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Kit Menkin Leasing News
supplies businesses and consumers with information about
the leasing industry. We have independent,
unbiased, accurate, and fair news about leasing. Feel free to browse our site and learn everything
you need to about leasing.
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Headlines---
Classified ads---Job Wanted---Sales
Pictures
from the Past---2002----Charlie Lester and LPI
--also
includes his reaction to the NAELB conference
NAELB
Annual Conference Report, Oak Brook, Illinois
---plus
president-elect Bob Bell comments
Where
is Sudhir Amembal? In Africa!
HPSC
Reports Year End Results; Net Income Increases 79%
Keybank
to Host Equipment Financing Webcast Seminar
Fleming
on Equipment Leasing Industry Future Council Report
Century
Bank Completes Acquisition Branch Assets Capital Crossing Bank
NetBank,
Inc. Announces New Dates 2003 Analyst/Investor
Meeting
Sea
Containers Strong Fourth Quarter
and Full Year 2002 Results
CIT Picks MWW for Its Core Business---looking
for good PR
Bond
Prices Rise as War Commences---ABS Net
War
in Iraq—My Son Says Navy Knows Why They are There
BofA
Names New e-Commerce Director
Hotmail
Seeks to Rein-in Spammers
This Border ##### Denotes Press Release (Not Written By Leasing
News)
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Classified ads---Job Wanted---Sales
Sales: Austin,Texas 24yrs exp.in equip leasing sales,
vendor/direct, leasing high-tech to rolling stock. HP12C/17B. Small-Mid
Ticket. Seeking Texas territory which can be covered from Austin home-base.
email:GeorgeMinchew@sbcglobal.net
Sales: Atlanta, GA. Consistent top performer, results
oriented with outstanding sourcing, structuring and negotiation skills.
Direct& vendor development sales. Mid-market and above - Customers
throughout Southeast. email:w.t.dent@comcast.net
Sales: Dallas, TX
Director, Business Development for international financial
institutions. Global vendor programs with minimum sustainable volume of
$24M annually. CFO and Treasury contacts with major technology and energy
corporations.Email:tkorpolinski@ev1.net
Sales: Detroit, MI. 16-year lease veteran looking
for opportunity in the Detroit area. Ability to bring on new accounts
and manage existing base. Up to 60% travel acceptable. email:ebonbri@aol.com
Sales: Louisville, KY
I have been in leasing/financing of construction, machine
tool, and mfg equipment for 20+ years. Traveled KY, IN, OH and TN.
Email:kyle90@msn.com
Sales: Mission Viejo, CA
Account Sales Executive with 10 years of leasing experience
looking for company to bring existing customer base.Email:makelly21@hotmail.com
Sales: Orange County, CA.
Skilled deal-closer at above-average rates. Entrepreneurial.
Accomplished lease-structurer specializing in transportation. Exp. in
direct/ captive & syndicator environments servicing vendors, brokers,
& end-users. email:originator@sbcglobal.net
Sales: Philadelphia , PA Seeking an open opportunity
to advance in the automotive, commercial leasing & finance industry.........
email: alexe362002@yahoo.com
Sales: Phoenix, AZ
Sales professional with 10 years of leasing experience, seeking
a direct leasing company. Currently in the IT leasing market with vendor
relationships, Small/middle market arena. Email:scott61@cybertrails.com
Sales: Prairie Village, KS Have substantial deal flow
and database of broker referral sources. Generated and closed over $22M
LY. Seeking exclusive relationship w/direct founder. email:fiergl@aol.com
Sales: San Francisco Bay Area, CA
10+ yrs in middle market leasing. Seek direct lessor only.
Transaction size from $500M to $10.0MM. Client base: printing, food, retail,
hvy manufacturing. Email:edm173@sbcglobal.net
Sales: St Lucie, FL
Sales, credit, doc. exp.w/top communications skills. Exp.
large territory management from home office. Various industries; golf
equipment, construction, ff&e, computer related, and others. Sales
achiever. Email:David34983@aol.com
Sales: Scottsdale, AZ.
19+ years in middle-market-leasing. Concentrations in Medical/Manufacturing/IT&
General in multiple geographic territories. Well versed in direct calling&
closing efforts to C- Level& subordinate management. email:bill_peter@msn.com
full list at: http://65.209.205.32/LeasingNews/JobPostings.htm
(These are free ads to those seeking employment in the leasing
industry.
To post your free 25 word ad, please go to:
http://65.209.205.32/LeasingNews/PostingForm.asp
)
_________________________________________________________
Pictures from the Past---2002----Charlie Lester and LPI
LPI Office: 3535
Roswell Road Suite 53 Marietta, Georgia
“LPI Financial Services, Inc. has been serving the financing
needs of medical professionals since 1986. We changed our name from Lease
Pro, Inc. to LPI Financial Services in 1999 so that our name would better
describe changes that include our exclusive working capital loan program.”
LPI Staff (left to
right: Barbara Willingham, Kurt Hess, Don Dennigmann, Audrey Jinks, Ali
Porterfield, Krisen Meers, Kay Smith, Jon Hall, Charlie Lester
“Over $40,000,000 funded thus far.
In 2003 we are expanding this program to include not only
medical professionals but licensed CPA’s, Attorneys and Architects.
“We do start-up medical practices.
“We do in-home businesses.
“We will consider applicants that have been bankrupt (discharged
over 5 years ago).
“*One of our recent Tier I approvals was for $600,000 as
a combo working capital loan and equipment lease for 3 orthopedic surgeons
opening a second location. How about a $150,000 debt consolidation loan
for a dentist with 11 high interest credit cards?
“Tier II Update:
“Doing deals that can’t be done anywhere else.
“Working capital, debt consolidation, practice acquisition
loans and leases for medical professionals only.
“Higher rates than Tier I but more flexibility for the “storied”
deal.
Beacon score of 600 or better required with tax returns and
PFS.
84 month terms only.
“Structured transactions will allow you to close more deals
without having to originate more deals!
“*Tier II fundings include a loan for a doctor to pay off
4 credit cards totaling $93,979 plus the cash to update his practice.
Another recent funding included $264,000 in loans and leases for two start-up
M.D.’s moving to another state.”
Leasing News Senior Advisory Charlie Lester was the “color
man”
for the National Association of Leasing Broker Conference
in Illinois
the past weekend. His
comments:
“NAELB
DOES ITSELF PROUD!!! Despite a Code Orange, a country at war, bad weather
and a poor economy, the NAELB Chicago conference was excellent. After
spending 45 minutes in the auto search line getting into the Atlanta Airport
and finding the flight would be delayed up to 2 hours, the thought of
going to cold Chicago in late March made me wonder if it would be worth
all the hassle. I finally made it and it was well worth the effort and
more. As a matter of fact, my return ticket was for late Saturday, but
I stayed until Sunday since I thought the entire program was the best
I have seen in years. There were two sessions I still wanted to attend
plus I had to see the hilarious CSI--Marina Del Rey revisited skit at
lunch. This skit proved that acting ability is not required of NAELB officers,
but sheer guts are. Maybe Bob Bell or Mike Meacher could forward a copy
of the script to Leasing News and also explain Mike's mysterious sex change
operation since the original skit last year. That got your attention--right??
Now, you have to attend the next conference to see for yourself.
“Both
Gerry Egan and Bob Bell congratulated the NAELB members and applauded
them as the real "survivors" in the industry. "Survivor"
was the key word heard over and over again from an enthusiastic group
that talked of seeing up spikes, up trends and seeing better credits for
a change. The meeting theme of "Networking for Prosperity" was
well chosen and lived up to by Shari Lipski and her "large committee"
that planned and executed the meeting flawlessly with the one exception
that no one on her committee thought to check out. I don't understand
why they did not realize that geese mating at 4:30 in the morning would
wake up everyone that had a lake front room. Eleven of us have volunteered
to go back during hunting season to get even.
“Observations: From the sign up sheets, it looked like the
funders had a full schedule and several exhibitors had worthwhile deals
for NAELB members ONLY. We certainly will check out two of these exhibitor
offerings next week to see if they work as well as advertised. Last, but
not least, the Educational Workshops
actually taught something worthwhile. I was lazy and did not attend all
the sessions, but Tom Dyer, Bob Teichman, Dwight Galloway (multiple sessions),
Joe Bonanno, Rick Wilbur and the very old "Gerald" Oestreich
did great jobs in the ones I did attend. Of course, Barry Marks held his
own during the broker/funder reps and warrants session.
“If
this article seems biased in favor of the NAELB, it may be since I am
happy to have been a charter member and watch NAELB grow and support its
original goal of being an association of brokers, by brokers, for brokers
and the funding sources they choose to work with. To the Chicago conference--you
done good and thanks. To other charter members, please send me an email
at clester@lpifinancial.com and maybe we will do the conference one year
just to show the kids we can teach them even if we do it on 12-C's which
is the limit of our expertise.”
Charlie Lester
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NAELB Annual Conference Report, Oak Brook, IL
plus comments from president elect Bob Bell, and other reaction.
by
Steve Geller, CLP,
Leasing News Advisory Board
Over 209 attended
this successful conference where Bob Bell, CLP, Independent Leasing Associates,
Cumming, GA, was elected president.
Donna Cole, Business Capital Leasing, Richmond, VA., was voted “president
elect.” Rick Wilbur Media Capital Associates, LLC,Scottsdale, AZ
was voted vice-president and Mike McPherson, Westport Leasing Vancouver,
British Columbia, CANADA became a new director and
John Chase, Chase Leasing Company Shawnee Mission, Kansas
was re-elected for another term as director. .
Gerry Egan, TechSource,
Raleigh, NC was saluted for the work he has done not only as president
but on the board of directors.
I have noticed over
the last several years, the sophistication of the attendees and the programs
offered have increased significantly.
Many of the brokers I spoke with have done better in the past year
since they have had to work harder, but more efficiently and have watched
the expenses more closely.
I arrived here Thursday
afternoon, in time to hear the comments of the attendees at the three
sessions held.
Loni Lowder of ACC
Capital presented his usually impressive “Technical Leasing for Sales
Success”, a seven hour program that he has presented numerous times.
For anyone who has
not attended, this is one not to miss. I know first hand from having attended
a session several years ago. Jim
McCommon gave a CLP review class for prospective CLP candidates. Jim did
his usual. Jeffrey Taylor passed his CLP examination after
attending Jim’s class last year.
A Certified ACT Consultant,
Walter Matthews discussed the use of the ACT contact management program.
Barry Reitman learned some tricks to use on his new Palm PDA that
he came with ACT for Palm loaded. The idea that you can’t teach an old dog new
tricks is obviously not true!
I don not know anything about System One, but Jim Buckles,
who gave the System I: The Next Generation talk, is well respected by
all who use that program.
The evening was fun and games and dinner at the local Dave
& Busters. It was shortened somewhat by the local chartered bus driver
who got lost for half an hour trying to find the place. I did not see anyone stagger out at the end of the evening. Everyone had great fun in the arcade. I must be getting old because I can take only
so much of that noise!
On Friday there were lots of sessions, well presented and
attended. Barry Reitman of Keystone
Leasing told his usual stories of uncovering lease scams and timely methods
for digging those out on applications received. Barry knows that sector.
Check out his website at www.keystoneleasing.com.
Old standouts partook in the sessions, including Ken Goodman’s
war stories, Gerry Egan, Bob Teichman, Barry “Kojak” Marks, Dwight Galloway,
Joe Bonanno, Brian Bjella, Carl Rubin, Jon Haas and Ray Lavin.
Friday afternoon was reserved for meeting the funders in
the Exhibit Hall. All dance cards were filled and many new relationships
were cemented. In chatting with
a number of people, I have found that despite the economy, successful
brokers have hit on business niches that have proven very successful. Focus, control of expenses and discipline are good predictors of
success.
Friday included a networking cocktail reception and a free
evening on the town
or to join dinner with your favorite friends and/or funders.
The big program on Saturday were the parallel discussions
of representations and warranties held separately by funders and brokers,
chaired by Barry Marx and Joe Bonanno, respectively. Following the sessions was a joint discussion among panelists from
both groups on the hot buttons and clarification of several issues. This
session could have been a whole day event and would have been lively throughout.
Other afternoon programs included panel discussions by Rick
Wilbur and Gerry Oestreich on habits of successful brokers and repeats
of previous days sessions held by others.
In conclusion NAELB has found the formula to keep, retain
and attract new members. The formula
provides benefits, price points and a forum, which keeps its membership
well-informed, getting more than the money worth for attending, and successfully
returning year after year.
----
Bob Bell, CLP is President
Donna Cole is President-Elect
Rick Wilbur is the new VP
Mike McPherson is the new director
John Chase, CLP was re-elected as a director.
Since Donna was the Treasurer the board elected John Chase
to fill out the
remaining two years of that term. The board will elect a replacement
Director.
The feedback I got from everyone was extremely positive.
I made the comment
in my acceptance speech that although we didn't have the
number of attendees
we had at some of the conferences in the late '90s, the conference
attendees
were truly the survivors.
I meant it. I spoke to dozens
of people who said
they thought is was one of the best they had ever attended.
I was especially impressed that the Saturday afternoon educational
sessions, which
usually have light attendance, were packed to the gills.
The attendees who
were in Chicago were serious about their businesses. Additionally, several
non members who attended for the first time assured me they
were going to
join as soon as they got back home.
Bob Bell, CLP
Independent Leasing Associates
"Helping your business grow."
770-844-8444 800-685-7571
Fax: 770-844-0242
---
I was a first time attendee at the NAELB in Chicago last
week. I was
only able to spend Thursday and Friday at the conference
but came away quite
impressed to the quality of the sessions and caliber of its
members. We
immediately joined the association. I would urge anyone in
this business to
spend a few hundred dollars and join the NAELB or one of
the associations.
I would almost guarantee they would benefit these meetings
within the first
two hours of attending. This
was time and money well spent.
Gary Saulter
Chase Industries, Inc.
800-968-5000
Fax: 616-459-6822
Where is Sudhir Amembal?
In Africa!
Sudhir Amembal, chairman of Amembal and Associates Consultants
in Salt Lake City, Utah, was hired by DFCU Group to carry out lease training
workshops in Africa. He told his
audience that while leasing was still a new product in Uganda, its prospects
were high because many people in Uganda cannot afford to buy equipment,
and choose to lease instead.
He said that the leasing industry will become a key financial
sector in the country,
according to AllAfrica Global Media.
"The leasing industry is likely to become a key financial
sector in the near future given the pace at which it is developing,"
Mr. Amembal said while conducting a four-day leasing workshop on 14 March
at the Grand Imperial Hotel
in Kampala.
Organized by DFCU Leasing, the workshop attracted 24 participants
from East Africa. They included staff from DFCU Leasing, the East African
Development Bank Leasing Division and the USAID SPEED project.
DFCU Group Managing Director John Taylor said his group is
at the forefront of building leasing skills in the country.
Mr. Taylor said that lack of skills has been one of the bottlenecks
to the quick growth of the industry. "We would like to see the industry
growing rapidly," he said.
Distributed by AllAfrica Global Media. (allafrica.com)
Here is a collection of previous Nigeria e-mail. We have collected almost 100
more from readers, all different. The file is so large we don’t know how to
produce them all and are working on one large zip file. Editor.)
http://www.leasingnews.org/Conscious-Top%20Stories/NIGERIA_STORIES.htm
### Press Release #############################################
HPSC Reports Year End Results; Net Income Increases 79%;
Financing Contract Originations Increase 18%
BOSTON---HPSC, Inc. (AMEX:HDR) today reported a 79% increase
in net income for the year ending December 31, 2002 of $4.3 million, or
$1.00 per share on a diluted basis, compared to net income of $2.4 million
in 2001, or $0.55 diluted net income per share. Basic net income per share
was $1.07 per share, up 78% from $0.60 basic net income per share as reported
in the prior year.
For the full year 2002, the Company increased its volume
of new financing contract originations to $311 million, an 18% increase
over $263 million produced in 2001. The gross portfolio of leases and
notes under management, which includes both financing contracts owned
by the company as well as sold and serviced, increased to $935 million
at year end 2002, a 16% increase from a gross portfolio size of $807 million
at the end of 2001. Net investment in leases and notes owned by the Company
increased 15% during 2002 to $458 million, compared to $397 million in
the prior year.
John W. Everets, Chairman and Chief Executive Officer said,
"We are gratified by our progress during 2002. Our company-wide management
information systems and our strategic sales and marketing programs yielded
significant growth last year. We added more than 7,600 contracts, bringing
the number of medical professionals we serve to record levels. Our first
quarter of 2003 is off to a strong start."
For its fourth quarter of 2002, the Company recorded net
income of $1.3 million, or $0.29 diluted net income per share, compared
to $579,000, or $0.13 diluted net income per share, for the same period
in 2001, an increase of 125%. Basic net income per share increased 107%
from $0.15 in the fourth quarter last year to $0.31 in the fourth quarter
of 2002. New financing contract originations increased 32% in the fourth
quarter of 2002, to $91 million from $69 in the same period last year.
The fiscal year 2001 numbers used in this release for comparison
purposes are the financial results of the Company for the year 2001, as
restated on August 14, 2002.
About HPSC
HPSC Inc. is a leading non-bank financial services company
providing leasing and financing opportunities to the medical and dental
professions in all 50 states.
CONTACT:
HPSC, Inc.
John Everets, 617/720-3600
### Press Release #################################################
Keybank to Host Equipment Financing Webcast Seminar
CLEVELAND, - Most companies - large and small - wrestle with
upgrading and replacing critical business equipment. In this next installment
of Keybank's 2003 Virtual Seminar Series entitled "Equipment Financing:
The Flexible Alternative," Richard J. Remiker, who heads up Key Equipment
Finance's commercial leasing services, will cover the benefits of leasing.
Scheduled for 1 p.m. ET on Tuesday, April 8, the 40-minute webcast is
free and open to all corporate financial professionals and business owners.
More than 80 percent of all U.S. companies rely on equipment
financing as a cost-effective way to remain ahead of the competition.
Leasing equipment allows companies to acquire what they need to maintain
and grow capabilities, while taking advantage of 100 percent financing,
protection from equipment obsolescence, flexible payment structures and
improved tax management.
Remiker, president and chief operating officer of commercial
leasing services at Key Equipment Finance, is a 20-year leasing industry
veteran. He began his career in lease documentation and has served in
sales, sales management, operations management, process improvement, acquisitions
and integration and general management roles. Remiker is an active member
of the Equipment Leasing Association of America and The Leasing Exchange.
Register for the webcast at www.key.com/virtualseminar
prior to 1 p.m. ET on Tuesday, April 8.
Designed for managers and financial professionals in small
businesses, mid-market companies and large corporations, KeyBank's Virtual
Seminar Series aims to provide a convenient, interactive and state-of-the-art
online forum to educate and inform participants on leading-edge business
and financial topics.
Future installments of the Virtual Seminar Series will cover
the topics of Web-based treasury trends (May 13), liquidity management
(Oct. 21) and government regulations (Nov. 18). For more information about
KeyBank's Virtual Seminar Series, including how to sign up for future
webcasts, visit www.key.com/virtualseminar.
KeyBank is a subsidiary of Cleveland-based KeyCorp (NYSE:
KEY), one of the nation's largest bank-based financial services companies,
with assets of approximately $85 billion. Key companies provide investment
management, retail and commercial banking, retirement, consumer finance,
and investment banking products and services to individuals and companies
throughout the United States and, for certain businesses, internationally.
The company's businesses deliver their products and services through KeyCenters
and offices; a network of nearly 2,200 ATMs; telephone banking centers
(1.800.KEY2YOU); and a Web site, Key.com,® that provides account access
and financial products 24 hours a day.
# # #
CONTACT:
Deborah Steele
KeyBank
Phone Number: 216.689.3708
E-mail: Deborah_Steele@keybank.com
######## Press Release #############################################
Fleming on Equipment Leasing Industry Future Council Report
“Although the short-term outlook for the industry isn’t positive
news, leasing is a highly viable industry that will rebound in the next
economic upswing,” said Michael Fleming, President of the Equipment Leasing
Association, and an IFC member. “IFC members uniformly agreed that leasing
will remain an important source of capital and financing for new equipment
purchases in the future.”
The Equipment Leasing and Finance Foundation, a non-profit
organization dedicated to enhancing recognition and understanding of equipment
lease financing, has released “The 2003 Industry Future Council Report:
Positioning Now for Business in the Future.”
The report shows that the IFC participants did not reach
a consensus on when they believe economic conditions will improve. However,
even in this difficult economy, opportunities still exist. Healthcare
equipment leasing is one sector projected for substantial growth over
the next twelve months.
“The IFC determined the current and future market drivers
to be, in order, the economy, regulatory and accounting changes, customer
sophistication, and the competitive environment,” said Fleming.
The report outlines four key trends that it believes will
define the leasing industry in the future:
value-added services -- The leasing product will focus on
value-added services to differentiate commoditized lease products.
slowing consolidation – The leasing industry will continue
to consolidate, but at a slower pace.
thriving independents – Independent leasing companies will
grow strong again.
operational excellence and discipline – “Getting it all right”
will be essential for survival.
The IFC report also defines actionable steps the leasing
industry should take to prepare for the future. They include:
· continuing to analyze
the market for trends,
· focusing on operational
excellence,
· linking product
benefits to additional customer metrics as new regulation reduces some
of the traditional benefits of leasing,
· focusing on development
of products/bundles for the post-regulatory change environment,
· building and expanding
on customer relationships, and
· clarifying and creating
value for customers in the presence of increased commoditization.
What is the outlook for equipment leasing, an industry that
is inextricably linked to new equipment investment?
Organizations seeking more information about leasing, including
the questions to ask before signing a lease and help in finding a leasing
company, should visit www.LeaseAssistant.org.
The Industry Future Council (IFC), comprised of senior leasing
industry executives, convened its 22nd annual conference earlier this
year to discuss the current state of the industry, identify forces driving
the industry, predict the future of the industry, and recommend actions
the industry and individual firms must take for future success.
About The Equipment Leasing and Finance Foundation
The Equipment Leasing and Finance Foundation is a 501c3 non-profit
organization established in 1989 by the Equipment Leasing Association
of America (http://www.elaonline.com).
The Foundation develops and promotes the body of knowledge to enhance
recognition and understanding of equipment lease financing. The Foundation’s
strategic objectives are to maximize the role that equipment leasing plays
in the world economy, and to be the prime developer and disseminator of
a body of knowledge of the leasing industry. Visit the Foundation online
at http://www.leasefoundation.org.
Sites of Reference:
http://www.leasefoundation.org
CONTACT:
Lisa Levine
Equipment Leasing and Finance Foundation
Phone Number: 703-527-8655
E-mail: llevine@elamail.com
(The full report may be down loaded direct from www.leasingfoundation.org,
where you can also get on their mailing list, or you may
download direct at:
http://www.leasingnews.org/archives/March%202003/03-20-03.htm#2003
(Leasing News also wrote a story on the subject with quotes
from the
report on March 20,2003
http://www.leasingnews.org/archives/March%202003/03-20-03.htm#2003
(We also noted its first release on March 13,2003)
http://www.leasingnews.org/archives/March%202003/03-11-03.htm#equip
#### Press Release ################################################
Century Bank Completes Acquisition of Branch Assets From
Capital Crossing Bank
Century Bank and Trust Company ("Century"),
a wholly-owned subsidiary of Century Bancorp, Inc. (NASDAQ:
CNBKA), and Capital Crossing Bank (NASDAQ: CAPX)("Capital Crossing")
announced that they had completed the acquisition by Century of Capital
Crossing's branch office at 1220 Boylston Street, Chestnut Hill, Massachusetts,
and substantially all of the retail deposits at Capital Crossing's main
office at 101 Summer Street, Boston, Massachusetts. Century is closing
the Chestnut Hill branch and transferring all customers of the branch
to its nearby branch office at 1184 Boylston Street, Brookline, Massachusetts.
In
addition, Century is transferring all of the retail deposits
from Capital Crossing's Summer Street branch to its branch at 24 Federal
Street, Boston, Massachusetts. The acquisition includes approximately$200.0
million in deposits.
Marshall M. Sloane, Chairman and Chief Executive Officer
of Century, said: "Century is excited about this opportunity to offer
its products and services to this new group of customers. The acquisition
of the deposits from Capital Crossing including all transaction accounts
and most of its retail certificates of deposit will enhance Century's
market penetration within communities we already serve."
Statements in this news release that are not historical facts
are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are only estimates of
future events or financial performance that involve risks and uncertainties
and actual events or results may differ materially. Forward-looking statements
are affected
by factors described in Capital Crossing's and Century's
periodic filings with the Federal Deposit Insurance Corporation (the "FDIC")
and the Securities and Exchange Commission. Neither Capital Crossing nor
Century undertakes any obligation to publicly update any forward-looking
statement.
Century Bank and Trust Company, a wholly-owned subsidiary
of Century Bancorp, Inc. is a state chartered full service FDIC-insured
commercial bank headquartered in Somerville, Massachusetts. Century, with
$1.6 billion in assets at December 31, 2002, offers a full range of Business,
Personal, Cash Management, Municipal and Investment products through its
nineteen branches in the greater Boston area and through its web site
at www.century-bank.com.
Capital Crossing Bank is a Massachusetts-chartered, FDIC-insured
trust company with $933.1 million in assets as of December 31, 2002. Capital
Crossing operates as a commercial bank, providing financial products and
services to customers through its executive and main offices in Boston,
a branch in Chestnut Hill, Massachusetts, its website at www.capitalcrossing.com,
and through its leasing subsidiary Dolphin Capital Corp., located in Moberly,
Missouri. Capital Crossing specializes in purchasing loans, primarily
secured by commercial and multi-family residential real estate, at a discount
to their outstanding principal balances.
CONTACT:
Paul V. Cusick, Jr.
Century Bank & Trust Company
Phone Number: (781) 393-4601
############# ################################################
NetBank, Inc. Announces New Dates for 2003 Analyst and
Investor Meeting
NetBank, Inc. (Nasdaq: NTBK), parent company of the country's
first commercially successful Internet bank, NetBank(R) (www.netbank.com),
has rescheduled its 2003 analyst-investor meeting given current security
and travel concerns.
The meeting is now scheduled for Tuesday, May 13, 2003, from
8 a.m. until 5 p.m. EDT. The meeting was originally planned to begin on
Monday, March 24.
"A brief postponement of the meeting seems prudent,"
said Douglas K. Freeman, chief executive officer. "We want to be
particularly mindful of our analysts' and investors' obligations - both
personally and professionally. It seems inappropriate right now to ask
them to fly across the country and spend two days out of the office. We
also think it is important to have our senior managers fully focused on
managing their operations at this critical time."
The company still plans to audio cast the meeting. Beginning
on May 13, interested parties can access the live feed and download presentations
from within the Investor Relations area of the NetBank Web site at www.netbank.com.
The audio cast will be available as an archive for 30 days. For further
information about the meeting, investors may
contact Matthew Shepherd at 678-942-2683.
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; and Republic
Leasing Company, Inc., a wholesale originator and servicer of business
equipment leases. NetBank is a Member FDIC. NetBank, RBMG(R), Market Street
Mortgage(R) and Meritage(R) are Equal Housing Lenders.
CONTACT:
Rich Jeffers
NetBank, Inc.
Phone Number: 678/942-7596
E-mail: rjeffers@netbank.com
(here are some related stories on netbank from Leasing News:
http://www.leasingnews.org/Conscious-Top%20Stories/netbank_report.html
)
######### Press Release #########################################
Sea Containers Announces Strong Fourth Quarter and Full
Year 2002 Results
Sea Containers Ltd. (NYSE: SCRA and SCRB) (www.seacontainers.com)
passenger and freight transport operator, marine container lessor, and
leisure industry investor, today announced its results for the quarter
and year ended December 31, 2002. For the quarter net earnings were $14
million ($0.67 per common share) on revenue of $410 million, compared
with a loss of $9 million (loss of $0.49 per common share) on revenue
of $239 million in the prior year period.
The revenue disparity results from consolidation of 100%
of Silja revenue from May, 2002.
In 2001 Silja was only 50% owned while from May 2002 it was
treated as 100% owned.
For the year ended December 31, 2002 net earnings were $41.9
million ($2.08 per common share) on revenue of $1.434 billion, compared
with net earnings of$4.5 million ($0.24 per common share) on revenue of
$1 billion in 2001. Net earnings in 2001 were achieved through gains on
asset sales while such gains were minimal in 2002.
EBITDA in 2002 was $230 million, in excess of earlier forecasts.
Mr. James B. Sherwood, President, said that 2002 results from passenger
and freight operations at the EBIT level were $123.5 million, up 54% from
2001.
These profits were achieved from good performance by Silja,
GNER, the Isle of Man Steam Packet Company and SeaStreak, offset by losses
from some fast ferry operations in the Irish Sea and English Channel,
notably Dover-Ostend and Belfast-Heysham. The company has now ceased operations
on both these routes and is seeking to deploy the two vessels elsewhere
or sell them.
The company increased its shareholding in Silja from 50%
to 100% in mid 2002 and had the benefit of the profits represented by
the additional shareholding.
GNER also benefited from compensation payments made by Network
Rail, the track and signalling provider, largely due to continuing delays
caused to GNER trains arising out of defective infrastructure. Part of
this problem derives from the causes of the Hatfield rail disaster in
October, 2000 and a track subsidence in Scotland. The subsidence should
be corrected within a few months.
These payments are intended to offset the loss of revenue
caused by such delays so should be viewed as ordinary income. GNER would
obviously prefer to
have the revenue instead of the compensation.
EBIT from container leasing and related activities was $28.3
million compared with $37 million in 2001. The decline masks a significant
improvement in lease outs in the second half of the year compared with
the first. Major positioning and repair expense was incurred in connection
with movement of idle container stocks to demand locations and readying
them for lease. The company's share of EBIT of GE SeaCo SRL, its 50/50
joint venture with GE Capital Corporation, increased 15% from $17.6 million
in 2001 to $20.2 million in 2002.
Quarter by quarter in 2002 showed the following progression
in container earnings: Q1 was 19% less than Q4, 2001, Q2 was 54% less
than Q1,
Q3 was 76% more than Q2 and Q4 was 43% more than Q3.
In 2002, GE SeaCo purchased $160 million of containers, while
Sea Containers separately purchased $15 million. The separate purchases
are largely in connection with lease purchase contracts which are excluded
from the GE SeaCo joint venture. A similar level of purchasing by both
companies is expected in 2003. New container prices are rising due to
steel and wooden floor shortages in Asia and this should help strengthen
lease rates for older units.
Robert S. Ward, Senior Vice President - Container Leasing
and President of GE SeaCo SRL, retired on January 31, 2003 after 34 years
service. Mr. Ward will remain as a consultant of the company for an indefinite
period. Angus R. Frew, 44, Vice President - Container Leasing, became
President of GE SeaCo SRL from that date. Mr. Frew is a graduate of the
University of Durham and a chartered accountant, and he came to the company
from the Seagrams Spirits and Wine Group where he was General Manager
for Central and Eastern Europe.
The company reduced its investment in Orient-Express Hotels
Ltd. to 47% of the common shares, effective November 14, 2002. It now
owns 14.4 million common
shares in Orient-Express Hotels. It does not plan currently
to sell those shares because it believes they are seriously undervalued
at today's market price. The company believes that leisure travel will
bounce back after the Iraq situation is resolved. The company's share
of net earnings of Orient-Express Hotels in 2002 was $14.7 million compared
with $18.8 million in 2001. It is the company's intention ultimately to
exit this investment and employ the proceeds towards debt reduction and
addition to working capital.
The company's plantations, property and publishing businesses
which include the Corinth Canal in Greece, the Brasiluvas table grape
farm in Brazil and the
Illustrated London News, had a satisfactory year in 2002.
Mr. Sherwood said that the two important near term issues
for the company were repayment of public debt falling due in mid-2003
($159 million) and end 2004 ($99 million) and settlement of its claims
against Network Rail in the U.K.
With respect to the public debt, the company has taken the
following steps:
1. It will file with the U.S. Securities and Exchange Commission
this week exchange offers for both the 2003 and 2004 debt. Holders of
the 2003 debt which currently carries interest rates of 9.5% to 10.5%
p.a.
will be offered new debt at 13% interest p.a. maturing 2006.
With respect to the 2004 public debt, this is subordinated
and holders will be offered new senior debt carrying the same interest
rate, 12.5% p.a., maturing in 2009.
2. It has put up for sale its Isle of Man Steam Packet Company
ferry unit, its remaining port interests in the U.K. and its Charleston
container manufacturing facility. All three assets are highly
profitable. The company has placed its own valuation on these
assets of about $160 million after repayment of underlying debt.
3. It is negotiating a $160 million bank credit secured by
the assets held for sale and other collateral so that asset sales, if
necessary, do not have to be rushed. This would be a one year standby
bridge facility.
As regards settlement of the rail claim, Mr. Sherwood said
that further discussion had been held with Network Rail and the parties
seemed to be about $30 million apart. Network Rail has agreed that any
settlement could be paid off through an increase in future access charges.
Discussions continue.
"At the end of the day, GNER is considered to be the
best run major railway in the U.K. and it is important that this dispute
be resolved and it be given security of tenure and be allowed to invest
for improvement of its services," he said.
Looking forward to 2003 Mr. Sherwood said that current fuel
prices arising from the Iraq situation would exacerbate usual first quarter
losses from passenger and freight transport operations. However, he expects
fuel prices to be significantly lower as the company enters its traditional
high season. He said that he expected container leasing earnings to be
well up on year to year quarterly comparisons. 100% of Silja's traditional
winter first quarter losses will be reported in the first quarter compared
with only 50% in 2002, reflecting the changed ownership position.
Mr. Sherwood said that in summary, the company has recovered
well in 2002 from the problems it encountered in 2001. He suggested that
investors consider the value of the company's investments in Silja, SeaStreak
and GE SeaCo, the likely upside in its shareholding in Orient-Express
Hotels, the value of itsrail franchise in the U.K., savings which will
arise from termination of loss making fast ferry services, growth of profits
and debt reduction through sale of assets.
Sites of Reference:
http://www.seacontainers.com./
(courtesy of ELAonline.com)
#### Press Release ##############################################
CIT PICKS MWW FOR ITS CORE BUSINESSES—Looking for Good
PR
EAST RUTHERFORD, NJ: CIT, the giant commercial and consumer
lending and leasing company, has retained The MWW Group to handle PR and
media relations for the company's five core operating groups. The size
of the account was not disclosed.
The company's five core units include commercial finance,
capital finance, equipment finance, specialty finance, and structured
finance.
The bulk of the assignment will involve business-to-business-related
media work.
CIT was an operating unit of troubled conglomerate Tyco until
last year, when the company was spun off via an IPO.
'We were impressed by MWW's understanding of the diverse
set of industries in which we conduct business,' said Kelley Gipson, CIT's
SVP and director of marketing and corporate communications.
Edelman will still handle CIT's general corporate work.
( courtesy of ELAonline)
#### Press Release ############################################
-------------------------------------------------------------------------------------------------
Bond Prices Rise as War Commences
ABS Net
It turns out that there was no basis for market players'
fears that values of asset-backed securities would plummet as soon as
the U.S. invaded Iraq.
Issuers were originally nervous that fighting in the Middle
East would spook investors and drive out spreads, but the conflict has
actually yielded the opposite effect. In fact, spreads on many new issues
and secondary-market trades actually tightened as the invasion got underway
earlier this week.
The reason: Uncertainty about the duration of the Iraq conflict
has prompted investors to sell long-term instruments such as U.S. Treasury
bonds and replace them with short-term, floating-rate bonds backed by
auto loans, credit-card accounts and home-equity loans from top-tier issuers.
For example, Toyota priced $245 million of two-year senior bonds at 4
bp over Libor this week - 2-3 bp tighter than secondary-market trades
of similar bonds a week ago.
Other investors are snapping up fixed-rate securities backed
by home-equity loans, driving in spreads on those bonds by more than 5
bp over the last two weeks. And given the light volume of other kinds
of fixed-rate products, spreads on secondary-market home-equity bonds
could tighten further in the weeks ahead.
"With surging [home-equity] volume making up more than
40% of the total ABS market, it is somewhat surprising that spreads have
narrowed," said Peter DiMartino, the head of asset-backed research
at RBS Greenwich Capital. Much of the demand for bonds backed by home-equity
loans is coming from credit unions, banks and government-sponsored mortgage
agencies, he noted.
A few traders speculated that spreads on top-tier ABS issues
could tighten a bit more over the next week or so, because the heavy flow
of new deals that persisted during the first two months of the year has
slowed considerably. Slightly more than $23 billion of asset-backed and
residential mortgage-backed transactions have priced in the U.S. so far
this month, according to Asset-Backed Alert's ABS Database. With only
a week left in March, it's highly unlikely that this month's issuance
will match the $52.5 billion of deals completed in January and the $63
billion of transactions conducted last month.
As new-issuance volume tapers off, it remains to be seen
whether some lesser-known issuers will also be able to take advantage
of the attractive prices. Earlier this week, Cendant Corp. started showing
investors a $303 million securitization of timeshare loans written by
its Fairfield Resorts and Trendwest Resorts subsidiaries. Banc of America
and Banc One are running the books on the transaction, called Sierra Receivables
Funding.
Meanwhile, Morgan Stanley is close to pricing $145 million
of taxable bonds backed by Virginia's share of the national tobacco settlement.
And Dollar Thrifty Automotive is in the market with a $375 million rental-car
receivables deal, managed by J.P. Morgan Chase.
----------------------------------------------------------------------------------------------
War in Iraq— My Son Says Navy Knows Why They are There
I hope this is not viewed as Leasing News commenting on the
war, but the fact is I have a son in the U.S.Navy. He is stationed in San Diego as they are finishing
the out fitting of the USS Preble, the most modern destroy, the first
of twelve being built (public knowledge).
My son wanted me to know the U.S. Navy knows why they are
engaged in the war in Iraq, as it is printed on the side of the ship:
http://two.leasingnews.org/imanges_uael_wael/WHY_WE_ARE_HERE.jpg
We all hope and wish for peace. Let us support our troops
with our thoughts
and prayers.
------------------------------------------------------------------------------------
BofA Names New e-Commerce Director
“...tripling BofA's on-line banking subscribers to 4.9 million
in roughly two years.”
BANK TECHNOLOGY NEWS BULLETIN
Bank of America has named Sanjay Gupta the new leader of
its Consumer and Small Business e-Commerce division. Gupta, BofA's executive
of
Relationship Marketing and e-Commerce Marketing, has taken
over as head of the group, replacing John Rosenfeld. Rosenfeld, a former
captain in the US Army Special Forces, joined BofA in early
2001 as its e-Commerce executive but with Gupta's appointment, Rosenfeld
will
head the BofA Military Bank, Student Banking, Government
Card and Card Relationship Development and Sales groups. Gupta and Rosenfeld
are credited with nearly tripling BofA's on-line banking
subscribers to 4.9 million in roughly two years.
---------------------------------------------------------------------------------------------------
Hotmail Seeks to Rein-in Spammers
By Thor Olavsrud
Internetnews.net
Moving to curb MSN Hotmail's use as a platform for spammers,
Microsoft (Quote, Company Info) earlier this month reduced the maximum
number of e-mails users can send in a 24-hour period.
"In an effort to prevent spammers from using Hotmail
to spread spam, MSN Hotmail recently began further limiting the number
of messages a user can send to e-mail contacts each day," said Lisa
Gurry, MSN lead product manager. "MSN is strongly committed to helping
stop the widespread problem of spam and this change is one way we are
preventing spammers from using Hotmail as a vehicle to send the unwanted
e-mails. The change was implemented on March 12 and is in place for free
users of Hotmail only. MSN Extra Storage and MSN 8 subscribers are not
affected by the policy."
According to reports, Microsoft reduced the maximum number
of messages from 500 in a 24-hour period to 100. Gurry would not confirm
those numbers, saying only, "We don't provide specific details on
this limitation."
Earlier this year, Microsoft adopted another restriction
to the offering which prevents users from sending mail to more than 50
different addresses at a time. The company has also turned to the courts
to help it track down spammers, and it maintains an internal "blocklist"
of known spammers.
Spam has been an exploding epidemic on the Internet, with
some reports suggesting that almost a quarter of all e-mail in corporate
inboxes is spam. Federal law has not dealt with spam, though both legislators
and the Federal Trade Commission (FTC) are attempting to develop proposals
for managing and regulating it.
In the meantime, Washington, D.C.-based polling firm Public
Opinion Strategies has conducted a national survey that found that 9 out
of 10 respondents called for stiffer regulations on what is considered
a scourge on their professional work time.
The survey was conducted in December of 2002 and then again
in January of 2003, and was commissioned by Scotts Valley, Calif.-based
SurfControl, a Web and e-mail filtering company.
That same percentage of pollsters said they would support
legislation that restricts pornographic spam, and that criminal penalties
for spam that contains misleading or false information should be enacted.
The survey also found that 68 percent of those polled who
use a computer at work to retrieve e-mail believed that legislation alone
would not solve the problem and that lawmakers needed to supplement their
efforts with technology in order to eliminate spam in the workplace.
The data from the first survey contained information from
1,400 respondents, however, only 841 of those respondents were employed
outside of the home, and only 488 were employed outside of the home and
used e-mail and the Internet at work.
Data from the second survey, which was conducted entirely
by SurfControl and was culled from 1,065 members of the IT community,
showed that 95 percent of those surveyed felt strongly that anti-spam
legislation should be enacted, but not without the aid of technology.
Microsoft, through its Hotmail and MSN Internet services,
has about 120 million e-mail customers. It employs spam filtering software
and services from San Francisco-based Brightmail to help protect those
users from spam.
_________________________________________________________________
News Briefs---
Bush Requesting Nearly $75 Billion for War Costs
http://www.nytimes.com/2003/03/25/international/worldspecial/25PREX.html
Outlook for travel industry worsens
FARM SCENE: Drought, poor grain prices slow farm equipment
sales
http://www.boston.com/dailynews/083/economy/FARM_SCENE_Drought_poor_grain_:.shtml
Sports Briefs---
NFL Announces Nationally Televised Kickoff Weekend Games
http://www.theredzone.org/news/032403.asp
Raiders looking to score in court
http://www.sacbee.com/content/sports/story/6333333p-7286601c.html
E-Mail Removal Form: \http://65.209.205.32/LeasingNews/removalform.asp
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