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Headlines---
Classified
Ads---Asset Management
Virus
Hits Leasing Industry Hard
ELA
Launches New Education Site
e-ClassicSystems/Synovus
ATM's
Equilease
Acquires Another Portfolio
Z
Resource Group with Financial Search Group
IBM
Kicks Off 2004 with New Lower Financing Rate
NetBank
4th Q/Year-end and CMC Financial
Chamides
Leasing Biz Bank of America/Fleet
Cyence
Major Capacity Upgrade to Datacenter
######## surrounding the article denotes it is a “press
release”
-------------------------------------------------------------------------------
Classified
Ads--- Asset Management
Asset Management:
Austin, TX. 20+ years exper. lease/finance. P & L responsibility,
strong credit & collection management, re- marketing& accounting.
Computers, construction, auto & transportation. Both commercial/
consumer portfolios. Email: kmalone@austin.rr.com
Asset Management:
Chicago, IL. MBA, 15+ years exp. Long history of success in maximizing
residual position through outstanding negotiation skills & lease
contract management. Third party re-marketing, forecasting etc... email:jgambla@aol.com
Asset Management:
Oxnard-Hollywood Beach, CA.
19 Years w/Equity
Analysis/Placement and Residual Forecasting of Computer Assets. Portfolio
Manager for Two Major Lessors and Strong Analyst Background w/Leading
Information Services Firm.
email: GregoryMLorenz@aol.com
full list of all jobs wanted at: http://64.125.68.90/LeasingNews/JobPostings.htm
-------------------------------------------------------------------------------------------------
Virus
Hits Leasing Industry Hard
Sorry, cannot print
the name as many system then will block Leasing News,
thinking it contains
the virus. If you haven’t heard
about it, or want more
details, you may
go here:
http://www.leasingnews.org/virus.htm
You can always activate
this form our web site; see the button on the bottom
of the web page. Trend
Micro says it is in the “medium” warning. Leasing News
started getting them
late Monday afternoon. We immediately disconnected the
mail server from
the network.
As long as you did
not open them, you were supposed to be safe.
The good news
for non-windows users
such as Apple or those on AOL, you didn’t get them.
The bad news is they
were coming in like hail via Outlook. I can’t remember
getting so many in
the short time the computer was connected. On Tuesday, our ISP person was able to down load a patch to protect
us before a pattern was ready to send as an “up-date.” Microsoft had
a patch, too. But they did not
“block” them, just stopped the
virus, meaning you
had to delete the e-mail manually.
It was not only confusing,
but cost us many man hours. I
can imagine those
with a large network
may have had users open and spread the virus in their
system. The first thing we did here, as I wrote, was
to physically disconnect our mail server from the internet, then look
in the registry, check the “task master,” and make
sure it had not penetrated
or had opened up the “back door” to send at a latter time.
Tuesday, station
by station, check each registry and “task master” for the virus.
Like a “cold,” it
eventually has to run its course. The
best thing to do:
never open an attachment
without first verifying with the sender
that
really sent it .
These virus program grab “from” addresses, and “to” addresses,
but one key is the
subject lines are generally the same.
I am sure you have
heard this before: Keep your
anti-virus program up-to-date, and if you are nervous, call them for
technical help as they will provide direct help.
We guard the Leasing
News address book in a number of ways, including having it protected
by three fire walls, one Linux, plus password protect it not under the
name “password,” another trick.
A second is not to
name it “address book.” The
virus looks for the common
names of how Outlook
or another program keeps the address book. At the very least, if you have your passwords in your computer in
some file, never call the file “passwords.”
Hackers and “spiders”
first do a search for “passwords” when entering a file. If
you think you have
it protected with a password, forget it, they hack right into it
with ease, but a
different name---and never use the word “passwords” in the file either,
as they can do a “text” search.
Leasing
Industry Help Wanted
|
Contract Administrator: Ridgewood, NJ. Position requires admin,. exp,. and includes working w/customers, salespeople, vendors, funding sources and internal sources to document, fund, book and track leases. Email: twslevin@ffcsi.com ABOUT THE COMPANY: First Financial Corporate Services, Inc. is a four year old high growth technology leasing company. |
|
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Seeking Sales Representative preferably in Midwest area, will consider out of area. Minimum 3+ years vendor experience. No requirement for market type. Please contact Susan M. Adamatis, Vice President - 800/669-7527 ext 1255 or e-mail: susana@netlease.com About the company: www.netlease.com
|
|
About the Company: Alliance Funding Group, Inc. 2099 S. State college Blvd., Suite 100 Anaheim, CA. 92806 |
---------------------------------------------------------------------------------------------------
The
Fed Statement on Rates
Following is the
text of a statement released by the Federal Reserve Wednesday after
the Fed's monetary policy panel, the Federal Open Market Committee,
decided to leave interest rates unchanged:
“The Federal Open
Market Committee decided today to keep its target for the federal funds
rate at 1 percent.
“The committee continues
to believe that an accommodative stance of monetary policy, coupled
with robust underlying growth in productivity, is providing important
ongoing support to economic activity. The evidence accumulated over
the intermeeting period confirms that output is expanding briskly.
“Although new hiring
remains subdued, other indicators suggest an improvement in the labor
market. Increases in core consumer prices are muted and expected to
remain low.
“The committee perceives
that the upside and downside risks to the attainment of sustainable
growth for the next few quarters are roughly equal. The probability
of an unwelcome fall in inflation has diminished in recent months and
now appears almost equal to that of a rise in inflation. With inflation
quite low and resource use slack, the committee believes that it can
be patient in removing its policy accommodation.
“Voting for the F.O.M.C.
monetary policy action were: Alan Greenspan, chairman; Timothy F. Geithner,
vice chairman; Ben S. Bernanke; Susan S. Bies; Roger W. Ferguson Jr.;
Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. Minehan;
Mark W. Olson; Sandra Pianalto; and William Poole.”
For more on this
story, go to:
http://www.washingtonpost.com/wp-dyn/articles/A58298-2004Jan28.html
http://www.nytimes.com/2004/01/29/business/29FED.html
http://www.boston.com/business/markets/articles/2004/01/29/fed
_holds_on_rates_but_shifts_outlook/
http://www.usatoday.com/money/economy/fed/rates/2004-01-28-unchanged_x.htm
### Press Release
################################
Credit
Acceptance Announces 4th Quarter Earnings and 2003 Earnings
" As a result of the decision in the second quarter
of 2003 to stop loan originations in the United Kingdom and Canada and
the decision to stop lease originations in early 2002, the Company's
sole active business unit consists of providing "guaranteed credit
approval" through a network of automobile dealer-partners located
in the United States."
SOUTHFIELD, Mich.----Credit
Acceptance Corporation (Nasdaq:CACC) Credit Acceptance Corporation (the
"Company") announced consolidated net income for the three
months ended December 31, 2003 of $9,762,000 or $0.22 per diluted share
compared to $5,090,000 or $0.12 per diluted share for the same period
in 2002. For the year ended December 31, 2003, consolidated net income
was $28,181,000 or $0.65 per diluted share compared to $28,365,000 or
$0.65 per diluted share for the same period in 2002.
Excluding the impact of one-time items and foreign exchange losses
on forward contracts, consolidated net income for the three months and
year ended December 31, 2003 was $10,584,000 or $0.24 per diluted share
and $36,543,000 or $0.84 per diluted share, respectively, compared to
$4,798,000 or $0.11 per diluted share and $26,800,000 or $0.62 per diluted
share for the same periods in 2002.
CONTACT:Credit Acceptance
Corporation, Southfield Douglas W. Busk, 248-353-2700 Ext. 432 IR@creditacceptance.com
www.creditacceptance.com
#### Press Release
##################################
New Leasing4USA Web Site Demonstrates Vital
Contributions Of Equipment Leasing To Growth and Success of Businesses,
Individuals, And The U.S. Economy
ARLINGTON,
Va.----The Equipment Leasing Association (ELA) announced the launch
of a new educational Web site on how leasing equips America. Located
at www.elaonline.com/Leasing4USA/, the site details the varied reasons
and wide range of uses for equipment leasing that touch virtually every
aspect of commerce generated and services provided in the United States.
"The launch of the Leasing4USA Web site
comes at an opportune time to learn more about equipment leasing,"
said Michael J. Fleming, ELA president. "The economic upturn is
creating the need for new equipment that businesses can acquire through
leasing, and they can use this information to help make their financing
decisions."
Leasing4USA contains information on how equipment
leasing is used by entities ranging from hospitals for the latest medical
diagnostic technology to schools for buses that provide safe, efficient
student transportation, to local government bodies to acquire police
car fleets, ambulances, and state-of-the-art 911 emergency equipment.
In offices, nearly half the equipment is leased, allowing capital to
be allocated for more productive business investment. More than 80 percent
of U.S. businesses lease some or all of their equipment.
Other Leasing4USA Web site highlights include
the following:
-- More
than 250,000 people are employed in the equipment leasing and finance
industry.
-- Every
$1 billion spent on leased equipment creates an estimated 30,000 American jobs.
-- A
U.S. Small Business Administration survey found that small businesses are twice as likely to lease their
business equipment as to purchase
it outright.
-- Leasing
is particularly well suited to the needs of small businesses and start-ups for a number of reasons,
among them that set lease payments provide them with financial certainty
n the face of changes in interest rates, inflation and business volume.
-- Virtually
every U.S. industry leases and finances a broad range of equipment,
ranging from computer laptops to jumbo jets.
In addition to the uses and benefits leasing
provides to Americans and the economy, Leasing4USA lists the kinds of
equipment that can be leased, and contains a graph of annual lease volume
by equipment type.
About the Equipment Leasing Association
Organized in 1961, the Equipment Leasing Association
(ELA) is the premier non-profit association representing companies involved
in the dynamic equipment leasing and finance industry to the business
community, government and media. As the voice of the leasing industry,
ELA promotes the estimated $208 billion industry as a major source of
funds for capital investment in the United States and abroad.
ELA provides its members with comprehensive
services, assists in the resolution of industry issues, educates financial
decision-makers on the benefits of leasing and promotes high standards
of business practices within the industry. ELA maintains an informational
portal for financial decision-makers to learn more about leasing and
find a leasing company at http://www.LeaseAssistant.org. Headquartered
in Arlington, VA, ELA has more than 800 member companies and a staff
of 25 professionals. For more information on ELA, please visit ELA Online
at http://www.ELAOnline.com.
CONTACT:Equipment
Leasing Association Amy J. Holmes, CAE, 703-516-8367 aholmes@elamail.com
SOURCE: Equipment Leasing Association
#### Press Release ######################################
Equipment
Financing Group Releases QIV Financials
Fresno, Ca. Equipment
Financing Group, Inc. released the company’s fourth quarter 2003 financial
statements. Funding revenue of $14.2 million for the quarter compared
to $9.6 million for the same period in 2002. Net charge offs were $131
thousand up from the same period in 2002 by.06%. The Net interest margin
was 6.10% that is an increase of 1.85% over 2002.
Equipment Financing
Groups grown signifies the value the leasing industry has placed in
having a resource that can meet their unique business needs. Steven
Davis reported the increase in total funding for 2003 was due to more
competitive rate structures and new leasing products. The company also
reported they have just signed a multi year lease with The Boyd Company
to expand the Fresno processing office to 6,000 S.F.
Equipment Financing
Group, Inc. (www.efglease.com) is a leading small to large ticket funding
source located in Fresno California
### Press Release
##################################
e-ClassicSystems
Partners With Synovus to Provide ATM Manager Pro(R) Solution For Financial
Company's ATM Distribution Channel
NORWOOD, Mass., --
e-ClassicSystems, Inc. (www.atmmanager.com), developer of ATM Manager
Pro(R), the world's leading ATM channel management system, announced
today that Synovus (NYSE:SNV), a diversified financial services holding
company with 40 affiliate banks throughout the Southeast including Georgia,
Florida, Alabama, South Carolina and Tennessee, has licensed ATM Manager
Pro from e-ClassicSystems to consolidate and centralize ATM information
and to more efficiently manage the ATM distribution channel.
Using ATM Manager
Pro, Synovus will consolidate and maintain detailed ATM asset configuration
and location information, including all transaction activity and vendor
and merchant contract terms. The
ATM Manager Pro solution will then utilize the information to automatically
calculate the revenue and costs for each terminal for every month. This level of detail will enable Synovus to
better evaluate profitability and customer value and aid in future placement.
ATM Manager Pro will also identify trends, forecast cash requirements,
streamline the ATM balancing and reconciliation functions, and centralize
the ATM project history including 3DES upgrades and future installations.
"e-ClassicSystems'
product was a perfect solution for our needs," said Judith Tucker,
Vice President, ATM Product Development at Synovus.
"As new technologies and new regulations arise, the ATM
channel becomes increasingly important to our customers. It was imperative for us to implement a centralized system to manage
the channel. ATM Manager Pro
will allow us to be more efficient in managing our ATM network so we
are better positioned to maximize the new technologies for our customers."
"Synovus understands
the value of a centralized system," said Tyson Nargassans, Vice
President of Sales and Marketing at e-ClassicSystems.
"By gradually bringing together a number of disparate systems
and managing their ATMs as a single, organized channel, Synovus will
be even more equipped to handle the ever-changing regulations and customer
demands. We are very excited Synovus selected ATM Manager
Pro as their ATM channel solution."
Implementation of
ATM Manager Pro at Synovus will begin immediately with the first phase
to be completed in the first quarter of 2004.
About e-ClassicSystems,
Inc.
e-ClassicSystems,
Inc., based in Norwood, Massachusetts, is a premier provider of software
solutions to organizations that deploy or manage ATMs. Its product,
ATM Manager Pro, is a first-of-its-kind solution for complete ATM business
management. ATM Manager Pro databases are managing the
operations of more than 110,000 ATMs worldwide. The product suite offers six integrated modules addressing all facets
of ATM management. ATM Manager
Pro centralizes all terminal-related data including asset information
and configuration, transactions, profitability, cash, service and more. e-ClassicSystems' mission is to deliver best-of-breed
software solutions to help financial institutions and ISOs manage the
operations and accounting of their ATM networks.
About Synovus
Synovus (NYSE:SNV)
is a diversified financial services holding company with more than $22
billion in assets based in Columbus, Ga.
Synovus provides integrated financial services including banking,
financial management, insurance, mortgage and leasing services through
40 affiliate banks and other Synovus offices in Georgia, Alabama, South
Carolina, Florida and Tennessee; and electronic payment processing through
an 81-percent stake in TSYS (NYSE:TSS), the world's largest third-party
processor of international payments. Synovus is No. 20 on FORTUNE magazine's
list of "The 100 Best Companies To Work For" in 2004.
See Synovus on the Web at www.synovus.com.
Contact: Tyson Nargassans
e-ClassicSystems,
Inc.
(781) 551-9123
tnargassans@atmmanager.com
SOURCE e-ClassicSystems, Inc.
CO: e-ClassicSystems, Inc.; Synovus
### Press Release
################################
Equilease
Acquires Another Portfolio
Equilease
Financial Services, Inc. is pleased to announce the acquisition of a
transportation lease portfolio comprised substantially of over the road
car carriers from a regional bank leasing company.
The portfolio consists of 62 schedules aggregating $6.9 million
of gross receivables and total original equipment cost of $9.9 million.
The average remaining term and seasoning was 32 and 25 months, respectively.
According to Michael Zwick, Executive Vice President of Equilease, “we
were able to help a bank dispose of a portfolio that did not fit well
with its other businesses. We were able to quickly assess the underlying
assets and close by year end. We paid a fair price resulting in a win-win”
The
purchase was the fifth portfolio purchase by Equilease since September
2003. The total amount of receivables
purchased since September by Equilease was $52.2 million comprised of
589 lease/loan schedules having an aggregate original equipment cost
or original balance of $139.5 million.
The
other portfolio purchases since September, 2003 were a combination of
transportation and construction assets, commercial loans and larger
major/ middle market lease transactions as follows:
$17.6
million construction and truck lease/loan receivables form a major bank
comprised of three larger credits and 93 schedules.
$2.8
million of bus and transportation leases/loan receivables from a major
bank comprised of 17 schedules
$18
million of commercial loan receivables from a West Coast bank
$6.9
million of truck lease receivables from a regional truck leasing company
comprised of 333 schedules.
“These
purchases represent the continuation of the successful implementation
of our strategy of purchasing portfolios of varying quality and size
where we can use our strong underwriting and portfolio management practices
to realize value from assets that may be out of favor to incumbent owners”,
noted Gary Silverhardt, President and CEO of Equilease.
Equilease
is a specialty finance company providing lease and equipment financing
to small, mid and large capitalization companies with a strategy to
build its organization through selective acquisitions of seasoned lease
portfolios with an emphasis on performing, underperforming, distressed
or out of favor portfolios. The company also makes selective investments
in leases and loans of companies that are distressed, out of favor or
in bankruptcy where the collateral value mitigates the perceived risk
of the transaction to incumbent investors. In addition, the company
will consider purchasing existing leasing or lending businesses where
the company’s core competencies can be effectively utilized to enhance
and grow such a business.
Equilease is fully staffed and has in house capability to
perform billing and collecting, workout management, credit due diligence,
portfolio static pool analysis, accounting, data conversions, local
tax compliance and ongoing portfolio management.
The company has been able to identify, analyze and close transactions
in very tight time frames, accomplishing smooth portfolio transitions
from the previous owners of these assets.
Company Main Office:
203-354-3654 – Sales Extension: x210, x214, x215 or x219
### Press Release
#################################
Z
Resource Group announces acquisition agreement with Financial Search
Group, Inc. further expanding presence in the Financial Service markets
Westborough, MA - Z Resource Group is pleased to announce the
completion of an acquisition agreement with Financial Search Group,
Inc., a 20 year, Boston based, boutique recruiting firm focusing in
the equipment leasing, commercial finance, and banking sectors. As part
of the asset purchase agreement, Company founder and President Paul
Luther will join Z Resource Group and continue supporting his client
base with Z Resource Group.
Kenneth Vancini,
Managing Director of Z Resource Group, related, "Paul Luther has
a great reputation and successful history in this market. We are pleased
about the acquisition as it expands our presence in the financial services
area. We feel the combination of Z's platform coupled with Paul Luther's
Financial Search Group, Inc. base of business provides great leverage."
Paul Luther, President
of FSG added "I am very pleased to see this business taking the
next steps in growth. I am personally looking forward to continuing
to provide quality service and solutions to my valued client base and
candidate network that has been built up over the past 20 years.
I feel Z's market expertise, Zscore Process and national presence
will provide the best platform for future growth within our existing
client base".
About Z Resource
Group
Z Resource Group
is one of North America's fastest growing Executive Search, Staffing
and Consulting Firms. With 70 employees nationally, Z Resource Group
is entering its sixth year of providing value added services to the
three key market niches; Financial Services, Health Care and Technology.
Headquartered outside of Boston, Massachusetts, Z maintains strategic
branch offices in New York/New Jersey, Philadelphia , PA , Nashville , TN , and Atlanta, GA and in San
Jose , CA .
The company has experienced
triple digit growth in 2003, fueled by two strategic acquisitions coupled
with the rollout of the firm's proprietary ZScore hiring process. ZScore
is truly changing how companies hire.
For more information,
contact Kenneth Vancini at 508-366-5800 for more information on the
company, visit www.zrgroup.com
Paul Luther can be
reached at pluther@zrgroup.com or by calling 978-682-4123.
###
Press Release ###########################
IBM
Kicks Off 2004 with New Lower Financing Rate
ARMONK,
N.Y.--4--IBM announced new
reduced rates for its premier Low Rate Financing offering on a wide
range of IBM products. The below-market financing rate -- as low as
3.25* percent -- is available to qualified customers in the United
States, Canada and select Latin American countries through IBM Global
Financing, the information technology industry's leading financier.
Low Rate Financing, since its announcement
three years ago, has remained a highly popular offering, providing
attractive rates to qualified customers on a wide spectrum of IBM
hardware, software and services.
"Customer response to Low Rate Financing
has remained strong since its inception," said William Doscas,
vice president, Worldwide Marketing and Sales Operations, IBM Global
Financing. "Businesses understand that they need to invest in
their IT infrastructure to remain competitive or to be the most competitive.
Our ability to provide flexibility and help customers more affordably
acquire the IT they need today can be an important tool to help move
their businesses forward."
Low Rate Financing is available for qualified
customers and transactions including the following IBM products, each
with a total price between $25,000 and $1 million. Eligible products
include IBM PCs, xSeries, iSeries, pSeries and zSeries 800 Model eServers,
TotalStorage Solutions, Retail Store Systems, Printers, Software and
Services.
In addition, customers can qualify for even
lower financing rates on select iSeries eServer upgrades. IBM zSeries
800 Model eServers, PCs, select service offerings and software are
eligible under varying conditions, which can include slightly higher
interest rates.
Additional details on eligible IBM products
and offering descriptions are available from IBM Business Partners,
IBM client representatives or at www.ibm.com/financing.
About IBM Global Financing
IBM Global Financing, the world's largest
information technology financier, has an asset base of more than $35
billion and delivers financial services to 125,000 customers in more
than 40 countries. IBM Global Financing offers businesses of all sizes
flexible leasing and financing programs that enable them to acquire
hardware, software, services and e-business solutions from IBM and
other vendors.
* These rates are available on eligible products
for "best plus" credit rated U.S. customers on 24-36 month
terms with a $1 end-of-lease purchase option. Rate and other conditions
may vary by country.
CONTACT:IBM
Corporation J. Timothy Ohsann, 914/765-6647 ohsann@us.ibm.com
tively)
###
Press Release ##############################
NetBank,
Inc. Reports $.21 EPS for Fourth Quarter 2003 And $1.04 EPS for Full
Year; Dividend of $.02 per Share Declared For Shareholders of Record
on February 15, 2004
(No
mention of Republic Leasing of South Carolina, loans and leasing in
one column,
but
here is latest CMC. editor:)
"
No material developments have occurred in the bank's CMC-related suit
against Illinois Union Insurance Company, an affiliate of ACE INA
Group (NYSE:ACE); Safeco Insurance Company, an affiliate of Safeco
(Nasdaq:SAFC); and Royal Indemnity Company, an affiliate of Royal
and Sun Alliance Group (NYSE:RSA). Discovery is ongoing in the multi
district litigation against these carriers and two other CMC guarantors.
The bank and other plaintiffs' motion for judgment on the pleadings
remains before the judge.
"The bank incurred higher CMC legal expenses
in the fourth quarter than in the previous quarter due mainly to increased
discovery activity. Based on the non-accrual status of the leases
and legal expenses, the CMC litigation impacted the bank's earnings
by approximately $2.7 million, pre-tax, or $.03 per share, after tax,
for the fourth quarter 2003 and approximately $8.3 million, pre-tax,
or $.11 per share, after tax, for the full year. Management is committed
to pursuing full recovery of its claim against the sureties and believes
the company will ultimately prevail."
#####
ATLANTA----NetBank,
Inc. (Nasdaq:NTBK), parent company of the country's first commercially
successful Internet bank, NetBank(R) (www.netbank.com), today reported
earnings for the fourth quarter and record results for the full year
ended December 31, 2003. "
Net income totaled $10.0 million or $.21 per
share for the fourth quarter, compared to $12.6 million or $.25 per
share for the same period in 2002. For the full year, the company
recorded net income of $50.5 million or $1.04 per share, compared
to a net loss of $15.9 million or $.36 per share a year ago. (Last
year's results included transaction and balance sheet repositioning
charges related to the company's acquisition of Resource Bancshares
Mortgage Group, Inc., which closed on March 31, 2002.)
Based on the company's strong performance
and capital position, the board of directors approved a dividend of
$.02 per share payable to shareholders of record on February 15, 2004.
The dividend will be disbursed on March 15, 2004.
Additional highlights of the quarter include:
-- Improvement
in the bank's net interest spread to 175 basis
points (bps), an increase of 21 bps
from the previous quarter;
-- Strategic
retention by the bank of $160 million in
company-originated loans;
-- Total
bank deposits of $2.5 billion, a year-over-year increase
of 24%;
-- Mortgage
production of $3.3 billion, including record
non-conforming loan production of $663
million; and
-- Loan
and servicing rights sales into the secondary market of
$3.8 billion for a quarterly balance
sheet turn of 3.2 times.
Management Commentary
"Fourth quarter marked a solid close
to an exceptional year," said Douglas K. Freeman, chairman and
chief executive officer. "Although we enjoyed a particularly
favorable economic environment throughout most of 2003, I believe
we made smart decisions to leverage the current opportunities to create
long-term shareholder value. We used the record results from our mortgage
operations to advance our other businesses by paying down high-rate,
fixed debt and broadening our service offerings. During the fourth
quarter, the bank posted a profit and moved toward becoming a meaningful
contributor to the company's earnings. We furthered the development
of our transaction processing operation by acquiring Financial Technologies,
Inc. and subsequently establishing NetBank Payment Systems, Inc."
"The quarterly results for our mortgage
operations were in line with our expectations," said Steven F.
Herbert, chief finance executive. "As anticipated, conforming
production volume and income margins declined significantly due to
seasonal factors and the sharp downturn in refinancing activity. We
also deferred the sale of non-conforming production in December. Temporary
retention of this production provides us greater flexibility and strength
going into the first quarter of 2004."
"We are focused on both the short- and
long-term," Freeman concluded. "Early in 2003, we announced
our strategy to diversify the company's revenue and move toward a
point where our earnings would be comprised equally of contributions
from our bank, financial intermediary and transaction processing businesses.
There is still significant work to do in order for us to accomplish
our goal. But, we have made measurable progress over the past 12 months
and are set to make similar strides in 2004."
Noteworthy Items
The company purchased 344,400 shares during
the quarter at an average share price of $13.26. Since implementing
its current stock buy-back program in August 2002, the company has
repurchased 2.9 million shares at an average share price of $10.66.
A total of 1.1 million shares remain available for repurchase under
current board authorizations.
The company issued $3 million in trust preferred
securities in December 2003 at a price of LIBOR plus 2.85%. The rate
on the securities is variable and based on 3-month LIBOR. The securities
have a maturity date of January 2034.
The
bank finished the year with 166,000 customers, an increase of 9% from
2002. Deposits totaled $2.5 billion, an increase of 24%. Deposit growth
was centered primarily in personal transactional accounts (checking
and money market). On a year-over-year basis, these deposits increased
by 59%. At year end, the average personal checking balance was up
by 26% to $2,063, and the average money market balance was up by 42%
to $15,777. At year end, small business deposits totaled $26.5 million.
The average small business checking balance was $4,697, and the average
small business money market balance was $38,835. The bank launched
its small business offering in June 2003.
The bank's indirect auto lending division,
Dealer Financial Services, generated $54.6 million in loans during
the quarter, an increase of 40% from last quarter. The loans had an
average FICO score of 716. Production for the year totaled $98.9 million
with an average FICO of 718. The bank launched Dealer Financial Services
in April 2003.
No material developments have occurred in
the bank's CMC-related suit against Illinois Union Insurance Company,
an affiliate of ACE INA Group (NYSE:ACE); Safeco Insurance Company,
an affiliate of Safeco (Nasdaq:SAFC); and Royal Indemnity Company,
an affiliate of Royal and Sun Alliance Group (NYSE:RSA). Discovery
is ongoing in the multi district litigation against these carriers
and two other CMC guarantors. The bank and other plaintiffs' motion
for judgment on the pleadings remains before the judge.
The bank incurred higher CMC legal expenses
in the fourth quarter than in the previous quarter due mainly to increased
discovery activity. Based on the non-accrual status of the leases
and legal expenses, the CMC litigation impacted the bank's earnings
by approximately $2.7 million, pre-tax, or $.03 per share, after tax,
for the fourth quarter 2003 and approximately $8.3 million, pre-tax,
or $.11 per share, after tax, for the full year. Management is committed
to pursuing full recovery of its claim against the sureties and believes
the company will ultimately prevail.
Financial Intermediary Operations
During the quarter, the company originated
$3.3 billion in mortgage loans, a decrease of 42% from last quarter's
production. Mortgage loan sales totaled $4.0 billion, a decrease of
28%. Production for the year totaled $18.9 billion, a year-over-year
increase of 61%. Sales for the year were $18.3 billion, an increase
of 60%. (The sales figures above include intra-company loan sales
to the bank of $160 million during the fourth quarter and $1.2 billion
for the full year.)
Table 2 summarizes fourth quarter results
for the company's conforming mortgage operation. Production totaled
$2.6 billion, a decrease from last quarter of 49%. Sales were $3.3
billion, a decrease of 36%. The company had anticipated declines in
production as demand for refinancings lessened. The pre-tax income
margin also headed toward more normalized levels as pricing grew more
competitive industry-wide. The expense margin increased by 50 bps
quarter-over-quarter as production declined and the operation had
less leverage over its cost structure. This margin should improve
in the coming quarters after the operation completes follow-through
work on the recent record production and adjusts scale accordingly.
About
NetBank, Inc.
NetBank, Inc. (Nasdaq:NTBK) operates with
a revolutionary business model through a diverse group of complementary
financial services businesses that leverage technology for more efficient
and cost effective delivery of services. Its major subsidiaries include
NetBank(R) (www.netbank.com), the country's first commercially successful
Internet bank; RBMG, Inc., a wholesale mortgage lender that generates
residential mortgages through a nationwide network of independent
brokers and correspondent lenders; Market Street Mortgage Corporation,
a retail residential mortgage lender that conducts business in 39
states; Meritage Mortgage Corporation, a wholesale mortgage lender
that originates non-conforming residential mortgages through a nationwide
network of independent brokers; Republic Leasing Company, Inc., a
wholesale originator and servicer of commercial business equipment
leases; NetInsurance, Inc. (formerly known as RBMG Insurance Services,
Inc.), an online insurance agency representing some of the nation's
leading insurance companies; and NetBank Payment Systems, Inc., a
provider of ATM and merchant processing services to small institutions
and non-bank retail businesses. NetBank is a Member FDIC. NetBank,
RBMG(R), Market Street Mortgage(R) and Meritage(R) are Equal Housing
Lenders.
CONTACT:NetBank,
Atlanta Matthew Shepherd, 678-942-2683 mshepherd@netbank.com
Latest
SEC filing at; http://ccbn.10kwizard.com/cgi/convert/pdf/NETBANKIN
C8K.pdf?repo=tenk&ipage=2557047&num=-3&pdf=3&xml=
###
Press Release #######################################
Chamides to Lead Combined Leasing Businesses
of Bank of America and Fleet
Providence,
RI, - Ron Chamides, president
and chief executive officer of Fleet Capital Leasing, has been selected
to run the combined leasing businesses resulting from the merger of
FleetBoston Financial with Bank of America Corporation. With over
$25 billion in assets, 1,000 employees, and operations across the
United States and Europe, Bank of America Leasing will be one of the
largest bank-owned lessors in the country. This will take effect upon
completion of the merger which is subject to pending regulatory and
shareholder approval.
"I'm
very excited about the opportunity to manage the combined resources
of these two great companies," said Chamides. "This combination
will allow us to provide the best leasing products available in the
marketplace today, along with superior customer service."
Chamides
has over 25 years of experience in the leasing industry in a wide
range of market sectors and products. He joined Fleet Capital Leasing
in 1992 and successfully grew that business from roughly $1 billion
in assets to its current size of $14 billion. Prior to joining Fleet,
Chamides worked for 10 years at G.E. Capital. There, he became senior
vice president and general manager of Commercial Equipment Finance,
where he led the unit through domestic expansion and international
expansion into Canada and Europe.
Chamides
is a member of the Equipment Leasing Association, has written numerous
articles and has taught a variety of seminars about the leasing industry
and its role in capital formation. A U.S. Army veteran, he attended
New York University under a special honors grant from the Joint Industry
Board of the State of New York.
CONTACT:
Dave
Wente
Fleet
Capital Leasing
Phone
Number: (401) 278-7244
E-mail:
david_f_wente@fleetcl.com
###
Press Release ################################
Cyence
Announces Major Capacity Upgrade to Datacenter Supporting Financial
Web Services
BURLINGTON,
ONTARIO, --Cyence International, a leading provider of Web services
software for global financial collaboration, is pleased to announce
a major upgrade to its network infrastructure and business continuity
services. The upgrade was completed in mid-January for all clients
hosted in the company’s Burlington Datacenter.
The
upgrade increases the number of discrete Internet providers by 150
percent and increases total available Internet bandwidth by 550 percent.
All Internet service connections are provisioned with high-speed fiber
optics. The increase in bandwidth provides sufficient capacity on
any single connection to support the full network requirements of
the Datacenter at peak demand.
“The
upgrade is another strategic step in our ongoing commitment to provide
unparalleled redundancy, capacity, and security in delivering managed
hosting services to clients who use our applications,” said David
Boyle, Cyence’s manager of technology services and Datacenter manager.
“The upgrade increases our redundant capacity to and from the Burlington
Datacenter. Should there be a need for an alternative route, traffic
would be instantly and automatically routed through remaining connections,
with no loss of capacity.”
Completed
in 2002, the Datacenter was designed and constructed in partnership
with IBM and Cisco Systems. The center is complemented by a ‘mirror’
center in Dallas, Texas. “If an emergency event impacts the delivery
of service from our Burlington Datacenter, clients subscribing to
our co-location services are assured that their applications and data
will continue to be available. Each transaction entered in the Burlington
Datacenter is replicated in near real time to our fault-tolerant location
in Dallas,” Boyle explained. “Whatever is being recorded in Burlington
is automatically transferred in seconds.”
Redundant
equipment within each Datacenter, and redundant components within
the equipment, further ensure uninterrupted service under any circumstance.
“What we have, in essence, is two complete Datacenters in one,” Boyle
said. “Every piece of equipment has a duplicate standing by, ready
to handle the load, should any individual piece fail.”
Cyence
also assists in developing facilities needed to support robust Web-based
transaction processing for its clients, providing training so clients
can support operations themselves. Customers using these Datacenters
are processing transactions through Cyence’s modular Web services
product, ExpressOSTM—an end-to-end workflow system for collaborative
finance.
Cyence
also provides seminars on Datacenter design and security for customers
seeking first-hand insight into security and business continuity procedures.
“Ensuring security and scalability is an ongoing business imperative
for us,” Boyle said. “We’re
pleased that we routinely exceed client expectations and are continually
ahead of the curve.”
About
Cyence International
Cyence
International Inc. is a leading provider of Web Services software
solutions for the world’s banking, manufacturing, and equipment finance
markets. Its flagship product, ExpressOSTM, imbeds industry best practices
and enables real-time, online collaboration in the end-to-end finance
process.
From
Origination to Credit Adjudication, Document Management to Auditing,
Funding, and Booking, the Cyence solution has everything needed to
streamline financial transactions and achieve operational
excellence. For more information, visit www.cyence.com.
###
Press Release ################################
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require telemarketers to identify themselves on Caller ID
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