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Kit
Menkin’s Leasing News
www.leasingnews.org Friday,
17, 2002 Accurate,
fair and unbiased news for the equipment Leasing Industry
Headlines---- New
IBM Chief Confirms Layoffs
Tyco says comfortable with estimates, cash situation
Tyco plans to pay off $10 billion in debt
Personal Bankruptcy Filings Up 15.2 Percent
Comdisco Chapter 11 plan, disclosure filed with SEC
6 Ex-Employees Win Judgment Against MSM Capital
Mortgage rates move higher this week
Teamsters push UPS on contract, Union to Hold Strike Vote
AOL Time Warner Execs Admit Missteps—Big Time
At AOL, Parting Without the Sweet Sorrow
Fitch Rates $1.07B CIT Equipment Collateral 2002-VT1
Congress Must Act Now to Keep Banks Out of Real Estate
Dell Profit Exceeds Firm's Forecast Sunrise
International Leasing Reports Strong 1st Q 2002 Results
U.S. Economy: Production Rises; Core Inflation Tame
Comdisco Fiscal2nd Q and Six Month Financial Results ###
Denotes Press Release --------------------------------------------------------------------------------------------------- Where
is Johnnie Johnson, who used to do CLP training? If anyone knows
his e-mail
address or where he is, please let us know. ------------------------------------------------------------------------------------ Jim
Merrilees says he will not be at the MAEL Golf Tournament this weekend. We
will never know how well he does on the golf course. Evidently,
business comes
first before pleasure with the Merrilees. Bummer. New
IBM Chief Confirms Layoffs (www.f**kedcompany.com reported: “In
addition to the Vermont layoffs I reported a few days ago, IBM is
preparing to lay off 10% of its US workforce across the board --
word is d-day is May 23, 2002. Two-months severance expected. IBM
Global Services will
be the department most affected. By
Steve Lohr, New York Times ____________________________________________________________.
Tyco
says comfortable with estimates, cash situation NEW
YORK, (Reuters) - Embattled conglomerate Tyco International Ltd.
(NYSE:TYC - News), which makes products ranging from diapers to
burglar alarms, said on Thursday it was comfortable with Wall Street
estimates for the current quarter and full year. Chief
Financial Officer Mark Swartz also said he expected to "monetize"
the company's finance arm, CIT Group, by the end of June. Tyco bought
CIT last year for about $10 billion and filed in April to sell it
in a $7.15 billion initial public offering of common stock. Tyco
expects to see sequential improvement in the electronics and health
care sectors. Analysts
expect Tyco to report earnings of 57 cents per share for the third
quarter, with estimates ranging from 48 cents to 60 cents, according
to tracking firm Thomson Financial/First Call. For the year, analysts
peg Tyco at a profit of $2.58 a share. In
a new report, ratings agency Standard and Poor's included Tyco in
a list of 15 investment-grade companies that could face a cash crunch. The
CIT offering would give Tyco breathing room in its drive to refinance
its debt, $3.25 billion of which is coming due in February. On
Thursday's call, the company said its cash flow would be sufficient
to pay off its immediate debt without a CIT sale. Including cash
from a CIT offering, it said it expected to pay off $10 billion
of debt, reducing outstanding debt to about $17 billion, from about
$27 billion. In
the quarterly report filed on Wednesday with the Securities and
Exchange Commission, Tyco said it may book a gain of as much as
$1.5 billion if it goes ahead with the CIT transaction, CIT's credit
ratings are upgraded and it gets "cost effective" access
to unsecured credit markets. But
Tyco predicted it may face a charge of as much as $750 million if
those things do not happen. "At
this time, we believe that separation from Tyco, subsequent credit
upgrades and access to the unsecured credit markets on a cost effective
basis is the most likely outcome," the company said in the
SEC filing. Tyco
shares have lost roughly two-thirds of their value this year, due
to questions about its accounting and corporate ethics, several
earnings warnings, credit issues, and a loss of confidence in its
management after reversals in strategy. The
stock rose $1.14, or 5.87 percent, to close at $20.56 on the New
York Stock Exchange. Tyco
plans to pay off $10 billion in debt By
Harry R. Weber, Associated Press CONCORD,
N.H. (AP) Tyco International Ltd. plans to pay off about $10 billion
of its $27 billion in debt after it spins off its lending division,
and is on course to do so by the end of June, a company executive
said Thursday. The
figure includes the $7.2 billion the huge conglomerate hopes to
generate from its CIT unit through an initial public stock offering
or whatever the division would fetch through a sale. Tyco would
pay off the balance of the $10 billion with cash. A
worst-case scenario would require Tyco to refinance $3.25 billion
in debt when Tyco's next payment comes due in February, chief financial
officer Mark Swartz said in a conference call with investors. ''Our
financial position as we sit right now is stronger than it was a
year ago today,'' Swartz said. Swartz
said the company is on track to shed CIT by June, but did not disclose
further details. Swartz
said there is still weak demand for some of Tyco's core products,
including plastic products and telecommunications. There have also
been added pressures on sales because of Tyco's announcement last
month that it would not sell its plastics unit and was abandoning
a breakup plan announced in January. The
struggle to overcome weak demand and months of negative publicity
over the company's accounting practices was underscored in a quarterly
filing Tyco submitted late Wednesday with the Securities and Exchange
Commission. Tyco,
which is based in Bermuda but has headquarters in Exeter, N.H.,
said it must focus on its core businesses before it can return to
a strategy of growth through acquisitions. ''We
anticipate reducing the number of acquisitions we complete prospectively,
and, therefore, expect that our growth rate in revenues and earnings
from acquisitions will also be reduced as compared to prior quarters,''
Tyco said. Rob
Plaza, an analyst with Morningstar Inc. in Chicago, said it's time
for Tyco to dispense with the rhetoric and get results. The company's
stock has slid 66 percent since Jan. 1 ''I
think the question is, 'Will anyone take management at face value?'
I don't think they will. Tyco has to prove what it says it can do,''
Plaza said. The
SEC filing provided revenue and expense numbers for the six months
ending March 31. It also detailed thousands of layoffs at Tyco subsidiaries
during that period. The
filing said about 12,366 jobs were eliminated at Tyco during the
six months ending March 31, including about 7,100 that had taken
place but were not announced until Tyco revealed on April 25 that
it was reversing course on the breakup plan. But
Tyco's overall work force stood at 277,000 employees as of April
1 leaving the company with 30,000 more jobs than the company reported
in October. Spokeswoman Maryanne Kane said the increase was primarily
due to acquisitions. Swartz
said in the conference call that ''the bottom has been met'' in
Tyco's core businesses. He added that Tyco expects $36 billion in
sales this year. Shares
of Tyco have been battered in recent months because of Enron-inspired
accounting questions. Tyco
shares closed at $20.56, up $1.14 , or almost 6 percent, Thursday
on the New York Stock Exchange. On
the Net: http://www.tyco.com Personal
Bankruptcy Filings Up 15.2 Percent in 12- Month Period By
Marcy Gordon AP
Business Writer Bankruptcy
filings by American consumers jumped 15.2 percent in the 12 months
ended March 31, fueled by the strong spending that helped make the
recession shallow, the government said Thursday. Personal
bankruptcies hit a record 1,464,961 during the period, up from 1,271,865
in the 12 months ending March 31, 2001, the Administrative Office
of the U.S. Courts reported. "Consumers
did their part to make the recession a recessionette," said
Samuel Gerdano, executive director of the American Bankruptcy Institute,
a group of bankruptcy judges, lawyers and experts. "Consumers
still have confidence in the economy." Gerdano
noted that consumers were lured by free-financing deals on vehicles
while lower interest rates brought a surge in mortgage refinancing
that put more spending money in their pockets. 2001
already was a boom year for bankruptcies amid the economic downturn. The
majority of consumer bankruptcy filings continued to be under Chapter
7 of the U.S. Bankruptcy Code, which allows people to dissolve their
credit- card and other debts. Chapter 7 filings during the 12-month
period jumped 17.2 percent, to 1,059,777. In
return for having their debts erased, people in Chapter 7 cases
often turn their property over to a bankruptcy trustee, except for
basic necessities such as a car, clothing and work tools. Property
with value is sold to pay creditors. Debtors generally are allowed
to keep some personal items and possibly some of the equity in their
home, depending on state laws. (We
sure know this in the leasing business. It was the 1974’s since
I have seen so
many companies file BK on leases. editor ) _____________________________________________________________ Comdisco
Chapter 11 plan, disclosure filed with SEC By
Associated Press ROSEMONT,
Ill. (Dow Jones Newswires) Comdisco Inc. filed a proposed joint
plan of reorganization in late April with the federal bankruptcy
court for the Northern District of Illinois. The
Rosemont, Ill., computer services company said its plan calls for
Comdisco to operate with three units and continue to sell or run-off
all of its asset portfolios, a process which the company expects
will take up to three years to complete. The
company has been selling assets since filing for Chapter 11 bankruptcy
protection last July. Comdisco's international operations aren't
included in the Chapter 11 reorganization. Comdisco
filed its plan with the Securities and Exchange Commission in connection
with a form 8-K filing, and the company will mail the plan to creditors
and voting shareholders following bankruptcy court approval. The
company said a hearing on the disclosure statement is scheduled
for May 31, and a confirmation hearing is scheduled for July 30.
Comdisco
said all of its businesses, including those that filed for Chapter
11, are conducting normal operations. In
April, Comdisco agreed to sell some of its domestic health care
leasing assets to GE Capital's Healthcare Financial Services unit
for $165 million and the assumption of debt. GE capital is a unit
of General Electric Co. Comdisco
expects to cut about 180 positions, or 20 percent of its staff,
as part of its restructuring. Comdisco's
plan proposes that its general unsecured creditors receive their
prorata share of an initial cash distribution, which the company
plans to fund by current cash on hand from asset sales and cash
flow from operations, less amounts necessary to establish a cash
reserve for other payments and operations. Comdisco
expects to make an initial cash distribution of about $2 billion,
if its plan is approved, while it expects the ultimate recovery
to unsecured creditors will be about 87 percent of their claims,
subject to provisions. ------------------------------------------------------------------------------------------------------- Six
Ex-Employees Win Judgment Against MSM Capital, Southern California Posted
on the Leasing Rag (http://groups.yahoo.com/group/theleasingrag/) “The
three remaining employees who had cases up at the Labor Board now
have
MSM
President Mike Cingari, former president of Colonial Pacific Leasing,
states the six employees were dismissed after commissions were cut
back, and he caught them brokering to other leasing companies. The
six employees deny this, saying they were owed back commissions
not paid. Evidently the California State Labor Board has agreed. “
The Disgruntled Six.....$136,000 “MSM
Capital. $0” (Name
with held until May 28th ) (on
the 28th, the first appeal will be heard. If he loses it will toss
out all of our appeals as well and we will get paid.) In
an earlier interview with Mike Cingari, he said he would appeal
the matter should he
lose at this level. The interview concerned three complaints Leasing
News has received
regarding advance rentals or deposits not being returned and wanting
their
situation posted on the Leasing News Bulletin Board. The complaints
by the
applicants were faxed to MSM Capital; the last one May 9th.
Mr.
Cingari was not available to respond to Leasing News (More
news to follow as it develops) -------------------------------------------------------------------------------------------- Mortgage
rates move higher this week
ASSOCIATED
PRESS WASHINGTON
– Mortgage rates around the country rose this week, but still
remained below the 7 percent mark. Freddie
Mac, the mortgage company, reported that the average interest rate
on 30-year fixed-rate mortgages climbed to 6.89 percent this week
from 6.79 the previous week, according to a nationwide survey released
Thursday. A year ago this time, 30-year mortgages averaged 7.14
percent. Rates
on 30-year mortgages hit a low of 6.45 percent in early November,
their lowest point since Freddie Mac began conducting its nationwide
survey in 1971. Even
though rates have moved higher since that time, analysts believe
that mortgage rates will be fairly stable this year and will continue
to support the housing market. Fifteen-year
mortgages, a popular option for refinancing, rose 6.37 percent from
6.27 percent the week before. A year ago, 15-year mortgages averaged
6.67 percent. On
one-year adjustable-rate mortgages, lenders were asking an average
initial rate of 4.81 percent, up slightly from 4.80 percent the
previous week. Last year this time, one-year ARMs averaged 5.81
percent. These
rates do not include add-on fees known as points, which averaged
around 0.7 percent of the loan amount for all three types of mortgages
last week. "With
mortgage rates continuing to remain below 7 percent, the housing
industry will still experience a good year and continue to support
the overall economy," said Frank Nothaft, Freddie Mac's chief
economist.
----------------------------------------------------------------------------------------------------- _______________________________________________________
Teamsters
push UPS on contract Union
to hold vote on strike this weekend (UPS
Leasing has plenty of cash and the Teamsters want some of it ) George
Raine, S.F. Chronicle Staff Writer The
230,000 Teamsters employed by United Parcel Service will vote this
weekend whether or not to authorize a strike that could, if contract
negotiations are fruitless, commence Aug. 1. The
International Brotherhood of Teamsters struck UPS for 15 days in
1997, disrupting commerce in the United States and causing the world's
largest package-delivery company to lose $750 million in revenue. That
strike, the only one in the Teamsters' 75-year relationship with
UPS, served as an incentive for beginning the negotiations early
this year, in February, rather than in May, when they started in
1997, said Norman Black, UPS spokesman at the company's Atlanta
headquarters. There are about 10,000 Teamster-represented UPS employees
in the Bay Area. The
union and UPS have conflicting opinions on the pace of the contract
talks in Chicago. The two sides have reached tentative settlement
on 13 of 32 supplemental contracts covering workplace issues and
will take up major economic matters next week. In
an indication that the talks are progressing, the company said it
believes that all the supplementals can be resolved this week. The
union thinks otherwise. "From
day one, UPS has said they want an early contract because of their
concern about losing customer base" if service is disrupted,
said Bret Caldwell, a Teamsters spokesman at its Washington, D.C.,
headquarters. "But we have seen no movement to indicate that
there will be an early settlement, much less resolution by the time
of the contract's expiration on July 31." "It's
time to jump-start negotiations," said Teamsters General President
James Hoffa, in announcing the coming strike authorization vote.
"It is time to get down to business. It is time to address
the issues that are important to our members." The
vote, said UPS' Black, "is a normal part of the negotiating
process and always has been and should not be taken out of context
as a barometer of the progress of negotiations." He added that
the company has not seen "any significant diversion" or
decline in business that might be attributable to customer unease
about labor negotiations. Chuck
Mack, the Teamsters' Western regional vice president based in Oakland
and a participant in the Chicago talks, said, "We are looking
for solid wage increases -- solid money -- that will give Teamsters
the opportunity to afford to live in the Bay Area. This is a very
powerful, very wealthy company. It has done extremely well. But
it is the people who are driving the trucks who made them the money,
and they needed to be compensated fairly." E-mail
George Raine at graine@sfchronicle.com.
____________________________________________________
AOL
Time Warner Execs Admit Missteps –Big Time
NEW
YORK (AP) - AOL Time Warner Inc. executives acknowledged that they
made serious missteps over the past year in overpromising financial
results, and pledged to work hard to restore the company's battered
stock price and credibility with investors. Speaking
at the company's annual meeting Thursday, the executives also marked
the official transition of power at the world's largest media company
as 30-year veteran Gerald Levin stepped aside as chief executive
and was replaced by Richard Parsons. ``This
past year has been difficult, and things didn't go quite as we expected,''
chairman Steve Case said in opening remarks to the capacity crowd
of shareholders at the Apollo Theater in Harlem. ``We have to work
to regain your confidence.'' ``We
have made some mistakes in the past year,'' Case said, such as setting
profit targets that were too high and then sticking with them too
long. But he also said the company was ``getting its house in order
and will deliver on the premise and promise of the merger.'' AOL
Time Warner's stock has been savaged in recent months after the
company failed to meet targets for profit growth and also sprung
a number of unpleasant surprises on investors - including a massive
$54 billion write-off to reflect a loss in the company's value since
the merger, and losses at its AOL Europe division that were larger
than expected. The
shares have tumbled about 40 percent since the beginning of the
year and are now off a total of about 70 percent since the merger
of America Online and Time Warner was announced in January 2000.
They edged up 5 cents to $18.90 Thursday on the New York Stock Exchange. At
the meeting, several shareholders expressed frustration at the poor
performance of the company's stock, and demanded explanations from
management for what they planned to do in order to get the company
back on track. Michael
Hariton, a 36-year-old private investor, delivered a blistering
tirade against the executives, chastising Case for spending time
away from the job for family reasons and demanding that they bring
down the company's $27 billion in debt. ``We're
paying you guys to be full-time employees. Get the job done,'' Hariton
said, his face reddening. ``These are our hard-earned dollars, and
you have decimated them. ... Get working.'' Robert
Schue, 62, a semiretired free-lance writer, asked managers why there
were ``replicating the Taj Mahal in Columbus Circle'' - a reference
to the construction of the company's lavish new headquarters building
in Manhattan - after they posted a loss of $54 billion and their
share price is under $20. ``I
think there's something seriously wrong with the management of the
company,'' Schue said in an interview later. ``My five hundred shares
may not be a lot in the grand scheme of things, but they are a lot
for me. My savings are at risk.'' Parsons,
speaking to reporters immediately after the meeting, said he was
relieved that the shareholders' meeting wasn't more rancorous. ``I
thought the tone of the meeting was more gracious and respectful
than I anticipated,'' Parsons said. ``I thought the shareholders
were realistic and respectful, in the main.'' On
the Net: Company
Web site: http://www.aoltimewarner.com At
AOL, Parting Without the Sweet Sorrow By
GERALDINE FABRIKANT with SETH SCHIESEL
New York Times After
AOL Time Warner's annual meeting yesterday, Richard D. Parsons told
reporters that the shareholders who gathered at the Apollo Theater
in Harlem had been "more gracious and respectful than I had
anticipated." Mr.
Parsons must have expected torches and pitchforks. While his coronation
as AOL Time Warner's chief executive went off as planned yesterday,
it was clear that the shareholders were irate. They, after all,
have suffered the collapse of the stock price, which has lost about
64 percent of its value in the last year. "These
are our hard-earned dollars that we trusted to
you, and you have decimated us," said one of many angry shareholders
who strode to a microphone during the question-and-answer period.
Another referred unhappily to the huge headquarters tower that the
company is building on the West Side of Manhattan, saying the company
was "replicating the Taj Mahal on Columbus Circle" while
shareholders nurse their losses. Mr.
Parsons and Stephen M. Case, the company's chairman, stoically braved
the barrage. But the executive who did not take questions was the
man whom Mr. Parsons is replacing: Gerald M. Levin, who retired
yesterday after 30 years at the company and its predecessors, the
last decade as chief executive. Mr.
Levin gave a brief farewell address in which he thanked shareholders
for "faith, hope and, above all, patience." Most of the
audience of perhaps 1,400 replied with a polite standing ovation.
But others sat in stony silence. For while it is Mr. Parsons who
must now try to fix AOL Time Warner, it is Mr. Levin whom some shareholders,
analysts and industry executives blame for the current state of
the company. During
his career, first at Time Inc., then Time Warner and finally AOL
Time Warner, Mr. Levin knew his share of successes — primarily
as a deal maker. But he leaves under a cloud of perceptions that
the 2000 merger that created AOL Time Warner may have been one deal
too many. "You
just lost $54 billion," an angry shareholder told the executives
yesterday, referring to the noncash charge that AOL Time Warner
took in the first quarter to account for the company's plunge in
value since the merger. "Where'd that come from?" the
accuser continued. "Our pockets — the shareholders —
not the options you got." Because
Mr. Levin is expected to continue as an adviser to the company,
analysts and company executives are wary of discussing his legacy
on the record. But a recurrent criticism is that Mr. Levin gave
away too much of the company when he agreed to merger terms in January
2000 that granted America Online 55 percent of Time Warner for AOL
stock — just months before the bursting of the Internet bubble. No
one can predict the future of the stock market, of course. But industry
executives also fault Mr. Levin for having overestimated the opportunities
for complements between Time Warner's conventional media holdings
and AOL's Internet business. "When
he sold to AOL, he sold for nothing," one industry executive
said. "It was pretty clear that the great synergies Jerry talked
about were unrealistic." Mr.
Levin's earlier deal-making record was also mixed. In 1989, when
he was vice chairman at Time Inc., he was a lead negotiator of the
merger between Time and Warner Communications. Because Paramount
Communications opened a bidding war by trying to acquire Time, the
Time Warner merger ended up being completed at a price that left
the new company $18 billion in debt. The
terms of that deal also allowed the Warner executives' stock options
to vest upon the merger's completion and they were immediately granted
new options. The Time executives did not have comparable option
packages, producing enormous resentment in some quarters, which
made the corporate cultures harder to meld than they might otherwise
have been. To
his benefit, Mr. Levin is generally credited with having been prescient
in building the company's stake in cable television. In 1995 he
supplemented that effort through two major acquisitions: the $2.2
billion purchase of Cablevision Industries' 1.3 million subscribers,
and the $2.3 billion acquisition of Houston Industries and its 700,000
subscribers. "He was right on cable values when everyone said
that he was making a mistake and that the technology would become
obsolete," said one media executive, who spoke on condition
of anonymity. Mr.
Levin's move to acquire the Turner Broadcasting System in 1995 is
also considered a shrewd one. Even though the $7.5 billion purchase
diluted Time Warner's stock at the time, the underlying businesses
were solid ones that included CNN, the TBS cable network and the
Cartoon Network. Those businesses gave Time Warner even greater
influence in the fast-growing cable programming sector. And
yet, the Turner merger, which made Ted Turner a Time Warner vice
chairman and the company's biggest shareholder, also illustrated
one of Mr. Levin's liabilities: managing relationships. Initially,
Mr. Turner described himself as a fan of Mr. Levin. But people close
to Mr. Turner say he came to feel excluded and powerless after the
merger of AOL and Time Warner. Increasingly, Mr. Turner became known
as a Levin adversary who criticized him to other board members and
to other media executives. The
rift with Mr. Turner was not the only indication that Mr. Levin
was more attuned to making deals than dealing with people. There
was well-publicized turmoil, for example, at the Warner Music division
in the mid-1990's. After a series of managers left Warner Music,
Mr. Levin handed it in 1995 to an executive with scant music experience,
Michael Fuchs, the longtime head of the company's Home Box Office
cable network. Within six months, he was forced out of the company,
reportedly because the powerful executives then running the film
division — Robert A. Daly and Terry Semel — wanted to
add it to their portfolio. Only
after Mr. Daly and Mr. Semel themselves resigned in 1999, did Mr.
Levin finally appoint a recording industry executive to run Warner
Music: Roger Ames, the former president of Polygram Music. Under
Mr. Ames, Warner Music has regained market share, but still lags
well behind the industry leader, Universal. Other
parts of the business fared better in the 1990's. In 1998 Time Warner's
stock rose 60 percent, reaching $63.125, largely on the strength
of its cable business. And Mr. Levin was gradually paring the company's
staggering debt. But
by late 1999, during the bull market, the company's growth was slowing
and the stock was up only about 15 percent for the year — in
unflattering contrast to the large run-ups by various Internet companies,
including America Online, whose shares rose 96 percent that same
year. Mr. Levin became hungry for the next big deal. And
yet, his keep-your-own-counsel management approach led him to conduct
the AOL merger negotiations in the fall of 1999 without the guidance
of many of his own top executives. "The
deal with AOL was announced on Monday morning, and we found out
about it Sunday night," a top Time Warner executive recalled,
remembering the merger announcement on Jan. 10, 2000. "How
could you argue for a deal where you give up 55 percent of the company
without consulting your other top managers? There was no give and
take. There was no internal discussion." It
was little wonder that as chief executive of the combined AOL Time
Warner, Mr. Levin had scant success making the two companies' disparate
cultures work together. But that task now becomes the job of Mr.
Parsons, an executive not known as a deal maker — but one with
a reputation, at least, of knowing how to deal with people. One
person Mr. Parsons has tried to cultivate is the vice chairman,
Mr. Turner. Asked
about Mr. Levin's legacy yesterday, Mr. Turner lunged for the last
laugh. "I have no comment," he said, as he left the Apollo
Theater. Then he paused and reconsidered. "No," Mr. Turner
said. "We're going to miss him. Ha, ha, ha." ##############
######################################## ####################\\ Fitch
Rates $1.07B CIT Equipment Collateral 2002-VT1 CHICAGO--Fitch
Ratings has assigned the CIT Equipment Collateral 2002-VT1 (CITEC
2002-VT1) $288,500,000 class A-1 notes an 'F1+' rating. In addition,
Fitch rates the $277,000,000 class A-2 notes 'AAA', $319,000,000
class A-3 notes 'AAA', $106,550,000 class A-4 notes 'AAA', $29,350,000
class B notes 'AA', $16,000,000 class C notes 'A' and $32,096,994
class D notes 'BBB'. The
class A ratings reflect credit enhancement provided by the subordination
of the class B notes (2.75%), the class C notes (1.50%), the class
D notes (3%) and the initial cash collateral account (8.25%). The
class B rating reflects credit enhancement provided by the subordination
of the class C notes, the class D notes, and the cash collateral
account. The class C rating reflects credit enhancement provided
by the subordination of the class D notes and the cash collateral
account. The class D rating reflects credit enhancement provided
by the cash collateral account. The ratings address the timely payment
of interest and the ultimate payment of principal in accordance
with the terms of the legal documents. The
underlying pool of contracts backing the CITEC 2002-VT1 notes consists
of technology assets originated from the commercial small ticket
and vendor programs of CIT's Specialty Finance segment. The initial
contract principal balance is approximately $1.07 billion. The pool
contains 73,864 contracts with major equipment types being computers,
telecommunications and office equipment. In determining the required
level of credit enhancement, Fitch took into consideration performance
of CIT's past securitizations, as well as its total managed portfolio.
Through this analysis, Fitch was able to isolate the historical
performance of collateral types relevant to the CITEC 2002-VT1 transaction,
while taking into account CIT's low level of annualized losses.
In addition, Fitch considered the overall strength of CIT and its
relationships with entities such as Dell Computer Corp. Ultimately,
credit enhancement levels were sized to withstand multiples of historic
losses at each rating level over the life of the transaction. CIT
Group Inc. is a leading diversified finance company engaging in
vendor, equipment, commercial, consumer and structured financing,
and leasing activities. CIT operates its businesses independently
as a wholly owned subsidiary of Tyco International, Ltd. CITEC
2002-VT1 is the fourth securitization of CIT's technology assets
since its acquisition of Newcourt Credit Group, Inc. in November
1999. CONTACT:
Fitch
Ratings Brigid
Keyes, 312/606-2361 (Chicago) John
Bella, 312/368-2058 (Chicago) Media
Relations: Matt
Burkhard, 212/908-0540 (New York) ##############
################################################## NAR
President Testifies: Congress Must Act Now to Keep Banks Out of
Real Estate WASHINGTON--Testifying
before the U.S. House Judiciary Commercial and Administrative Law
Subcommittee, the president of the National Association of Realtors(R)
said today that banking conglomerates are trying to gain through
regulation that which they cannot gain through legislation in their
overzealous attempt to get into real estate brokerage and property
management. NAR
President Martin Edwards Jr., a partner in Colliers Wilkinson Snowden
Inc., Memphis, Tenn., called on Congress to take action on the Community
Choice in Real Estate Act in light of the serious congressional
concerns raised at today's hearing and the fact that a majority
of the House has cosponsored this legislation that would prohibit
the proposed rule from taking effect. More
than 230 members of the House and 11 Senators have signed onto H.R.3424
and S.1839 since the bills were introduced last December. Edwards
said NAR will continue its campaign to stop the proposed rule, which
is still pending before the Federal Reserve Board and Treasury Department,
by pushing for the bill's enactment. "Thousands
of Realtors have been up on Capitol Hill visiting their congressional
delegations all this week and they've been telling me one thing
-- keep up the fight to keep banks out of real estate," Edwards
said. "We call upon the banking lobby to face the music and
comply with congressional intent and the public interest by ending
its efforts to get into the real estate business." "The
bottom line is that bankers, who petitioned the Federal Reserve
and Treasury for this proposed rule, should not gain through regulation
what they failed to gain by legislation," he explained. "We
believe that letting financial holding companies and national bank
subsidiaries enter the real estate brokerage, leasing and property
management industries would have wide-ranging, adverse market effects --
including a decline in competition, consumer choices and quality
of service. "Last
month, Treasury Secretary O'Neill postponed making a decision on
this issue until next year. The ball is back in Congress' court,
and Congress must act now to resolve this issue," Edwards testified. "Realtors
all across America applaud Congressman Barr for having the foresight
and the fortitude to hold a hearing to look into what's going on
over at Treasury with respect to the proposed rule, given the tremendous
public and congressional opposition it has created. Congressman
Barr and a majority of his House colleagues clearly understand that
granting banking conglomerates permission to get into real estate
would be detrimental to the national economy and to consumers,"
he said. NAR
opposes allowing large banking conglomerates to enter real estate
brokerage and property management under the guise of the Gramm-Leach-Bliley
Act because it will lead to higher costs to consumers, large scale
consolidation in the real estate industry, and potential conflicts
of interest should banks be able to steer homebuyers to their own
insurance and loan products. Other
organizations that have voiced support for the Community Choice
in Real Estate Act, introduced last December by Reps. Ken Calvert
(R-Calif.), Paul Kanjorski (D-Pa.) and Steven LaTourette (R-Ohio),
include the Building Owners and Managers Association, CCIM Institute,
Institute of Real Estate Management, International Council of Shopping
Centers, National Affordable Housing Management Association, National
Association of Home Builders, National Association of Industrial
and Office Properties, National Auctioneers Association, National
Fair Housing Alliance, National Leased Housing Association and the
National Community Reinvestment Coalition. The
National Association of Realtors(R), "The Voice for Real Estate,"
is America's largest trade association, representing over 800,000
members involved in all aspects of the residential and commercial
real estate industries. Information about NAR is available at http://www.realtor.org.
This and other press releases are posted in the Web site's "News
Release" section. CONTACT:
National
Association of Realtors Linda
M. Johnson, 202/383-7536 lmjohnson@realtors.org ##############
######################################################## Sunrise
International Leasing Corporation Reports Strong First-Quarter 2002
Results GOLDEN
VALLEY, Minn / -- Sunrise International Leasing Corporation (SILC)
announced financial results for the first quarter ended March 31,
2002. For
the quarter, SILC recorded revenues of $35.9 million, compared to
$50.8 million for the prior-year period, and net income of $2.7
million, versus $3.5 million for the comparable 2001 first quarter. While
revenues and net income decreased from the prior-year period, net
income as a percent of revenues increased to 7.5 percent from 6.9
percent due to lower interest costs and lower provisions for losses. The
decline was expected given the record revenues and net income realized
in 2001, which enabled SILC to score first in growth and second
in productivity per employee in a recent survey of Minnesota's 100
largest private companies. The company also reported a $42 million
reduction in debt during the first quarter, and expects to be debt
free on its current portfolio by the end of third quarter. Outlook
While
current economic conditions, specifically in the high-technology
marketplace, have reduced demand and increased competition, SILC
expects to continue to generate substantial revenue, net income
and free cash flow during 2002. The company will benefit from reductions
in interest costs as a result of the previously mentioned debt payoff.
Additionally, provisions for losses are expected to be lower due
to an improvement in the credit quality of its portfolio. SILC
recently announced a vendor program affiliation with Sharp Electronics
Corp., and is targeting other vendors that could benefit from SILC's
expertise and sophisticated asset management system. About
Sunrise International Leasing Corp SILC's
business consists primarily of the development of market-oriented
vendor programs emphasizing the formulation of customized lease
and rental programs for vendors of high technology and other equipment.
The lease options offered by the company generally focus on short-term,
fair market value lease terms. The company also has affiliations
with other leasing companies and banks wherein it receives lease
referrals from these institutions for transactions they do not accept
for their own account. SILC is also a competitive reseller of high
quality used equipment. About
King Capital Corp SILC
is a wholly owned subsidiary of privately held King Capital Corp.
King Capital Corp, established in 1975 and based in Golden Valley,
Minn., offers a wide range of leasing options to manufacturers,
distributors and resellers through its primary subsidiary, SILC
as well as high-availability software through H.A. Technical Solutions,
LLC. SUNRISE
INTERNATIONAL LEASING CORPORATION CONDENSED
STATEMENTS OF INCOME Three
Months Ended March
31, 2002
2001 Revenues
$35,922,000 $50,826,000
Cost
and expenses 30,818,000 44,435,000
Income
before provision for income taxes 5,104,000 6,391,000
Provision
for income taxes 2,399,000 2,877,000 Net
Income $2,705,000 $3,514,000
#################
############################################### ------------------------------------------------------------------- U.S.
Economy: Production Rises; Core Inflation Tame Washington:
U.S. industrial production rose in April for a fourth straight month,
led by a jump in auto manufacturing. Vehicle discounts helped limit
a rise in consumer prices, suggesting inflation doesn't threaten
the economy's rebound. Last
month's 0.4 percent rise in production at factories, mines and utilities
matched the March increase, the Federal Reserve said. Higher costs
for gasoline, tobacco and food led a 0.5 percent jump in the April
consumer price index, the Labor Department said. Excluding those
goods, prices rose 0.2 percent. Manufacturing
``is going to continue to accelerate because we're only partway
through efforts to return inventories to normal levels'' after a
record decline last year, said Jim Glassman, senior economist at
J.P. Morgan Securities Inc. in New York. It will be some time before
``you start to worry about inflation pressures,'' he said. Together
the two reports reinforce investor expectations that Fed policy
makers will put off raising interest rates until August, when they
may have a clearer sign the recovery is sustained.
Fed officials have discounted energy price increases in recent comments
and said they remain concerned about growth (
courtesy www.efj.com ) _________________________________________________________________ Dell
Profit Exceeds Firm's Forecast By
Mike Musgrove Washington
Post Staff Writer Dell
Computer Corp. yesterday reported first- quarter earnings that were
slightly better than expected and about equal to those a year earlier,
crediting its business model rather than a rebound in the economy. The
Round Rock, Tex., computer maker reported a profit of $457 million
(17 cents per share) on revenue of $8.1 billion. Those numbers were
higher than the company's April 3 prediction, when Dell said revenue
could reach $7.9 billion and earnings were expected to be 16 cents
per share. The company earned $462 million (17 cents) in the first
quarter of last year. Dell
has usually remained ahead of its competitors in good times and
bad. Though rivals Hewlett-Packard Co. and Compaq Computer Corp.
recently merged to become the No. 1 personal computer maker, Dell
has boasted that it will reclaim the lead within two quarters. No.
3 PC maker Gateway Inc. has been losing market share and is expected
by some analysts to lose money this year. Kevin
B. Rollins, Dell's chief operating officer, said stronger U.S. sales
and cost-cutting measures had helped the company's performance in
the first quarter, in which Dell reported an increase of 16 percent
in shipments of servers, storage products and workstations. "I
don't think we're quite to the point where we're suggesting there's
been a turnaround," he said, adding that he believes that "the
year might have some pickup at the back end." Roger
Kay, director of client computing at research firm IDC, said Dell
took advantage of falling component costs last year to undercut
its competitors' prices. This year, he said, component costs have
been stable and the company has instead focused on becoming more
profitable. "Dell
is in such mighty control over its finances it can literally decide
how profitable it wants to be," Kay said. "By not pricing
as aggressively, it's not taking share as rapidly as it was but
it can shore up the bottom line." Dell
is often the standard in the industry when analysts or tech firms
point to a lean and mean business structure. Rollins said Dell aims
to become even leaner this year, and should save $1 billion in cost
reductions. Dell
raised its profit forecast for its second quarter yesterday to 18
cents per share on $8.2 billion in revenue, compared with analyst
expectations of 17 cents a share and revenue of $8.0 billion. Dell's
forecasted earnings would be 12.5 percent higher than it earned
in the same period last year, and the revenue increase would be
8 percent. Dell
shares rose 15 cents, to $27.85, yesterday on the Nasdaq Stock Market. ---------------------------------------------------------------------------------- ###############
############################################# Comdisco
Announces Fiscal Second Quarter and Six Month Financial Results ROSEMONT,
Ill--Comdisco, Inc., (OTC:CDSOQ) reported operating results for
its fiscal second quarter and six months ended March 31, 2002. Operating
Results: For the fiscal second quarter, Comdisco reported a loss
from continuing operations of $94 million, or $.62 per common share,
as compared with a loss from continuing operations of $11 million,
or $.07 per common share, for the year earlier period. The decrease
in fiscal 2002 compared to the second quarter of fiscal 2001 was
primarily the result of lower revenue. Total revenue for fiscal
second quarter was $444 million, compared to $824 million for the
prior year quarter. The decrease in total revenue in the current
year compared to the year earlier period is due to lower revenues
from the sale of equity securities in Comdisco Ventures' portfolio,
and lower leasing and remarketing revenues, as the company continues
the orderly sale or runoff of all its existing asset portfolios.
In addition, in accordance with Statement of Financial Accounting
Standards No. 121, "Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to be Disposed Of," the company
recorded a pre-tax charge of $15 million, $9 million after-tax,
or $.06 per common share, to reduce cost in excess of fair value
to reflect the difference between carrying value and estimated proceeds
from the sale of the company's healthcare assets. Comdisco announced
the sale of most of its healthcare assets to GE Capital's Healthcare
Financial Services unit for approximately $165 million, including
the assumption of approximately $45 million in related secured debt,
on April 4, 2002. Overall, the company had a net loss of $94 million,
or $.62 per common share, as compared with a net loss of $54 million,
or $.35 per common share, for the year earlier period. For
the six months ended March 31, 2002, Comdisco reported a loss from
continuing operations of $310 million, or $2.06 per common share,
as compared to earnings of $75 million, or $.49 per common share
diluted, for the year earlier period. Net earnings from discontinued
operations for the six months ended March 31, 2002 were $204 million,
or $1.36 per common share, compared to a net loss of $43 million,
or $.28
per common share, for the year earlier period. Approximately $199
million, or $1.32 per common share, of the net earnings from discontinued
operations for the current period relates to the gain on the sale
of the company's Availability Solutions business to SunGard (NYSE-SDS)
on November 15, 2001. The remaining $5 million of net earnings,
or $.04 per common share, from discontinued operations for the current
period relates to net earnings from Availability Solutions prior
to the sale. Overall,
the company had a net loss of $106 million, or $.70 per share, compared
to net earnings of $34 million, or $.22 per common share diluted,
for the year earlier period. Total revenue for the six months ended
March 31, 2002 was $940 million, versus $1.6 billion, for the prior
year period. Included in the six-month net loss for fiscal 2002,
are pre-tax charges of $265 million, $198 million after-tax, or
$1.31 per common share, to reduce cost in excess of fair value to
reflect the difference between carrying value and estimated proceeds
from the sale of the company's Electronics, Laboratory and Scientific
and Healthcare assets. Plan
of Reorganization Filed: On April 26, 2002, Comdisco announced that
it filed a proposed Joint Plan of Reorganization and Disclosure
Statement with the U.S. Bankruptcy Court for the Northern District
of Illinois. The Plan contemplates a Reorganized Comdisco that will
have three operating subsidiaries and continue to operate in the
orderly sale or run off of all its existing asset portfolios, which
is expected to take up to three years to complete. The
Plan and the Disclosure Statement were filed with the Securities
and Exchange Commission in connection with a form 8-K filing on
May 13, 2002, and will be mailed to all creditors and stockholders
entitled to vote on the Plan after the Bankruptcy Court approves
the Disclosure Statement and authorizes the company to commence
solicitation of votes. A hearing on the Disclosure Statement is
scheduled for May 31, 2002 and a Confirmation Hearing on the Plan
is scheduled for July 30, 2002. Comdisco's
operations located outside of the United States were not included
in the Chapter 11 reorganization cases. All of Comdisco's businesses,
including those that filed for Chapter 11, are conducting normal
operations. The company has targeted emergence from Chapter 11 during
the late summer of 2002. About
Comdisco Comdisco
(www.comdisco.com) provides technology services to help its customers
maximize technology functionality and predictability, while freeing
them from the complexity of managing their technology. The Rosemont
(IL) company offers information technology and telecommunications
leasing to a broad range of customers. Through its Ventures division,
Comdisco provides equipment leasing and other financing and services
to venture capital backed companies. *T
Comdisco, Inc. Consolidated
Statements of Earnings (Loss) For the Three and Six Months March
31, 2002 and 2001 (dollars in millions except per share data) Three
Months Ended March
31, % 2002
2001 +/- -------
------- ---- Revenue Leasing Operating
$ 278 $ 389 -29% Direct
financing 28 45 -38% Sales-type
13 45 -71% -------
------- ---- Total
leasing 319 479 -33% Equipment
sales 81 104 -22% Technology
services 25 42 -40% Other
19 199 -90% -------
------- ---- Total
revenue 444 824 -46% -------
------- ---- Costs
and expenses Leasing Operating
221 306 -28% Sales-type
12 26 -54% -------
------- ---- Total
leasing 233 332 -30% Equipment
sales 84 77 9% Technology
services 15 40 -63% Selling,
general and administrative 73 75 -3% Write-down
of equity securities 10 21 -52% Bad debt
expense: Leasing
15 9 67% Ventures
57 185 -69% Reorganization items: Estimated
loss on sale of leased
assets 15 - N/A Other
9 - N/A Interest
20 102 -80% -------
------- ---- Total
costs and expenses 531 841 -37% -------
------- ---- Earnings
(loss) from continuing operations before income taxes (benefit)
and cumulative effect of change in accounting principle (87)
(17) 412% Income taxes (benefit) 7
(6) -217% -------
------- ---- Earnings (loss) from continuing operations
before cumulative effect of change in accounting principle
(94) (11) 755% Earnings (loss) from discontinued
operations, net of tax - (43) -100%
-------
------- ---- Earnings (loss) before cumulative effect of
change in accounting principle (94)
(54) 74% Cumulative effect of change in accounting principle,
net of tax - - N/A -------
------- ---- Net earnings (loss) to common stockholders
$ (94) $ (54) 74% Retained
earnings at beginning of period $ 760
$ 1,135 Net
earnings (loss) to common stockholders
(94) (54) Cash dividends paid on common stock
- (3) -------
------- Retained earnings at end of period $ 666
$ 1,078 Basic
earnings (loss) per common share: Earnings
(loss) from continuing operations
$ (0.62) $ (0.07) 786% Net
earnings (loss) from discontinued
operations - (0.28) Cumulative
effect of change in
accounting principle - - -------
------- Net
earnings (loss) $ (0.62) $ (0.35) Diluted
earnings (loss) per common share: Earnings
(loss) from continuing operations
$ (0.62) $ (0.07) 786% Net
earnings (loss) from discontinued
operations - (0.28) Cumulative
effect of change in accounting
principle - - -------
------- Net
earnings (loss) $ (0.62) $ (0.35) Common
shares outstanding: Average
common shares outstanding--basic
151 152 Average
common shares outstanding--diluted
151 152 Six
Months Ended March
31, % 2002
2001 +/- -------
------- ---- Revenue Leasing Operating
$ 595 $ 780 -24% Direct
financing 62 91 -32% Sales-type
23 87 -74% -------
------- ---- Total
leasing 680 958 -29% Equipment
sales 179 176 2% Technology
services 49 83 -41% Other
32 396 -92% -------
------- ---- Total
revenue 940 1,613 -42% -------
------- ---- Costs
and expenses Leasing Operating
477 615 -22% Sales-type
20 52 -62% -------
------- ---- Total
leasing 497 667 -25% Equipment
sales 166 126 32% Technology
services 31 77 -60% Selling,
general and administrative 135 165 -18% Write-down
of equity securities 43 33 30% Bad debt
expense: Leasing
8 13 -38% Ventures
102 211 -52% Reorganization items: Estimated
loss on sale of leased
assets 265 - N/A Other
26 - N/A Interest
40 204 -80% -------
------- ---- Total
costs and expenses 1,313 1,496 -12% -------
------- ---- Earnings
(loss) from continuing operations before income taxes (benefit)
and cumulative effect of change in accounting principle (373)
117 -419% Income taxes (benefit) (63)
42 -250% -------
------- ---- Earnings (loss) from continuing operations
before cumulative effect of change in accounting principle
(310) 75 -513% Earnings (loss) from discontinued
operations, net of tax 204 (43) -574% -------
------- ---- Earnings (loss) before cumulative effect of
change in accounting principle (106)
32 -431% Cumulative effect of change in accounting
principle, net of tax - 2 -100% -------
------- ---- Net earnings (loss) to common stockholders
$ (106) $ 34 -412% Retained
earnings at beginning of period $ 772
$ 1,051 Net
earnings (loss) to common stockholders
(106) 34 Cash dividends paid on common stock -
(7) -------
------- Retained earnings at end of period $ 666
$ 1,078 Basic
earnings (loss) per common share: Earnings
(loss) from continuing operations
$ (2.06) $ 0.50 -512% Net
earnings (loss) from discontinued
operations 1.36 (0.29) Cumulative
effect of change in
accounting principle - 0.01 -------
------- Net
earnings (loss) $ (0.70) $ 0.22 Diluted
earnings (loss) per common share: Earnings
(loss) from continuing operations
$ (2.06) $ 0.49 -520% Net
earnings (loss) from discontinued
operations 1.36 (0.28) Cumulative
effect of change in accounting
principle - 0.01 -------
------- Net
earnings (loss) $ (0.70) $ 0.22 Common
shares outstanding: Average
common shares outstanding--basic
151 152 Average
common shares outstanding--diluted
151 156 Comdisco,
Inc. Revenue
and Earnings (Losses) Breakdown By
Lines of Business Below
are the results by lines of business for the three and six months
ended March 31, 2002 and 2001 (dollars in millions): Three
Months Ended Six Months Ended 3/31/02
3/31/01 3/31/02 3/31/01 -----------------------
-------------------- Revenue Leasing
$ 339 $ 510 $ 732 $ 1,002 Technology
services 25 42 49 83 Ventures
80 272 159 528 -----------------------
-------------------- Total
$ 444 $ 824 $ 940 $ 1,613 Pretax
Earnings (Loss) from continuing operations Leasing
$ (10) $ 11 $ 33 $ 31 Technology
services 10 2 18 6 Ventures
(63) (30) (133) 80 Reorganization
items (24) - (291) - -----------------------
-------------------- Total
$ (87) $ (17) $ (373) $ 117 Comdisco,
Inc. Consolidated
Balance Sheets March
31, 2002 and September 30, 2001 (Dollars
in millions) March
31, September 30, 2002
2001 -----------
------------ ASSETS Cash
and cash equivalents $ 2,032 $ 543
Cash - legally restricted 174
54 Receivables, net 587
587 Inventory of equipment 99
95 Net leased assets 2,138
4,003 Property, plant and equipment, net 55 60
Equity securities 99
138 Net assets of discontinued operation held for sale
4 433 Other assets
149 215 -----------
------------ $
5,337 $ 6,128 LIABILITIES
AND STOCKHOLDERS' EQUITY Liabilities
not subject to compromise Secured: Term notes payable
$ 182 $ 360 Discounted lease rentals
447 964 Unsecured: Notes payable
133 179 Accounts payable
71 110 Income taxes
103 35 Deferred income 77
159 Other liabilities 308
191 -----------
------------ 1,321
1,998 Liabilities
subject to compromise Unsecured: Notes payable
917 917 Senior debt
2,639 2,639 Accounts payable
20 19 Other liabilities
108 108 -----------
------------ 3,684
3,683 -----------
------------ 5,005
5,681 -----------
------------ Stockholders' equity: Common stock
23 23 Additional paid-in capital
365 365 Accumulated other comprehensive income (loss)
(102) (93) Retained earnings
666 772 -----------
------------ 952
1,067 Common stock held in treasury, at cost (620)
(620) -----------
------------ Total stockholders'equity
332 447 -----------
------------ $
5,337 $ 6,128 Comdisco,
Inc. Condensed
Consolidated Statements of Cash Flows For
the Six Months Ended March 31, 2002 and 2001 (in
millions) 2002
2001 (Unaudited)
(Unaudited) -----------
------------ Increase
(decrease) in cash and cash equivalents: Cash
flows from operating activities: Leasing
$ 973 $ 1,068 Technology services
18 18 Ventures
332 713 -----------
------------ Cash flows from continuing operations
1,323 1,799 Prism
- (60) Availability Solutions and Network Services
879 78 -----------
------------ Net cash provided by operating activities
2,202 1,817 -----------
------------ Cash
flows from investing activities: Leasing
(190) (675) Ventures
(17) (392) -----------
------------ Cash flows from continuing operations
(207) (1,067) Prism
- 5 Availability Solutions and Network Services
(4) (108) -----------
------------ Net
cash used in investing activities (211) (1,170) -----------
------------ -----------
------------ Net cash used in financing activities
(502) (495) -----------
------------ Net increase in cash and cash equivalents
1,489 152 Cash and cash equivalents at beginning of period
543 315 -----------
------------ Cash and cash equivalents at end of period $
2,032 $ 467 *T CONTACT:
Comdisco Mary
Moster, 847/518-5147 mcmoster@comdisco.com #################
##########################################
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