Seeks experienced small ticket B2B leasing sales professionals in the western U.S. Very generous commission sharing with salary draw and benefits. Resumes mworxphx@yahoo.com

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Classified Ads---Documentation/Finance/Legal

One a month we clean-up the ads: verify e-mail addresses, ask for suggestion

or correction, advise re-writing an ad, and try to help both the people looking

for a job, and those who use our classified ads.

You will find 84 classified ads at: http://64.125.68.90/LeasingNews/JobPostings.htm

here are some of them:

Documentation/Funding/Collection Manager: Phoenix, AZ. Five years in Equipment Leasing Industry. Looking for a Leasing home in Phoenix. Prefer documentation/funding, but interested/open to managing account portfolios. email: rrr64@aol.com

Finance: Atlanta, GA

Twenty five plus years experience in middle market lease/ asset based/cash flow transactions. Heavy banking and credit background, with particular expertise in structure and negotiation. Email:brown235@bellsouth.net

Finance: Chicago, IL

Experienced in big ticket origination, syndication, valuation and workout. Twenty five years, MBA, CPA, JD, LLM (Tax), structuring specialist. Inbound and outbound transactions.

email:pal108381@comcast.net

Finance: Lyndhurst, NJ

CFO w/20+ years leasing/financing. Respected by lenders/rating agencies full & fair financial reporting. Outstanding record restructuring debt. Adept at investor relations and mentoring people. Email:joemcdev@aol.com

Finance: Austin, TX.

20+ years all facets of lease/finance. Collection and credit management. Equipment & rolling stock structuring. $150k credit authority, $100 million portfolio management.

email: texmartin@juno.com

Legal: Los Angeles, CA

Experienced in-house corporate and financial services attorney seeks position as managing or transactional counsel. Willing to re-locate. email:sandidq@msn.com

Operations: Experienced Credit, Collections, lease and Finance operations. Manager w/expertise in improving bottom line performance, excellent trainer, manager, motivator. Get result/keep the customer coming back. Email:rgmorrill@comcast.net

Operations: Wayne, NJ

20+ heavily experienced collection/ recovery VP looking to improve someone's bottom line. Proven, verifiable track record. Knowledge of all types of portfolio. Will relocate Email:cmate@nac.net

To post a “free” job wanted ad in Leasing News, please go:

http://64.125.68.90/LeasingNews/PostingForm.asp

To post a “help wanted ad in Leasing News or the Newsletter,

please go here: http://64.125.68.90/LeasingNews/PostingFormWanted.asp

[Headlines]

### Press Release ##############################

Leasing Partners Capital Adds More Territory Managers

Wayne, NJ-Leasing Partners Capital, Inc.-the fastest growing leasing company in the U.S.-continues to add more Territory Managers to its sales team.

LPC is pleased to announce the addition of Robert Russell to its staff of Territory Managers. Mr. Russell is a member of NAELB and will office out of St. Louis, MO.

Robert has an extensive equipment leasing background to include tours of duty with Net-Savings Leasing and Niche Capital, Inc. (As founder and principal). In addition he has worked with LINC Capital, CIT, T&W, LCA Leasing (the US leasing arm owned by two of Europe's largest banks) and with Equilease. Additionally, Mr. Russell has been a principal in several of his own leasing companies.

Mr. Russell attended DePauw University in Indiana.

Also joining the sales force as a Territory Manager is Ron Rohlfing, who works with Robert Russell out of an office in the Greater St. Louis, MO area.

After attending Southern Illinois University, Ron played baseball in the St. Louis Cardinals organization for a few years, and then worked for Clark Forklift. After owning and operating his own landscaping company for six years, he worked with an investment banking group which led to his forming Kara Equipment Leasing, and then with LCA Leasing (a French banking group) specializing in machine tools. He has since been with Net-Savings Leasing.

Leasing Partners Capital, Inc. (LPC) is a small to lower-middle-market equipment leasing company working with vendors and end users.

For additional information or questions about LPC, contact Bruce Larsen, National Sales Manager, 877-333-5864 or email him at blarsen@leasingpartnerscapital.com, or check out their web site @ www.leasingpartnerscapital.com.

[Headlines]

### Press Release ###############################

Volvo Commercial Finance Launches

Web Services Software ExpressOST

To Streamline North American Financial Workflow

ONTARIO, CANADA, -Cyence International announced at the Equipment

Leasing Association's annual convention last week that it has installed

its collaborative Web services software, ExpressOS T, throughout Volvo

Commercial Finance's (Volvo Commercial) North American origination and

financial services platforms. This multi-currency, multi-lingual

solution manages origination and booking for transportation assets and

construction equipment financing throughout the United States and

Canada.

Volvo Commercial was seeking a solution that would fully automate

processes-from lease origination to transaction booking to directly flow

into Volvo Commercial's back office operations.

"We needed a software services provider capable of creating a highly

configurable technology solution with specific industry expertise and

global integration experience," said Volvo Commercial President James R.

Ryan.

"This project is helping us achieve our goals in relationship

management, profitable growth, quality loss mitigation and people

development," he added, stating that he was pleased that the project

also stayed on budget and deadlines.

Cyence and its implementation partner, Deloitte, earned the opportunity

to create and implement Volvo Commercial's new origination and booking

system based on their ability to meet a number of complex requirements.

These included the need for real time management reporting capabilities,

easy transfer of knowledge captured, a single-source architecture, and

the ability to integrate with existing wrap-around systems that would

support Volvo Commercial's Volvo and Mack dealers spread throughout

North America.

"With ExpressOS T, Volvo Commercial can manage the unique requirements

of multiple finance business divisions to extend the life of their

legacy systems and allow for future growth-without investing in new

technology," Greg McIntosh, COO of Cyence, said. ExpressOS T is thought

to be the only solution in the equipment leasing and finance industry

that is 100 percent Web services

"Web services technology is a suite of elements and

standards that are synchronized to produce consistent, persistent

electronic access to best practices," explains Peter Hyne, CEO of

Cyence. "The goal is to remove the hardware and software limitations

normally associated with proprietary environments and make information

universally available to a potentially anonymous request. The culture

most receptive to Web services," Hyne explains "is one in which there is

a relentless quest for operational savings and excellence."

About Cyence International

Cyence International Inc., based in Burlington, Ontario, Canada, is a

leading provider of Web Services software solutions for the world's

banking, manufacturing, and equipment finance markets. Since 1996, it

has been designing, testing, and expanding its technologies in the

global marketplace. Clients are provided with a full range of

professional services and two state-of-the art data centers, one in

Burlington, Ontario, and the other in Dallas, Texas. Cyence's flagship

product, ExpressOS T, facilitates every step in the end-to-end cycle of

financial workflow, including origination, credit adjudication, document

management, audits, funding and booking.

About Deloitte

Deloitte is the world's only and largest privately held consultancy

providing a full suite of services including accounting tax and

consulting. The firm provides a broad set of tailored solutions to

select clients globally to increase shareholder value. This year the

organization operates in over 140 countries and will have estimated

revenues of US $15 billion.

About Volvo Commercial Finance

Volvo Commercial Finance, based in Greensboro, North Carolina, is a

member of the Volvo Group, a publicly held company headquarted in

Gothenburg, Sweden. The Volvo Group ("Volvo") has annual sales of

approximately 18 billion US dollars. Volvo's business areas include

heavy trucks, buses, construction equipment, marine and industrial drive

systems, aerospace and financial services. In the United States Volvo

shares are listed on NASDAQ and are traded as ADRs (symbol VOLVY).

Media Contacts:

Agent for Cyence: Susan Carol sca@scapr.com/540-659-0843

Agent for Volvo Commercial Finance: Paula Willis 336-931-4293

Susan Carol Associates

Connections in Communications

www.scapr.com

(540) 659-0843

[Headlines]

### Press Release ################################

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SALES: Los Angeles, CA. Successful leasing company in business 10+years seeking experienced sales professional in vendor programs.Generous commissions,benefits and growth potential.
e-mail:leticia@julesandassociates.com

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UAEL “Two Panels” Regional Meeting

October 22, 2003

Robert Teichman, CLP

“This year, Bob Teichman, CLP, celebrates his 40^th year in the leasing business, having started in automobile leasing in 1963. He provided funding for lease brokers for over 20 years as an officer of such funders as Belvedere Equipment Finance and New England Capital. His company, Teichman Financial Training, founded in 1998, is located in Sausalito, California and provides lease education and consulting services to lessors, funders, brokers and other members of the financial community.

“Bob is active in industry affairs. He currently serves as a board member of UAEL and was, for three years, chairman of their Education Committee. Bob is also on the Leasingnews Advisory Board and was recently elected to serve on the Board of Directors of the CLP Foundation.”

A group of 32 leasing professionals, representing all segments of the equipment leasing business, enjoyed an evening of networking, knowledge and noshing at UAEL’s “Two Panels” Regional Meeting in San Jose, California last night.

The event was hosted by Kit Menkin, American Leasing, who provided excellent wines from his cellar and delicious hors d’oeuvres. Attending were almost an equal number of lessors, brokers, funders and service providers. As in most recent meetings, such as the recent UAEL Annual Conference and Exhibition in Portland, OR, energy and optimism were high, and attendees have seen recent increases in business.

As the attendees rose and introduced themselves, it became clear that many had been in the leasing and financing business for a long time, in some cases up to forty years. However, as Joe Woodley, Executive Director of UAEL, remarked, many new people are entering the equipment leasing business, including new funders.

Peter Eaton of Pentech Financial, John Pritchard of Vencore Solutions and Russ Wilder of Atel Leasing presented an interesting and well-received panel on “Venture Leasing”. Representing all aspects of the field, from small ticket to large, and from early stage venture-backed companies to more mature ones, the panel generally agreed that the market for venture leasing has improved since the drop-off in 2001 and 2002. More qualified companies are appearing and more venture capital companies are starting to invest again.

Archie Julian of Dumac Leasing (Exchange Bank), representing the small-ticket market, Ben Carlile of Allegiant Partners, representing the middle market, and Peter Eaton of Pentech Financial, representing the larger-ticket market, presented the second panel on” Decisions Not Based on Credit Scoring”. The panel discussed their positions on “story” credits. These are non-conforming transactions requiring full financial disclosure. The panelists generally agreed that extensive due diligence was necessary and that any originator presenting such a transaction should have a thorough knowledge of his or her applicant.

Participants left the meeting with a better understanding of both venture leasing and how diverse funders look at story credits.

It was a successful and enjoyable event.

Bob Teichman, CLP

Teichman Financial Training

3030 Bridgeway, Suite 213

Sausalito, CA 94965

Tel: 415-331-6445

Fax:415-331-6451

e-mail: BoTei@aol.com

"Providing education and training to the equipment leasing and financing industry."

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Pictures with Captions—San Jose Regional UAEL Meeting, October 22,2003

http://two.leasingnews.org:80/imanges_uael_wael/10_22_03_pic9.jpg

John Pritchard, Vencore Solutions,Russ Wilder, Atel Leasing,Peter Eaton, Pentech Financial. Pritchard said his company starts at $50,000, buy rate 11% to 14%

and often tops out at $250,000, rarely goes higher, but has, pays brokers two points;

Eaton said his company starts at $250,000 and goes much higher, quite often, 11%

to 18%, and higher, but most between 13 ½ to 14%, pays two points; Wilder

says Atel like $1 million and above, writes $10 million, has plenty of money,

wants more venture deals, rates go from 11% but are mostly higher, and pays

two points. Soft costs, industry, and other factors change rates and terms,

but mostly three years for all, rarely four years. Venture business is growing.

They rely mostly on talks with the major VC investors to insure they may

put more money in, if necessary, and visit customers, plus heavy due diligence.

There were several pictures Kit Menkin took that were not very good,

and unfortunately, the ones with Archie Julian ( wearing a tie, rare) where

he looked goofy.

“Go with the goofy one,” “ Archie responded when told about the pictures.

“ Hopefully I can show people I'm not goofy in real life.”

JulianA@ExchangeBank.com

http://two.leasingnews.org/imanges_uael_wael/archie_and_pierre.jpg

We were able to procure this picture from Archie’s wife, Sue:

Archie with his dog Pierre. Dumac Leasing is owned by Exchange Bank

and their territory today is Northern California (maybe Southern California

in the future.) $20,000 and above with bank credits and rates, but they

are specialists in “story credits,” meaning not letting Faire Issac scoring

make their credit decisions. They look at cash flow, personal net

worth, reasons for a loss such as losing a major customer, divorce of

partner or mate, move to a new location, and want to understand the

business and predict the payment of their lease request. Peter Eaton

says Pentech’s minimum is $250,000 and they look at all types of

credit, study the business, visit the applicant, and spend a great deal

of time to make their credit analysis with rates from 11% on up,

mostly 14% and 18% buy rates with two points to the broker.

http://two.leasingnews.org:80/imanges_uael_wael/10_22_03_pic4.jpg

Doug Houlihan, Director of Marketing , for Allegiant-Partners,

Ben Carlile, President, with Scott Enbon, Credit Administrator .

Carlile also brought his Director of Sales, Paul Foster, not pictured here. They

are setting the national market a fire with their “story credit” program,

doing “A,” “B” credits, but specializing in “B-“ and “C.”

“Story credits are the reason we're in business!”

Ben Carlile

Allegiant Partners Inc.

999 5th Avenue, Third Floor

San Rafael, CA 94901

Phone: (415) 257-4200, x202

Fax: (415) 257-4201

www.allegiant-partners.com

Here is one of the “hand outs” that Allegiant Partners passed out. This one

outlines their definition, how they evaluate these credits, and their process.

It is best to open Adobe acrobat first, then download this file:

http://two.leasingnews.org/loose_files/Allegiant.pdf

http://two.leasingnews.org:80/imanges_uael_wael/10_22_03_pic8.jpg

Attorney Victor Harris, bon vivant, “go get ‘em” attorney and nice guy

with Bob Teichman, CLP, Teichman Financial. He is on the Leasing

News Advisory Board and is the correspondent for this event

http://two.leasingnews.org:80/imanges_uael_wael/10_22_03_pic1.jpg

Bruce Harrison, McCue Systems, Ben Carlile, Allegiant-Partners,

Marty Garrett, McCue Systems. McCue does not often go to

these regional conferences, but since both Pentech Financial and

Allegiant-Partners are there new customers with the “Bronze plan,”

they decided to come and learn more about this market. Evidently

their new software has this module that allows for growth to their

larger more sophisticated software systems and this is basically

a new marketplace for McCue.

http://two.leasingnews.org:80/imanges_uael_wael/10_22_03_pic2.jpg

Allen Jensen,Lease2Loan, came from Arizona just for the conference

( and the wine, he added) with Kevin May of GATX, San Francisco.

http://two.leasingnews.org:80/imanges_uael_wael/10_22_03_pic10.jpg

Paul Knowlton, Bank of Walnut Creek, Jake Krist, former VC investor/lessor,

not producing non-profit Ocean Film Festival in San Francisco.

http://two.leasingnews.org:80/imanges_uael_wael/10_22_03_pic6.jpg

Juliet Child and Karen Weaver of Phoenix American Financial Services,

two of the team that offers back office and other services at very low

costs and terrific customer service.

http://two.leasingnews.org:80/imanges_uael_wael/10_22_03_pic3.jpg

Joe Woodley, CEO of UAEL, who was there to brag about the attendance

and success of the recent Portland, Oregon conference, plus growth of

his organization, ( and to see he many friends in the Bay Area, with

Steve Crane, Bank of the West Leasing, Bill Grohe, UAEL membership

director, who was a great help in calling around, reminding people

to attend and get more involved.

http://two.leasingnews.org:80/imanges_uael_wael/10_22_03_pic5.jpg

Brad Dunham, son of one of the founders of UAEL, Steve Dunham.

Brad runs Leasing Associates right here in San Jose.

http://two.leasingnews.org:80/imanges_uael_wael/10_22_03_pic7.jpg

Margaret and Kathy. Normally you don’t salute the people who take

care of the food and wine, but they were terrific. As a side note, I

don’t know how this group of 31 drank five bottles of 1995 Duckhorn

Mt. Howell Merlot, six bottles of 1999 Lamborn Mt. Howell “Solar” Zinfindel

and seven bottles of 1999 Chateau Woltner Mt. Howell Chardonnay, Frederique

Vineyards. We actually ran out of wine at 6pm, starting around 3:30pm

and ending after 7pm. Food was all gone, including all the various cheese.

E-mail Addresses:

Ben Carlilie

bcarlile@allegiant-partners.com

Peter Eaton

peter@pentechfinancial.com

Archie W. Julian

juliana@exchangebank.com

John Pritchard

john@vencore-solutions.com

Russell H. Wilder

rwilder@atel.com

[Headlines]

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### Press Release ###############################

NetBank, Inc. Reports $.32 EPS for Third Quarter 2003; Dividend of $.02 per Share Declared For Shareholders of Record on November 15, 2003

ATLANTA-- --NetBank, Inc. (Nasdaq:NTBK), parent company of the country's first commercially successful Internet bank, NetBank(R) (www.netbank.com), today reported record earnings for the third quarter of 2003.

Net income totaled $15.6 million or $.32 per share for the third quarter, compared to $8.5 million or $.17 per share for the same period in 2002. Year-to-date, the company has recorded net income of $40.5 million or $.83 per share, compared to a net loss of $28.4 million or $.66 per share a year ago. (Last year's results included transaction and balance sheet repositioning charges related to the company's acquisition of Resource Bancshares Mortgage Group, Inc., which closed on March 31, 2002.)

Based on the company's continued strong financial performance, the board of directors approved a dividend of $.02 per share payable to shareholders of record on November 15, 2003. The dividend will be disbursed on December 15, 2003.

Additional highlights of the quarter include:

-- A quarter-over-quarter increase in the bank's net interest income of $3.3 million or 31%;

-- An improvement of 35 basis points (bps) in the bank's net interest margin;

-- Strategic retention by the bank of $586 million in company-originated loans;

-- Record mortgage production of $5.7 billion, including record originations through the non-conforming channel of $589 million; and

-- An annualized balance sheet turn of 3.9 times based on record loan and mortgage servicing rights sales of $4.9 billion.

Management Commentary

"We had another tremendous quarter," said Douglas K. Freeman, chairman and chief executive officer. "As expected, our mortgage operations posted record results. We succeeded in taking full advantage of the high production levels by keeping costs in check and maximizing our income margins. Although impressive, these results should not overshadow the success we are seeing in our other business segments, especially within the retail bank."

"The bank's net interest income and margin have improved significantly as we have rebuilt the bank's balance sheet with lower-risk, internally originated loans," said Steven F. Herbert, chief finance executive. "From an operational standpoint, the bank achieved profitability this quarter. The bank reported a loss at the bottom line only because we made a strategic decision to pay off some of the bank's higher-rate funding lines and incur prepayment penalties, which better positions the bank for the future."

"We committed to our investors to move toward a more balanced business model, where in time all of our business segments will contribute more equally to earnings," Freeman concluded. "Results at the bank and elsewhere show that we are making progress in reaching this goal. We have used this year's record results to invest prudently in the company's long-term profit potential. There can be no doubt that we are better positioned today than ever before to compete in any economic environment."

Noteworthy Transactions

The company elected to pay off a large portion of the bank's remaining higher-cost, fixed-rate advances from the Federal Home Loan Bank. The bank incurred prepayment penalties of $4.3 million on the extinguishment of $244 million in debt during the third quarter. Management has executed similar transactions in the past and believes early retirement of these advances will improve the bank's profitability by lowering its overall interest expense.

Impairment on mortgage servicing rights, net of hedge results, totaled $19.1 million. Approximately $9.7 million of this total related to the company's implementation of a more robust, dynamic prepayment modeling system and recognition of a higher cost to service certain loans in the company's portfolio. With this additional charge, the company moved toward the more conservative end of a relevant valuation range.

The company repurchased 238,000 shares of its common stock during the quarter. The shares were bought at an average price of $12.29. Since August 2002, the company has repurchased 2,535,300 shares. An additional 1,464,700 shares remain available for repurchase under current board authorizations. Management will make additional purchases at its discretion in the public market or through private transactions.

During the quarter, total deposits rose to $2.5 billion, representing an increase of $47.5 million. Retail deposits increased by $119.6 million or 23% on an annualized basis. Small business deposits rose to $17.5 million, an increase of $13.3 million. These gains were partly offset by an $85.4 million reduction in escrow deposits held for the company's mortgage operations. At quarter-end, the average account balance for the bank's retail customers totaled $9,457 and for small business customers $17,648.

The bank's indirect auto lending division, Dealer Financial Services, generated $38.9 million of loans during the quarter, its first full quarter of operations. Its production in September totaled $19.8 million compared to $3.5 million in June.

The bank is still in litigation over its investment in leases originated by Commercial Money Center, Inc. (CMC). No material developments have occurred since last quarter in the CMC bankruptcy proceeding or the multi district litigation (MDL) against the insurance companies that guaranteed payments on the leases. Discovery is continuing in the MDL. Guarantors on the bank's leases are Illinois Union Insurance Company, an affiliate of ACE INA Group (NYSE:ACE); Safeco Insurance Company, an affiliate of Safeco (Nasdaq:SAFC); and Royal Indemnity Company, an affiliate of Royal and Sun Alliance Group (NYSE:RSA).

Based on the non-accrual status of the leases and legal expenses, the CMC litigation impacted the company's quarterly performance by $1.4 million, pre-tax, or $.02 per share. The bank remains confident that it will ultimately prevail against the guarantors. The company filed a Form 8-K on June 16, 2003, providing an update on the litigation. Interested parties may review this document for additional information on the matter.

Transaction Processing

The company's transaction processing business continued to grow during the quarter. Resource Mortgage Solutions (RMS) processed a record $241 million in conforming loans, representing a quarter-over-quarter increase of $63 million or 36%. RMS now has a total of 437 relationships, representing an increase of 27 relationships over last quarter.

The company recently executed a definitive agreement to acquire Financial Technologies, Inc. (FTI), a nationwide provider of ATM and merchant processing services. FTI currently has more than 4,300 ATMs in deployment. Management believes FTI's processing solutions complement the company's own small business banking and RMS initiatives. FTI has a track record of profitability and the deal is expected to be immediately accretive. Pending regulatory approval, the transaction is expected to close during the fourth quarter. For additional information, please see the company's press release dated October 6, 2003, "NetBank, Inc. Reaches Definitive Agreement to Acquire Financial Technologies, Inc."

Next Quarter Earnings Outlook

Based on the 10 equity analysts who actively cover the company, EPS estimates for the fourth quarter range from $.21 to $.27. As of today, the consensus estimate is $.24. Management's outlook for the company's business segments through the end of the year suggests that the current range is reasonable.

Supplemental Financial Data

Management has updated the quarterly financial data available on its Web site. This data provides further detail on the performance of the company's different business channels over the past five quarters. It is intended to supplement the information in this announcement and give interested parties a better understanding of the company's operations and financial trends.

Interested parties can find this quarterly supplement on the company's Web site at www.netbank.com. Go to "About NetBank" and then "Investor Relations." The material is accessible through the link titled "Financial Data."

Within this same area, the company posts a monthly statistical report, which is intended to give individuals a means of tracking the company's performance during a quarter. The monthly report is published directly to the Web site no later than the 15th of each month.

About NetBank, Inc.

NetBank, Inc. (Nasdaq:NTBK) operates with a revolutionary business model through a diverse group of complementary financial services businesses that leverage technology for more efficient and cost effective delivery of services. Its major subsidiaries include NetBank(R) (www.netbank.com), the country's first commercially successful Internet bank; RBMG, Inc., a wholesale mortgage lender that generates residential mortgages through a nationwide network of independent brokers and correspondent lenders; Market Street Mortgage Corporation, a retail residential mortgage lender that conducts business in 39 states; Meritage Mortgage Corporation, a wholesale mortgage lender that originates non-conforming residential mortgages through a nationwide network of independent brokers; Republic Leasing Company, Inc., a wholesale originator and servicer of commercial business equipment leases; and NetInsurance, Inc. (formerly known as RBMG Insurance Services, Inc.), an online insurance agency representing some of the nation's leading insurance companies. NetBank is a Member FDIC. NetBank, RBMG(R), Market Street Mortgage(R) and Meritage(R) are Equal Housing Lenders.

CONTACT:NetBank, Inc., Atlanta Matthew Shepherd, 678/942-2683 mshepherd@netbank.com

SOURCE: NetBank, Inc.

[Headlines]

##### Press Release ################################

Microfinancial Net Loss $3.2 million for 3rd Q

MicroFinancial Incorporated, announced its financial results for the third quarter and the nine months ended September 30, 2003.

Third quarter revenue for the period ended September 30, 2003, was $22.1 million compared to $30.5 million for the same period last year. The reduction in revenues is directly related to the Company's decision in October 2002 to cease funding new originations as a result of its Lenders' decision not to renew the revolving credit facility on September 30, 2002.

The net loss for the quarter was $3.2 million, or ($0.25) per share as compared with a net loss of $19.6 million or a loss of $1.53 per share in the prior year's third quarter. The improvement in net income for the quarter is primarily due to a lower provision for credit losses as compared to the same period last year. The reduction in revenues for the quarter is primarily the result of a 44% decline in lease and loan revenues to $7.2 million and a 35% decline in service fee and other revenues to $2.9 million.

Total operating expenses for the quarter declined 56.6% to $27.4 million as compared to the same period in 2002. Interest expense declined 35.4% to $1.6 million as a result of lower debt balances of approximately $99.1 million offset by an increase in the Company's average interest rates of 149 basis points. Selling, general and administrative expenses decreased 24% to $7.8 million for the third quarter ended September 30, 2003, versus $10.3 million for the same period last year. The decrease was attributable to reductions in personnel related expenses of approximately $1.7 million as well as a $0.7 million reduction in collection related expenses. The provision for credit losses decreased to $13.9 million for the quarter ended September 30, 2003 from $44.7 million for the same period last year, while net charge offs increased to $16.6 million. Past due balances greater than 31 days delinquent at September 30, 2003 remained relatively flat at 22.9% from 23% last quarter. Exclusive of a federal tax refund in excess of $11 million received in the second quarter of 2003, net cash provided by operating activities for the third quarter increased slightly to $20.8 million compared to $20.5 million for the previous quarter. The Company repaid debt of $24.6 million on its senior credit facility and securitizations during the quarter.

"I am pleased that during the third quarter the Company was able to reduce our total interest bearing debt by an additional $24.6 million which brings our year to date reduction to over $83 million, commented Richard Latour, President and Chief Executive Officer. "We remain ahead our required repayments and other financial expectations of our bank agreement by approximately $5 million through September 30, 2003."

The Company remains in full compliance with the terms and conditions of its securitizations and senior credit facility. The Company has made or exceeded all scheduled payments on these debt instruments in a timely manner. During the quarter, MicroFinancial's successful collections efforts allowed the Company to reduce its bank debt by $15.4 million to $73.5 million.

For the nine-month period ended September 30, 2003 revenues decreased 27.5% to $71.6 million compared to $98.8 million during the same period in 2002. The reduction in revenues is directly related to the Company's decision to cease funding new originations since October 2002 as a result of its Lenders' decision not to renew the revolving credit facility on September 30, 2002.

The net loss year to date ending September 30, 2003 was $7.7 million or ($0.59) per share versus a net loss of $14.4 million or ($1.12) per share for the same period last year. Total operating expenses for the nine months ended September 30, 2003 were $84.4 million compared to $122.8 million in 2002. Interest expense declined 18.7% to $6.4 million as a result of lower average debt balances of approximately $73.3 million. Selling, general and administrative expenses decreased 25.1% to $25.7 million for the first nine months of the year versus $34.3 million for the same period last year. The decrease was driven by a reduction in personnel related expenses of approximately $4.7 million, a $1.5 million reduction in cost of goods sold, and a reduction in collection related expenses of $2 million. The Company's headcount at September 30, 2003 was 144; down from 300 from the same period last year while depreciation and amortization decreased 12.3% to $12.5 million compared to $14.2 million in 2002. The provision for credit losses decreased 40% to $39.9 million for the nine-month period from $66.5 million for the same period last year. Year to date net charge-offs increased to $52.7 million and the Company repaid debt balances on its senior credit facility and securitizations of $83.4 million for the nine months ended September 30, 2003.

MicroFinancial Incorporated continues to operate without the use of gain on sale accounting treatment and a balance sheet with total liabilities less subordinated debt to total equity plus subordinated debt of 1.4 to 1.

Latour concluded, "MicroFinancial continues its efforts to secure various financing, restructuring and strategic alternatives that will enable the Company to reenter the financing market."

( for other stories regarding MicroFinancial, please go here:

http://www.leasingnews.org/Conscious-Top%20Stories/micro_leasecomm.htm

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### Press Release #################################

CFNB Reports Lower First Quarter Net Earnings

IRVINE, Calif.----California First National Bancorp (NASDAQ:CFNB) ("CalFirst Bancorp") today announced net earnings of $2.3 million for the first quarter ended Sept. 30, 2003, a 25% decline from $3.0 million earned during the first quarter of fiscal 2003. Diluted earnings per share for the first quarter decreased 22% to $0.21 per share, compared to $0.27 per share for the first quarter of the prior year, benefiting from a lower number of shares outstanding during the period.

For the first quarter ended Sept. 30, 2003, net direct finance and interest income of $4.6 million was essentially unchanged from the first quarter of the prior year. This result reflected a small increase in direct finance income and a small decrease in the provision for lease losses, which were offset by a decrease in interest and investment income. Lower investment income is due to the combined impact of lower yields on lower investment balances and the volatility in short term interest rates during the quarter. Other income decreased 10% to $3.7 million, compared to $4.2 million reported for the first quarter of fiscal 2003. The decrease primarily reflects a decline in income from lease extensions, which offset slight increases in sales of leased property and other income. Based on the foregoing, gross profit of $8.3 million for the first quarter of fiscal 2004 decreased 6% from $8.8 million reported for the first quarter of the prior year.

During the first quarter of fiscal 2004, CalFirst Bancorp's S,G&A expenses increased by 19% to $4.6 million, compared to $3.9 million reported for the first quarter of fiscal 2003. The increase reflects the expansion of the sales organization, which primarily occurred during the last nine months of fiscal 2003. When compared to the fourth quarter of fiscal 2003, S,G&A expenses were down 5%.

Commenting on the results, Patrick E. Paddon, President and Chief Executive Officer, indicated that: "During the first quarter, we began to see more benefits from our expansion in the sales organization. The volume of lease originations approved during the first quarter was almost double the volume of the comparable quarter of last year. CalFirst Bancorp finished the quarter with a backlog of approved but un-booked leases up 30% from a year before, and at the highest level seen in almost three years. The contribution from residual realization continues to be lower than in years past, although not substantially below the level reported for the first quarter of last year. This is due to the fact that the volume of leases reaching their end of term during fiscal 2004, while down substantially from fiscal 2002, is expected to be relatively unchanged from the volume realized during fiscal 2003."

California First National Bancorp is a bank holding company with leasing and bank operations based in Orange County, Calif. California First Leasing Corporation leases and finances computer networks and other high technology assets through a centralized marketing program designed to offer cost-effective leasing alternatives. California First National Bank is an FDIC-insured national bank that gathers deposits using telephone, the Internet, and direct mail from a centralized location, and will lease capital assets to businesses and organizations and provide business loans to fund the purchase of assets leased by third parties.

CONTACT: California First National Bancorp, Irvine S. Leslie Jewett, 949-255-0500 ljewett@calfirstbancorp.com

SOURCE: California First National Bancorp

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### Press Release########################

Paragon Financial Names Industry Leader Deehan CEO

Paragon Financial Corporation announced that George O. Deehan has assumed the role of CEO, effective immediately. Deehan recently joined the Company's board of directors and will continue to serve in that capacity as well. Deehan succeeds Steven A. Burleson, who has been named to a newly established role in which he will be involved in executing the Company's previously announced business development strategy of growth through acquisition.

Deehan has nearly 40 years of experience in financial services, during which time he was responsible for leading businesses as president & CEO of Advanta Leasing Services, as well as president & COO of a number of companies including AT&T Capital Corporation - Information Technology Services, NCR Credit Corporation, METLIFE Capital Credit Corporation, and Litton Financial Services.

"George Deehan is a natural leader, and ideally suited to lead Paragon for many years," said Paul Danner, chairman of the board. "He brings a keen strategic intellect, formidable business acumen, strong leadership characteristics and a unique set of team building skills. We all feel extremely fortunate that he has agreed to lead the effort to expand our business through internal growth and acquisition," he added.

"My original assessment of Paragon's potential for success was wholeheartedly enthusiastic, so when the opportunity to assume the senior leadership role became a possibility, I didn't hesitate to accept," said Deehan. "The mortgage origination segment is well positioned for consolidation, and the opportunity for increased profitability through scale is convincingly attainable - I think our team possesses the vision, as well as the expertise, to effectively execute in both regards."

"It was extremely fortunate for the company and the shareholders when we recently recruited George to join the Board of Directors," said Steve Burleson. "But for an executive of his caliber to become a full-time member of the management team and lead the charge at this stage is clearly a positive indicator of what we all expect this company to become."

Deehan is a graduate of Lenoir-Rhyne College, and was drafted by the Boston Celtics prior to embarking on his highly successful business career.

In addition to Paragon, Deehan serves on the board of directors for NYFIX, Inc. where he is a member of the audit committee.

About Paragon Financial Corporation

Paragon Financial Corporation is a financial services company currently focused on the origination of residential mortgages loans. The Company plans to augment its growth by acquiring other companies in the same or related industries.

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### Press Release ###########################

CIT Announces Third Quarter Net Income of $0.69 EPS, Up 6% From Prior Quarter and Up 8% From Prior Year

- Managed assets up $1.7 billion from September 30, 2002 to

$49.3 billion

- Return on tangible equity improves

- Credit quality improvement continues

NEW YORK, -- CIT Group Inc. (NYSE: CIT)

today reported net income of $147.8 million or diluted earnings per share of

$0.69 for the third quarter, up from $136.9 million or diluted earnings per

share of $0.65 for the prior quarter. Return on tangible equity increased to

12.2% from 11.6% last quarter.

"Our business model of maintaining a diverse business mix, focusing on

credit management, emphasizing a strong balance sheet and solidifying existing

leadership positions produced our highest quarterly earnings since our return

to the public equity marketplace," said Albert R. Gamper, Jr., Chairman and

CEO.

"Further, the appointment of Jeff Peek as our president and chief

operating officer and the formation of the Office of the Chairman is an

important step for the future of CIT. I have every expectation that this

group will take CIT to an even higher level," concluded Gamper.