Friday, April 28, 2006
Apple, Lodi Since 1872, a day to honor and plant trees. Observed the last Friday in April (although some states have different dates), which is generally a good planting date throughout the country. First observance of Arbor Day was in Nebraska, April 10, 1872, where it is still a state holiday. www.arborday.org (see other calendar events ) Headlines--- Correction—Pawnee sales e-mail address ######## surrounding the article denotes it is a “press release”
------------------------------------------------------------------------------- Correction—Pawnee sales e-mail address I noticed you have my e-mail wrong in your story. The correct e-mail is dana@pawneeleasing.com can you please change it. Thanks Dana Freeman P: 800-864-4266 x213 Woodring Jumps Ship to Join Dakota Financial http://www.leasingnews.org/archives/April%202006/04-26-06.htm#ship ---------------------------------------------------------------- Classified Ads---Collector-Controller-Contract Administrator
The Silversea Silver Shadow cruises Collector Boston, MA. Jacksonville, East Brunswick, FL. Wellington, FL. Controller Philadelphia, CA. Seattle , WA. Southeastern, MI. Uniondale, NY. Contract Administrator New York, NY. Portland, OR. For a full listing of all “job wanted” ads, please go to: http://64.125.68.91/AL/LeasingNews/JobPostings.htm To place a free “job wanted” ad, please go to: http://64.125.68.91/AL/LeasingNews/PostingForm.asp ---------------------------------------------------------------- Orix Closing U.S. Mid-Market Leasing Department?
by Kit Menkin Leasing News received several “insider” e-mails from alleged Orix employees who said they were informed they would not be employed and the middle market business would be closed as of May 15th 2006. The Orix Public Finance web site directed us to: “ Home > Equipment Finance Group > Our Team > Bill G. Fite Group President - Equipment Finance Group Phone: (770) 970-6189” The telephone did not answer.
“B.G.” Leasing News was aware on May 5, 2005, Bill G. Fite announced he was leaving to become senior vice president and national sales manager of Key's commercial leasing services group. Evidently the web site was not up to date. A call to the public relations office on the press release dated 10-30-2005 ( the latest one posted) answered that it was “April 17” (the previous Monday) and the party was traveling, but to leave a message and he would call back right away. Unfortunately the mail box was full. A call back to Dallas, Texas was to no avail, as the telephone operator (after going through a bunch of buttons) said she thought the leasing sales department was in a sales meeting and could not come to the telephone. A call to the international office told us to call Kennesaw, Georgia, not Dallas, Texas. We think we reached India, and not Japan, due to the accent of the person who answers. The operator was efficient, it should be noted, as we soon were able to leave a message into a “Fritz Brown?” voice mail box. We did not receive a telephone number, or call back. The web site listed as “Leasing Servicing/Administrator: Kandice Stephens. Her telephone never answered all morning or afternoon. What if I were someone calling who wanted to make an equipment leasing application? I bet they would have given up long ago. ---------------------------------------------------------------- Cartoon----Orix International Headquarters
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“Ending the Crisis in Sales Management” by Steve Chriest There are at least four steps senior managers can take to ease or end the crisis in sales management. First, they must stop the automatic practice of promoting great salespeople to the position of sales managers. Second, they must stop using sales managers to sell to and supervise important customers. Third, senior managers must invest in the education and training of sales managers. Finally, senior managers must allow sales managers to develop themselves and their teams. The psychological profiling experts have told us for years that when a great salesperson becomes a sales manager, three things usually occur: The company loses a great salesperson, the company gains a mediocre or terrible sales manager, and the company's customers suffer in the transition. Senior managers can avoid these unfortunate results by first determining whether or not the salesperson under consideration for a promotion to sales manager possesses the aptitude required for management. Once it is determined that the salesperson can perform the duties of a sales manager, the next step is to determine “if” he or she will perform the duties. Ability without desire will result in a bad promotion decision. The second step senior managers can take to end the crisis in sales management is to stop encouraging or allowing sales managers to play frontline, active roles in selling to and managing key customers. Too many sales managers today are “managers” in name only. Their real function is to act as their company's primary sales point with important customers. As sales managers continue to perform sales duties, they do not have time to perform the functions of sales managers. Worse, the sales team is robbed of the chance for high-level sales experience and the successes to be gained from interaction with the company's most important customers. The best and brightest sales team members recognize this and plan their exit, seeking employers who are willing to help them gain experience and grow as professionals. The third step senior managers can take to end the crisis in sales management is to commit time, money and other resources to the education and training of their sales managers. Senior managers must commit to developing comprehensive sales management programs that teach sales managers how to attract, develop and retain top sales performers. It is baffling that company managers spend so much money training financial managers, various operations managers, production managers, and customer service managers, and spend so little money on training sales managers, who theoretically oversee the company's revenue generating process! Finally, the crisis in sales management cannot ease or end until senior managers allow their sales managers to do the real work of sales management. The most comprehensive sales management training programs won't work unless sales managers are allowed to execute a sales and sales management process that is designed to support the growth of the sales managers and their team members. Copyright © 2006 Selling Up TM . All Rights Reserved. About the author: Steve Chriest is the founder of Selling Up TM (www.selling-up.com), a sales consulting firm specializing in sales improvement for organizations of all types and sizes in a variety of industries. He is also the author of Selling Up , The Proven System for Reaching and Selling Senior Executives. You can reach Steve at schriest@selling-up.com.
---------------------------------------------------------------- Getting Wise to Lies on Resumes
“There is a must read article in Time Magazine entitled "Get Wise to the Lies" about false resumes. I strongly recommend it for anyone in a hiring position or who has a resume about themselves. Teri Gerson, President http://leasingnews.org/PDF/Getting_Wise_to_Lies.pdf Background checks: This is a well-known company that does inexpensive background, and more importantly, county and state court records: Kroll Background of America Columbus, Georgia (866)541-4024 Fred St. Laurent also recommends: “I was really impressed with the booth Data Fax had at the National Association of Equipment Leasing Brokers conference last week in Minneapolis. What they do is set a company up to do their own background, credit, DL and criminal checks. Missy Rogers could be reached at missy_rogers@microbilt.com for info. They are NAELB Members. “Also I recommend http://www.lexisnexis.com/screening/fullservice/content.asp which has a wide variety of screening tools available that are affordable. “For degree verification they now have a clearing house: http://www.studentclearinghouse.org/secure_area/DVEV/dvev_bridge.asp “Also for SS, Credit, Criminal and other background checks I use a small local firm who is very aggressive with their commitment to customer service and I recommend them if your volume isn't huge and want to have fast accurate service for a low price. SC Dillard and Associates... Susan Dillard, dillardassoc348@bellsouth.net “I am not marketing nor do I realize any benefit from the referrals, this is simply mindshare on a specific issue and I hope it helps those who take this issue of ethics in the workplace seriously. I am also looking forward to other resources that anyone would be willing to share with me :-)” Kind Regards, Fred St Laurent "Impacting Companies one person at a time." Website: http://www.sfbirecruiter.com/ Member of ELA Member of the Leasing News Advisory Board http://www.leasingnews.org/Advisory%20Board/Fred_St_Laurent.htm --------------------------------------------------------------
Wal-Mart Industrial Bank hearing in Kansas City Strong resistance to their proposal surprises officials By MARK DAVIS The Kansas City Star Kansascity.com The battle over the proposed Wal-Mart Bank rolled into Overland Park on Tuesday with the third day of unprecedented public hearings by the Federal Deposit Insurance Corp. All but two of 31 speakers opposed the giant retailer's application for FDIC deposit insurance for an industrial bank the retailer seeks in Utah. In that regard, the day mirrored two days of testimony earlier this month in Washington. Inside the Overland Park Convention Center, speakers thrashed Wal-Mart as a slayer of retail rivals, a violator of labor laws, an environmental polluter and a culprit of several other corporate crimes and misdemeanors. Wal-Mart officials didn't testify at Tuesday's hearings in Overland Park, but they talked about their proposed Wal-Mart Bank and the protests it had stirred. “We didn't picture that we'd stir up every issue in banking known to man,” said Jane Thompson, president of Wal-Mart Financial Service. The hearings are the first of their kind by the Federal Deposit Insurance Corp., which is being asked to provide federal deposit insurance coverage for the proposed bank. The FDIC held the hearings because it received so many letters from the public about Wal-Mart's plans. Many have complained that Wal-Mart's proposal violates long-held barriers between banking and commerce. Thompson, in an interview, repeated earlier statements that Wal-Mart Bank would not offer loans to anyone. It plans to limit the bank to one office that would process credit card and debit card payments for Wal-Mart stores. Community groups have focused on the proposed bank's original request to be exempt from the Community Reinvestment Act, which requires banks to meet the financial services needs of the entire area in which they operate. Thompson said FDIC officials had suggested that the bank didn't need to meet CRA standards because it doesn't plan to make loans. “In hindsight, we both said we should have filed for CRA,” she said. Wal-Mart Bank now plans to meet CRA requirements, though without making loans. Others have complained that the Wal-Mart Bank would drain deposits from smaller communities and the banking system in total without returning them as loans. Thompson said the bank would have to accept deposits to meet requirements to handle the electronic payments at its stores. Wal-Mart currently pays fees to other banks every time a shopper uses a credit or debit card at one of its stores. The Wal-Mart Bank would help it save on those fees. The proposed Wal-Mart Bank would not accept deposits from consumers. It would only offer certificates of deposit to nonprofit groups that already shop at its stores with a Wal-Mart Community Card. The cards essentially allow groups to run a tab at Wal-Mart and pay it a month later without interest. The bank would also accept deposits gathered by brokers. Tom McLean, director of financial services at Wal-Mart, said accepting such brokered deposits typically is how other industrial banks like the one it seeks meet their deposit requirements. Thompson said the Wal-Mart Bank probably would gather less than $10 million in deposits, despite holding $125 million in capital. Banks typically have far more in deposits than capital. “We are trying to get the least amount of deposits to get a bank (approved),” she said. Funds the bank does raise would be invested in low-risk government securities and to meet community reinvestment standards in Salt Lake City, where the bank will have its only office. Wal-Mart officials have also vowed that the bank would not offer retail banking services such as loans or checking accounts or open any branches anywhere. The company's strategy is to lease space in its Supercenters where other banks operate branches. Bankers from three such banks testified Tuesday. The FDIC has not said when it will rule on Wal-Mart's request. Other voices: CON: “Wal-Mart can go down as other large companies have, such as Enron and WorldCom, and the impact on banking would be dangerous to the banking system.” — James W. Sower, Pine River Valley Bank and Independent Bankers of Colorado PRO: “Some of the locations we currently serve could have been considered underbanked or underserved prior to installation of our branch.” — Michael H. Richmond, Woodforest National Bank, which has 145 Wal-Mart store branches, more than any other bank CON: “It will hoodwink America if you allow” Wal-Mart into the banking business. — Nathan Toler, Wal-Mart Alliance for Reform Now PRO: “The individuals I work with in Bentonville have always been forthright, honest and of the highest integrity.” — Craig A. Baker, Domestic Bank in Cranston, R.I., which operates branches in three Wal-Marts (Joe Adler of American Banker wrote after the first hearing: (Wal-Mart's application would limit the retailer's banking operation to debit and credit card transactions; the application does not allow for the opening of retail bank branches, and Wal-Mart would likely have to reapply if it wanted to expand into the retail bank business. (As a result, the ILC is not expected to have a major effect on community banks. Although Wal-Mart's operation would be one of the largest, many commercial businesses already own industrial banks without consumer objection. (The FDIC is likely to approve the application, observers say.) Previous Wal-Mark Industrial Bank stories: http://www.leasingnews.org/Conscious-Top%20Stories/Wal-Mart.htm -------------------------------------------------------------- Classified Ads—Help Wanted Account Executive
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---------------------------------------------------------------- TTL Equipment Management Enters United States Container Market supplychainmarket.com TTL Equipment Management, which in 2005 acquired the assets of Transamerica Trailer Leasing, has extended its global service to offer customers a complete range of new and resold containers worldwide. The new service will provide a comprehensive range of ocean freight containers including standard dry, refrigerated and ISO tank containers for sale to meet international and regional needs. “When our ownership changed last year, our management team and our investors envisaged this type of expansion,” said CEO Andrew Atkins. “We have built a strong reputation for delivering a quality service and we are now looking to extend the services we provide to the market.” TTL has created three new divisions to cover Europe & Africa, Asia, and the Americas. For the US market, TTL has appointed F. Mitchell White as Vice President, Container Trading US, to oversee the operation. Mr. White will run the operation from Houston, Texas and will use TTL's network to establish contact with new and existing customers to tailor the service to match their needs. “Many of our customers have previously asked about this type of facility so we know there is a demand for a quality-driven service,” explained Mr. White. “What we are now doing is building on our existing knowledge and contacts to allow us to provide a fast, cost-effective service anywhere in the world.” Mr White has extensive experience and over 30 years in the container industry. Prior to joining TTL, Mr White worked for TAL International's Trader division in Houston, Texas. The US operation will work closely with Mr White's colleagues in Europe and Asia to co-ordinate localised and cross-regional business. TTL continues to develop and grow by delivering industry-leading customer service and expertise. ---------------------------------------------------------------- Fitch Ratings Affirms CAT and CAT Financial's Ratings Fitch Ratings-Chicago-: Fitch Ratings has affirmed the 'A+' senior unsecured and 'F1' short-term rating of Caterpillar Inc. (CAT). In addition, Fitch has affirmed the 'A+' senior unsecured and 'F1' short-term rating of Caterpillar Financial Services Corp. (Financial). Fitch has also affirmed the 'F1' short-term issuer default rating (IDR) and 'F1' commercial paper rating of Caterpillar Financial Services Australia Ltd. The Rating Outlook is Stable. The rating affirmation reflects CAT's significant continued cash generation from its leading products, efficient global manufacturing footprint, diversified customer base, and well-capitalized network of independent dealers. In 2005, and through the first quarter of 2006, CAT achieved sales and operating profit growth in each of its business segments, leading to record consolidated sales and profits for both periods. CAT's cash generation is positioned for further expansion over the near term through sales volume growth, increased prices, and higher financial products revenue. CAT's uses for this excess cash generation include equity share repurchases, and higher R&D and SG&A spending to support growth and new product programs. The rating also reflects Caterpillar's adherence to a capital structure strategy that provides the company with substantial flexibility to absorb economic, geographic and product cycles. Despite heavy share repurchase activity, leverage metrics have continued to strengthen. In any adverse scenario, CAT's diverse global customer base and breadth of new products will buffer cash flow volatility and minimize any balance sheet impact. Current negative pressures on CAT include production capacity and supply chain constraints, primarily tire availability, which are hurting delivery times to customers and dealers. In the U.S. market, CAT faces an expected downturn in the heavy-duty truck market in 2007 and a potential softening in the US housing market, but remains well-positioned to weather cycles across its operations. Cash and marketable securities totaled $806 million as of March 31, 2006, although the rating does not incorporate an expectation that cash balances will remain at these levels. CAT has made significant contributions to its pension funds over the last several years, and cash contributions are expected to decline in 2006. In 2005, CAT significantly accelerated its share buyback program, purchasing 33.9 million shares for $1.6 billion and this is expected to continue to be a major application of cash going forward. The first quarter results ended March 31, 2006, showed continued growth in each of CAT's business segments, driven by higher prices and strong construction and mining markets. CAT's sales and revenues were up 12.6% to $9.3 billion and operating profit was up 61.1% to $1.2 billion from the first quarter of 2005. In October 2005, CAT announced a revenue target of $40 billion, which represents a 10% sales growth from 2005 results. Fitch's expectation, which is reinforced by the latest quarter, is that this target is achievable and that the balance of the year will show strong sales and profitability. Balance sheet debt for CAT increased $167 million or 4.3% during 2005 to $3.9 billion at Dec. 31, 2005, but this was more than offset by a 34.8%, $1.12 billion increase in operating EBITDA, leading to improved credit metrics. Total Debt-to-EBITDA stood at 0.9 times (x) at year-end versus 1.2x year-end 2004. Total Adjusted Debt-to-Operating EBITDAR decreased to 1.3x from 1.7x at the end of 2004. Additionally, Operating EBITDA-to-Gross Interest Expense stood at 16.3x at year-end versus 7.8x year-end 2004. In 2006, $340 million of long-term debt matures with no other significant debt maturing until 2009 when $550 million is due. In the first quarter of 2006, long term Machinery and Engines balance sheet debt decreased 1.3% to $2.6 billion at March 31, 2006. Financial's debt ratings essentially reflect its close operating relationship with CAT. This relationship is governed by a support agreement which requires CAT to maintain 100% ownership of Financial, net worth in excess of $20 million and fixed-charge coverage of 1.15x or higher. Financial's operating performance continued to be strong in 2005 as net income totaled $266 million for the year ended Dec. 31, 2005, a 27% increase over 2004's income of $287 million. Revenue was a record $2.35 billion for the year ending Dec. 31, 2005, an increase of 22% compared with the same period last year. This increase in profitability was mainly due to the continued strong demand for CAT products, reduced credit costs, and improved operating efficiency. Near term profitability will continue to be driven by the demand for CAT products and corresponding loan originations. CAT is the world's largest manufacturer of heavy machinery, producing an array of construction, mining and forestry equipment. CAT also makes a variety of diesel engines for both third-party customers and for the Caterpillar equipment and gas turbines for numerous energy generation and industrial markets. Roughly one-half of CAT's sales are outside the U.S. Caterpillar Financial Services and Caterpillar Insurance Services provide financing and insurance to dealers and customers. Contact: Mark Oline +1-312-368-2073, Chicago; or Nathan Spunt +1-212-908-0202, New York, (Caterpillar Inc.); Peter J. Shimkus +1-312-368-2063 or William Artz +1-312-368-2083, Chicago, (Caterpillar Financial). ---------------------------------------------------------------### Press Release ########################### GATX Corporation Reports 2006 First Quarter Results CHICAGO------GATX Corporation (NYSE:GMT) reported 2006 first quarter net income from continuing operations of $47.9 million or $.83 per diluted share compared to net income of $28.4 million or $.52 per diluted share in the first quarter of 2005. The 2006 first quarter results include approximately $3.4 million of after-tax benefit or $.06 per diluted share from lower depreciation on air assets targeted for sale. Brian A. Kenney, president and CEO of GATX, stated, "Our first quarter results reflect continued strength in the markets we serve. We continue to renew railcar leases at higher rates. We are balancing these rate increases with extending the average lease term on certain car types, an action that is expected to help mitigate future earnings volatility in the rail portfolio. Despite continued high asset prices, we achieved solid investment volume in the first quarter, investing more than $70 million in additional railcars. "Air made progress on implementing its strategy of increasing fee income and initiating sales of the older aircraft in its fleet. Air earned fee income of $4.5 million in the first quarter of 2006 and is focused on adding new management and remarketing contracts. The sale of air assets outlined in our December 2005 announcement continues as planned and we expect the sales to be substantially complete by year end. "Specialty had an exceptionally strong quarter due to significant remarketing income, including $14 million pre-tax income from one transaction in its managed portfolio. We are encouraged by the investment volume Specialty achieved. Specialty's owned portfolio grew from $439 million at year end to approximately $470 million in the first quarter. Mr. Kenney concluded, "Overall, the first quarter results provide a good start to 2006 and we remain confident in the EPS guidance provided earlier this year. We continue to implement our strategy of adhering to our disciplined, long-term approach to investment." Full press release at: http://ir.gatx.com/phoenix.zhtml?c=70051&p=irol-newsArticle&ID=848632&highlight= ### Press Release ########################### Pacific Capital Bancorp Reports 11% Increase in First Quarter Earnings Per Share First Quarter 2006 Highlights: Net interest margin expands from Q4 2005 Pacific Capital Bancorp (Nasdaq:PCBC - News), a community bank holding company with $7.0 billion in assets, today announced financial results for the first quarter ended March 31, 2006. Net income for the first quarter was $67.4 million, a 13.4% increase from $59.4 million reported for the first quarter of 2005. Earnings per share for the first quarter of 2006 were $1.43, an increase of 10.9% from $1.29 reported for the first quarter of 2005. "We are pleased to report the highest level of quarterly earnings per share in the history of the Company," said William S. Thomas, Jr., President and Chief Executive Officer of Pacific Capital Bancorp. "Our first quarter results were driven by another strong performance in our seasonal Refund Anticipation Loan (RAL) and Refund Transfer (RT) programs. Our efforts to increase the variety of tax refund loan options available to consumers and to expand our network of tax preparation firms that originate RALs and RTs resulted in higher than expected growth in the volume of transactions. We believe the positive trends we experienced this season bode well for the continued growth of the RAL/RT programs in future years. "Within the core bank, we saw continued improvement in asset quality and a slight expansion in our net interest margin from the fourth quarter of 2005, despite a challenging deposit pricing environment. However, we continue to incur significant expense related to regulatory compliance efforts and our IT system conversion, which is negatively impacting our level of profitability," said Thomas. Full press release here: http://www.snl.com/Interactive/IR/file.asp?IID=100652&FID=2233587&OSID=9 ### Press Release ########################### LFC Capital Adds Charles R. Rubin as Senior Vice President and Sales Manager CHICAGO, – Charles R. Rubin has been appointed Senior Vice President of LFC Capital, Inc., Chicago, with nationwide responsibility for marketing and sales. “Chuck Rubin brings a wealth of experience to LFC Capital,” said Martin E. Zimmerman, President and Chief Executive Officer, LFC Capital. “His expertise in financing healthcare and high-tech equipment will be of great benefit to our clients.” Mr. Rubin has held senior marketing management positions with major leasing companies and led the start-up of several new leasing businesses primarily in healthcare and technology. Before joining LFC Capital, Mr. Rubin was Senior Vice President and Manager – Southern California, for Warren Capital Corporation, which focused on healthcare as a primary market. Prior to that, Rubin was co-founder and manager of two leasing companies serving both healthcare providers and middle market growth companies. He began his career in equipment finance with Heller Financial in Chicago, where over a period of eight years he rose from trainee to Senior Vice President of the Financial Institutions Division. Mr. Rubin received his B.S. in Education at the University of Illinois and M.B.A. in Finance at the University of San Francisco. LFC Capital is one of the nation's foremost independent equipment lessors dedicated to healthcare, delivering sophisticated equipment finance and remarketing services to hospitals, clinics, physician groups and growth companies. The principals of LFC have more than $1.5 billion in global healthcare equipment financing experience. ### Press Release ########################### Citi Commercial Business Group Announces New Organizational Alignment Citigroup's Commercial Business Group has been organized into four business units, with the goal of deepening customer relationships and optimizing the delivery of product solutions. All business units report to Jorge Bermudez, CEO of the Commercial Business Group. Mr. Bermudez, who assumed his position earlier this year, is a 30-year veteran of Citigroup who has held a variety of senior management positions across multiple businesses and geographies. The four business units are: · Banking Group - led by Robert Matthews The Banking Group is the Relationship Management organization for Citigroup's Commercial Banking and Middle Market customer base. · Industrial and Commercial Finance Group – led by Rob Cook Mr. Cook has responsibility for Industrial Equipment, Business Technology, Healthcare and Energy Finance, as well as the equipment financing business in Canada. · Product Group - led by Luis Matute This specialized lending business is composed of Franchise Finance, Asset Based Finance and Bankers Leasing (a business unit that cross-sells leasing services to large corporate clients), Treasury Products, Syndication, Commercial Real Estate and Community Development. · Citibank Texas - Jorge Bermudez will continue in his role as Chief Executive Officer of Citibank Texas, which was formed with Citigroup's acquisition of First American Bank in 2005. “I am excited about the new alignment for the Commercial Business Group,” said Rob Cook. “This structure positions CitiCapital to continue its market leadership position and leverages Citgroup's banking capabilities for our customer base.” CONTACT: Lisa Whitestone ### Press Release ########################### MeriCap Credit Appoints Controller MeriCap Credit Corporation announced that Susan Reyes has been named Controller at the corporate headquarters in Oak Brook, Illinois. Reyes will be responsible for all controllership related activities, including internal controls and accounting/finance related activities. In her new role, Reyes will report to Joel Cappon, executive vice president and chief financial officer. Reyes comes to MeriCap after spending the last ten years at American Express. Most recently she worked in the global management reporting group. ### Press Release ###########################AIG Commercial Equipment Finance adds Vice President- AIG Commercial Equipment Finance, Inc (AIGCEF) is pleased to announce that Russell Murray has joined the company as Vice President-New Business Development. Mr. Murray comes to AIGCEF with in excess of fifteen years experience in the financial services industry. Most recently he was at GE Commercial Finance, Capital Markets Group. Prior experience includes positions at leading companies including Siemens Financial Services, Scotiabank and Citibank. Mr. Murray will be responsible for the origination of middle market loan and lease transactions sourced on an indirect and direct basis with customers based in Canada. Russell will be based in Toronto, Ontario Canada and can be reached at 416-596-3981 or at russell.s.murray@aig.com. AIG Commercial Equipment Finance, Inc. (AIG CEF) is an equipment lease and finance subsidiary company of American International Group, Inc. (AIG). AIG CEF actively seeks middle and upper-middle market transactions and has platforms specializing in the general equipment, tax exempt, franchise, health care and rail markets, building long-term relationships with our business partners. More information on AIGCEF can be found at www.AIGCEF.com American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo. ### Press Release ########################### MicroFinancial Incorporated Announces First Quarter 2006 Results WOBURN, Mass.----MicroFinancial Incorporated (AMEX:MFI) a financial intermediary specializing in vendor based leasing and finance programs for transactions in the $500 to $15,000 range, announced financial results for the first quarter ended March 31, 2006. Net income for the quarter was $764 thousand, or $0.05 per diluted share on 13,905,902 shares, compared to a loss of $2.7 million, or a loss of $0.20 per share, in the first quarter of 2005. First quarter revenue for the period ended March 31, 2006 was $8.9 million compared to $10.9 million in the first quarter of 2005. Income on leases and loans was $672 thousand, rental income was $5.7 million, and other income components contributed $2.5 million for the quarter. Richard Latour, President and Chief Executive Officer said, "We continue to develop our originations team. In the first quarter of 2006 new contract originations improved by 26% to $2.9 million as compared to the fourth quarter of 2005. The volumes included a small portfolio purchase in the amount of $240 thousand in the month of March. During the quarter we also approved 182 new vendors and processed over 2,900 applications." Full press release here: http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=MFI&script=410&layout= #### Press Release ############################# IKON Announces Results for the Second Quarter of Fiscal Year 2006 MALVERN, Pa., -- IKON Office Solutions (NYSE:IKN) -- Exceeds High End of Earnings Expectations IKON Office Solutions (NYSE:IKN), the world's largest independent channel for document management systems and services, today reported results for the quarter ended March 31, 2006. Net income from continuing operations for the second quarter of fiscal year 2006 was $25 million, or $0.19 per diluted share, exceeding the Company's previously communicated EPS range of $0.16 to $0.18. Earnings per diluted share from continuing operations grew $0.14 when compared to $0.05 per diluted share for the second quarter of fiscal year 2005, and increased 56% when compared to the adjusted $0.12 per diluted share for the same period. Total revenue for the second quarter of fiscal year 2006 was $1.08 billion, compared to $1.09 billion for the second quarter of fiscal year 2005, a decline of 1% year over year. Excluding the negative impact of currency, total revenue was flat year over year. Targeted revenue, which represents 97% of total revenue, increased 3% year over year. "I am pleased to report that the momentum in targeted revenue and earnings growth we experienced during the first quarter continued during the second quarter," said Matthew J. Espe, IKON's Chairman and Chief Executive Officer. "Once again, new digital equipment placements grew in the office, production and color segments, and new digital revenue grew in production and color. Services continued to expand in the second quarter, with Professional Services revenue up by 34% and North American on-site Managed Services revenue up by 10%. Europe continued its strong performance, particularly in Germany and Denmark." Selling and administrative (S&A) expenses of $315 million in the quarter decreased 9%, or $33 million, compared to the second quarter of fiscal year 2005. The decline resulted from actions taken in 2005 and the Company's continued focus on expense management. Operating margin increased to 4.7% in the quarter. Full press release here: http://www.shareholder.com/ikon/releaseDetail.cfm?ReleaseID=194308 ### Press Release ########################### CIT Opens New Global Headquarters in New York City Chairman and CEO Jeffrey M. Peek Presents New York City Mayor Michael R. Bloomberg With a $10 Million Commitment to New York City's Civic and Cultural Communities CIT to Ring The Closing Bell(SM) at The NYSE to Celebrate the Opening of The CIT Building at 505 Fifth Avenue NEW YORK, / -- Jeffrey M. Peek, Chairman and Chief Executive Officer of CIT Group Inc. (NYSE: CIT), a leading provider of commercial and consumer finance solutions, today officially opened The CIT Building with New York City Mayor Michael R. Bloomberg during an unveiling ceremony at 505 Fifth Avenue and 42nd Street. The newly constructed 300,000 square foot, 28-story glass-encased office tower, which was designed by architects Kohn Pedersen Fox Associates, will serve as CIT's global headquarters. The building's lobby features artwork created by internationally acclaimed light and space artist James Turrell which bathes the lobby in alternating shades of blue, green and red. In recognition of the opening of The CIT Building, and CIT's increased philanthropic commitment to New York City, Mr. Peek presented Mayor Bloomberg with a $10 million commitment over the next four years (2006-2009) for civic and cultural institutions in New York City. These funds are part of CIT's Corporate Giving Program, which provides financial support to educational, health, social service and arts programs throughout the U.S. Among the programs CIT is funding is the City's Third Grade Vision Program, administered by the Department of Education and Department of Health and Mental Hygiene, which provides free eye examinations and eyeglasses to public school students throughout New York City. CIT's sponsorship through the Mayor's Fund to Advance New York City will support the summer program and an expanded program this fall. In addition, in 2006 CIT has committed to support the American Museum of Natural History's new 'Cosmic Collisions' space show, the New York Philharmonic's Free Concerts in the Parks series, the New York City Opera's expanded Opera-For-All program, the New York City Ballet's Spring Gala and the Fashion Institute of Technology. CIT will also support a number of organizations in its new neighborhood that provide a variety of educational programs to New York City's public schools, including: the New York Public Library, the New Victory Theater, the International Center of Photography, the Orchestra of St. Luke's, the Little Orchestra Society, Bryant Park Restoration Project, Alliance for the Arts, The Town Hall and the Roundabout Theatre Company. "The unveiling of The CIT Building at 505 Fifth Avenue is an important milestone in CIT's nearly 100-year history," said Jeffrey M. Peek, Chairman and CEO. "The opening of our global headquarters in the financial capital of the world will establish a global footprint from which CIT can better serve our clients. We are committed to New York City and our presence at 505 Fifth Avenue reflects our desire to continue to serve as a responsible corporate citizen. We are pleased to announce that CIT is committing $10 million to support a variety of New York City civic and cultural organizations which will further serve as a testament of our dedication to our great city." New York City Mayor Michael R. Bloomberg said, "CIT truly is an international organization and it's only appropriate that they chose New York City -- the financial capital of the world -- to locate their global headquarters. On behalf of all New Yorkers, I want to thank CIT for its dedication to New York City and for its generous pledge of $10 million to enrich the lives of our citizens as well as our visitors. Private support for New York's educational and cultural programs has never been more important and I am pleased that CIT shares this commitment as a great corporate citizen." In conjunction with the opening of The CIT Building, Mr. Peek, along with several of CIT's senior executives, will ring The Closing Bell(SM) at the New York Stock Exchange this evening at 4:00 PM EDT. A live webcast of this event can be viewed at http://www.CIT.com CIT employees play an active role in the communities around the world where they live and work. In connection with the opening of The CIT Building, CIT launched its first annual Global Employee Volunteer Month program. Throughout May, coinciding with International Volunteer Month, CIT is working with the Mayor's Volunteer Action Center and CIT employees will donate their time to various initiatives not only in New York but around the world. CIT has approximately 6,600 employees in offices throughout North America, Europe, Latin America and Asia Pacific. The CIT Building will serve as CIT's main, client-facing location for senior management and more than 300 employees. CIT's 300 other New York City-based employees, formerly located at the Company's offices at 1211 Sixth Avenue, will relocate to 11 West 42nd street, nicknamed 'CIT West.' ABOUT CIT CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has over $65 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its Global Headquarters in New York City, CIT has approximately 6,600 employees in locations throughout North America, Europe, Latin America, and Asia Pacific. For more information, visit http://www.cit.com. ### Press Release ###########################
News Briefs---- U.S. Economy Still Expanding at Rapid Pace US factory orders soar in March due to airplane sales Jobless claims rise 11,000 last week Fed Signals Pause in Campaign to Raise Interest Rates Economists: Fed will raise rates more than expected Lewis: Mass layoffs "most difficult thing" at Bank of America New-home sales up 13.8%, but prices fall 4 Knight Ridder Papers to Be Sold for $1 Billion Intel Plans a Revamping in an Effort to Save $1 Billion ACS net income drops as total cost of revenues jumps Immigration Raid rumors leave workers on edge Boycott leaves restaurants scrambling ---------------------------------------------------------------
You May have Missed--- Kellie Pickler: I deserved cut ---------------------------------------------------------------
Sports Briefs---- Raiders faceless without a QB http://www.contracostatimes.com/mld/cctimes/sports/columnists/neil_hayes/14440483.htm ----------------------------------------------------------------
“Gimme that Wine” Study finds boycott of French wine hurt sales Texas produced wines mostly consumed within state Huge jump in grape production in '05Half-billion dollar total up nearly 55 percent from last year Is that really a Sonoma wine? Home winemaking made easy Wine Prices by vintage US/International Wine Events Winery Atlas Leasing News Wine & Spirits Page ----------------------------------------------------------------
Calendar Events This Day Canada: National Day of Mourning A national day of mourning for workers killed or injured on the job in Canada. The Canadian Labour Congress first officially recognized the day in 1986. Pointing to the nearly one million workplace injuries each year in Canada, the CLC has called for stricter health and safety regulations and for annual recognition of this day trough Canada. Federal legislation (Bill D-223) first recognized this day in 1971. Hairstylist Appreciation Day The personalized service of hairstylists makes customers look great and feel great about themselves. Hairstyling is the art of creating a self-image to help boost self-esteem while lending an ear to customer's problems, thereby lessening their stress. National Arbor Day Since 1872, a day to honor and plant trees. Observed the last Friday in April (although some states have different dates, which is generally a good planting date throughout the country. First observance of Arbor Day was in Nebraska, April 10, 1872, where it is still a state holiday. www.arborday.org Nebraska Arbor Day A festival in Nebraska City, Nebraska, to celebrate Arbor Day, the tree planters' holiday, in the hometown of J. Sterling Morton, the founder of Arbor Day. Citywide events include more than 50 artists and craftsmen's booths, children's environmental festival, parade; tree seedling giveaway, music, and tree planning demonstrations. New Orleans Jazz & Heritage Festival A two-weekend festival with hundreds of musicians playing. Evening concerts, outdoor daytime activities. Louisiana specialty foods and handmade crafts. Est. attendance, 500,000 Workers Memorial Day First proclaimed in 1989 to commemorate the founding of the Occupational Safety and Health Administration on April 28, 1970 (signed into law in 1971). In some places this holiday is observed on the fourth Friday of April. Kiss Day ----------------------------------------------------------------
Today's Top Event in History 1971-- Braves' outfielder Hank Aaron joins Babe Ruth and Willie Mays as the only major league player to hit 600 home runs. His historic homer, a 350-feet drive over the left field wall, comes off Gaylord Perry in the third inning of a 6-5 ten-inning loss to the Giants at Atlanta's County Fulton Stadium. ----------------------------------------------------------------
This Day in American History 1758-- James Monroe birthday. President Monroe served two terms in office, March 4, 1817 to March 3, 1825 --------------------------------------------------------------
Spring Poem The Bean Eaters by Gwendolyn Brooks They eat beans mostly, this old yellow pair. Two who are Mostly Good. And remembering . . . From The Bean Eaters by Gwendolyn Brooks, published by Harpers. © 1960 by Gwendolyn Brooks. Used with permission. All rights reserved.
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