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Kit Menkin Leasing News
supplies businesses and consumers with information about
the leasing industry. We have independent,
unbiased, accurate, and fair news about leasing. Feel free to browse our site and learn everything
you need to about leasing.
-----------------------------------------------------------------------------------------
Friday April 4, 2003
Headlines---
Picture from the Past-----1995---Merrilees/Fisher
Classified
Ads---Jobs Wanted---53 today
CIT
Quantifies Exposure to Air Canada
Alan
Leesmith Joins Alta Group
ISM
Names ELA's LeaseAssistant.org Top Spot
Chronological
Response to Bob Rodi view on NAELB
Doesn't Want to Join---Signs Name
Are Readers
Becoming Too Judgmental?
Operation
Just Cause Yellow Ribbon Campaign
New
Chief at Bombardier Lists Changes for Turnaround
Bombardier
Presents Recapitalization Program
Rush
Acquires Peterbilt of Mobile
Synovus
to Present at Investor Conference
Regions Financial Names R. Alan Deer Chief Legal Officer
This Border #####
Denotes Press Release (Not Written By Leasing News)
__________________________________________________________________
Picture from the Past-----1995---Merrilees/Fisher
http://two.leasingnews.org/imanges_uael_wael/merrilees-fisher.jpg
“Western Association of Equipment Leasing President Jim Merrilees
and Arizona Region Chair Jim B. Fisher at the Arizona meeting.
March, 1995 WAEL
Regional Reporter
---------------------------------------------------------------------------------------------
Classified Ads---Jobs Wanted---53 today
We have two more testimonials that we are seeking permission
to print,
as they have accepted jobs through our classified ads.
There are 53 jobs wanted posted ads. They are free.
Sales Manager: Atlanta, GA
Professional. finance mgr. w/formal credit ed./ reg. vp/
secured/unsecured commercial loans/ direct end user network/equip. leasing/
structuring small,mid,big ticket transactions. 10+ years NE & SE.
Have vendor servicing w/ existing and active network of accounts will
bring with me. Email:AlanAustin2000@msn.com
Sales Manager: New York,
NY
I have over 25 years owning an independent leasing company
that specialized in truck leasing. Tow trucks, Limos, ambulances, tractors,
etc.. Email:rfleisher@rsrcapital.com
Sales Manager: Portland, OR. 18+ yrs w/ bank leasing
company. Supervised 14-20 sales people. Willing to relocate for the proper
position. Or, seeking sales position in current location (13+yrs direct
sales). email:pthygeson@netscape.net
Sales Manager: Seattle, WA
Senior level sales professional w/ (20) plus experience in
mid market financing & leasing. The last (8) plus years being self
employed in middle market brokerage. Email:markhenley@qwest.net
Senior Management: Baltimore, MD
25 year veteran of commercial and equipment leasing seeking
a senior management position with leasing or asset based financing company
in the southeast (Florida preferred)
email: kellogg_md@yahoo.com
Senior Management: Chicago, IL 15 yrs.of exp., w/global-vendor-programs;
sales, marketing, business-development, P&L responsibilities. Seeking
senior leadership-role w/captive lessor or global-leasing company. Will
relocate for right opportunity. email:InternationallyAdept@hotmail.com
Senior Management: Long
Island, NY
Degree Banking/Finance. 13 years leasing exp. Now prez young
leasing company where promises were not met. Interested in joining established
firm with future. Email:bob33483@yahoo.com
Senior Management: Portfolio Management Consultant;
25+years experience in Collections, Customer Satisfaction, Asset Management,
Recoveries, Continuous Process Improvement, Backend Revenue Generation,
Cost per Collection Analysis. $5+Billion Portfolio expertise. email: efgefg@rogers.com
go here for the entire
Jobs Wanted list:
http://65.209.205.32/LeasingNews/JobPostings.htm
Tell a colleague seeking employment
or a better position, to apply
here for a free ad that works (
most of the time:)
http://65.209.205.32/LeasingNews/PostingForm.asp
we try and make it easy. Here
are other places to post
an ad ( some are free.)
http://65.209.205.32/LeasingNews/Classified.htm
Also call a recruiter who specializes
in leasing executives. They also
may have other employment opportunities
that may be of better
benefit in today’s economy. Call them as they are experts and make
their living by putting employer and employee together
---------------------------------------------------------------------------------
######## Press Release ########################################
CIT Quantifies Exposure to Air
Canada
LIVINGSTON, N.J., -- CIT (NYSE:
CIT)
announced today its exposure in
aircraft to Air Canada is approximately
USD$80 million. Air Canada filed for protection from creditors
on April 1,
2003 under the Companies' Creditors
Arrangement Act, the Canadian
reorganization law.
CIT's exposure primarily relates to two Boeing 767 aircraft.
One aircraft
is scheduled to come off-lease
on June 1, 2003 for which CIT has a signed
commitment in place to re-lease
the aircraft to another carrier. On
the
second 767, CIT has an investment
in a leveraged lease (not a tax-optimized
structure) with a remaining term
of six years.
About CIT
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance
company, provides clients with
financing and leasing products and advisory
services. Founded in 1908, CIT has nearly $50 billion
in assets under
management and possesses the financial
resources, industry expertise and
product knowledge to serve the
needs of clients across 30 industries.
CIT
holds leading positions in vendor
financing, U.S. factoring, equipment and
transportation financing, Small
Business Administration loans, and asset-based
and credit-secured lending. CIT is headquartered in New York City, with
executive offices in Livingston,
New Jersey, and has approximately 6,000
employees in locations throughout
North America, Europe, Latin and South
America, and the Pacific Rim.
For more information, visit http://www.cit.com.
SOURCE CIT Group, Inc.
### press release ##############################################
Alan Leesmith Joins Alta Group
LONDON, -The Alta
Group announces that Alan Leesmith, a chartered accountant with decades
of equipment leasing and finance industry experience, has joined this
international consulting agency as a principal in its European region.
http://two.leasingnews.org/imanges_uael_wael/Alan%20Leesmith.jpg
In his more than 30 years in the equipment leasing industry,
Leesmith has witnessed the extensive scale of its development and change.
He has built a career in sales-aid (vendor) leasing. At Anglo Leasing,
a leading independent sales-aid lessor in the United Kingdom, he served
first as finance director and then later as managing director, helping
Anglo to achieve 16 years of consecutive profit growth without making
any acquisitions.
During his tenure, Anglo achieved a full public listing on
the London Stock Exchange and the first AAA-rated securitization for small-ticket
leases in the United Kingdom. Following the acquisition of Anglo by Woodchester
Credit Lyonnais, Anglo grew to become the largest lessor in the United
Kingdom’s office-equipment sector and was later acquired by GE Capital.
As an active participant in the Institute of Chartered Accountants,
Leesmith served at one time on the Technical Advisory Committee, a member
of the working party reviewing SSAP21 (Lease Accounting). He also is an
institute adviser on professional ethics.
In 1997 Leesmith formed his own consultancy, Bavelaw Associates
Ltd. It has advised numerous global equipment manufacturers and lessors
on European, American and Australasian vendor leasing. Other assignments
include advising on the opportunities for international taxed-based leasing
through Dublin, securitization issues in the United Kingdom, leasing systems
development and selection, insurance programs and raising equity and loan
capital for sums ranging from £100k to US$450m.
“Alan brings a wealth of vendor leasing experience, and he
is an acknowledged expert in many of the areas of equipment leasing and
finance in which we do considerable client research. We are delighted
to have him as part of our team,” says Derek Soper, the founding principal
in the European office of The Alta Group.
Leesmith is also a founder and CEO of Lease and Finance International,
a privately owned insurance agency with offices on several continents.
Leesmith plans to continue in this role.
The European office of The Alta Group provides joint venture
and merger and acquisition advisory services as well as strategic benchmarking,
competitive positioning and market-entry consulting. They frequently advise
growing manufacturers interested in pan-European vendor programs and assist
in market-entry projects.
###
About The
Alta Group
The Alta Group’s European office, based in London since 1998, is composed
of five principals, all with extensive backgrounds in the $500 billion
global equipment leasing and finance markets. The U.S. headquarters, launched
in 1992, is in Glenbrook, Nevada, (www.thealtagroup.com).
The Alta Group is a leading source of corporate consulting and advisory
services, education and training to the global equipment leasing and finance
industry. It includes 17 professionals worldwide—former CEOs, company
founders and industry organization leaders—who collectively have more
than 350 years of experience. The company was founded in 1992 by Norm
Chapman, John Deane, John Giddens and Bill Montgomery, well-known U.S.
leasing veterans.
Derek Soper
The Alta Group
011 (44) 1444 891344
Mobile (44)7711 419834
Email: dsoper@thealtagroup.com
##### press release ###########################################
---------------------------------------------------------------------------------------------
The war ate my homework
by By Steven Syre,
Boston Globe Columnist
http://www.boston.com/dailyglobe2/093/business/_my_homework+.shtml
---------------------------------------------------------------------------------------
ISM Report: Production, New Orders Decline; Employment,
Inventories Decline; Supplier Deliveries Slowing
According to the Institute for Supply Management’s March
Report On Business®, economic activity in the manufacturing sector failed
to grow in March, while the overall economy grew for the 17th consecutive
month.
The report was issued April 1 by Norbert J. Ore, C.P.M.,
chair of the Institute for Supply Management™ Manufacturing Business Survey
Committee and group director, strategic sourcing and procurement, Georgia-Pacific
Corporation. "The manufacturing sector failed to grow in March, marking
the end of four consecutive months of growth. A turn in both New Orders
and Production drove the change as New Orders fell below 50 percent after
six months of growth, and Production fell below 50 percent for the first
time in 16 months. March wasn't a good month for manufacturing, as the
sector appears to have lost its momentum. Employment continues to be a
problem as the index has now been below 50 percent for 30 months."
ISM's Backlog of Orders Index indicates that order backlogs
declined for the ninth consecutive month, while ISM's Supplier Deliveries
Index reflects slower deliveries for the 15th consecutive month. Manufacturing
employment continued to decline in March as the index remained below the
breakeven point (an index of 50 percent) for the 30th consecutive month.
ISM's Prices Index is above 50 percent as manufacturers experienced higher
prices for the 13th consecutive month. New Export Orders grew in March
for the 15th consecutive month. March's Imports Index grew for the fifth
consecutive month.
Comments from purchasing and supply executives focused on
war, soft demand, energy availability, and escalating prices. The war
appears to have slowed demand in a number of industries, including Chemicals,
Electronics, and Industrial Equipment. Issues related to energy consume
resources and compress margins.
ISM's PMI declined to 46.2 percent in March, a decrease of
4.3 percentage points when compared to 50.5 in February. ISM's New Orders
Index declined 6.1 percentage points from 52.3 percent in February to
46.2 percent in March. ISM's Production Index declined 9.1 percentage
points from 55.4 percent in February to 46.3 percent in March. The ISM
Employment Index is at 42.1 percent for March, a decrease of 0.7 percentage
point when compared to the 42.8 percent reported in February.
ISM's Supplier Deliveries Index registered 53.8 percent,
0.5 percentage point higher than February's 53.3 percent. ISM's Inventories
Index declined to 42.3 percent from 43.8 percent in February. ISM's Customers'
Inventories Index for March is at 42 percent, a decline of 4 percentage
points compared to the February reading of 46 percent. ISM's Prices Index
in March is 70 percent, an increase of 4.5 percentage points from February's
65.5 percent. ISM's Backlog of Orders Index declined 7.5 percentage points,
registering 41.5 percent in March compared to 49 percent in February.
ISM's New Export Orders Index registered 52 percent, down
3.5 percentage points from February's 55.5 percent. ISM's Imports Index
declined from 55.4 percent in February to 52.5 percent in March.
(courtesy ELAonline.com
)
ISM Names ELA’s LeaseAssistant.org “Website of Interest”
for April
The Institute for Supply Management (ISM) named the Equipment
Leasing Association’s Lease Assistant website http://www.leaseassistant.org,
its website of interest in their April edition of Just in E-Time Newsletter.
Lease Assistant is an informational portal for financial decision-makers
on leasing and financing equipment. The site features a checklist of questions
to ask when negotiating a lease, the differences between a lease and loan
and information on finding a leasing company. To visit this web site,
go to: http://www.leaseassistant.org
The Just in E- Time Newsletter is distributed to members
of the Institute for Supply Management. ISM is one of the most respected
educational associations in the United States. ISM is a communication
link with more than 45,000 purchasing and supply management professionals
( courtesy of ELAonline.com)
__________________________________________________________________
Hal Horowitz on UAEL
(Hal Horowitz was president of the Western Association of
Equipment Lessors in 1992, working his way up the chairs of officers and
activities. He was there
when the association changed its name and direction. He was also a member
until 1997-98. Today
he is in the financial executive recruitment business in Southern California.)
Note: A copy of this was sent to the UAEL executive committee,
staff, and other
past presidents, seeking their comment, if any. There was no response to date.
“With all due respect to Bob Rodi's involvement in UEAL (as
well as to my own
memory) it seems to me that somewhere back around 1989 or
1990 WAEL put
together a long-overdue strategic planning session. This was chaired by
past president Bob Jacobson and among its committee members
were Bill Grohe,
Jim Swander, myself and with apologies to those whom I cannot
remember, a
handful of others. There
were several meetings of this committee which
ultimately presented a wide range of recommendations to the
Board for long
term growth of the Association, among which included becoming
a national
organization. This
was at least three years before Ray Williams became our
Executive Director. It
had nothing to do with Ray's goals or personal
plans, nor for that matter with Jon Bednerik's. The ideas that emanated
from that group came from the members itself. I believe Ray was hired in
1993. It was, if I
recall correctly, at the 1991 planning meeting, when I
was vice president under Bill Grohe, that we were kicking
around name
changes (one of the suggested of which was World Association
of Finance and
Leasing (WAFL) or something like that). Obviously, that one was rejected.
“You can check with Bill Grohe, Gordon Roberts and a few
others, but I'm
relatively sure you will find that the ultimate decision
to become a
national organization, and in fact, any decisions regarding
the future and
the policy of WAEL/UAEL following the loss to our organization
of Art
Schwartz, was entirely member driven. If Bob or any of the current members
of UAEL do not like what the Association has become, look
inward, not
outward. Let them
blame me and the others who were part of the leadership
of the time, and themselves more recently for not taking
steps to correct
what they (rightfully or wrongfully) consider worth grousing
about . Jon
and Ray were not without faults, ambition perhaps among them,
but neither of
them is responsible for the condition, good or bad, of the
Association
today.
“Bob's comment that Ray Williams wanted to be Mike Fleming
when he grew up is inappropriate. The
Ray I and others were involved in hiring was charged
with providing an administration, not a leadership. During the time I knew
him, be became passionate about the Association and the friendships
he made
and only wanted to see it prosper and do well. Whatever Ray's "concept for
growth" may have led to, the "misdirected and ineffective" leadership
was
ours, not his. Ray
was an employee, not a leasing professional and he
always admitted that, at least when I knew him and was involved.”
With appreciation to the men and women of our armed forces.
Hal T. Horowitz
Vice President, Financial Placements
Wingate Dunross, Inc.
30851 Agoura Road, Suite 301
Agoura, CA 91301
Phone: 818-597-3200 ext. 212
Fax: 818-597-3201
Cell: 818-730-0645
Email: halh@wingate-dunross.com
Website: http://www.wingate-dunross.com/
My mission is to collaborate with my clients, to further their success by
identifying professionals of uncommon ability to whom they
might not
otherwise have access and who will in turn make a valuable
contribution.
---------------------------------------------------------------------------------------
Chronological Response to Bob Rodi view of National Association
of
Equipment Leasing Brokers:
From Legal Counsel for NAELB, Barry Marks:
“As you know, I normally steer way clear of the inter-association
rivalry foolishness, but, assuming he did not intend it as an April Fool's
prank, Mr. Rodi's words left me reeling:
"In addition,
other than the core of experienced people in that association, I find
that I have little in common with the bulk of the membership. I have also noticed that, what I would refer
to as a "dangerous" group of people, are exerting a major influence
over the educational programs at the NAELB.
In an effort to be more diplomatic than I normally am, I will not
mention any names, but when I was president of the UAEL I made it a personal
mission to run these people off. I
fear that they see the largely inexperienced group and the NAELB as "fresh
meat". I do however, have
every confidence that some of the new board members of the NAELB, people
who I know and respect in this business, will either control
them or run them out of that group also."
“I guess I'm one of the old guys - I have no problem with
any of our programming (maybe Bob means "Dangerous" in the Chuck
Barris sense - all in his mind). Even he should admit that NAELB is the
most aggressive about "running off" (kicking out) the truly
dangerous – the unethical, crooked and fraudulent. We do name names...they
were in and some of them were sponsoring...now they're gone.
“This is the worst aspect of association membership and cuts
against the many fine UAEL past presidents, such as Bob Fisher and Chuck
Brazier, who recognized that small-minded backbiting only alienates potential
members. Ray Williams did not understand this, and neither (apparently)
does Mr. Rodi. As long as he is identified with UAEL, it will face an
unnecessary obstacle.
“The more interesting response was the anonymous unaffiliated
leasing professional. If we do the math, there are about 3,000 small lessors
and brokers "out there", only about 800 or so of which are in
one or more of the associations...maybe 2500 or 4,000 total, maybe 600
or 1,000 "joiners, but the rough numbers still tell the tale...
“If you throw out 1,000 who are part-timers, crooks, fly-by-nights,
or otherwise
undesirable and never interested in improving their lot,
you still have, what? 1,000
potential members? OK, 750? MORE THAN ANY OF THE SMALLER
ASSOCIATIONS AND AS MANY AS ARE IN ELA.
“So what should we be doing? Competing? Bemoaning the loss
of members? How about finding out why people don't join and addressing
the issues? How about joining together and approaching vendors and potential
lessees with the message that they should only do business with association
members - who agree to strict ethical rules and are accountable?
“Yes, it's the same message as in 1999, but I have yet to
hear why it is a bad or
unrealistic message.
“It isn't about choosing your favorite association: go join
whichever you like! BUT JOIN AND BE ACTIVE. And for heaven's sake, recognize
that mean-spirited competition does no one any good whatsoever.
“UAEL will be just fine. So will EAEL and NAELB and ELA and
all of us who make our living in the leasing profession...as long as we're
professional about it!”
Barry Marks
---
from NAELB President Bob Bell:
“I want to take this opportunity to apologize to Bob Rodi
for not
speaking to him at any of the past NAELB annual conferences.
I’m sure
he must have been in attendance or how could he have gained
such insight
into the inner workings of the NAELB? I did, however, check the
attendance records for the past decade and did not see his
name on the
attendee list. I’ll
have to make sure we keep better records.
“It is no surprise to me that Mr. Rodi has little in common
with the
bulk of the (NAELB) membership. The bulk of our membership are hard
working humble leasing professionals who realize there is
much knowledge
to be gained from one another by sharing our common experiences,
trials,
and tribulations. Oh,
by the way, we don’t have an in crowd
either.
“He is also correct in that we remain focused on the Broker,
and
yes that does include many of us who are lessors and discounters.
We
further realize that our funding sources are a crucial and
integral part
of our association and many of them sit on association committees.
The
current and past conference chairs are non broker members.
“A brief comment regarding Mr. Rodi’s personal mission to
run these
people off is in order. While
he was personally running off these
dangerous people, the NAELB was expelling individuals and
firms
who jeopardize and endanger our industry by violating our
strict code of
ethics. By the way,
some of these persona non grata folks are
still members in good standing of other associations.
“I, for one, sit in awe of Bob’s level of technological
sophistication, warehouse lines, let alone the funding capability
that
we have at LeaseNOW. After
all, I’m just a humble lease broker
from Cumming, GA who buys money at 10%, sells it at 20 %,
and not being a
greedy person is happy with a meager 10% profit!
“When I grow up I hope to be as sophisticated as Bob.
“Bob, I’m sure you still have your baton and service revolver,
please
don’t hurt me. The
devil made me write this. “
Bob Bell, CLP
(Bob Rodi is a former Baltimore policeman. There is a sense of good humor
in Mr. Bell’s e-mail, and if you know him, his voice would
give this even
more of the humor in how he is wording this e-mail.
One of the things I like about Bob Rodi is that he speaks
his mind. You
know where he stands. He also has a lot of knowledge to tap.
It would be my suggestion to invite him as your guest to the next NAELB
meeting, maybe even ask him to do a workshop. I think you will find the
many good attributes that he possesses, and you might even “convert” him. editor)
Doesn’t Want to Join---Signs Name
There were many “unsigned” e-mails about why they would not
join an
association. Our goal
from the very beginning has been to support
all leasing associations---equally---and readers will note
on our website
as well as our daily news that we make announcements of events,
conferences,
and editorially chastise readers for not getting involved.
The original ten reason e-mail was submitted not for publication.
It was
after e-mails and a telephone call, that we got permission
to print it
as “name with held.” The
sender originally meant it as a private
e-mail, didn’t want it printed, and was mixed about signing
his name.
It was our persuasion to print it.
We print all sides, and here is a gentleman who signed the
e-mail
about how he feels:
“Regarding the piece on "Why I won't Join a Leasing
Association". The writer
hit it right on the head. I have been in the leasing and
banking industry
since 1981 and my partner since 1975.
“We are funding source members of the ELA because it is the
most legitimate association and it truly does provide benefits to at least
the funders in our industry. However, we are not active in anything other
than the ELA Funding Conference and are not members in any other association
primarily because the cost does not justify the benefit.
“Part of that "cost" is the cost away from my family,
friends and our
community. My wife and I are very active in the community
for several
selfish reasons. It makes us feel good, sets a good example
for our kids and
helps kids locally who need it the most. I don't get those
benefits from any
industry boondoggle even if it takes place in Hawaii.”
Dale Kluga
Are Readers Becoming Too Judgmental?
Good hearted Jeff Taylor in his ExecutiveCaliber - Global
Lease Training makes comments on
many subjects, including the War in Iraq.
He believes some readers are on “the fringe.”
“I think this e-mail needs to be published with my response,
“ he wrote.” You may use my name. Please do not use the senders.”
The response from Jeff Taylor are in the brackets:
Jeff, I had a great
deal of respect for you,((Thank you ))but your political opinions are
becoming increasingly clear ((That's good.)) You, among
Hollywood’s movie
stars and many recording artists ((Thank you for noticing. I was a rehearsal
pianist on Broadway and my wife is a singer/actress
who performed on Broadway for many years)), must be privileged(( My father
made millions on Wall Street)) to intelligence that stupid commoners like myself are not.(( I'm
sorry that you think of yourself that way.)) You seem to know so much
more than the Bush administration
its embarrassing. ((Thank you)).
I am not a republican,
but I am not an anti-republican as you seem to be.(( I do not like labels
but when Clinton was in charge, I took shots at
him as well)). Open
your mind and you might find a President that understands and knows his
limitations and allows better qualified people to
handle situations
that require their expertise.(( I find this line funny since I teach people
how to open their minds. ))
If you are at odds
with the entire administration,((Not really. I like several of his staff
including Colin, Condelezza, and Christie)) you should carefully take a look in the mirror and try
to figure out how you could be so much more well informed than the U.S.
military, CIA, FBI, etc., etc. ((I am not more informed. I am informed
since I have friends who work as well as consult for the government including
former Presidents. ))
Take me off your
email list ((You always had that capability but I will do it for you.))
- I'm not sure you have anything to offer me anymore. ((I do not remember
you buying my book or any of my paid services. So I am guessing that you
used to enjoy reading my free stuff.)) I have plenty of stupid female
friends who are anti-republicans and are equally as uneducated and close-minded
about world affairs. ((This is
the main reason why I personally responded to your e-mail.
Your personality comes through very clearly. I have never used the word
stupid about anyone. I do not want
you on my list. Goodbye.))
Jeffrey Taylor, CLP
ExecutiveCaliber - Global Lease Training
2144 South 1150 East
Bountiful, UT 84010 USA
(801) 299-9332
(801) 299-9932 (fax)
Operation Just Cause Yellow Ribbon Campaign
http://www.ojc.org/yribbon.htm
All it takes is to wear a yellow ribbon or display it on
your flag poll or front door.
Please forward a copy of Leasing News to a colleague as we
are trying to build
our readership.
---------------------------------------------------------------------------------------------
New Chief at Bombardier Lists Changes for Turnaround
http://www.nytimes.com/2003/04/04/business/worldbusiness/04BOMB.html
####### Press Release #########################################
Bombardier Presents Recapitalization Program Featuring
Equity Offering and Asset Divestitures
TORONTO---Bombardier Inc. (TSX:BBD.A)(TSX:BBD.B):
Tellier Says Emphasis on Transparency and Accountability
Will
Drive Change in Corporate Culture
Financial Results for Fiscal 2003 Are Announced
-- Equity offering
of at least $800 million
-- Planned divestitures
including Bombardier Recreational
Products expected to raise in excess of $1.5 billion
-- Reduction of dividend
-- Change in governance
structure
-- Bank covenant amended
-- Bombardier Capital
to focus on only two portfolio categories
-- New accounting
policies adopted to enhance investor
understanding of the Corporation's performance
-- Consolidated revenues
for fiscal 2003 of $23.7 billion and net
loss of $615.2 million after non-cash special items of $1.3
billion ($959.7 million after tax)
-- Free cash flow
of $801.4 million
-- Order backlog of
$44.4 billion
Bombardier (TSX:BBD.A)(TSX:BBD.B) President and Chief Executive
Officer Paul M. Tellier announced a major recapitalization program which
includes the filing later today, with the securities regulatory authorities
in Canada, of a preliminary short-form prospectus providing for the issue
of Class B shares. The equity infusion will strengthen the Corporation's
balance sheet and bolster working capital.
Gross proceeds from this equity offering are expected to
be at least $800 million and will supplement the Corporation's working
capital and be used for general corporate purposes. The securities to
be offered have not been and will not be registered under the U.S. Securities
Act of 1933, as amended, and may not be offered or sold in the United
States, absent registration or an applicable exemption from registration
requirements.
A NEW BOMBARDIER
The equity offering leads a list of initiatives designed
to strengthen the company's balance sheet and refocus the Corporation
on the aerospace and transportation businesses. To that end, Tellier announced
Bombardier's intention to divest Bombardier Recreational Products, as
well as other non-core assets.
"We will rebuild our credibility with investors with
the action plan we are announcing today," said Tellier. "The
sale of our recreational products business provides a good balance between
our asset divestitures and the equity offering. Combined with our cost
reduction programs, it gives us the financial flexibility we need going
forward.
"Our story is a story of recovery. We are acting rapidly
and strategically to re-energize the Corporation by strengthening our
balance sheet and putting the liquidity concern and the bank covenant
issue behind us.
"Rigour and consolidation are the order of the day.
Tighter accountability and financial discipline are being applied across
the Corporation. Bombardier today is focused on value creation,"
he said.
ASSET DIVESTITURES
The Corporation has decided to divest its recreational products
business as it is the most liquid asset in Bombardier's portfolio. The
Corporation has retained UBS Warburg as financial advisors and Ogilvy
Renault as its legal advisors for this transaction.
The controlling shareholder supports the Corporation's plan
to unlock the value of the recreational products group at this time.
In order to help ensure the stability and continuity of this
heritage asset, members of the Bombardier family have expressed an interest
in participating in the process as part of an eventual group of investors
seeking to acquire the recreational products business.
In view of the family's interest, the Board has formed a
committee of independent directors to supervise and monitor the divestiture
process, evaluate offers or other alternatives and make recommendations
to the Board. The independent committee is chaired by L. Denis Desautels,
former Auditor General of Canada, and composed of Jalynn H. Bennett, Andr,
Desmarais, Jean C. Monty and James E. Perrella.
The committee will be responsible for ensuring that the best
interests of the Corporation and all of its shareholders are served. The
committee will also ensure that the process is conducted in a manner that
maintains the full value of the business during the divestiture process.
The independent committee of the Board has retained Morgan
Stanley as its financial advisors and McCarthy Tetrault LLP as its legal
advisors.
Tellier confirmed divestment of two non-core assets already
underway:
-- Defence Services
Bombardier Aerospace provides technical services for military
aircraft through facilities located at Mirabel, Quebec and Bridgeport,
West Virginia. It also provides pilot training for Canadian pilots and
for NATO pilots and personnel from other countries in Portage la Prairie,
Manitoba; Moose Jaw, Saskatchewan; and Cold Lake, Alberta. Divestiture
of these activities is underway.
-- Belfast City Airport
In October 2002, Bombardier announced its intention to sell
the Belfast City Airport in Northern Ireland. Prospective buyers have
been identified and negotiations are ongoing.
These divestments, combined with the equity offering, are
expected to generate cash in excess of $2 billion within six to nine months.
Proceeds are intended to supplement the Corporation's working capital
and be used for general corporate purposes.
AMENDED BANK COVENANT
Bombardier has reached an agreement with its lenders under
its two main syndicated credit facilities to amend the net debt-to-capitalization
ratio covenant. This demonstrates support and provides the Corporation
with the flexibility to implement its recapitalization program.
DIVIDENDS ON CLASS A AND CLASS B SHARES
At its meeting on April 2, 2003, the Board re-affirmed its
policy of paying dividends on Class A shares (multiple voting) and Class
B shares (subordinate voting). However, the Board resolved that such dividends
would be no greater than $0.09 per share (plus, in the case of the Class
B shares (subordinate voting), a preferential dividend of $0.0015625 per
share per annum) on an annual basis for the current fiscal year. As a
result, the annual dividend per Class A and Class B share for fiscal year
2004, if approved by the Board each quarter, will be approximately one
half of the dividend paid in fiscal year 2003. The Board reserves the
right to modify its dividend payment policy at any time.
FURTHER CONCENTRATION FOR BOMBARDIER CAPITAL
Tellier also said the divestitures will refocus Bombardier
Capital's business plan. Origination activities will now be concentrated
on inventory financing and interim financing for Bombardier Aerospace
regional aircraft, with limitations on the maximum amount and number of
aircraft. Bombardier Capital will continue to greatly reduce its assets
under management through the ongoing wind-down and sale of all its other
portfolios, which is expected to generate significant cash.
The Corporation announced today it will cease origination
for Bombardier Capital's railcar leasing activities. These activities
consist of third-party leasing of a fleet of over 16,000 freight cars.
Earlier, Bombardier announced the sale and gradual wind-down of the receivable
factoring portfolios and the business aircraft financing portfolios. These
processes are underway and should be completed later this year. The receivable
factoring portfolio has already been reduced by 34% and the business aircraft
portfolio by 24% during the last quarter. The portfolios being wound down
or sold represented 55% of Bombardier Capital's assets under management
as at Jan. 31, 2003.
CHANGES IN ACCOUNTING POLICIES
Bombardier has also taken steps to enhance clarity and transparency
in financial reporting, as more fully described in the aerospace section.
At its meeting on April 2, 2003, Bombardier's Board approved
changes in accounting policies for its aerospace programs, including the
adoption of the average cost accounting method in place of the program
accounting method. The changes, concurrent with significant revisions
of estimates, resulted in cumulative non-cash pre-tax write-downs totalling
$2.2 billion, of which $1.0 billion was recorded in fiscal 2003, and $1.2
billion relates to prior years.
"We are making these changes because we believe that
this new accounting method will enhance investor understanding of our
performance," said Tellier. "Although we are taking substantial
write-downs, these are expected to be offset by our recapitalization initiative,
which will provide us with a strengthened balance sheet to see us through
this period of uncertainty."
CORPORATE GOVERNANCE
In the context of the broader public debate around corporate
governance issues, Bombardier has initiated a number of changes to enhance
its governance structure.
Bombardier appointed Board member Jalynn H. Bennett as chair
of the Retirement Pension Oversight Committee of the Board. This committee
will oversee, review and monitor the investment of assets of the Corporation's
pension plans. Mrs. Bennett sits on several boards and has extensive knowledge
of pension reform. She is a member of the Ontario Teachers' Pension Plan
board.
The Board also made the decision to create a Corporate Governance
and Nominating Committee to monitor the evolution of the corporate governance
principles including the Corporation's Code of Ethics. Furthermore, the
Executive Committee of the Board will be abolished.
New Board committees and changes to existing committees will
take effect in June 2003, at the time of the Corporation's annual meeting
of shareholders. The mission of the Human Resources and Compensation Committee
and of the Audit Committee will be reviewed, and all committees will be
comprised exclusively of independent directors.
On Feb. 21, 2003, Bombardier announced that former Auditor
General of Canada, L. Denis Desautels, joined the Board and its Audit
Committee.
FUNDAMENTALS SOUND
"I have now been at the head of this Corporation for
close to three months," said Tellier, "and, in spite of the
current uncertainties, I am confident that the fundamentals of our core
businesses are sound. We have good products, good people, loyal customers
and good technology. We can also rely on a strong backlog of orders, which
provides our manufacturing facilities with two to three years of work.
"We invented the concept of the regional jet, the product
which is key to the North American airline industry's re-organization.
We have taken the measures to ensure we will be ready when the business
jet market picks up.
"Bombardier Transportation has become a core revenue
generator and is basically a recession-resistant business. As the global
market leader with a complete line of products, it has built a strong
backlog.
"The new Bombardier will be made up primarily of two
almost equal-sized businesses that have operational and financial complementarities
and that have different product cyclicality. There are many opportunities
for synergies in manufacturing, procurement, engineering and design and
project management, as well as sales and administration.
"As for Bombardier Capital, we have addressed the market's
concerns head on, and have put a strong professional team in place. We
are managing this business in a very disciplined fashion," said Tellier.
In terms of liquidity, the Corporation confirmed that it
had a total of $5.7 billion of short-term capital resources available
as at Jan. 31, 2003, an increase of $898 million over the previous year.
OUTLOOK
"In looking ahead, we are taking a prudent approach
to planning our activities for the year. While we will not provide formal
EPS and cash-flow guidance in light of uncertainty in the markets, we
are prepared to provide a business level outlook for the upcoming year.
"Specifically,
-- Bombardier Aerospace,
which is planning its production to
reflect the uncertainty in the sector, is expected to
demonstrate an improvement over fiscal year 2003 results.
Based on the current backlog, it is expected that aircraft
deliveries for fiscal 2004 will be at a level similar to
those
of fiscal year 2003. The entry into service of the Bombardier
Challenger(i) 300 in the business aircraft segment and of
the
Bombardier CRJ900(i) in the regional aircraft segment will
contribute to this achievement. The final outcome of the
major
restructuring of key airlines will have an impact on
Bombardier's activities. However, the Corporation believes
the
current business plan presents a sound course of action.
-- Bombardier Transportation's
results, based on industry growth
and increased profitability in its contracts, are expected
to
improve. Ongoing productivity enhancement and cost reduction
programs will contribute to this improvement along with
reinforced quality control on new product introduction.
-- Bombardier Capital
(BC) will be a smaller contributor to
overall profits due to the significant reduction in its assets
under management."
FINANCIAL RESULTS FOR THE YEAR ENDED JAN. 31, 2003
Bombardier Inc. today reported consolidated revenues of $23.7
billion for the year ended Jan. 31, 2003, an increase of 8.5% over revenues
of $21.8 billion the previous year. This increase is mainly due to a higher
level of activity in the transportation segment and the consolidation
of Bombardier Transportation GmbH (Adtranz) accounts for the full 12-month
period for fiscal year 2003, compared to eight months for the previous
year. This increase was also due to higher sales of outboard engines and
all-terrain vehicles (ATVs). These increases were partially offset by
lower revenues in the aerospace segment, mainly as a result of lower business
aircraft deliveries.
Effective in the fourth quarter of fiscal year 2003, Bombardier
Aerospace changed its accounting policy from the program accounting method
to the average cost accounting method. This is more fully described in
the aerospace section. The following results reflect the retroactive application
of the changes in accounting policies for the aerospace segment to all
periods.
Earnings before tax (EBT) before special items(1) reached
$519.6 million for fiscal 2003, compared to $1.1 billion for fiscal year
2002. Net loss for fiscal year 2003 was $615.2 million, or $0.47 per share,
compared to a net income of $36.0 million, or $0.01 per share for fiscal
year 2002. Before the effect of the changes in accounting policies and
special items, earnings per share would have reached $0.44 for fiscal
year 2003.
Bombardier's order backlog as at Jan. 31, 2003 totalled $44.4
billion, compared to $44.1 billion as at Jan. 31, 2002. In aerospace,
the backlog reached $18.7 billion as at Jan. 31, 2003, compared to $23.7
billion at the end of the previous fiscal year and, in transportation,
it totalled $25.7 billion at the end of the fiscal year, compared to $20.4
billion as at Jan. 31, 2002.
Analysis of results
For the year ended Jan. 31, 2003, Bombardier Aerospace had
segmented revenues of $11.3 billion, compared to $12.3 billion in the
previous year. This decrease is mainly due to the decline in business
aircraft deliveries and the effect of the change in timing of revenue
recognition for narrow-body business jets. These reductions were partially
offset by higher deliveries of regional jets and sales of used business
aircraft, as well as a higher effective exchange rate for the U.S. dollar
compared to the Canadian dollar, resulting from the Corporation's hedging
activities.
Negative EBT before special items, reflecting the changes
in accounting policies, was $32.4 million for the year ended Jan. 31,
2003, compared to an EBT before special items of $721.5 million for the
previous year. This decrease results mainly from lower deliveries of business
aircraft.
Special items of $1.3 billion were recorded during fiscal
year 2003, of which $614.7 million related to the revision of aerospace
program estimates. The latter amount is included in the cumulative $2.2-billion
charge discussed above. In addition, a $587.9-million charge was also
recorded for the write-down of used aircraft and production inventory,
as well as for anticipated losses on trade-in business aircraft and lower-than-anticipated
sub-lease revenues, $67.2 million for severance and other involuntary
termination costs, and $41.0 million related to the final settlement of
a lawsuit and a contractual dispute. Of the $1.3 billion, $211.4 million
was recorded during the second quarter and the remainder in the fourth
quarter.
Aircraft deliveries totalled 298 units compared to 370 units
in fiscal year 2002. The deliveries for 2002-03 include 220 regional aircraft,
77 business jets and one amphibious aircraft.
Bombardier Transportation
-- Segmented revenues
for the fiscal year reach $9.4 billion
-- EBT reaches $309.8
million
-- New contract wins
totalling $11.7 billion during the fiscal
year
-- Order backlog of
$25.7 billion
For the year ended Jan. 31, 2003, Bombardier Transportation's
segmented revenues amounted to $9.4 billion, compared to $7.0 billion
for the previous year. EBT for fiscal year 2003 amounted to $309.8 million,
compared to EBT before special items of $230.4 million for the year ended
Jan. 31, 2002. These increases are due to the consolidation of Adtranz
accounts for the full 12 months of fiscal year 2003, compared to eight
months for last year, the strengthening of the euro compared to the Canadian
dollar, and a higher level of activity on some contracts, mainly in Europe.
As at Jan. 31, 2003, Bombardier Transportation's order backlog
totalled $25.7 billion, consisting of $19.8 billion for manufacturing
operations and $5.9 billion for service businesses. This compares to $16.3
billion for manufacturing operations and $4.1 billion for service businesses,
for a total of $20.4 billion as at Jan. 31, 2002. The increase in the
value of the backlog reflects order intake of $11.7 billion and a $3.0-billion
adjustment relating to the strengthening of the euro compared to the Canadian
dollar.
Bombardier Recreational Products
-- Segmented revenues
for the fiscal year reach $2.5 billion
-- EBT reaches $138.4
million
For the year ended Jan. 31, 2003, Bombardier Recreational
Products' segmented revenues amounted to $2.5 billion, compared to $2.0
billion for the previous year. This increase is mainly due to higher outboard
engines sales and increased deliveries of ATVs due to the expansion of
the product line.
EBT reached $138.4 million for fiscal year 2003, compared
to $150.3 million for the previous year. This decrease reflects a different
product mix resulting from higher sales of outboard engines and ATVs,
which generate lower margins than mature products. In addition, poor snow
accumulation in North America, most notably in the central United States,
resulted in higher levels of retail sales incentives for snowmobiles.
Bombardier Capital
-- Segmented revenues
for the fiscal year reach $894.9 million
-- EBT reaches $103.8
million
-- Reduction of assets
under management of $2.2 billion
For the year ended Jan. 31, 2003, Bombardier Capital's segmented
revenues were $894.9 million, compared to $966.8 million the previous
year. This decrease is primarily due to the wind-down of the discontinued
portfolios, as well as a declining interest rate environment, partially
offset by additional revenues from the securitized floorplan receivable
portfolios, brought on-balance sheet effective June 1, 2002. Bombardier
Capital's EBT amounted to $103.8 million for fiscal year 2003, an increase
over EBT before special items of $41.4 million in fiscal year 2002. This
increase results from improved margins following the discontinuance of
the manufactured housing and consumer finance businesses, as well as improved
margins in the inventory finance businesses.
On Sept. 27, 2002, Bombardier Capital announced its decision
to reduce its debt mainly through the sale and gradual wind-down of the
receivable factoring and the business aircraft financing portfolios. Today,
the Corporation announced its intention to cease origination for Bombardier
Capital's railcar leasing activities. Bombardier Capital will focus its
origination activities on inventory financing and interim financing for
Bombardier Aerospace regional aircraft. Proceeds from the sale and gradual
wind-down of the discontinued portfolios will be applied to the reduction
of Bombardier Capital's debt.
Assets under management, before allowance for credit losses,
amounted to $9.7 billion as at Jan. 31, 2003 compared to $11.9 billion
as at Jan. 31, 2002. This 18.1% decrease was primarily due to the gradual
wind-down of the discontinued portfolios and, in particular, the receivable
factoring portfolio.
Bombardier Inc., a diversified manufacturing and services
company, is a world-leading manufacturer of business jets, regional aircraft,
rail transportation equipment and motorized recreational products. It
also provides financial services and asset management in business areas
aligned with its core expertise. Headquartered in Montreal, Canada, the
Corporation has a workforce of some 75,000 people in 25 countries throughout
the Americas, Europe and Asia-Pacific. Its revenues for the fiscal year
ended Jan. 31, 2003 stood at $23.7 billion. Bombardier trades on the Toronto,
Brussels and Frankfurt stock exchanges (BBD, BOM and BBDd.F).
The Management's Discussion and Analysis and the Consolidated
Financial Statements are available at www.bombardier.com.
The following backgrounders are also available at www.bombardier.com:
-- Bombardier Recreational
Products
-- Belfast City Airport
-- Defence Services
-- Railcar Leasing
FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements"
that are subject to risks and uncertainties. For information identifying
legislative or regulatory, economic, climatic, currency, technological,
competitive and other important factors that could cause actual results
to differ materially from those anticipated in the forward-looking statements,
see under the heading Risks and Uncertainties in the Management's Discussion
and Analysis on the Corporation's Web site.
(1) CAUTION REGARDING NON-GAAP EARNINGS MEASURES
This release contains analyses based on the reported earnings
in accordance with Canadian generally accepted accounting principles (GAAP)
and analyses based on earnings measures, such as EBT and EBIT, that do
not have a standardized meaning prescribed by GAAP and are therefore not
readily comparable to similar measures prescribed by other corporations.
In addition, certain figures are presented before and after special items.
Special items are viewed by Management as items that do not arise as part
of the normal day-to-day business operations or that could potentially
distort the analysis of trends.
(i) Trademark(s) of Bombardier Inc. or its subsidiaries.
CONTACT:
Bombardier Inc.
Dominique Dionne, 514/861-9481
#### Press Release #############################################
Rush Enterprises Announces the Acquisition of Peterbilt
of Mobile Inc.
SAN ANTONIO----Rush Enterprises Inc. (Nasdaq:RUSHA) (Nasdaq:RUSHB),
whose continuing operations includes the largest network of Peterbilt
heavy-duty truck dealerships in North America, and a John Deere construction
equipment dealership in Texas, today announced that it has acquired certain
assets of Peterbilt of Mobile Inc., a Peterbilt dealer in Mobile, Ala.
The acquisition increases the Company's presence on the I-10
corridor and provides Rush with the exclusive rights to sell Peterbilt
trucks and parts in southern Alabama, parts of western Florida, including
Pensacola, and increases the Company's operations to 39 truck locations
in 9 states.
The transaction was valued at approximately $1.4 million,
with the purchase price paid in cash. Rush intends to operate the acquired
company as a full-service Peterbilt franchise, and will begin to integrate
their operations into the Rush Truck Center system immediately. Rush had
revenues of $757.1 million and income from continuing operations before
income taxes of $14.5 million during 2002 while, Peterbilt of Mobile Inc.
had unaudited revenues of $11.9 million and an unaudited pretax loss of
$453,000, for the same period.
In making this announcement, W. Marvin Rush, Chairman and
Chief Executive Officer of Rush Enterprises Inc. stated, "This acquisition
marks our continued growth into the southeastern United States. We are
excited about working with the good people from Peterbilt of Mobile Inc.
and look forward to offering our consistently high-quality products and
services in Alabama."
Rush Enterprises operates the largest network of Peterbilt
heavy-duty truck dealerships in North America and a John Deere construction
equipment dealership in Texas. Its current operations include a network
of dealerships located in Texas, California, Oklahoma, Louisiana, Colorado,
Arizona, New Mexico, Alabama and Florida. These dealerships provide an
integrated, one-stop source for the retail sale of new and used heavy-duty
trucks and construction equipment; aftermarket parts, service and body
shop facilities; and a wide array of financial services, including the
financing of truck and equipment sales, insurance products and leasing
and rentals. The Company is also discontinuing the operations of its retail
farm and ranch superstore that serves the greater San Antonio, Texas area.
CONTACT:
Rush Enterprises Inc., San Antonio
Martin A. Naegelin Jr., 830/626-5230
SOURCE: Rush Enterprises Inc.
### Press Release ##############################################
Synovus to Present at Investor Conference
COLUMBUS, Ga.---Synovus President and COO Jimmy Yancey will
present at SunTrust Robinson Humphrey's 32nd Annual Institutional Conference.
The presentation will be on Monday, April 7, 2003 at 4:25
p.m. in Atlanta, Ga. A live broadcast of the presentation will be available
in the Investor Relations section of www.synovus.com on the "Conference
Calls and Webcasts" page. The replay will be available approximately
24 hours after the live presentation and will be accessible for 30 days.
Synovus (NYSE:SNV) is a diverse financial services holding
company with more than $19.0 billion in assets based in Columbus, Ga.
Synovus provides integrated financial services including banking, financial
management, insurance, mortgage and leasing services through 40 affiliate
banks and other Synovus offices in Georgia, Alabama, South Carolina, Florida
and Tennessee; and electronic payment processing through an 81-percent
stake in TSYS (NYSE:TSS), the world's largest third-party processor of
international payments. Synovus is No. 9 on FORTUNE magazine's list of
"The 100 Best Companies To Work For" in 2003. See Synovus on
the Web at www.synovus.com.
CONTACT:
Synovus, Columbus
Investor Relations
Patrick A. Reynolds, 706/649-4973
### Press Release #############################################
Regions Financial Names
R. Alan Deer Chief Legal Officer
http://www.businesswire.com/cgi-bin/photo.cgi?pw.040303/bb5
BIRMINGHAM, Ala.---Regions Financial Corp. (NYSE:RF) has
named R. Alan Deer chief legal officer, effective immediately.
Deer, 39, assumes responsibility for the leading financial
services company's legal affairs from Samuel E. Upchurch Jr., who was
recently named regional president with responsibility for Regions' banking
operations throughout Alabama, the Florida Panhandle and middle and eastern
Tennessee. Upchurch, formerly executive vice president, succeeded Wilbur
B. Hufham, who retired in February.
"Alan is an outstanding attorney with a deep background
in banking, regulatory and financial services law," said Regions
Vice Chairman and Chief Operating Officer Richard D. Horsley. "His
many years of service with Regions, both as outside counsel and as a key
member of our in-house legal team, made him the natural successor to head
the department."
Deer received his bachelor's degree in accounting from Auburn
University in 1985. He received his law degree from the University of
Alabama School of Law in 1988, where he served as a senior editor of the
Alabama Law Review.
Prior to joining Regions in 1997, Deer was a partner with
the law firm of Lange, Simpson, Robinson & Somerville LLP (now Adams
& Reese/Lange Simpson LLP) in Birmingham. He served as head of Lange,
Simpson's financial services practice group.
Deer is a member of the Alabama State Bar, Birmingham Bar
Association and American Bar Association, where he serves on the Consumer
Financial Services Committee of its Business Law Section.
Regions Financial Corp., with $47.9 billion in assets, ranks
among the 25 largest financial services companies in the nation. Serving
customers throughout the South, it provides traditional commercial and
retail banking services and other financial services in the fields of
investment banking, asset management, trust, mutual funds, securities
brokerage, insurance, leasing and mortgage banking. Its banking affiliate,
Regions Bank, offers banking services online from its Web site at www.regions.com
and from more than 680 banking offices in Alabama, Arkansas, Florida,
Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas.
Regions provides investment and brokerage services from more than 140
offices of Morgan Keegan & Co. Inc., one of the South's largest investment
firms. Regions ranks on both the Forbes 500 and Fortune 500 listings of
America's largest companies; its common stock is traded on the New York
Stock Exchange under the symbol RF.
CONTACT:
Regions Financial Corp.
Investor Relations:
Jenifer M. Goforth, 205/244-2823
or
Media Relations:
Kristi Lamont Ellis, 205/326-7179
#### Press Release ############################################
---------------------------------------------------------------------------------------------
News Briefs---
2 Reports Show War Is Slowing Spending
http://www.washingtonpost.com/wp-dyn/articles/A23942-2003Apr3.html
Jobless Claims Highest Since April 2002
http://www.washingtonpost.com/wp-dyn/articles/A19142-2003Apr3.html
Europe Bank Head May Delay Exit
http://www.nytimes.com/2003/04/04/business/worldbusiness/04EURO.html
Mortgage applications declined 17% last week
http://www.signonsandiego.com/news/business/20030403-9999_1b3mortgage.html
Employers could offer time off instead of overtime pay
in bill passed by House panel
http://www.boston.com/dailynews/093/economy/Employers_could_offer_time_off:.shtml
Cash-strapped states consider boosting beer taxes to help
balance the budget
http://www.boston.com/dailynews/094/economy/Cash_strapped_states_consider_:.shtml
Poll: 7 in 10 Americans aupport Iraq war
http://www.bayarea.com/mld/mercurynews/5552002.htm
Americans staying close to home tourism off as war in
Iraq drags on
http://www.boston.com/dailynews/093/economy/Americans_staying_close_to_hom:.shtml
Iraqi informer angered by treatment of POW
http://www.kansascity.com/mld/kansascity/5552797.htmv
Sports Briefs---
2003 NFL Schedule
http://www.theredzone.org/2003/schedule/weekly.asp
Go here for your team 2003 NFL Schedule
http://www.theredzone.org/2003/schedule/teams.asp
TV Schedule of Monday Night/Sunday National Broadcast
Games
http://www.theredzone.org/2003/schedule/national.asp
Parcells Will Face Familiar Opponents
http://www.nytimes.com/2003/04/04/sports/football/04nfl.html
Griese To Sign With Miami
http://www.thedenverchannel.com/sports/2084302/detail.html
JJ Stokes: If not traded, receiver will be released in
June
http://espn.go.com/nfl/columns/pasquarelli_len/1533332.html
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