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Headlines---
Classified
Ads---Asset Management
Virus
Hits Leasing Industry Hard
ELA
Launches New Education Site
e-ClassicSystems/Synovus
ATM's
Equilease
Acquires Another Portfolio
Z
Resource Group with Financial Search Group
IBM
Kicks Off 2004 with New Lower Financing Rate
NetBank
4th Q/Year-end and CMC Financial
Chamides
Leasing Biz Bank of America/Fleet
Cyence
Major Capacity Upgrade to Datacenter
######## surrounding the article denotes it is a “press
release”
-------------------------------------------------------------------------------
Classified
Ads--- Asset Management
Asset Management:
Austin, TX. 20+ years exper. lease/finance. P & L responsibility,
strong credit & collection management, re- marketing& accounting.
Computers, construction, auto & transportation. Both commercial/
consumer portfolios. Email: kmalone@austin.rr.com
Asset Management:
Chicago, IL. MBA, 15+ years exp. Long history of success in maximizing
residual position through outstanding negotiation skills & lease
contract management. Third party re-marketing, forecasting etc... email:jgambla@aol.com
Asset Management:
Oxnard-Hollywood Beach, CA.
19 Years w/Equity
Analysis/Placement and Residual Forecasting of Computer Assets. Portfolio
Manager for Two Major Lessors and Strong Analyst Background w/Leading
Information Services Firm.
email: GregoryMLorenz@aol.com
full list of all jobs wanted at: http://64.125.68.90/LeasingNews/JobPostings.htm
-------------------------------------------------------------------------------------------------
Virus
Hits Leasing Industry Hard
Sorry, cannot print
the name as many system then will block Leasing News,
thinking it contains
the virus. If you haven’t heard
about it, or want more
details, you may
go here:
http://www.leasingnews.org/virus.htm
You can always activate
this form our web site; see the button on the bottom
of the web page. Trend
Micro says it is in the “medium” warning. Leasing News
started getting them
late Monday afternoon. We immediately disconnected the
mail server from
the network.
As long as you did
not open them, you were supposed to be safe.
The good news
for non-windows users
such as Apple or those on AOL, you didn’t get them.
The bad news is they
were coming in like hail via Outlook. I can’t remember
getting so many in
the short time the computer was connected. On Tuesday, our ISP person was able to down load a patch to protect
us before a pattern was ready to send as an “up-date.” Microsoft had
a patch, too. But they did not
“block” them, just stopped the
virus, meaning you
had to delete the e-mail manually.
It was not only confusing,
but cost us many man hours. I
can imagine those
with a large network
may have had users open and spread the virus in their
system. The first thing we did here, as I wrote, was
to physically disconnect our mail server from the internet, then look
in the registry, check the “task master,” and make
sure it had not penetrated
or had opened up the “back door” to send at a latter time.
Tuesday, station
by station, check each registry and “task master” for the virus.
Like a “cold,” it
eventually has to run its course. The
best thing to do:
never open an attachment
without first verifying with the sender
that
really sent it .
These virus program grab “from” addresses, and “to” addresses,
but one key is the
subject lines are generally the same.
I am sure you have
heard this before: Keep your
anti-virus program up-to-date, and if you are nervous, call them for
technical help as they will provide direct help.
We guard the Leasing
News address book in a number of ways, including having it protected
by three fire walls, one Linux, plus password protect it not under the
name “password,” another trick.
A second is not to
name it “address book.” The
virus looks for the common
names of how Outlook
or another program keeps the address book. At the very least, if you have your passwords in your computer in
some file, never call the file “passwords.”
Hackers and “spiders”
first do a search for “passwords” when entering a file. If
you think you have
it protected with a password, forget it, they hack right into it
with ease, but a
different name---and never use the word “passwords” in the file either,
as they can do a “text” search.
Leasing
Industry Help Wanted
|
Contract Administrator: Ridgewood, NJ. Position requires admin,. exp,. and includes working w/customers, salespeople, vendors, funding sources and internal sources to document, fund, book and track leases. Email: twslevin@ffcsi.com ABOUT THE COMPANY: First Financial Corporate Services, Inc. is a four year old high growth technology leasing company. |
|
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Seeking Sales Representative preferably in Midwest area, will consider out of area. Minimum 3+ years vendor experience. No requirement for market type. Please contact Susan M. Adamatis, Vice President - 800/669-7527 ext 1255 or e-mail: susana@netlease.com About the company: www.netlease.com
|
|
About the Company: Alliance Funding Group, Inc. 2099 S. State college Blvd., Suite 100 Anaheim, CA. 92806 |
---------------------------------------------------------------------------------------------------
The
Fed Statement on Rates
Following is the
text of a statement released by the Federal Reserve Wednesday after
the Fed's monetary policy panel, the Federal Open Market Committee,
decided to leave interest rates unchanged:
“The Federal Open
Market Committee decided today to keep its target for the federal funds
rate at 1 percent.
“The committee continues
to believe that an accommodative stance of monetary policy, coupled
with robust underlying growth in productivity, is providing important
ongoing support to economic activity. The evidence accumulated over
the intermeeting period confirms that output is expanding briskly.
“Although new hiring
remains subdued, other indicators suggest an improvement in the labor
market. Increases in core consumer prices are muted and expected to
remain low.
“The committee perceives
that the upside and downside risks to the attainment of sustainable
growth for the next few quarters are roughly equal. The probability
of an unwelcome fall in inflation has diminished in recent months and
now appears almost equal to that of a rise in inflation. With inflation
quite low and resource use slack, the committee believes that it can
be patient in removing its policy accommodation.
“Voting for the F.O.M.C.
monetary policy action were: Alan Greenspan, chairman; Timothy F. Geithner,
vice chairman; Ben S. Bernanke; Susan S. Bies; Roger W. Ferguson Jr.;
Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. Minehan;
Mark W. Olson; Sandra Pianalto; and William Poole.”
For more on this
story, go to:
http://www.washingtonpost.com/wp-dyn/articles/A58298-2004Jan28.html
http://www.nytimes.com/2004/01/29/business/29FED.html
http://www.boston.com/business/markets/articles/2004/01/29/fed
_holds_on_rates_but_shifts_outlook/
http://www.usatoday.com/money/economy/fed/rates/2004-01-28-unchanged_x.htm
### Press Release
################################
Credit
Acceptance Announces 4th Quarter Earnings and 2003 Earnings
" As a result of the decision in the second quarter
of 2003 to stop loan originations in the United Kingdom and Canada and
the decision to stop lease originations in early 2002, the Company's
sole active business unit consists of providing "guaranteed credit
approval" through a network of automobile dealer-partners located
in the United States."
SOUTHFIELD, Mich.----Credit
Acceptance Corporation (Nasdaq:CACC) Credit Acceptance Corporation (the
"Company") announced consolidated net income for the three
months ended December 31, 2003 of $9,762,000 or $0.22 per diluted share
compared to $5,090,000 or $0.12 per diluted share for the same period
in 2002. For the year ended December 31, 2003, consolidated net income
was $28,181,000 or $0.65 per diluted share compared to $28,365,000 or
$0.65 per diluted share for the same period in 2002.
Excluding the impact of one-time items and foreign exchange losses
on forward contracts, consolidated net income for the three months and
year ended December 31, 2003 was $10,584,000 or $0.24 per diluted share
and $36,543,000 or $0.84 per diluted share, respectively, compared to
$4,798,000 or $0.11 per diluted share and $26,800,000 or $0.62 per diluted
share for the same periods in 2002.
CONTACT:Credit Acceptance
Corporation, Southfield Douglas W. Busk, 248-353-2700 Ext. 432 IR@creditacceptance.com
www.creditacceptance.com
#### Press Release
##################################
New Leasing4USA Web Site Demonstrates Vital
Contributions Of Equipment Leasing To Growth and Success of Businesses,
Individuals, And The U.S. Economy
ARLINGTON,
Va.----The Equipment Leasing Association (ELA) announced the launch
of a new educational Web site on how leasing equips America. Located
at www.elaonline.com/Leasing4USA/, the site details the varied reasons
and wide range of uses for equipment leasing that touch virtually every
aspect of commerce generated and services provided in the United States.
"The launch of the Leasing4USA Web site
comes at an opportune time to learn more about equipment leasing,"
said Michael J. Fleming, ELA president. "The economic upturn is
creating the need for new equipment that businesses can acquire through
leasing, and they can use this information to help make their financing
decisions."
Leasing4USA contains information on how equipment
leasing is used by entities ranging from hospitals for the latest medical
diagnostic technology to schools for buses that provide safe, efficient
student transportation, to local government bodies to acquire police
car fleets, ambulances, and state-of-the-art 911 emergency equipment.
In offices, nearly half the equipment is leased, allowing capital to
be allocated for more productive business investment. More than 80 percent
of U.S. businesses lease some or all of their equipment.
Other Leasing4USA Web site highlights include
the following:
-- More
than 250,000 people are employed in the equipment leasing and finance
industry.
-- Every
$1 billion spent on leased equipment creates an estimated 30,000 American jobs.
-- A
U.S. Small Business Administration survey found that small businesses are twice as likely to lease their
business equipment as to purchase
it outright.
-- Leasing
is particularly well suited to the needs of small businesses and start-ups for a number of reasons,
among them that set lease payments provide them with financial certainty
n the face of changes in interest rates, inflation and business volume.
-- Virtually
every U.S. industry leases and finances a broad range of equipment,
ranging from computer laptops to jumbo jets.
In addition to the uses and benefits leasing
provides to Americans and the economy, Leasing4USA lists the kinds of
equipment that can be leased, and contains a graph of annual lease volume
by equipment type.
About the Equipment Leasing Association
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 $208 billion industry as a major source of
funds for capital investment in the United States and abroad.
ELA provides its members with comprehensive
services, assists in the resolution of industry issues, educates financial
decision-makers on the benefits of leasing and promotes high standards
of business practices within the industry. ELA maintains an informational
portal for financial decision-makers to learn more about leasing and
find a leasing company at http://www.LeaseAssistant.org. Headquartered
in Arlington, VA, ELA has more than 800 member companies and a staff
of 25 professionals. For more information on ELA, please visit ELA Online
at http://www.ELAOnline.com.
CONTACT:Equipment
Leasing Association Amy J. Holmes, CAE, 703-516-8367 aholmes@elamail.com
SOURCE: Equipment Leasing Association
#### Press Release ######################################
Equipment
Financing Group Releases QIV Financials
Fresno, Ca. Equipment
Financing Group, Inc. released the company’s fourth quarter 2003 financial
statements. Funding revenue of $14.2 million for the quarter compared
to $9.6 million for the same period in 2002. Net charge offs were $131
thousand up from the same period in 2002 by.06%. The Net interest margin
was 6.10% that is an increase of 1.85% over 2002.
Equipment Financing
Groups grown signifies the value the leasing industry has placed in
having a resource that can meet their unique business needs. Steven
Davis reported the increase in total funding for 2003 was due to more
competitive rate structures and new leasing products. The company also
reported they have just signed a multi year lease with The Boyd Company
to expand the Fresno processing office to 6,000 S.F.
Equipment Financing
Group, Inc. (www.efglease.com) is a leading small to large ticket funding
source located in Fresno California
### Press Release
##################################
e-ClassicSystems
Partners With Synovus to Provide ATM Manager Pro(R) Solution For Financial
Company's ATM Distribution Channel
NORWOOD, Mass., --
e-ClassicSystems, Inc. (www.atmmanager.com), developer of ATM Manager
Pro(R), the world's leading ATM channel management system, announced
today that Synovus (NYSE:SNV), a diversified financial services holding
company with 40 affiliate banks throughout the Southeast including Georgia,
Florida, Alabama, South Carolina and Tennessee, has licensed ATM Manager
Pro from e-ClassicSystems to consolidate and centralize ATM information
and to more efficiently manage the ATM distribution channel.
Using ATM Manager
Pro, Synovus will consolidate and maintain detailed ATM asset configuration
and location information, including all transaction activity and vendor
and merchant contract terms. The
ATM Manager Pro solution will then utilize the information to automatically
calculate the revenue and costs for each terminal for every month. This level of detail will enable Synovus to
better evaluate profitability and customer value and aid in future placement.
ATM Manager Pro will also identify trends, forecast cash requirements,
streamline the ATM balancing and reconciliation functions, and centralize
the ATM project history including 3DES upgrades and future installations.
"e-ClassicSystems'
product was a perfect solution for our needs," said Judith Tucker,
Vice President, ATM Product Development at Synovus.
"As new technologies and new regulations arise, the ATM
channel becomes increasingly important to our customers. It was imperative for us to implement a centralized system to manage
the channel. ATM Manager Pro
will allow us to be more efficient in managing our ATM network so we
are better positioned to maximize the new technologies for our customers."
"Synovus understands
the value of a centralized system," said Tyson Nargassans, Vice
President of Sales and Marketing at e-ClassicSystems.
"By gradually bringing together a number of disparate systems
and managing their ATMs as a single, organized channel, Synovus will
be even more equipped to handle the ever-changing regulations and customer
demands. We are very excited Synovus selected ATM Manager
Pro as their ATM channel solution."
Implementation of
ATM Manager Pro at Synovus will begin immediately with the first phase
to be completed in the first quarter of 2004.
About e-ClassicSystems,
Inc.
e-ClassicSystems,
Inc., based in Norwood, Massachusetts, is a premier provider of software
solutions to organizations that deploy or manage ATMs. Its product,
ATM Manager Pro, is a first-of-its-kind solution for complete ATM business
management. ATM Manager Pro databases are managing the
operations of more than 110,000 ATMs worldwide. The product suite offers six integrated modules addressing all facets
of ATM management. ATM Manager
Pro centralizes all terminal-related data including asset information
and configuration, transactions, profitability, cash, service and more. e-ClassicSystems' mission is to deliver best-of-breed
software solutions to help financial institutions and ISOs manage the
operations and accounting of their ATM networks.
About Synovus
Synovus (NYSE:SNV)
is a diversified financial services holding company with more than $22
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. 20 on FORTUNE magazine's
list of "The 100 Best Companies To Work For" in 2004.
See Synovus on the Web at www.synovus.com.
Contact: Tyson Nargassans
e-ClassicSystems,
Inc.
(781) 551-9123
tnargassans@atmmanager.com
SOURCE e-ClassicSystems, Inc.
CO: e-ClassicSystems, Inc.; Synovus
### Press Release
################################
Equilease
Acquires Another Portfolio
Equilease
Financial Services, Inc. is pleased to announce the acquisition of a
transportation lease portfolio comprised substantially of over the road
car carriers from a regional bank leasing company.
The portfolio consists of 62 schedules aggregating $6.9 million
of gross receivables and total original equipment cost of $9.9 million.
The average remaining term and seasoning was 32 and 25 months, respectively.
According to Michael Zwick, Executive Vice President of Equilease, “we
were able to help a bank dispose of a portfolio that did not fit well
with its other businesses. We were able to quickly assess the underlying
assets and close by year end. We paid a fair price resulting in a win-win”
The
purchase was the fifth portfolio purchase by Equilease since September
2003. The total amount of receivables
purchased since September by Equilease was $52.2 million comprised of
589 lease/loan schedules having an aggregate original equipment cost
or original balance of $139.5 million.
The
other portfolio purchases since September, 2003 were a combination of
transportation and construction assets, commercial loans and larger
major/ middle market lease transactions as follows:
$17.6
million construction and truck lease/loan receivables form a major bank
comprised of three larger credits and 93 schedules.
$2.8
million of bus and transportation leases/loan receivables from a major
bank comprised of 17 schedules
$18
million of commercial loan receivables from a West Coast bank
$6.9
million of truck lease receivables from a regional truck leasing company
comprised of 333 schedules.
“These
purchases represent the continuation of the successful implementation
of our strategy of purchasing portfolios of varying quality and size
where we can use our strong underwriting and portfolio management practices
to realize value from assets that may be out of favor to incumbent owners”,
noted Gary Silverhardt, President and CEO of Equilease.
Equilease
is a specialty finance company providing lease and equipment financing
to small, mid and large capitalization companies with a strategy to
build its organization through selective acquisitions of seasoned lease
portfolios with an emphasis on performing, underperforming, distressed
or out of favor portfolios. The company also makes selective investments
in leases and loans of companies that are distressed, out of favor or
in bankruptcy where the collateral value mitigates the perceived risk
of the transaction to incumbent investors. In addition, the company
will consider purchasing existing leasing or lending businesses where
the company’s core competencies can be effectively utilized to enhance
and grow such a business.
Equilease is fully staffed and has in house capability to
perform billing and collecting, workout management, credit due diligence,
portfolio static pool analysis, accounting, data conversions, local
tax compliance and ongoing portfolio management.
The company has been able to identify, analyze and close transactions
in very tight time frames, accomplishing smooth portfolio transitions
from the previous owners of these assets.
Company Main Office:
203-354-3654 – Sales Extension: x210, x214, x215 or x219
### Press Release
#################################
Z
Resource Group announces acquisition agreement with Financial Search
Group, Inc. further expanding presence in the Financial Service markets
Westborough, MA - Z Resource Group is pleased to announce the
completion of an acquisition agreement with Financial Search Group,
Inc., a 20 year, Boston based, boutique recruiting firm focusing in
the equipment leasing, commercial finance, and banking sectors. As part
of the asset purchase agreement, Company founder and President Paul
Luther will join Z Resource Group and continue supporting his client
base with Z Resource Group.
Kenneth Vancini,
Managing Director of Z Resource Group, related, "Paul Luther has
a great reputation and successful history in this market. We are pleased
about the acquisition as it expands our presence in the financial services
area. We feel the combination of Z's platform coupled with Paul Luther's
Financial Search Group, Inc. base of business provides great leverage."
Paul Luther, President
of FSG added "I am very pleased to see this business taking the
next steps in growth. I am personally looking forward to continuing
to provide quality service and solutions to my valued client base and
candidate network that has been built up over the past 20 years.
I feel Z's market expertise, Zscore Process and national presence
will provide the best platform for future growth within our existing
client base".
About Z Resource
Group
Z Resource Group
is one of North America's fastest growing Executive Search, Staffing
and Consulting Firms. With 70 employees nationally, Z Resource Group
is entering its sixth year of providing value added services to the
three key market niches; Financial Services, Health Care and Technology.
Headquartered outside of Boston, Massachusetts, Z maintains strategic
branch offices in New York/New Jersey, Philadelphia , PA , Nashville , TN , and Atlanta, GA and in San
Jose , CA .
The company has experienced
triple digit growth in 2003, fueled by two strategic acquisitions coupled
with the rollout of the firm's proprietary ZScore hiring process. ZScore
is truly changing how companies hire.
For more information,
contact Kenneth Vancini at 508-366-5800 for more information on the
company, visit www.zrgroup.com
Paul Luther can be
reached at pluther@zrgroup.com or by calling 978-682-4123.
###
Press Release ###########################
IBM
Kicks Off 2004 with New Lower Financing Rate
ARMONK,
N.Y.--4--IBM announced new
reduced rates for its premier Low Rate Financing offering on a wide
range of IBM products. The below-market financing rate -- as low as
3.25* percent -- is available to qualified customers in the United
States, Canada and select Latin American countries through IBM Global
Financing, the information technology industry's leading financier.
Low Rate Financing, since its announcement
three years ago, has remained a highly popular offering, providing
attractive rates to qualified customers on a wide spectrum of IBM
hardware, software and services.
"Customer response to Low Rate Financing
has remained strong since its inception," said William Doscas,
vice president, Worldwide Marketing and Sales Operations, IBM Global
Financing. "Businesses understand that they need to invest in
their IT infrastructure to remain competitive or to be the most competitive.
Our ability to provide flexibility and help customers more affordably
acquire the IT they need today can be an important tool to help move
their businesses forward."
Low Rate Financing is available for qualified
customers and transactions including the following IBM products, each
with a total price between $25,000 and $1 million. Eligible products
include IBM PCs, xSeries, iSeries, pSeries and zSeries 800 Model eServers,
TotalStorage Solutions, Retail Store Systems, Printers, Software and
Services.
In addition, customers can qualify for even
lower financing rates on select iSeries eServer upgrades. IBM zSeries
800 Model eServers, PCs, select service offerings and software are
eligible under varying conditions, which can include slightly higher
interest rates.
Additional details on eligible IBM products
and offering descriptions are available from IBM Business Partners,
IBM client representatives or at www.ibm.com/financing.
About IBM Global Financing
IBM Global Financing, the world's largest
information technology financier, has an asset base of more than $35
billion and delivers financial services to 125,000 customers in more
than 40 countries. IBM Global Financing offers businesses of all sizes
flexible leasing and financing programs that enable them to acquire
hardware, software, services and e-business solutions from IBM and
other vendors.
* These rates are available on eligible products
for "best plus" credit rated U.S. customers on 24-36 month
terms with a $1 end-of-lease purchase option. Rate and other conditions
may vary by country.
CONTACT:IBM
Corporation J. Timothy Ohsann, 914/765-6647 ohsann@us.ibm.com
tively)
###
Press Release ##############################
NetBank,
Inc. Reports $.21 EPS for Fourth Quarter 2003 And $1.04 EPS for Full
Year; Dividend of $.02 per Share Declared For Shareholders of Record
on February 15, 2004
(No
mention of Republic Leasing of South Carolina, loans and leasing in
one column,
but
here is latest CMC. editor:)
"
No material developments have occurred in the bank's CMC-related suit
against 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 Sun Alliance Group (NYSE:RSA). Discovery is ongoing in the multi
district litigation against these carriers and two other CMC guarantors.
The bank and other plaintiffs' motion for judgment on the pleadings
remains before the judge.
"The bank incurred higher CMC legal expenses
in the fourth quarter than in the previous quarter due mainly to increased
discovery activity. Based on the non-accrual status of the leases
and legal expenses, the CMC litigation impacted the bank's earnings
by approximately $2.7 million, pre-tax, or $.03 per share, after tax,
for the fourth quarter 2003 and approximately $8.3 million, pre-tax,
or $.11 per share, after tax, for the full year. Management is committed
to pursuing full recovery of its claim against the sureties and believes
the company will ultimately prevail."
#####
ATLANTA----NetBank,
Inc. (Nasdaq:NTBK), parent company of the country's first commercially
successful Internet bank, NetBank(R) (www.netbank.com), today reported
earnings for the fourth quarter and record results for the full year
ended December 31, 2003. "
Net income totaled $10.0 million or $.21 per
share for the fourth quarter, compared to $12.6 million or $.25 per
share for the same period in 2002. For the full year, the company
recorded net income of $50.5 million or $1.04 per share, compared
to a net loss of $15.9 million or $.36 per share a year ago. (Last
year's results included transaction and balance sheet repositioning
charges related to the company's acquisition of Resource Bancshares
Mortgage Group, Inc., which closed on March 31, 2002.)
Based on the company's strong performance
and capital position, the board of directors approved a dividend of
$.02 per share payable to shareholders of record on February 15, 2004.
The dividend will be disbursed on March 15, 2004.
Additional highlights of the quarter include:
-- Improvement
in the bank's net interest spread to 175 basis
points (bps), an increase of 21 bps
from the previous quarter;
-- Strategic
retention by the bank of $160 million in
company-originated loans;
-- Total
bank deposits of $2.5 billion, a year-over-year increase
of 24%;
-- Mortgage
production of $3.3 billion, including record
non-conforming loan production of $663
million; and
-- Loan
and servicing rights sales into the secondary market of
$3.8 billion for a quarterly balance
sheet turn of 3.2 times.
Management Commentary
"Fourth quarter marked a solid close
to an exceptional year," said Douglas K. Freeman, chairman and
chief executive officer. "Although we enjoyed a particularly
favorable economic environment throughout most of 2003, I believe
we made smart decisions to leverage the current opportunities to create
long-term shareholder value. We used the record results from our mortgage
operations to advance our other businesses by paying down high-rate,
fixed debt and broadening our service offerings. During the fourth
quarter, the bank posted a profit and moved toward becoming a meaningful
contributor to the company's earnings. We furthered the development
of our transaction processing operation by acquiring Financial Technologies,
Inc. and subsequently establishing NetBank Payment Systems, Inc."
"The quarterly results for our mortgage
operations were in line with our expectations," said Steven F.
Herbert, chief finance executive. "As anticipated, conforming
production volume and income margins declined significantly due to
seasonal factors and the sharp downturn in refinancing activity. We
also deferred the sale of non-conforming production in December. Temporary
retention of this production provides us greater flexibility and strength
going into the first quarter of 2004."
"We are focused on both the short- and
long-term," Freeman concluded. "Early in 2003, we announced
our strategy to diversify the company's revenue and move toward a
point where our earnings would be comprised equally of contributions
from our bank, financial intermediary and transaction processing businesses.
There is still significant work to do in order for us to accomplish
our goal. But, we have made measurable progress over the past 12 months
and are set to make similar strides in 2004."
Noteworthy Items
The company purchased 344,400 shares during
the quarter at an average share price of $13.26. Since implementing
its current stock buy-back program in August 2002, the company has
repurchased 2.9 million shares at an average share price of $10.66.
A total of 1.1 million shares remain available for repurchase under
current board authorizations.
The company issued $3 million in trust preferred
securities in December 2003 at a price of LIBOR plus 2.85%. The rate
on the securities is variable and based on 3-month LIBOR. The securities
have a maturity date of January 2034.
The
bank finished the year with 166,000 customers, an increase of 9% from
2002. Deposits totaled $2.5 billion, an increase of 24%. Deposit growth
was centered primarily in personal transactional accounts (checking
and money market). On a year-over-year basis, these deposits increased
by 59%. At year end, the average personal checking balance was up
by 26% to $2,063, and the average money market balance was up by 42%
to $15,777. At year end, small business deposits totaled $26.5 million.
The average small business checking balance was $4,697, and the average
small business money market balance was $38,835. The bank launched
its small business offering in June 2003.
The bank's indirect auto lending division,
Dealer Financial Services, generated $54.6 million in loans during
the quarter, an increase of 40% from last quarter. The loans had an
average FICO score of 716. Production for the year totaled $98.9 million
with an average FICO of 718. The bank launched Dealer Financial Services
in April 2003.
No material developments have occurred in
the bank's CMC-related suit against 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 Sun Alliance Group (NYSE:RSA). Discovery
is ongoing in the multi district litigation against these carriers
and two other CMC guarantors. The bank and other plaintiffs' motion
for judgment on the pleadings remains before the judge.
The bank incurred higher CMC legal expenses
in the fourth quarter than in the previous quarter due mainly to increased
discovery activity. Based on the non-accrual status of the leases
and legal expenses, the CMC litigation impacted the bank's earnings
by approximately $2.7 million, pre-tax, or $.03 per share, after tax,
for the fourth quarter 2003 and approximately $8.3 million, pre-tax,
or $.11 per share, after tax, for the full year. Management is committed
to pursuing full recovery of its claim against the sureties and believes
the company will ultimately prevail.
Financial Intermediary Operations
During the quarter, the company originated
$3.3 billion in mortgage loans, a decrease of 42% from last quarter's
production. Mortgage loan sales totaled $4.0 billion, a decrease of
28%. Production for the year totaled $18.9 billion, a year-over-year
increase of 61%. Sales for the year were $18.3 billion, an increase
of 60%. (The sales figures above include intra-company loan sales
to the bank of $160 million during the fourth quarter and $1.2 billion
for the full year.)
Table 2 summarizes fourth quarter results
for the company's conforming mortgage operation. Production totaled
$2.6 billion, a decrease from last quarter of 49%. Sales were $3.3
billion, a decrease of 36%. The company had anticipated declines in
production as demand for refinancings lessened. The pre-tax income
margin also headed toward more normalized levels as pricing grew more
competitive industry-wide. The expense margin increased by 50 bps
quarter-over-quarter as production declined and the operation had
less leverage over its cost structure. This margin should improve
in the coming quarters after the operation completes follow-through
work on the recent record production and adjusts scale accordingly.
About
NetBank, Inc.
NetBank, Inc. (Nasdaq:NTBK) operates with
a revolutionary business model through a diverse group of complementary
financial services businesses that leverage technology for more efficient
and cost effective delivery of services. Its major subsidiaries include
NetBank(R) (www.netbank.com), the country's first commercially successful
Internet bank; RBMG, Inc., a wholesale mortgage lender that generates
residential mortgages through a nationwide network of independent
brokers and correspondent lenders; Market Street Mortgage Corporation,
a retail residential mortgage lender that conducts business in 39
states; Meritage Mortgage Corporation, a wholesale mortgage lender
that originates non-conforming residential mortgages through a nationwide
network of independent brokers; Republic Leasing Company, Inc., a
wholesale originator and servicer of commercial business equipment
leases; NetInsurance, Inc. (formerly known as RBMG Insurance Services,
Inc.), an online insurance agency representing some of the nation's
leading insurance companies; and NetBank Payment Systems, Inc., a
provider of ATM and merchant processing services to small institutions
and non-bank retail businesses. NetBank is a Member FDIC. NetBank,
RBMG(R), Market Street Mortgage(R) and Meritage(R) are Equal Housing
Lenders.
CONTACT:NetBank,
Atlanta Matthew Shepherd, 678-942-2683 mshepherd@netbank.com
Latest
SEC filing at; http://ccbn.10kwizard.com/cgi/convert/pdf/NETBANKIN
C8K.pdf?repo=tenk&ipage=2557047&num=-3&pdf=3&xml=
###
Press Release #######################################
Chamides to Lead Combined Leasing Businesses
of Bank of America and Fleet
Providence,
RI, - Ron Chamides, president
and chief executive officer of Fleet Capital Leasing, has been selected
to run the combined leasing businesses resulting from the merger of
FleetBoston Financial with Bank of America Corporation. With over
$25 billion in assets, 1,000 employees, and operations across the
United States and Europe, Bank of America Leasing will be one of the
largest bank-owned lessors in the country. This will take effect upon
completion of the merger which is subject to pending regulatory and
shareholder approval.
"I'm
very excited about the opportunity to manage the combined resources
of these two great companies," said Chamides. "This combination
will allow us to provide the best leasing products available in the
marketplace today, along with superior customer service."
Chamides
has over 25 years of experience in the leasing industry in a wide
range of market sectors and products. He joined Fleet Capital Leasing
in 1992 and successfully grew that business from roughly $1 billion
in assets to its current size of $14 billion. Prior to joining Fleet,
Chamides worked for 10 years at G.E. Capital. There, he became senior
vice president and general manager of Commercial Equipment Finance,
where he led the unit through domestic expansion and international
expansion into Canada and Europe.
Chamides
is a member of the Equipment Leasing Association, has written numerous
articles and has taught a variety of seminars about the leasing industry
and its role in capital formation. A U.S. Army veteran, he attended
New York University under a special honors grant from the Joint Industry
Board of the State of New York.
CONTACT:
Dave
Wente
Fleet
Capital Leasing
Phone
Number: (401) 278-7244
E-mail:
david_f_wente@fleetcl.com
###
Press Release ################################
Cyence
Announces Major Capacity Upgrade to Datacenter Supporting Financial
Web Services
BURLINGTON,
ONTARIO, --Cyence International, a leading provider of Web services
software for global financial collaboration, is pleased to announce
a major upgrade to its network infrastructure and business continuity
services. The upgrade was completed in mid-January for all clients
hosted in the company’s Burlington Datacenter.
The
upgrade increases the number of discrete Internet providers by 150
percent and increases total available Internet bandwidth by 550 percent.
All Internet service connections are provisioned with high-speed fiber
optics. The increase in bandwidth provides sufficient capacity on
any single connection to support the full network requirements of
the Datacenter at peak demand.
“The
upgrade is another strategic step in our ongoing commitment to provide
unparalleled redundancy, capacity, and security in delivering managed
hosting services to clients who use our applications,” said David
Boyle, Cyence’s manager of technology services and Datacenter manager.
“The upgrade increases our redundant capacity to and from the Burlington
Datacenter. Should there be a need for an alternative route, traffic
would be instantly and automatically routed through remaining connections,
with no loss of capacity.”
Completed
in 2002, the Datacenter was designed and constructed in partnership
with IBM and Cisco Systems. The center is complemented by a ‘mirror’
center in Dallas, Texas. “If an emergency event impacts the delivery
of service from our Burlington Datacenter, clients subscribing to
our co-location services are assured that their applications and data
will continue to be available. Each transaction entered in the Burlington
Datacenter is replicated in near real time to our fault-tolerant location
in Dallas,” Boyle explained. “Whatever is being recorded in Burlington
is automatically transferred in seconds.”
Redundant
equipment within each Datacenter, and redundant components within
the equipment, further ensure uninterrupted service under any circumstance.
“What we have, in essence, is two complete Datacenters in one,” Boyle
said. “Every piece of equipment has a duplicate standing by, ready
to handle the load, should any individual piece fail.”
Cyence
also assists in developing facilities needed to support robust Web-based
transaction processing for its clients, providing training so clients
can support operations themselves. Customers using these Datacenters
are processing transactions through Cyence’s modular Web services
product, ExpressOSTM—an end-to-end workflow system for collaborative
finance.
Cyence
also provides seminars on Datacenter design and security for customers
seeking first-hand insight into security and business continuity procedures.
“Ensuring security and scalability is an ongoing business imperative
for us,” Boyle said. “We’re
pleased that we routinely exceed client expectations and are continually
ahead of the curve.”
About
Cyence International
Cyence
International Inc. is a leading provider of Web Services software
solutions for the world’s banking, manufacturing, and equipment finance
markets. Its flagship product, ExpressOSTM, imbeds industry best practices
and enables real-time, online collaboration in the end-to-end finance
process.
From
Origination to Credit Adjudication, Document Management to Auditing,
Funding, and Booking, the Cyence solution has everything needed to
streamline financial transactions and achieve operational
excellence. For more information, visit www.cyence.com.
###
Press Release ################################
News Briefs---
US CREDIT-Rally brakes
as some investors rethink risk
http://www.absnet.net/include/showfreearticle.asp?file=/headlines/.htm
San Jose mayor suffers
mild
http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2004/01/28/mayor28.DTL
Venture Capital Finishes
At A Solid $18 Billion For 2003
New government rules
require telemarketers to identify themselves on Caller ID
http://www.boston.com/business/articles/2004/01/28/new_government_rules_
require_telemarketers_to_identify_themselves_on_caller_id/
--------------------------------------------------------------------------------
Sports Briefs---
Ex-GE Jack Welch on Bill
Belichick, CEO
http://www.boston.com/business/globe/articles/2004/01/28/bill_belichick_ceo/
Pioli Likes the Back
Seat in the Patriots' Front Office
http://www.nytimes.com/2004/01/29/sports/football/29ARAT.html
Las Vegas Spread:
Latest: Patriots by 7
http://www.betbrain.com/odds/showspecialodds.jsp?site=0&dis=
5&leagueId=66&matchId=234247&type=1
Titans' George may
have reached end of his career
http://www.chron.com/cs/CDA/ssistory.mpl/sports/fb/nfl/2372266
Owens says comments
overblown
http://www.sfgate.com/cgi-bin/article.cgi?f=/chronicle/
archive/2004/01/28/SPG784JDK71.DTL
Marino has one Super
regret
http://www.miami.com/mld/miamiherald/sports/football/7812579.htm
-------------------------------------------------------------------------------
"Gimme That
Wine"
California wine slump
may be over
http://www.washtimes.com/upi-breaking/20040128-030823-6397r.htm
Beer Volume Hurt
by Spirits in 2003
http://www.washingtonpost.com/wp-dyn/articles/A58750-2004Jan29.html
Tacoma Jazz, wine
festival set for early next month
http://www.washingtonpost.com/wp-dyn/articles/A58750-2004Jan29.html
Minnesota Grocers
Association to Try Again for Right to Sell Wine
http://www.miami.com/mld/miamiherald/7807895.htm
Remi Krug, They Make
the Champagne of Champagnes
http://www.nytimes.com/2004/01/28/dining/28WINE.html
How to Decant Wine
http://wine.about.com/library/weekly/aa111999.htm
This
Day in American History
also is known for proposing the government subsidy of steamboat building in America, that open commerce
and great expansion of the country. He died at New York, NY, June 8,
1809, but 10 years later his remains were moved to England by William
Cobbett for reburial there. Reburial was refused, however, and the location
of Paine's bones, said to have been distributed, is unknown.
1802 - John Beckley became
the first Librarian of Congress with the starting salary of $2 a day.
He served until his death on April 89, 1807.
The first library catalog, dated April, 1802, listed 964 volumes
and nine maps. Until 1815, when George Watterston was appointed,
the librarians were also
the clerks of the House of representatives.
1834 -Federal Troops Quell First Labor Dispute
The banks of the
Potomac River erupted in violence, as workers on the then-unfinished
Chesapeake and Ohio Canal rioted after a planned strike was brutally
extinguished. Never exactly a fast friend of indecision or conciliatory
action, President Andrew Jackson swiftly called on Secretary of War
Lewis Cass to send Federal troops in to quell the workers. While this
was an eventful moment for the nation—it marked the first, though hardly
the last time Federal troops were deployed to settle a labor "dispute"—it
was just another roadblock in the troubled history of the Chesapeake
and Ohio Canal. Originally conceived as a transit and trade friendly
route between the Midwest and Atlantic seaports, the canal was periodically
delayed by fiscal woes, stiff competition from the Erie Canal, as well
as the Baltimore and Ohio Railroad. When construction began in 1828,
the canal was designed to reach Pittsburgh; by the time the project
was abandoned in 1850, the waterway reached Cumberland. Flooding forced
the close of the canal in 1924; it was bought by the U.S. government
in 1938 and transformed into a national historic park in 1971.
1843- birthday of William McKinley, 25th president of the US
(1897-1901), born at Niles, OH. For the third time in the nation's history
a president was assassinated. On September 6, President McKinley 25th
Pres. 1897-1901)was visiting the Pan-American Exposition in Buffalo,
New York. While greeting visitors he was shot twice in
the abdomen by a young anarchist, Leon Czolgosz, who was carrying a
concealed piston in a handkerchief. Vice-President Theodore Roosevelt,
not quite 43 years old, became the youngest person to hold the presidential
office. Ironically, according to historians, Conservative republicans
had elected McKinley, but to keep what they considered "too liberal"
New York Theodore Roosevelt "in line," plus gather votes, they
choose him to fill what they considered a "harmless post." This was a period of muckraking journalist
such as Frank Norris and Lincoln Steffens exposing the corruption in
government and government controlled industries such as wheat, railroad
tariffs and land acquisition, "The
Octopus", published this year by Norris, dealt with the struggles
of farmers in the San Joaquin Valley of California.
Forty years later John Steinbeck was to continue the saga.
1845- "The Raven" is published . Edgar Allan Poe's famous
poem "The Raven," beginning "Once upon a midnight dreary,"
is published on this day in the New York Evening Mirror.
Poe's dark and macabre
work reflected his own tumultuous and difficult life. Born in Boston
in 1809, Poe was orphaned at age three and went to live with the family
of a Richmond, Virginia, businessman. Poe enrolled in a military academy
but was expelled for gambling. He later studied briefly at the University
of Virginia. In 1827, Poe self-published a collection of poems. Six
years later, his short story "MS Found in a Bottle" won $50
in a story contest. He edited a series of literary journals, including
the Southern Literary Messenger in Richmond starting in 1835,
and Burton's Gentleman's Magazine in Philadelphia, starting in
1839. Poe's excessive drinking got him fired from several positions.
His macabre work, often portraying motiveless crimes and intolerable
guilt that induces growing mania in his characters, was a significant
influence on such European writers as Charles Baudelaire, Stephane Mallarme,
and even Dostoyevsky.
1847- the 500 men of the US Mormon Battalion, along with 50 women
and children, arrived at San Diego, CA, having marched 2,000 miles-the
longest march in modern military history-since leaving Council Bluffs,
Iowa, July 16, 1846, to fight in the war against Mexico. In the course of their trek they established the first wagon route
from Sante Fe to Southern California.
Their arrival is commemorated each year with a military parade
in San Diego’s Old Town.
1861- Kansas became the 34th state. Known as the Sunflower State,
the capital of the 34th state is Topeka. Kansas, the Jayhawk State, is named so because before and during
the War Between the States, guerillas in the antislavery camp ... known
as jayhawkers ... were extremely active in the Kansas territory. The
pro- and anti-slavery groups fought such vicious battles that the state
was referred to as ‘Bleeding Kansas’. Through peace and battles, the
western meadowlark, the state bird, continues to sing its song ... or
maybe it sings the state song: "Home on the Range". The roaming
buffalo is the state animal, and the state tree is the cottonwood. Kansas,
derived from the Sioux Indian word meaning ‘people of the southwind’,
uses the Latin phrase ‘Ad astra per aspera’ or ‘To the stars through
difficulties’ as its motto.
http://memory.loc.gov/ammem/today/jan29.html
1861- Linus Yale, Jr. gets a patent for his invention of a pin-tumbler
cylinder. The pin-tumbler cylinder
lock with a thin, flat key, still the basis for many combination locks
today, was the most successful of Yale’s many lock inventions, which
included the first dial combination bank lock and a double bank lock
that required two keys to open.
1863 -- Bear Hunter, leader
of a Shoshone band, and 224 others massacred in village on Bear River
near Great Salt Lake, Utah.
http://www.utahhistorytogo.org/brmassacre.html
1872-African-American Francis L Cardoza elected State Treasurer
of South Carolina. He served until 1876 when his enemies accused him
of taking money, but was found not guilty. He later served as a teacher
at Howard University, received a law degrees, served on several board,
in his later life
was principal of
a high school.
http://vi.uh.edu/pages/mintz/43.htm
http://stills.nap.edu/btw/Vol.3/html/118.html
1879- Custer Battlefield National Monument, Montana established
http://visitmt.com/categories/moreinfo.asp?IDRRecordID=3124&SiteID=1
1880-Birthday of W.C. Fields, stage and motion picture actor (My
Little Chickadee), screen writer and expert juggler. Born Claude William Dukenfeld at Philadelphia,
PA, died Dec 25, 1946. He wrote
his own epitaph: “On the whole, I’d rather be in Philadelphia.”
1891 - Hawaii proclaimed as its queen Liliuokalani, renowned for
her song "Aloha Oe."
1896 - United States physician Emile Grubbe became the first to
use radiation treatment for breast cancer on his patient, Rose Lee of
Chicago.
1889 --
6,000 railway workers strike for union and end of 18-hour day.
http://historytogo.utah.gov/rrstrike.html
1900 - In Philadelphia, Pennsylvania, the American Baseball League
was organized. The Philadelphia Athletics, lead by Connie Mack, were
original members of the league. Mack would manage the team for fifty
years.
1901-Birthday of Allen
Du Mont . My father worked for
Dr.Dumont in the late 1940’s as a TV writer-producer, “Harlem Detective,”
“Captain Video,” “Hands of Mystery.” I used to put “exploding” practical
joke in his cigars, and one day at a board meeting, he gave one to Dr.
Dumont, who lit it up. My father
used to tell me this story often, as Dr. DuMont thought it was very
funny and that my father had done it on purpose. Allen Du Mont perfected
the cathode-ray tube and manufactured the first commercially available
television sets. Brooklyn-born Du Mont worked as chief engineer at De
Forest Radio Company until 1931, when his interest in television led
him to start his own company, the Allen B. Du Mont Lab. In 1937, he
offered his television receivers for sale and set up experimental broadcasting
stations. Du Mont continued to shape the television industry. He helped
formulate broadcast standards for black and white--and later, color--television,
and he worked with the FCC to allocate frequencies for television channels.
1923 – Birthday of film and TV writer Paddy Chayevsky, born The
Bronx, New York. . He eventually made a name for himself writing radio
and teleplays, one of which became 1955's Marty a touching tale
of a homely butcher and lonely schoolteacher that won Chayefsky his
first Oscar. (His first credit was 1951's As
Young As You Feel which was adapted from his story.) Dividing his
work between Hollywood and Broadway over the next two decades, Chayefsky
penned a series of acerbic works that were often heavy on social commentary,
like The Bachelor Party (1957), the Marilyn
Monroe-inspired The Goddess
(1958), The Hospital
(1971), which won him his second Oscar, and Network
(1976), which brought in a third. He also adapted such films as The Americanization of Emily (1964)
and Paint Your Wagon
(1969). Chayefsky's last film was the Ken Russell extravaganza Altered States (1980). The director's
decision to have the actors deliver Chayefsky's dialogue in breathless,
rapid-fire manner so infuriated the author that he had his name withdrawn
from the credits. He did a teleplay called "The Man Who Loved Dickens,"
based on a section of Evelyn Waugh's A Handful of Dust,
about a illiterate man in a South American jungle who holds a lost explorer
captive so the latter can read Dickens to him.
Died August 1, 1981,
New York City, NY
http://us.imdb.com/Name?Chayefsky,+Paddy
http://www.turnerclassicmovies.com/ThisMonth/Article/0,,1180|1181|1185,00.htm
1924- Carl Rutherford Taylor of Cleveland, OH, obtained a patent
for his invention of an ice cream cone rolling machine. It was a “
machine for spinning or turning a waffle”, enabling ice cream cones
to become very popular.
1926- the first African-American female lawyer admitted to practice
before the Supreme Court was Violette Anderson of Chicago, Illinois.
1928-Birthday of vocalist Joan Shaw, Newport News, V
http://www.officepark.co.uk/salena-jones/biog2.htm
1929
-- Seeing Eye Guide Dog Organization forms.
http://www.seeingeye.org/AboutUs.asp
1929--Drummer
Ed Shaughnessy birthday
http://www.angelfire.com/mac/keepitlive/drummers/ed.htm
http://www.promark-stix.com/ss/artists/EdS.html
1929- Glen “Fireball” Roberts, auto racer born at Daytona Beach,FL.
Roberts was one of the most popular stock care racers in NASCAR history.
He won 35 races in 206 starts from 1950 to 1964 when he was critically
injured in a fiery crash. Died at Charlotte, NC, July 7, 1964.
1937- Tommy Dorsey records Marie, Song of India, NYC. ( Victor
2555523)
1939-Birthday of singer Jeanne Lee, New York City, died October
24, 2000
http://www.nprjazz.org/programs/jeannelee.html
http://users.erols.com/eye/jeannelee.html
http://www.edmicheljazzproducer.com/jeanne_lee.htm
1947- Herbie Fields records Dardanella ( Victor 20-2274)
1947- Arthur Miller's "All My Sons"
premieres in New York City NY
inktomi-videoasin-20/002-1241397-9042458
1949---Top Hits
A Little Bird Told Me - Evelyn Knight
Far Away Places - Margaret Whiting
Buttons and Bows - Dinah Shore
I Love You So Much It Hurts - Jimmy Wakely
1950- Heavyweight Jack Dempsey was voted the greatest boxer of
the first half of the 20th century in a poll of sportswriters
and broadcasters conducted by the Associated Press. Dempsey polled 251
votes to runner-up Joe Louis’s 104.
1954- Birthday of talk show host Oprah Winfrey ( hey, when are
you going to let David Letterman
on your show?! )
1959 - Walt Disney's classic animated film, Sleeping Beauty,
was released in theaters on this date. Reviews and reactions were mixed,
as Disney had deviated from the style of animation the public had grown
accustomed to.
1957---Top Hits
Singing the Blues - Guy Mitchell
Don’t Forbid Me - _Pat Boone
Jamaica Farewell - Harry Belefonte
Singing the Blues - Marty Robbins
1958- Paul Newman marries Joanne Woodward
Creating one of the
most enduring of Hollywood marriages, Hollywood stars Paul Newman and
Joanne Woodward wed. The couple became politically active, lobbying
for liberal causes and supporting Democratic candidates. Newman was
appointed by President Jimmy Carter to serve on a United Nations Conference
on Nuclear Disarmament. In the 1980s, Newman launched a line of food
products as “Newman’s Own, including salad dressing and pasta sauce,
donating the profits to charity. ( The salad dressing is my favorite
). Both Newman and Woodward have won Academy Awards: Woodward in 1957
for The Three Faces of Eve, and Newman in 1986 for The Color
of Money. I saw them interviewed on the Today Show recently and
they are still going strong.
1964 - For the 1965 to 1969 seasons, NBC-TV agreed to pay $36
million for the broadcast rights to the American Football League games.
CBS already secured the National Football Conference.
1964- Dr. Strangelove premieres :
Stanley Kubrick's
black comic masterpiece, Dr. Strangelove or: How I Learned to Stop
Worrying and Love the Bomb opens in theaters to both critical and
popular acclaim. The movie's popularity was evidence of changing attitudes
toward atomic weapons and the concept of nuclear deterrence.
The movie focused
on the actions of a rogue U.S. officer who believes that communists
are threatening the "precious bodily fluids" of Americans.
Without authorization, he issues orders to U.S. bombers to launch atomic
attacks against the Soviet Union. When it becomes evident that some
of the bombers may actually drop their atomic payloads, American President
Merkin Muffley frantically calls his Soviet counterpart. The Russian
leader informs Muffley that an atomic attack on the Soviet Union will
automatically unleash the terrible "doomsday machine," which
will snuff out all life on the planet. Muffley's chief foreign policy
advisor, Dr. Strangelove, reassures the president and chief officials
that all is not lost: they can, he posits, survive even the doomsday
machine by retreating to deep mineshafts. Close scrutiny of the Dr.
Strangelove character indicated that he was probably a composite of
three people: Henry Kissinger, a political scientist who had written
about nuclear deterrence strategy; Edward Teller, a key scientist in
the development of the hydrogen bomb; and Wernher von Braun, the German
scientist who was a leading figure in missile technology. Who can forget
the character riding
on the bomb falling out of the bomb bay to Russia:
The
film is near its conclusion with the unforgettable scene of the "Leper
Colony" bomber plane approaching closer and closer to its target.
As the airship approaches its new objective with the bombing plane's
theme song: When Johnny Comes Marching Home Again playing on
the soundtrack, Major Kong and bombardier Lieut. Lothar Zogg (James
Earl Jones) make final bomb run technical checks: bomb fusing circuits,
the bomb arming test lights, the primary trigger switch override, the
track indicators for maximum deflection, the detonator set at zero altitude,
and safety releases. Then Kong finds that one of the bomb bay doors
won't open - "the teleflex drive cable must be sheared away."
He leaves his cockpit seat to fix to faulty bomb-release mechanism manually,
telling his co-pilot Capt. G. A. "Ace" Owens (Shane Rimmer):
"Stay on the bomb run, Ace. I'm goin' down below and see what I
can do." He proceeds through the hatch to the bomb bay, telling
the D.S.O. and crew:
Stay
on the bomb run, boys. I'm gonna get them doors open if it hare lips
everybody on Bear Creek.
There
are two huge nuclear warhead bombs in the foreground, each labeled with
sexual salutations: "Hi There!" (a homosexual advance), the
other labeled "Dear John!" (the typical opening of a letter
that ends a relationship). Kong sees a sparking tangle of wires, and
climbs astride the "Hi There!" bomb like a bucking bronco,
fanning the flaring sparks with his cowboy's Stetson hat. Sweating profusely,
he busily works to fuse two wires together to rewire the door circuitry.
Ace asks anxiously: "Roger, 3 miles. Target in sight! Where in
hell is Major Kong?" as Kong attaches an alligator clip to a patch
panel above his head, causing the bomb doors to open wide.
The
film has given us a memorable cultural image. When the bomb doors open,
he first grabs onto his Stetson to avoid losing it in the sudden draft
of air. The Hi There! bomb is dislodged, with Kong riding on it - the
huge bomb [a potent swollen phallic symbol] between his legs. The bombardier
asks: "Hey, what about Major Kong?" Kong is flailing the bomb
with his hat like a rodeo cowboy atop a bucking bronco, howling wildly
toward oblivion: "YAHOO!! YAHOO!!" as it malevolently descends
toward its target and detonates in a white, climactic flash on the ground.
http://wso.williams.edu/~mhacker/strangelove2.html
http://www.filmsite.org/drst.html
1965---Top Hits
Downtown - Petula Clark
You’ve Lost that Lovin’ Feelin’ - The Righteous Brothers
The Name Game - Shirley Ellis
You’re the Only World I Know - Sonny James
1966 - "Sweet Charity", starring
Gwen Verdon, opened at the Palace Theatre in New York. The Neil Simon
musical was an adaptation of the Federico Fellini film, "Notti
di Cabiria". The play lasted for 608 performances. In 1969, Hollywood
produced a big-budget version starring Shirley MacLaine.
1968 - Gore Vidal's controversial sex novel,
Myra Breckenridge, was published by Little, Brown & Company
on this date. It was later made into a film starring Raquel Welch and
Mae West.
1968 - Coach Adolph Rupp, of the Kentucky
Wildcats, got win #772, becoming the winningest coach in college basketball
history.
1968 --President Johnson requests additional
funds
In
his annual budget message, President Lyndon B. Johnson asks for $26.3
billion to continue the war in Vietnam, and announces an increase in
taxes. The war was becoming very expensive, both in terms of lives and
national treasure. Johnson had been given a glowing report on progress
in the war from Gen. William Westmoreland, senior U.S. commander in
South Vietnam. Westmoreland stated in a speech before the National Press
Club that, "We have reached an important point when the end begins
to come into view. I am absolutely certain that, whereas in 1965 the
enemy was winning, today he is certainly losing. The enemy's hopes are
bankrupt."
The
day after Johnson's budget speech, the communists launched a massive
attack across the length and breadth of South Vietnam. This action,
the Tet Offensive, proved to be a critical turning point for the United
States in Vietnam. In the end, the offensive resulted in a crushing
military defeat for the Viet Cong and the North Vietnamese, but the
size and scope of the communist attacks caught the American and South
Vietnamese allies by surprise. The heavy U.S. and South Vietnamese casualties
incurred during the offensive, coupled with the disillusionment over
the administration's earlier overly optimistic reports of progress in
the war, accelerated the growing disenchantment with the president's
conduct of the war. Johnson, frustrated with his inability to reach
a solution in Vietnam, announced on March 31, 1968, that he would neither
seek nor accept the nomination of his party for re-election.
He
died shortly after he retired as a broken man.
1973 - Johnny Rivers was awarded a gold record
for "Rockin’ Pneumonia and the Boogie Woogie Flu".
1973---Top Hits
Superstition - Stevie Wonder
Crocodile Rock - Elton John
Your Mama Don’t Dance - Kenny Loggins & Jim Messina
(Old Dogs-Children And) Watermelon Wine - Tom T. Hall
1973- the first pilot on a regularly scheduled
major airline who was a woman was Emily H. Warner. She was hired by Frontier Airlines as the second
officer ( co-pilot) on a Boeing 737.
1977 - Rose Royce took the #1 spot on the
music charts with "Car Wash", from the movie of the same title.
The song lasted a week at the peak before dropping away.
1974 -Fighting continues in South Vietnam
.
The
fighting continues in South Vietnam despite the cease-fire that was
initiated on January 28, 1973, under the provisions of the Paris Peace
Accords.
This
latest fighting was part of the ongoing battles that followed the brief
lull of the cease-fire. The Peace Accords had left an estimated 145,000
North Vietnamese troops in South Vietnam when the cease-fire went into
effect. Renewed fighting broke out after the cease-fire as both sides
jockeyed for control of territory throughout South Vietnam. Each side
held that military operations were justified by the other side's violations
of the cease-fire, resulting in an almost endless chain of retaliations. During the period between the initiation of the cease-fire and the
end of 1973, there were an average of 2,980 combat incidents per month
in South Vietnam. Most of these were low-intensity harassing attacks
designed to wear down the South Vietnamese forces, but the North Vietnamese
intensified their efforts in the Central Highlands in September when
they attacked government positions with tanks west of Pleiku. As a result
of these post-cease-fire actions, approximately 25,000 South Vietnamese
were killed in battle in 1973, while communist losses in South Vietnam
were estimated at 45,000.
1977 –Normally we do not write about deaths,
but on this day gifted comedian and television actor Freddie Prinze,
age 22, committed suicide by shooting himself in the head with a revolver
in front of Martin "Dusty" Snyder, his business manager. He
died in a Los Angeles hospital 36 hours later. Prinze catapulted to
fame in the television sitcom, Chico and the Man, and experienced
many emotional problems as a result, as well as a divorce. His suicide
note read, "I cannot go on any longer." It was later determined
that the suicide was actually intended as a practical joke by Prinze,
who was under the influence of Quaaludes. He had faked suicide attempts
in front of network secretaries earlier that day. Whether Prinze thought
the gun was empty, thought that the safety was on, or just wasn't thinking
due to the drugs, the joke he thought he was pulling on Snyder resulted
in his untimely death. Modern
history
is full of such incidents including Russian Roulette or thinking the
gun was
not
loaded and proving it by pointing to the head and pulling the trigger
as one
famous
rock’n’roll musician did back stage after a performance.
1981- Dolly Parton barreled to the top of
the charts with "9 to 5," her immortal paean to the woes of
the- daily grind. "9 to 5" was also the title and theme song
of the hit movie starring Parton, Jane Fonda and Lily Tomlin as disgruntled
secretaries who exact revenge on their lecherous boss, played by Dabney
Coleman.
1981---Top Hits
(Just Like) Starting Over - John Lennon
Love on the Rocks - Neil Diamond
The Tide is High - Blondie
9 to 5 - Dolly Parton
1988, the Canadian rock band Prism, which
faded in 1983 after earlier hit records and a Juno award, staged a reunion
at the 86 Street club in Vancouver. The reunion group featured three
of the original members - Lindsay Mitchell, Rocket Norton and Al Harlow.
Prism was formed in 1977 and produced such hit records as "Armageddon,"
"Spaceship Superstar" and "Night to Remember." It
won the Juno for Group of the Year in 1980 and served as a springboard
for writers such as Bryan Adams and Jim Vallance. 83 record.
1989---Top Hits
Two Hearts - Phil Collins
When I’m with You - Sheriff
When the Children Cry - White Lion
Deeper Than the Holler - Randy Travis
1989 - The first of 20 episodes of the children's
television program, Shining Time Station, the half-hour American
version of Britain's "Thomas the Tank Engine and Friends,"
was aired in the United States on PBS. Former Beatle drummer Ringo Starr
was originally cast as the 18-inch-tall Mr. Conductor. A few years later,
he was replaced by comedian George Carlin.
1993- An interim policy on ending the
ban on homosexuals in the US military was announced by President William
Clinton. The policy ended the questioning of military recruits regarding
their sexual orientation but allowed removal of openly homosexual members
from active service. President Clinton's announced policy of "don't
ask, don't tell, don't pursue" allowed homosexuals to serve in
the armed forces as long as they were discreet.
1995- the San Francisco 49ers defeated the
San Diego Chargers, 49-26, to win Super Bowl XXIX, San Francisco scored
on the third play of the game and led, 28-10, at half. 49ers quarterback
Steve Young was the game’s Most Valuable Player.
1996- the London production of Andrew Lloyd
Webber's "Cats" became the world's longest-running musical
with 6,138 performances. It had opened at the New London Theatre on
May 11th, 1981. The previous record was held by the Broadway production
of "A Chorus Line."
1998 - A bomb exploded outside the New Woman,
All Women Health Care Clinic in Birmingham, Alabama. The explosion killed
Robert Sanderson, an off-duty police officer working as a security guard.
Emily Lyons, a nurse, was critically injuring. Police have been searching
for suspect Eric Rudolph in the North Carolina area.
http://www.fbi.gov/mostwant/topten/fugitives/rudolph.htm
http://www.covenantnews.com/eric/rudolph/eric01.htm
Superbowl Champions
This Date
1995 San Francisco 49ers
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