Friday, April 22, 2005
Classified Ads---Outsourcing-Asset Mngmt./Back Office
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Classified Ads---Outsourcing-Asset Management/Back Office
Oxnard-Hollywood Beach, CA.
Atlanta , GA.
New Rochelle, NY
San Rafael, CA
Full listing of all “Outsourcing” services for the leasing industry at:
Pictures from the Past—1996—Karl Probst
“ Karl Probst posed recently with his favorite statue ‘New Beginnings,' an historical representation of individuals of entrepreneurial spirit, by artist Larry Anderson, located in front of Tacoma Washington's Union Station
“ Puget Sound Leasing Proudly Welcomes Karl Probst as Vice President
“Please join us in welcoming Karl Probst, whose creativity, innovation and enthusiasm combined with over 18 years of leadership in finance and lease management experience will be an asset to our customers. In the spirit of explorers, leaders, and entrepreneurs everywhere, we wish you every success and believe this ‘new beginning' will benefit us all in meeting the needs of our respective customers.
Puget Sound Leasing”
June/July 1996 United Association of Equipment Leasing
May 12, 2004 Leasing News printed the press release that Karl had joined Columbia Bank as vice president and manager of equipment leasing. A call to the bank stated he was no longer with the bank.
Here is more from copies of the press release:
“Columbia Bank announced the hiring of Karl Probst for the position of Vice President and Equipment Finance Officer. He will act as Manager of Columbia's new Equipment Finance Department where his primary duties will focus on the production of equipment loans to businesses, generated through an existing network of brokers.
“Prior to joining Columbia Bank, Mr. Probst was the Credit Administrator for Pinnacle Capital LLC. He has over 25 years of experience in the banking and equipment financing industry, beginning his career at Seattle First National Bank and then moving to Financial Pacific Leasing.
Mr. Probst is a graduate of the University of Maryland with a Bachelor of Arts in Business Administration. He lives in Olympia where he has been active with the United Way of Thurston County. In Tacoma with Financial Pacific Leasing, Karl was a Team Captain for the company's American Cancer Society Relay for Life Team and the company was the number one fundraiser for 5 consecutive years. Karl is not only excited about starting this new Division of Columbia Bank, but also about getting married to Kathi O'Neil on May 16, 2004.”
Full Columbia Bank press release is here:
Fed's Say Business Loan Demand is Up
Beige Report from the Federal Reserve Board shows business loan demand spiked at the start of March through mid-April and kept its momentum.
The Fed's Beige Book noted that since March 1, with the exception of the Dallas, Minneapolis, and Boston banks, nine of the 12 regional Federal Reserve banks reported a sharp increase in commercial loan demand.
Of the Fed banks, only five reported a surge in business lending in the previous Beige book. The findings affirm recent earnings reports from several financial services companies, which reported higher first-quarter commercial loan demand.
The Richmond Fed attributed higher demand to an "upturn in coal mining activity," while the Chicago Fed cited greater demand for equipment purchases among small and midsize companies. Meanwhile, the Philadelphia Fed noted more requests for fixed-rate loans among commercial borrowers.
Summary of report:
Scott Wheeler on EAEL April 14-17 Spring Conference
“I wanted to send you a quick note about the recent Eastern Association of Equipment Lessors Spring Conference April 14th- 17th in Charleston South Carolina
“I have attended several of these conferences in the past and thought it appropriate to congratulate Bill Cowden of Spring Leasing- of Charlotte NC- for chairing one of the best conferences ever. As always the group of leasing professionals who attended actively participated in all of the workshops and networking sessions. I always find these gatherings as being much more informative than the printed agenda advertise. This seasoned knowledgeable group of professional is always willing to share their thoughts and pertinent experiences with lively discussions both in planned workshops and in one-on-one conversations in the lounges and hallways of the hotel.
“It was personally rewarding to be part of installation of Nancy Pistorio as the newly appointed president of EAEL. I have known Nancy for more than 10 years; since we both are from the Baltimore area. Nancy is the Vice President of Madison Capital, a national equipment lessor, with an excellent reputation. Nancy has served on the board of EAEL for many years and everyone was excited and encourage by Nancy's new appointment. Bruce Smith co- owner and founder of Diversified Capital Corp will assume Nancy's prior role as EAEL Executive Vice President.
“The conference was more than work and education. The social activities planned by Bill Cowden allowed all of us northern Yankees the opportunity to experience the charm and hospitality of the " LOW COUNTRY". For the history buff or antique buyer; Charleston provided a great back drop to relax and enjoy the camaraderie of all of the attendees. Nearly everyone participated in the carriage ride through "Old" Charleston on Friday night and the group definitely left its formalities behind when we all participated in the pig pick'n and oyster shucking activities at Magnolia Plantation on Saturday evening.
“I have only one warning for Bill Cowden- it has been my experience that when a volunteer does a superior job they are always asked back for a repeat performance.
“ If you missed Charleston you missed one of the best leasing events of 2005. Thanks again to Bill and the EAEL.”
Scott A Wheeler CLP and CLP Board Member
DoaLease.com and ThaList.com Partner to Capitalize
CINCINNATI----Automobile Consumer Services, Inc. (ACS), the leader in online auto leasing, announced a new partnership with www.ThaList.com, a network of Highline, Classic, and Specialty Automobile dealers. The relationship will enable dealer members of ThaList to use ACS's www.DoaLease.com service to offer leasing to their customers.
"Offering a leasing product to our dealers enhances the value of their membership," says Bill Hodges, president of ThaList. Currently, dealer members of ThaList request quotes for vehicles they are considering taking as trade-ins, search for vehicles their customers want to buy, post their wholesale and retail inventory, and participate in weekly auctions. Members also have access to other services such as vehicle history reports, vehicle inspection reports, and quotes for auto transport, all of which qualify for discount pricing.
"DoALease.com is an excellent benefit service to offer ThaList dealer members who are finding that more of their customers want to lease their vehicles." says Larry Lovejoy, COO of ACS. "By offering leasing to their customers through DoALease.com, ThaList dealers will be able to market their vehicle inventories more effectively."
DoaLease.com is a leasing service that is available to dealers only. It provides instant comparative lease quotes and the option to submit a customer's credit application online. ACS executes the lease paperwork, thereby leaving the dealer with more time to serve their customers. A key component of the partnership will be a training and orientation program to help ThaList dealers better understand leasing and the DoALease.com process.
About Automobile Consumer Services, Inc. ( www.acscorp.com )
Based in Cincinnati, Automobile Consumer Services, Inc. (ACS) is a leading provider of online auto leasing through its dealer only website www.DoaLease.com and its consumer website
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.
About ThaList ( www.thalist.com )
Based in Ocala, Florida, ThaList.com was formed in 1999 to provide the Franchised and Independent dealers of high-end and exotic vehicles a way to communicate with each other in real time to find and dispose of vehicles nationwide. This conduit for the dealers has grown to over 230 dealers and is limited to quality dealers sponsored by a current dealer in the network. ThaList has 6 participating dealers that act as a Dealer Council to help steer the growth of the network and deal with issues between dealers in the ThaList Community. ThaList has also branched out to the mid-range vehicle market with Thalistmr.com and will be using the ACS services for that network as well. Hodges commented further, "For our RV Dealer Network, RVList.com, we hope ACS will be able to develop a program that will serve the RV industry."
Tarry Shebesta, OCLC (Ohio Certified Lease Consultant)
Warren L. Axelrod Joins Orix Financial Services
ORIX Financial Services, Inc. is pleased to announce that Warren L. Axelrod has joined the Equipment Finance Group as Vice President of Capital Markets. Warren will lead EFG's capital markets initiative with respect to both the purchase and syndication of equipment lease and loan transactions within the commercial and middle market segments. Warren brings a 17 year track record of industry experience including 11 years with Bank of America and 5 years with CIT.
Bill Fite, President of the Equipment Finance Group, states, “Warren will be responsible for growing our indirect originations providing diversification to our core portfolio and augmenting our growth objectives. We look to broaden our existing relationships and actively seek new partners in this endeavor. Additionally, Warren will be charged with developing investor relationships to provide liquidity and distribution capabilities for our growing customer base. We have high expectations of Warren's ability to impact our objective of bringing enhanced value to our institutional partners, investors, customers and stakeholders alike.”
MicroFinancial Incorporated Bolsters Sales & Marketing Efforts Appoints Tom Herlihy to Vice President of Sales & Marketing
WOBURN, Mass.---- MicroFinancial Incorporated (NYSE-MFI), a financial intermediary specializing in vendor based leasing and finance programs for transactions in the $500 to $15,000 range, announced that Tom Herlihy was appointed to Vice President of Sales & Marketing at TimePayment Corporation, the Company's operating subsidiary. Mr. Herlihy will lead the Company's sales and marketing initiatives aimed at vendor sales in select industries, including portfolio acquisitions and expanding broker channel sales.
Mr. Herlihy brings over 25 years of experience in the equipment leasing industry to MicroFinancial. He was co-founder of Eaton Financial Corporation, Senior Vice President of ATT Capital and founder of the business finance unit of ABB Corporation.
Richard Latour, President and Chief Executive Officer of MicroFinancial said, "We are very pleased to welcome Tom to MicroFinancial. We believe his proven leadership is a valuable addition to our team as we build a stable, well-diversified portfolio over the next three to five years."
Tom Herlihy can be reached at 781 994 4870 x7002 or Tom.Herlihy@timepaymentcorp.com.
About The Company
MicroFinancial Inc. (NYSE: MFI), headquartered in Woburn, MA, is a financial intermediary specializing in leasing and financing for products in the $500 to $15,000 range. The Company has been in operation since 1986.
CONTACT: MicroFinancial Incorporated
GATX Corporation Reports 2005 First Quarter Results
CHICAGO---GATX Corporation (NYSE:GMT) announced 2005 first quarter net income from continuing operations of $28.4 million or $.52 per diluted share, compared to $19.7 million or $.38 per diluted share in the first quarter of 2004. First quarter 2004 net income including $3.2 million from discontinued operations was $22.9 million or $.44 per diluted share.
Brian A. Kenney, president of GATX, stated, "The solid first quarter results reflect the continued improvement in our rail, air and marine markets."
Highlights for the quarter included:
North American railcar fleet utilization remained at 98% and lease renewal rates in rail continued to increase
Utilization of GATX's air portfolio remained at 98% and aircraft lease rates continued to strengthen
Specialty's marine joint ventures experienced strong demand and higher charter rates
Specialty also generated significant income from a warrant-related position in the liquidating venture portfolio
Mr. Kenney added, "While our markets continue to improve, high steel prices and intense competition make it more challenging to identify attractive new investment opportunities. During the quarter we invested $94 million, compared to $105 million in the 2004 first quarter.
"Our balance sheet remains strong, and subsequent to the close of the first quarter, we took a positive step regarding liability management. We reduced our 2006 debt maturities by approximately $190 million through a successful debt tender offer, resulting in a more normalized maturity schedule in 2006. While this will result in a one-time expense of approximately $.15 per diluted share in the second quarter, this liability management is a very positive long-term step for GATX. Attractive new debt issuance spreads, which are the lowest we have experienced in over six years, reflect recognition of an on-going improvement in our overall credit profile.
In summary, Mr. Kenney added, "While the first quarter results may be difficult to duplicate due to the timing of certain income and expense items, the strong start to the year and the improving operating trends give us a high level of confidence in our previous core earnings guidance for 2005.
"At the beginning of the year, we expected 2005 GAAP earnings to be in the range of $1.60-$1.70 per diluted share, which included an anticipated tax benefit of approximately $.10 per diluted share. As we noted at that time, this outlook did not include any costs associated with liability management. We now expect GAAP earnings to be in the range of $1.45-$1.55, which includes a net negative impact of $.05 per diluted share related to the aforementioned items; liability management costs (approximately $.15 per diluted share), partially offset by the tax benefits (approximately $.10 per diluted share). We will continue to monitor the impact of market improvements and reassess this guidance as appropriate."
GATX Rail reported net income of $20.0 million in the 2005 first quarter, compared to $12.7 million in the prior year period. In addition to improving lease rates and 5,400 more cars in service versus the prior year period, Rail's net income benefited from higher remarketing gains on rail equipment.
Rail's North American fleet totaled approximately 107,000 cars and utilization was 98% on March 31, 2005, both flat with year end 2004. Rail acquired 914 cars for its fleet during the first quarter of 2005, including new cars associated with specific customer lease transactions, new cars delivered under the 2002 Committed Purchase Program, and used cars purchased in the secondary market. Rail also sold or scrapped 1,027 cars during the quarter. In the first quarter, lease renewal pricing on a basket of Rail's most common car types was up approximately 9% over expiring lease rates. This compares to an increase of 8% in the fourth quarter of 2004 and 3% for the 2004 full year.
Maintenance expenses for the first quarter of 2005 were higher than 2004 levels primarily due to railroad enforcement of industry rules for wheel replacement. In the coming quarters, Rail expects to undertake a number of railcar conversions, a process of retrofitting or overhauling idle cars that enables these assets to be used in different service. This has a positive long-term financial impact, but will raise maintenance expenses in the near term.
North American manufacturing capacity utilization, as reported by the Federal Reserve, was 79%, flat with the prior quarter and up from 77% in the first quarter 2004. Backlogs at the railcar manufacturers remained high at more than 59,000 cars at the end of the quarter. Rail industry carloadings, excluding intermodal, were up nearly 2.6% year over year and industry-wide chemical shipments increased slightly (0.6%) in the first quarter of 2005 versus the prior year.
GATX Air reported first quarter net income of $4.8 million compared to net income of $2.0 million in the prior year period. Air's net income in the first quarter benefited from increased lease income and higher contributions from Air's joint ventures.
There are no new aircraft deliveries scheduled for 2005 and Air continues to make progress on its originally scheduled aircraft renewals. Utilization of the owned fleet was 98% at March 31, 2005 and lease rates on certain aircraft types continued to show signs of a recovery. Subsequent to the end of the quarter, Air concluded a new aircraft leasing joint venture, indicative of Air's focus on expanding its managed asset base.
Regarding the air sector, an updated slide presentation outlining portfolio data is available at www.gatx.com.
GATX SPECIALTY FINANCE
GATX Specialty Finance reported net income of $10.0 million in the 2005 first quarter compared to $15.9 million in the prior year period. Prior year results included significant remarketing income versus the current period.
Specialty continues to experience ongoing improvement in the marine sector, as its three ocean-going vessel joint ventures continued to perform well as a result of higher demand and charter rates. In addition, in the quarter Specialty benefited from pre-tax warrant gains of $4.9 million, primarily from the sale of its entire warrant-related position in Google, which was part of the liquidating venture portfolio.
The Specialty portfolio currently consists of $480 million of owned assets and third-party managed portfolios totaling approximately $700 million. GATX is selectively pursuing new investments in Specialty, particularly in shipping/marine and other targeted assets.
Net charge-offs and impairments totaled $1.8 million in the first quarter 2005 or an annualized .1% of average total assets, compared to $.1 million in the same period for 2004. Non-performing leases and loans at the end of the 2005 first quarter totaled $49.4 million, compared to $74.0 million at the end of the first quarter 2004, a reflection of the overall improvement in credit quality in the portfolio.
In the second quarter of 2004, GATX completed the sale of substantially all its technology leasing assets. The technology leasing segment is accounted for as a discontinued operation in all periods presented. The technology leasing segment reported net income of $3.2 million in the first quarter of 2004.
GATX Corporation (NYSE:GMT) is a specialized finance and leasing company combining asset knowledge and services, structuring expertise, partnering, and capital to provide business solutions to customers and partners worldwide. GATX specializes in railcar, locomotive, aircraft, marine vessel and other targeted asset operating leasing.
CFNB Reports Third Quarter EPS of $.17
IRVINE, Calif.------California First National Bancorp (NASDAQ:CFNB)("CalFirst Bancorp") announced net earnings of $1.9 million for the third quarter ended March 31, 2005, a 31% decrease from net earnings of $2.8 million for the third quarter of fiscal 2004. Diluted earnings per share for the third quarter decreased 32% to $0.17 per share, compared to $0.25 per share for the third quarter of the prior year, a slightly higher percentage decrease due to the impact of a greater number of fully diluted shares. For the nine months ended March 31, 2005, net earnings decreased 26% to $5.6 million, compared to $7.5 million for the first nine months of fiscal 2004. Diluted earnings per share were $.49 for the first nine months of fiscal 2005, down 27% from $.67 per share reported for the same period of fiscal 2004.
For the third quarter ended March 31, 2005, gross profit of $8.2 million decreased 14% from $9.5 million reported for the third quarter of the prior year. This reflected a $141,000 decrease in net direct finance and interest income after provision for lease losses and a $1.2 million decrease in other income. The decrease in other income is primarily due to a decrease in lease extensions and lower gains recognized from the sale of leased property resulting from fewer leases reaching their end of term. The 3% decrease in net direct finance and interest income to $4.7 million, compared to $4.9 million for the third quarter of fiscal 2004, included higher direct finance income from a higher average investment in capital leases, despite slightly lower yields earned, which was offset by higher interest expense on deposits and a larger provision for lease losses.
For the first nine months of fiscal 2005, gross profit of $24.0 million decreased 10% from $26.7 million reported for the same period of the prior year. The decrease included a $2.6 million decline in other income and a $103,000 decrease in net direct finance and interest income. The decrease in other income for the nine months resulted from both a large decrease in gain on sales of leased property and lower income from lease extensions. Net direct finance and interest income of $14.0 million for the first nine months of 2005 compared to $14.1 million for the same period of the prior year, and reflected a $238,000, or 2% increase, in total direct finance and interest income, which was offset by higher interest expense. The provision for lease losses was essentially unchanged. The increase in total direct finance and interest income primarily reflected increased interest and investment income earned on liquid investments as a result of higher yields that offset lower average balances.
During the third quarter, CalFirst Bancorp's selling, general and administrative ("S,G&A") expenses increased by 2% to $5.1 million, compared to $5.0 million during the third quarter of fiscal 2004. For the first nine months, S,G&A expenses were up 4% to $15.1 million, compared to $14.5 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 administrative costs required to manage the growth in the portfolio as well as higher costs related to the development of the organization.
Commenting on the results, Patrick E. Paddon, president and chief executive officer, indicated: "CalFirst Bancorp's results for the third quarter of fiscal 2005 continue to reflect the impact of a smaller portfolio of assets reaching the end of term without sufficient growth in direct finance income from the lease portfolio. New lease transactions booked during the third quarter were $46.8 million, about 15% greater than the third quarter of the prior year. For the nine months, new lease bookings of $126.0 million are 30% greater than the first nine months of the prior year. As a result, the net investment in capital leases of $183.8 million at March 31, 2005, is up 19% from $153.9 million at June 30, 2004. The company experienced some growth in direct finance income from the portfolio during the third quarter, but will primarily benefit in the coming quarters. The volume of new leases originated during the third quarter is down slightly from fiscal 2004, but for the full nine months, new lease originations are comparable to originations during the first nine months of 2004. Our backlog of approved but un-booked leases at March 31, 2005, is above the level in March 2004, but it is below the level for the first two quarters of fiscal 2005. Transactions in process of $29.6 million at March 31, 2005, is relatively flat compared with the amount at June 30, 2004, but is down from the level at the end of the first and second quarters of fiscal 2005. We are focusing our efforts on improving originations during the last quarter of fiscal 2005. CalFirst Bank has represented a significant portion of the company's aggregate new lease bookings during the first nine months of fiscal 2005, and continues to represent a growing share of the company's net earnings."
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 an FDIC-insured national bank that gathers deposits using telephone, the Internet, and direct mail from a centralized location, and will lease capital assets to businesses and organizations and provide business loans to fund the purchase of assets leased by third parties.
California First National Bancorp, Irvine S. Leslie Jewett, 949-255-0500 firstname.lastname@example.org
AmSouth Bancorporation Board Announces Quarterly Dividend;
BIRMINGHAM, Ala----AmSouth Bancorporation (NYSE:ASO) announced that its Board of Directors has declared a regular quarterly dividend of $.25 per common share, payable July 1, 2005, to shareholders of record as of June 17, 2005. AmSouth's dividend yield as of April 20, 2005, was 4.0 percent.
AmSouth holds Mergent's "Dividend Achiever" designation for its record of increasing dividends for 34 consecutive years.
AmSouth is a regional bank holding company with $50 billion in assets, more than 685 branch banking offices and 1,240 ATMs. AmSouth operates in Florida, Tennessee, Alabama, Mississippi, Louisiana and Georgia. AmSouth is a leader among regional banks in the Southeast in several key business segments, including consumer and commercial banking, small business banking, mortgage lending, equipment leasing, annuity and mutual fund sales, and trust and investment management services. AmSouth also offers a complete line of banking products and services at its web site, www.amsouth.com.
AmSouth Bancorporation, Birmingham Investment Community: List Underwood, 205-801-0265 or News Media: Rick Swagler, 205-801-0105
CIT Announces Strong First Quarter Diluted EPS of $0.98
* Diluted EPS up 29% from prior year (excluding 2004 debt redemption gain)
NEW YORK, -- CIT Group Inc. (NYSE: CIT)
today reported net income of $210.4 million for the first quarter, an increase from $189.3 million last year. Diluted earnings per share were $0.98 for the quarter, up from $0.88 last year. Return on average tangible equity ("ROTE") for the quarter was 15.3% compared to 15.1% last year. The prior year earnings included a $25.5 million after tax gain on early debt redemption. Excluding this gain, the prior year diluted EPS and return on average tangible equity were $0.76 and 13.1%.
The current quarter results were marked by lower charge-offs, strong non-spread revenues and a lower effective tax rate.
Commenting on the Company's performance, Jeffrey M. Peek, Chairman and Chief Executive Officer, said: "We're off to a solid start in 2005 as evidenced by the significant progress made against our key performance metrics. Revenue growth was broad based, credit quality continued to improve, and new business volume and asset growth were up, despite the seasonality of the first quarter.
"Our sales and business development initiatives accelerated and we continued to execute on the fundamentals of our business. By actively managing our portfolio, we realized tax savings that allowed us to retain a greater portion of income earned. Further, we increased the dividend payout for our shareholders and continue to generate sufficient capital to support business growth. Finally, we added depth and talent to our leadership team.
"In all, I am pleased to report that our discipline and experience continues to deliver results in today's extremely liquid market. As a result of the strength in the business and the structural reduction in our tax rate, our earnings per share growth target has increased to 20% for 2005."
Full press release at:
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Google tops view; stock soars /Shares rise to $215 in after-hours action
Fed chief says large deficits a danger
2030 forecast: Mostly gray
Tea's popularity is increasing, even in coffee-saturated Seattle
American Idol 4, April 20: The Last Dance
“Gimme that Wine”
Violence as 10,000 winegrowers protest at French overproduction
Happily above par Golf legend Arnold Palmer neither hooks nor shanks in his wine venture
Kosher Gan Eden winery in Sonoma County to close
McCrea wines don't stay on store shelves for long
Report: Vineyards faced with demand for high-end wine
This Day in American History
1794- The first death penalty ban by a state was enacted by Pennsylvania. The law abolished all executions except in cases murder in the first degree. Michigan enacted a general ban on the death penalty on May 4, 1846, except in cases of treason against the state.
NBA Finals Champions This Date
1947 Philadelphia Warriors
Stanley Cup Champions This Date
1945 Toronto Maple Leafs
- from: Songs Of The Out-o'-doors
If you've never sat in the blazing sun
But if the sound of the ball that's hit
Chuck-full of glamour,
In every city or country spot,
And if you're watching the players sweat,
Calling for muscle,
Oh, the silence tense and the hush of doubt
Oh, the jeers, the cheers, an the throbbing thrill,
Free of the grafter,
Published in: The Popular Magazine - April 7, 1912