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About the Company: Advantage Funding is a leading commercial and consumer vehicle and equipment financing and leasing company, Long Island City, NY. |
Friday, March 25,2005
Headlines---
Classified Ads--- Bob Borges
Jim Harris's Allco Leasing Sold
Cartoon---
Good, Bad, Ugly about CLP “lite”
Up-Date Leasing Assoc. Conferences
NorVergence “Equipment Rental Agreement”
GATX Promotes Walsh/Head Of Originations
LaSalle Bank Announces Leadership Promotions
Electro Rent Announces Financial Results
Fitch Rates CIT Equipment Collateral 2005-VT1
News Briefs---
"Gimme that Wine"
This Day in American History
Easter Poem
######## surrounding the article denotes it is a “press release”
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Classified Ads--- Bob Borges
“Your service was an incredibly valuable spoke to my job search. Over 15 months, I received numerous hits from direct funding sources, brokers and search firms across the nation. Although I selected an employer from outside the equipment leasing industry, the conversations and interviews from these hits were beneficial to my eventual success landing a job from a firm selling financial accounting software to the vastly under tapped universe of not for profit concerns.
“FYI I am now employed by Libris Solutions based in Oakland, California. My coworkers are appropriately irreverent which is the best thing I enjoyed in my venture leasing days with the Phoenix Companies working with emerging growth startup companies and the venture capital community.
“Thank you for your service and please keep me on your active mailing list.
“Respectfully,
“Bob Borges
bamrborges@msn.com
Libris Solutions
1-866-721-8151”
Leasing News has been successful from collectors, credit, sales, operations managers, and even senior management positions.
Our goal is to get some activity started to help those seeking a job. We also recommend other internet places, and some are also free:
www.adams-inc.com
www.affinitysearch.com
www.bajobs.com
www.careerbank.com
www.careerpath.com
www.craigslist.org (available in many cities now, use scroll feature)
www.elaonline.com
www.goldenparachute.com
www.Headhunter.net
www.hotjobs.com
www.jobs.net
www.JobSpin.com
www.lessors.com
www.MarketingJobs.com
www.monitordaily.com
www.Postonce.com
www.RecruiterConnection.com
www.resumeblaster.com
www.vetjobs.com
www.worktree.com
### Press Release ######################
Jim Harris's Allco Leasing and Financial Services sold to Resource America, Inc.'s LEAF Financial Corporation
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PHILADELPHIA-)----Resource America Inc. (NASDAQ:REXI) announces that its wholly owned leasing subsidiary LEAF Financial Corporation ("LEAF") has expanded its lease origination capability and assets under management with the business acquisition of Allco Leasing and Financial Services of Lake Oswego, OR. The acquisition includes both a portfolio of leases with a value of $27 million bought on behalf of LEAF's investment partners and hundreds of long term customer relationships. In addition LEAF will be gaining experienced leasing personnel in a strategic West Coast location. After this acquisition, LEAF will manage approximately $250 million of leases for its own account, for institutions and for third party investors. The acquisition was facilitated by the investment banking services of Diversity Capital, LLC and bridge financing was provided by the Philadelphia office of National City Bank.
Allco Leasing and Financial Services is a commercial equipment finance company established in 1977, that specializes in small to mid-ticket equipment leasing and originates, funds, services, and acquires leases primarily in the western United States.
In its nearly thirty years of operations it has originated over $300 million in equipment leases. Jim Harris, President of Allco Enterprises, Inc. said, "The sale of our leasing operation to the LEAF Financial Corporation will allow Allco Leasing to continue to provide the same quality service to its existing customer base and expand the type of products it offers its referral sources."
Crit DeMent, Chairman and CEO of LEAF, said, "We are pleased to welcome the Allco team members to the LEAF family. Allco's strategy of originating business through referrals and building strong customer relationships will enhance the LEAF business model. We believe this strategy is scaleable and can be implemented nationwide. Not only will this enhance our origination capability but our investment partners will benefit from the quality of the assets generated by the Allco channel."
LEAF Financial Corporation is a commercial finance company headquartered in Philadelphia, PA. LEAF's business model is to originate small to middle ticket equipment leases and loans within the small to mid sized business market by forming strategic marketing alliances and other program relationships with equipment vendors, commercial banks and other financial institutions. After origination, LEAF manages the leases for its own account, institutions, and individual investors through investment partnerships and other investment vehicles.
Resource America, Inc. is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the equipment leasing, structured finance, real estate and energy industries. For more information, please visit our website at www.resourceamerica.com, or contact investor relations at pschreiber@resourceamerica.com
Resource America, Inc., Philadelphia Pamela Schreiber, 215-546-5005 215-546-5388 (facsimile)
### Press Release #######################
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The Good, the Bad, and the Ugly about CLP “lite”
First, of all the questionnaire: this one had the fewest responses : 77. We have had as low as 423 and as high as over 600, so this is really a poor response. We also had this up for three days.
The good and the bad: Many of those who responded that they “would be interested in becoming a CLP” were already a CLP. One CLP answered “no.” We should have spelled it out if you were already one, not to vote in this category. We assumed they wouldn't vote here, but I guess you know what “assume” means.
The good, many of them signed their name with the t itle, so we could take them out of the count, and then guess how many really would like to become CLP—which the question asked. Several asked us to forward their name to the appropriate person, Cindy Spurdle, the executive director (we will do that in a few days.)
Taking out those who signed their name and were a CLP, the percentage was 80% who wanted to become a Certified Leasing Professional. Perhaps that is why they responded.
Perhaps the “ugly” were the very few who did respond, who evidently didn't care to be either of the category or have an opinion on it.
Those who were CLP's, responded as true believers, with long e-mails. Some of them are re-produced in whole in this report.
In favor of a new designation, the total vote was 60%. Taking out those who signed as CLP, and those we could also find on the CLP Foundation web site, it went to 78%.
The good, in taking out those who we could identify as CLP, the number went 18% higher. The bad, it appears the overwhelming majority of CLP's are against a new designation. The ugly, not many readers cared about either designation.
“I AM ALREADY A CLP. THERE IS ABSOLUTELY NO NEED TO LESSEN THE STANDARDS REQUIRED TO BE A CLP. IF THAT DESIGNATION MEANS SOMETHING TO AN APPLICANT, THEN STUDY, TAKE THE TEST, AND BECOME A CLP. IT IS AN EARNED DESIGNATION AND SHOULD NOT BE TREATED AS A CORRESPONDENCE SCHOOL ON LINE.
RAPHAEL LAVIN, CLP
“I am a CLP. I would prefer not to have any designation that might be confused with CLP, and possibly degrade the value of a CLP. There is no junior grade insurance license, or junior grade securities license (the 6 and the 7 are almost the same), why should there be a junior grade leasing designation?
Email: douglas.dawkins@tycohealthcare.com “
“I'm already a CLP and it was TOUGH to GET. The CLP designation commands high respect in the industry and it shows the individual has gone to great lengths to learn all aspects of the leasing industry and moral values. It is a special achievement that should not be down graded by a lesser format. Ask any CLP and I'm sure they would feel the same. Let's not lower the standards.
Email: Rosanne@1stindependentleasing.com “
“ I am a CLP and do not agree with a lite designation. Possibly an internship after 3 years and passing the test. "A registered CLP intern." I also disagree with making the test easier. We need to know all of the information in the test to be a CLP. Anything less would undermine the profession. In any profession to be certified takes years of training and education. Renee T. Fox, CLP
Email: info@alfund.com
The title of Associate Leasing Professional, (ALP), would seem to work for a CLP Jr.
22% Non-CLP's were against a new designation:
Email: llachance@bankers-capital.com
“The CLP designation is something that only the elite and the professionals in this industry strive for. It shouldn't be taken lightly and it shouldn't be diluted with an easier or cheaper course so that more people can slide in. It's like be pregnant, "Either you are or you are not a CLP"
“I would have no objection to reducing or eliminating the five year requirement if it was decided to do so, but I would strongly oppose moves to “cheapen” the value of the CLP designation by either making the test easier or by creating a lessor category. You can't be “a little bit pregnant” nor should you be able to be “a semi CLP.
“You either qualify or you don't -- and it should stay that way.”
Sincerely,
Ken
Kenneth D. Goodman, CLP
Lake Forest, CA
There were CLP's in favor of a “junior designation:”
“I am a CLP. I am one of the people that want to get more people involved in CLP. CLP Board is looking to allow those who make at least 50% be able to retake two of the CLP modules so that they are not subjected to taking the full test over. Great idea. I sat in on some of Terry Winders CLP review course very good. I took the CLP review course that Bob Baker gave also very good. I think the CLP Board should look at giving a CLP Certified teachers seminar and go over the test the questions and what we would like the aspiring CLP's to be proficient in. Then you would know that the person you are taking the CLP from is qualified to teach it. The teachers would sign some kind of non-disclosure to as not to use the direct questions on the test. The more qualified, ethical individuals we can get interested the better the industry as a whole will be. John Winchester, CLP, Nashville, TN am a CLP and my son, Tripp, is currently studying for his CLP exam. We employ 9 salesmen. Most will never make a CLP. A lesser designation, one with a 2 year requirement, would be very helpful to us. If the cost and requirements were reasonable, we would make it a training goal for all of our salesmen.
Ted Prichard, CLP
Email: ted@smokeymountainfunding.com “
And those who didn't want to change it, who were not CLP's:
“The test is fair. It is a review of he knowledge you have learned through the years. It validates said knowledge and ultimately will allow a person to express his opinion between his learned clients and himself on a one basis. The insurance institutes have their designations, CLU, These are not masters degrees but learning designations. I believe the CLP Foundation could learn from the Insurance Foundation. That continued education and designation may bring the leasing industry into the forefront instead of being the one eyed step child. I would call the one eyed step child the Norvergence stuff, the Cyberco Stuff. The CMC stuff. Maybe people would feel more empowered to say no to these type of transactions and deals.
Email: tomnars@netlease.com “
“Just waiting for the 5 year req. Jim Merrilees made a great point about taking the test and waiting until 5 years to get the title....not a bad thought.
I would support lowering the cost if possible. If the test needs to be updated it should be updated not diluted. Why study the 12c when you have t-value? (if that is an issue)
Melvin Caldwell
United Financial Service “
Some of the suggestions for a name:
"Equipment Lease Consultant"
"Equipment Lease Agent"
"Director of Leasing Services"
Certified Leasing Professional-Level 1
Email: rdossantos@priorityleasing.com
working title could be ALP, approved/accepted lease professional.
Email: equities@att.net
"Lite Lease Professional" c'mon. That's ridiculous. Either you put the time and effort in to get the designation or you don't. The primary reason for getting the designation should not be for the designation, rather for furthering of your knowledge of the industry in which you make your living.
CLP will be cheapened if the test is made too easy.
Thor Christianson
Commercial Lease Solutions”
“I am of the opinion that lessening the requirements for becoming a CLP devalues the very reason for creating the CLP program. I have enjoyed more than a 25-year career in leasing and have never once been involved in a lawsuit over what I did or did not represent to a Lessee. Personal integrity begins with the individual and should be supported by the company for which he is employed. Employers in our industry should do more than encourage their employees to obtain the proper training and education during their tenure of employment. Such training and education can only prove beneficial to a company and its bottom line. Most major professions have not just one degree of certification but have lesser levels of accomplishments established as well. There should be a minimum standard for the industry which could be developed by the CLP Foundation. For example, there could be a Level I, Level II and so forth designation (“Leasing Profession I, LPI,etc.), which could further be enhanced for specific areas of leasing such as "sales", "credit", "operations", etc. A CLP designation should indicate expertise in all of the above just as a CPA designation indicates competency in all areas of accounting. A data bank that records successful completion of approved courses could be established, which could be accessed by employers to determine the specific level of educational competency of potential employees. If we truly want to improve the image of our industry then we must be willing to change how we govern ourselves and what we require of each and every member of our profession. Waiting for government to legislate the moral fabric of individuals in our profession is not reasonable and I am not naive enough to believe we can correct every problem. However, establishing minimum industry standard requirements for education and recognizing individual achievement of those accomplishments along the way to earning a Certified Lease Professional designation would speak volumes to government entities hell bent on further regulating our industry and to the business community at large of our sincerity to self govern. And finally, we as an industry must be willing to ostracize those individuals or companies who bring shame to our industry or operate unethically. It is amazing how a few continue to create discord, unrest and bad press for our industry time and time again. Voluntarily raising our own standards of conduct and discharge of responsibilities as an industry is long past due and ever more important as we move forward towards the future. Ken Winkle, Ex. Vice President, Yale Capital Group, Inc. “
And other comments, such as:
“I paid my fees and got my books and study work done. I was tutored by Bob Rodi, but never took the test...shame on me I just never took the time or put forth the effort. Any suggestions?
Thank you Leo Timmerman”
“I have taken the course and find the material that is going to be covered in the test outdated or inconsequential. I also understand that the test is a 7 hour test and is hand written. I believe the test needs to be updated, modernized and in electronic form. The cost to take the test as well as travel cost to the location the test is being given makes it too expensive for many small companies.
Email: donna.wesemann@susquehanna.net “
And then we had those who don't like CLP or CLP “lite”
“While in "life" money is not the most important thing, it IS the lifeblood of business. The bottom line here is: How will becoming (any form of ) a CLP help my earning ability??
Email: spfix@leasesourceiunc.com “
“Who cares? The CLP program is a joke. Too many scumbags in the program for it to be legit. When's the last time you saw a GE, Wells, Key, CIT, etc. player with CLP on there business card? These guys do well over 90% of the business. CLPs are small timers.
$0.02
Rich “
“Some of the most incognizant and supercilious people that I have ever met.
Email: bstanley@westoverfinancial.com “
“We, as a broker, lessor have created a marketing campaign that has made central our position on interim rent, evergreen clauses, forced insurance and other items that many of the large leasing companies engage in. I also know certain brokers that are members of the different associations are also guilty of these practices.
“We are a medical broker/lessor and have found physicians are real tired of getting screwed with Evergreen clauses and interim rent. As a result, this campaign has been very successful and all the above topics are now on our website. My question is this, how many brokers/lessors that are CLP engage in these practices? It would seem that these would be paramount to basic leasing ethics.
“I would put these 'items' as primary ethics for CLP. as you know Marlin and Manifest engages in Evergreen puts!! To me that is unconscious able to renew a lease that has a stated final payment. we have to monitor all our lessees at the end of their lease. again, you should be able to trust who you do business with!
Gary Saulter
Chase Industries, Inc.
800-968-5000
Fax: 616-459-6822
www.chaseindustries.com
“I am in small ticket leasing: $5-$50K deals. Nearly every deal I am losing goes to another broker who is lying about their "rates." I do not provide customers with "interest rates" on leases and most prospects summarily move on to another leasing company who will quote them rates, fictitious or not, just so it's seen as convincing.
“Our market charges about 17-18% on these leases (all-in), but my competitors and most of our employees go thru the gyrations of telling the customer about simple interest. "Take the total payback, then divide that by the original cost, then divide by the number of years (and, Voila) . . . the interest rate is about 9%." Our employees who do this convince 7 of 10 customers that the rate is under 10% and the customers agree to lease the deal. I won't do this as it's unethical, and by not quoting a rate I end up with about 3 out of 10 quotes turning into real deals. This industry has always had this problem which will continue without some type of CLP designation that the customer can recognize and feel comfortable knowing they are not dealing with "tin-men." And even then there will still be a significant amount of salespeople willing to lie to win. The bucks are there. I work with people who make over $250K annually off much less than $5 million in fundings.
The conversations are all the same, all day long . . . "What's the interest rate you say?, well since a lease is not an interest bearing instrument, but you'd still like something *simple* to compare it to your other financing, right? OK, let's work it through together. . . "
". . . and that's your simple interest rate. Now what is your legal business name, address, etc?
Leasing is one of the last bastions where cheat-the-customer-to-win still strives to be lower than stereotyped used car salesmen.
“It's interesting to read the Leasing News, Leasing Monitor, etc. to hear about big deals, major accounts secured and big promotions earned. Sounds clean, impressive and competitive. But the bulk of leasing "people" are doing deals from $5K-$100K see what I am talking about daily (if they are doing any business to speak of). We are not in the lofty towers; we are at our phones and on the street telling our stories to win deals. To a CLP It's not a pretty picture, but it's real, and continuing to be common practice in this so-called profession. Even though it's my job and I do it professionally, I'll call this industry "a profession" when more people practice the truth in lending that customers really want.”
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Leasing Association Conferences—Spring
April 6-7,2005
National Funding Exhibition Fairmont Hotel
Chicago, IL
(note: ELA will allow a one time conference attendance to a non-member. However, the ability to attend not only the conferences but information from their website is well-worth the membership fee)
http://www.elaonline.org/events/2005/fundexhome.cfm
"DEADLINE is MARCH 30 to be included on the Final Attendee list for ELA National Funding Exhibition !"
Nearly 425 attendees have already registered so far for the ELA National Funding Exhibition, April 6-7 at the Fairmont Hotel in Chicago. Check out the list of attendees by clicking on http://www.elaonline.com/events/2005/fundingexhib/attendees.cfm
YOU should be on this list! The deadline to register and be included on the FINAL list of attendees is MARCH 30. So don't miss out, register today
http://www.elaonline.com/events/2005/fundingexhib/index.cfm
There are now almost 40 Funding Sources ready to do business with you. And, it's an impressive list. Check it out http://www.elaonline.com/events/2005/fundingexhib/exhiblist.cfm
Appointment schedules are filling up fast, so don't delay!
If you have already registered, continue checking the funding site for available appointments with new exhibitors that you might want to see. The site is in a constant state of flux (appointments getting cancelled and added) and you may be able to schedule with a funding source that wasn't previously available.
We're glad to have Non-members attend one time to get the feel of the
Exhibition. I'm sorry he felt, or was told, the 24 hour pass to Members
Only areas was a requirement.
Wayne Hunt
Director, Online Services
Equipment Leasing Association
4301 N. Fairfax Drive, Suite 550
Arlington, VA 22203
703.527.8655; Fax: 703.527.2649
whunt@elamail.com; http://www.elaonline.com/
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April 14-17,2005
Mills House
Charleston, South Carolina
“The famous Mills House in beautiful, historic Charleston, South Carolina will be the setting for this super conference. Bill Cowden of Springs Leasing, chairman of this event, promises a conference to remember. If you have any workshop ideas or want to volunteer as a panelist, call Alison at 212-809- 1602.”
EAEL.org web site
To view the Mills house, please go here:
http://www.millshouse.com/virtual-tour.htm
Registration
http://www.eael.org/CharlestonReg.pdf
Flight Information
http://www.chs-airport.com/
Registration has been very active and the Doubletree expects to be completely sold out soon. Please book your room request at 1-877-445-6677 as soon as possible. Additionally, the Saturday afternoon Texas Hold'em tourmament still has seats remaing. Join us for this fun event.
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April 21-24, 2005
Spring Leadership Conference
Doubletree Paradise Valley Resort
Scottsdale, Arizona
Chairman: Steve Reid - Pacific Capital Bank
Content:
- Great Educational Sessions and Roundtables
- Strong Speakers
- Spouse Function
- Golf
- Texas Hold-em Tournament
- Arizona Diamondbacks Game
For brochure, click here:
http://www.uael.org/events/conferences/slc/register.asp
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May 4-6,2005
Loews Miami Beach Hotel
South Beach, Miami, Florida
for more information, please go here:
http://leasingnews.org/PDF/25AM05_springpgm.pdf
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May 12-15,2005
Hyatt Regency Union Station
St. Louis, Missouri
Claude Elmore—Conference Chairman
Netbank Business Finance
Conference information:
http://www.naelb.org/associations/2004/files/
NAELB05%20Reg%20Brochure%20FINAL.pdf
General Conference Information:
http://www.naelb.org/displayconvention.cfm
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Your One stop solution for training and reference material for the Leasing Professional
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NorVergence “Equipment Rental Agreement”
This is being repeated as several readers commented they could not open it. This has been tested twice, and perhaps if you have Adobe open, it may help, or if you re-adjust your internet security to accept “pdf” files.
This is the NorVergence lease agreements ((known as “Equipment Rental Agreement ( ERA)) that many of the state and federal courts are finding provisions unacceptable, including the “wholesale” right of venue of the assignee. For those interested in again seeing the actual “ERA,” here it is:
http://leasingnews.org/PDF/NorVergence_Rental_aggreement.pdf
### Press Release ######################
LaSalle Bank Corporation Announces Leadership Promotions
CHICAGO, -- LaSalle Bank Corporation's President and Chief Executive Officer Norman R. Bobins announced changes to the bank's leadership team designed to solidify the broader roles of key executives who have contributed to the bank's client-focused and relationship-driven culture. These changes are effective immediately:
John R. Newman, 57, assumes the title of President of the bank's Specialty Banking Group. Mr. Newman will continue to oversee the bank's Corporate Capital Markets and the Commercial Real Estate Groups that serve Illinois, Michigan and 12 regional markets. He will also continue to oversee the bank's asset-based lending subsidiary, LaSalle Business Credit, LLC.
Larry D. Richman, 52, assumes the title of President of the bank's Commercial Banking Group. Mr. Richman will continue to lead the bank's commercial banking efforts including Middle-Market and Metropolitan banking that serve Illinois and Michigan. He will also continue to oversee the bank's Specialty Lending Divisions, the 17 regional markets as well as the bank's Correspondent Banking and Public Funds Divisions. Finally, he will continue to oversee the bank's leasing group, LaSalle National Leasing Corporation, based in Baltimore.
David J. Rudis, 52, assumes the title of President of the Consumer Banking Group. He will continue to oversee the bank's retail banking operations comprised of a 400 branch network across a three-state platform, the bank's small business group and the bank's wealth management area that services high- net-worth consumers. Mr. Rudis will also continue to oversee the Marketing and Communications Group for LaSalle Bank Corporation.
"These changes recognize three individuals that play such an integral role in developing the strategic direction for the bank to compete and grow in the marketplace," commented Mr. Bobins. "In addition to these individuals, I am very delighted to have such a talented executive team who continue to provide the foundation and leadership that are critical for this bank to achieve our short-term and long-term goals."
LaSalle Bank Corporation, with $103.4 billion in assets, is the eleventh largest bank in the U.S. and is owned by Netherlands-based ABN AMRO N.V. LaSalle Bank Corporation's subsidiaries include Chicago-based LaSalle Bank and Michigan-based Standard Federal Bank.
### Press Release ######################
Electro Rent Corporation Reports Higher Revenue and Net Income for the Third Quarter and First Nine Months of Fiscal 2005
VAN NUYS, Calif.-----Electro Rent Corporation (NASDAQ:ELRC) announced higher revenue and net income for the third quarter and first nine months of fiscal 2005, compared to the same periods of fiscal 2004.
Third Quarter Results
For the three months ended February 28, 2005, net income increased 112% to $6.9 million, or $0.27 per diluted share, compared to $3.3 million, or $0.13 per diluted share, for the third quarter of fiscal 2004. Revenue for this year's third quarter increased 22% to $28.8 million from $23.6 million for the same period last year.
Rental and lease revenue for this year's third quarter increased 11.2% to $18.9 million from $16.9 million for the third quarter of fiscal 2004. Equipment sales and other revenues increased to $9.9 million, compared to $6.6 million last year, primarily due to an early lease termination and related buyout transaction by a data products customer.
Nine Month Results
For the nine months ended February 28, 2005, net income increased 133% to $18.8 million, or $0.74 per diluted share, which included $1.8 million (pre-tax) related to funds received from a class action lawsuit. This compares to net income of $8.1 million, or $0.32 per diluted share, for the first nine months of fiscal 2004. Revenue increased 16% to $81.9 million from $70.4 million for last year's first nine months.
Operating income for the nine month period in fiscal 2004 was affected by a $2.3 million accrual related to the retirement of a former officer, partly offset by a $1.2 million benefit from the reversal of certain accounts receivable credits. For the three and nine month periods in fiscal 2005, income taxes were reduced by $0.7 million and $1.4 million, respectively, due to a change in estimated tax liability.
Operations Review
"The improvement in economic conditions continued to have a positive influence on our business in the third quarter, as did the investments we made during the past couple of years to increase our operating efficiency and improve customer service," said Chairman and Chief Executive Officer Daniel Greenberg. "Return on average equity exceeded 14% for the first nine months of fiscal 2005, compared to just 4.2% for the same period of fiscal 2004, marking the attainment of a key profitability benchmark for the first time in a number of years. To support our objectives for long-term growth, we are aggressively pursuing a number of initiatives that we hope will begin to bear fruit for the company in fiscal 2006."
Greenberg continued, "Although the large early lease termination and buyout transaction helped us achieve higher revenue and net income for this year's third quarter, it will reduce future monthly lease revenue by $0.3 million. Still, rental and lease activity for test and measurement equipment continued to expand at a moderate pace, compared to the same periods a year ago. Reflecting this growth and the improvement in utilization and pricing associated with it, purchases of new equipment in this year's third quarter continued to grow versus last year's third quarter, as we addressed our customers' current requirements and prepared for emerging opportunities we see on the horizon. With more of our rental assets productively employed, there is less equipment available for sale and we expect equipment sales to decline in importance compared to recent years."
Equipment purchases totaled $11.2 million for this year's third quarter and $45.2 million for the first nine months of fiscal 2005, compared to $9.7 million and $32.9 million for last year's third quarter and first nine months, respectively. Cash and marketable securities were $82.2 million at February 28, 2005, compared to $82.2 million at May 31, 2004, and $75.0 million at February 29, 2004. The book value of Electro Rent's equipment pool rose to $109.0 million at February 28, 2005, compared to $96.3 million at May 31, 2004, and $86.4 million at February 29, 2004.
Electro Rent has no debt, and its shareholders' equity at February 28, 2005, was $189.0 million.
About Electro Rent
Electro Rent Corporation (www.ElectroRent.com) is one of the largest nationwide organizations devoted to the short-term rental and leasing of personal computers, servers and general purpose electronic test equipment.
Electro Rent Corporation Daniel Greenberg, 818-786-2525 or Berkman Associates (Investors) Neil Berkman, 310-277-5162 info@BerkmanAssociates.com
#### Press Release #####################
Fitch Rates CIT Equipment Collateral 2005-VT1
CHICAGO--(BUSINESS WIRE)----Fitch has assigned ratings to the CIT Equipment Collateral 2005-VT1 (CITEC 2005-VT1) notes as follows:
-- $205,000,000 class A-1 notes 'F1+';
-- $232,000,000 class A-2 notes 'AAA';
-- $211,000,000 class A-3 notes 'AAA';
-- $93,070,000 class A-4 notes 'AAA';
-- $18,080,000 class B notes 'AA';
-- $16,070,000 class C notes 'A';
-- $28,119,898 class D notes 'BBB'.
The class A ratings reflect credit enhancement (CE) provided by the subordination of the classes B (2.25%), C (2.00%), and D notes (3.50%) and the initial cash collateral account (7.75%). The class B rating reflects CE provided by the subordination of the classes C and D notes, and the cash collateral account. The class C rating reflects CE provided by the subordination of the class D notes and the cash collateral account. The class D rating reflects CE provided by the cash collateral account. The ratings address the payment of interest and principal in accordance with the terms of the legal documents.
The underlying pool of contracts backing the CITEC 2005-VT1 notes consists of equipment lease contracts on new and used technology and other small-ticket equipment originated or acquired by the commercial business units of the Specialty Finance segment of CIT Group Inc (CIT). The initial contract principal balance is approximately $803 million. The pool contains 61,944 contracts, with the major equipment types being computers, telecommunications, and office equipment.
In determining CE levels, Fitch took into consideration performance of CIT's past securitizations, as well as its total managed portfolio. Through this analysis, Fitch was able to isolate the historical performance of collateral types relevant to the CITEC 2004-VT1 transaction, while taking into account CIT's low level of annualized losses. In addition, Fitch considered the overall strength of CIT and its relationships with entities such as Dell, Inc. Ultimately, CE levels were sized to withstand multiples of historical losses at each rating level over the life of the transaction.
CIT Group Inc. is a leading diversified finance company engaging in vendor, equipment, commercial, consumer and structured financing, and leasing activities. CIT is rated 'A' by Fitch.
CITEC 2005-VT1 is the eighth securitization of CIT's technology assets since its acquisition of Newcourt Credit Group, Inc. in November 1999.
Fitch Ratings Brigid Keyes, 312-606-2361 John Bella, Jr., 312-368-2058 Sandro Scenga, 212-908-0278 (Media Relations)
#### Press Release #####################
GATX Corporation Promotes Walsh to Head Of Originations
CHICAGO--GATX Corporation (NYSE:GMT) y announced that Jeffrey D. Walsh will serve as Managing Director for Industrial Equipment Finance (IEF) in GATX's Specialty Finance unit. Mr. Walsh moved from GATX Rail's Structured Rail Finance group to head the IEF team and has over 17 years of sales management and deal originations experience within the industry.
IEF specializes in lease financing for targeted, long-lived asset classes, through direct originations, lease participations, sale/leasebacks and secondary market transactions.
Curt F. Glenn, Executive Vice President - Specialty Finance, said "The current economic expansion is increasing the need for equipment acquisitions and upgrades in North America's industrial sectors. GATX has served its customers in these markets through our asset knowledge and experience, and the addition of Jeff will enhance the dedicated IEF team and increase our availability to these industries."
GATX Specialty Finance has over $1.1 billion in assets under management, both for its own account and for third-party owners.
COMPANY DESCRIPTION
GATX Specialty Finance is a division of GATX Financial Corporation, a wholly owned subsidiary of GATX Corporation (NYSE:GMT). GATX is a specialized leasing company combining asset knowledge and services, structuring expertise, partnering, and capital to provide business solutions to customers and partners worldwide. GATX provides lease financing and related services to customers operating rail, air, marine and other targeted industrial equipment assets.
Investor, corporate, financial, historical financial, photographic and news release information may be found at www.gatx.com.
### Press Release ######################
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News Briefs---
New-Home Sales Rose 9.4 Percent In February
http://www.washingtonpost.com/wp-dyn/articles/A64663-2005Mar24.html
Mortgage rates rise for sixth week
http://www.usatoday.com/money/perfi/housing/2005-03-24-mortgages_x.htm
General Electric Raises First-Quarter Forecast
http://www.nytimes.com/2005/03/25/business/25electric.html?pagewanted=all
Factories see orders for big-ticket goods rise 0.3 percent in February
http://www.signonsandiego.com/news/business/20050324-0704-economy.html
Mikalah Gordon Knocked Off 'American Idol'
http://news.yahoo.com/news?tmpl=story&u=/ap/20050325/
ap_en_mu/american_idol_error_16
Paula Abdul Fined After Hit-And-Run Charge
http://www.ajc.com/metro/content/shared-gen/ap/TV/People_Abdul.html
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“Gimme That Wine”
`Grape Man of Texas' wins international honor
http://www.heralddemocrat.com/articles/2005/03/23/life/iq_1785233.txt
Chateau Montelena defends itself
http://www.sthelenastar.com/templates/index.cfm?template=story_
full&id=F5D989E6-2A2C-4B40-B03C-134D3F02CD85
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Your One stop solution for training and reference material for the Leasing Professional
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This Day in American History
1634- Lord Baltimore arrived in Maryland. http://memory.loc.gov/ammem/today/mar25.html
1751-New Year's Day was celebrated in Great Britain and its North American colonies this was the beginning of the new year up through 1751, when with the adoption of the Gregorian calendar the beginning of the year was changed to Jan 1.
1775- George Washington planted pecan trees (some of which still survive) at Mount Vernon. The trees were a gift to Washington from Thomas Jefferson, who had planted a few pecan trees from the southern US at Monticello, VA. The pecan, native to southern North America, is sometimes called "America's own nut." First cultivated by American Indians, it has been transplanted to other continents but has failed to achieve wide use or popularity outside the US.
1872- Dr. Zabdiel Boylston inoculated his six year old son, Thomas, and two African-American servants with human smallpox pustules. He then went out to inoculate 247 individuals. The public acceptance in his area of acceptance of the inoculation was due in large measure to the efforts of Cotton Mather, the Boston minister and scientist, who persistently advocated it. Small pox as a dreaded disease around the world. In 1800, Dr. Edward Jenner of England introduced to Dr. Benjamin Waterhouse of Cambridge, MA, professor of theory and practice of medicine at Harvard University, who inoculated his son, Daniel, three children, and three servants, with smallpox using cowpox. It was not until this day in 1802, that a smallpox clinic was open and free distribution of the vaccine to the poor. This was started by Dr. James Smith in Baltimore, Maryland. This is a major event as small pox was the epidemic of the new world.
1880-Birthday of Aline Bernstein - U.S. stage and costume designer, author and unofficial agent for Thomas Wolfe. After doing costumes and scenery for the Henry Street Settlement for almost ten years she applied for membership in the brotherhood of Painters, Decorator and Paperhangers of the AFL but was turned down until 1926 when she became the first female member of the union. For the next 20 years she worked as resident designer for Eva Le Gallienne's Civic Repertory Theatre in New York. At age 71 she won the Tony for her costume designs for the opera Regina (1949). Following their well-known affair, Thomas Wolfe based the character of Esther Jack in two of his novels on her. She supported Wolfe who was 20 years younger, helped turn him into a novelist, found a publisher - and he left her.
http://www.us-israel.org/jsource/biography/abernstein.html
http://www.fau.edu/library/bro59.htm
http://www.sweetstar.com/book/080784117x
1894 -- Coxey's Army of ragtag bums (Common-Wealth Army) heads for Washington DC, demanding economic reform. Coxey, a well-to-do businessman who was a Populist and quite untypical of his class in other ways, proposed a plan of federal work relief on public roads to be financed by an issue of Treasury notes--thus ending the depression of 1893 by means of monetary inflation and work relief for the unemployed. When Congress refused to pass this bill, Coxey stated, "We will send a petition to Washington with boots on." Thus Coxey's Army marched peacefully from Ohio to Washington, D.C. where they were cheered by crowds, but Coxey & his lieutenants were arrested by police & about 50 people were beaten or trampled. Library of Congress.John M. Blum et al, The National Experience, Part Two: A History of the United States since 1865 (New York: Harcourt, BraceJovanovich, ., 1981), p. 515.
1906—birthday guitarist Curley Weaver, Covington, GA
http://www.io.com/~tbone1/blues/ECblz/curwea.html
1911- at about 4:30 PM, fire broke out at the Triangle Shirtwaist Company at New York, NY, minutes before the seamstresses were to go home. Some workers were fatally burned while others leaped to their deaths from the windows of the 10-story building. The fire lasted only 18 minutes but left 146 workers dead, most of them young immigrant women. It was found that some of the deaths were a direct result of workers being trapped on the ninth floor by a locked door. Labor law forbade locking factory doors while employees were at work, and owners of the company were indicted on charges of first- and second-degree manslaughter. The tragic fire became a turning point in labor history, bringing about reforms in health and safety laws.
http://www.csun.edu/~ghy7463/mw2.html
http://www.ilr.cornell.edu/trianglefire/
1913 - The Palace Theatre opened its doors in New York City. Ed Wynn was first on the vaudeville bill. Some 20 years later, Wynn would be named as radio's top entertainer. He later became popular on early television, as did his son, Keenan Wynne.
1914 - Society Hill, SC, was buried under 18 inches of snow, establishing a state record.
1917—birthday of drummer Armand “Jump” Jackson, New Orleans, LA
http://hubcap.clemson.edu/~campber/mallard.html
1918-Howard Cosell, broadcaster, born at New York, NY. After earning a law degree, Cosell began his broadcasting career as the host of "Howard Cosell Speaking of Sports." He achieved national prominence and a great deal of notoriety for his support of Muhammad Ali's stand against the Vietnam War and then as co-host of ABC's Monday Night Football. Died at New York, Apr 23, 1994.
1931- Scottsboro Boys arrested, Point Rock, Alabama http://www.law.umkc.edu/faculty/projects/FTrials/scottsboro/scottsb.htm
1933—birthday of guitarist Clarence “Swamp Blues” Edwards, Lindsay, LA
http://www.rootsandrhythm.com/roots/BLUES%20&%20GOSPEL/
blues_e1.htm#CLARENCE%20EDWARDS
1934 - Horton Smith won the first Masters golf tournament under the magnolia trees of Augusta National in Georgia.
1938—birthday of guitarist/songwriter/actor Hoyt Axton, Duncan, OK
http://www.sixcats.com/axton/hoyt2.htm
http://www.telusplanet.net/public/avert/hoytaxton/index.shtml
1942- singer Aretha Franklin born Memphis, TN
1943 - A second great snowstorm hit the northeastern U.S. The storm produced snow from Maine all the way to the Gulf of Mexico. Natchez MS received three inches of snow, and up to 15 inches buried eastern Tennessee. Coastal Maine received 204 inches of snow that winter.
1946-the first “Jazz at the Philharmonic”. One of the most influential solos of jazz alto saxophonist Charlie “Bird” Parker's career was his rendition of “Lady Be Good,” performed at the Los Angeles Philharmonic Auditorium. Every aspect of the performance became part of the language of modern jazz. There are many albums of the various years produced by Norman Granz on Emarcy records.
1946-Woody Herman band premiers Igor Stravinsky's Ebony Concerto at Carnegie Hall.
1947—singer/composer Elton John Birthday
www.eltonjohn.com
1948 - For the second time in less than a week airplanes were destroyed by a tornado at Tinker AFB in Oklahoma City OK. A March 20th tornado destroyed fifty planes at Tinker AFB causing more than ten million dollars damage, and the March 25th tornado destroyed another thirty-five planes causing six million dollars damage. The first tornado struck without warning, and caused more damage than any previous tornado in the state of Oklahoma. The second tornado was predicted by Fawbush and Miller of the United States Air Force, and their accurate tornado forecast ushered in the modern era of severe weather forecasting
1952-Bill Mosienko of the Chicago Blackhawks set an NHL record by scoring three goals in 21 minutes in a game against the New York Rangers. Mosienko scored at 6:09, 6:20 and 6:30 of the third period against goalie Lorne Anderson. Chicago won 7-6.
1954 -- RCA manufactures the first COLOR television set.
1954 –26th Annual Academy Awards, RKO Pantages Theater in Los Angeles. Actor/singer/dancer Donald O'Connor and actor Fredric March (in New York) kept the audience informed on who won what. "From Here to Eternity" (Buddy Adler, producer) won best picture of the year, also picking up the Oscar for Best Director for Fred Zinnemann, Best Supporting Actor for Frank Sinatra and Best Supporting Actress for Donna Reed, in addition to Best Writing/Screenplay (Daniel Taradash); Best Cinematography/Black-and-White (Burnett Guffey); Best Sound/ Recording (John P. Livadary, Columbia SSD); and Best Film Editing (William A. Lyon). The Best Actor award for the films of 1953 went to William Holden for "Stalag 17" while the Best Actress award went to Audrey Hepburn for "Roman Holiday". "Secret Love" from "Calamity Jane" was the Best Music/Song of the Year (Sammy Fain, music, Paul Francis Webster, lyrics). An interesting note: The Best Writing/ Story and Screenplay went to the 1953 version of "Titanic" (Charles Brackett, Walter Reisch, Richard L. Breen). Other memorable movies that year (some Oscar winners, some not): "The Robe", "Shane", "Mogambo", "The Moon is Blue" and "Hondo". ".
http://www.infoplease.com/ipa/A0148588.html .
1956---Top Hits
Lisbon Antigua - Nelson Riddle
The Poor People of Paris - Les Baxter
A Tear Fell - Teresa Brewer
Heartbreak Hotel - Elvis Presley
“Here's That Rainy Day,” Los Angeles,CA.
1964---Top Hits
She Loves You - The Beatles
Fun Fun Fun - The Beach Boys
Twist and Shout - The Beatles
Saginaw, Michigan - Lefty Frizzell
1965 -- US: Martin Luther King Jr., leads 25,000 into Montgomery, completing civil rights march begun in Selma. After a weeks-long struggle against local police, the civil rights march ends triumphantly with a 50,000 person demonstration in Montgomery.
http://i.timeinc.net/Life/mlk/mlk08.jpg
1966-Poll taxes were declared unconstitutional by the Supreme Court on grounds that they represented an economic barrier to voting.
1971 - Tom Jones went gold with his single, "She's a Lady"
1972 - The group, America, rode to the top of the pop music charts with their LP, "America", and the single (included on the LP), "A Horse with No Name". "A Horse With No Name" would be the group's only gold record and one of two number one songs (the other was "Sister Golden Hair", 6/14/75). America placed 11 tunes on the pop music charts between 1972 and 1983.
1972---Top Hits
A Horse with No Name - America
Puppy Love - Donny Osmond
Mother and Child Reunion - Paul Simon
My Hang-Up is You - Freddie Hart
1980---Top Hits
Another Brick in the Wall - Pink Floyd
Working My Way Back to You/Forgive Me, Girl - Spinners
Him - Rupert Holmes
Why Don't You Spend the Night - Ronnie Milsap
1975 - The town of Sandberg reported a wind gust to 101 mph, a record for the state of California
1982-“9 to 5 ” premiered on TV. This half-hour sitcom was based on the 1980 movie of the same name about three working women in dead-end jobs in a larger corporation. The three women were played by Rita Moreno, Valerie Curtin and Rachel Dennison ( in the role her sister Dolly Parton had played in the movie.”
1982-"Cagney & Lacey" premiered on TV, breaking new ground as the first TV crime show in which the central characters were both female. The series was based on a made-for-TV movie that aired Oct 8, 1981, starring Loretta Swit and Tyne Daly. Meg Foster played Swit's character, Chris Cagney, but after one season she was replaced by Sharon Gless. Daly and Gless won six Emmys together for their roles. The last telecast aired on Aug 25, 1988.
http://timstvshowcase.com/cagney.html
1985 - 57th Academy awards, Dorothy Chandler Pavilion, Los Angeles, no less. Host for the big show was actor/director Jack Lemmon .. The Best Picture of 1985 was "Amadeus", produced by Saul Zaentz. T It also won Oscars for Best Director for Milos Forman and Best Actor for F. Murray Abraham. The film also won top honors for Best Writing/Screenplay Based on Material from Another Medium (Peter Shaffer); Best Costume Design (Theodor Pistek); Best Sound (Mark Berger, Thomas Scott II, Todd Boekelheide, Christopher Newman); and Best Makeup (Paul LeBlanc, Dick Smith). Sally Field was pronounced Best Actress for "Places in the Heart", Best Supporting Actor was Haing S. Ngor for "The Killing Fields", and the Best Supporting Actress Oscar was given to Peggy Ashcroft for "A Passage to India". Stevie Wonder's "I Just Called to Say I Love You" from "The Woman in Red" took the honors for Best Movie/Song. And the Academy gave an honorary Oscar to Jimmy Stewart in recognition of more than 70 films in his 50-year career. Stewart earned one Oscar for Best Actor in "Philadelphia Story" (1940), and nominations for Best Actor in "Mr. Smith Goes to ". Washington", "Harvey", "It's a Wonderful Life" and "Anatomy of a Murder". ".
http://www.infoplease.com/ipa/A0149613.html
1988---Top Hits
Never Gonna Give You Up - Rick Astley
I Get Weak - Belinda Carlisle
Man in the Mirror - Michael Jackson
Life Turned Her that Way - Ricky Van Shelton
1988 - An early season heat wave prevailed in the southwestern U.S. The high of 93 degrees at Tucson AZ was a new record for March. Windy conditions prevailed across the central and eastern U.S. Winds gusted to 60 mph at Minneapolis MN, and reached 120 mph atop Rendezvous Peak WY
1990 - Temperatures dipped below zero in the Northern Rocky Mountain Region. Hardin MT was the cold spot in the nation with a morning low of 10 degrees below zero. Freezing drizzle was reported in the Southern Plains Region, with afternoon highs only in the 30s from the Southern High Plains to Missouri and Arkansas.
1991- the World League of American Football, part of the marketing attempt by the National Football League to extend the game's popularity in Europe, made its debut as the London Monarchs defeated the Frankfurt Galaxy, 24-11.
1991 – 63 rd , Academy Awards Celebration, Dorothy Chandler Pavilion. Host was Billy Crystal, wearing an Armani tuxedo as did actors Jeff Goldblum, Tom Hanks, Dennis Hopper, Steve Martin and Denzel Washington. Also clad in Armani ... gowns ... were Oscar nominees Michelle Pfeiffer, Julia Roberts and Jessica Tandy, prompting "Women's Wear Daily" to refer to the occasion as the “Armani Awards”. Best Picture of the year (1990) was "Dances with Wolves" (Jim Wilson, Kevin Costner, producers). Costner also won for his Best Direction of "Dances with Wolves". The Best Actor Oscar went to Jeremy Irons for "Reversal of Fortune". Best Actress was Kathy Bates for "Misery". The prize for Best Supporting Actor was claimed by Joe Pesci for "GoodFellas" and Best Supporting Actress was Whoopi Goldberg for "Ghost". The Best Music/Song was presented to Stephen Sondheim for "Sooner or Later (I Always Get My Man)" from "Dick Tracy". ".
http://www.infoplease.com/ipa/A0149801.html
1995----Top Hits
Take A Bow- Madonna
Candy Rain- Soul For Real
Creep- TLC
Red Light Special- TLC
1998-The National Football League awarded an expansion franchise to the City of Cleveland. The team, to be called the Browns, as was Cleveland's former team, now the Baltimore Ravens. Dwight Clark and Carmen Policy left the San Francisco to help manage the new franchise. Many local fans were glad to see them go.
2000---Top Hits
Say My Name-- Destiny s Child
Maria Maria- Santana Featuring The Product G
Breathe- Faith Hill
Amazed- Lonestar
NCAA Basketball Champions This Date
1948 Kentucky
1957 North Carolina
1963 Loyola (IL)
1968 UCLA
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Easter Poem
http://www.poemsforfree.com/midi/544_2.mid
Is this thy body, risen Christ,
Which lay in death, all pale and torn?
O Christians come, both young and old,
To see the Lord on Easter morn!
Alleluia, alleluia.
From now through all eternity
This body shines in radiant glow,
More splendid than the noonday-sun:
It will remain forever so.
Alleluia, alleluia.
Thy glory, Christ, I cannot bear,
It is too great for eyes like mine;
No one on earth can live and see
The splendor of the Lord divine.
Alleluia, Alleluia.
Christ is arisen:
Joy to all mortals
Freed from the threatening
Creeping and deadening
Serpents of evil.
Alleluia, alleluia,
O joy to all creation!
Alleluia, alleluia,
The Lord comes forth in glory.
Alleluia, alleluia,
Come, greet the dawn!
Alleluia, alleluia,
The Lord comes forth in glory.
( a collection of anonymous poems )
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