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About the company: SCL has been in business for 12 years. We are contracted with multiple funding sources which enables us to provide more competitive rates and flexible terms and conditions. |
Friday,
October 29,2004
Headlines---
"Foundation
Celebrates, Welcomes New leadership"
Capital
Leasing Very Popular This Time of the Season
EFG
Enters “Franchise Leasing” Business and More
Chicago’s
Rodney Dixon Found Guilty of Leasing Fraud
Kenesaw
Leasing/J&S Leasing Sold to FSG Bank
Reality
Check: Ensure Your Company's Future
MicroFinancial
Announces 3rd Q 2004 Results: Loss
Universal
Express Sells Capital Subsidiary
Marlin
Business Services 3rd Q 2004 Net Up $3.5M
IKON
Credits GE Commercial Finance for Its Success
######## surrounding the article denotes it is a “press
release”
|
Your One stop solution for training and reference material for the Leasing Professional
|
-------------------------------------------------------------------------------
Classified
Ads---Back Office
Back
Office
Atlanta , GA.
GlobalTech Portfolio Services provides world class lease, loan administration and asset management for equipment and vehicles. Current portfolios $1 billion. Contact Alan Zeppenfeld 678-816-2216
E-mail: azeppenfeld@globaltechfinancial.com
Atlanta, GA.
Let Tax Partners handle your sales and use tax compliance duties w/less risk and cost than in-house. Largest tax compliance firm in US
E-mail: sales@taxpartners.com
Dallas, TX.
Property Tax and
sales and use tax administration services performance is guaranteed
and we will save you time and money or our service is free.
E-mail: info@osgsolutions.com
Indianapolis,
IN
JDR Solutions, LLC specializes in delivering customized back-office lease portfolio admin./ASP services for lessors, banks, manufacturer captives:
other financial institutions.
Paul Henkel (317)
251-5352 ex. 7201
E-mail: paul.henkel@jdrsol.com
Jacksonville,
FL.
CIT's Portfolio Service
Group: providing cost-effective lease/portfolio services: Accounting,
Tax Reporting, Collection svc, End of Lease Solutions, Front End Documentation,
Invoicing, and on-line reporting
E-mail: vincente.dingianni@cit.com
Back Office: Laughlin, NV.
20 years experience
on funder/broker sides. Looking for a relationship where I act as credit
shop for smaller brokers when financial statements are involved.
E-mail: batarista@laughlin.net
New Rochelle,
NY
Proactive management/administration
of commercial/consumer vehicle lease/finance portfolios covering insurance,
titles,
E-mail: Barrett@BarrettCapital.com
Northbrook, IL
Our staff of CPA's and lease professionals can handle any or all portfolio responsibilities incl. portfolio mgmt, invoicing, sales/property/income tax, accounting, etc.
E-mail: ngeary@edwinsigel.com
San Rafael, CA
We can run your back office from origination to final payoff. 30 years experience in commercial equipment lease and loan portfolio management.
E-mail: gmartinez@phxa.com
full listing of all “Outsourcing” ads at:
http://64.125.68.90/LeasingNews/JobPostingsOutsourcing.htm
"Foundation
Celebrates, Welcomes New leadership"
ELTnews
In a lunchtime awards
ceremony on Monday at the Equipment Leasing Association Convention,
The Equipment Leasing and Finance Foundation recognized donors and celebrated
a successful year.
James Renner, Wells Fargo Equipment Finance, outgoing Chairman of
the Foundation, told attendees, "2004 has been a great year for
the Foundation. This year, we set $300,000 as our annual fundraising
goal. I am pleased to announce, here today - the Foundation has reached
and exceeded that goal, and 2004 contributions totaled $332,000.
While recognizing
the generosity of the foundation's many contributors, Renner said "Foundation
research is 100% donor supported. Only your generosity produces the
worthwhile studies and knowledge enhancing reports the Foundation publishes
each year." Renner also announced that GE Commercial Finance has
donated $125,000 over 3 years, earning the designation of Foundation
Fellow.
The ceremony also
saw a changing of the Foundation's leadership, as Renner and James Possehl,
Republic Financial Corp., retired from the Board of Trustees. Both will
remain active in the Foundation.
"I know I leave
the Foundation in very capable hands, with an excellent Board of Trustees
and strong chairman," said Renner, as he introduced his successor
as Chairman, Joe Lane, Bay4 Capital.
In a Monday breakout
session, Charles Wendel, Financial Institutions Consulting, and David
Wiener, GE Commercial Finance-Capital Markets Group, presented results
of the Equipment Leasing & Finance Foundation's newly published
2004 State of the Industry Report.
Some of the results
highlighted include:
*Leasing volume and
penetration declined in 2003 because of low
interest rates, bonus depreciation and a sharp drop in large ticket
activity.
*Industry profitability
improved because of reduced operating costs
and better credit quality.
*Banks are exploiting
their customer relationships and lower cost of
funds.
*Independents are
increasing their emphasis on niche markets
*Captives are narrowing
their focus to their core captive products.
Overall, more lessors
are "plotting paths for growth" by being more selective in
the their niches, but expanding their offerings beyond just financing.
ELT will feature a detailed look at the State of the Industry Report in its January issue. Equipment leasing & Finance Foundation Donors will receive the Report free of charge. Non-donors may purchase a copy of the SOI report for $200. Go to the Foundation website at
http://www.LeaseFoundation.org/
---------------------------------------------------------------------------
Capital
Leasing Very Popular This Time of the Season
The special
depreciation allowance created by Congress in 2002 and expanded in 2003
has been continued in 2004 to stimulate the economy.
http://www.irs.gov/pub/irs-regs/td9091.pdf
 |
-------------------------------------------------------------------------------
EFG
Enters “Franchise Leasing” Business and More
by Kit Menkin
No, this is not an
“April 1st” gag, although it may
qualify as a new chapter in a “soap opera” or a New York
Post
“exclusive.” It really
is a Drudge Report item. Perhaps
the
National Inquirer
will buy the rights.
“EQUIPMENT FINANCING
GROUP, INC. OFFERS $150,000 APPLICATION ONLY PROGRAM!
“Equipment Financing
Group, Inc. offers limited franchise offices. EFG is offering 62 satellite
offices in 39 states for a small one time franchise time fee. This fee
will also cover a 5 day training and marketing class.”
The above was the banner advertisement in the Thursday, October 28,
Monitor Daily.
The above is a banner
of the front page of the EFG website. On the company web site. They
also promote plastic credit cards for “lease lines” and “ lease approvals.”
The site also shows
three icons: Better Business Bureau, Equipment Leasing Association,
and United Association of Equipment Leasing.
It does not show the National Association of Equipment Leasing
Brokers (NAELB) icon. Ken Wheeler has had a running feud with the National
Association of Equipment Leasing Brokers.
In fact, he intends to file a “Ricco” action against the association
for damages he claims incurred to his company on the NAELB forum, he
has told Leasing News. The attorney he reportedly retained would not
confirm any information
Leasing News tried
several times to reach Mr. Wheeler for a comment
on the franchise
development advertised in the Monitor Daily and
status of his pending
law suit.
Mr. Wheeler’s son Sean Wheeler was very active as president
of Source One, a company that also set up franchises across the country,
and then got into
trouble. He went to many leasing conferences,
exhibiting for broker
business, also trying to sell “franchises”
to those new in the
business. Along the way he even
became a Certified Leasing Professional ( although that is also a controversy
that will have to
wait until Johnnie Johnson comes back from
Kuwait---he has all
the CLP test scores in his garage at home.)
Sean eventually sold
the leasing operation to the owner of “Wet Pets,” and then traded Source
One for his new enterprise, last heard he was in the tropical fish servicing
and pet sitting business (I am not making this up.)
Leasing News has
written many stories about Source One, Sean Wheeler, and Ken Wheeler
alleged involvement in his son’s business, including the “feud” regarding
the use of his office by his son ( his side) and the ethics involved
(NAELB) which lead to the dispute.
Mr. Wheeler recently
told Leasing News he was “de-emphasizing” the broker side of his business
and thus the reason for the new direct sales office.
August 26,2004, Equipment
Financing Group stated in a press release: "This office will service
over 800 accounts for which EFG currently provides support. The office
will be run by former VP of Election Campaign Marketing Morgan Bennett.
Mr. Bennett started and operated more than 11 political campaign call
centers in the past 12 years in the Washington DC, and Maryland area.
Our call center will house 29 representatives respectively."
For past stories
on Sean Wheeler, please go to:
http://www.leasingnews.org/Conscious-Top%20Stories/
This article explain
the dispute between NAELB and Ken Wheeler:
Sean Wheeler of Fresno,
California Stands Up-----
Kenneth Wheeler Takes
On NAELB Legal Counsel Joe Bonanno
http://two.leasingnews.org/archives/June2002/6-18-2002.htm
Please send to a
colleague and ask them to subscribe.
We are
-----------------------------------------------------------------
Chicago’s
Rodney Dixon Found Guilty of Leasing Fraud
Rodney Dixon admitted
falsely inflating his company Lacrad's net worth to defraud six equipment-leasing
companies of more than $11.4 million and a Texas bank of $2.25 million
for the jet purchase. He
He was convicted
of fraud, pleading guilty in federal court in Chicago to a sophisticated
fraud scheme in which lenders were misled about the success of the business
and bilked out of more than $13 million.
Dixon was able to
mislead many of the lenders into thinking he had as much as $20 million
in Banco Popular by faxing fraudulent confirmations of the deposits
on papers that appeared to be produced by the bank, according to the
Chicago Tribune story.
Dixon also supplied
the lenders a phony phone number for Banco Popular to ensure any calls
would be routed back to his office. He would then pose as the banker
and confirm the huge bank deposits, O'Rourke said.
It turned out that
Lacrad's auditors, Goldblum & Goldblum, never existed. He was able
to fool lenders in part by working out of well-appointed offices in
1 Oakbrook Lane, a DuPage County high-rise, holding meetings around
an $85,000, custom-made conference table, according to O'Rourke.
To give the office
the appearance of a bustling operation, Dixon hired about a dozen temps
to pose as employees, O'Rourke said. He also wore suits costing several
thousand dollars each to have the look of success, he said.
Dixon also had glossy
brochures produced with a photo of his supposed management team -- all
but a couple of them actors hired from a modeling agency, according
to O'Rourke.
http://www.chicagotribune.com/news/local/west/
chi-0410280207oct28,1,2890364.story
--------------------------------------------------------------------
Kenesaw
Leasing/J&S Leasing Sold to FSG Bank
Chattanooga, Tenn.-based
FSG Bank ( formerly known as Frontier Bank) has acquired Knoxville Kenesaw Leasing and J&S Leasing Inc.,
two companies that broke off from previous owner National Bank of Commerce
when it merged with SunTrust Banks in October.
FSG, which has $675 million in assets, also announced yesterday that
the former president of the National Bank of Commerce Knoxville, David
R. Haynes, has been chosen to lead FSG's Knoxville operations.
The $48-million-asset
Kenesaw Leasing provides owner-managed businesses with new and used
equipment, fixtures, and furnishings, while J&S Leasing, with $13.6
million in assets, leases equipment and machinery to construction and
trucking companies.
As wholly owned subsidiaries of FSG, the two Knoxville-based companies
will retain their names and current staffs.
--------------------------------------------------------------------
Classified
Ads---Help Wanted
Account Representative
|
BALTIMORE-BASED
ACCOUNT REPRESENTATIVE
- In this position, you will develop and maintain relationships
with lease brokers, leasing companies, equipment vendors and direct
leases throughout Maryland and Virginia. Must be knowledgeable
in indirect/third party transactions ranging $15K and up. |
|
About
the Company: At Dell
Financial Services, we aspire to fuel your potential with
the kind of challenging opportunities and hands-on support you
need to grow. We're the exclusive provider of leasing and finance
services for Dell technology systems worldwide. |
Brokers
|
About the company: SCL has been in business for 12 years. We are contracted with multiple funding sources which enables us to provide more competitive rates and flexible terms and conditions. |
National Account Manager
|
Trinity Capital, a subsidiary of Bank of the West, is a national leader in the equipment financing industry with a consistent presence and superior reputation. |
Vendor Account Executive
|
About the Company: Lease Corporation of America is a well established, 16 year old, national equipment leasing company. |
Cost of classified
help wanted ads:
$400.00 is minimum
for four lines
For larger ads
$50.00 per line:
the next four lines
$25.00 per line thereafter
This does not include:
Your logo, which
is free.
Also free: the description of your company is free
( not more lines than your ad.)
This is for ten issues
printed ( the ad in the
web site remains
until ten issues are
sent out. The top
of the newsletter is
on a rotation basis,
and not guaranteed
for specific days. Placement is alphabetical
with larger ads first.)
http://64.125.68.90/LeasingNews/PostingFormWanted.asp
-----------------------------------------------------------------
****Announcement******************************
"Reality Check: Ensure Your Company's Future By Attracting
and
Keeping the Best and the Brightest"
ELTnews
An informative, 90-minute
web-based seminar scheduled Tuesday, November 9, 2004 beginning 2:00
pm Eastern Time will discuss the challenges facing leasing companies
today in their efforts to keep their best employees and attract new
talent from a younger and more diverse population. Highlights from the
newly released "2004 Leasing Industry Compensation Survey"
compiled by Semler Brossy Consulting Group will be included. Issues
discussed include:
- How has the tightening
of the job market affected compensation?
- How have regulatory
pressures affected long-term compensation philosophies, such as option
grants?
- What are the trends
in sales force compensation today?
- How has the career
path for a leasing professional changed?
- What kind of talent
is most sought after in today's leasing companies, and what kinds of
pressures are they facing?
- Why is it important
to attract and develop talent from a younger and more diverse population
and what are some companies doing about it?
- How are companies
ensuring they have the top talent needed for their future?
This program is designed
for all executives and managers involved in the hiring of personnel
and human resource professionals working in a leasing environment. Most
companies will want to include a multi-person team in this web seminar
who represent these disciplines. To learn more and to register, both
ELA members and non-members
http://www.elaonline.com/Events/2004/Attract/
***** announcement
***************************
Federal
Reserve Beige Report
Reports from the
twelve Federal Reserve Districts generally indicated that economic activity
continued to expand in September and early October. Boston, Philadelphia,
Chicago, Minneapolis, and Kansas City noted continued expansion in economic
activity. Richmond and Dallas said the pace had quickened, while New
York, Cleveland, and San Francisco suggested that growth had moderated
somewhat. St. Louis received mixed reports on economic activity, and
Atlanta cited widespread hurricane-related disruptions. Many reports
suggested that higher energy costs were constraining consumer and business
spending.
Full Report:
http://federalreserve.gov/FOMC/BeigeBook/2004/20041027/FullReport.htm
By Federal Reserve District
Boston
http://federalreserve.gov/FOMC/BeigeBook/2004/20041027/1.htm
New York
http://federalreserve.gov/FOMC/BeigeBook/2004/20041027/2.htm
Philadelphia
http://federalreserve.gov/FOMC/BeigeBook/2004/20041027/3.htm
Cleveland
http://federalreserve.gov/FOMC/BeigeBook/2004/20041027/4.htm
Richmond
http://federalreserve.gov/FOMC/BeigeBook/2004/20041027/5.htm
Atlanta
http://federalreserve.gov/FOMC/BeigeBook/2004/20041027/6.htm
Chicago
http://federalreserve.gov/FOMC/BeigeBook/2004/20041027/7.htm
St. Louis
http://federalreserve.gov/FOMC/BeigeBook/2004/20041027/8.htm
Minneapolis
http://federalreserve.gov/FOMC/BeigeBook/2004/20041027/9.htm
Kansas City
http://federalreserve.gov/FOMC/BeigeBook/2004/20041027/10.htm
Dallas
http://federalreserve.gov/FOMC/BeigeBook/2004/20041027/11.htm
San Francisco
http://federalreserve.gov/FOMC/BeigeBook/2004/20041027/12.htm
-------------------------------------------------------------------------
#### Press Release
##########################
MicroFinancial
Announces Third Quarter 2004 Results: Loss
WOBURN, Mass.----MicroFinancial
Incorporated (NYSE:MFI), announced its financial results for the third
quarter and the nine months ended September 30, 2004.
MICROFINANCIAL INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
| For the nine months | |||
| ended September 30, | |||
|
|
----------- |
----------- 2004 ----------- |
|
| Revenues: | |||
| Income on financing leases and loans | $25,372 | $9,962 | |
| Rental income | 25,763 | 24,177 | |
| Income on service contracts | 6,653 | 4,671 | |
| Loss and damage waiver fees | 4,271 | 3,127 | |
| Service fees and other | 9,533 | 6,078 | |
| Total revenues | ----------- 71,592 ----------- |
----------- 48,015 ----------- |
|
| Expenses: | |||
| Selling general and administrative | 25,677 | 21,359 | |
| Provision for credit losses | 39,900 | 37,885 | |
| Depreciation and amortization | 12,463 | 11,391 | |
| Interest | 6,364 | 2,016 | |
| Total expenses | ----------- 84,404 ----------- |
----------- 72,651 ----------- |
|
| Loss before benefit for income taxes | (12,812) | (24,636) | |
| Benefit for income taxes | (5,125) | (9,856) | |
| Net loss | ($7,687) | ($14,780) | |
======================
Net loss per common
share - basic and diluted ($0.59) ($1.12)
======================
Weighted-average
shares used to compute:
Basic and diluted net loss per share 12,999,035 13,182,050
-----------------------
For the nine-month
period ended September 30, 2004, revenues decreased 32.9% to $48.0 million
compared to $71.6 million during the same period in 2003. The reduction
in revenues is directly related to the decline in the size of the Company's
leases, rentals, and service contracts.
The net loss year
to date ending September 30, 2004 was $14.8 million or ($1.12) per share
versus a net loss of $7.7 million or ($0.59) per share for the same
period last year. Total operating expenses for the nine months ended
September 30, 2004 were $72.7 million compared to $84.4 million in 2003.
Interest expense declined 68.3% to $2.0 million as a result of average
debt balances being lower by approximately $93.2 million as compared
to the same period last year. Selling, general and administrative expenses
decreased 16.8% to $21.4 million for the first nine months of the year
versus $25.7 million for the same period last year. The decrease was
driven in part by a reduction in personnel related expenses of approximately
$2.1 million, rent expenses of approximately $0.9 million, and legal
expenses of $0.5 million. The Company's headcount at September 30, 2004
was 102; down from 144 at September 30, 2003, while depreciation and
amortization decreased 8.6% to $11.4 million compared to $12.5 million
in 2003. The provision for credit losses decreased 5.1% to $37.9 million
for the nine-month period from $39.9 million for the same period last
year. Year to date net charge-offs increased to $57.2 million for the
nine months ended September 30, 2004 from $52.7 million from the same
period last year. Total cash received from customers year to date decreased
38% to $66.7 million from the same period last year. Total cash received
from customers exceeded year to date revenues by $18.7 million.
Third quarter revenue
for the period ended September 30, 2004, was $14.2 million compared
to $22.1 million for the same period last year. The reduction in revenues
is attributable to the decrease in the size of the Company's portfolio
of leases, rentals and service contracts. The Company was forced to
suspend virtually all originations from October 2002 until June 2004
when the Company was able to secure a limited amount of new financing.
During the third quarter of 2004, the Company focused its efforts on
securing a larger, lower priced line of credit and restarting its origination
business with a few select vendors.
The net loss for
the quarter was $4.2 million, or a loss of $0.32 per share as compared
with a net loss of $3.2 million or a loss of $0.25 per share in the
prior year's third quarter. The net loss is primarily the result of
a 64.3% decline in lease and loan revenues to $2.6 million, a 33.4%
decline in service contracts to $1.4 million, and a 37.8% decrease in
service fees and other to $1.8 million as compared to the same period
last year. Other components of revenue declined by 14.5% to $8.5 million
Total operating expenses
for the quarter declined 22.4% to $21.3 million as compared to the same
period in 2003. Interest expense declined 64.8% to $0.6 million as a
result of lower average debt balances for the quarter. Selling, general
and administrative expenses decreased 7.7% to $7.2 million for the third
quarter ended September 30, 2003, versus $7.8 million for the same period
last year. The provision for credit losses decreased to $10.3 million
for the quarter ended September 30, 2004 from $13.9 million for the
same period last year, while net charge offs increased to $17.8 million
from $16.6 million. Past due balances greater than 31 days delinquent
at September 30, 2004 decreased to $51.5 million from $67.8 million
last quarter. Total cash received from customers for the quarter decreased
15.6% to $19.0 million compared to $22.5 million for the previous quarter.
Cash received from customers exceeded total revenues by $8.3 million
for the quarter.
On September 29,
2004, the Company entered into a $30 million, three year revolving line
of credit with CIT Commercial Services Group. This facility provided
the Company with a lower cost of funds, allowed the Company to pay off
its previous line of credit, and permitted the Company to avoid having
to issue an additional 135,000 warrants at $0.825 to the participants
under the old credit facility. As of September 30, 2004, the total outstanding
debt under the new line of credit was $11.3 million.
Richard Latour, President
and Chief Executive Officer of MicroFinancial stated, "We were
very pleased to have finalized the revolving credit facility with CIT.
This new credit facility was the next step in our process and will now
provide the Company with the opportunity to focus on marketing efforts
and hiring a sales force in order to rebuild vendor relationships in
our efforts to re-establish ourselves as the leader in microticket leasing
and finance."
MicroFinancial Incorporated
continues to operate without the use of gain on sale accounting treatment
and a balance sheet with total liabilities less subordinated debt to
total equity plus subordinated debt of 0.4 to 1.
CONTACT: MicroFinancial Incorporated
Richard F. Latour, 781-994-4800
President and CEO
### Press Release
#############################
Universal
Express Sells Capital Subsidiary
NEW YORK--Universal
Express Inc. (OTCBB:USXP), today sold 75% of Universal Express Capital
Corp. its former subsidiary, to Capitalliance, a $350,000,000 insurance
and funding operation. USXP will retain 10% of the shares of the new
Company and 15% of the shares of the Company will be distributed to
USXP shareholders.
After the new Universal Express Capital is approved as a public entity,
shareholders of USXP will be notified of the distributions of shares
to them.
In addition, the new Universal Express Capital run by Capitalliance
will now serve as a lead funding source for future USXP acquisitions
and investments.
"Most importantly, USXP will receive a preferred lending rate
and Capitalliance is initially capitalizing Universal Express Capital
with $22,500,000 of assets. Capitalliance receives and develops an active
trading company, USXP receives a funding partner and 10% of a $22,500,000
capitalized company with bonding relationships worldwide. Our shareholders
will receive stock distributions of Universal Express Capital and, in
addition we have received from Capitalliance a funding lead commitment
of $22,000,000 for Alpine Airlines financing and $225,000,000 for our
Equipment Trust Certificates Program," said Richard A. Altomare,
Chairman & CEO of Universal Express.
About Universal Express
Universal Express, Inc. owns and operates several subsidiaries including
Universal Express Capital Corp., (including its USXP Cash Express division)
Universal Express Logistics, Inc. (including Virtual Bellhop, LLC and
Luggage Express), and the UniversalPost Network. These subsidiaries
and divisions provide the private postal industry and consumers with
value-added services and products, logistical services, equipment leasing,
and cost-effective delivery of goods worldwide.
### Press Release
#############################
Marlin
Business Services Corp. Reports Third Quarter 2004 Earnings
MOUNT LAUREL, N.J.--(BUSINESS
WIRE)----Marlin Business Services Corp. (NASDAQ:MRLN) today reported
net income of $3.5 million, or $0.30 per diluted share, for the quarter
ended September 30, 2004 compared with a net income attributable to
common shareholders of $371,000 or $0.12 per diluted share in the same
quarter of 2003. For the nine months ended September 30, 2004 net income
was $10.2 million, or $0.87 per diluted share compared with net income
attributable to common shareholders of $136,000 or $0.06 per diluted
share for the nine months ended September 30, 2003.
"Our disciplined operating approach led to another strong quarter
of profit performance," said Dan Dyer, Chairman and CEO of the
company. "We delivered solid asset quality results and attractive
returns on capital. As a leading lender to small business, we are committed
to the delivery of value-added solutions to the customers we serve."
Marlin completed its initial public offering of common stock (IPO)
on November 12, 2003. Certain non-recurring expenses and preferred dividends
were recorded in 2003 and in prior periods which reduced net income
attributable to common shareholders. A reconciliation between net income
attributable to common shareholders in accordance with accounting principles
generally accepted in the United States of America (GAAP) and pro forma
net income for 2003 is provided in a table immediately following the
2003 Supplemental Quarterly Data included with this release. These charges
ended in conjunction with the November IPO and associated corporate
reorganization and therefore will not affect future reporting periods
beginning in 2004. As a result, we believe the pro forma numbers for
2003 present a clearer and more comparable basis to review the company's
fundamental financial performance. On a pro forma basis, net income
for the three and nine-month periods ended September 30, 2003 was $2.3
million and $6.6 million, respectively.
Highlights for the quarter ended September 30, 2004 include:
-- For the quarter ended September 30, 2004, net income was $3.5
million, a 52.6% increase over the pro forma net income of $2.3 million
for the quarter ended September 30, 2003.
-- Diluted earnings per share were $0.30 per diluted share in the third quarter of 2004, compared to $0.28 per diluted share for pro forma earnings in the quarter ended September 30, 2003. Growth in EPS was achieved despite approximately 30% growth in outstanding shares following our November
2003 IPO.
-- Annualized returns on average equity and assets were 16.23% and
2.57%, respectively, for the quarter ended September 30, 2004. For the
first nine months of 2004, annualized returns on average equity and
assets were 16.69% and 2.70%, respectively.
Asset Origination
-- Based on initial equipment cost, lease production was $68.8 million
in the third quarter of 2004 compared with $70.5 million in the second
quarter of 2004 and $65.4 million in the third quarter of 2003. Net
investment in leases grew to $480.1 million at September 30, 2004, an
increase of 21.0% from $396.8 million at September 30, 2003.
-- The weighted average implicit yield on new business was 13.75%
for the quarter ended September 30, 2004 compared to 14.07% for the
second quarter ended June 30, 2004 and 13.80% in the third quarter of
2003.
-- Our end user customer base grew to more than 75,000 at September
30, 2004 compared with 66,000 as of year-end 2003.
Credit Quality
-- Net charge-offs totaled $2.2 million for the third quarter of
2004 compared to $2.1 million for the second quarter of 2004. The provision
for credit losses was $2.7 million for the third quarter of 2004 compared
to $2.4 million for the second quarter of 2004.
-- On an annualized basis, net charge-offs were 1.90% of average
net investment in leases during the third quarter of 2004 compared to
1.93% for the second quarter of 2004.
-- As of September 30, 2004, 0.73% of our total lease portfolio was
60 or more days delinquent, up from 0.66% as of June 30, 2004.
-- Allowance for credit losses was $6.0 million as of September 30,
2004, an approximate $460,000 increase over the prior quarter. Allowance
for credit losses as a percentage of average net investment in leases
was 1.28% at September 30, 2004 compared to 1.23% as of June 30, 2004.
The allowance for credit losses was increased in the third quarter by
an additional $250,000 to reserve for certain accounts 60 or more days
delinquent as of September 30, 2004.
-- In conjunction with this release, static pool loss statistics
have been updated as supplemental information on the investor relations
section of our website at www.marlincorp.com.
Net Interest and Fee Margin and Cost of Funds
-- Based on the average net investment in leases, the net interest
and fee margin was 12.04% for the quarter ended September 30, 2004,
a decrease of 55 basis points compared to a record of 12.59% for the
second quarter ended June 30, 2004. The decrease is attributed in part
to the successful completion of the company's sixth term securitization
transaction on July 22, 2004 which refinanced short-term variable rate
warehouse financing with higher cost fixed rate term financing.
-- Fee income as a percentage of average net investment in leases
was 3.58% for the quarter ended September 30, 2004 compared to 3.57%
for the quarter ended June 30, 2004.
-- Interest expense as a percentage of average net investment in
leases was 3.97% for the quarter ended September 30, 2004. This was
a 69 basis point increase from the 3.28% for the quarter ended June
30, 2004. This increase reflects the higher cost of the fixed rate term
financing including approximately 30 basis points attributed to the
$80.5 million prefunding feature in the July term securitization.
-- Interest expense as a percentage of weighted average borrowings
was 3.81% for the third quarter ended September 30, 2004 compared to
3.63% for the second quarter of 2004 reflecting the higher cost of fixed
rate term financing issued July 22, 2004.
Operating Expenses
-- Salaries and benefits expense was $3.5 million in the third quarter
of 2004 compared to $3.4 million in the second quarter of 2004. Salaries
and benefits expense was 3.1% as an annualized percentage of average
net investment in leases for both the second and third quarters of 2004.
-- Other general and administrative expenses were $2.5 million for
the third quarter of 2004, a decrease of $200,000 from $2.7 million
for the second quarter of 2004. Other general and administrative expenses
as an annualized percentage of average net investment in leases were
2.16% for the third quarter of 2004, a decrease of 32 basis points from
2.48% in the second quarter of 2004. The decrease is primarily attributed
to certain non-recurring items that affected the second quarter.
Insurance and other Income
-- Insurance and other income was $1.2 million for the third quarter
of 2004 compared to $1.0 million for the second quarter of 2004. The
increase is attributed to an 8.7% increase in the average number of
accounts in the insurance program in the third quarter.
Funding and Liquidity
-- On July 22, 2004, we completed our sixth term asset-backed securitization
transaction. This was the company's first securitization rated P-1/A-1+,
AAA/AAA, A2/A-, Baa2/BBB by Moody's and Standard & Poor's. Proceeds
from the transaction were used to repay the company's warehouse credit
facilities and provide an additional $80.5 million for future lease
production.
-- On August 16, 2004 we exercised our call option and paid off our
2001 term securitization at a time when the remaining note balance was
$16.3 million and the coupon was approximately 6.0%.
-- As of September 30, 2004 we have $265 million of committed warehouse
funding capacity and more than $66 million in available cash.
-- Our debt to equity ratio was 5.27:1 at September 30, 2004 compared
to 4.66:1 at June 30, 2004. The increase is principally attributed to
the additional borrowings related to the prefunding feature of the 2004
term securitization.
About Marlin Business Services Corp.
Marlin Business Services Corp. is a nationwide provider of equipment leasing solutions primarily to small businesses. The company's principal operating subsidiary, Marlin Leasing Corporation, finances over 60 equipment categories in a segment of the market generally referred to as "small-ticket" leasing (i.e. leasing transactions less than $250,000). The company was founded in 1997 and completed its initial public offering of common stock on November 12, 2003. In addition to Mount Laurel, NJ, Marlin has regional offices in or near Atlanta, Chicago, Denver and Philadelphia. For more information, visit www.marlincorp.com or
call toll free at
(888) 479-9111.
Marlin Business Services
Corp. Bruce E. Sickel, 888-479-9111 x4108
#### Press Release
#############################
IKON Announces Fourth Quarter and Fiscal 2004 Results;
Earnings In Line With Expectations;
Fiscal Year Closes With Strengthened Balance Sheet,
Success
in Growth Platforms
VALLEY FORGE, Pa.------IKON Office Solutions (NYSE:IKN), the world's largest independent channel for document management systems and services, today reported results for the fourth quarter and fiscal year ended
September 30, 2004.
Net income for the fourth quarter was $25.6 million, or $.17 per
diluted share, on revenues of $1.17 billion. Net income includes certain
unusual charges and benefits recorded during the quarter, representing
approximately $.03 per diluted share, which have been excluded from
GAAP earnings on the attached non-GAAP reconciliation in order to provide
a better view of the Company's operational performance in the fourth
quarter. Excluding these unusual charges and benefits, net income was
$21.5 million, or $.14 per diluted share, in line with the Company's
expectations for the fourth quarter.
Revenues for the fourth quarter of Fiscal 2004 were $1.17 billion
compared to $1.20 billion for the fourth quarter of Fiscal 2003, a decline
of 2.5%. Targeted revenues increased by 3% and represented 96% of the
revenue mix. Targeted revenues exclude finance revenues from the Company's
exit from its captive leasing business in North America in the second
and third quarters of Fiscal 2004, and de-emphasized technology hardware.
Foreign currency translation provided a 1.5% benefit to total revenues.
"Our fourth quarter performance reflects steady progress toward
our long-term objectives, as we continue to shift to a stronger product,
services, and customer mix," stated Matthew J. Espe, IKON's Chairman
and Chief Executive Officer. "We maintained our focus on our strategic
priorities: operational leverage, optimizing our core sales and service
capabilities in areas such as national accounts and color, and expansion
into profitable adjacencies such as Professional Services. Our national
account business continues to be successful with revenues up 40% over
the same period in Fiscal 2003. Color revenues increased by 19% in the
quarter, strengthening our prospects for future service and supply revenues.
Also in the quarter, we launched Enterprise Services' new integrated
solutions portfolio of document management services that will allow
us to address the specific business problems and document challenges
our customers are facing in both office and production environments.
Our new partners in this endeavor are best-in-class providers like EMC
(Documentum), Captaris, Kofax and Equitrac, who, together with our equipment
partners, enable us to offer complete, end-to-end solutions addressing
every phase of the document management lifecycle.
"Two major factors contributed to our performance in the quarter:
the slower summer months, which had a greater impact on the volume experienced
in our off-site Managed Services businesses than we anticipated, and
our aggressive posture in winning new transactions in some of our growth
platforms, which caused some softness in our Net Sales margins. However,
we are exiting the fourth quarter better positioned for growth in Fiscal
2005; in fact, the fourth quarter marked our highest quarter for new
customer wins in both our national account group and our facilities
management business - the largest component of Managed Services. We
are clearly seeing the benefits of our strategic investments in 2004
and look forward to applying that same rigor to other areas of the business
in 2005.
"This year marked a strategic milestone for us as we commenced
the transition out of our lease financing business in North America
as part of a new strategic alliance with GE Commercial Finance ("GE")
and achieved a more attractive business model with a lower risk profile,
a more favorable capital structure, and expanded alternatives for cash
usage. The balance sheet is strong; 44% of our $805 million in corporate
debt matures in 2025/2027; and, we have $473 million in cash on hand,"
Mr. Espe concluded.
During the fourth quarter, the Company repurchased 4.5 million shares of IKON's outstanding common stock for $52.3 million. Year-to-date, the Company has repurchased 6.7 million shares for approximately $78 million, leaving $172 million remaining for share repurchases under the 2004
Board authorization.
The IKON Board of Directors approved the Company's regular quarterly
cash dividend of $.04 per common share. The dividend is payable on December
10, 2004 to shareholders of record at the close of business on November
22, 2004.
Fourth Quarter Analysis
Net Sales of $542.2 million, which includes the sale of copier/printer
equipment, direct supplies and technology hardware, increased by 4.4%
from the fourth quarter of Fiscal 2003. Contributing to this growth
were a 4.7% increase in sales of copier/printer equipment and a 7.8%
increase in supply sales in the quarter, which were offset by a $1.3
million decline in technology hardware sales. Growth in copier/printer
equipment revenues, which represents approximately 90% of Net Sales,
was primarily driven by the new leasing model and growth initiatives.
The new leasing model provides the Company with origination fees for
leases funded in the U.S. and Canada as part of the Company's new strategic
alliance with GE. Gross profit margin on Net Sales increased slightly
to 27.3% from 26.9% in the fourth quarter of Fiscal 2003.
Services of $589.4 million, which includes revenues from the servicing
of copier/printer equipment ("Customer Service"), Managed
Services, Professional Services (collectively, "Enterprise Services"),
rentals and other fees, increased by 2.1% from the fourth quarter of
Fiscal 2003. Overall Services growth was primarily driven by 37% growth
in Professional Services and additional fees received from GE under
the new strategic alliance. Offsetting this growth were declines in
Customer Service and Managed Services of .7% and 2.2%, respectively,
as transaction activity slowed in the summer months. Gross profit margin
on Services improved to 42.3% from 41.0% for the same period a year
ago, primarily due to higher-margin fees received from the Company's
new alliance with GE.
Finance Income of $34.3 million declined by 65.4% from the prior
year due to the Company's previously announced transition out of captive
lease financing in North America. Finance income from the U.S. portfolio
is expected to decline primarily over the next 24 months. Gross profit
margin from finance subsidiaries increased to 74.7% in the fourth quarter,
from 63.7% for the same period a year ago, due to the higher margins
associated with the retained U.S. leasing portfolio and a stronger European
mix.
Selling and Administrative expenses declined by $3.5 million from
the prior year. Excluding $4.7 million in unusual charges in the fourth
quarter, Selling and Administrative expense declined by $8.2 million,
driven mainly by the exit of the captive leasing business in North America.
Interest expense, net, of $13.1 million increased by $1.7 million from
the same period in Fiscal 2003, due to higher corporate debt levels
resulting from IKON's assumption of IOS Capital's public debt, reported
in Finance Interest Expense prior to the third quarter of Fiscal 2004,
offset by cash investments.
Fiscal Year 2004 Results
For the fiscal year ended September 30, 2004, net income was $91.6
million, or $.60 per diluted share, on revenues of $4.65 billion. On
a non-GAAP basis, as described below, earnings were $.72 per diluted
share. On March 31, 2004, certain U.S. assets and liabilities of IOS
Capital were sold to GE, and the Company's Canadian leasing business
was sold to GE on June 30, 2004. As a result, Fiscal 2004 earnings results
only partially reflect the impact of exiting the captive leasing business
in North America.
Non-GAAP adjustments exclude $35.9 million in pretax losses, or $.13
per diluted share, from the early extinguishment of debt; a $11.4 million
net pretax loss, or $.04 per diluted share, from the sale of the Company's
U.S. and Canadian leasing operations; $4.7 million net pretax losses,
or $.02 per diluted share, related to litigation and long-term disability
charges in the fourth quarter of 2004; and tax benefits of $11.8 million,
or $.07 per diluted share, recognized in the second and fourth quarters
of 2004.
Fiscal 2004 revenues of $4.65 billion declined by $61.1 million,
or 1.3%, from the prior year, with modest gains in Net Sales and Services
offsetting the decline in finance revenues. Targeted revenues, which
exclude the impact of U.S. and Canadian leasing and de-emphasized technology
hardware, grew by 2% compared to Fiscal 2003.
Balance Sheet and Liquidity
As of September 30, 2004, the Company had approximately $473 million
in non-restricted cash on its balance sheet. As a result of capital
structure and liquidity-related actions throughout the year, the total
debt to capital ratio decreased to 49.1% from 67.8% at the end of Fiscal
2003.
Cash used in operations for the fiscal year totaled approximately
$377 million, due to income tax payments, higher pension contributions,
and an increase in accounts receivable as a result of the new alliance
with GE. Capital expenditures on operating rentals and property and
equipment, net of proceeds, totaled $74 million. Finance receivable
proceeds and net collections, which provide for a source of cash against
deferred tax liabilities relating to the retained lease portfolio, as
well as lease-related debt repayments, were $365 million.
Outlook
"Fiscal 2004 was a year of strategic repositioning for IKON,
and we are energized by the opportunities we have identified for revenue
growth and improved profitability," commented Mr. Espe. "While
we recognize that fourth quarter operational performance was at the
low end of our expected range, and that market conditions may continue
to be challenging, we are encouraged by the growth potential in areas
such as color, our national account program, and the full range of document
management solutions and services now available through IKON Enterprise
Services.
"Our objectives for Fiscal 2005 assume continued growth and
profitability improvements in our targeted revenue streams, while we
continue to transition out of captive leasing in North America. For
Fiscal 2005, we expect revenues to decline by approximately 2% to 4%,
reflecting 2% to 3% growth in Net Sales and Services, offset by a decline
in finance revenues of approximately 60%. Earnings are expected to be
in the range of $.63 to $.68 per diluted share, reflecting a headwind
of approximately $.15 per diluted share expected from the leasing transition
and double-digit improvement in the remaining business.
"First quarter earnings for Fiscal 2005 are expected to be in
the range of $.12 to $.14 per diluted share.
"Our strong cash position, success in our growth platforms in
2004, and double-digit improvement in our targeted revenue streams in
2005 will give us the momentum we need to deliver substantial improvements
in earnings per share in the years ahead. We remain committed to our
goal of growing earnings per share at an 8% to 12% compound annual growth
rate from 2004 to 2007," Mr. Espe concluded.
First quarter and Fiscal 2005 expectations exclude any additional
potential gain or loss from the early extinguishment of debt that the
Company may incur.
About IKON
IKON Office Solutions (www.ikon.com), the world's largest independent
channel for copier, printer and MFP technologies, delivers enterprise
document management solutions and systems, enabling customers worldwide
to improve document workflow and increase efficiency. IKON integrates
best-in-class systems from leading manufacturers, such as Canon, Ricoh,
Konica-Minolta, EFI and HP, and document management software from companies
like Captaris, EMC (Documentum), Kofax and others, to deliver tailored,
high-value solutions implemented and supported by its global services
organization - IKON Enterprise Services. IKON represents the industry's
broadest portfolio of document management services, including professional
services, a unique blend of on-site and off-site managed services, customized
workflow services, and comprehensive support through its team of 7,000
service professionals worldwide. With Fiscal 2004 revenues of $4.65
billion, IKON has approximately 500 locations throughout North America
and Europe.
#### Press Release
#######################
-------------------------------------------------------------------
News
Briefs----
Mortgage rates fall
again, 30-year lowest since early April
http://www.usatoday.com/money/perfi/housing/
New Checking Law
Takes Effect
http://www.washingtonpost.com/wp-dyn/articles/A7612-2004Oct28.html
Japanese Trust Bank
Sues to Block Merger
http://www.mercurynews.com/mld/mercurynews/business/10038540.htm
--------------------------------------------------------------------
Sports
Briefs----
Sox parade set to
start at 10 a.m. Saturday
http://www.boston.com/news/local/massachusetts/articles/
2004/10/28/menino_sox_parade_most_likely_will_be_saturday/
Curt Schilling, interviewed
on ABC's "Good Morning America," said, "Tell everybody
to vote. And vote Bush next week."
http://news.yahoo.com/news?tmpl=story&cid=694&u=/ap/
20041028/ap_on_el_pr/candidates_red_sox_1&printer=1
The team is out, but the fans aren't down
http://www.stltoday.com/stltoday/news/stories.nsf/stlouiscitycounty/
story/2B2E422819383D3086256F3C0014C098?OpenDocument&Headline
=The+team+is+out,+but+the+fans+aren't+down
Red Sox Erase 86
Years of Futility in 4 Games
http://www.nytimes.com/pages/sports/baseball/index.html?8dpc
NFL closer to picking
place for L.A. franchise
http://www.theredzone.org/news/showarticle.asp?ArticleID=1790
Emmitt Smith Looks
Forward to More Carries
http://www.nytimes.com/aponline/sports/AP-FBN-Cardinals-Smith.html
--------------------------------------------------------------
“Gimme
that Wine”
Robert Mondavi Reports
$57.7 Million Net Loss 1st Q Fiscal Year 2005
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=
news_view&newsId=20041027006008&newsLang=en
Some Wine Country
workers believe residents of the past come back to visit, even if they're
no longer living
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/10/28/
"North American
Pinot Noir" by John Winthrop Haeger
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/10/28/
Wine Events
http://www.wineevents-calendar.com/festivals.Lasso
--------------------------------------------------------------
This
Day in American History
1682
-William Penn lands in what will become Pennsylvania. He originally
called it Sylvania, but the King changed it to Pennsylvania in granted
the charter.
http://xroads.virginia.edu/~CAP/PENN/pnintro.html
http://www.2020site.org/penn/pennsylvania.html
1815-Birthday
of Daniel Emmett DeCatur, creator of words and music for the song “Dixie,”
which became a fighting son for Confederate troops and unofficial “national
anthem” of the South, born Mt. Vernon, OH, and died there June 28, 1904.
1837-Birthday
of African-American folk artist Harriet Powers,
now nationally recognized for her quilts, born in rural Georgia.
http://memory.loc.gov/ammem/today/oct29.html
1863-Battle
of Wauhatchie (Brown's Ferry) concludes: The troops of Union General
Ulysses S. Grant open a supply line into Chattanooga, Tennessee, when
they drive away a Confederate attack by General James Longstreet. Although
the Confederates still held the high ground above Chattanooga, the new
supply line allowed the Union to hold the city and prepare for a major
new offensive the next month. After the Battle of Chickamauga in northern
Georgia on September 19 and 20, the defeated Union army of General William
Rosecrans fled back to nearby Chattanooga. Braxton Bragg's Confederates
took up positions along Lookout Mountain and Missionary Ridge to the
east of the city. The Rebel lines made a semicircle around the city,
and Confederate guns closed traffic on the Tennessee River. As a result,
Union supplies had to come over a rugged mountainous route from the
west. This line was vulnerable to a Confederate attack, and it made
the Union's hold on Chattanooga tenuous at best. On October 23, Grant
arrived as the new commander of all western forces. He immediately ordered
two brigades to attack Brown's Ferry, where the Confederates were blocking
river traffic to Chattanooga. The Yankees captured the ferry on October
27, then held off a counterattack to maintain control. On the night
of October 28, Longstreet mounted a much larger attack to retake the
crossing. The Confederates possessed superior numbers but could not
pry the Union troops from the river. In the dark, the Yankees held and
Longstreet withdrew his forces before dawn. The Union suffered 78 killed,
327 wounded, and 15 missing, while the Confederates suffered 34 killed,
305 wounded, and 69 missing. The Battle of Wauhatchie was one of the
few Civil War engagements that took place at night. As a result of the
battle, the Tennessee River was reopened for the Union and supplies
reached Grant's troops. One month later, Grant drove the Confederates
from the mountains around Chattanooga.
http://www2.cr.nps.gov/abpp/battles/tn021.htm
http://roadsidegeorgia.com/int/1471
http://www.149th-nysv.org/Battles/wauhatchie_cr.htm
1902
-- Fredric Brown, American writer birthday.. One of the most ingenious
American crime, mystery writers, and also wrote science fiction to overcome
— as he said — the too real aspect of detective fiction. He also wrote
television plays for Alfred Hitchcock series. “Martian Go Home” was
one of his best sellers. His other notable novels include Night of the
Jabberwock (1951) and The Deep End (1952)
http://www.kirjasto.sci.fi/fbrown.htm
http://www.hycyber.com/SF/brown_fredric.html
http://members.tripod.com/~gwillick/brown.html
http://www.ebookmall.com/alpha-authors/Fredric-Brown.htm
1917
- The temperature at Denver, CO, dipped to zero, and at Soda Butte,
WY, the mercury plunged to 33 degrees below zero, a U.S. record for
the month of October.
1921
– Birthday of Bill Mauldin (Pulitzer Prize-winning editorial cartoonist:
[1945, 1959], created G.I. Joe and Willie) Killed in action.
http://www.stlouiswalkoffame.org/inductees/bill-mauldin.html
1922-Composer/arranger/trumpet player Neal Hefti Birthday
http://web.mit.edu/klund/www/hefti.html
1923
-- "Runnin' Wild" (introducing the Charleston) opens on Broadway.
http://www.amazon.com/exec/obidos/ASIN/B0000058RB/
avsearch-musicasin-20/002-4023470-8873669#product-details
1925- tenor saxophone player Zoot Sims born, Inglewood, CA.
http://members.aol.com/plabjazz/zootsims.html
1925-
History records “Howard Johnson’s “ as the first franchise chain.
1929-
Major Stock Market Crash as prices on the New York Stock Exchange plummeted
and virtually collapsed four days after President Herbert Hoover had
declared “The fundamental business of the country ... is on a sound
and prosperous basis.” More than 16 million shares were dumped and billions
of dollars were lost. The boom was over and the nation faced nearly
a decade of depression. Some analysts had warned that the buying spree,
with prices 15 to 150 times above earnings, had to stop at some point.
Frightened investors ordered their brokers to sell at whatever price.
The resulting Great Depression, which lasted until about 1939, involved
North America, Europe and other industrialized countries. In 1932 one
out of four US workers was unemployed.
http://www.authentichistory.com/audio/1930s/1930smusic01.html
http://imusic.artistdirect.com/store/artist/album/0,,301462,00.html
1934-Birthday
of alto sax player Jimmy Woods, St. Louis, MO
http://shopping.yahoo.com/shop?d=product&id=1927008906&clink=
http://www.pricegrabber.com/search_getprod.php/masterid=519095601/
http://www.mediawars.ne.jp/~mundo/collect/file/jimmy-woods.html
1936
-- Singer Hank Snow makes his first recordings, "Lonesome Blue
Yodel" & "Prisoned Cowboy."
http://www.harborside.com/~wchope/hanksnow.htm
1953—Top
Hits
You, You, You - The Ames Brothers
No Other Love - Perry Como
Oh - Pee Wee Hunt
I Forgot More Than You’ll Ever Know - The Davis Sisters
1953-The
sale of the St. Louis Browns from Bill Veeck to a group of Baltimore
investors was completed, and the American League’s most hapless team
became the Orioles.
1954- Dizzy Gillespie and Roy Eldridge record “Trumpet Kings”
album, Verve.
1956
- John Cameron Swayze and "The Camel News Caravan" were replaced
by Chet Huntley and David Brinkley on NBC-TV. The "Huntley-Brinkley
Report" clicked so well that the respected newsmen reported nightly
until July of 1970. “Good night Chet. Good night David. And good night
from NBC News.
1960
- Cassius Clay won his first pro bout -- over Tunney Hunsaker -- in
six rounds in his hometown of Louisville, Kentucky.
1961
- The top, pop song on the charts belonged to Dion (DiMucci). "Runaround
Sue" was in its second week at the tiptop of the top-tune tabulation
(it was in the top 40 for three months).
1961—Top
Hits
Runaround Sue - Dion
Bristol Stomp - The Dovells
Big Bad John - Jimmy Dean
Walk on By - Leroy Van Dyke
1962
– John “Buck” O'Neil is the first black coach in major-league baseball,
for the Chicago Cubs.
http://bestofbuck.com/800/bio.htm
http://www.nlbpa.com/o_neil__john_jordan_-_buck.html
http://www.annonline.com/interviews/960715/
1962-Actor
Sydney Poitier testifies before the House Committee on Education and
Labor, condemning the lack of opportunities for black actors in Hollywood.
Poitier was born in 1924 to poor farmers in the Bahamas. He dropped
out of school at age 13 and later joined the U.S. Army. After his army
stint, he became interested in performing and joined the American Negro
Theater. He debuted on Broadway in 1946 and three years later made his
film debut in a U.S. Army documentary. By the late 1950s, he was the
leading African American actor in the country. In 1964, he became the
first African American actor to win the Best Actor Oscar, for his role
as a laborer who helps build a chapel in Lilies of the Field
(1963). Other films include In the Heat of the Night (1967) and
Guess Who's Coming to Dinner (1967). He began directing in 1971
with Buck and the Preacher. In 1992, he won the American Film
Institute's Life Achievement Award, the first black actor and director
to be so honored.
1967-Hair,
An American Tribal Love-Rock Musical, opened at the Public Theater in
New York City. The composer
was Galt MacDermott. The musical,
which appeared during the Vietnam War, carried an antiwar message and
aroused some controversy for its glorification of “hippie” values, including
a nude scene at the end of the first act. The production moved to Broadway’s
Biltmore Theater in April, 1968.
1966-
formation of the National Organization for Women to "bring women
into full participation in the mainstream of American society NOW!"
1969-Historians
consider this the day the Internet was created. The first connection
on what would become the world wide web was made on this day when bits
of data flowed between computers at UCLA and the Stanford Research Institute.
This was the beginning of ARPANET, the precursor to the Internet developed
by the Department of Defense. By the end of 1969, four sites were connected:
UCLA, the Stanford Research Institute, the University of California,
Santa Barbara and the University of Utah. By the next year there were
10 sites and soon there were applications like email and file transfer
utilities. The @ symbol was adopted in 1972 and a year later 75 percent
of ARPANET traffic was e-mail. ARPANET was decommissioned in 1990 and
the National Science Foundation’s NSFnet took over the role of backbone
of the Internet.
1969—Top
Hits
I Can’t Get Next to You - The Temptations
Hot Fun in the Summertime - Sly & The Family Stone
Suspicious Minds - Elvis Presley
The Ways to Love a Man - Tammy Wynette
1970
- Neil Diamond received a nice package: a gold record for the hit, "Cracklin’
Rosie".
1973
- O.J. Simpson set two NFL records this day. The Buffalo Bills’ star
running back ran 39 times for 157 yards -- and he rushed for a total
of over 1,000 yards in only seven games.
1977—Top
Hits
You Light Up My Life - Debby Boone
Nobody Does It Better - Carly Simon
That’s Rock ’n’ Roll - Shaun Cassidy
Heaven’s Just a Sin Away - The Kendalls
1981
- Loretta Lynn received a gold record for her album, "Greatest
Hits, Vol. 2".
1982-
Car maker John DeLorean indicted for drug trafficking in a government
sting operation; later acquitted
http://www.delorean-dmc12.co.uk/john_z_delorean.html
http://www.babbtechnology.com/Collect/index.htm
http://www.who2.com/johndelorean.html
http://ask.yahoo.com/ask/20010927.html
1983
- After four weeks at #1 on the pop music charts, Bonnie Tyler’s "Total
Eclipse of the Heart" slipped to #2 -- replaced by "Islands
in the Stream" by Kenny Rogers and Dolly Parton.
1984
- Golfing great Tom Watson won his sixth PGA Player of the Year title;
the most won by any golfer since the award was first given in 1948.
Jack Nicklaus had accumulated five of those titles.
1985—Top
Hits
Saving All My Love for You - Whitney Houston
Part-Time Lover - Stevie Wonder
Miami Vice Theme - Jan Hammer
Touch a Hand, Make a Friend - The Oak Ridge Boys
1987
- Severe thunderstorms in Arizona produced wind gusts to 86 mph at the
Glendale Airport near Phoenix, baseball size hail and 70 mph winds at
Wickenburg, and up to an inch of rain in fifteen minutes in Yavapai
County and northwest Maricopa County. Arizona Public Service alone reported
2.5 million dollars damage from the storms.
1988
- Wintry weather prevailed in the Upper Midwest. South Bend, IN, equaled
their record for October with a morning low of 23 degrees. International
Falls MN reported a record low of 11 degrees in the morning, then dipped
down to 8 degrees above zero late in the evening.
1989
- Thunderstorms developing along a cold front produced severe weather
in Oklahoma and north central Texas during the late afternoon and evening
hours. Thunderstorms in Oklahoma produced weak tornadoes near Snyder
and Davidson, and produced hail two inches in diameter at Altus. Large
hail damaged 60 to 80 percent of the cotton crop in Tillman County OK.
Nine cities in the northeastern U.S. reported record high temperatures
for the date as readings warmed into the 70s. For Marquette MI it marked
their fifth straight day of record warmth. Arctic cold invaded the western
U.S. Lows of 7 degrees at Alamosa CO and 9 degrees at Elko NV were records
for the date. (My daughter in nearby Lamoille said it
1996-The
National Basketball Association got set to launch its 50th
anniversary of all time, ten of the 50 spent significant portions of
their careers with the Boston Celtics.
http://www.unc.edu/~lbrooks2/50.html
1998
- Hurricane Mitch (Oct 22-Nov 4, 1998), one of the strongest Atlantic
storms ever, made landfall, slamming into Honduras, Nicaragua, Guatemala,
Belize, El Salvador and other Central American countries. The real story
was not the wind but the rain. Slow movement of the storm caused heavy
rain, resulting in widespread flooding and mudslides. Over 10,000 people
were killed, another 10,000 were missing, and some two million people
were affected in some way by the storm.
1998
- The space shuttle Discovery blasted off, returning 77-year-old U.S.
Senator John Glenn to space some 36 years after he became the first
American in orbit. Glenn was part of a crew of seven astronauts shepherding
scientific payloads on the shuttle mission.
2001--
Matt Williams becomes the first player in World Series history to hit
home runs with three different teams. He homered in the Fall Classic
for the Indians in 1997 and the Giants in 1989.
http://worldseries.mlb.com/ws/index.html
http://www.sportingnews.com/archives/worldseries/2001.html
American Football
Poem
WOES OF A BEAR FAN
Standing tall with
the red and gold,
down by the bay,
you’d catch your death of cold.
All come together
to see a football game,
honoring a great,
who’ll be in the Hall of Fame.
Those forty-niners
ran out onto the field,
I bet they couldn’t
next time, wearing high heels.
Da Bears decided
they didn’t need to play,
maybe they ate too
much at da buffet.
Could the reason
for the low Bears tally,
be because they took
a trip to Napa Valley?
Receivers with the
likes of Davis and Rice,
Turned da secondary
into crushed ice.
Neither team is heading
into the post season,
I’m sure there is
no confusion as to the reason.
The wharf, the bay
and gold gate, all sittin pretty,
Huey Lewis is serving
the sounds to the city.
Displaced Chicagoan,
I think not!
A real Illinoian
knows what they got.
We got rough, tough
Bears at Soldier's Field.
They've got cute
uniforms and some appeal.
In 2001, up the ranks
we will slide.
For the red &
the gold...can we say died?
This time we concede
cuz you had Rice,
but next time the
monsters won't be so nice.
It's a chant we are
taught at a tender age
Get's us thru the
cold and holds off road rage.
We shout it loud,
so all can hear,
We're used to saying
it...JUST WAIT TILL NEXT YEAR!!!
LGuzzino & LJMaas
(In San Francisco,
we now say “ At least we scored.”)
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