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Kit Menkin’s Leasing News www.leasingnews.org Tuesday,
October 1, 2002 Accurate, fair and unbiased news for the equipment Leasing
Industry Monday’s Leasing News posted www.leasingnews.org
at 10:05am PDT -------------------------------------------------------------------------------------------------------- Pictures from the Past
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Over-ride, benefits and generous compensation. Email: jgreenough@macarthurbc.com Syndicator: Salt Lake City, UT "UAEL" Syndicator/credit manager. Senior management position. Competitive
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go here: http://65.209.205.32/LeasingNews/JobPostingsWanted.htm ------------------------------------------------------------------------------------------------- Headlines-- Port
Standoff Could Lead to Crisis 30%
Special Depreciation Allowance (Lessors,too) Fitch:
Asset Backed Securities (Leasing) Displays Resiliency Financial Federal Announces
Record Net Earnings Universal
Express (Leasing) Announces 2002 Financial Results Is
Martz in over his head?-St.Louis Post-Dispatch ### Denotes Press Release -------------------------------------------------------------------------------------------- Rates
fall in latest bill auction By Associated Press WASHINGTON (AP) Interest rates on short-term Treasury bills
fell in Monday's auction with the rate on six-month bills falling to the
lowest level in six months. The Treasury Department auctioned $16 billion in three-month
bills at a discount rate of 1.540 percent. Another $14 billion in six-month
bills was auctioned at a discount rate of 1.475 percent. The three-month rate was down from 1.610 percent last week
and was the lowest since three-month bills averaged 1.530 percent on Jan.
14. The six-month rate was down from 1.580 percent last week and was the
lowest on record. The government began auctioning six-month bills in 1958.
The new discount rates understate the actual return to investors
1.566 percent for three-month bills with a $10,000 bill selling for $9,961.10
and 1.507 percent for a six- month bill selling for $9,925.40. In a separate report, the Federal Reserve said Monday that
the average yield for one- year Treasury securities, the most popular
index for making changes in adjustable rate mortgages, fell to 1.68 percent
last week from 1.73 percent the previous week. --------------------------------------------------------------------------------------------------- Port Standoff Could Lead to Crisis (Throughout the last few weeks, readers would write why were
we following the dock worker-port negotiations, because no one
else was and did it pertain to leasing---like containers, trucks,
delivery of machinery, components for making products, and keeping
inflation in line with imports-exports. This is serious and requires
a federal "cooling off" period as it is not only about wages,
benefits, but technology replacing dock workers, who are "organized."
editor ) By Leigh Strope Associated Press Writer WASHINGTON –– A prolonged shutdown of West Coast ports could
lead to empty store shelves, quiet factories and a global economic crisis,
analysts say. "The collateral damage is huge," said Stephen Cohen,
a regional planning professor at the University of California at Berkeley.
"We've never had anything like this. This affects the entire economy." Millions of dollars in cargo sat idle for a second day at
the 29 major Pacific ports. West Coast shipping lines said they will keep
the ports closed until the longshoremen agree to extend their expired
contract. But the 10,500- member union said it will not budge until the
lockout is ended. A stalemate could be disastrous for the U.S. economy, which
already is teetering between recovery and recession. The cost has been
pegged at $1 billion a day. "It's just massive," said John Martin, president
of Martin Associates, a Lancaster, Pa., economic consulting firm. The problems could snowball quickly, according to his study
conducted for the Pacific Maritime Association, which represents shipping
lines and sea terminal operators. A 10-day shutdown could cost the country
$19.4 billion. American manufacturers increasingly rely on imported components
and materials, and the dependence of giant retailers, such as Wal-Mart
and Target, on imported merchandise has soared. The containers handled
by the West Coast ports include toys from China, computers from Taiwan,
lamb from Australia and fruit from Chile. U.S. foreign trade has quadrupled in the last 20 years and
now accounts for 20 percent of the nation's economic activity. Trade through
West Coast Customs districts reached $567 billion in 2000, accounting
for almost a third of the nation's international trade, according to Cohen's
study. Factories and retailers are more vulnerable than ever to
supply disruptions. Cargo no longer sits in warehouses as it once did.
Containers are moved from the ships directly to distribution centers tied
to the ports, where they are broken down, repacked and sent to final destinations
within hours instead of days or weeks. "This has permitted radical reductions in inventories
and much improved matching of supply to final demand," the study
said. Federal Reserve Chairman Alan Greenspan has said the logistics
changes contributed greatly to the economic boom of the late 1990s. The downside is that manufacturers and retailers no longer
stock large quantities of parts and merchandise and rely on frequent shipments
to sustain production flows and inventory. "After awhile, they start to run out of stuff,"
Cohen said. "That hurts earnings and may lead to layoffs." Manufacturers and retailers have been preparing for possible
slowdowns or a strike by ordering extra inventory. That should sustain
the national economy for a few days or weeks, said Mark Zandi, chief economist
with Economy.com. "If it extends for a month or two, it will affect sales,
production and economic activity at a vulnerable time for the economy,"
he said. Analysts also worry that a prolonged lockout could trigger
a crisis in international financial markets, especially in Asia, which
is heavily dependent on massive volumes of exports to the United States,
and Mexico, which relies on imported components for re-export. "A few days or couple of weeks – most retailers and
businesses are prepared for that," Zandi said. "But a month
or two – that becomes a significant global economic problem." ––– On the Net: Pacific Maritime Association: http://www.pmanet.com/ International Longshore and Warehouse Union: http://www.ilwu.org/ --------------------------------------------------------------------------------------------------- 30% Special Depreciation Allowance (Lessors, too) Signed into law in
May 2002, the Job Creation and Worker Assistance Act of 2002 provides a special depreciation allowance of an additional
30% for new equipment acquired and put into service prior to
January 1, 2005. Jeffrey Taylor, of ExecutiveCaliber - Global Lease Training,
wrote an article on this specific subject. He surveyed hundreds of ELA
members and concluded that you get different results depending upon the
tax life of the asset. His complete findings were written exclusively for The Equipment
Leasing Foundation, in conjunction with Equipment Leasing Association.
It will be published in the Journal of Equipment Finance. The first
distribution will be at the ELA Annual Conference in San Francisco, October
3-5. You can get his autograph, along with Rudy Giuliani, ex-mayor
of New York, who is the main guest speaker for the conference.
Mayor Giuliani's new book "Leadership" will be
available at the conference. It is also available on line at Amazon for
$16.35 plus shipping.http://www.amazon.com/exec/obidos/ASIN/0786868414/qid=1033416214/sr=2-1/ref=sr_2_1/002-8468948-0473668 (There is talk he may be George W. Bush’s vice-presidential
candidate to replace Dick Cheney---you read it here first. ) ** ** *** Attendees who register by October 3 will be included in the
final convention roster, the unofficial "Who's Who" of the leasing
industry. We urge you to register today. See you in San Francisco! Sally Maloney (The on line register was closed on September 10: http://www.elaonline.com/events/2002/annconv/attendees.cfm -------------------------------------------------------------------------------------------------- ### ############################################## Fitch: Asset Backed Securities (Leasing) Displays Resiliency ---- But Uncertainty
Lingers NEW YORK----The asset-backed securities (ABS) market has
demonstrated resilience a year after the events of Sept. 11 left the ABS
market reeling, according to Fitch Ratings in the latest edition of 'The
Fitch Ratings ABS exchange'. But while consumers have exhibited a willingness
to spend on everything from homes and autos to retail goods, how they
will weather this extended storm remains to be seen. The consumer remains vital to sustaining economic recovery,'
said Kevin Duignan, Managing Director, Fitch Ratings. 'As a result, consumer
ABS performance should not be viewed independently from the economy's
performance as they share an inextricable link to the behavior and credit
quality underlying borrowers, and sub prime borrowers in particular.' On the positive side, credit card charge offs continue to
decline and personal bankruptcies are only 2%-3% above last year's record
pace. In addition, new bankruptcy legislation should benefit consumer
finance companies and ultimately Consumer ABS through lower default frequencies
and higher recoveries. On the other hand, Conseco's teetering on the edge of bankruptcy
has disrupted the ABS market as fears abound regarding the impact a major
servicing transfer might have on the overall ABS market. Regulatory intervention
has also become more pervasive, amplifying concerns about headline risk
and performance volatility. Subprime borrowers have been under significant stress during
this period and suffer from a lack of resources, leading to actions such
as Fitch's downgrade of Metris Companies' credit card master trust. 'This
will not be the last consumer ABS rating action taken by Fitch in 2002
as an increase in performance volatility pervades the nonprime sector,'
said Duignan. Also appearing in this edition of 'The Fitch Ratings ABS
Exchange' include an update on state of the consumer, outlooks on the
auto and equipment leasing markets, a commentary on the franchise loan
sector and an update on the FASB fallout. The Fitch Ratings ABS Exchange' is available on the Fitch
Ratings web site at 'www.fitchratings.com' or by contacting the Ratings
Desk at 1-800-893-4824. CONTACT: Fitch Ratings Kevin Duignan, 1-212-908-0630 Debbie Seife, 1-212-908-0604 Matt Burkhard, 1-212-908-0540 (Media Relations) #### ##################################### ################### A year ago, the average New York hotel room cost almost $189
a night, according to PKF Consulting, a hotel advisory firm. But a severe
drop-off in business travelers pushed the average bill down and bargains
are available everywhere, just go to www.hotel.com, if you don’t believe me. In Downtown Los Angeles hotels look like a ghost town during
the weekends. The change in tourism is also evident at Grand Canyon National
Park, where the number of visitors has dropped 5.2 percent through July,
to 2.6 million. At the park's South Gate, the number of visitors arriving
by bus the most popular means of arrival for those from overseas has plunged.
Through July of last year, there were almost 426,000; this year it's just
268,000. The drop-off in demand for air tickets has pressured carriers
to cut prices. Airlines are in a war over prices and routes are being dropped. At the Mojave Airport in California which also serves as
a large parking lot for planes 296 wide-body and narrow-body jets are
now idled, compared with about 50 on Sept. 10 of last year, general manager
Stu Witt said; six fold increase of idle airplanes. Job prospects also have gotten tougher. The nation's unemployment
rate stood at 4.9 percent in August 2001. It had risen to 5.7 percent
a year later. Some of the most severe job cuts have come in industries
like aerospace, with a direct link to the attacks. In September, 2001,
there were 93,000 employees at The Boeing Co.'s commercial airplanes division,
the world's largest commercial jet manufacturer. A year later, the Renton,
Wash.-based unit had 67,800 workers. The past year has seen sharply higher bills for business
owners shopping for insurance. Premiums were already rising, up about
10 percent to 15 percent, before last September's attacks. But worries
of future attacks have made insurance even pricier. Last year, a business with $1 million in annual revenues
would've expected to pay about $5,550 for commercial insurance and related
costs. But that has jumped about 30 percent to $7,220, according to the
Insurance Information Institute. The costs are significantly steeper for owners of landmark
properties. The New Jersey Sports and Exposition Authority found that
out when the liability policy on its Meadowlands sports complex expired
last September, and it went shopping for a new policy, and saw its annual
premium rise from $700,000 to $2.4 million. The market for office space has also shifted. At Chicago's
Sears Tower, where some tenants worried last fall they might be targeted
for a follow-up attack, the tower's combined vacancy rate which includes
subleases is at 13.6 percent, up from 5 percent at this time last year. San Francisco, and particularly, Silicon Valley,
have a glut of office space and manufacturing buildings. For consumers, though, the economic tremors of the past year
have in some ways made life easier, as Federal Reserve policymakers cut
interest rates. A year ago, homebuyers signing up for a 30-year fixed-rate
mortgage were locking in at an average interest rate of 6.89 percent,
according to Freddie Mac, the mortgage company. As of last week, the average
rate for the same loan was down to 6.15 percent, the lowest since Freddie
Mac began tracking three decades ago. Car buyers have enjoyed a similar boon, with automakers offering
zero percent financing in the months after the attacks. Only 5% of the
marketplace qualified, it is reported, but low interest loans with little money down , helped automobile
sales. In August of last year, 48-month loans for new cars from
banks carried average interest rates of 8.31 percent, according to a Federal
Reserve Bank survey. In September 2002, banks were offering the same loans
with interest rates ranging from 6 percent to 7.5 percent, according to
the National Automobile Dealers Association. Rents are lower everywhere. Investors have endured a roller-coaster ride since last year.
On Sept. 10, 2001, the Dow Jones industrial average closed
at 9605.51. It was at 8,602.61 on Wednesday a 10 percent decline. The
stock markets never opened on Sept. 11, and hit a post-attacks low of
7,702.34 on July 23. The stock market ended its worst quarter since the
crash of 1987 yesterday, with losses in all three major indexes blamed
on sluggish consumer spending, slashed earnings forecasts and fears of
an impending war in Iraq. We are shocked almost every day with huge corporate officer
greed in the millions of dollars, almost a repeat of the “gilded-age,” including
continual political improprieties. The 1995 WAEL Newsline article about Steve Head quoted him
on the changes of business in the 1970’s, then 1980’s, and 1990’s. He said if the next century would get tougher, meaning change as drastically as he had
seen in the last twenty-five years, he would retire. He didn’t see describe his years in the leasing industry as “business as usual.” It certainly has not been the best of times. http://www.leasingnews.org/list_alpha_new.htm ############# ################################################# Financial Federal Corporation Announces Record Net Earnings
for the Fiscal Year Ended July 31, 2002 NEW YORK----Financial Federal Corporation ("FIF"
- NYSE), a nationwide, independent financial services company specializing
in equipment finance and leasing for middle market businesses, announced
its thirteenth consecutive year of record net earnings and receivables
growth. Net earnings for the year ended July 31, 2002 were $37.1 million,
a 17% increase over the $31.6 million earned in the prior year. Diluted
earnings per share for the years ended July 31, 2002 and 2001 were $1.99
and $1.75, respectively, an increase of 14%. Finance receivables outstanding
were $1.46 billion at July 31, 2002, an 11% increase over the $1.32 billion
outstanding at July 31, 2001. Finance receivables originated were $805
million in fiscal 2002, compared to $736 million in fiscal 2001. Non-performing assets were 3.64% of total finance receivables
at July 31, 2002, compared to 3.48% at April 30, 2002 and 2.60% at July
31, 2001. Net credit losses for fiscal 2002, expressed as a percentage
of average receivables outstanding, were 0.24%, compared to 0.17% in fiscal
2001. Delinquent receivables (more than 60 days past due) were 2.2% of
total receivables as of July 31, 2002, compared to 3.0% at April 30, 2002
and 1.9% at July 31, 2001. Paul R. Sinsheimer, CEO, remarked: "I am pleased to
report the Company's thirteenth consecutive year of record net earnings
and receivables growth. The Company's operating results were positively
affected by the decline in market interest rates and were negatively impacted
by the slowdown in the overall economy and in the industries we finance.
During a prolonged economic downturn, our growth rate may decline and
delinquencies and other portfolio statistics may also be adversely affected.
As previously announced and on a positive note, we reduced our dilution
through the early redemption and conversion of our convertible notes in
August 2002 and enhanced our liquidity with a $200 million private placement." Steven F. Groth, CFO, commented: "Throughout this fiscal
year we improved our financial position and lowered our cost of debt.
Our success in the private placement, securitization and debt markets
made it possible not only to measurably increase our level of liquidity,
but also to improve our debt structure while diversifying our institutional
lenders." Financial Federal Corporation specializes in financing industrial
and commercial equipment through installment sales and leasing programs
for manufacturers, dealers and end users nationwide. For additional information,
please visit the Company's website at www.financialfederal.com. CONTACT: Financial Federal Corporation Steven F. Groth, 212/599-8000 SOURCE: Financial Federal Corporation ################ ############################################# Universal Express(Leasing) -USXP- Announces 2002 Financial
Results NEW YORK----Universal Express, Inc. (OTC BB:USXP), announced
the filing of its financial results for the fiscal year ending June 30,
2002. "As Universal Express continues to develop its niche
industry models, it has made substantial improvements in fiscal year 2002.
Total assets increased 35% compared with 2001 while total liabilities
have decreased 34% during the same time period", said Richard A.
Altomare, President & CEO of USXP. "For the first time in four years our stockholders'
equity for 2002 improved by a margin of $1,817,797, achieving a positive
stockholders' equity", stated Mr. Altomare. "In addition, after our decision last year to re-develop
our revenue stream, introduce new companies, and discontinue some operations
which resulted in almost non-existent revenues for fiscal 2001; our fiscal
2002 revenues have increased $430,000", continued Mr. Altomare. "Developing our luggage movement business, credit card,
equipment leasing, private postal store network and logistical transportation
businesses simultaneously, while marketing effectively the corporate Universal
Express brand name during the past 12 months and financially improving
our foundation; encourages the genesis of our development", concluded
Mr. Altomare. Universal Express, Inc. owns and operates several subsidiaries
including Universal Express Capital, Universal Express Logistics (including
VirtualBellhop, WorldPost and Luggage Express) and the Private Postal
Network. These subsidiaries provide the private postal industry and consumers
with value-added services and products, logistical services, equipment
leasing and cost-effective delivery of goods worldwide. More information
and website locations are available at www.usxp.com. CONTACT: Equitilink Mr. Ron Garner, 877/788-1940 SOURCE: Universal Express, Inc. ####### ############################################# Personal spending slows in August while incomes post increase WASHINGTON (AP) Consumer spending slowed in August from a
sizzling July pace, and even with rising anxieties about a war with Iraq
and further declines on Wall Street analysts said they believe there is
plenty of demand to keep the economic recovery steaming ahead. ---- Fidelity lays off 5 percent of its work force BOSTON (AP) Fidelity Investments, the nation's largest mutual
fund company, said Monday it would lay off 1,695 workers, or about 5 percent
of its work force, in a move that was widely expected due to slumping
financial markets. --- (Memphis,Tenn.)FedEx announces $1.8 billion expansion of
ground service: FedEx Corp. will spend $1.8 billion to expand its small
package carrier FedEx Ground by adding 10 new hubs and enlarging 23 others.
---- International Truck, UAW agree to five-day contract extension SPRINGFIELD, Ohio (AP) Negotiators for International Truck
and Engine Corp. and the United Auto Workers agreed to continue contract
talks past a midnight deadline, ending the immediate threat of a strike
that could have left 2,500 truck makers off the job early this morning. --- EPA says a third of rivers in survey too polluted for swimming,
fishing WASHINGTON (AP) More than a third of surveyed rivers, and
about half of all lakes and estuaries are too polluted for swimming or
fishing, the Environmental Protection Agency said Monday. It projected
a gap of more than $500 billion in unmet water quality needs over 20 years
unless spending on treatment facilities rises significantly. --- ---------------------------------------------------------------------------------------------- By Jeff Gordon St Louis Post-Dispatch Online Sports Columnist The football world is reaching its conclusion on Mike Martz. Great offensive mind. Terrific coordinator. Not ready to
become a head coach. Huge ego renders him an accident waiting to happen. The skeptics of Rams Nation have been beating this drum since
his regime began. As a rookie head coach, Martz scuffled and his team
barely reached the playoffs amid a total defensive collapse. His critics
kept on complaining last season, when the Rams won ugly early in the season
and then got tooled in the Super Bowl. The Rams' 0-4 start has turned the steady anti-Martz drone
into a roar. Under his command, or lack of it, the defending NFC Champions
have already fallen out of playoff contention. Their goal of returning
to the Super Bowl is no longer attainable. Instead, Martz has to focus on salvaging his regime and proving
that he really IS head-coaching material. This is a wonderful opportunity for him. The whole football
world believes he's in WAY over his head as a head coach. He is working
under merciless scrutiny. He is accountable for all the calamities that
befall his team. He can't order a sandwich without getting second-guessed.
"Tuna?" somebody somewhere is thinking, "How could he not
order chicken salad? Vermeil would have ordered the tuna. What an idiot!" So, if he's got head coaching greatness within him, this
current crisis will give him his best chance to shine. Since Martz took
over a Super Bowl champion, he doesn't get much credit for all the victories
earned during the previous two seasons. After all, look at the talent he inherited. That he helped
mold that offensive talent gets overlooked. The team came together with
Dick Vermeil as head coach, so all Martz had to do was maintain the chemistry
and commitment to bank a bunch of victories. Now that the Rams are in the tank, he could earn lots of
respect by turning this thing around. Turning a team around in midseason
is the greatest coaching challenge there is, far greater than building
something from nothing. Few teams ever amount to anything after starting 0-4. The
Rams know their plight is hopeless, their brave talk aside. If Martz can
get this team to refocus, "tough up" (as he puts it) and start
playing to its ability, despite its predicament, then he'll earn some
leadership stripes. The Rams are scrutinizing their coach even more intently
than the fans and media types are. The Rams want to know if Martz is a
guy worth sacrificing for. They want to know if he's up to this job, whether
he can withstand such a crisis without cracking. Martz has to regain their confidence with his actions in
the week ahead. If he rises to the occasion, his relationship with the
players will strengthen. If he buckles, his command of the team will evaporate
and the Rams will fold. And if the Rams fold this season, then Martz is done as their
head coach. Rams management could give him another shot, given the size
of his contract, but it won't matter. Once a team quits on a coach, that is usually it. Faith lost
is seldom regained. Once players come to doubt and dislike a coach, that's
it. Ask the Jacksonville Jaguars. Ask Tom Coughlin. You can fire
the team, but that seldom works, either. Ask the Baltimore Ravens. Ask
Brian Billick. So Martz's head coaching career is at the crossroads. He's
never faced such a crisis. Will he be at his best in the weeks ahead,
or his worst? This current disaster gives him a chance to prove that he
can set down his coaching script, size up the situation, look his players
in the eyes, connect with them on some emotional level and lead them out
of their collective funk. Martz is getting his chance to adapt to a shaky offensive
line, the loss of his MVP quarterback and the inability of some newer
Rams to learn his complex scheme. Martz is getting his chance to prove
that he's not hopelessly stubborn and that he CAN change up as team circumstances
change. He can't worry about the pounding he's taking in the media.
He can't fret about the fact many fans want him fired IMMEDIATELY. He
has to focus on what his players and what his staff is thinking. He has
to concentrate on what he can do to turn this thing around. Martz must find the resolve and strength to do what few coaches
ever do -- turn a season on a dime and skirt disaster. A lot of coaches can win with a highly skilled, self-motivated,
enormously confident team. Not a lot of coaches can bring a skittish,
self-destructive team back from the precipice of doom. Is Mike Martz a good head coach in the NFL? This is his chance
to silence the doubters, inside Rams Park and out, and prove that he is. ----------------------------------------------------------------------------------------- E-Mail Removal Form: \http://65.209.205.32/LeasingNews/removalform.asp +++++++++++++++++++++++++++++++++++++++++++++++++ Subscribe, Unsubscribe, Make Changes E-Mail. You may subscribe
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