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About the Company: At Dell
Financial Services, we aspire to fuel your potential with
the kind of challenging opportunities and hands-on support you
need to grow. We're the exclusive provider of leasing and finance
services for Dell technology systems worldwide. |
October
27,2004
Headlines---
Classified--Contract
Administrator/Finance
Pictures
from the Past---1979---Sam Eichenfeld
“Still
Entrepreneurs,” ELA Conference Concludes
"Economic
Paradox"--- Keynote at ELA Conference
U.S.
Markets, Economy Face Serious Challenges Post-Election
William
Bosco/David Wiener ELA Award Winners
GE
Commercial Finance Acquires IT Financing Bay4 Capital
Pacific
Capital Bancorp Reports 10% Increase 3rd Q
Netbank
Biz Fin $4.4M/10% for a record of $46.9 million
PDS
Gaming Going Private Transaction
######## surrounding the article denotes it is a “press
release”
-------------------------------------------------------------------------------
Classified--Contract
Administrator/Finance
Contract Administrator: Los Angeles, CA
Documentation Manager;
25+ years experience; strong documentation skills; solid reputation
for submitting complete funding packages consistently resulting in same
day fundings; will consider reasonable
commute.
Email: sgrigs@netzero.net
Contract Administrator:
New York, NY.
10+ years in equipment
leasing/secured lending. Skilled in management & training, documentation,
policy and procedure development & implementation, portfolio reporting.
Strong work ethic.
Email: dln1031@nyc.rr.com
Contract Administrator:
Portland, OR.
6+ years small ticket
leasing/financing. Documentation/funding
Policy development
&implementation, management &training, process mapping, customer
service, broker, vendor, portfolio experience.
Email: susanc777@hotmail.com
Documentation
Manager: New York, NY.
10+ years in equipment
leasing/secured lending. Skilled in management & training, documentation,
policy and procedure development & implementation, portfolio reporting.
Strong work ethic.
Email: dln1031@nyc.rr.com
http://64.125.68.90/LeasingNews/images/Lechner.P0715.jpg
Finance: Chicago,
IL
Experienced in big
ticket origination, syndication, valuation and workout. Twenty five
years, MBA, CPA,
Email: pal108381@comcast.net
Transaction Summary
Website: www.tlgattorneycpa.com
Finance: Austin,
TX.
20+ years all facets
of lease/finance. Collection and credit management. Equipment &
rolling stock structuring. $150k credit authority, $100 million portfolio
management.
Email: texmartin@juno.com
Finance: Lyndhurst,
NJ
CFO w/20+ years leasing/financing. Respected by lenders/rating agencies full & fair financial reporting. Outstanding record restructuring debt. Adept at investor relations and mentoring people.
Email: joemcdev@aol.com
Finance: San
Jose, CA.
15+ years sourcing
debt, managing cash and receivables and other treasury functions. Strong
background in credit, contract
Email: raycis@comcast.net
Full List of all “Job Wanted” ads at:
http://64.125.68.90/LeasingNews/JobPostings.htm
-------------------------------------------------------------------------------
Pictures
from the Past---1979---Sam Eichenfeld
Sam
Eichenfeld, President of the American Association
of
Equipment Lessors (now the Equipment Leasing Association)
(
Article includes the announcement of the move to Washington and the
appointment of the new Executive Secretary, Michael J. Fleming.)
Record turn-out at Reno Convention
“THERE WAS A record turn-out
of some 1,500 people at the annual
convention of the American Association of Equipment Lessors,
this year held in Reno, Nevada, from September 16-19. The AAEL President,
Sam Eichenfield, described 1979 as being the most significant in the
history of the Association, because it was the year
in which it became active rather than reactive.
“This year
the AAEL moved its headquarters from Milwaukee, Wisconsin, to Washington DC. For the long standing and respected secretary, Sidney R. Rose, this is retirement year and his last Convention.
In 1966 he joined the young association of 23 members,
and it has since then grown massively in membership.
“With the
move to Washington comes the appointment of the new Executive Secretary,
Michael J. Fleming. Now in temporary offices in Washington he will move
to new offices at 1700 North Moores Street, Arlington, VA 22209, from
November 1. A sign of the importance of the new location lies in the
fact that a reception for US Congressmen is being planned for October
22 when the AAEL will be asserting itself as an effective voice the
political lobby...
“The AAEL
members at a private session at the start of the Convention announced
the intention of dividing the association into five regional associations
for the purpose of attracting a wider range of smaller leasing companies.
These would feel more sympathy to a local regional association than
a supranational AAEL in which they did not have a sense of place...
“Sam Eichenfeld
said the membership should double in the course of the next 18 months
because of this new move.
“The move springs out of the appreciation of the aggressive
growth policies pursued by several similar leasing associations, in
particular the Western Association of Equipment Lessors, out of which grew the Eastern Association of Equipment
Lessors (29 members). WAEL contacts had claimed to fill a void left
by the AAEL which "was not sensitive
to their needs on a local basis" according to the Leasing
Committee Chairman, Harvey Granat of the Sussex Leasing Corporation,
Great Neck, New York. Granat's report to the- Convention indicated that
the new membership categories should stress ‘take home value of AAEL
membership with its new regional organisation.’
“Next
year's convention is to be held at the Doral Country Club, near Miami,
Florida, where it was held last year.
In 1981 the venue will be the new Hyatt Hotel of Maui in Western
Hawaii.”
Leasing Digest, September, 1979
---from the Nibarger Library
----------------------------------------------------------------------------
“Still
Entrepreneurs,” ELA Conference Concludes
ELTnews
In Monday morning’s
general session, outgoing Equipment Leasing Association Chairman James
Beard, Caterpillar Financial Services, welcomed attendees to the 43rd
Annual Convention of the Equipment
He compared the leasing
industry today with that of 43 years ago. “They were pioneers of a young
industry—small companies with relatively small portfolios—selling a
new product, a new concept, to a skeptical business community,” Beard
said of those early lessors. “For many of them, coming to the Convention
probably meant closing the office for the week.”
Today, leasing is
a $208 billion dollar industry that includes giant companies, banks
and captives. But Beard reminded attendees of what they have in common
with their business ancestors: “Scratch any one of us, and you will
find—we are still classic entrepreneurs. We’re risk takers. The numbers
may have grown in scope, but we still put our capital and even our livelihoods
on the line every day. Lessors are creative, energetic and fundamentally
optimistic.”
Those qualities are
going to be needed as the industry moves into an uncertain future and
faces its three main challenges: Inevitable legislative, regulatory
and accounting changes, ensuring that leasing is a major participant
in the nation’s economic recovery, and achieving growth for individual
companies and the industry at large.
But, as Beard reminded
attendees, the industry has overcome similar challenges in the past,
coming out stronger than ever. As he put it in the case of the elimination
of the Investment Tax Credit in the mid-80s, “If the sky fell, I missed
it.” Of various impending accounting changes, Beard said, “Will the
lease product be the same in 10 years? I doubt it. Will lessors be the
same in 10 years? Count on it.”
It all comes down
to the fundamental nature of lessors: “As entrepreneurs, we will not
just weather the storms ahead, we will use them as vehicles to new destinations,
new markets and new profit streams. And with certainty, forty years
from now my successor will stand before the 83rd ELA Annual Convention
and remind them that they are the inheritors, the descendents of our
pioneering spirit and our entrepreneurial spark.”
-------------------------------------------------------------------------
"Economic
Paradox" –Keynote at ELA Conference
ELTnews
International Economist
C. Fred Bergsten delivered Monday's keynote speech at the Equipment
Leasing Association Convention in Palm Desert, California. His observations
on the future of the world economy were not exactly rosy. "The
world economic outlook is a paradox," he said. "World wide
economic growth is at more than 5% annually, the best in several decades,
But there are five risks that could create a perfect economic storm.
1.A further sharp
increase in oil prices (up to $70 a barrel). Bergsten believes this
is likely, and the underlying problem is that OPEC controls the market.
"They've been able to manipulate prices to twice what they'd be
in an open market," he said. Until U.S. leaders muster other oil
consuming countries to aggressively face OPEC, the high gas prices we
now have will continue.
2.If the U.S. trade deficit continues to grow. Right now, the trade deficit is $700 billion, more than 6% of GDP, and is rising over 1% of GDP a year. Unless U.S. leaders try to deflate the dollar in a controlled manner against Asian currencies, it will crash on its own, and crash hard, igniting inflation
and driving up interest
rates.
3.If the budget deficit
is not brought under control. Right now, the deficit projected to be
$5 trillion over 5 years—without unforeseen spending.
4.If the U.S. retreats into trade protectionism. According to Bergsten, 10%
of our economy is
the direct result of globalization. Any retreat from that commitment
to open world markets would wound our economy.
5.If China fails to temper its economic growth, growth will slow on its own
and possibly cause
a hard landing that would have worldwide ramifications.
All of these possibilities
can be averted, according to Bergsten, but U.S. political leadership
must begin paying attention to them and make hard choices to head off
problems.
"Survey Says...
"
The ELA 2004 Survey of Industry Activity reports volume down, but higher profitability for the equipment leasing and finance industry in 2003. Delinquencies and charge-offs dropped, too, indicating improved
portfolio quality.
Another financial
indicator is pre-tax spread. The data shows that 2003 pre-tax spread
declined slightly when compared to the previous year. This decline can
be attributed to a combination of factors: decrease in pre-tax yield
& slight decrease in cost of funds.
The 2004 version
of the annual Survey of Industry Activity reports on the leasing activity
of 135 leasing and finance organizations. It is a "must-have"
for lessors interested in comparing their operations and performance
to their industry peers, and a critical management tool for any business
trying to compete in today's challenging leasing environment.
The 2004 Survey Report is available at from the ELA Store at
http://www.elaonline.com/Store/ProductDetail.cfm?
Questions can be emailed to Bill Choi
at Bchoi@elamail.com.
-------------------------------------------------------------------------------
U.S.
Markets, Economy Face Serious Challenges Post-Election
U.S. Banker Weekly
Regardless of who
wins the U.S. presidential election on November 2, the new administration
will face an enormous challenge, Standard & Poor's senior credit
and equity analysts said at a conference last week.
The U.S. is running
a current account deficit of more than 5 percent of GDP, due in part
to a diminishing personal savings rate, which has declined to around
1 percent of GDP from high single digits a decade ago, and a loosening
fiscal stance during the past four years. When combined with other factors
such as rising dependence on foreign capital for domestic investment,
and heightened spending for military operations in Iraq and Afghanistan,
it becomes a difficult challenge for any administration—Democrat or
Republican, liberal or conservative.
"What either
candidate can do will be limited by what he is inheriting," says
David Wyss, chief economist at Standard & Poor's. Risks to the underlying
economy—and to the federal government's ability to manage it—remain.
“In these circumstances, it's going to be hard to increase spending
or to cut taxes significantly,” Wyss says. But investors should not
expect quick resolution of a number of pressing issues—such as the current
account deficit and looming pension shortfalls—from the next administration.
“Broad policy issues
don't tend to be negotiated well in the current political environment,”
says Clifford Griep, executive managing director chief credit officer.
"They tend to be politicized and polarized." In the equity
markets, investors will have to moderate their expectations for 2005
regardless of the outcome of the election. After a two-year bull market
in the S&P 500, equity investors would be well advised to diversify
their portfolios, with a bias toward large-cap and international stocks
that would be least vulnerable to volatility.
Standard & Poor's
global Equity Research Services group forecasts that the S&P 500
will record a modest increase in 2005, after realizing an expected gain
of less than 5 percent in 2004.
“Investors should become single-digit bulls,” says Sam Stovall, chief
investment strategist. “The easy money has already been made.”
-------------------------------------------------------------------------------
 |
Letters---We
get eMail
“Just to prove how
Sr. level people in corporate America are trained to lie….The only thing
Tambor forgot to mention to all of the hard working people was that
they were sold!!
“Have fun with this
if you wish, but do not mention me, my name or quote me!!!”
(name with held )
To: ALL AMEXBF EMPLOYEES
Subject: September Month End
I just wanted to
thank everyone for the incredible month end and fantastic volume results
for September. We booked almost $77M of new business which was 126%
of forecast!
Now the particulars...
Another stellar month
from the Commercial Vehicles team at $35M
Healthcare showed
very robust growth to $12M
Office Imaging broke
the $10M barrier (fabulous photo finish)
C&I plowed ahead
with over $9M (run rate of over $100M annually)
IT finished strong
at $6.5
Franchise hit the
$2.1M mark
Communications delivered
$1.6M
I also understand
that we had another awesome month from a delinquency and charge-off
perspective. Our 31+ delinquency rate was another record low of 3.20%.
As we start a new
month and the seasons turn, we are beginning to really hit our stride
and are truly poised for greatness.
Thank you,
Rich
----------
“ It was easy to
see that American Express was for sale. If you go back about 6 months
ago and check the emails I sent you. You will also find I predicted
the Republic sale, right about the time they came out with the name
change. All the usual signs were written on the wall. As I have been
through it twice. First they cut-off the non-producing and/or poor performing
brokers, then they cut special deals with certain brokers to pump up
volume. I understand they opened the credit window, again to pump up
volume. I am sure your newsletter of today will be the topic of discussion
at both the UAEL and ELA.”meetings.”
(name with held)
--
“Tell Debbie that
I went to 2 games of the 1967 World Series, when I was in college in
Boston. My Uncle worked for Gillette at the
time, and I weaseled the tickets out of his very stern secretary.
They came from last place the previous year, and won the AL Pennant
on the final day. I am hoping for a replay of that Series,
Boston vs. St. Louis. Hopefully the Cardinals
won't have 2004 versions of Lou Brock and Bob Gibson.
”I found this series to be very similar to the 49ers beating the Cowboys,
in 1981, in the NFC Championship. After beating the Cowboys
in such a dramatic fashion, with that final drive, and "The Catch,"
no one much cared if they won the Super Bowl or not.
”In 1981 the 49ers had never been to the Super Bowl, or before that
the Championship Game. Starting in 1970 the
Cowboys had beaten the 49ers in the playoffs 3 years in a row, including
2 championship games, in 1970 & 71, and a divisional playoff, in
1972. In the divisional playoff the Cowboys
were something like 10 points down late in the 4th Quarter, when Landry
took out Craig Morton and brought in Roger Staubach.
They scored 2 touchdowns and won the game.
In 1957, in a playoff game, the 49ers were ahead of the Lions 27-7 in
the 3rd Quarter, and the Lions won 31-28. I
went to every one of those games, except the 1971 Championship Game
which was in Dallas. Prior to 1981 I certainly
felt there was a "curse," perhaps in the 49er's case it might
have had something to do with
trading Y.A. Tittle to the Giants for a 2nd string defensive tackle
named Lou Cordileone, but that took place in 1960 and doesn't explain
the 1957 collapse. Tittle won 3 championships
for the Giants; Cordileone never played a down for the 49ers.
”I am sure...we will all be Red Sox fans (at least most of us).”
-- BH
Bob Homans
Norden Capital
8217 Beverly Bl., No. 8
Los Angeles, CA 90048, USA
Ph. +1-323-852-7070/Fax +1-323-852-7172
US Toll Free 800-775-2624
rhomans@nordencapital.com
www.nordencapital.com
---
“Thanks for all the information. You are better than the proverbial ‘
water cooler’."
Ed
(Thank you for the
idea for the water cooler graphic for use in such reports. editor)
--
“Thank you for your
daily newsletter... It is
one of the most informative letters in the industry.”
(This gentleman also
posted an ad in our classified.
It is really right
down to the point and someone definitely
worth an interview.
editor )
email: barretthawk@hotmail.com
city: Los Angeles
submit1: Submit Your Job Posting
state: CA
type: sales
description: 5 years experience structuring off-balance sheet finance
solutions on computer and medical equipment. Perform detailed competitive
analysis and market research. I uncover leads and sell.
--
“Hi Dad,
Received your package
and your friends package ( Sara and Dan ) Thank you very much! Thank
them too!!!
Tell your friends
I am thankful for their well wishes and snacks...
That was very nice
of them.
I appreciate all
of you very much as well...
Take care and enjoy
our liberties...
We've got the support
we need to do what is right.
ever vigilant....”
Your son,
Dash
Dash off the Kuwait Coast
Classified
Ads---Help Wanted
Account Representative
|
BALTIMORE-BASED
ACCOUNT REPRESENTATIVE
- In this position, you will develop and maintain relationships
with lease brokers, leasing companies, equipment vendors and direct
leases throughout Maryland and Virginia. Must be knowledgeable
in indirect/third party transactions ranging $15K and up. |
|
About the Company: At Dell
Financial Services, we aspire to fuel your potential with
the kind of challenging opportunities and hands-on support you
need to grow. We're the exclusive provider of leasing and finance
services for Dell technology systems worldwide. |
Brokers
|
About the company: SCL has been in business for 12 years. We are contracted with multiple funding sources which enables us to provide more competitive rates and flexible terms and conditions. |
National Account Manager
|
Trinity Capital, a subsidiary of Bank of the West, is a national leader in the equipment financing industry with a consistent presence and superior reputation. |
Vendor Account Executive
|
About the Company: Lease Corporation of America is a well established, 16 year old, national equipment leasing company. |
###
Press Release #######################
Two Executives Receive Distinguished Service Awards For Outstanding
Contributions
To The Equipment Leasing Industry
William Bosco and David Wiener Recognized For Their Volunteerism By
Equipment
Leasing Association
Arlington,
VA—The Equipment Leasing Association (ELA) honored two of its members,
William Bosco, recently retired as vice president of product development
from CitiCapital, Citigroup’s leasing investing group, and David Wiener,
senior vice president, Capital Markets Group at GE Commercial Finance,
with Distinguished Service Awards in recognition of their outstanding
efforts volunteering on behalf of the equipment leasing industry.
The awards were presented at ELA’s annual convention.
“The
contributions of Bill Bosco and David Wiener have had a positive, lasting
impact on not only ELA’s membership, but on the entire equipment leasing
industry,” said Michael J. Fleming, president of ELA. “We appreciate
their deep commitment to results and believe their tireless efforts
are an example for all leasing industry professionals.”
Bill
Bosco has served on ELA’s Financial Accounting Committee for 15 years,
the past nine years as chairman, where his participation included speaking
at ELA events, working with the Financial Accounting Standards Board
(FASB), providing accounting updates to the membership, and communicating
with international leasing associations.
Among the highlights of Bosco’s tenure were the Financial Accounting
Committee’s success in affecting FASB regulations regarding securitization
of guaranteed residuals and correct treatment of leasing in deliberations
on consolidation policy, and changing the Office of Comptroller of the
Currency’s position on how residuals should be valued.
David
Wiener’s 21 years volunteering on the ELA Research Committee, where
he has served as chairman since 1991, is the longest continued member
participation on any ELA committee.
He is also a trustee of the Equipment Leasing and Finance Foundation. Under Wiener’s leadership, the Research Committee has improved ELA’s
research capabilities, most notably the Survey of Industry Activity. In addition to speaking at ELA events, Wiener
has been involved in the interview and appointment of over 50 committee
members during his chairmanship. He
has created several tools to enable the Foundation Research Committee
to more empirically analyze new ideas for consideration, as well as
submitted proposals for funding. He
has worked on research projects of several academic and business consultant
practitioners to ensure they would be successful in their respective
studies, as well as authored a number of articles contributing to the
body of leasing knowledge.
“It’s
important that in addition to volunteers, member companies recognize
the need for a strong trade association to protect the industry,” said
Bosco. “An ELA project is going to benefit your company—everybody wins.”
“The
success of every equipment leasing and finance organization can - in
some measure – be attributed to the research work of the Equipment Leasing
and Finance Foundation and the public policy guidance of the ELA,” adds
Wiener. “The advancement of
our industry is most pronounced in the committee and project tasks carried
out by scores of extraordinary volunteers who endeavor to make this
business better. I strongly
believe that personal growth as a leasing professional is closely aligned
to the time invested into the ELA and the Foundation”
About
ELA
Organized
in 1961, the Equipment Leasing Association (ELA) is the premier non-profit
association representing companies involved in the dynamic equipment
leasing and finance industry to the business community, government and
media. As the voice of the leasing industry, ELA promotes the estimated
$218 billion industry as a major source of funds for capital investment
in the United States and abroad. Headquartered in Arlington, Va., ELA
has more than 800 member companies and a staff of 25 professionals.
For more information on ELA, please visit www.ELAOnline.com.
###
Press Release ##########################
GE Commercial Finance Acquires IT Financing Company; Deal Announced To
Acquire
Bay4 Capital, LLC; Launching New IT Financing Platform
DANBURY,
Conn.----GE Commercial Finance, the business-to-business financial services
unit of the General Electric Company (NYSE:GE), announced today it has
reached an agreement to acquire the IT leasing business of Bay4 Capital,
LLC -- an independent information technology lessor. The agreement is
expected to close in the fourth quarter of 2004.
With the acquisition of Bay4 Capital, GE Commercial
Finance will offer new and existing customers a variety of financing
options to help them acquire a broad range of technology assets - including
hardware and related software and services. The new business will be
called GE Commercial Finance, Technology Finance and will be integrated
into GE Commercial Finance, U.S. Equipment Financing, one of the leading
suppliers of middle market financing for public and private companies
in the U.S.
"The IT equipment financing space is the
fastest growing segment of the capital equipment market," said
Mike Neal, President and CEO, GE Commercial Finance. "The addition
of a strong IT financing platform within GE Commercial Finance complements
our wide range of existing financing products and is very much in line
with our growth plans for 2005 and beyond."
Founded in 1999, Bay4 Capital provides technology
and related equipment financing solutions. The company was founded by
Clay M. Biddinger, who previously founded Sun Financial, a leading IT
leasing company which he sold in 1995. In 2003, Bay4 acquired all the
assets of Comdisco's IT leasing business. In that year, Joseph C. Lane,
former President, IBM Credit Corp. and Group Executive, IBM Global Financing,
joined the company as Vice Chairman. Mr. Lane will be joining GE Commercial
Finance as CEO of Technology Finance and Mr. Biddinger will be joining
as President, Technology Finance.
"We are very excited to become a part of
GE Commercial Finance," Lane said. "While our company has
enjoyed terrific momentum and success, we believe it will be better
positioned for growth within the GE Commercial Finance portfolio. Our
current and future customers will enjoy the combination of technology-oriented
skills and products with the tremendous resources of GE Commercial Finance."
"Bay4's seasoned leadership team delivers
the market knowledge and emerging technology skills necessary to add
value to customers," said Michael Pilot, President, GE Commercial
Finance, U.S. Equipment Financing. "Combining our coast-to-coast
sales coverage with the IT experience and knowledge of Bay4 better positions
us to pursue the annual $30 billion IT leasing market - and ultimately
better serve our customers by addressing all of their IT financing needs."
About GE Commercial Finance, US Equipment Financing:
With over $27 billion in assets, US Equipment
Financing offers commercial financing and leasing programs that keep
customers growing and profitable. USEF finances all types of equipment
for all sizes of businesses. GE Commercial Finance, which offers businesses
around the globe an array of financial products and services, has assets
of over $220 billion and is headquartered in Stamford, Connecticut.
General Electric (NYSE:GE) is a diversified technology, media and financial
services company dedicated to creating products that make life better.
For more information, visit the company's website at www.ge.com.
About Bay4 Capital, LLC:
Bay4 Capital, LLC provides brand-independent,
customer-centric financing solutions for information technology assets.
Bay4 works with customers to identify the most cost-effective solution
to their IT needs, and uses financial and asset management expertise
to bridge market capabilities to customer needs. The management team
reflects experience in all aspects of the leasing, financing, investment
banking, and consulting industries, and its corporate roots are firmly
embedded in information technology.
GE Commercial Finance
Jim Thomas,
Office: 636-586-1964,
Cell: 636-633-6988 or
Mike
Sergott, Office:
###
Press Release #######################
Pacific Capital Bancorp Reports 10% Increase in
Third
Quarter Earnings Per Share
SANTA
BARBARA, Calif)----Pacific Capital Bancorp (Nasdaq:PCBC):
Highlights
-- Earnings per share of $0.32
-- Net interest income increases 24% over Q3
2003
-- Annualized loan growth of 19% during the
quarter
Pacific Capital Bancorp (Nasdaq:PCBC), a community
bank holding company with $5.8 billion in assets, today announced financial
results for the third quarter ended September 30, 2004.
Net income for the third quarter was $14.6 million, a 10% increase from $13.3 million in net income reported for the third quarter of 2003. Earnings per share for the third quarter of 2004 were $0.32, a 10% increase from earnings per share of $0.29 reported for the third quarter
of
2003.
Pacific Capital Bancorp's return on average
equity (ROE) and return on average assets (ROA) for the third quarter
of 2004 were 13.43% and 1.01%, respectively, compared to 13.29% and
1.14%, respectively, for the third quarter of 2003.
"We are very pleased to continue the solid
growth trends we have experienced throughout 2004," said William
S. Thomas, Jr., President and Chief Executive Officer of Pacific Capital
Bancorp. "Loan demand is healthy across virtually all of our business
areas. We continued to see strong growth in our leasing and consumer
portfolios, while also experiencing a significant pickup in demand among
our commercial customers during the third quarter. This helped drive
a 24% increase in net interest income over the third quarter of the
prior year. The strong increase in interest from loans and leases has
allowed us to achieve solid bottom-line growth while also repositioning
our securities portfolio to enhance our returns in future quarters."
Income Statement
Throughout this press release, the Company has
presented certain amounts and ratios that are computed both with and
without the impact of the Company's RAL and RT programs. The Company's
management utilizes the non-RAL/RT information in the evaluation of
its core banking operations and believes that the investment community
also finds this information valuable. The information that excludes
balances and results of the RAL/RT programs is reconciled to the consolidated
information prepared in accordance with Generally Accepted Accounting
Principles in tables at the end of this release.
During the third quarter, total interest income
was $76.6 million, compared with $60.0 million in the same quarter of
2003. The increase in total interest income was primarily attributable
to increased securities holdings and higher loan balances, which was
partially offset by a lower yield on earning assets.
Total interest expense for the third quarter
of 2004 was $18.4 million, compared with $13.0 million for the third
quarter of 2003. The increase in total interest expense resulted from
the growth in deposits over the past year, as well as the higher borrowings
incurred to support the purchase of securities in connection with the
Company's leveraging strategy, as discussed in earnings releases for
prior quarters.
Net interest margin for the third quarter of
2004 was 4.46%, which compares with 4.49% in the third quarter of 2003.
Exclusive of RALs in both periods, net interest margin in the third
quarter of 2004 was 4.48%, which compares with 4.49% in the third quarter
of 2003. This also compares with a net interest margin of 4.35% in the
second quarter of 2004, exclusive of RALs. The sequential quarter increase
in net interest margin is primarily attributable to the impact of recent
increases in prevailing interest rates on the Bank's asset-sensitive
balance sheet.
Noninterest revenue was $11.2 million, compared
with $13.6 million in the third quarter of 2003. The decline in noninterest
revenue was largely due to losses taken in the securities portfolio
in the third quarter of 2004 as opposed to gains in the third quarter
of 2003. In response to rising interest rates and to enhance future
income, the Company has repositioned selected securities by selling
them at a loss and purchasing higher yielding securities with the proceeds.
As a result, the Company's net gain or loss on securities transactions
declined by approximately $1.9 million from the previous year. In the
third quarter of 2004, the Company recorded a net loss on securities
transactions of approximately $973,000, compared with a net gain of
approximately $928,000 in the third quarter of 2003.
Excluding gains on sales of loans and securities,
noninterest revenue was $12.2 million in the third quarter of 2004,
compared with $12.7 million in the same period of the prior year.
Total noninterest revenue also includes the
following items:
-- Service charges on deposit accounts increased
during the third quarter of 2004 to $4.1 million, up 4.3% over the third
quarter of 2003. Because much of the deposit growth over the past year
has been in no-fee checking account products, the increase in service
charges on deposit accounts will be less than the percentage growth
in overall deposits.
-- Fees generated by the Company's Trust &
Investment Services Division in the third quarter of 2004 were $3.7
million, a 4.4% increase from $3.6 million in the third quarter of 2003.
-- Income from other service charges, commissions
and fees for the quarter ended September 30, 2004, was $3.8 million,
compared with $4.5 million recorded in the same period for the previous
year.
-- Other income for the third quarter 2004 was
$435,000, essentially flat with the prior year.
The Company's operating efficiency ratio for
the third quarter of 2004 was 60.26%, compared with 61.40% in the same
period last year. Excluding the impact of the RAL/RT programs in these
periods, the Company's operating efficiency ratio for the third quarter
of 2004 was 57.78%, compared with 60.44% in the same period last year
and 60.98% in the second quarter of 2004. The improvement in the operating
efficiency ratio (excluding RALs) from the previous quarter is primarily
attributable to higher net interest income being generated by the Company's
existing operating platform.
Balance Sheet
Total gross loans were $3.92 billion at September
30, 2004, compared to $3.74 billion at June 30, 2004. Excluding RALs,
total gross loans increased at an annualized rate of 19% during the
quarter. The growth in the loan portfolio in the third quarter 2004
was primarily attributable to 50% annualized growth in the leasing portfolio
and 26% annualized growth in the consumer portfolio.
Total deposits were $4.42 billion at September
30, 2004, compared to $4.35 billion at June 30, 2004, and $3.73 billion
at September 30, 2003. Noninterest-bearing demand deposits increased
13% to $992 million at September 30, 2004, from $878 million at September
30, 2003.
Loans and deposits added through the acquisition
of Pacific Crest Capital in March 2004 are shown in the financial tables
below.
Asset Quality and Capital Ratios
In the third quarter of 2004, the Company recorded
a provision for credit losses for loans other than RALs of $2.7 million
versus a provision of $4.3 million for the same period last year. Total
provision for credit losses in the third quarter of 2003 included a
negative provision of $1.6 million related to the RAL program. The RAL
program had no impact on the level of provision in the third quarter
of 2004.
At September 30, 2004, the allowance for credit
losses (excluding RALs) was $51.9 million, or 1.32% of total loans,
compared to $48.1 million, or 1.29% of total loans, at June 30, 2004.
This compares with the industry average of 1.52% of total loans for
the Company's peer group. All peer group comparisons are based on data
provided as of June 30, 2004.
Total nonperforming assets, which include nonperforming
loans and OREO, were $27.1 million dollars at September 30, 2004, an
increase of $0.5 million from the end of the previous quarter. Despite
the increase in total nonperforming assets during the quarter, the percentage
of nonperforming assets to total assets remained stable due to the growth
of the loan portfolio. Total nonperforming assets at the end of the
third quarter of 2004 represented 0.47% of total assets (excluding RALs),
no change from the end of the prior quarter. This compares with the
Company's peer group average of 0.56% of total assets.
The Company's ratio of allowance to nonperforming loans (excluding RALs) was 215% at September 30, 2004, compared to 204% at June 30, 2004, and to the peer group average
of
190%.
Net recoveries (excluding RALs) were $1.1 million
for the three months ended September 30, 2004, compared with net charge-offs
(excluding RALs) of $4.3 million for the three months ended June 30,
2004. Two large commercial recoveries, totaling $2.8 million, were the
primary drivers leading to the net recoveries in the third quarter of
2004.
Annualized net charge-offs (recoveries) to total average loans (both excluding RALs) were negative 0.11% for the three months ended September 30, 2004, compared with 0.47% for
the three months ended June 30, 2004. This compares with the Company's peer group average
of
0.51%.
The Company's capital ratios continue to be
above the well-capitalized guidelines established by bank regulatory
agencies.
2005 RAL and RT Programs
The Company expects its overall transaction
volume during the 2005 RAL/RT season to increase by approximately 9%
and expects the product mix to be roughly the same as in the 2004 season,
which represented 29% RALs and 71% RTs.
"The new contract we have entered into
with Jackson Hewitt should provide a percentage increase in profitability
larger than the percentage increase in volume in the 2005 season,"
said Thomas. "Under our new contract, our Company will assume the
credit risk previously assumed by Jackson Hewitt and will be compensated
for this by retaining a larger proportion of the fee paid by the customer."
Outlook
Pacific Capital Bancorp narrowed its guidance
for full year 2004 earnings per share and now expects fully diluted
earnings per share to range between $1.89 and $1.92.
Commenting on the outlook for the remainder
of 2004, Thomas said, "We expect to see a continuation of the positive
trends we have seen in the loan portfolio, both in terms of originations
and credit quality. Our pipeline of lending opportunities remains very
healthy among both large and small commercial customers, as well as
in our specialty lending areas such as commercial equipment leasing.
Our longer-term outlook includes developing some extensions to our line
of no-fee checking accounts that will help us introduce these products
into new market segments that can be additional sources of low-cost
deposits for the Bank.
"Overall, we are pleased with the execution
on our loan and deposit growth strategies so far this year, and we look
forward to continuing our trend of strong earnings growth in future
quarters," said Thomas.
Pacific
Capital Bancorp is the parent company of Pacific Capital Bank, N.A.,
a nationally chartered bank that operates 45 branches under the brand
names of Santa Barbara Bank & Trust, First National Bank of Central
California, South Valley National Bank, San Benito Bank and Pacific
Capital Bank.
Pacific Capital Bancorp
Deborah Whiteley,
805-884-6680
whiteley@pcbancorp.com
####
Press Release #######################
NetBank, Inc. Reports $.09 EPS for Third Quarter 2004;
Dividend of $.02 per Share Declared For
Shareholders
of Record on November 15, 2004
-- Production within our business finance division
(formerly known as Republic Leasing) increased by $4.4 million or 10%
for a record of $46.9 million.
There have been no material changes in the company's
litigation over leases originated by Commercial Money Center, Inc. (CMC).
The company continues to seek performance of bonds issued on the leases
by Illinois Union Insurance Company, an affiliate of ACE INA Group (NYSE:ACE);
Safeco Insurance Company, an affiliate of Safeco (Nasdaq:SAFC); and
Royal Indemnity Company, an affiliate of Royal and SunAlliance Group
(NYSE:RSA).
Based on legal expenses and unrealized income,
the CMC litigation affected third-quarter results by $769,000, pre-tax,
or $.01 per share, after-tax. The year-to-date CMC effect totals $4.7
million, pre-tax, or $.06 per share, after-tax. The company remains
confident in its legal standing and is committed to pursuing its claims
against the sureties.
ATLANTA--(BUSINESS
WIRE)----NetBank, Inc. (Nasdaq:NTBK), a diversified financial services
provider and parent company of NetBank(R) (www.netbank.com), today reported
earnings for the third quarter of 2004.
Net income totaled $4.0 million or $.09 per
share for the quarter, compared with $15.6 million or $.32 per share
for third quarter 2003. The company has recorded year-to-date net income
of $21.9 million or $.46 per share, compared with $40.5 million or $.83
per share during the same period a year ago. At quarter-end, the board
of directors declared a dividend of $.02 per share payable to shareholders
of record on November 15, 2004. The dividend will be disbursed on December
15, 2004.
Key comparisons between this quarter and last
quarter include:
-- The banking segment's net interest spread
expanded to a record 191 basis points (bps), an increase of 22 bps.
-- Banking segment income, before gains on the
sale of securities and loans as well as servicing results, totaled a
record $7.1 million, an increase of $3.1 million or 77%.
-- Financial intermediary loan production totaled
$3.3 billion, a decrease of $555 million or 14%, while sales totaled
$3.8 billion, an increase of $344 million or 10%.
-- The company's annualized balance sheet turn
rose to 3.7 times versus 2.4 times.
-- Transaction processing reported pre-tax income
of $1.0 million versus a loss of $769,000.
Management also repurchased 191,700 shares of
the company's common stock during the quarter. The average price paid
per share was $10.19. Management has approval to buy back an additional
887,564 shares under previous board authorizations.
Management Commentary
"It was a challenging quarter," said
Douglas K. Freeman, chairman and chief executive officer. "A confluence
of external factors placed significant pressure on results. But, in
spite of those pressures, core income growth at the bank and other strategic
initiatives allowed us to meaningfully offset lower profitability within
our mortgage-related businesses."
"As anticipated, negative net servicing
hedge results and conforming margin compression adversely impacted earnings,"
said Steven F. Herbert, chief finance executive. "The decline in
the 10-year treasury during the quarter affected servicing values and
led to higher impairment charges. Yet, the move was not dramatic or
prolonged enough to stimulate an increase in mortgage originations to
ease some of the competitive pricing behavior that is occurring today."
"Our underlying fundamentals clearly show
we are making progress in diversifying the company's income," Freeman
concluded. "We continue to take the steps necessary to position
our mortgage operations to compete and to contribute significantly to
our bottom line in times of lower origination volumes."
Noteworthy Items
The company increased loss provisions by $2.7
million due to an increase in the number of non-conforming loans it
repurchased during the quarter under its standard sale representations
and warranties. Management does not believe the increase results from
any systemic problems within the non-conforming operation. It appears
to be more of a timing issue where investors allowed an inventory of
loans to build up before seeking repurchase instead of returning loans
on a one-off basis over time.
The company recorded $710,000 in expenses as
management closed two of the company's regional mortgage operation centers.
Functions from these centers were transferred to another facility. This
consolidation should lead to cost savings and efficiency gains over
time.
Banking Segment
Table 1 below details results in the company's
banking segment. The bank's pre-tax income, before gains on the sale
of securities and loans as well as servicing results, totaled a record
$7.1 million, an increase of $3.1 million or 77% from the previous quarter.
The increase is attributable primarily to a higher level of earning
assets at the bank. The growth in assets provided the bank better leverage
over expenses as well as contributed additional interest income. It
is important to note that the level of earning assets declined at quarter-end
as the company elected to monetize gains through the sale of certain
securities and loans in its portfolio.
The company's servicing results were adversely
impacted by the prevailing interest rate environment during the quarter.
A decline in rates resulted in higher impairment expenses. The company
recorded a $10.2 million loss net of hedge performance. This loss was
mitigated at the bottom line by the increase in the banking segment's
core income coupled with the gains on the sale of securities and loans.
NetBank, Inc.,
Atlanta Matthew Shepherd,
678/942-2683
###
Press Release ##########################
PDS
Gaming Corporation Consummates 'Going Private' Transaction
LAS
VEGASPDS Gaming Corporation ("PDSG"), a company that finances,
leases and remarkets gaming equipment to the casino industry, announced
today the consummation of the Company's previously announced "going
private" transaction.
The Company announced that, the remaining requisite
conditions to the merger of PDS Acquisition Sub, LLC and PDSG, with
PDSG as the surviving corporation (the "Merger"), having been
satisfied, the Merger was effected at 5:00 p.m. (Central Daylight Savings
Time) on October 22, 2004. As a result of the Merger, PDS Holding Co.,
Inc. is now the sole shareholder of PDSG, and the common stock of PDSG
is no longer publicly traded or quoted on the Nasdaq SmallCap Market.
As soon as practicable, the disbursing agent for the transaction will
mail to the record holders of PDSG common stock instructions for exchanging
their stock certificates for the merger consideration.
PDS Gaming Corporation is headquartered in Las
Vegas, Nevada and provides customized finance and leasing solutions
to the casino industry in the United States.
PDS Gaming Corporation, Las Vegas
Peter D. Cleary, President, Treasurer and Chief Financial Officer
702-736-0700
####
Press Release ######################
------------------------------------------------------------------
|
Your One stop solution for training and reference material for the Leasing Professional
|
News
Briefs---
Consumer
Confidence Declines
http://www.nytimes.com/2004/10/27/business/27econ.html?oref=
Dollar
falls to eight-month low against euro, before rallying
http://www.signonsandiego.com/news/business/
25
Most Power Women in Banking
http://www.us-banker.com/article.html?id=20040930TVO2ER9A
http://www.us-banker.com/attachments/20040930TVO2ER9A-1-04USB
Oil
Holds Above $55, Braced for Winter
http://www.washingtonpost.com/wp-dyn/articles/
A985-2004Oct27.html?nav=headlines
Venture
Investment Q3 ‘04
http://www.nvca.org/pdf/VentureImpact2004release.pdf
What
you're looking for
Carry
U2's complete works or display photos on new iPods
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/10/27/APPLE.TMP
For
more than an hour Wednesday night, the moon will be covered entirely
by Earth's shadow and resemble a glowing pumpkin. It is
------------------------------------------------------------------------
Sports
Briefs----
One
win to go for the crown
http://www.boston.com/sports/baseball/redsox/articles/
2004/10/27/one_win_to_go_for_the_crown/
Cards
run themselves out of it
http://www.stltoday.com/stltoday/sports/stories.nsf/gordoszone/
story/AC1DD4B78046EAC686256F3A0012D11F?OpenDocument&
Headline=Cards+run+themselves+out+of+it
Pedro's
best? You bet
http://www.boston.com/sports/nesn/wilbur/sports_blog/blog/10_27_04_1/
Reid
gives Owens a reprieve
http://www.courierpostonline.com/news/sports/s102604l.htm
--------------------------------------------------------------------
“Gimme
that Wine”
Napa
Merlot---Eric Asimov
(Left
out many Howell Mt plus Duckhorn and many Carneros
wineries,
but how can you get a “poor” Merlot based wine from
Napa?
It’s like sex, even when not up to standards, its still very good.)
http://nytimes.com/2004/10/27/dining/27WINE.html
Robert
Parker has reigned as premier wine critic for 25 years
http://www1.pressdemocrat.com/apps/pbcs.dll/article?AID=/
20041023/NEWS/410230335/1033/NEWS01
Fetzer's Lake winery opens
http://www1.pressdemocrat.com/apps/pbcs.dll/article?AID=/
20041023/NEWS/41023002/1033/NEWS01
-------------------------------------------------------------------
This
Day in American History
1659-William
Robinson and Marmadue Stevenson, English Quakers who had come to America
in 1656, were executed for their religious beliefs, hanged from an elm
tree on Boston Common, Boston MA. They
were condemned by the Massachusetts General Court under a law passed
on October 19,1658 that banished Quakers from the colony under pain
of death. Also condemned, but reprieved at the last moment, was Mary
Dyer, who returned to Boston the following year and was hanged on June
1, 1660.
1771-
Landing at Philadelphia, pioneer bishop Francis Asbury, 26, first arrived
in America. He had been sent from England by John Wesley to oversee
Methodism in the American colonies, and stayed all of his remaining
45 years, till his death in 1816.
http://www.cantonbaptist.org/halloffame/asbury.htm
http://www.victorshepherd.on.ca/Heritage/francis.htm
1787-The
first of the 85 "Federalist" papers appeared in print in a
New York City newspaper, Oct 27, 1787. These essays, written by Alexander
Hamilton, James Madison and John Jay, argued in favor of adoption of
the new Constitution and the new form of federal government. The last
of the essays was completed Apr 4, 1788.
http://memory.loc.gov/ammem/today/oct27.html
1795
- Pinckney's Treaty between Spain and the United States was signed.
It established the former southern boundary of the United States at
the 31st parallel and gave Americans the right to send goods down the
Mississippi without paying duty to Spain.
1810-
US annexes West Florida from Spain
1812-The first Naval vessel to display the American flag around Cape Horn was the Essex, a frigate commanded by Captain David Porte which left the Delaware capes this day with a crew of 287 and 32 marines, and arrived at Valparasio, Chile, on March 14, 1813. The ship had been launched on September 30,1799, by Enos Briggs, Salem, MA. The flag was presented to the United States and on December 17,1799, accepted by Captain Edward Preble ( my son Dash serves on the ship named after this American hero.) The flag was sold at public auction on
June
6, 1837, according to naval records.
1842-Birthday of Anna Elizabeth, considered in her century the Joan of Arc of the Abolition
in
America.
http://www.npg.si.edu/exh/brady/gallery/84gal.html
1858-Birthday
of Theodore Roosevelt: Twenty-sixth president of the US, succeeded to
the presidency on the death of William McKinley. His term of office:
Sept 14, 1901-Mar 3, 1909. Roosevelt was the first president to ride
in an automobile (1902), to submerge in a submarine (1905) and to fly
in an airplane (1910). Although his best-remembered quote was perhaps,
"Speak softly and carry a big stick," he also said: "The
first requisite of a good citizen in this Republic of ours is that he
shall be able and willing to pull his weight." Born at New York,
NY, Roosevelt died at Oyster Bay, NY, Jan 6, 1919. His last words: "Put
out the light."
1858
-RH Macy and Co opens 1st store, (6th Ave-NYC) Gross receipts $1106
http://www.federated-fds.com/company/his_2_7.asp
http://www.haverhillusa.com/whereishaverhill.html
http://www.nycvisit.com/content/index.cfm?pagePkey=803
http://ads.smni.com/RequestImpression.aspx?po=1525499422
1862-In
an attempt to reinforce and re-supply the besieged Union troops at Chattanooga,
TN, General Ulysses S. Grant ordered that a river route to Bridgeport,
AL, be opened. In the early morning of Oct 27 Federal troops drifted
down the Tennessee River on pontoons to Brown's Ferry. The troops reached
their destination, and reinforcements and supplies crossed the bridge
formed by the pontoons, opening "The Cracker Line," into Chattanooga,
negating some of the Southern army's advantage in the siege.
It was a very important battle as
the
Union Army had been living on hard tack, or what they were known
http://ngeorgia.com/history/crackerline.html
http://www.civilwarhome.com/crackerline.htm
1865-It
is estimated 65,000 Blacks served in the Confederate army, with an estimated
13,000 actually facing the Union Army in combat.
http://www.37thtexas.org/html/BlkHist.html
1867-Maimondies
College, Philadelphia, PA became the first theological college for Jews.
It was sponsored by the Hebrew Education Society of Philadelphia
and the Board of Delegates of American Israelites.
The founder and first president was Rabbie Isaac Leeser, who also served as professor of homiletics, belles
lettres, and comparative theology. It offered a five-year course leading
to the Bachelor’s and Doctor of Divinity degrees. Tuition was $100,
and board and lodging $200 per year. Dr. Marcus Jastrow was provost.
The college closed in 1873.
1871-
Boss Tweed (William Macy Tweed), Democratic leader of Tammany Hall,
arrested after NY Times exposed his corruption
http://7-12educators.about.com/blabosstweed.htm
http://www.smithsonianmag.si.edu/smithsonian/issues02/feb02/boss.html
1878-
Mabel Wheeler Daniels was born in Swampscott, Massachusetts, and graduated
from Radcliffe College, magna cum laude, in 1900. She studied composition
with George Chadwick of Boston, and with Ludwig Thuille in Munich, where
she was the first woman ever to enroll in the conservatory's score reading
class. She wrote a lively memoir of her studies abroad, An American
Girl in Munich (Boston: Little, Brown and Co., 1905), and was director
of music at Simmons College from 1913 to 1918. Her larger choral and
orchestral works were performed by the Harvard Glee Club and the Radcliffe
Choral Society with the Boston Symphony, at the Worcester Festival,
and by orchestras and choruses throughout the United States. American
composer, specialized in choral music, the only American composer played
at the Carnegie Hall Festival in 1939, the only woman to have three
works played by the Boston Symphony 1929, 1934, and 1954.
http://www.harvardsquarelibrary.org/unitarians/daniels.html
1904-New
York subway: Running from City Hall to West 145th Street, the New York
City subway began operation. It was privately operated by the Interborough
Rapid Transit Company and later became part of the system operated by
the New York City Transit Authority.
(second
part: http://memory.loc.gov/ammem/today/oct27.html
)
1909
-- Blues guitarist/pianist, Henry Townsend born near Cairo, Illinois.
http://www.stlouiswalkoffame.org/inductees/henry-townsend.html
http://www.genesiscoffeehouse.com/celebrities/TU/HenryTownsend/
http://centerstage.net/music/whoswho/HenryTownsend.html
http://stl-music.com/henrytownsend/bindex.htm
1913-Last
great bandleader of the era: Boyd Raeburn born Faith, SD.
http://www.hepjazz.com/bios/boydr.html
http://www.musicweb.uk.net/encyclopaedia/r/R4.HTM
http://artists.spun.com/boyd_raeburn
http://launch.yahoo.com/artist/?artistID=1021919
http://www.pricegrabber.com/search_music2.php/music_id=381807/
1917
- Jascha Heifetz made his debut at Carnegie Hall in New York City. Heifetz
was a 16-year-old sensation who had played the violin since age 5.
1920
- Marconi, Fessenden, and De Forest were the catalysts. However, it
was an engineer for Westinghouse Electric who, in 1916, was broadcasting
music from his garage (in Wilkinsburg, PA, a suburb of Pittsburgh) over
a wireless -- amateur radio station 8XK -- that really got the whole
thing started. A newspaper article about the broadcasts caused such
interest that the head honchos at Westinghouse decided to build a real
radio station. It took until this day in 1920 for the Westinghouse radio
station to receive a license to broadcast. The license for KDKA, Pittsburgh
came from the U.S. Department of Commerce. Although the license was
officially issued on this day, KDKA did not start their broadcast operations
for a week (they had to wait until the license was posted in the station).
On November 2, 1920, the station aired the returns of the Harding/Cox
election ... the first radio programming to reach an audience of any
size ... approximately 1,000 people. And so we salute this day as the
official birthday of mass appeal radio.
1922-Navy
Day was first celebrated, the anniversary of the birth of President
Roosevelt. Celebrations were held in various parts of the United States.
The idea was suggested by Mrs. William Hamilton to the Secretary
of the Navy.
http://www.defenselink.mil/afd/military/navy.html
1923-Roy
Lichenstien birthday-Pop artist who used comic strips and other elements
of pop culture in his paintings. Born at New York City, he died there
Sept 29, 1997.
http://www.spaz.org/gage/pages/roy%20lichenstien.html
http://www.artcyclopedia.com/artists/lichtenstein_roy.html
1927- Bix Biederbeck and Frankie Trumbauer join the Paul Whiteman Band in
Indianapolis,
IN.
1932-
"Brother, Can You Spare A Dime?" Rudy Vallee., Only days after
the debut of the short-lived 1932 musical, Americana, Bing Crosby was
in a NY studio to record the show's outstanding song, "Brother,
Can You Spare A Dime?" Two days later, rival crooner Rudy Vallee
waxed this version, and both 1932 recordings enjoyed considerable popularity
in a year when few Americans were buying records.
1932 -- American poet Sylvia Plath born Boston,
Massachusetts. Died 1963.
http://www.kirjasto.sci.fi/splath.htm
1944
-- October 27-30, 1944 The 442nd Regimental Combat Team (Japanese Americans)
rescues an American battalion which had been cut off and surrounded
by the enemy. Eight hundred casualties are suffered to rescue 211 men.
After this rescue, the 442nd is ordered to keep advancing in the forest;
they would push ahead without relief or rest until November 9. The Unit
was the most decorated in US military history..
http://library.thinkquest.org/CR0210341/442nd/splash442nd.htm
http://www.katonk.com/442nd/Bibli/morefacts.htm
http://www.homeofheroes.com/moh/nisei/index3_442nd.html
1947
- "You Bet Your Life," starring Groucho Marx, premiered on
ABC Radio. It later became a television show on NBC.
1948
- On ABC radio, Groucho Marx made his first appearance as quizmaster
on "You Bet Your Life" with George Fenneman as his eternal
straight man. Fenneman stayed with Marx during both the program’s run
on radio from 1948 to 1959 and on television from 1950 to 1961.
1951-Top
Hits
Because
of You - Tony Bennett
I
Get Ideas - Tony Martin
The
World is Waiting for the Sunrise - Les Paul and Mary Ford
Always
Late (With Your Kisses) - Lefty Frizzell
1954-“The
Walt Disney Show” premiered on TV. This highly successful and long-running
show appeared on different networks under different names but was essentially
the same show. It was the first ABC series to break the Nielsen's Top
Twenty and the first prime-time anthology series for kids. "Walt
Disney" was originally titled "Disneyland" to promote
the park and upcoming Disney releases. Later the title was changed to
"Walt Disney Presents"; when it switched networks, it was
called "Walt Disney's Wonderful World of Color" to highlight
its being broadcast in color. Later titles included "The Wonderful
World of Disney," "Disney's Wonderful World," "The
Disney Sunday Movie" and "The Magical World of Disney."
Presentations included edited versions of previously released Disney
films and original productions (including natural history documentaries,
behind-the-scenes at Disney shows and dramatic shows, including the
popular Davy Crockett segments that were the first TV.
1954-Benjamin
Oliver, Davis, Jr., of Washington, DC, a pioneering military officer
who was the leader of the fabled Tuskegee Airmen during World War II,
who became director of operations and training of the Far East Air Force,
was named brigadier general, becoming the first US Air Force general
who was African-American. In 1970, after retiring from the Air Force,
he supervised the federal sky marshal program that was designed to quell
a rash of airliner hijackings. In 1971, he was named an assistant secretary
of transportation.
http://www.hill.af.mil/museum/history/bodavis.htm
http://www.army.mil/cmh-pg/topics/afam/davis.htm
http://www.arlingtoncemetery.net/bodavisjr.htm
1955-
Miles Davis Quintet cuts first session. 1993-The NFL awarded the 29th
franchise to the Carolina Panthers, who began play in the 1995 season.
1959-Top
Hits
Mack
the Knife - Bobby Darin
Mr.
Blue - The Fleetwoods
Don’t
You Know - Della Reese
The
Three Bells - The Browns
1963
- Peter, Paul and Mary were sitting pretty at #1 and #2 on the U.S.
album chart with "Peter, Paul and Mary" and "In the Wind".
1966
-- New San Francisco "alternative" weekly newspaper, "The
Guardian," debuts. Edited and published by Bruce Brugman. Editors
at the Chronicle, Examiner and News-Call-Bulletin give it little chance
for survival, Guess what?
It still
1967-Top
Hits
To
Sir with Love - Lulu
How
Can I Be Sure - The Young Rascals
Expressway
to Your Heart - Soul Survivors
I
Don’t Wanna Play House - Tammy Wynette
1975
- Rock musician Bruce Springsteen grace the covers of both "TIME"
and "Newsweek".
1975-Top
Hits
Bad
Blood - Neil Sedaka
Calypso/I’m
Sorry - John Denver
Miracles
- Jefferson Starship
San
Antonio Stroll - Tanya Tucker
1975
-- Bruce Springsteen simultaneously makes the cover of Time and Newsweek,
a move which reportedly embarrasses the two news weeklies.
http://www.time.com/time/magazine/archive/covers/
1981
- Game 6, the final game of the Fall Classic, saw the LA Dodgers beat
the New York Yankees 9-2 after losing the first two games. The Dodgers
stormed back to win their fourth straight World Series. There was genuine
concern that snow might interfere with the Series, since it was being
played so late in the season.
1983-Top
Hits
Total
Eclipse of the Heart - Bonnie Tyler
Islands
in the Stream - Kenny Rogers and Dolly Parton
All
Night Long (All Night) - Lionel Richie
Lady
Down on Love – Alabama
1985—Kansas
City Royals beat the St. Louis Cardinals in Game 7 to win
the
World Series.
http://mlb.mlb.com/NASApp/mlb/mlb/history/postseason/
mlb_ws_recaps.jsp?feature=1985
1986 - The "Mighty" New York Mets became world champions of baseball again when they defeated the Boston Red Sox in game seven, 8-http://mlb.mlb.com/NASApp/mlb/mlb/history/postseason/
mlb_ws_recaps.jsp?feature=19865.
1989- After a ten day delay due to the earthquake, the World Series resumes with the A's beating the Giants in Game 3, 13-7. Oakland used the long ball hitting five HRs in securing
the
victory.
1989
- Wintry weather invaded the northwestern U.S. A storm crossing the
Central Rockies produced up to 23 inches of snow in the mountains east
of Salt Lake City UT. "Indian Summer" continued in the Lower
Ohio Valley and the Upper Great Lakes Region. Afternoon highs of 71
degrees at Marquette MI and 72 degrees at Sault Ste Marie MI were records
for the date.
1991
- In what is considered by the experts (Bob and Jim down at the bar),
the seventh game of the World Series, played this day, was one of the
greatest ever. Minnesota Twins’ pinch-hitter Gene Larkin’s tenth-inning
bases-loaded single beat the Atlanta Braves 1-0 in the seventh game
the World Series. The Twins captured their second World Championship
in five years during a tight series that included three extra-inning
games and five one-runners. And, for only the second time in history,
the home team won all seven games (the first time it happened was 1987,
a series that also featured the Twins.)
1991-Top
Hits
Emotions
- Mariah Carey
Do
Anything - Natural Selection
Romantic
- Karyn White
Anymore
- Travis Tritt
1993-Top
Hits
Dreamlover-
Mariah Carey
I
d Do Anything For Love (But I Won t Do That)- Meat Loaf
All
That She Wants- Ace Of Base
Just
Kickin It- Xscape
The
River Of Dreams- Billy Joel
1963-Peter,
Paul and Mary, the folksinging trio who along with Joan Baez, have introduced
songwriters like Bob Dylan to mainstream audiences, hold the top two
positions on the pop album chart with "In the Win" and "Don't
Think Twice, It's Alright.
1991-- In Game 7 of the 'worst to first' World Series, the Twins beat the Braves in ten innings, 1-0. Both Atlanta and Minnesota had finished last in their respective divisions
last
year.
http://mlb.mlb.com/NASApp/mlb/mlb/history/postseason/
mlb_ws_recaps.jsp?feature=1991
1994-The
prison population exceeded 1 million, according to an announcement made
by the Justice Department. The increase in prisoners made the United States
second in the world to Russia with regard to incarceration rates.
1998-Top
Hits
The
First Night- Monica
One
Week- Barenaked Ladies
How
Deep Is Your Love- Dru Hill Featuring Redman
Crush-
Jennifer Paige
1999
- Roger Clemens pitched the New York Yankees to their second straight
World Series sweep, shutting down the Atlanta Braves, 4-1. This ended
Clemens’ quest for the prize that had eluded him. Clemens and the Yankees
shut out Atlanta into the eighth out dueling John Smoltz. Pitcher Mariano
Rivera who had two saves and a win in the Series was selected as MVP.
2000-
New York City Mayor Rudolph Giuliani thinks it is okay for children
to take a day off from school to watch the Yankees' ticker-tape parade.
His Honor, believing baseball can be an educational experience, has
allowed his own kids, Andrew and Caroline, to miss classes in the past
to watch the Bronx Bombers' post-season celebrations.
2002--
In the team's 42nd season, the Angels finally win a World Series title
by beating the Giants, 4-1, in Game 7 at Edison Field . Garret Anderson's
three-run double provides enough offense for John Lackey to become the
first rookie to win a seventh game since 1909 when Babe Adams accomplished
the feat for the Pirates.
http://mlb.mlb.com/NASApp/mlb/mlb/ps/y2002/mlb_ws.jsp
2002-Top
Hits
Lose
Yourself- Eminem
Hey
Ma- Cam'ron Featuring Juelz Santana, Freekey Zekey and Toya
Work
It- Missy "Misdemeanor" Elliott
A
Moment Like This- Kelly Clarkson
World
Series Champions This Date
1985-
Kansas City Royals
http://www.sportingnews.com/archives/worldseries/1985.html
1986 - New York Mets
http://www.sportingnews.com/archives/worldseries/1986.html
1991
-Minnesota Twins
http://www.sportingnews.com/archives/worldseries/1991.html
2002-
Anaheim Angels
http://www.sportingnews.com/archives/worldseries/2002.html
Baseball
Poems
The Cathers Learns
the Motion
by Tim Peeler
and
is often the hub of the movements,
he reads the Morse code of the pitcher
and returns the speech
of the dumb,
he
loves the sphere and its ridges,
rips it from the tight mitt
with or against the
seams
whistles it from
a frog squat.
the catcher learns
he is the hat of
the hat dance,
the
pitcher may think himself
the center of gravity,
but the catcher
waits at the apex
of the great angles,
slaps
the leather trap
on the errant razor
as it spits up from
the dust.
the
catcher imprints the motions of the hitters,
checks the rhythm
of their passages,
knows he must slip
an extra measure
at the end of their
cha-cha-cha,
the catcher is the
great disturber,
can cock twice on
his return throw,
spit on the plate, call for the
"buzzer"
block the ump's clear visage,
bilingual kamikaze
chattering like a
wired chimp,
muttering with silent busted digits,
sacrificing legs
to the varicose crouch
and
the ruinous crunch
of the few that get
through
to thin armor.
--
Touching All Bases
Poems from Baseball
Tim Peeler
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