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Kit Menkin’s Leasing News www.leasingnews.org Thursday, 16, 2002 Accurate, fair and unbiased news for the equipment Leasing Industry
Headlines---- Tyco/CIT Growth
AmX Welcomes Employees to Hq It’s Official—ASC eLNA event—Sell-Out Each Year Remember When: 9/25/01 ELA Press Release ### Denotes Press Release Tyco: Growth through acquisitions is over for now despite scrapping of breakup plan By Harry R. Weber CONCORD, N.H. (AP) Struggling to overcome weak demand for its core products and negative publicity surrounding its accounting practices, Tyco International Ltd. on Wednesday said it needs to focus on fundamentals before it can return to a strategy of growth through acquisitions. ''We anticipate reducing the number of acquisitions we complete prospectively, and, therefore, expect that our growth rate in revenues and earnings from acquisitions will also be reduced as compared to prior quarters,'' the company said in a filing with the Securities and Exchange Commission. The filing provided revenue and expense numbers for the six months ending March 31. It also detailed thousands of layoffs at Tyco subsidiaries during that period. The dim outlook for Tyco's future growth comes three weeks after the company, which is based on Bermuda but run from Exeter, scrapped a plan to breakup. The company said instead it would layoff 7,100 more people. The 157-page filing says the company also plans to change the way it measures its performance. ''Although management has historically considered earnings per share and free cash flow to be the most significant measures of Tyco's performance, we will begin to explicitly focus on return on capital as a management measure along with earnings per share and free cash flow,'' the filing says. Tyco says the focus on return on capital supports the conglomerate's decision not to sell its plastics unit. Tyco, at its height, employed 247,000 workers. But that number has been significantly reduced, the filing indicates. Through its acquisitions during the six months ending in March and other cost-cutting initiatives, the company eliminated 12,366 jobs in the United States, Europe, Canada and Asia, the filing says. The cost-cutting is expected to continue, the filing says. A Tyco conference call with investors was planned for Thursday at noon to discuss the filing. Shares of Tyco have been battered in recent months because of Enron-inspired accounting questions. Tyco shares closed up 32 cents, or 1.7 percent, to $19.42 on Wednesday on the New York Stock Exchange. That's compared to a close of $54.15 last May 15. Analysts say Tyco must follow through with the spin-off of its lending unit, CIT, quickly to help make a $3.25 billion debt payment by next February. Tyco is hoping to raise $7.15 billion through an initial public stock offering, about $2 billion less that the company paid for CIT last year. On the Net: http://www.tyco.com ------------------------------------------------------------------------------------------------ Where is Johnnie Johnson, who used to do CLP training? If anyone knows his e-mail address or where he is, please let us know. Signs of Recovery in Lower Manhattan as American Express Welcomes Employees Home to Corporate Headquarters New York Mayor Michael Bloomberg, New York Governor George Pataki and American Express CEO Ken Chenault welcomed back American Express employees returning to the company's corporate headquarters for the first time since the September 11 attacks. American Express announced a major multi-organization partnership that will help revitalize the downtown area. Employees of the American Express corporate headquarters were relocated to temporary facilities in the tri- state area following 9/11. Leasing News was not able to find more news on this event, but it should be a major feather in American Express cap, and evidence of geographic recovery. It certainly evidences the company’s desire to stay in Manhattan. Our congratulations to all involved in this remarkable event. ############# #################################
############################## ###################################### BancPartners of Texas, Inc Announces the Return to Affiliated Corporate Services, Inc. (ACSI) Richard Galtelli, CEO of BancPartners of Texas, Inc. announced today the official unwinding of the merger between Affiliated Corporate Services, Inc and BancPartners, Inc (formerly First Commerce Leasing ). "We have decided to return the company as a whole to servicing the broker community which we have done for the last 17 years though ACSI. The Lewisville (Dallas) office will be the company headquarters and we will operate a branch office out of the Austin area. Although it is an amicable split and we will continue to do business together, we felt it was in the best interests of the company to go in a different direction and continue being a funding source for brokers. Jim & I have been partners for these 17 years and we both are committed to being "The Flexible Funding Source" as the "ACSI Advantage." We look forward to re-establishing the many relationships we've had for so many years" Additional program announcements will be forthcoming. James R. Lahti 10804 Ridgeway, Suite 100 Jonestown, TX 78645 (512) 267-5445, Fax (512) 267-5443 Richard Galtelli 1550 Waters Ridge Drive Lewisville, TX 75057 972-221-7335, Fax 972-221-7336 ################# ############### Equipment Leasing & Financial Technology Event
Releases Agenda
(Lessors.com, Inc.) - Atlanta, GA - The eLessors
Networking Association (eLNA) today released the agenda for the
highly touted networking event for the equipment leasing and financial
technology markets. The agenda can be viewed from the eLNA web site
at http://www.elessors.com. (This event is a sell-out each year;
perhaps the most attractive eLease/technology event of the year.editor) ------------------------------------------------------------------------- Remember When Survey
of Industry Activity Reports Continued Growth in $280 Billion Equipment
Leasing and Financing Industry Posted
09/25/01 New
Business Volume Contributes to Industry Growth ARLINGTON,
Va. – September 25, 2001 – The $280 billion equipment
leasing and finance industry continues to show steady growth based
on a 6.4 percent increase in volume of new business in 2000. These
figures were reported in the Equipment Leasing Association’s
(ELA) 2001 Survey of Industry Activity (SIA). Released today, the
SIA provides a comprehensive look at the $280 billion leasing and
financing industry and tracks major performance measures for leasing
and financing operations. Bank
lessors experienced the largest growth in 2000, with a 39 percent
increase in new business volume, independents showed a 37 percent
increase, and captives reported a 24 percent growth rate. “The
results of the SIA demonstrate that companies continue to use equipment
leasing as a strategic financing option,” said Michael Fleming,
ELA president. “Equipment leasing offers businesses a valuable
financing package that allows companies to maximize their purchasing
power and secure the equipment they need when they need it.”
Survey
highlights include: *Responding companies reported just over $141
billion in originations in fiscal year 2000, representing a 6.4
percent year-over-year increase. *The
average amount of new business generated via e-commerce for responding
companies was $68 million in 2000. *The
top-three end-user industries that experienced the largest increase
of new business volume were industrial and manufacturing, truck
transportation, and the wholesale/retail industry. *The
majority of new business booked by respondents was in conditional
sales agreements and traditional loans. *Leasing
industry profitability proved stable. The average return on assets
was 1.4 percent and the average return on equity was 15.4 percent.
*Credit
quality remains strong. 96.3 percent of lease receivables are current.
*The
truck/trailer industry represented the highest dollar volume of
new business originations, accounting for 21 percent of total survey
volume. SIA
survey results were compiled from responses from 108 companies in
one of four market segments that were determined based on the typical
transaction size of a majority of their lease volume. The four market
segments include: micro-ticket (transactions less than $25,000),
small ticket (transactions between $25,000 and $250,000), middle
market (transactions between $250,000 and $5 million) and large
ticket (transactions greater than $5 million). In addition, the
data is analyzed and presented by the category of respondent organization:
bank, independent or captive, and specific industry sector such
as: transportation, agriculture, computers, furniture, medical and
telecommunications. Some respondent’s data reflects the acquisition
of a company that reported as a separate entity in the prior year’s
survey. To
request a copy of the SIA, please contact Stacey Wells at 202.944.3377
or swells@hillandknowlton.com. For more information on the leasing
industry you can visit ELA online at http://www.elaonline.com or
check out ELA’s informational portal for financial decision-makers
at www.leaseassistant.org. Organized
in 1961, the Equipment Leasing Association (ELA) is a non-profit
association representing companies involved in the dynamic equipment
leasing and finance industry. ELA's mission is to promote the leasing
industry as a major source of funds for capital investment in the
United States and abroad. ELA maintains an informational portal
for financial decision-makers at www.leaseassistant.org. Headquartered
in Arlington, Va., ELA has more than 850 member companies and a
staff of 27 professionals. Equipment leasing is estimated to be
a $280 billion industry in 2001. Visit ELA online at http://www.elaonline.com.
CONTACT: #################### ##################################### To reach Leasing News, please e-mail kitmenkin@leasingnews.org or use the contact form at www.leasingnews.org Fax messages are often difficult to read. Telephone calls result in “telephone tag” and often take longer to respond due to time differences and limited time. E-mail is always best. Leasing News is sent ONLY to people who have requested it. We do not spam. You register using our website www.leasingnews.org or contacting kitmenkin@leasingnews.org. . Our subscriber list is NOT made available to the third parties. Subscription and Removal Assistance can be accessed through out contact site at www.leasingnews.org or you may directly contact kitmenkin@leaisngnes.org with you name as you registered it along with you-mail address ( our list is kept by the name registered, not by company or e-mail address. We have great difficulty in finding your e-mail address without your name. If you have signed up and are not receiving Leasing News, your carrier may be blocking the "mass mail". You may notify your carrier or send an e-mail to us for verification, if needed. Online version of this publication is at http://www.leasingnews.org. Policy Statement Policy Statement---Nothing is sent out that is not "fair." Always unbiased reporting. Fairness always. If it is questionable, we will ask the writer's permission to quote them. We will print information without attribution, but feel as long as we do not name the person who sent it, we can use the information. Any information we think is suspicious, we try to have if substantiated first by at least two reliable people. We will not purposely send out "negative" news. We prefer "positive" news. We have no "axe" to grind or are not paid or seek or accept any remuneration for product or promotion. We do not Spam anyone. To be added to the mailing list, you must request it. We do not send anything about our company or personal e-mail or jokes to the leasing news list. We do not share our mailing list with anyone. We try not to send more than one report a day, if at that, unless an "alert." We follow Internet Netiquette at all times. Our sole purpose is to provide communication to improve our profession. We reserve the right to deny sending the newsletter when requested. We reserve the right to edit or delete an opinion that is not in good taste or is outright derogatory. Leasingnews.org |
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