Friday, October 27, 2006
Headlines--- Female Leasing Association Presidents ######## surrounding the article denotes it is a “press release”
---------------------------------------------------------------- Female Leasing Association Presidents
June Sciotto, Regal Finance, Charlotte, North Carolina, 1994-1996, First female president of a Leasing Association, National Association of Equipment Leasing Brokers formed in 1990, today the largest company membership with over 800 with a goal of serving 1,000.
2000 UAEL Elects First Female President--Oct. 7, 2002, Leasing News
Donna Cole, 2004-2005, second female president of the National Association of Equipment Leasing Brokers.
2005: Nancy Pistorio, CLP, Executive Vice President, Madison Capital, Baltimore, Maryland, April 25, elected to two year term as president of the Eastern Association of Equipment Lessors (EAEL.) The first woman elected president in the 25-year history of the EAEL.
2005: Heather von Bargen, Caladesi Capital, Inc.
2007: Valerie Hayes Jester, President of Brandywine Capital Associates, West Chester, PA. The first female president of the Equipment Leasing and Finance Association, founded in 1961.
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St. Hilaire Cellars, owned by Gary L. Jackson, is the Northwest's leader in the production of private label wines. Does not sell to individuals. "We’re happy to have those interested in private label wines, visit our farm in Yakima. St. Hillarie is also home to Desert Wine, earner of 1.6 million, who ran 2nd in the Kentucky derby." * These job-wanted ads are free. We also recommend to both those seeking a position and those searching for a new hire to also go to other e-mail posting sites: In addition, those seeking employment should go to the human resource departments on company web sites for funders, captive lessors, and perhaps “broker-lessors.” To place a free “job wanted” ad here, please go to: Right now the leader in posting an ad for employment is Craig’s List, if your town is listed in their format. You will get results. Of course, if you are senior management or an attorney, this may not be One of the purposes of the “Funder” and “Captive Lessors” list was to give those seeking employment knowledge that these companies exist, and you can go to their web site and to their human resources department. They have openings not only at their home offices, but throughout the world. http://www.leasingnews.org/Funders_Only/Funders.htm In addition to the Leasing News site, which is free to those seeking employment, here are other sites, some “free,” some a “fee.” For a full listing of all “job wanted” ads, please go to: * No Web Site ---------------------------------------------------------------- Prediction: Feds may lower rate within three months
Wednesday the Federal Reserve Board of Directors kept their best rate the same, as they have done in their last three meetings. Fitch, USA Today poll, and major economist predict the Feds may lower the best rate as early as the beginning of the year. The cause: falling home prices, construction industry, unemployment and other woes now looking over their shoulder.
---------------------------------------------------------------- Dancing with the ELFA by Bob Teichman, CLP
Robert Teichman, CLP Among the thousand or so people attending the Equipment Leasing & Finance Association meeting at the J.W. Marriott Desert Springs Resort & Spa in Palm Desert, California Sunday through Tuesday this week were a number wearing a curious little pin. It showed a wildly windblown palm tree superimposed on a map of Florida with the legend “ELA 2005”. The wearers were all “survivors” of last year’s ELA convention held in Boca Raton, Florida in the middle of Hurricane Wilma. The hotel lost power to the elevators, causing the attendees to get a little unexpected exercise in the high-rise hotel. But enough power came from generators to run the kitchen, provide lighting and keep the convention going through the worst of the storm. Those who stayed said the food was great, there was an unlimited supply of bottled water and all the convention events were held, albeit sometimes with borrowed speakers. What at first appeared to be a disaster, with cancellations and the prospect of a power-starved and dark hotel, turned out to be the experience of a lifetime and, for many, the best convention they had ever attended. What resulted was a close-knit and tightly-bonded group. Talk about networking! That spirit and level of enthusiasm carried over to this year’s convention, the Association’s 45th. While the Association, formerly the Equipment Leasing Association and now the Equipment Leasing & Finance Association, did not have to weather a literal Hurricane Wilma, it was presented with a number of challenges. Long-time President Mike Fleming retired, industry margins were thinning, cases such as the NorVergence debacle threw a bad light on the leasing industry, the industry was, and is, faced with regulatory and accounting changes. The 770-member association has long been viewed by the industry as the association of big lessors. And, while large lessors are prominent, by numbers of employees, most of the membership is made up of small companies. Given the challenges, the temptation may have been to “circle the wagons” and try to keep a low profile, but the opposite is true. The Association has begun a process of reaching out; to members, to regulators, to other associations, and to the rest of the world, hence the theme of this year’s convention, “Reputation, Innovation, Regulation”.
The first action taken was engaging former Congressman Kenneth E. Bentsen, Jr. as President. It was a brilliant choice. Bentsen is personable, professional and passionate, and is well-known on Capitol Hill. In fifteen trips around the country he met with members to learn what challenges and opportunities faced them. He quickly realized what we in the industry have known for years; that equipment leasing and financing is a major source of capital, providing financing for almost a third of capital equipment expenditures, and yet it is not well-understood by the outside world. The ensuing decision was to 1) establish the sector’s brand, 2) upgrade advocacy, 3) review and revise professional and business standards, and 4) meet member’s expectations and demands through communications, research, outreach to members and programming. The most notable example of the Association’s external change is management’s interest in working with other associations, both outside and inside the industry. For instance, in May, 2007, Mr. Bentsen will address a meeting of the Eastern Association of Equipment Lessors.
She is President of Brandywine Capital Associates, a small company in West Chester, PA, and typifies much of the Association; small lessors, seriously involved with the industry and active volunteers in the running of the ELFA. Recently, it appears that members are becoming more active in all the associations. UAEL, for instance, has 80 members in six committees. ELFA has 23 named committees, staffed by volunteers. Other leasing associations seem to be seeing corresponding increases in volunteer activity. Ms. Jester is proud of her status as a small company and said, “My background as a smaller independent company provides a unique perspective in the leadership and direction of the Association” She spoke highly of Chairman Paul Larkins’ efforts in all the changes that took place in the past year, and said that she was looking forward to moving the plan forward. All convention events were well-attended, especially the reception on Sunday night, held in the exhibition hall with all the booths open, and Tuesday night’s party, held by the lake (it was way too large to be called a “pool”) at the hotel. There were numerous workshops, roundtables and meetings, with subjects ranging from “The Use and Abuse of New Marketing Techniques” to “Developing Profitable Leasing Portfolios in Developing Countries” to sessions on new accounting changes, funding leasing companies, cross-border leasing, reviews of various studies; in short, far more than any individual could attend. In fact, there were 29 sessions, in addition to the general sessions and luncheons. Only a few companies could send employees to all sessions, but some seemed to try. One company sent 45 people to the conference; another sent 20. Exhibitors seemed pleased with the traffic. At this convention, only service providers had booths. Funders have their own event in April, in Chicago. It seemed particularly appropriate that the hotel was undergoing renovations during the conference. The year started with a natural disaster and ended with remodeling, just like the Association itself. Ken Bentsen said that the Association had to institute external changes because the members have changed, the world has changed, policy makers, public views and technology has changed, and we have to change with it. “This is a new, public world”, he said. ---------------------------------------------------------------- 
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by Steve Chriest “Rising To Your Default Level” Naturally talented salespeople are, among other things, confident. Most of them actually believe that they can use their native intelligence and interpersonal skills to rise to the occasion in dealing with even the most difficult selling situations. Unfortunately, nothing is further from the truth. It was widely reported, recently, that a five foot, four inches tall female police officer apprehended and handcuffed a seven foot tall male offender. Incredulous that a small, female officer could place handcuffs on an angry, seven foot tall male, reporters asked her how she managed to do it. She replied, “My training took over and I just acted as I’ve been trained to act in this type of situation.” I think it’s the same for sales professionals. Although sales people often think they will rise to the occasion in difficult selling situations, that’s not what happens. What happens is that they rise to the level of their training. If they are generally disorganized, and if they rarely plan ahead for important sales calls, this is the default behavior that shows itself in difficult selling situations. When a leasing prospect asks about the interest rate charged in a lease, the leasing salesperson who is unprepared to discuss the value he and his company brings to the prospect’s business probably pulls out his HP 17BII calculator and begins the attempt to impress the prospect with how to calculate the twenty-four ways of looking at interest rates in a lease. He defaults to his level of training and usually leaves the prospect confused, uncertain, unsatisfied and uncommitted! If, instead, the salesperson has been taught to articulate the relative importance of interest rates in borrowing, vis-à-vis the other important considerations that impact a borrowing decision, he will default to this method of explanation when confronted with the dreaded interest rate question from prospects and customers. Sales managers who teach their salespeople how important it is to impress customers with their use of the HP 17BII calculator shouldn’t be surprised when the salespeople use their calculators as their default method of responding to tough questions posed by customers in a tough sales call. Don’t expect sales professionals, even superstars, to rise to the occasion in all selling situations. If salespeople are trained well, they will generally respond well to tough selling situations. The reality is that a salesperson’s performance always defaults to his level of training. Copyright © 2006 Selling Up TM . All Rights Reserved.
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-------------------------------------------------------------- Ginnie Set To Securitize Reverse Mortgages ABSnet Ginnie Mae is creating a new type of mortgage-backed security entirely backed by reverse mortgages, the first of which will be issued in September next year. While there have been some private placements of similar deals, the Ginnie Mae Home Equity Conversion Mortgage-Backed Security will be the first standardized transaction in the market, said Ted Foster, senior v.p. of MBS. "Our new product...is simply an extension of our existing mission to expand access to affordable housing opportunities in America by linking the global capital markets to the nation's housing markets," said Robert Couch, president. The MBS may also eventually be used as collateral for REMICs. Reverse mortgages allow borrowers 62 years and older to convert some of their home's equity into tax-free income and/or lines of credit. When those loans are paid back, the money is passed through to MBS investors. The loans are considered due if the last living mortgagor dies, the borrower sells the property, if the property stops being the borrower's main residence or if he has not lived there for more than a year. Also, if the borrower does not fulfill some obligation required under the mortgage, the loan becomes due. The deals are viewed through more of an actuarial lens than traditional mortgages. Because deals do not have a pre-set life, repayments are modeled taking into account the borrowers' age, gender, marital status and amount already drawn on the loans, among other factors. Foster did not have specific volumes of how much could be securitized but estimated more than 225,000 of the loans have been originated. The growth of the program will also depend on how many reverse mortgages can be insured by the Federal Housing Administration, which control 95% of the reverse mortgage market. Ginnie can only guarantee FHA-insured mortgages. While FHA is currently capped at 275,000, the Expanding American Homeownership Act of 2006 seeks to remove that cap. The act has already passed the House of Representatives. --Olivia Thetgyi
-------------------------------------------------------------- Business Differentiation; What makes select leasing companies consistently outperform their peers?
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-------------------------------------------------------------- Pacific Capital Third Quarter $16.8 Million 9/30/06 6/30/06 3/31/06 Pacific Capital Bancorp (Nasdaq:PCBC), a community bank holding company with $7.2 billion in assets, today announced financial results for the third quarter ended September 30, 2006. Net income for the third quarter was $16.8 million, compared with $14.4 million reported for the third quarter of 2005. Earnings per share for the third quarter of 2006 were $0.36, compared with $0.31 reported for the third quarter of 2005. The strong results in the third quarter of 2006 were primarily attributable to larger than expected collections of Refund Anticipation Loans (RALs) in October, related to tax refunds that required additional review by the IRS. To reflect the collections received in October, the Company increased its tax refund loans receivable as of September 30, 2006, which resulted in a reduction in the provision for loan loss expense and contributed an additional $0.11 in earnings per share. Pursuant to Generally Accepted Accounting Principles (GAAP), it was determined that the adjustment to the receivable and the loan loss provision expense should be recorded in the third quarter of 2006. Commenting on the third quarter results, William S. Thomas, Jr., President and Chief Executive Officer of Pacific Capital Bancorp, said, "From a core bank perspective, our business development efforts during the third quarter remained strong, particularly in the construction and residential real estate segments, which helped drive annualized loan growth of approximately 9% during the quarter. However, the competitive deposit pricing environment and higher borrowing costs continue to drive compression in our net interest margin and present challenges to generating earnings growth. We are pleased to have partially offset this through implementation of the expense management initiatives that we announced last quarter. Our operating efficiency ratio improved nearly 400 basis points from the second quarter of 2006, and we are focused on making continued progress in this area." Full Press Release at: ### Press Release ########################### Radiance Capital appoints veteran Michael G. Helm as Credit Manager
Tacoma, Wash. – Radiance Capital LLC, a premier equipment financing company, is pleased to announce that Michael G. Helm has joined their team as Credit Manager. In this position, he will be responsible for providing brokers with flexible equipment financing solutions and managing the company’s loan portfolio, including underwriting and risk management. “As a former broker, Michael understands the need and the immediacy for a flexible payment structure where the lease can be customized to best fit the customer’s needs,” says Meryl Newman, Radiance’s Chief Financial and Operations Officer. “With his strong background in credit analysis and risk management in the small ticket arena, Michael is a great addition to our team.” Helm has 25 years of experience in the lease and finance industry, most recently as a broker. His extensive background includes managing loan portfolio credit quality, establishing and authorizing credit limits and deal structures, and developing relationships with outside vendors and funding sources. “Radiance has already gained a proven track record in evaluating the risk and successfully financing small ticket B credit leases,” says Helm. “Because Radiance is a small and flexible organization, it is willing to evaluate each lease on its individual merit and propose a structure that best fits the customer’s needs. I’m thrilled to join Radiance Capital and be a part of continuing this tradition.” Helm joined Radiance Capital on October 10, 2006 and can be contacted at About Radiance Capital Radiance Capital LLC is a privately held “B Credit” finance company based in Tacoma, Washington. Radiance provides equipment financing through a broker channel for transactions ranging from $5,000 to $50,000 for companies based in Washington, Oregon, Idaho, California, Alaska, Arizona and Colorado. Radiance’s management team has over 80 years combined experience in commercial leasing with an emphasis on underwriting and servicing a wide range of credits. For more information about Radiance, please visit the company’s website at www.radiance-capital.com. ### Press Release ########################### Omni Financial Services, Inc. Reports Third Quarter Earnings Growth of 81.5% ATLANTA----Omni Financial Services, Inc. (NASDAQ: OFSI - News): Omni Financial Services, Inc. (NASDAQ: OFSI - News) today announced net income for the third quarter of 2006 of $1.44 million or $0.19 diluted earnings per share, an increase of 81.5% from $791,000 or $0.12 diluted earnings per share for the same quarter in 2005 on a "pro forma" basis. Net income for the quarter ended September 30, 2005 has been adjusted to reflect a combined federal and state tax expense of 38% for the period assuming the Company operated as a C Corporation. Net income for the nine month period ended September 30, 2006 totaled $4.16 million or $0.55 diluted earnings per share on a pro forma basis compared to $2.47 million or $0.37 diluted earnings per share during the same period in 2005, an increase of 68.8%. For comparison purposes, net income for the nine months ended September 2006 has been reduced by a $3.69 million tax credit recorded on January 1, 2006 upon conversion from an S Corporation to a C Corporation and for the nine months ending September 30, 2005 net income has been adjusted to reflect a combined federal and state tax expense of 38% for the period assuming the Company operated as a C Corporation. The Company priced an initial public stock offering on September 28, 2006 and consummated the offering on October 4, 2006 issuing 3,350,000 common shares. On October 12, 2006 the Company issued an additional 502,500 common shares pursuant to the underwriters' exercise of their over-allotment option. Proceeds net of underwriters' fees and offering costs approximated $33.0 million and were received in October 2006 and as a result had no effect on total assets or equity as of September 30, 2006. Full press release: ### Press Release ########################### Microfinancial Third Quarter $0.9 million
WOBURN, Mass.----MicroFinancial Incorporated (AMEX-MFI), a financial intermediary specializing in vendor based leasing and finance programs for transactions in the $500 to $15,000 range, today announced financial results for the third quarter and the nine months ended September 30, 2006. Net income for the quarter was $0.9 million or $0.06 per diluted share based upon 13,942,572 shares, compared to net income of $0.4 million, or $0.03 per diluted share based on 13,910,948 shares in the third quarter of 2005. Revenue in the third quarter of 2006 was $7.8 million compared to $9.4 million in the third quarter of 2005. Revenue from leases was $1.0 million, rental income was $5.1 million, income on service contracts was $0.4 million and other revenue components contributed $1.3 million for the current quarter. Full Press Release at: ### Press Release ########################### Alliance Financial Announces Third Quarter SYRACUSE, N.Y., -- Alliance Financial Corporation ALNC, the holding company for Alliance Bank, N.A., announced today its net income for the third quarter of 2006 was $1.82 million, or $0.51 per diluted share, a decrease of 8.2% compared with $1.98 million, or $0.54 per diluted share in the year-ago quarter. Net interest income decreased in the third quarter compared with the year-ago period as the flat treasury yield curve and competition for deposits in our market continued to push up our cost of funds, offsetting the positive impact on interest income that resulted from growth in our loan and lease portfolio. Full press release here: ### Press Release ########################### GATX 3rd Quarter Explained
In the third quarter of 2006, GATX signed an agreement to sell the majority of its aircraft leasing business to Macquarie Aircraft Leasing Limited (MALL). As a result, the prior aircraft leasing segment is reported as a discontinued operation and prior periods have been restated to conform to the current presentation. In the 2006 third quarter, net income from continuing operations was $42.6 million or $.74 per diluted share compared to net income of $31.7 million or $.57 per diluted share in the third quarter of 2005. Net income from continuing operations for the first nine months of 2006 was $122.8 million or $2.14 per diluted share, compared to $96.2 million or $1.74 per diluted share in the comparable prior year period. Highlights for the 2006 third quarter include: Utilization of Rail's North American fleet remained at 99% and lease renewal rates increased 19% over expiring rates on a basket of common car types. During the quarter, Rail signed a purchase agreement with American Railcar Industries, Inc. for delivery, beginning in 2008, of up to a total of 4,000 newly manufactured railcars. American Steamship Company (ASC) completed its first full quarter of operations following the acquisition of six vessels from Oglebay Norton in June. Integration proceeded smoothly amid continued strong demand and favorable operating conditions on the Great Lakes. Brian A. Kenney, president and CEO of GATX, stated, "Results in the third quarter and year-to-date 2006 demonstrate continued strength in our markets. We are achieving longer lease terms on railcar renewals at improving rates and we acquired more than 1,900 cars in the quarter. While below the record levels achieved in 2005, income from marine joint ventures at Specialty remains solid. The signing of the definitive agreement with MALL to sell the aircraft leasing business reflects our strategy of focusing on our higher return businesses and improving risk adjusted returns. "Our 2006 operating results continue to improve despite signs of increased speculation in certain segments of the rail market by other equipment lessors, as well as indications that near-term delivery opportunities have materialized in railcar manufacturers' production backlogs. We are monitoring this closely and we remain committed to meeting our customers' railcar needs while earning the appropriate return for our shareholders." Mr. Kenney concluded, "We previously provided 2006 GAAP earnings guidance of $3.10 to $3.20 per diluted share. This included income of approximately $.40 per diluted share from the aircraft leasing business, which is now reported as a discontinued operation. On a continuing operations basis, we therefore continue to expect earnings of $2.70 - $2.80 per diluted share in 2006, which includes $.25 per diluted share of benefits from tax items and a gain recorded at an affiliate related to hedging activities." Full Press Release at: ### Press Release ########################### CIT Named #1 SBA Lender for Seventh Consecutive Year
Provides More Than $872 Million in SBA Loans to Small Businesses Nationwide Over Past 12 Months NEW YORK, -- CIT Small Business Lending Corporation, a unit of CIT Group Inc. (NYSE: CIT) a leading global provider of commercial and consumer finance solutions, announced today that for the "I am very pleased that for the seventh consecutive year CIT has distinguished itself as the preeminent financing partner to U.S. small businesses," said Thomas B. Hallman, CIT Vice Chairman, Specialty Finance. "Small businesses are the economic backbone of the U.S. economy and our loans provide them the financing they need to grow and expand." Christine Reilly, President of CIT Small Business Lending Corporation, said, "We're proud of this recognition by the SBA which highlights CIT's continued commitment to financing small businesses. As noted in our recent Small Business Outlook Survey, small business owners are expected to continue to invest in their organizations in 2007 as they seek to grow their businesses. We're pleased to serve as their financing partner as these investments will create jobs and stimulate local economic growth around the country." The ranking is based on SBA 7(a) loan volume for the 2006 SBA fiscal year (October 1, 2005 to September 30, 2006). According to the SBA, CITvprovided $872,595,495 in SBA 7(a) loans to 1,487 small businesses nationwide. The 7(a) loan program is the most popular SBA program, and offers up to 25-year, fully amortized loans, which means lower monthly payments for the borrower. Proceeds from the 7(a) program may be used for most business purposes, including the purchase of commercial real estate, equipment and inventory, construction, renovation or leasehold improvements, and working capital CIT Small Business Lending Corporation has been the nation's #1 SBA 7(a) lender for the last seven consecutive years. Designated as a "Preferred Lender" by the SBA due to its strong historical record, CIT Small Business Lending Corporation offers loans to finance business acquisitions, owner-occupied real estate purchases, franchises, and medical and professional practice start-ups.
### Press Release ###########################
News Briefs---- Developers Slash Prices to Increase Home Sales Exxon Posts $10.49B Profit Microsoft says quarterly earnings rise, beat estimates No longer constrained, Greenspan shares a piece of his mind 4 firefighters killed by arson wildfire near Palm Springs
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California Nuts Briefs--- Governor hangs on to double-digit lead over Angelides Success Motivates Schwarzenegger ---------------------------------------------------------------
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“Gimme that Wine” Duo reunites in Wine Country In Australia, Lessons at a Winery Wine Prices by vintage US/International Wine Events Winery Atlas Leasing News Wine & Spirits Page The London International Vintners Exchange (Liv-ex)
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Calendar Events This Day Boxer Shorts Day Frankenstein Friday Navy Day Saint Vincent and the Grenadines: Independence Day Turkmenistan: Independence Day ----------------------------------------------------------------
Woodward Avenue in Detroit, Michigan, carries the designation M-1, named so because it was the first paved road anywhere. http://www.woodwardavenue.us/home/
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Today's Top Event in History 1865-It is estimated 65,000 Blacks served in the Confederate army, with an estimated 13,000 actually facing the Union Army in combat. ----------------------------------------------------------------
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. World Series Champions This Date 1985- Kansas City Royals --------------------------------------------------------------
Baseball Poem The Catcher Learns the Motion by Tim Peeler and is often the hub of the movements, he loves the sphere and its ridges, the catcher learns slaps the leather trap the catcher imprints the motions of the hitters, the catcher is the great disturber, bilingual kamikaze -- Touching All Bases --------------------------------------------------------------
SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? http://leasingnews.org/Soduku/soduko-main.htm |
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