|
|
 |
 |
 |
|
|
|
|
|
Kit Menkin's Leasing News www.leasingnews.org Friday,
September 27, 2002 Accurate, fair and unbiased news for the equipment Leasing
Industry Thursday’s Leasing News posted www.leasingnews.org
at 10:35am PDT ---------------------------------------------------------------------------------- ----------------------------------------------------------------------------- Pictures from the Past
-------------------------------------------------------------------------------------------------- Classified Ads---- http://65.209.205.32/LeasingNews/JobPostingsWanted.htm Sales: San Jose, CA
"NAELB" Leasing Associates is looking for 2 or more experienced inside
sales representatives to work with over 7,000 existing customers. Offices:
Pleasant Hill/ San Jose Email:brad@yoursmartrate.com Sales: New York, NY
"NAELB " Looking for a salesperson with business to join well est.
brokerage w/good funding sources. Great offices and good profit splits.
Email:phil@globaleasing.com Sales: Irvine, CA
"UAEL" Direct lessor seeks vendor sales pro in Calif, Arizona or
Nevada.Exp. in small ticket arena/ $10,000 to $150,000. Salary, commiss,
bonus + benefits. Email:russ@firstcorp.com Sales: Hendersonville, NC "NAELB" Great opportunity for the right individual. Small & Mid
Market in Eastern US. Base Plus Commission, car & Phone allowance.
Must have experience. Email:ted@smokeymountainfunding.com Sales: Baltimore, MD "EAEL" The Equipment Leasing Company a bank lessor w/ 30 yrs of
funding $10K-$250K leases. seeks experience reps on east coast- Philadelphia
to Miami. Email:swheeler@sandyspringbank.com Sales: Woburn, MA "UAEL" Sales Professionals wanted for Inside opportunities(MA.),
and remote Acct. Manager openings Nationally. Excellent base salary, commission
plan and full benefits. Email:Noiel.Fontaine@Leasecomm.com for full list, please
go here: http://65.209.205.32/LeasingNews/JobPostingsWanted.htm Headlines---- DVI Appears to be in Deep Trouble Mortgage
Rates Fall Below 6% for 1st Time Since '60s GE
Reaffirms Earnings Forecast Leasing
Top Guns to be In San Diego, says "Maverick" Kruse
Never Go Down to the End of Town Unless You
Take Me Highlights
of Equipment Leasing Association Thursday Newsletter Electro
Rent Reports$2.6M Profit Fiscal 2003 First Quarter Resource
America Postpones Senior Notes
Offering Variant
Leasing Names Two Regional Sales Managers
Theresa Kabot Took Steps To Get Leasing
News by eMail Amtrak
Subsidy--No Light at the End of the Tunnel West
Coast port talks deteriorate; labor unrest appears imminent ### Denotes Press Release Correction: In Yesterday eMail version, the description of Donald D. Zareskey, CLP, CPA, CDP , below his
picture, (http://LeaseConn.com) should not have been there.
It is a story we are working on and somehow got mixed in.
Don has nothing to do with this web site at all. We apology for any confusion. Editor --------------------------------------------------------------------------------------------------- DVI Appears to be in Deep Trouble JAMISON, Pa. The New York Stock Exchange halted sale of DVI
stock. It does appear there are open trades. http://table.finance.yahoo.com/k?s=dvi&g=d DVI a company specializing in loans and leases for medical
equipment, said on Wednesday it expects a loss of $3.4 million to $4.4
million and plans a 1pm, EDT Telephone Call
this afternoon to all investors. http://finance.yahoo.com/q?s=dvi&d=1y http://table.finance.yahoo.com/k?s=dvi&g=d On Wednesday shares of DVI plummeted after credit agency
Fitch lowered its senior unsecured rating on $155 million worth of the
company's debt due in 2004. After having its stock halted for news pending for more than two hours in the middle of the session
yesterday, DVI issued a press release saying it would release its financial
results this afternoon. It expects an after-tax loss of $6.5 million to
$7.5 million for the fourth quarter, yielding a net loss of $3.4 million
to $4.4 million for the year. It appears the stock continues to fall. In the fiscal year ended June 30, 2001, the company reported
earnings of $18.4 million, or $1.29 per share. The Jamison, Pennsylvania-based company said it expects a
fourth-quarter loss of $6.5 million to $7.5 million, including charges. The $5.6 million in charges are related to de-emphasized
business activities, the valuation of other real estate owned and for
operations related to health care companies in which DVI holds an interest.
The company was not immediately available for comment. DVI, Inc. conducts its business principally through two operating
subsidiaries: DVI Financial Services Inc. and DVI Business Credit Corp.
The Company conducts securitizations through special-purpose subsidiaries.
DVI also conducts other structured financings through limited-purpose
subsidiaries or through its operating subsidiaries. DVI is an independent
specialty finance company that provides asset-backed financing to healthcare
service providers. The Company's core businesses are medical equipment
finance and medical receivables finance. The Company provides these services
principally in the United States, Latin America, Europe, the United Kingdom,
South Africa, Asia, Japan and Australia. The Company also provides asset-backed
financing for emerging growth companies. Mortgage Rates Fall Below 6% for 1st Time Since '60s By Sandra Fleishman Washington Post Staff Writer Average rates for 30-year mortgage loans this week sank below
6 percent, according to Freddie Mac, crossing a psychological line that
some experts said could further fuel an already-record refinancing boom. Other bankers and analysts said the lines of people who want
to refinance can't get much longer. Customers have been stacked up at
lenders, in settlement offices and on appraisers' appointment logs for
two months as average rates have fallen to 5.99 percent from 6.49 percent. "It's literally like a doctor's office" where patients
wait, said mortgage banker Andrew Mac Tigue of First Savings Mortgage
Corp. in Kensington. Crossing the 6 percent line may spark even more interest
because of human nature, said Stephen Leeb, a psychologist and editor
of Personal Finance, an investment-advice newsletter. Just as customers respond when retailers price merchandise
at 99 cents instead of a dollar, borrowers could jump back in line when
they see 5.99 percent instead of 6 percent, Leeb said. "It's just
the way we're constructed as human beings that we respond to these things." People took notice when rates dropped below 7 percent for
the first time a few years ago, said Freddie Mac economist Robert Van
Order. But rates have been so low for the past year, Van Order said he
didn't know whether dropping below 6 percent "will make a huge difference
in people's calculations." Freddie Mac announced yesterday that rates fell to 5.99 percent
from last week's 6.05 percent. It's the first time the averages have gone below 6 percent
since Freddie Mac began keeping records in 1971, and approaches numbers
from the days of "Leave It to Beaver," a TV sitcom of the late
1950s and early '60s. In those days, rates were around 5.80 percent. In the 1940s
and 1950s, military veterans got even lower rates. Fifteen-year mortgage rates this week also fell to another
low. The average rate of 5.41 percent was the lowest since Freddie Mac
started keeping those records in 1991. The average was 5.47 percent last
week. One-year adjustable-rate mortgages slipped this week to an
average 4.22 percent from 4.28 percent last week. The previous low was
4.18 percent in the week of Feb. 18, 1994. All three average rates assume payment of 0.6 percent of
the loan in points or lender's fees. A year ago, 30-year rates averaged 6.72 percent, 15-year
rates averaged 6.23 percent, and one-year ARMs averaged 5.45 percent. Rates have fallen because of continuing stock market losses,
driven by investor lack of confidence, business accounting failures and
worries about a possible war with Iraq. The low rates have fed the housing boom that is in turn feeding
the U.S. economy. While recent reports showing slippages in new-home starts
and existing-home sales have led some analysts to fear the housing market
is slowing, the nation's real estate associations and builders still predict
record sales and starts. Yesterday, the Commerce Department offered another sign of
continued strength: New-home sales rose 1.9 percent in August to a seasonally
adjusted record yearly rate of 996,000. July's new-home sales numbers, however, were revised downward
significantly from a 6.7 percent jump to a 1.9 percent gain. The revised
numbers show July sales at an annual rate of 977,000 units, down from
the preliminary estimate of 1.02 million. Mortgage bankers and brokers caution that borrowers should
always do the math before deciding to jump into refinancing or to wait
for lower rates. That means borrowers should determine how long they plan
to stay in their houses, to calculate whether the savings in monthly payments
are worth the costs of refinancing and to decide whether they want to
draw money out of equity to spend elsewhere. "A lot of people still don't qualify" because they
have low rates already and small mortgages, said mortgage broker Paul
E. Skeens of Carteret Mortgage Corp. in Fort Washington. But "it's
a mistake to wait for a mythical number" that might never be reached,
he said. ----------------------------------------------------------------------------------------------- GE Reaffirms Earnings Forecast The Associated Press FAIRFIELD, Conn. –– General Electric Co. reaffirmed its earnings
forecast for the third quarter and the year Thursday, but said the economic
environment is tougher than expected. In a Webcast with analysts, GE said it expects earnings of
$4.1 billion, or 41 cents per share, for the current third quarter and
$1.65 per share for the year. Those forecasts match the consensus estimates
of analysts surveyed by Thomson Financial/First Call. The third-quarter results, which will be reported next month,
would be up 25 percent from the same period last year, when net income
was $3.28 billion, or 33 cents per share. "We think these results are going to look very strong
in this very difficult time," said Keith Sherin, GE's chief financial
officer. GE declined to offer a forecast for next year, saying that
would come in December as in previous years. "But I can tell you the environment is tougher than
we expected," Sherin said. He said sluggish economic activity in the United States has
affected some of GE's businesses, such as plastics and industrial systems. Shares of GE traded Thursday afternoon on the New York Stock
exchange at $26.65, down 35 cents. ---------------------------------------------------------------------------------------------- Leasing Top Guns to be In San Diego, says “Maverick” Kruse Need a good reason to attend the upcoming UAEL Annual Conference
and Exposition in San Diego, October 4-6? Here are a few.... As the UAEL Annual Conference Chairperson, I wanted to make
sure that anyone who is not yet registered, take a look at some of the exciting
events that are going to pack this 3 day conference which is why it will
be one of the most heavily attended conferences by exhibitors and attendees
so far this year. - 50 Exhibitors and Funding Sources - We all know that Funding
sources are getting few and far in between and this will be the largest
gathering this year of service providers and funding sources. - 110 First Time Attendees - Over 100 leasing professionals
will take advantage of the 'refreshed', UAEL Ambassador Program and
will have an opportunity to rub elbows with some of the industry icons. --Advanced Leasing Workshop - ACC (formerly Amembal Capital)
will be putting on this all day, workshop which is included in the conference
fee. - No rubber chicken at lunch - Not this year folks, I think
these are free range birds. - Meet a real life computer geek - That's right, Jim Buckles
from Preferred Broker Solutions will be on hand to offer training on System
1 ver 2.5, CapitalStream Advantage, MS Word and document conversion
to PDF. - "You shake my nerves and you rattle my brain"
- KC BBQ in San Diego, site of the making of the film 'Top Gun', will be where everyone
gathers on Friday night for the 'Great Balls of Fire' get together. - Keynote address by Scott Hunter - This is a can't miss
for anyone t hat wants to take marketing to a new level. - Rear Admiral, William Newman a real Top Gun - Find out
what it is like to go Mach 2, upside down, after eating a Denver Omelet. - Top Gun Sales panels featuring top executives - Kit Menkin
is stirring the pot as top industry professionals on the sales and sales
management, share some of their secrets of success. All this and much more makes this a can't miss event. Hit the www.uael.org or call Azin at UAEL (510) 444-9235, ext 22 to get that last
minute registration in. There
are still some great deals on rooms available but not many so do it now. Looking forward to seeing you in San Diego! John 'Maverick' Kruse John Kruse Never Go Down
to the End of Town Unless You Take Me. George George Walker Walker George Walker Bush Took great care of his country Although he was only fifty-six. Said to his country “Country,” he said, said he: “We Must never go to Iraq Unless we get the support of the U of N.” George George Walker Bush Put on a golden crown George George Walker Bush Drove to the end of town George George Walker Bush “Said to himself, said he: “I can appear at the UN myself and be back in time for tea.” Thomas Daschle Put up a notice: “Lost, stolen, or strayed, President Bush Seems to have been mislaid, Last seen Wandering vaguely, Quite on his own accord, He tried to get down to the end of town, But we will put a stop to him right away.” George George Walker Bush (commonly known as “the guy in the White House”) Told his Other relations Not to go blaming him as a mouse.” George George Said to his country, “Country,” he said, said he: “Perhaps we will go to Iraq Even Without the support of Senator Tom the Daschle.” George George Walker Bush Hasn’t been heard of since Tony Blair Said he was sorry, So did the Queen and Prince. Al Gore (Somebody told me) Said to a man he knew: “ He also took the lock box to the end of town, well, well, I just will stew!!! “ (Now then, very softly) G.G. W.W. W.Bush Took great care of his country although he was only 56. George George Said to his country. “ Help me,” he said: “Perhaps-we-should-go-to-Iraq-even- if-we-go-without-Tom-the-Daschle” Said he. ( apologies to A.A.
Milne ) http://www.whitehouse.gov/president/ Highlights of Equipment Leasing Association Thursday Newsletter ******************************** ELT E-Leasing Newsletter 9/26/02 ******************************** The Equipment Leasing Today E-Leasing Newsletter is published
every Thursday and is sponsored by the Equipment Leasing Association and
its co-sponsor. To get Full-Text Stories, go to the web page associated
with the story you wish to read. The links to news stories require an
ELA MEMBERS-ONLY NAME AND PASSWORD. To receive a password, please go to
http://www.elaonline.com/memberDir/Profile/IndivForm.cfm NOTE: Address change/unsubscribe instructions and contact
information can be found at the end of this e-mail. If you received this e-mail
(but it was NOT forwarded to you by someone else) you are ALREADY subscribed. ************** The E-Leasing Newsletter is SPONSORED by:
*************** NASSAU
ASSET MANAGEMENT Recovery
and Remarketing Specialists 1(800)462-7728 or 1(800)4-NASSAU GO HERE>>>>>>
http://www.nasset.com WE GET RESULTS!!!!!!!!! Servicing
The Leasing Industry for more than 25 years!!!!! *Covering all 50 states and Canada *Fastest turn around *24
hour reporting via Web *Highest resale prices Call Nassau now
for a complete assessment of your needs!!! http://www.nasset.com ******************************************************************** **************** The E-Leasing Newsletter is SPONSORED by:
*********** Southfork Asset Management Corp. Recovery & Remarketing Specialists Nationwide Coverage * Immediate Turnaround * High Resale
Value Lease and Loan Default * End-of-Lease Return "Bringing Asset Management To The Next Level!" (877) 99-ASSET * (877) 992-7738 * Click Here >> http://www.southforkasset.com ***************************************************************** ****************************** 1. Did You Make
the "List?" Register
for ELA Convention by October 3rd And Be Sure! ****************************** Unfortunately, you don't have forever to register for the
ELA Convention in San Francisco, October 13-15, and still be included
on the final Convention pre-registration roster distributed to convention
attendees. If you register with ELA by October 3rd, your name will appear
in the roster. After that....your name will be included in the final online
list, which doesn't appear until after the convention is over! Being on the pre-registration "list" makes you
much more visible to everyone you want to meet and talk with at the Convention. If you want to be included in the final version of this prestigious
list, register by October 3 for the ELA Annual Convention on-line at http://www.elaonline.com/events/2002/annconv/registration.cfm And while you're there, make your hotel reservations with
the Marriott directly from the Convention site! The pre-registration list as of September 24 for the ELA
Annual Convention is available online http://www.elaonline.com/events/2002/annconv/attendees.cfm
Don't go missing and have other convention attendees wonder
where you are. Register TODAY! ************* The E-Leasing Newsletter is sponsored by: **************** Asset Control Doing more for your bottom line. Providing expert individual attention that allows you to
preserve the value of your portfolio. Recovery, Collections, Remarketing, Appraisals, Inspections,
Auctions & Storage 1-888-227-0444 email: info@assetcontrol.com VISIT OUR WEBSITE >>>>> http://www.assetcontrol.com ********************************************************************* ****************************** 2. The Interactive
Survey of Industry Activity (iSIA) is now Active! ****************************** When you purchase the 2002 ELA Survey of Industry Activity,
you will also gain FREE access to the Interactive Survey of Industry Activity
(iSIA). The iSIA allows you to
search from among various benchmarking criteria and immediately view custom
results on-line. The 2002 ELA Survey of Industry Activity (SIA) is available
at the click of a button. After
you purchase the SIA in the ELA Store, you will have the option of downloading
the report as a pdf file. This
allows you to receive the report immediately. The 2002 Survey of Industry Activity captures virtually every
measurable characteristic of a leasing operation, from new business volume
to portfolio performance to profitability ratios-- and much more. To make smart business decisions regarding
your leasing operation; you need to access the Survey. Go to the ELA Store on ELA Online http://www.elaonline.com/ELAstore/
to order your copy of the 2002 Survey of Industry Activity today! (Responding companies have already been sent
their complimentary copies and have access to the iSIA.) Cost: Member
- $295 Non-Member - $495 ****************************** 3. Research,
Statistics, Studies! Available to Lessors ****************************** Watch for numerous research studies issued this fall from
ELA and the Equipment Leasing and Finance Foundation, including reports
on medical, telecommunications, information technology, semi-conductors,
securitization and more. Studies currently available to ELA members: The 2002 Annual Survey of Industry Activity (http://www.elaonline.com/industryData/#SIA)
- the industry's comprehensive report on lessor activity and profitability Leasing the Small Firm 2002 (http://www.leasefoundation.org/ResearchPubs/)
- lessors seeking marketing advice to small firms should access this study
Intellectual Property Leasing and Its Implications for the
Leasing Industry 2002 (http://www.leasefoundation.org/ResearchPubs/ )
- chock full of statistics on finance and patents, trademarks and copyrights. ****************************** 4. PAYNET Announces
New Risk Management Service ****************************** PAYNET announces the unveiling of a new risk management service
giving senior management greater understanding and control over their
credit origination process. The Credit Control Service(tm) specifically
identifies new transactions booked by the lender each month that were
approved despite the presence of a PAYNET Warning(tm) based on prior "Bad"
repayment experience with other lenders in the PAYNET database. While results vary by lender, retro-analysis shows that 24%
- 48% of transactions originated when a PAYNET Warning(tm) was present
eventually become "Bad" themselves. The life cycle write-off
rate for these "Bad" transactions is 18% on average according
to PAYNET's experience, well above the maximum acceptable threshold of
all but the most high-risk lenders. For more on this story, please visit http://www.elaonline.com/news/MembersOnly/news_report.cfm?id=3967 ****************************** 10. Make A Difference!
Vote for Business Now! ****************************** Interested in how your members of Congress have voted on
legislation or need to get an absentee ballot, then visit ELA's newest
website Vote for Business Now http://www.elaonline.com/govtrelations/Federal/VoteBiz.htm This site, which ELA is doing in conjunction with the U.S.
Chamber of Commerce, is a powerful tool for ELA grassroots advocacy and
will educate you on issues that affect your business. Through this means
you can educate yourself on the issues and vote your mind by knowing (1)
how important these issues are to your candidate and (2) what these candidates
will do for you once elected to Congress. Look out for other advocacy tools such as "Eyes on Washington"
to learn about issues that affect the Industry which will be updated soon.
If you have any questions please contact Michael Benveniste,
ELA Government Relations, at 703-516-8381. ****************************** 11. Don't miss the
ELA LEASEPAC Silent Auction! ****************************** A shopping spree at Nordstrom, Neimann Marcus, or Saks Fifth
Avenue. Tickets to a 49ers, Eagles or Redskins game. Sports memorabilia. A weekend getaway. It's all right here at ELA/LEASE PAC 7th Annual Silent Auction
at the ELA Convention in San Francisco from October 13-15. Be there and bring your checkbook. ****************************** 12. ELA's Credit
Scoring and Decision Automation in the Leasing Industry Conference Scheduled
for October 9th, 2002 ... it's not too late to REGISTER ****************************** It's not too late to register for ELA's Credit Scoring and
Decision Automation in the Leasing Industry Conference Scheduled for October
9th, 2002 at the Philadelphia Courtyard Marriott in Philadelphia, Pennsylvania.
ELA's Credit Scoring Workshop provides an introduction to scoring
for those new to its use in the leasing industry, and can be used to benchmark
best practices for the "aficionados" of scoring.
To ensure your name appears on the list of attendees, ELA must
receive your registration form and payment no later than Wednesday, October
2nd, 2002. If you miss the deadline, you still have the
opportunity to register on-site at the conference registration desk. For complete details and to register click below: http://www.elaonline.com/events/2002/credscore/ ****************************** 13. Give Your Newest
Employees a Boost with Principles of Leasing Workshop ****************************** Well-trained employees are more productive, cause fewer job-related
mistakes, are happier at work and are better able to respond to customer
needs. ELA's Principles of Leasing
Workshop is your answer to helping new employees establish a firm foundation
in the basics of the leasing and finance. This 2½-day program taught by veterans of the industry, has been
the industry standard for nearly two decades.
There's still time to register for the next workshop, which is
scheduled October 7-9 in Schaumburg, Illinois.
To review the agenda for the course or to register for the workshop,
go to: http://www.elaonline.com/events/2002/Principles/index.cfm ****************************** 14. What will your
IT budget look like in 2003? ****************************** Compared to last year, will your 2002 IT budget increase,
decrease, or stay the same? Let us know! Visit http://www.elaonline.com/ and log in your
answer to the ELA Quick Poll today. ****************************** 15. ELA Calendar
of Events ****************************** Please visit ELA's 2002 Calendar of Events online at http://www.elaonline.com/events/year2002.htm If you have any questions about ELA conferences and workshops,
please contact Lesley Sterling at lsterling@elamail.com October 7-9, 2002 Principles of Leasing Workshop Hilton Northbrook, Northbrook, IL http://www.elaonline.com/events/2002/principles/ October 9, 2002 Credit Scoring and Decision Automation in the Leasing Industry
A Practical Overview of Scoring in the Leasing Industry Philadelphia Courtyard Marriott ~ Philadelphia, PA http://www.elaonline.com/events/2002/credscore/ October 13-15, 2002 41st Annual Convention San Francisco Marriott, San Francisco, CA http://www.elaonline.com/events/2002/AnnConv/ November 7, 2002 MAEL 20th Annual Dinner Meeting Westin O'Hare, Chicago, IL http://www.mael.org/members/news.asp December 2-4, 2002 Principles of Leasing Workshop Embassy Suites, LaJolla, CA http://www.elaonline.com/events/2002/principles/ December 9-11, 2002 Principles of Leasing Workshop Philadelphia Marriott, Philadelphia, PA http://www.elaonline.com/events/2002/principles/ For more information on the events listed below, or to view
ELA's entire calendar, visit the ELA Conference & Training Home Page
at http://www.elaonline.com/events/ and click on the links to
programs of interest to you. **************************************************** Submit your own company news story for ELA'S E-LEASING NEWS!
Visit http://www.elaonline.com/news/newsaddedit.cfm **************************************************** *** FOR MORE NEWS For more leasing news, visit ELA Online's News Home Page
at http://www.elaonline.com/news/ *** SUBSCRIPTION INFORMATION To update your current subscription information or receive
your ELA USERNAME/PASSWORD, please visit: http://www.elaonline.com/memberDir/Profile/IndivForm.cfm To unsubscribe, please email database@elamail.com. Amy J. Miller, ELA's Vice-President of Communications, edits
ELT's E-leasing Newsletter. If you have questions or comments relating
to ELT's E-Leasing Newsletter, please email her at amiller@elamail.com. This newsletter is free to ELA members. Forward it to a co-worker!
Copyright 2002 by the Equipment Leasing Association http://www.elaonline.com/ Phone: 703/527-8655 Fax: 703/527-2649 ########### ######################################### Electro Rent Reports $2.6M
Profit Fiscal 2003 First Quarter VAN NUYS, Calif.----Electro Rent Corporation (NASDAQ:ELRC)
announced today that net income for the first quarter of fiscal 2003 ended
August 31, 2002 was $2.6 million, or $0.10 per diluted share. For the
first quarter of fiscal 2002, net income was $4.0 million, or $0.16 per
diluted share. Revenue for this year's first quarter declined to $31.1
million from $43.0 million for the same period last year. Chairman and Chief Executive Officer Daniel Greenberg said,
"The troubling trends in the technology sector with which we have
been contending for some time extended into the first quarter. Equipment
utilization in both parts of our business fell yet again during this period;
consequently, new equipment purchases were at a low ebb. The positive
side of this coin is that cash flow provided by our net income for the
quarter, a reduction in accounts receivable, and lower equipment purchases
combined to increase our cash position by more than $15.0 million since
May 31, 2002 to $131.0 million at August 31, 2002." Selling, general and administrative expenses declined by
approximately $4.0 million, or about 27%, for this year's first quarter
compared to the first quarter of fiscal 2002, reflecting a reduction in
personnel and the closing of certain locations. "Although we must
remain in a defensive posture while the shakeout in the technology sector
runs its course, Electro Rent's liquidity is substantial and growing,
and our ability to serve our customers is undiminished. We will continue
to run our company cautiously but resolutely until business conditions
improve," Greenberg said. Purchases of test and measurement and computer-related equipment
during the fiscal 2003 first quarter totaled $6.8 million. This compares
to equipment purchases of $14.0 million for the first quarter of fiscal
2002. Sales of excess equipment amounted to $6.4 million for the first
quarter of fiscal 2003 versus $7.0 million a year earlier. The book value
of Electro Rent's equipment pool was $109.9 million at August 31, 2002
compared to $119.7 million at May 31, 2002. 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, workstations and general purpose electronic
test equipment. CONTACT: Electro Rent Corporation Daniel Greenberg, 818/786-2525 or Berkman Associates Neil Berkman, 310/277-5162 (Investor Contact) ################ ############################################## Looking for comments
on the following press release: ############### ############ Resource America, Inc. Postpones Proposed Senior Notes Offering PHILADELPHIA----Resource America, Inc. (NASDAQ:REXI) (the
"Company") reported today that because of volatile market conditions
it has decided to postpone its proposed $125 million sale of 8-year senior
notes. The Company's concurrent consent solicitation and tender offer
for its existing 12% senior notes, which was conditioned upon the sale
of its 8-year senior notes, has been terminated. Tendered notes will be
returned promptly and the related consents will be revoked. "We and our advisors believed an opportunity to access
the high yield markets at favorable rates was available. The volatility
in the market since we announced our intent on September 13, 2002 has
resulted in an indicated coupon which we feel can be improved upon in
a more stable market environment," stated Edward E. Cohen, Chairman,
President and Chief Executive Officer of the Company. Mr. Cohen noted that the principal use of the proceeds of
the offering was to have been to refinance existing senior notes and to
repay credit facilities and other debt, and stated that: "The Company
believes that it has more than sufficient cash flow and liquidity to meet
its existing debt service requirements and to repay credit facilities
and other obligations when due without difficulty. We want to acknowledge
how much we appreciate the consideration given to our offering by investors
and the hard work of our underwriters." Resource America Inc. is a proprietary asset management company
that uses industry specific expertise to generate and administer investment
opportunities for its own account and for outside investors in the energy,
real estate and equipment leasing industries. CONTACT: Resource America, Inc., Philadelphia Pamela Schreiber, 215/546-5005 215/546-5388 (facsimile) source America, Inc., Philadelphia ################ ################################################ --------------------------------------------------------------------------------------------------- Variant Leasing Corporation
announces the addition of Charles Ledgerwood and Kim Province as Regional
Sales Managers.
“Both have many years of providing financial services in
specific industry sectors and will provide valuable assistance in Variants
continued expansion, “ says President James C. Berbeerst. “Ms. Province has over ten years of experience in management,
sales and marketing in the leasing industry, “ he stated.” Kim s background includes comprehensive experience
in building relationships with vendors, brokers, and end users in the
middle market equipment finance arena.”. “Charles has extensive expertise in structuring big ticket
and middle market project financing arrangements, “ Berbeerst said.” He also has a banking background
which supports Variant s partnership with several community banks to service
the leasing needs of their customers.”` Variant Leasing is headquartered in San Juan Capistrano ,
California . The company s professional
staff has years of leasing and financial experience. Variant Leasing is focused on providing its
clients with quality financial solutions with a high degree of service
and ethics. Jim Berbeerst has
over twenty years of leasing experience.
He established CMI's presence on the West Coast and went on to
manage the combined CMI/CIS organization for half of the country as Vice
President and General Manager. Following
this, he was a partner in Varilease prior to forming Variant Leasing Corporation “ We belong to ELA,
“ he told Leasing News. “ We
are not a direct funding source or a super broker.
We are a lessor, mostly middle ticket market.”. VARIANT LEASING CORPORATION AREAS OF EXPERTISE Variant Leasing Corporation is a National Financial Services
Company and a lessor and supplier of High-Tech Equipment. Variant Leasing is particularly competitive on new equipment
leases and sale/leaseback transactions. We specialize in providing operating leases for the following equipment
but can also provide you with competitive capital leases: * Telephone
Equipment: Switches, Auto
Call Directors, Voice Mail, Predictive Dialers * Computer
Equipment: PC Servers, Workstations,
etc., by IBM, Hewlett Packard, Compaq, as well as other manufacturers * Networking
Equipment: Servers, Routers,
Hubs, Bridges * Printing
Equipment: Digital Printing
(Black and White), Prepress, Press, Postpress, Remarketed Equipment * Capital Equipment:
Industrial, Warehousing, Manufacturing and Food Processing * Medically-Related
Equipment: MRI's Cat Scan,
Patient Monitoring Systems, etc. * Specialty
Vehicles: Ambulances, buses,
construction * Semi-Conductor Sputterers, clean rooms, etchers, steppers, Manufacturer
Equipment: testers, surface
mount, etc. * Furniture: Modular and stand alone - all brands Additionally, Variant Leasing can facilitate the funding
for all types of software products. --------------------------------------------------------------------------------------------------- Theresa Kabot Took Steps To Get Leasing News by eMail Slowly but surely some of the carriers are being correct,
and it appears only 600 are now not receiving Leasing News. After being labeled “Spam”, it appears some
Internet Service Providers will have to remove the block of leasingnews.org mail. We cannot contact the reader who has our e-mail blocked, a real catch 22, so if you read this and
have not been getting Leasing News, contact your carrier if you want it delivered
to your mail box. Here is an example of how Theresa Kabot handled it. She contacted her carrier, I sent them what I was receiving, and here is
the response: ‘I've
added your mail server address to our config files as an address (We
are clear, according to our last check with http://ORDB.org,
but nevertheless her
mail was block. Her carrier appears
to have fixed it. All the carriers can do this,
if you handle it the way she did: be aggressive. editor ) ---------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------- No Light
at the End of the Tunnel Panel Rejects $1.2 Billion Amtrak Subsidy Railroad Says It Needs That Much to Keep Long-Distance Trains
Running By Michael Barbaro Washington Post Staff Writer The House Appropriations Committee, voting along party lines,
defeated an effort to give Amtrak the $1.2 billion the railroad says it
needs next year and pushed through an amendment that threatens many --
perhaps all -- long-distance trains. The Republican bill would give Amtrak $760 million in subsidies
next year, about $500 million less than a Senate proposal, and is likely
be modified in a compromise bill. But it directly challenges Amtrak management's
efforts to stabilize the 31-year-old railroad, which has never earned
a profit. Amtrak said the bill, which the committee is likely to approve
next week and send to the House floor, would cripple the railroad and
prompt a cash crisis similar to the one that left passenger-train service
within days of a nationwide shutdown in July. But Rep. Harold Rogers (R-Ky.), chairman of the subcommittee
on transportation, said $1.2 billion "would reward Amtrak for their
poor management and poor performance." The railroad received $826
million this fiscal year. Rogers also said a larger subsidy would stretch the transportation
appropriations bill too thin and result in the bill's defeat when it comes
before the full House. House Democrats said the cuts would force Amtrak to beg for
money next year and accused Republicans of forcing Amtrak to made decisions
about politically sensitive route cuts. Republicans had sought to terminate federal funding to any
train route that required a subsidy of more $200 per passenger on a normal
run, which could have closed six train lines. But after about two hours
of debate, the committee voted to strike that provision and replace it
with language providing $150 million for all long-distance routes -- a
limit that Amtrak officials said probably would mean the end of all long-distance
trains. The six trains that would have been cut in the original bill
run through the districts of several key Republicans who face tight races
for re-election. "You are drawing a veil across an action we are taking,"
said Rep. David R. Obey (D-Wis.), the ranking Democrat on the committee.
"It's just taking a little longer for communities to understand what
Congress is doing to them." In setting the $150 million figure, committee Republicans
apparently accepted early Amtrak estimates that long-distance trains receive
$200 million in operating subsidies each year. That figure, however, was based on Amtrak's peculiar accounting,
in which operating funds can sometimes be disguised as capital funds.
Amtrak President David Gunn has said he will no longer permit such accounting,
and under generally accepted accounting principles, long-distance subsidies
are much higher. In addition, Amtrak officials said, simply cutting a few
trains saves little money. Some operating expenses may be saved, but much
of its operating expense is in other areas such as stations, maintenance
shops and reservations centers. Those expenses would then have to be spread
among fewer trains, raising those trains' per-passenger losses. The National Association of Railroad Passengers, in a letter
to the House committee this week, said shutdowns of long-distance trains
would paralyze inter-city travel. "The existing system is so skeletal that elimination
of any major route means total cessation of service to entire states and
major metropolitan areas," the letter said. Democrats who opposed the cuts said yesterday that eliminating
routes would not save Amtrak money during the next fiscal year. The railroad
is obligated under its labor contracts to pay crew members who lose their
jobs up to six years of salary. Those payments alone could amount to more
than $150 million, at least in the first year. The revised bill will spare many House Republicans the political
complications of voting to eliminate specific lines that run through their
districts. One of them is Anne Meagher Northup (R-Ky.), who faces a tough
re-election battle. Under the original Republican bill, Louisville would
have lost the Kentucky Cardinal just months after state officials talked
Amtrak into extending the route across the Ohio River from its former
station in Jeffersonville, Ind. "This bill will give people in my community a chance
to weigh in," said Northup, who voted with 34 other Republicans for
the $760 million budget. "I hope we will pull the subsidy to below
$200 per rider." Staff writer Don Phillips contributed to this report. West Coast port talks deteriorate; labor unrest appears imminent By Justin Pritchard ASSOCIATED PRESS SAN FRANCISCO – West Coast docks sped toward renewed labor
unrest Thursday as shipping lines accused longshoremen of staging work
slowdowns after their union expressed frustration over contract talks
by urging members to work "in strict accordance" with safety
regulations. Longshoremen began staging slowdowns Thursday afternoon in
Oakland, as well as Seattle and Tacoma, Wash., according to Pacific Maritime
Association, which represents shipping lines and terminal operators. A spokesman for the International Longshore and Warehouse
Union, which represents 10,500 workers at all 29 major Pacific ports,
said he didn't know anything about slowdowns. He did say, however, that union leaders spent the day ensuring
local chapters from San Diego to Seattle were aware a resolution negotiators
issued to "work safely in strict accordance with all provisions of
the Pacific Coast Marine Safety Code and all federal and state health
and safety regulations." The two sides have been bargaining over a new contract for
months but talks have steadily deteriorated. Thursday's events echo the brinksmanship of last week, when
shipping lines threatened to lock out longshoremen they charged with an
initial round of slowdowns. That dispute was resolved without any lockout.
"Based on the union's resolution," said association
President Joseph Miniace, "it appears that the ILWU intends to cause
problems on the docks." The association will monitor work rates overnight and decide
Friday whether to warn workers as it did last week or move directly to
a lockout, according to spokesman Tom Edwards. Any disruption would deal an immediate blow to the economy
and stanch the flow of products from Asia just as importers are rushing
to distribute goods for the holiday season. That glut of containers has
forced longshoremen and clerks to push the limits of safety, according
to the union – but that will change under the new directive. The two sides were scheduled to return to the table Friday
morning for what should be a feisty session. The union said Thursday it
won't discuss how to implement new technology, an issue shipping lines
have stressed they must resolve before signing a new contract. "The PMA has exhausted the technology discussion,"
union President James Spinosa said in a written release. "We worked
with them to try and give them everything they wanted and they gave nothing
in return. Now we have to turn to the issues important to our members
including safety, pensions, and wages." Miniace said he's willing to discuss other issues, but reiterated
the association's demand that computers be phased in to streamline the
movement of more than $300 billion worth of cargo that flows across West
Coast docks each year. "Let me be clear: technology is not off the table,"
Miniace said. "We had comprehensive and productive talks, and it
is extremely disappointing that the union is reacting by threatening work
actions and dismissing the topic altogether." The union says it doesn't oppose new technology, but wants
guarantees that positions created by technological advances are union
covered. The association says a growth in trade will translate into
more union jobs over time, but the union shouldn't dictate that it gets
every new job created by new technology. ---------------------------------------------------------------------------------------------------- E-Mail Removal Form: \http://65.209.205.32/LeasingNews/removalform.asp +++++++++++++++++++++++++++++++++++++++++++++++++ Subscribe, Unsubscribe, Make Changes E-Mail. You may subscribe
by using the contact form at LeasingNews.org or by contacting me directly at kitmenkin@leasingnews.org. If you change your e-mail address, please don't forget to
notify me. If mail comes back more than a few times, we will delete the
mailing address ( usually every five days .) If you would like to be deleted, the list is kept under your
first and last name or how you asked to be listed ( not your URL ). Either use the contact form or e-mail directly or go to: http://65.209.205.32/LeasingNews/removalform.asp . Changes
are made daily, including additions, corrections, and removal when the right
information is provided. There is a trend for Spam programs for workstations and networks.
In addition, some companies block their employees from receiving
news from us. If you have stopped receiving Leasing News, it may be due
to being blacklisted. You can correct this by using another e-mail address. If a "Spam" issue, on your workstation, you will need to "delete us"
from your filter. Most programs allow you to make exceptions to what the program
considers "Spam." If done by your carrier, you will need to contact your carrier
or the "relay carrier" to allow our e-mail. It is our experience, once named, we cannot contact you ,meaning we can't tell you that our mail
is being rejected. Your carrier will make changes when contacted by
the subscriber, not by us. Often they subscribe to these programs that arbitrarily
filter “bulk mail.”. If we are being block, go to our website: www.leasingnews.org---for the on line edition.
Each edition is normally posted to the website ( www.leasingnews.org
) at 10: 30am, sometimes later PDT. The e-mail is sent out very early in the morning. --------------------------------------------------------------------------------------------------------------- ++++++++++++++++ ++++++++++++++++++++++++++++++++++ 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 |
|
