Wednesday, November 18, 2009
Former American and Canadian Football Quarterback Harold Warren Moon born November 18, 1956 Los Angeles, California. Member of Pro Football Hall of Fame and Canadian Football Hall of Fame.
Played for the National Football League's Houston Oilers, Minnesota Vikings, Seattle Seahawks and Kansas City Chiefs. Best known for Houston Oilers, now Tennessee Titans, who retired his number 1 jersey.
Archives---November 18, 2003
######## surrounding the article denotes it is a "press release"
Archives---November 18, 2003
#### Press Release #############################
Marlin Business Services Corp. Announces Closing of Initial Public Offering and 660,000 Share Over-Allotment Option
(Last trade: $16.15 at press time. http://finance.yahoo.com/q/ecn?s=MRLN)
MT. LAUREL, N.J.----Marlin Business Services Corp. (NasdaqNM:MRLN) announced the closing of its initial public offering of 5,060,000 shares of its common stock for an aggregate price of $70,840,000. The company also announced that the closing included the exercise-in-full of the 660,000 share over-allotment option granted to the underwriters of the offering. Of the total shares sold in the offering, 1,478,745 were sold by selling shareholders and 3,581,255 were sold by the company. The net offering proceeds to the company, after the payment of expenses related to the offering, are expected to be approximately $44.9 million. The company did not receive any of the proceeds from the sale of common stock by the selling shareholders.
U.S. Bancorp Piper Jaffray is the lead manager for the offering and William Blair & Company is the co-manager. Morgan, Lewis & Bockius LLP acted as counsel to Marlin Business Services Corp. Sidley Austin Brown & Wood LLP acted as counsel to the underwriters.
About Marlin Business Services Corp.
Marlin Business Services Corp is a nationwide provider of equipment leasing solutions primarily to small businesses. Marlin finances over 60 categories of commercial equipment, including copiers, telephone systems, computers and certain commercial and industrial equipment. Founded in 1997, Marlin is led by chairman and CEO Daniel P. Dyer and president Gary R. Shivers.
CONTACT: Marlin Business Services Corp. Bruce E. Sickel, 888-479-9111, ext. 4108 firstname.lastname@example.org
### Press Release ##############################
Marlin Business Services Corp. for Tuesday, November 17, 2009
Closing Price ($): 7.17
November 18, 2003
November 18, 2003
September 30, 2009 Stockholder equity:
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CIT's Q3 Net Loss Tops $1 billion
CIT's Form 10-Q for the third quarter reflects a company in more deep trouble than others are guessing and gives credence to the government's original decision not to infuse any more funds to chase money that they may never see again. There appear many serious deteriorating credit metrics in the 3rd quarter SEC filing. With prospects, even admitted in the SEC filing, it does not indicate there will be any change in the economy this year, and most likely not until the same time period next year, depending on how high unemployment becomes as even cities, counties, school districts and states cut back on union employees to meet their deficits.
The CIT SEC Q3 makes a similar predication.
Here are highlights from the SEC 3rd Quarter filing:
"Net finance revenue of $ 51.9 million was 69% below the 2009 second quarter and 85% below the 2008 third quarter, on a smaller asset base, as the Company continues to manage liquidity and limit origination volumes."
"As of September 30, 2009, CIT had U.S. federal net operating losses of approximately $6 billion which expire beginning in 2027."
"The increases for the quarter and year over year in interest expense reflects the impact of issuing higher-cost secured borrowings, including the $3 billion credit facility entered into in July 2009."
"Financing commitments declined from $4.5 billion at June 30, 2009, to $3.8 billion at September 30, 2009, excluding the impact of an approximate $1.0 billion increase in additional funding commitments associated with vendor receivables."
"Our plan during 2008 and 2009 was to carefully manage our liquidity and strategically target key customers and relationships in response to the tight credit conditions in the markets, resulting in lower new volume generation and decreased asset balances. Origination volume in our commercial businesses, excluding factoring, was $1.6 billion for the quarter and $6.0 billion year to date, and remains well below prior year levels, which led to decreased Corporate Finance and Vendor Finance assets."
"Assets held for sale of $436.9 million increased from December 2008 levels but remains well below prior year levels as there has been minimal Corporate Finance syndication activity and Vendor Finance securitization activity due to the lack of market liquidity and less favorable pricing. Aerospace assets held for sale decreased from year end following plane sales. Corporate Finance current quarter assets held for sale includes some loans to be sold for liquidity purposes."
"We expect this higher level of charge-offs and nonperforming to continue as we run off the portfolio. At September 30, 2009, loans on non-accrual to students of a bankrupt pilot training school totaled approximately $186 million. We anticipate resolution of the pilot training school issue within the next few months, at which time the appropriate charge-offs will be taken against existing reserves."
"Professional fees were up reflecting higher financial and legal consulting costs. During the quarter advisor fees included $46 million reflecting amounts for various advisors to assist with our restructuring plan, including the consummation of the secured Credit Facility, the August Debt Tender Offer, and the Offering Memorandum."
"We anticipate that the challenging economic and market environment impacting our clients will persist for the remainder of 2009 and into 2010. As a result, we expect continued weakness across a broad dispersion of industry sectors as our customers and clients face weak demand for their products and increased cost of capital."
"The quarter's business was negatively impacted by a loss in confidence that resulted from news on the financial condition of CIT. This loss of confidence resulted in a virtual standstill in signing new business, client terminations/notice of terminations and a hold back of business of clients that have yet to technically terminate. However, the impending bankruptcy filing also triggered an increase in customer draws against unfunded commitments resulting in a reduction to credit balances due to factoring clients. Additionally, many of our clients have switched to deferred purchase and credit guarantee contracts as the receivables pertaining to these are not owned by CIT, resulting in lower receivable balances and lower volume. For the quarter, factored volume was down 35% versus the year ago quarter, resulting in lower factoring commissions, however, pricing has been increasing since late 2008, resulting in improved commission rates. Credit has been well managed and we collected premium pricing in 2009 on the riskier client and customer accounts, while avoiding significant losses. Year to date results reflect impairment charges of $363.8 million for goodwill and intangible assets."
"Net charge-offs increased to $43 million for the September 2009 quarter from $14 million last quarter. The increase is principally related to the previously discussed acceleration of charge-off recognition of specifically reserved for accounts. Specific reserves declined from $31 million at June 2009 to $3 million at September 2009. Absent this acceleration, charge-offs would have been generally in line with prior quarter. Non-accrual loans increased to $163 million from $144 million last quarter principally driven by the addition of one large client exposure, which is well collateralized and unlikely to result in charge-offs. Both metrics remain above the prior year levels reflecting the weak retail environment.
"Receivables were down 23% from last quarter and 44% from September 2008 reflecting the previously described switch to purchase and credit guarantee contracts, which also lowered factored volume."
"Factoring commissions were lower than prior periods as an increase in rates was offset by lower volumes. Volumes were down due to our funding constraints, increased competition and reflecting the weakened retail environment.
"Gains on sales of leasing equipment decreased from the prior year primarily due to fewer aircraft and railcar sales. The 2008 nine month period included gains of $59 million in connection with 2008 aircraft sales.
"Gains (losses) on securitizations have been impacted by the limited activity in capital markets and by the Company's increased use of on-balance sheet securitization structures."
"At September 30, 2009, rail utilization decreased to 90%. In aerospace, the remaining 2009 aircraft order book and 55% of the aircraft in our 2010 delivery order book have been placed on lease...Rail lease rates and utilization continue to be under pressure as carriers and shippers continue to reduce their fleets and return cars. At September 30, 2009, rail utilization decreased to 90%."
"Our top five commercial aerospace outstandings totaled $1,440.0 million at September 30, 2009. All of the top five outstandings are to carriers outside of the U.S. The largest outstandings to a U.S. carrier at September 30, 2009 was $156.3 million."
"Consolidated net charge-offs before such acceleration of charge-offs totaled 3.14% up from 2.81% in the June 2009 quarter. Consolidated charge-offs including the aforementioned change in timing of charge-offs were 7.34% of average finance receivables.
"Our Corporate Finance business continues to be the most severely impacted by the weak global economic environment due to a higher proportion of leveraged cash flow loans and weaker performance in industries most impacted by the economic slowdown particularly those related to discretionary spending, such as print, media and gaming, as well as commercial real estate and energy. For the nine months ended September 30, 2009, nearly 85% of CIT's commercial losses were in these sectors."
"Trade Finance net-charge-offs increased to $43 million for the September 2009 quarter from $14 million last quarter, principally due to the aforementioned acceleration of charge-off recognition of specifically reserved accounts. Specific reserves declined from $31 million at June 30, 2009 to $3 million at September 30, 2009."
There are too many legal actions to list here, but they start at page 99 of the filing.
CIT 3rd Q SEC Filing:
MicroFinancial/TimePayment 3rd Quarter Highlights
The 3rd Quarter SEC filings indicate today's marketplace has been ideal for TimePayment mini-leases as the company has both increased its business and Better Business Bureau rating with management full in control of growth, quality, and responsibility.
"During the third quarter of 2009, we processed over 13,800 applications and approved an additional 304 vendors bringing the total vendor count to approximately 4,500," CEO Richard Latour said in the press release.
3rdQuarter SEC Highlights:
"MicroFinancial Incorporated (referred to as "MicroFinancial," "we," "us" or "our") operates primarily through its wholly-owned subsidiaries, TimePayment Corp. and Leasecomm Corporation. TimePayment is a specialized commercial finance company that leases and rents "microticket" equipment and provides other financing services. The average amount financed by TimePayment through 2008 and year to date 2009 was approximately $5,500 while Leasecomm historically financed contracts of approximately $1,900. We primarily source our originations through a nationwide network of independent equipment vendors, sales organizations, brokers and other dealer-based origination networks. We fund our operations through cash provided by operating activities and borrowings under our revolving line of credit."
"Dealer funding was $20.7 million for the three months ended September 30, 2009, an increase of $4.7 million or 29.0%, compared to the three months ended September 30, 2008. We continue to concentrate on our business development efforts, which include increasing the size of our vendor base and sourcing a larger number of applications from those vendors."
"Total revenues for the nine months ended September 30, 2009 were $34.0 million, an increase of $5.0 million, or 17.2%, from the nine months ended September 30, 2008. The overall increase was due to an increase of $5.0 million in income on financing leases, and a $1.4 million increase in fees and other income partially offset by a decrease of $1.1 million in rental income, a decrease of $0.2 million in income on service contracts and a decrease of $0.1 million in interest income. The increase in income on financing leases is a result of the continued growth in new lease originations. The decline in rental income is the result of attrition of Leasecomm rental contracts which is partially offset by TimePayment lease contracts coming to term and converting to rentals. Service contract revenue continues to decline since we have not been actively funding new service contracts."
"We maintain an allowance for credit losses on our investment in leases, service contracts and rental contracts at an amount that we believe is sufficient to provide adequate protection against losses in our portfolio. Our provision for credit losses increased by $1.7 million, or 43.8%, for the three months ended September 30, 2009, as compared to the three months ended September 30, 2008, while net charge-offs increased by 76.2% to $5.1 million. The 90-day delinquent lease payments receivable on an exposure basis increased by 36.5% to $24.5 million at September 30, 2009 compared to $17.9 million at September 30, 2008. The increase in the allowance for credit losses reflects both the increased size of our lease portfolio and increased delinquency levels."
"On February 10, 2009, we entered into an amended agreement to increase our revolving line of credit with Sovereign to $85 million. Under the amended agreement, outstanding borrowings bear interest at Prime plus 1.75% or LIBOR plus 3.75%, in each case subject to a minimum interest rate of 5%."
Full SEC filing:
Sales makes it Happen—by Scott Wheeler
With over twenty-six years of leasing experience and an Executive Masters in Business Administration, Scott is an accomplished senior leasing executive with leadership qualities in marketing and operations. His extensive experience will benefit organizations looking to reach a higher level of profitability and corporate development.
Preparing for the Calm after the Storm
Many describe the past year as the perfect storm against our economy and the commercial equipment financing and leasing industry. However, your fellow originators have begun to prepare for the future and the calm after the storm. It has become obvious, the new economy will be different than the business environment of years past – the light switch is not just going to be turned on and everything return to the way it was fifteen or eighteen months ago. Our business will be different, funding will be supplied by different sources, the demand for capital equipment will come from new customers and financing/leasing originators are repositioning themselves to take advantage of the new opportunities which are beginning to surface.
Our industry may very well face more new opportunities than we have experienced in over a decade. These opportunities are not going to be "get rich quick" opportunities or be realized by the masses. However, for those who are well positioned and well versed in all aspects of the industry, these opportunities are already proving to be significantly beneficial and profitable for those entities and individuals who are willing to embrace the economic changes of the future.
Individuals and companies are expanding their capabilities, their industry niches, their funding partners, their syndication departments, their equipment niches, their product offerings, their marketing efforts, their credit capabilities and their overall industry knowledge. These changes are not being taken lightly or haphazardly – savvy professionals are doing their homework and entering new areas of our industry with their eyes wide open and with the confidence that they are improving their businesses with the proper tools to succeed.
For those who remain in the industry and are willing to look forward rather than to the past, the next few years will provide an abundance of opportunities. There will be new entries to compete against and new money supplied by new sources. The credit requirements will remain tight and yields will most certainly increase – changes which will reflect the free market at work. Small and medium size businesses will be forced to replace aging equipment and new equipment acquisitions will be required to promote innovation and growth in the new economy. Our products will be greatly needed, and professional financing/leasing originators who are offering superior service and creative products will surely be in great demand.
Now is the time to prepare for the calm after the storm. It's the time to build a strategy based upon the future, sustainable growth, and new opportunities. The storm is passing -now it's time to rebuild a better stronger industry. The individuals and companies who properly lead the charge will realize the greatest rewards.
Please let me know your thoughts, suggestions or ideas.
Sales Makes it Happen articles:
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David Normandin/Jennifer Buchanan: Two new CLP's
### Announcement ##########################
"The CLP Foundation is very pleased to announce the addition of two new Certified Lease Professionals. The Board of Directors asks you to join us in congratulating them for completing the CLP Program and successfully passing the CLP Exam to earn their Certified Lease Professional designation."
Jennifer Buchanan, CLP
David A. Normandin, CLP
"The CLP Foundation is the official governing body for the Certified Lease Professional ("CLP") Program. The CLP designation sets the standard for professionalism in the leasing industry. This designation identifies and recognizes individuals within the leasing industry who have demonstrated their competency through continued education, testing and conduct. This designation is the only internationally recognized lease certification program in the world.
"We invite you to visit our web site -- www.clpfoundation.org for detailed information about the CLP Foundation and the CLP Program. For further information about our Mentor Program and Anonymous Test Taking Program, please contact Cindy Spurdle at 610/687-0213 or email@example.com."
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St. Cloud, Minnesota -- Adopt-a-Pet
"Hi, my name is Ace and let me tell you a little about me. I came to the shelter from another shelter with my friend Thunder. I have been around other dogs and did well with them. Thunder and I get along sometimes, but we can sometimes get into it every once in awhile. I can be a little jumpy, but that just because I get so excited to see you. I am super friendly towards strangers and really get along with everyone. AJ"
(My 92 pound Black Labrador male's name is Bode Ace Menkin (short for "BAM") and he is a great dog, with me almost all the time, even when I write Leasing News. He is the fourth Lab in my life, the first male and goes with us almost everywhere. This is a great breed. Kit Menkin)
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CapitalSource Announces Sale of Net Lease Assets to Omega Healthcare Investors, Inc.
### Press Release ##########################
CHEVY CHASE, Md., -- CapitalSource Inc. (NYSE: CSE) today announced that it has entered into a definitive agreement to sell substantially all of its healthcare net lease portfolio to Omega Healthcare Investors, Inc. (NYSE: OHI), subject to usual and customary closing conditions and adjustments. The sale, covering 143 long term care facilities, will be completed in a series of closings. Expected net proceeds to CapitalSource include $280 million cash and $51 million of OHI stock. Omega is expected to assume or pay off $529 million of debt related to the assets being purchased. CapitalSource owns 38 additional long term care facilities not included in this sale, but which the Company expects to sell separately.
"This transaction is another important step in our ongoing transformation to a bank model," commented John K. Delaney, CapitalSource Chairman and CEO. "We intend to use the cash proceeds principally to pay down debt, which further strengthens our balance sheet and liquidity. After exploring a number of alternatives in recent months, we believe this direct asset sale is the best result for our shareholders," concluded Delaney.
"As we have been saying for quite some time, we anticipated that realizing the equity value in our net lease portfolio could be a process that stretched out over many months. This transaction will permit us to more quickly capture that value, recognize a gain and further simplify our business, as we seek to finalize the monetization of the remaining facilities within this portfolio," added James J. Pieczynski, President of the CapitalSource Health Care Real Estate business.
The sale to Omega will be completed in three steps. The first two are expected to be completed by the end of the second quarter of 2010 and will result in net proceeds to CapitalSource of $250 million in cash and $51 million of Omega stock. The first closing, expected to occur in late December or January, will cover 40 facilities for a purchase price of $269 million and will also include Omega's payment of $25 million for an option to purchase 63 facilities for an additional $295 million or a total purchase price of $320 million. The second closing is expected to occur in the second quarter of 2010 and will cover 40 facilities for a purchase price of $271 million. Omega will assume a total of $264 million of indebtedness relating to the facilities sold in the first two transactions.
The third closing for the remaining 63 facilities, at a purchase price of $320 million, would occur upon Omega's exercise of its purchase option prior to 12/31/11. The consideration would consist largely of the extinguishment of $265 million of indebtedness relating to the facilities sold in the transaction, plus $30 million in cash, in addition to the previously paid purchase option of $25 million.
Wells Fargo Securities LLC acted as lead advisor to CapitalSource on the transaction.
A telephonic replay of conference is available through February 18, 2010. Please call (877) 344-7529 from the United States or (412) 317-0088 from outside the United States with pass code 435866. An audio replay will also be available on the Investor Relations section of the CapitalSource website: www.capitalsource.com.
CapitalSource Inc. (NYSE: CSE) is a commercial lender that provides financial products to middle market businesses and offers depository products and services in southern and central California through its wholly owned subsidiary CapitalSource Bank. As of September 30, 2009, CapitalSource had total commercial assets of $10.4 billion and $4.4 billion in deposits. The Company is headquartered in Chevy Chase, MD. Visit www.capitalsource.com for more information.
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Today's Top Event in History
1863- President Lincoln boards a train for Gettysburg, Pennsylvania, to deliver a short speech at the dedication for the cemetery of soldiers killed during the battle there on July 1 to 3, 1863. While he did not know it at time, the battle was the turning point of the Civil War. He also was not aware that the address he was about to give became perhaps the most famous speech in American history. Lincoln had thought about what he wanted to say, but he nearly missed his chance to say it. On November 18, Lincoln's son, Tad, became ill with a fever. Abraham and Mary Lincoln were, sadly, no strangers to juvenile illness: they had already lost two sons. Prone to fits of hysteria, Mary Lincoln panicked when the president prepared to leave for Pennsylvania. Lincoln felt that the opportunity to speak at Gettysburg and present his defense of the war was too important to miss, though. He had a great sense that there was a turning point in the long, deadly war about to be made. He was accompanied by an entourage that included Secretary of State William Seward, Postmaster General Montgomery Blair, Interior Secretary John Usher, Lincoln's personal secretaries John Hay and John Nicolay, several members of the diplomat corps, some foreign visitors, a Marine band, and a military escort. A reporter wrote during one stop, a young girl lifted a bouquet of flowers to his window. Lincoln kissed her and said, "You're a sweet little rose-bud yourself. I hope your life will open into perpetual beauty and goodness." When Lincoln arrived in Gettysburg, he was handed a telegram that lifted his spirits: Tad was feeling much better. Lincoln enjoyed an evening dinner and a serenade by Fifth New York Artillery Band before he retired to finalize his famous Gettysburg Address.
This Day in American History
1787- Birthday of Sojourner Truth, abolitionist and orator, born up-state New York. Born into slavery as Isabella Baumfree
SEE IT THROUGH
by Edgar A. Guest (1881-1959)
When you're up against a trouble, Meet it squarely, face to face; Lift your chin and set your shoulders, Plant your feet and take a brace. When it's vain to try to dodge it, Do the best that you can do; You may fail, but you may conquer, See it through!
Black may be the clouds about you And your future may seem grim, But don't let your nerve desert you; Keep yourself in fighting trim. If the worst is bound to happen, Spite of all that you can do, Running from it will not save you, See it through!
Even hope may seem but futile, When with troubles you're beset, But remember you are facing Just what other men have met. You may fail, but fall still fighting; Don't give up, whate'er you do; Eyes front, head high to the finish. See it through!
Edgar A Guest,. often referred to as the common man's poet. was a staff writer for the Detroit News (Michigan) and had his poetry published in the paper for many years.
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