April, Thursday 24, 2003
This Border ##### Denotes Press Release (Not Written By Leasing News)
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Pictures from the Past -----1985—Fred Amerongen
“Fred Amerongen, Inter-West Funding Corp., Lakewood, CO enjoys a winning streak at the Western Association of Equipment Lessor casino party.”
October, 1985, WAEL Newsline
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Federal Reserve: Beige Book Report
Reports from the twelve Federal Reserve Districts suggested that the pace of economic activity continued to be lackluster during March and the first two weeks of April. Although Richmond observed continued modest growth, reports from Boston, Cleveland, Atlanta, St. Louis, Dallas, and San Francisco characterized economic conditions as still mixed or soft. Since the last Beige Book, New York, Philadelphia, Chicago, Minneapolis, and Kansas City noted that the recent pace of economic activity had been slower than reported earlier. The onset of the war with Iraq appeared to have some effect on sales and spending, although it is too early to ascertain the full effect of the war on both consumer and business confidence.
Reports on consumer spending were generally weak in March, but respondents attributed part of the weakness to poor weather and the onset of war. Contacts also cautioned that year-over-year comparisons of sales for March were difficult because Easter fell in late March last year but falls in the third week of April this year. Optimism remained that the retail environment would improve within the next six months.
Most Districts continued to report weakness in manufacturing, although some pockets of growth were noted in most of the reports. Businesses continued to report a cautious attitude toward spending, and commercial real estate was reported to still be in a slump. In contrast, homebuilding activity remained strong across all Districts. Mortgage lending, buoyed by refinancing activity, remained strong, and a few Districts noted some improvement in commercial loan demand. Agriculture conditions generally improved as rain and snow eased drought conditions in several Districts. Labor markets remained soft, but some Districts noted moderating layoffs or improvements in demand for temporary labor.
Overall consumer spending remained subdued in March. Although some of the weakness is attributable to Easter falling later this year, the onset of military action in Iraq and poor weather also had negative effects on March sales figures in most Districts. Atlanta and San Francisco, however, noted that March sales were "near year-ago levels" and "largely stable on net" respectively.
Although retail sales have been sluggish, most Districts indicated that their retailers were not concerned about inventory levels. Cleveland, Atlanta, and Chicago reported heavy discounting or increased promotional environments. The outlook among retailers in Boston, Philadelphia, Cleveland, and St. Louis suggested that at least a slight improvement in conditions would occur in these Districts before the close of 2003.
Reports regarding automobile sales in March were mixed: The Cleveland, Richmond, Chicago, St. Louis, Dallas, and San Francisco auto markets saw some rebound in March after slowing in February. Philadelphia, Atlanta, Minneapolis, and Kansas City, on the other hand, reported faltering auto sales in March, although Minneapolis and Kansas City saw some recovery in auto sales in early April in response to manufacturers' incentives.
Travel and tourism spending strengthened in the Richmond, Minneapolis, and Kansas City Districts, but slowed in the Chicago and San Francisco regions. San Francisco noted that international travel had weakened, due in part to the SARS outbreak in Asia. Dallas observed a decline in air travel due to the onset of the war and the SARS outbreak. Atlanta reported mixed conditions: Although international tourism fell in the District, the decline was offset by a successful spring break season.
Nine of the twelve Districts reported slowing activity in manufacturing. New York and Dallas reported mixed conditions, and Cleveland reported flat or slightly improving conditions. In general, contacts reported lower levels of production, sales, and new orders.
Still, pockets of improvement in the industry were noted by more than half the Districts in this report. In Boston, companies producing hardware, semiconductors, and machine tools reported an increase in business activity, as did nondurable goods producers in the Cleveland District. Atlanta's defense-related manufacturers reported improving conditions, and the hiring of temporary workers in manufacturing rose slightly. In the St. Louis District, some auto parts producers were planning to expand their facilities. The energy-related sector in Dallas observed strong growth since the last report. Despite declining conditions at the time of the survey, manufacturers in the New York and Philadelphia Districts seemed optimistic that activity would improve somewhat within the next six months.
Construction and Real Estate
Residential activity remained strong while commercial building activity continued to be characterized as sluggish. Most Districts reported high levels of residential building activity and sales. Still, some homebuilders suggested that there was a slight softening in their markets: In the Boston District, sales were being limited by supply, and in New York and Atlanta, demand for higher-end homes had eased.
On the commercial side, weakness in construction activity persisted as none of the Districts reported solid improvements in the industry. Office vacancy rates continued to climb in the New York, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco Districts, and some Districts reported falling rental prices.
Banking and Finance
Home lending activity, fueled mainly by refinancing, remained strong across all Districts, but the Chicago District noted some slowing in mortgage activity. Consumer and commercial lending was generally flat, although some bankers in the Cleveland, Chicago, St. Louis, and San Francisco Districts saw slight increases in commercial loan demand. Several Districts reported growth in deposits, but New York reported a decline. Richmond noted a decline in consumer credit demand as clients were paying down their debts.
Recent precipitation has helped to allay fears of continued drought in the Richmond, Chicago, Kansas City, and Dallas Districts. Farmers in the Kansas City District expected to strengthen their balance sheets if relief from drought conditions continues. Various Districts reported stable or rising commodity prices for items such as sugar cane, vegetables, cattle, cotton, tree fruits, and nuts, but prices for milk remained low. The Atlanta and Chicago Districts reported that higher energy prices have resulted in higher market prices for farming inputs, but in Chicago it did not appear to have a large effect because most farmers had negotiated contracts when input prices were lower.
Most District reports indicated continued weakness in labor markets, as several Districts noted substantial layoffs in March and early April. Still, some hints of improvement had emerged: Both Cleveland and Kansas City reported fewer plans for staff reductions, while New York, Atlanta, and Dallas reported stronger demand for temporary workers. Several Districts reported a lack of upward pressure on wages, but firms continued to note substantial increases in the costs of health care and insurance.
Many Districts reported price pressures in specific segments of their economies, and no reports of widespread inflationary pressures were mentioned. In general, energy-related inputs in manufacturing saw substantial price increases in March and early April, but most manufacturers held the prices of their goods steady. Retailers noted heavy discounting and promotions, with notable drops in apparel and electronics prices.
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MB Financial, Inc. Reports Record Quarterly Earnings in First Quarter of 2003
(LaSalle Equipment Leasing)
CHICAGO----MB Financial, Inc. (NASDAQ:MBFI) (the Company), the holding company for MB Financial Bank, N.A., Union Bank, N.A. and Abrams Centre National Bank (collectively, the Banks), announced today first quarter results for 2003. The Company had net income of $12.4 million for the first quarter of 2003 compared to $10.3 million for the first quarter of 2002, an increase of 19.9%. Fully diluted earnings per share for the first quarter of 2003 increased 17.2% to $0.68 compared to $0.58 per share in the first quarter of 2002.
Mitchell Feiger, President and Chief Executive Officer of MBFI said, "The Company continues to produce a healthy stream of earnings during a difficult economic period. We are extremely pleased with our performance for the first quarter of 2003.
On February 7, 2003, the Company acquired South Holland Bancorp, Inc., (South Holland) parent company of South Holland Trust & Savings Bank, for $93.1 million in cash. This acquisition generated approximately $28.6 million in goodwill and $5.9 million in other intangibles."
RESULTS OF OPERATIONS
The Company had net income of $12.4 million for the first quarter of 2003 compared to $10.3 million for the first quarter of 2002. Net interest income, the largest component of net income, was $33.8 million for the three months ended March 31, 2003, an increase of $2.6 million, or 8.4% from $31.2 million for the first quarter of 2002. Net interest income grew primarily due to a $514.1 million, or 16.3% increase in average interest earning assets, which offset a 28 basis point decline in the net interest margin, expressed on a fully tax equivalent basis, to 3.79%. The increase in average earning assets was primarily due to the acquisition of the First National Bank of Lincolnwood (Lincolnwood) in the second quarter of 2002, South Holland in the first quarter of 2003, and growth of the Company's commercial lending business. The provision for loan losses totaled $2.7 million and $3.4 million for the three months ended March 31, 2003 and 2002, respectively.
Other income increased $6.2 million, or 73.5% to $14.5 million for the quarter ended March 31, 2003 from $8.3 million for the first quarter of 2002. Net lease financing increased by $2.5 million, primarily due to $1.8 million in additional revenues resulting from the acquisition of LaSalle Systems Leasing, Inc. (LaSalle) in the third quarter of 2002. Deposit service fees, trust and brokerage fees, and other operating income grew $1.5 million, $1.2 million, $1.0 million, respectively.
Other expense increased by $6.2 million, or 29.4% to $27.3 million for the three months ended March 31, 2003 from $21.1 million for the three months ended March 31, 2002. Salaries and employee benefits increased by $3.5 million due to the South Holland, Lincolnwood and LaSalle acquisitions and the Company's continued investment in personnel. Other operating expenses, occupancy and equipment expense, and computer services expense increased by $1.5 million, $838 thousand, and $458 thousand, respectively.
Other income increased $6.2 million, or 73.5% to $14.5 million for the quarter ended March 31, 2003 from $8.3 million for the first quarter of 2002. Net lease financing increased by $2.5 million, primarily due to $1.8 million in additional revenues generated as a result of the LaSalle acquisition. Deposit service fees increased by $1.5 million, or 61.3%, due to increases in NSF and overdraft fees and monthly service charges of $923 thousand and $496 thousand, respectively, resulting from volume increases associated with the Lincolnwood and South Holland acquisitions, as well as the introduction of a new courtesy overdraft program and free checking product. Trust and brokerage fees increased by $1.2 million primarily due to $953 thousand in additional revenues generated by South Holland's wholly owned full service broker/dealer, Vision Investment Services, Inc. (Vision), and $427 thousand generated by South Holland's trust department. Other operating income increased by $1.0 million due to increases in miscellaneous customer service fees, gains on sale of loans and ATM fees of $596 thousand, $452 thousand and $325 thousand, respectively, which were partially offset by a $423 thousand decline in gain on sale of other real estate.
Other expense increased by $6.2 million to $27.3 million for the three months ended March 31, 2003 from $21.1 million for the three months ended March 31, 2002. Salaries and employee benefits increased by $3.5 million due to the South Holland, Lincolnwood and LaSalle acquisitions and the Company's continued investment in personnel. Other operating expenses increased by $1.5 million, due primarily to $530 thousand in cost of investment sales excluding salaries and employee benefits incurred by Vision and a $357 thousand loss on sale of fixed assets in the 2003 quarter, as well as increases in telephone expense, ATM expense and insurance expense of $228 thousand, $184 thousand and $120 thousand, respectively. Occupancy and equipment expense and computer services expense increased by $838 thousand and $458 thousand, respectively, due to additional locations and customer accounts acquired in the South Holland, Lincolnwood and LaSalle acquisitions.
The efficiency ratio increased to 55.94% for three months ended March 31, 2003 from 53.45% for the quarter ended December 31, 2002. The increase is primarily due to the acquisition of South Holland and its broker/dealer subsidiary, Vision, which operates at a low gross margin. Most cost savings relating to the acquisition of South Holland are expected to be realized in the third quarter of 2003 since the integration of South Holland's computer systems with those of MB Financial Bank is expected to be completed in the second quarter of 2003. After this integration has been completed, South Holland will be merged into MB Financial Bank.
Income tax expense for the three months ended March 31, 2003 increased $1.1 million to $5.8 million compared to $4.7 million for the same period in 2002. The effective tax rate was 32.1% and 31.2% for the three months ended March 31, 2003 and 2002, respectively.
Total assets increased $483.6 million, or 12.9% to $4.2 billion at March 31, 2003 from $3.8 billion at December 31, 2002. Net loans increased by $266.1 million, or 10.8% largely due to the acquisition of South Holland, which had net loans of $262.8 million at the date of acquisition. Investment securities available for sale increased by $121.8 million, or 13.6% primarily due to the acquisition of South Holland, which had investment securities available for sale of $179.0 million at the acquisition date. Goodwill increased by $28.6 million due to goodwill generated in the South Holland acquisition.
Total liabilities increased by $475.0 million, or 13.9% to $3.9 billion at March 31, 2003 from $3.4 billion at December 31, 2002. Total deposits grew by $432.0 million, or 14.3% largely due to $453.1 million in deposits acquired through the acquisition of South Holland. Short-term borrowings increased by $28.9 million, or 13.0% due to increases in FHLB advances, revolving line of credit, and securities sold under agreement to repurchase of $50.0 million, $20.0 million and $18.8 million, which were partially offset by a $59.9 million decline in federal funds purchased.
Total stockholders' equity increased $8.5 million, or 2.5% to $351.7 million at March 31, 2003 compared to $343.2 million at December 31, 2002. The first quarter growth was due to net income of $12.4 million and partially offset by $2.7 million, or $0.15 per share cash dividends and a $589 thousand decline in accumulated other comprehensive income.
At March 31, 2003, the Company's total risk-based capital ratio was 12.39%, Tier 1 capital to risk-weighted assets ratio was 10.59% and Tier 1 capital to average asset ratio was 8.59%. The Banks were each categorized as "Well-Capitalized" under Federal Deposit Insurance Corporation regulations at March 31, 2003.
At March 31, 2003, the Company's book value per share was $19.86.
MB Financial, Inc.
Jill York, 773/645-7866
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NetBank, Inc. Reports $0.22 EPS for First Quarter 2003; Dividend of $0.02 per Share Declared for Shareholders of Record on April 30, 2003
( comments on Commercial Money Market $83.8 Million Non-performing loans exposure;
no mention of Republic Leasing of South Carolina)
ATLANTA----NetBank, Inc. (Nasdaq:NTBK), parent company of the country's first commercially successful Internet bank, NetBank(R) (www.netbank.com), today released financial and operational results for the first quarter of 2003.
The company reported net income of $10.7 million or $.22 per share for the first quarter of 2003, compared with a net loss of $5.6 million or $.19 per share in the same period a year ago. The first quarter 2002 results included transaction and balance sheet restructuring charges of $13.8 million on a pre-tax basis (or $.30 per share) related to the acquisition of Resource Bancshares Mortgage Group, Inc., which closed on March 31, 2002. Based on the company's strong financial performance during the first quarter, the board of directors approved a dividend of $.02 per share to shareholders of record on April 30, 2003. The dividend will be disbursed on June 15, 2003.
Additional highlights of the quarter include:
-- An increase of approximately 10,000 customers at the bank,
compared with growth of approximately 2,300 customers during
the fourth quarter of 2002;
-- Total deposits of $2.3 billion, representing an increase of
$234 million or 46% on an annualized basis from December 31,
-- Quarterly mortgage production of $4.4 billion, compared with
the company's record-setting performance of $4.7 billion in
production last quarter; and
-- An annualized balance sheet turn of 4.5 times based on loan
and servicing rights sales into the secondary market of $4.2
billion, which were close to the record sales of $4.4 billion
recorded during fourth quarter 2002.
"We are very pleased with our performance during the quarter," said Douglas K. Freeman, chairman and chief executive officer. "In our ongoing effort to create long-term shareholder value, we leveraged the continued strength of our mortgage operations to invest in some key initiatives at the bank. Select adjustable rate mortgages and other loans originated through our mortgage channels were added to the bank's portfolio instead of being sold into the capital markets. Through this initiative and others, such as the bank's new indirect auto lending division, we are working hard to improve profitability in the retail banking channel."
"Agency production had another strong quarter, while performance in our other business segments was in line with our expectations," said Steven F. Herbert, chief finance executive. "As anticipated, two items in particular had an impact on our earnings this quarter. We increased our loan loss reserve at the bank in connection with our decision to hold certain ARM and other mortgage loans for investment. These loans will help to increase margin at the bank over the coming quarters. We also experienced high amortization and impairment charges in our servicing unit. These charges relate to heightened pre-payment speeds caused by the current low interest rate environment. We continue to grow the servicing portfolio and believe it will act as a natural hedge against earnings volatility when origination volumes begin to decline. The current level of impairment charges should lessen or reverse in a rising interest rate environment."
"Operationally, we had a number of tactical successes during the quarter that will help us reinforce NetBank's position as the country's leading Internet bank," Freeman concluded. "Since the beginning of the year, we have launched an online offering through our NetInsurance affiliate and a pilot of our new small business banking program. The small business program incorporates the new state-of-the-art bank platform that we plan to roll out along with a redesigned public Web site in the coming months."
Management elected to sell certain securities held at the bank during the first quarter. The sale resulted in gains of $6.3 million. These gains were used in turn to offset pre-payment penalties of $6.0 million on some of the bank's higher-rate, term advances from the Federal Home Loan Bank. The early retirement of this debt will lead to significant cost savings for the company going forward.
The company repurchased 731,000 shares of its outstanding common stock during the quarter. The shares were bought at an average price of $10.46 as part of the company's proactive capital management program. An additional 1.9 million shares remain available for repurchase under authorizations previously approved by the board of directors. The company will continue to buy back shares periodically in the public market or through private transactions.
Retail Bank Operations
Table 1 provides an overview of quarterly performance of the company's retail bank operations. Earning assets increased to $3.2 billion, representing an increase of $262 million or 9% from fourth quarter 2002. The increase relates to the company's strategy of retaining adjustable rate mortgages and select loans originated through its mortgage operations. As a result of the additional assets, net interest income rose to $8.1 million, representing an increase of $934 thousand or 13% from last quarter. The bank incurred expenses during the first quarter connected to the development and implementation of its new small business banking program and indirect auto lending division. The initiation of these new services primarily accounts for the increase in expenses of $1.4 million from fourth quarter 2002.
Approximately 10,000 customers were added. Customers totaled 162,358 at March 31, 2003, compared with 152,560 at December 31, 2002. The bank began to pursue its cross-selling strategy of marketing deposit products to select loan customers who match its core customer demographic profile. Of the 10,000 customers added, two-thirds of the total represent core deposit customers acquired through external marketing channels. One-third is comprised of loan customers acquired through one of the bank's mortgage operations. The bank is now focused on marketing deposit products to these customers.
Retail bank deposits rose to $2.3 billion at the end of the quarter, compared with $2.1 billion at the end of fourth quarter 2002. The overall average account balance totaled $9,854, representing an increase of $817 or 9% from last quarter. Average checking and money market account balances rose by 10% and 15% respectively, while average CD balances decreased slightly by 3%.
The bank's performance continues to be adversely affected by the leases originated by Commercial Money Center, Inc. (CMC) that the bank purchased. Income from these leases remains on non-accrual status pending a resolution of the litigation against the three insurance companies that issued surety bonds or insurance policies guaranteeing payment on the leases - Illinois Union Insurance Company, an affiliate of ACE INA Group (NYSE:ACE), Royal Indemnity Company, an affiliate of Royal and Sun Alliance Group (NYSE:RSA), and Safeco Insurance Company, an affiliate of Safeco (Nasdaq:SAFC). As reported previously, the company's suit has been consolidated into a multi district litigation with other CMC investors against the three surety companies and two others, American Motorists Insurance Company, an affiliate of Kemper Insurance Companies; and RLI Insurance Company, an affiliate of RLI Corporation (NYSE:RLI). The collective potential exposure of the sureties in this case is estimated at approximately $350 million, excluding the investors' claims for consequential damages, punitive damages and legal fees.
The judge assigned to the case for pre-trial purposes is currently considering whether the investors in the CMC leases are entitled to judgment on the pleadings as a matter of law. This ruling is expected within the next several weeks. Including legal fees and the non-accrual status of the leases, the company estimates that CMC litigation impacted earnings negatively by $1.0 million, after tax, or
$.02 per share, during the first quarter.
Mortgage Banking Operations
The company's mortgage banking operations continue to benefit from the current low interest rate environment. Production for the quarter was $4.4 billion while sales totaled $4.1 billion. First quarter production was comprised of 56% refinance business and 44% purchase business. The Mortgage Bankers Association of America currently estimates that the industry average for first quarter production was 71% refinance and 29% purchase. The relative balance in the company's mix is the result of the introduction of alternate mortgage products in its third-party lending channels and ongoing effort to expand its own retail market share. Pipeline volumes at March 31, 2003, were $4.7 billion compared with $3.4 billion at December 31, 2002.
Table 2 provides an overview of quarterly performance of the company's prime and conforming mortgage operations. Production totaled $3.9 billion, compared with $4.2 billion in fourth quarter 2002. Sales were $3.7 billion, compared with $3.9 billion in the preceding quarter. The margin on sales remained strong at 139 basis points (bps), down slightly from 141 bps last quarter. With the high production volumes, the company continues to leverage fixed costs effectively. Total production expenses were 63 bps, compared with 65 bps during fourth quarter 2002.
Company's loan servicing operation. Servicing revenue totaled $8.2 million, an increase of $1.1 million from fourth quarter 2002. The increase correlates with the higher number of loans serviced this quarter. The servicing portfolio grew to $12.0 billion at March 31, 2003, compared with $11.2 billion at December 31, 2002. The unpaid principal balance underlying mortgage servicing rights increased from $7.0 billion last quarter to $8.1 billion this quarter as the company continues to retain a portion of conventional loan servicing that it generates. Net hedge results represented a loss of $3.0 million, compared with a loss of $5.1 million during the fourth quarter. Net hedge results continue to be adversely affected by actual and forecasted prepayment speeds.
Matthew Shepherd, 678/942-2683
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CFNB Reports Lower Third Quarter Earnings
(equipment leasing down considerably)
SANTA ANA, Calif.----California First National Bancorp (Nasdaq:CFNB) (CalFirst Bancorp) today announced net earnings of $2.3 million for the third quarter ended March 31, 2003, a 41% decrease from net earnings of $3.9 million for the third quarter of fiscal 2002.
Diluted earnings per share for the third quarter decreased 38% to $0.21 per share, compared with $0.34 per share for the third quarter of the prior year. For the nine months ended March 31, 2003, net earnings decreased 21% to $8.2 million, compared with $10.4 million for the first nine months of fiscal 2002. Earnings per share were $0.73 for the first nine months of fiscal 2003, down 20% from $0.91 per share reported for the same period of fiscal 2002.
For the third quarter ended March 31, 2003, net direct finance and interest income increased 63% to $5.1 million, compared with $3.1 million for the third quarter of fiscal 2002. This improvement is primarily due to a significant decrease in the provision for lease losses, as the volume of problem leases remained relatively unchanged over the period.
Total direct finance and interest income increased 12% when compared with the third quarter of fiscal 2002, reflecting higher direct finance income earned from a larger investment in capital leases. Other income decreased 52% to $3.2 million, compared with $6.8 million during the third quarter of fiscal 2002. The decrease reflects a significant decrease in the gain on sales of leased property and in sales-type lease income.
As a result of the foregoing, gross profit of $8.4 million for the third quarter of fiscal 2003 decreased 16% from $9.9 million reported for the third quarter of the prior year.
For the nine months ending March 31, 2003, net direct finance and interest income increased 45% to $14.9 million, compared with $10.3 million for the first nine months of fiscal 2002. The increase reflects a significant decrease in the provision for lease losses, again reflecting the stable portfolio performance since the beginning of the year.
Total direct finance and interest income increased 7% as a result of higher direct finance income earned from a larger investment in capital leases. Other income decreased 37% to $11.3 million, compared with $17.7 million during the first nine months of fiscal 2002, and largely reflected a significant decrease in the gain on sale of leased property. Gross profit of $26.2 million for the first nine months of fiscal 2003 decreased 7% from $28.0 million reported for the same period of the prior year.
During the third quarter, CalFirst Bancorp's selling, general and administrative ("S,G&A") expenses increased by 26% to $4.6 million, compared with $3.7 million during the third quarter of fiscal 2002. For the first nine months, S,G&A expenses were up 16% to $12.8 million compared with $11.1 million reported for the first nine months of the prior year. The increase in S,G&A expenses for both periods is due to higher costs related to an expansion of the sales organization, which has almost doubled over the past nine months.
Commenting on the results, Patrick E. Paddon, President and Chief Executive Officer, indicated that: "CalFirst Bancorp's results for the third quarter and first nine months continue to reflect the expense of expanding our sales organization at a time when the economic and credit environment are not supporting growth in our lease business.
"At the same time, income from sales of leased property and lease extension revenue are down significantly, reflecting our forecasted decrease in volume of leases reaching their end of term during fiscal 2003. As previously disclosed, the volume of leases reaching their end of term during fiscal 2003 is substantially lower than last year.
"Accordingly, we continue to expect that the company's income from lease renewals and sales of leased property during the fourth quarter of fiscal 2003 will be lower than the same period of last year. Moreover, SG&A expenses are expected to continue around current levels. Offsetting these negative factors, finance income from the lease portfolio has increased each quarter during fiscal 2003, and the volume of new leases booked during the first nine months increased by 25% when compared to the first nine months of last year.
"As a result, CalFirst Bancorp's total investment in capital leases is up 19% from the level at June 30, 2002. During the third quarter ended March 31, 2003, CalFirst Bank again recorded a small profit, although it did incur a loss for the first nine months of fiscal 2003."
California First National Bancorp is a bank holding company with leasing and bank operations based in Orange County, Calif. California First Leasing Corp. 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 ("CalFirst Bank") is a 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.
California First National Bancorp
S. Leslie Jewett, 949/255-0500
SOURCE: California First National Bancorp
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Specialized Leasing Inc. Announces New Management Team and New Web Site
TUCSON, Ariz.--( --Specialized Leasing Inc. (OTCBB:SPLZ) announced today its new management team, Franklin R. Scivally, C.E.O. and director and Jason J. Rite, C.F.O. and secretary/director.
Both Scivally and Rite were appointed in January of this year.
"We are pleased to announce that we are implementing Specialized Leasing's plan of operations with a focus on the latest computing technology and wireless communications systems," said Scivally. "We have launched a new Web site at www.specializedleasing.com, to emphasize what we feel to be our new corporate image, and have employed the investor relations firm of CNS Enterprises to assist us."
About the New Management Team
Franklin R. Scivally has served as president of ComputerXpress from 1999 through 2002. He has built, repaired and managed computer systems as the owner of the ComputerXpress affiliated location in Tucson, Arizona since 1997, and took the company public in 1999. From 1992 through 1997 he was employed by Questech Inc., and from November 1971 through December 1991 he was a commissioned officer in the United States Air Force, in various positions, including Chief, Quality Assurance Division of the Tomahawk Cruise Missile Wing, Maintenance Control Officer, Minuteman & Ground, launch Cruise Missile Launch Officer, Minuteman Weapon System Launch Analyst, Chief, Maintenance Control, assignment through the Air Force Institute of Technology to Hughes Aircraft Company, and Manufacturing Manager for the MILSTAR program. He holds a master of arts/management & supervision from Central Michigan University, 1983; a bachelor of science/business management, 1980 from the University of LaVerne; and an associate of arts/electronics, 1978 from Alan Hancock College.
Jason J. Rite has over 30 years of senior experience as a business consultant, entrepreneur and security technology manager. He has implemented an effective strategic infrastructure, assisting start-ups and integrating companies in their overall development in the marketing, operations, and security management fields. Rite has also held positions as director of operations for construction development firms. Having an extensive education in business and police science he accomplished a successful career as an officer with the Royal Canadian Mounted Police.
About Specialized Leasing
Specialized Leasing Inc. is engaged in the business of leasing computer systems and accessories to professionals, with an emphasis on the real estate, medical and legal industries. The business strategy of Specialized is to support the legal, medical and real estate professional with high quality computer hardware and software to satisfy all of the professional's computing needs, including on-site maintenance, training and updating of hardware and software, thus taking the burden of selection, repair, upgrading and maintenance away from the professional and his or her staff. For more information on Specialized Leasing's business, visit their Web site at www.specializedleasing.com.
This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Specialized Leasing Inc. and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Andy Cambridge, 813/287-9135 (Investor Relations)
SOURCE: Specialized Leasing Inc.
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Mitcham Industries Reports 4th Q Leasing Loss $2.9M
HUNTSVILLE, Texas--3--Mitcham Industries Inc. (Nasdaq:MIND) reports revenue of $5.7 million for its fourth quarter ended Jan. 31, 2003, as compared to revenue of $4.4 million for last year's fourth quarter.
The Company recorded a net loss of $2.9 million, or $(0.34) per diluted share, for the quarter as compared to a quarterly loss in the prior fiscal year of $9.2 million, or $(1.05) per diluted share. The prior year's quarterly results reflected a $4.9 million receivable write off and a $4.7 million valuation allowance recorded against the Company's deferred tax asset.
Equipment leasing and sales revenue for the quarter was $3.4 million as compared to $4.4 million in the prior year quarter. Front-end services revenue was $2.3 million. The Company entered the front-end services business during the fiscal year so there is no comparable revenue in the previous year.
"Equipment leasing and sales revenue were affected by the slow start to the Canadian winter season," said Billy F. Mitcham, Jr., president and CEO. "Some of that activity will shift into our first quarter, but overall the Canadian season was flat. Front-end services revenue increased sequentially from the third quarter in spite of significant weather-related operational delays which depressed operating margins. We expect front-end services revenue and margins will improve as we move into more stable seasonal weather patterns." Mr. Mitcham also stated, "We will continue our efforts to establish short-term leasing markets in areas that are presently underserved. Our acquisition of Seismic Asia Pacific Pty Ltd. last December is the first example of that effort."
For fiscal 2003, the Company recorded revenue of $19.2 million, down 30% from $27.2 million in the prior year. The decline in year-over-year revenue continues to reflect limited investments in exploration activities by the oil and gas industry as well as substantial price pressures stemming from seismic industry overcapacity and consolidation. As geopolitical and economic uncertainties intensified during the year, many investment decisions by the oil and gas industry were delayed, resulting in the weakest seismic equipment market in recent years. For the year ended Jan. 31, 2003, the Company recorded a net loss of $10.1 million, or $(1.15) per diluted share, versus a loss of $8.5 million, or $(0.95) per diluted share, in the prior year.
Mitcham Industries, Huntsville
P. Blake Dupuis, 936/291-2277
SOURCE: Mitcham Industries
### Press Release ###########################################
PACCAR Announces Strong First Quarter 2003 Results
BELLEVUE, Wash--"PACCAR Inc (Nasdaq:PCAR) reported excellent results for the first quarter of 2003," said Mark C. Pigott, chairman and chief executive officer.
First quarter net sales and financial services revenues were $1.9 billion, an increase of 28 percent from the first quarter of last year. Net income of $110.8 million ($.95 per share diluted) increased 135 percent compared to the $47.2 million ($.41 per share diluted) earned in the first quarter of 2002. PACCAR began expensing stock options in the first quarter of 2003.
"PACCAR's balanced global diversification contributed to the outstanding financial results," noted Pigott. "PACCAR enhanced its strong financial position by delivering high-quality products and maintaining a sharp focus on cost controls."
PACCAR further strengthened the excellent customer support delivered by its extensive dealer network and aftermarket programs by launching the Electronic Dealership. "The Electronic Dealership showcases current and future technology available to the dealer network. PACCAR has an outstanding dealer network worldwide and this technology investment will enable the 1,800 dealer service locations to increase their profitability and customer satisfaction," reported Pigott. "The Electronic Dealership allows PACCAR to develop and display dealer electronic tools in a hands-on environment, which will enhance the dealers' ability to manage their inventory and provide superior parts and service to their customers."
Global Truck Market Update
"North American industry heavy-duty truck orders were 32 percent lower in the first quarter compared to first quarter 2002. However, it is anticipated that 2003 industry truck sales will be comparable to last year. Even though freight ton miles have improved slightly, the North American industry truck market continues to be challenging," stated David Hovind, vice chairman. "European industry truck sales are expected to be 5-10 percent lower than last year. DAF has increased its market share for Class 8 trucks, as its new XF model complements the successful CF and LF vehicles in providing the highest-quality products in the market."
Financial Services Profit Improves
PACCAR's Financial Services segment represents a portfolio of more than 115,000 trucks and trailers, with total assets of over $5.2 billion. Included in this segment is PACCAR Leasing, a major full-service truck leasing company in North America, with a portfolio of more than 15,500 vehicles.
First quarter revenues were $114 million compared to $105 million in the same quarter of 2002. Pretax income of $26.7 million increased 175 percent versus the $9.7 million earned in the first quarter 2002 due to higher asset levels and lower credit losses. "PACCAR Financial Services companies continue to profitably support the sale of PACCAR's trucks worldwide with innovative financing products," said Mike Tembreull, vice chairman. "PACCAR Financial Europe (PFE) has grown to over $900 million in assets. PFE is profitably increasing its financing share of DAF and Foden truck sales."
PACCAR Winch, the largest industrial winch manufacturer in the world, had earnings comparable to first quarter last year.
PACCAR is a global technology leader in the design, manufacture and customer support of high-quality, light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt, DAF and Foden nameplates. It also provides financial services and distributes truck parts related to its principal business. In addition, the Bellevue, Washington-based company manufactures winches under the Braden, Gearmatic and Carco nameplates.
Andy Wold, 425/468-7676
### press release ##############################################
Fujitsu Announces Complete Leasing Solutions for Optimal Return on Investment
North American Unit to Help Fujitsu Customers Align Business Objectives
With Financial Goals through Flexible IT Acquisition Options
SUNNYVALE, Calif.-- Fujitsu Technology Solutions, Inc. ("Fujitsu"), a member of the worldwide group of Fujitsu companies, today announced a complete set of leasing and financing solutions to help companies facilitate the procurement of Fujitsu products and services through flexible payment terms. A new financial services team from Fujitsu Technology Solutions is available to customers to help maximize return on investment in the data center while minimizing risk through a variety of leasing choices and alternative payment structures designed to reduce up front investments required for equipment and services purchases.
Fujitsu Technology Solutions has a 30-year heritage of managing cost-effective, financially sensitive data centers. The financial services team is committed to providing IT customers with the most competitive financial solutions available, removing the risk of obsolescence while assisting the match of expenses to revenue. Leasing experts work closely with Fujitsu's sales force and technical personnel to ensure the development of a unique structure to meet customer needs.
IT leasing options include methods such as traditional leases, $1 buy-out leases, fixed purchase option leases, technology refresh options, alternative payment structures, and step payments. These payment plans allow companies to save cash and preserve capital budgets through extended payment terms and minimal initial investments.
Fujitsu Technology Solutions also provides structures to allow lessees to first lease the selected equipment with options to convert the transaction to a purchase in the future. In addition, unique contracts are available to match customers' needs for new equipment, additional feature functions, and bundled transactions where software and services are part of the lease.
"In an ever-changing business climate, our customers' IT infrastructure needs to be both flexible and extremely cost effective," said Ken Mason, vice president of marketing, of Fujitsu Technology Solutions. "Fujitsu is committed to providing solutions that meet the business, IT infrastructure, and financial goals of our customers and keep their options open for the future."
The leasing options are available for any equipment and services that Fujitsu offers in North America, including its leading PRIMEPOWER server line, storage solutions, managed services, and software offerings.
About Fujitsu Technology Solutions, Inc.: http://www.ftsi.fujitsu.com
Fujitsu Technology Solutions, Inc., headquartered in Sunnyvale, California, offers worldwide IT infrastructure solutions that encompass a range of technology solutions and fully customized managed services. Fujitsu Technology Solutions, Inc., an expert in enterprise and open systems server and storage solutions, focuses on delivering high availability, mission-critical, scalable solutions in the large-systems marketplace. Drawing on the skills and experience of Fujitsu Limited, as well as our many partner companies, Fujitsu Technology Solutions Inc. enables customers to balance the needs of rapid change and stability while maximizing the return on investment in existing and new technologies.
About PRIMEPOWER: http://www.ftsi.fujitsu.com/primepower/
NOTE: Fujitsu and the Fujitsu logo are registered trademarks of Fujitsu Limited. PRIMEPOWER is a trademark or registered trademark of Fujitsu Limited in the United States and other countries.
Specifications are subject to change without notice. For the latest detailed information, contact your local sales representative.
CONTACT: Jennifer McKim of Fujitsu Technology Solutions, Inc., +1-408-746-3300, or fax, +1-408-746-4933, or email@example.com; or media, Colin Crook of Neale-May & Partners, +1-650-328-5555, ext. 132, or firstname.lastname@example.org, for Fujitsu Technology Solutions.
SOURCE Fujitsu Technology Solutions, Inc.
CO: Fujitsu Technology Solutions, Inc.
### Press Release #############################################
IDS Upgrades InfoLease Module Customer Care
to Offer Greater Security
MINNEAPOLIS, Minn., USA, International Decision Systems
Inc. (IDS) announced today the availability of an upgraded Customer Care
module for InfoLease, the world¹s premier lease portfolio and asset
management system. By rewriting Customer Care, the new architecture allows
for separation of the business logic from the presentation layer (separate
Web, application and database servers). Using Java TM, Customer Care now
provides even greater security and faster response times for InfoLease
customers who want on-line access to up-to-date account information.
First released three years ago, Customer Care is the only solution linking
in real-time to InfoLease, allowing financial services companies, dealers
and vendors to use the Web to check real-time account information including
balances, payment and billing status, due dates and amounts, and request
³Financial services companies and dealers field millions of customer calls
for basic information about accounts. These customer service inquiries cost
an average of $5.50 per phone call,² states IDS COO Charles Lyles. ³With
Web-based customer service available through Customer Care, companies can
reduce customer service costs to as little as 25 cents per transaction.
Anyone who uses Customer Care will love its convenience and security.
Companies will appreciate their business¹ new capacity to offer better
customer service at lower costs.²
For more information about Customer Care, or to arrange for a demonstration,
call IDS Marketing Director Deb Marshall at 612-851-3438 or visit
About International Decision Systems
International Decision Systems (IDS) is the global leader in developing
lease/loan accounting and portfolio management software and services. With
offices in the United Kingdom; Minneapolis, MN; Sydney, Australia and
Singapore, IDS offers the largest and most experienced global consulting,
implementation and technical support teams in the leasing industry.
InfoLease, the world¹s premier lease/loan portfolio and asset management
system, comprises the foundation of IDS¹ product line. With a web-enabled
front-end and more than 70 custom add-on solutions, InfoLease is the most
adaptable and scalable lease/loan technology available in today¹s
IDS¹ parent company, IDS Group plc, is publicly traded on the London Stock
Exchange (IDGL). For additional information about International Decision
Systems and IDS Group plc, visit www.idsgrp.com <http://www.idsgrp.com/> .
IDS and InfoLease are registered trademarks of International Decision
### Press Release ##########################################
FrontRowCars.com Brings Leasing to the Used Car Online Marketplace
CINCINNATI---Automobile Consumer Services, Inc. (ACS), an innovator in online, direct-to-consumer auto leasing, has launched www.frontrowcars.com. The website is an exclusive online marketplace for late-model, used vehicles that are available for purchase, finance or lease.
There are a number of websites out there selling used cars, but this site distinguishes itself in its all-in-one-package approach to leasing. "This is a tremendous new opportunity for consumers seeking to lease a late-model vehicle," says Tarry Shebesta, president of ACS. "Without leaving their home or office, individuals can research price, options, and availability of pre-owned cars and arrange a competitively priced lease designed to fit their needs."
The process begins when private owners, dealers, and even lenders with cars coming-off-lease are invited to offer their vehicles for sale through FrontRowCars.com. There is no charge for listing vehicles and all of the sale information, including pictures, can be quickly entered through the website.
Shoppers visiting the site are immediately greeted with a number of recent listings and their specific lease or financing payments if they were to select that vehicle. Consumers with a specific car in mind can quickly search available "inventory" with multiple search options such as price range, mileage, year and distance from their location.
After a vehicle's details have been reviewed and a selection made, the consumer has a number of options. They may choose to contact the seller directly and arrange a deal. They may also choose to explore the costs of financing or leasing directly from the website. The consumer can apply the details of a particular car to an instant quote system that will calculate actual finance or lease payments. The specifics of each offer are provided for comparison.
When a shopper finds an appealing finance or lease deal on FrontRowCars.com, they can initiate the process by applying for credit online. Once credit is approved, ACS facilitates the entire transaction.
"Many visitors to the site do choose the lease option," notes Shebesta. "When customers realize how much lower lease payments are, they find the decision to lease an easy one. A luxury vehicle lease payment can be hundreds of dollars less a month than a comparable loan payment."
About Automobile Consumer Services, Inc. (www.acscorp.com)
Based in Cincinnati, Automobile Consumer Services, Inc. (ACS) is a leading provider of consumer automotive services, including car buying and leasing, fleet resources, vehicle remarketing, and used vehicle sales.
Founded in 1989, ACS's mission is to provide services that enhance the experience of buying or leasing a car. ACS achieves this by leading the industry with innovative proprietary technology, superior customer service, and years of industry experience.
Automobile Consumer Services, Inc.
Tarry Shebesta, 513/527-7700, ext. 11
### Press Release #############################################
Sunrise Expands Second Placement Business
GOLDEN VALLEY, Minn., -- Sunrise International Leasing Corporation (SILC), a 30-year veteran in vendor program leasing and a wholly owned subsidiary of privately held King Capital Corp., announced that it is expanding its second placement business to meet increasing market demand, and to take advantage of its increasing cash reserves and financing capabilities.
SILC is actively soliciting established, third-party lessors and captive leasing companies to refer lease transactions that they are unwilling to or cannot fund. In addition, the company is establishing lease lines of credit directly with companies that have limited credit options to fund their leasing needs.
As part of its second placement business expansion, SILC is increasing its financial commitment to the division and has appointed Eric Diedrich as sales manager to lead all initiatives.
Previously, SILC had several second placement programs, most notably with Sun Microsystems Finance and GE Capital, which were segments of conventional vendor programs. According to Peter King, SILC CEO, the company's development of its second placement division is merely an expansion of its conventional vendor program business.
About Sunrise International Leasing Corp
SILC's business consists primarily of the development of market-oriented vendor programs emphasizing the formulation of customized lease and rental programs for vendors of high technology and other equipment as well as software. SILC is also a major reseller of high quality off lease used equipment through Redirect Tech, its remarketing subsidiary.
SOURCE Sunrise International Leasing Corporation
CO: Sunrise International Leasing Corporation; King Capital Corp.
### Press Release ############################################
Plains Capital Executive Confirmed By Texas Senate; Governor Perry Appoints George McCleskey as Chairman of the Texas Board of Health
DALLAS, -- Plains Capital Corporation announces the Texas Senate's confirmation of George H. McCleskey as a member of the Texas Board of Health. McCleskey has served on the board since November 2001 and was recently appointed to the chairmanship by Governor Rick Perry. McCleskey will lead the board's policy-making and rule-making for the Texas Department of Health.
"Protecting and preserving the health of the people of Texas has never been more important," said McCleskey. "I am humbled that Governor Perry has selected me as chairman."
McCleskey is executive vice president, general counsel and a director of Plains Capital Corporation
"Governor Perry chose the right person for this important post at a critical time for our state," said Alan White, chairman and chief executive officer of Plains Capital Corporation. "George's knowledge of business and the law are exceeded only by his skills as a leader."
McCleskey also has extensive knowledge in hospital administration having previously served as chairman and chief executive officer of Methodist Hospital of Lubbock (now Covenant Medical Center). He is currently a board member of the American Heart Association of Lubbock and a past president of the National Kidney Foundation of West Texas. McCleskey also serves as a member of the Chancellor's Council at Texas Tech University and is past chair of the Texas Tech Foundation. He is a member of the State Bar of Texas, State Bar of Texas Foundation, and the Lubbock County Bar Association.
McCleskey received a bachelor's degree in business administration from North Texas State University and a law degree from Baylor University Law School. He and his wife Royan reside in Lubbock.
About Plains Capital Corporation
Plains Capital Corporation is a Dallas-based financial services company offering a wide variety of services including banking, wealth management, treasury management, investment banking, residential mortgages, business and personal insurance, and capital equipment leasing. An integral part of Plains Capital's family of companies, PNB Financial is the one of the largest privately held banks in Texas with $2 billion in assets. Visit www.PNBFinancial.com or call 800.284.1830 to learn more.
SOURCE Plains Capital Corporation
######### Press Release #####################################
HP Helps Protect the Environment by Saving More Than 1 Million Computers from Destruction Each Year; IT Leasing Allows for Technology Reuse and Renewal
PALO ALTO, Calif.--(BUSINESS WIRE)--April 22, 2003--As companies struggle to figure out what to do with outdated equipment, HP Financial Services, the leasing and financial services subsidiary of HP (NYSE:HPQ), is doing its part to protect the environment from the millions of computers discarded every year.
More than 1 million pieces of used computer equipment will move through HP Financial Services' Technology Renewal Centers in the United States and Europe this year. Most of it comes from customers returning technology at the end of lease, and those customers benefit from knowing that if their used equipment cannot be refurbished it will be disposed of in accordance with environmental laws.
At the centers, every piece of leased equipment returned is inspected to see if it can be given a new life. If a piece of equipment still has value, it is refurbished and reconfigured to its original manufacturing specifications.
Toxic substances contained in computers often make properly disposing of them difficult, which is one reason many companies are turning to leasing. "Leasing is the most environmentally friendly way to acquire IT equipment," said Irv Rothman, president and chief executive officer, HP Financial Services. "At the end of a lease a customer simply returns the equipment to us, and we refurbish and revitalize that technology. If it can't be refurbished, it's dissembled for parts or disposed of in accordance with environmental laws."
Refurbishing used equipment is a growing trend that benefits businesses and the environment. "A lot of our customers come to us looking for older equipment that is compatible with their current systems. Some of the technology we have here is up to 18 years old, but it is still valuable to customers interested in standardizing their IT platform or who can't afford the latest innovations," said Jim O'Grady, director of the HP Financial Services Technology Renewal Center in Andover, Mass.
Besides easing environmental concerns, leasing brings customers many financial benefits as well. "Leasing allows our customers to really stretch their IT budgets and stay much more capital-efficient," said Rothman. "There are no large upfront payments, customers are able to preserve existing credit lines, and they can add new equipment and technology during the term of the lease much more easily and affordably."
"At the end of the lease we don't have to worry about throwing old computers into a dumpster or having them pile up in our office. Worrying what to do with old computers is not our business, so we let the experts take care of them," said Marc Ginsburg, president of online publisher, Xanga and HP Financial Services customer.
HP Financial Services ranks among the largest IT financial services organizations in the world and is the second largest IT captive, with more than 1,500 employees, $8 billion in assets and a direct presence in more than 50 countries.
HP is a leading global provider of products, technologies, solutions and services to consumers and businesses. The company's offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. HP completed its acquisition of Compaq Computer Corporation on May 3, 2002. More information about HP is available at http://www.hp.com.
Susan Spohn, 908/898-4658
Blanc and Otus for HP
Elizabeth Yekhtikian, 617/451-6070
#### Press Release ############################################
Parker Announces New Website: Leasing Resource
Ted Parker, CLP, past president UAEL, announces the creation of a new website featuring equipment leasing books, ebooks, ereports and a variety of industry related software products.
Equipment leasing professionals interested in gaining additional industry knowledge and increasing productivity will find this a valuable resource center.
Check the site frequently as new items are constantly being added. For The Leasing Library and resource center, visit: www.theleasinglibrary.com. Click on "Mailing List" if you would like to receive notice of new products, sales or promotions.
For additional information contact Ted Parker 800/564-2404
#### Press Release ########################################
McQUEEN NAMED EVP AND CHIEF OPERATING OFFICER OF WELLS FARGO EQUIPMENT FINANCE
MINNEAPOLIS, – Wells Fargo & Co. (NYSE:WFC) named John McQueen executive vice president and chief operating officer of Wells Fargo Equipment Finance, Inc. (WFEFI).
“John brings seventeen years of industry experience to his new position,” said James Renner, head of Wells Fargo Equipment Finance, Inc. “We look forward to his leadership as we continue to provide the equipment leasing needs of middle market companies throughout the nation.”
A 10-year Wells Fargo veteran, McQueen joined WFEFI as a sales manager in Wholesale Sales, moving to WFEFI National Sales Manager in 1999. Previously he was sales manager and operations manager for IBM.
Wells Fargo Equipment Finance, Inc. is the seventh largest bank leasing company in the nation, with $6 billion in assets and 51 offices in the U.S. and Toronto, Canada. It is a leading provider of equipment leasing and financing services to middle market companies for virtually all types of equipment from construction cranes and drill presses to computers and printers.
Wells Fargo & Company is a diversified financial services company with $370 billion in assets, providing banking, insurance, wealth management and estate planning, investments, mortgage and consumer finance from 5,800 stores and the Internet (<www.wellsfargo.com>) across North America and elsewhere internationally.
Wells Fargo & Company
Phone Number: (212) 805-1696
####### Press Release #######################################
Economy Still Sags, Say the Fed Banks
American Has Loss of $1 Billion
Airline's CEO Meets With Labor Leaders
Greenspan Agrees to Another Term Leading the Fed
Mortgage Applications Off
Bay Area home prices hit new high
Sales drop from a year ago, but experts don't foresee crash
Three days before draft, Bengals reach deal with USC QB Palmer
Mavericks Escape With Win Over Blazers
Raiders Spend $33.5 Million In Legal Fees From 1997-2001
Packers Claim Crouch/Next QB to Succeed Favre?
Niners Unlikely To Keep Stokes; Might Trade Streets
Redzone Mock Draft
April 24, 1942 Barbara Streisand Birthday http://www.barbrastreisand.com/
1766-Robert Bailey Thomas, founder and editor of The Farmer's Almanac (first issue for 1793) was born at Grafton, MA. Thomas died May 19, 1846, while working on the 1847 edition. http://www.almanac.com/aboutofa.html
1800-Congress approved an act providing "for the purchase of such books as may be necessary for the use of Congress ... and for fitting up a suitable apartment for containing them." Thus began one of the world's greatest libraries: Library of Congress. http://memory.loc.gov/ammem/today/apr24.html
1836- birthday of West Point Graduate Lieutenant George N. Bascom, who was assigned to search out Apache chief Cochise, believed to be responsible for an 1861 raid on an Arizona ranch. He arrested Cochise at Apache Pass, but the chief escaped and declared war, launching a reign of terror known as the Apache Wars. Bascom was born at Owingsville, KY, and died the year following his Apache adventure when he became a casualty of the Civil War battle at Fort Craig, Valverde, NM, Feb 21,1862.
1862-Union Captain David Farragut leads a flotilla past two Confederate forts on the Mississippi River south of New Orleans. Moving at 2:00 a.m., Farragut lost one ship but successfully ran past the strongholds. He scattered some Confederate ships and sailed to New Orleans. and on May 1,
captured the City of New Orleans without having to fire one shot. In July, he was promoted to Rear Admiral.
1847- at the conclusion of the Mexican War, the Mormon Battalion of the Army of the West established Fort Moore overseeing the pueblo of Los Angeles. The fort was named in honor of their captain who had perished in the Battle of San Pascual. http://www.mormonbattalion.com/ http://www.onlineutah.com/historybattalion.shtml
1873-free lunches for the poor an sick were offered by the New York Diet Kitchen Association, who opened at 410 East 23rd Street, New York City, for the relief of the destitute sick. Beef tea, soup, milk-cooked rice, eggs and oatmeal were served. The first president was Mrs. A.H. Gibbons. http://www.nycares.org/
1886-the first Catholic priest who was African-American and assigned to work in the United Sates was Reverend Augustus Tolton. He was ordained at the College of Propaganda, Rome, Italy, and opened a mission in Quincy, IL, in the diocese of Springfield, IL.
1901-the American League made its debut as a major league with a schedule of four games. Three were rained out, but the Chicago White Stockings beat the Cleveland Blues, 8-2, to get the season under way. 14,000 saw the game played at the Chicago Cricket Club.
1905-birthday of Robert Penn Warren, American poet, novelist, essayist and critic. America's first official poet laureate, 1986-88, Robert Penn Warren was born at Guthrie, KY. Warren was awarded the Pulitzer Prize for his novel All the King's Men, as well as for his poetry in 1958 and 1979. He died of cancer Sept 15, 1989, at Stratton, VT. http://www.robertpennwarren.com/
1911—the National Urban League, American voluntary-service agency tracing its origins to 1911 and dedicated to eliminating racial segregation and discrimination and helping blacks and other minorities to participate in all phases of American life. By the late 20th century more than 110 local affiliated groups were active throughout the United States. It is headquartered in New York City. In 1911 three organizations--the Committee for Improving the Industrial Conditions Among Negroes in New York (founded in 1906), the League for the Protection of Colored Women (founded 1906), and the Committee on Urban Conditions Among Negroes (founded 1910)--were merged to form the National League on Urban Conditions Among Negroes, which sought to help blacks, especially rural Southern blacks migrating to New York City, to find jobs and housing and generally to adjust to urban life. The model organization established in New York City was imitated in other cities where affiliates were soon established. By 1919 the national organization had assumed the shorter name, National Urban League. From its founding, the League has been interracial--the chairman of the board traditionally being white and the president and chief executive officer (overseeing day-to-day operations) being black. The primary task of helping migrants gradually evolved over the years into larger concerns, and, especially under the presidency of Whitney M. Young, Jr. (1961-71), the League emerged as one of the strongest forces in the American civil-rights struggle. Under his successor, Vernon E. Jordan, Jr. (1971-81), the League furthered its vision by embracing such causes as environmental protection, energy conservation, and the general problems of poverty. Under the presidency of John E. Jacob (1982-94), the agency renewed its emphasis on social welfare. http://www.nul.org
1913-the Woolworth Building in New York City became the tallest structure in the world, with the exception of the Eiffel Tower in Paris. It formally opened at 7:30pm when President Woodrow Wilson at the White House, Washington, DC, pressed a telegraph key that rang a bell in the engine room and dinning hall and lit the electric lights on the 55 floors. The architect was Cass Gilbert. It would not be until 1931 that the 1,250 Empire State Building would open.
1919- League of Women Voters, established at the convention of the National-American Convention. Its official formation was symbolically timed to coincide with the 50th anniversary of women's voting rights, equal to that of men, established for the first in the world in the territory of Wyoming in 1869.
1926-great Chicago jazz impresario Joe Sega born Philadelphia, PA.
1928-tenor saxophone player Johnny Griffin born Chicago, IL.
1928-Herbert Grove Dorsey of the U.S. Coast and Geodetic Survey received a patent for the fathometer, which measures the depth of water. The device measured the depth by means of a series of electrical sounds and light signals.
1936-Benny Goodman Trio cuts “China Boy,” Chicago, IL
1936- the first unscheduled event to be televised as it occurred was an outdoor scene of firemen answering at alarm in Camden, New Jersey. The pictures were taken by engineers form the RCA-Victor Company, Camden.
1937-teno sax player Joe Henderson born Lima, OH. Died June 29,2001
1940-birthday of mystery writer Sue Grafton, Louisville, KY
1943-birthday of Richard M. Daley, mayor of Chicago, born Chicago, IL.
1944-United Negro College Fund founded. http://www.uncf.org/
1949 - Dick Powell starred in "Richard Diamond, Private Detective" on NBC radio. The show stayed on the air for four years. Later, it would have a three-year run on TV starring David Janssen in the title role.
1950- the first basketball player who was an African-American, Charles Henry Cooper, was drafted today by the Boston Celtics. He played for the team on November 1, 1950, in Fort Wayne, IN.
1952 - Raymond Burr made his TV acting debut on the "Gruen Guild Playhouse" in an episode titled, "The Tiger". Not long after this start, Burr would be seen in the hugely popular "Perry Mason" and much later in "Ironside". http://www.raymondburrvineyards.com/
1957- the first Ricky Nelson single, "I'm Walkin' " backed with "A Teenager's Romance," was released. It sold a million copies.
1959- James Brown made his debut at the Apollo Theatre in New York.
1959- "Your Hit Parade," the Saturday night pop music show which had been broadcast regularly on radio and then on TV since 1935, went off the air.
Good Luck Charm - Elvis Presley
Mashed Potato Time - Dee Dee Sharp
Young World - Rick Nelson
Charlie’s Shoes - Billy Wal
1962-the first coast-to-coast telecast by satellite was made by the Massachusetts Institute of Technology’s Lincoln Laboratory field station at Camp Parks, Ca., transmitted airwaves to the two-year-old orbiting balloon Echo I, which bounced them back to earth. They were received at Millstone Hill, Westford,MA. the pictures were of poor quality but were recognizable.
1963-Guard Bob Cousey of the Boston Celtics ended a 23-year career in the BBA bys coring 18 points against the Los Angeles Lakers and leading the Celtics to a fifth consecutive championship. Cousy made a brief comeback in the 1969-70 season but played only seven games. He went on to coach Boston College to a record 117 wins and 38 losses.
1965 - "Game of Love", by Wayne Fontana and The Mindbenders, made it to the top spot on the "Billboard" music chart. "Game of Love" stayed for a short visit of one week, before Peter Noone and Herman’s Hermits took over the top spot with "Mrs. Brown You’ve Got a Lovely Daughter".
1969--Chicago bluesman Muddy Waters recorded a live album called "Fathers and Sons." Appearing with him were a host of white blues singers, including Paul Butterfield and Mike Bloomfield. Waters had a tremendous influence on many British rock 'n' rollers, including the Rolling Stones, whose name is taken from one of Waters' songs.
1969 - The singing family, The Cowsills, received a gold record for their hit single, "Hair", from the Broadway show of the same name.
Let It Be - The Beatles
ABC - The Jackson 5
Spirit in the Sky - Norman Greenbaum
Is Anybody Goin’ to San Antone - Charley Pride
1976 -- Saturday Night Live producer Lorne Michaels appears on the show and offers the Beatles "a certified check for $3,000" to reunite & sing three songs. "You divide it up any way you want," he said, "If you want to give Ringo less, it's up to you."
Night Fever - Bee Gees
If I Can’t Have You - Yvonne Elliman
Can’t Smile Without You - Barry Manilow
Every Time Two Fools Collide - Kenny Rogers & Dottie West
1980 -- US military operation to save 52 hostages in Iran ends in disaster. The hostages are subsequently split up to deter another similar attempt. During the operation, three of the eight helicopters of the airborne operation failed. At the staging area inside Iran, the mission was canceled, but during the withdrawal one of the remaining helicopers collided with one of the six C-1`30 transports,killing eight and injuring five.
1981- IBM’s first personal computer was released. Although IBM was one of the pioneers in making mainframe and other large computers, this was the company’s first foray into the desktop computer market. Eventually, more IBM-compatible computers were manufactured by IBM’s competitors than by IBM itself. It was at this period that Bill Gates “spun off” a new operating system, he called Windows.XP, the first non-windows (DOS) based operating
for “personal use.”
1985 - There were a reported 832,602 millionaires in the United States on this day, according to researchers. The average millionaire was 57 years old. A majority (85 percent) held college degrees. 20 percent were retired and 70 percent were self-employed. Could not find a current list of millionaires. If anyone has it, please forward with reference. In searching for this information, learned from the most recent census, the average household income with husband and wife is $51,751. Woman with no husband: $28,116. Man with no wife: $31,267. Foreign born: $38,929. Hispanic: $31,767. Black: 30,439. Asian and Pacific: $55,521http://www.census.gov/prod/2001pubs/p60-213.pdf
This source says has 4 million names of American million, Canadian and UK billionaires. http://philanthropy.link.ca/ Here is history of wealth in American:
Kiss - Prince & The Revolution
Manic Monday - Bangles
Addicted to Love - Robert Palmer
Cajun Moon - Ricky Skagg
1991-Garth Brooks dominated the Academy of Country Music awards with a record six trophies. He was voted entertainer of the year and top male vocalist, and also won for best single and album. Brooks's "The Dance" also gave him best song and video awards.
Freak Me--- Silk
Nuthin But A "G" Thang--Dr. Dre
I Have Nothing (From "The Bodyguard"--, Whitney Houston
1996- Canadian Shania Twain won the top album trophy for "The Woman in Me" and was named best new female singer at the annual Academy of Country Music Awards. "The Woman in Me" had earlier won the country album Grammy and Twain was the best new country artist at the American Music Awards the previous January.
Too Close--- Next
All My Life--- K-Ci
Let s Ride-- Montell Jordan Feat. Master P
You re Still The On-- Shania Twain
NBA Finals Champions This Date
1963 Boston Celtics
1967 Philadelphia 76ers
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