, InfoLease
is the most
adaptable and scalable lease/loan technology available in
today¹s
marketplace.
IDS¹ parent company, IDS Group plc, is publicly traded on
the London Stock
Exchange (IDGL). For additional information about International
Decision
Systems and IDS Group plc, visit.
IDS and InfoLease are registered trademarks of International
Decision
Systems.
#### press release ##########################################
U.S. Bank Names Mike Michael New Portland Market President
PORTLAND, Ore.-(NYSE:USB)
U.S. Bank has named Ralph S. (Mike) Michael to lead commercial
banking and serve as the market president for U.S. Bank in Portland. Michael
succeeds Joseph M. Otting who was promoted to lead all commercial banking
efforts for U.S. Bank in its eastern U.S. territory. Michael begins his
work in Portland on Monday, Aug. 11.
"Mike brings tremendous attributes to this position,
both personally and professionally," said David I. Rainer, head of
commercial banking in U.S. Bancorp's western region. "His work both
in the financial services industry and in the community is admired by
many who have known him over the years, and I am thrilled that his talents
and energy will now be devoted to U.S. Bank customers, employees, community
stakeholders and shareholders in Portland. Mike is a 'roll-up the sleeves
and let's get to work' type of banker who will spend most of his time
working with customers, talking and visiting with employees and getting
to know the Portland community and its leaders."
A 28-year banking veteran, Michael, 48, most recently worked
for PNC Financial Services Group in Pittsburgh, where he was executive
vice president and group executive leading the company's private client
banking, capital markets, large corporate banking and leasing businesses.
In prior positions, Michael also led treasury management and was instrumental
in creating PNC's electronic invoicing and payment presentment system.
From May 1992 to February 1996, Michael was market president overseeing
PNC Bank in Ohio and northern Kentucky.
In addition to his successes in banking, Michael is an active
community leader, an area that he strongly believes in and will continue
with his new responsibilities in Portland. Michael is past chairman of
the Greater Cincinnati United Way campaign, vice chairman of Cincinnati
Business Committee and has served on numerous local boards throughout
his career including Children's Hospital of Pittsburgh and Xavier University.
U.S. Bancorp (NYSE:USB), with assets of $195 billion, is
the 8th largest financial services holding company in the United States.
The company operates 2,199 banking offices and 4,575 ATMs, and provides
a comprehensive line of banking, brokerage, insurance, investment, mortgage,
trust and payment services products to consumers, businesses and institutions.
U.S. Bancorp is home of the Five Star Service Guarantee which assures
customers of certain key banking benefits and services or customers will
be paid for their inconvenience. U.S. Bancorp is the parent company of
U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.
CONTACT:
U.S. Bank
Teri Charest, 612-303-0732
or
Steve Dale, 612-303-0784
SOURCE: U.S. Bank
#### Press Release ###########################################
Fitch "B" Rating/Negative on AmeriCredit
Based in Fort Worth, TX, ACF has become the largest independent
subprime automobile finance company in North America. As of June 30, 2003,
ACF maintained $14.9 billion in managed automobile finance receivables.
Fitch Ratings-Chicago: Fitch Ratings maintains the 'B' rating
and Negative Rating Outlook for AmeriCredit Corp.'s (ACF) senior unsecured
debt following ACF's announcement of a delay in releasing operating results
for quarter and fiscal year ended June 30, 2003. Approximately $375 million
of debt is affected by this action.
ACF and its independent accountants are reviewing the accounting
treatment under Financial Accounting Standards Board's Statement 133,
'Accounting for Derivative Instruments and Hedging Activities', of certain
interest rate swaps that were entered into prior to 2001 and used to hedge
variable cash flows on credit enhancement assets. This review will determine
whether unrealized losses originally classified in other accumulated other
comprehensive income should be reclassified to net income for fiscal-year
2002 and the first nine months of fiscal-year 2003, which may ultimately
result in a restatement.
The amount of unrealized losses being reviewed totals approximately
$50 million pre-tax. Fitch will evaluate the results of the review when
finalized. Based on ACF's representation, Fitch does not believe that
any restatement will have a material effect on previously reported cash
flows or shareholders' equity because any such unrealized losses that
may be reclassified to net income have already reduced shareholders' equity
through other accumulated comprehensive income.
Fitch notes that ACF appears to be performing to plan, and
unrestricted cash is modestly better than expectation. Unrestricted cash
balances increased by $79 million to $317 million at June 30, 2003, compared
with $238 million at March 31, 2003. According to the company, ACF expects
to hit required enhancement levels in all pools that have exceeded specified
trigger levels during August, although additional pools will breach triggers
later in the year.
Fitch's concerns continue to emphasize asset quality performance
relative to chargeoffs and delinquencies, coupled with continued pressures
in used car prices. Annualized net charge-offs declined to 7.4% of average
managed auto receivables for the fourth quarter of fiscal 2003, compared
with net charge-offs of 7.6% for the March 2003 quarter. Although, net
chargeoffs have shown modest improvement, the level continues to remain
high.
Contact: Peter J. Shimkus +1-312-368-2063, Chicago or Christopher
D. Wolfe +1-212-908-0771, New York.
### Press Release ##############################################
Willis Lease Finance Reports First Half 2003 Profits Rise
29% to $2.0 Million
SAUSALITO, Calif.----Willis Lease Finance Corporation (Nasdaq:WLFC),
a leading lessor of commercial jet engines, today reported first half
2003 net income rose 29% from a year ago despite continued challenging
market conditions. In the quarter ended June 30, 2003, the company generated
net income of $1.2 million, or $0.13 per diluted share, on revenue of
$15.6 million. In the second quarter of 2002, the company posted net income
of $577,000, or $0.07 per diluted share, on revenue of $13.4 million.
For the first half of 2003, net income was $2.0 million, or $0.22 per
diluted share, compared to $1.5 million, or $0.17 per diluted share for
the same period in 2002.
Current Market
"In the first half of 2003, the aviation marketplace
was jolted by the effects of the war in Iraq, the SARS virus and more
airline bankruptcies and near bankruptcies," said Charles F. Willis,
President and CEO. "The good news is that the adverse effects of
the war and the SARS virus appear to be in the rearview mirror at this
point. While still a challenging environment, more people are flying.
Asian travel in particular appears to be rapidly recovering from the SARS
crisis, with carriers reinstating flights and reporting increased traffic.
In addition, from what I can see, it seems as though the marketplace is
finding a way to deal with most of the troubled airlines in a manner that
helps to preserve some semblance of stability."
The portfolio utilization rate at June 30, 2003 was 84.6%,
which was down slightly from 85.8% at March 31, 2003, but up considerably
from 80.0% at the end of June last year. At July 31, 2003, the utilization
rate improved to 87.5%. "We are pleased with how the lease portfolio
is performing, and with what we have been able to accomplish over the
past year," said Donald A. Nunemaker, Chief Operating Officer. "As
of the end of July 2003, our portfolio utilization rate was higher than
it has been at any month end since October 2001. We continue to actively
manage our portfolio to meet the needs of our customers while striving
for the highest utilization rate possible."
Results from Operations
Lease revenue in the second quarter totaled $14.6 million,
up 8% from $13.6 million in the second quarter of 2002. Year-to-date lease
revenue improved 5% to $28.6 million compared to $27.2 million in the
first six months of 2002. During the second quarter of 2003, sales of
equipment generated a net gain of $1.0 million, compared to a net loss
of $152,000 in the same quarter last year. In the first six months of
2003, the company booked $1.1 million in gains on sales of equipment compared
to $583,000 in the like period of 2002. Total revenue in the quarter ended
June 30, 2003 increased 16% to $15.6 million compared to $13.4 million
in the same quarter of 2002, with the increase attributable to higher
lease revenue and a larger gain on sales of equipment. Year-to-date 2003
total revenue increased 7% to $29.7 million compared to $27.8 million
in the first half of 2002 due to the same reasons as identified above.
"Last quarter we reported we had five engines leased
to two carriers who had filed for bankruptcy protection. Since that time,
one engine was returned, and payments on the remaining four engines have
been reinstated," said Monica J. Burke, Chief Financial Officer.
"In the second quarter, we did not recognize $300,000 of lease revenue
from these troubled carriers, although we are hopeful it will ultimately
be recoverable. We also recorded $670,000 of deposits into lease revenue
from a customer that went bankrupt in a prior year. In addition, the $1.0
million gain from sale of equipment was partially offset by a write-down
of $645,000 on three engines held for sale, one of which was sold in July.
As we have done in the past, we occasionally choose not to make further
investments in certain assets that are not economical to repair."
Total expenses in the second quarter of 2003 increased 11%
to $13.9 million compared to $12.5 million in the same quarter of 2002.
Year-to-date 2003 total expenses grew 5% to $26.7 million from $25.3 million
in the first half a year ago. Depreciation was 15% higher in the current
quarter and 13% higher year-to-date mainly due to accelerated depreciation,
resulting from changes in estimates of useful lives and residual values,
on certain older engine types. Net interest and finance costs dropped
4% in the second quarter of 2003 and 5% year-to-date as a result of the
continued reductions in interest rates. In the quarter ending June 30,
2003, general and administrative expense grew 15% to $3.5 million compared
to $3.1 million in the second quarter a year ago mainly due to increased
employee and consulting costs partially offset by reduced legal expenses.
For the first half of 2003, general and administrative expenses were up
2% at $6.9 million from $6.8 million in the first half of 2002.
Second quarter 2003 pretax income totaled $1.7 million, up
87% compared to $901,000 in the second quarter of 2002. Year-to-date 2003
pre-tax income grew 21% to $2.9 million compared to $2.4 million in the
first half of 2002. Second quarter 2003 net income nearly doubled to $1.2
million, or $0.13 per diluted share, compared to $577,000, or $0.07 per
diluted share in the second quarter a year ago. In the first six months
of 2003, net income grew 29% to $2.0 million, or $0.22 per diluted share,
compared to $1.5 million, or $0.17 per diluted share, in the first six
months of 2002.
Balance Sheet & Liquidity
At June 30, 2003, the company had 117 commercial jet engines,
4 aircraft parts packages and 6 aircraft in its lease portfolio with a
net book value of $501.7 million compared to $499.9 million at June 30,
2002, when it consisted of 117 commercial jet engines, 4 aircraft parts
packages and 6 aircraft.
Assets totaled $545.1 million at the quarter ending June
30, 2003, compared to $552.2 million a year ago. Shareholders' equity
increased 3% to $106.4 million, or $12.04 per common share at June 30,
2003, compared to $103.0 million, or $11.66 per common share, a year earlier.
The company had approximately $18.5 million available under
its credit facilities at June 30, 2003 compared to approximately $30.6
million a year ago. The company's funded debt to equity ratio was 3.4
to 1 at June 30, 2003, compared to 3.5 to 1 at the end of the second quarter
last year. WLFC had $32.2 million of restricted and unrestricted cash
and cash equivalents at June 30, 2003, compared to $40.3 million at June
30, 2002.
About Willis Lease Finance
Willis Lease Finance Corporation leases spare commercial
aircraft engines, rotable parts and aircraft to commercial airlines, aircraft
engine manufacturers and overhaul/repair facilities. These leasing activities
are integrated with the purchase and resale of used and refurbished commercial
aircraft engines.
CONTACT:
Willis Lease Finance Corporation
Donald A. Nunemaker, 415-331-5281
SOURCE: Willis Lease Finance Corporation
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Letters---We get Email
Thank you for the outstanding news. I've been reading to your
newsletter for the last year but will have to discontinue
service. It
is important to let you know that I have found it more useful
than any
other type of "leasing news" out there. Presently, I am making a major
career shift into trading energy derivatives and won't be
able to keep
up with your notifications.
I wish you all the
best and hope everyone out there in the leasing world is reading your
newsletter on a daily basis!
Best,
David T. Garvey
--
I recently changed employers and used to receive your news
letter at my previous employer. Would you please put me on
your
distribution list again as I always enjoyed your articles.
My new
e-mail address is: pzediker@firstbankhp.com
Thanks Kit. I appreciate your assistance in this matter.
Regards, Paul E. Zediker
Exec. Vice Pres. First Bank
of Highland
Park
(It’s that easy to be added, or to change an address.
Welcome Back, Mr. Zediker. editor)
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I am surprised at how many folks really read the whole newsletter.
YOU are the star Kit. Who else would stay up until 2:00 or 3:00AM every morning just to delight your readers
with great news, wonderful humor, and important announcements. The Leasing industry is fortunate to have you.
I know everyone feels this way too.
Take a bow Kit. You deserve it.
Rosanne
rosanne@1stindependentleasing.com
Rosanne Wilson
(Thanks. Usually hear
the complaints. Kit )
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I am throwing taking my hat out of the ring, and throwing
all my support
to The Terminator. He will help the leasing industry, and
California.
Izzy Finster