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August 1, 2001 Headlines----
Source One Earns $225,338, But Blames Leasing Losses for Low Earnings Yesterday it was “Capital Stream,” Today Lease Forum Adds Main Control Technologic Names Top Ten at Financial Services Outlook Weather in Tempe, Arizona at Press Time CIT Launches New and Expanded Web Site Source Capital Reports Low Earnings due to Lease Portfolio Loan Demand at Business Bank of Nevada Increases Significantly Securelease New “Secure” Product Recent FTC Rulings—Barry S. Marks, Esq. Bankers Having Tough Times Too Finding Work In full-year slump, U.S. manufacturing sags in July ######################################################### (“The discontinuance of funding new real estate loans and equipment leases continues to negatively impact operating results. It is expected this policy will also impact third quarter results, “D. Michael Jones, President and Chief Executive Officer, said. ( Leasing News will also add Source One to the List: http://www.leasingnews.org/list.htm If you know of any other companies to add that we have overlooked or any corrections or additions to our Chronological or Alphabetical list, please let us know. editor ) Source Capital Earns $225,338 or $.16 Per Diluted Share in Second Quarter
SPOKANE, Wash.--(-Source Capital Corporation (Nasdaq:SOCC), a commercial lender, today reported net income of $225,338 or $.16 per diluted share for the quarter ended June 30, 2001, a 10% percent decrease from net income of $251,557 or 17 per diluted share for the second quarter of 2000. Net income for the six months ended June 30, 2001 was $471,596 or 33 per diluted share, a 13% decline from net income of $542,246 or 36 per diluted share for the first six months of 2000. The decline in earnings in the second quarter and the first six months of 2001 from the prior year periods is primarily the result of discontinued lending operations for new loans on February 1, 2001. On that date the Company was notified by one of its two lenders that it was exiting the real estate loan warehousing part of its business and that the Company's current line-of-credit would not be renewed for an additional year beyond the expiration date of April 30, 2001, but would be extended to November 1, 2001. Net loans and leases receivable decreased to $51.4 million at June 30, 2001 from $69.1 million a year earlier. Loans and leases delinquent as to principal or interest more than ninety days was 3.14% of net loans and leases outstanding as of June 30, 2001, compared to 3.97% at June 30, 2000. D. Michael Jones, President and Chief Executive Officer, said "the discontinuance of funding new real estate loans and equipment leases continues to negatively impact operating results. It is expected this policy will also impact third quarter results." On June 27, 2001, a merger agreement was announced in which Sterling Savings Bank would acquire Source Capital Corporation in a tax free exchange in which shares of Source common stock would be converted into shares of Sterling common stock at an initial price of approximately $7.50 per Source share. The price will float within a range based upon trading prices of Sterling's common stock prior to the completion of the merger, with a maximum and minimum number of shares of Sterling common stock to be issued. The merger is subject to regulatory approvals and a 2/3 affirmative vote of the Source Capital Corporation shareholders. It is expected that the shareholder vote will take place in the fourth quarter of 2001. Source Capital Corporation is a commercial financial services company specializing in commercial real estate lending and equipment leasing. The Company is headquartered in Spokane, Washington with lending offices in Phoenix, Arizona, Portland, Oregon, Seattle and Spokane, Washington. *T Source Capital Corporation Income Statements Quarter ended June 30, Six Months ended June 30, 2001 2000 2001 2000 ----------- ----------- ----------- ----------- Finance income: Interest $ 1,790,082 $ 2,113,812 $ 3,689,434 $ 3,923,594 Lease finance income 454,327 582,803 980,819 1,156,163 Interest expense (932,477) (1,276,990) (2,015,670) (2,323,583) ----------- ----------- ----------- ----------- Net finance income 1,311,932 1,419,625 2,654,583 2,756,174 Gain on sale of investments, leases, and real estate 64,961 160,919 64,961 254,737 Provision for loan and lease losses (237,916) (414,170) (391,968) (537,215) CONTACT: Source Capital Corporation Lester L. Clark, 509/928-0908 www.sourcecapital.com or go here for full financial report Tempe, Arizona Weather "Cooler than Normal" http://www.wunderground.com/US/AZ/Tempe.html
A camera that takes pictures of downtown Tempe http://www.tempe.gov/millcam/default.asp Relocation service: http://www.tempe.gov/docs1/moving.htm ########### ############################ CIT Launches New and Expanded Web Site
BusinessEdge Solutions Builds a World-Class Web Presence for CIT NEW YORK, / -- CIT, the financial services subsidiary of Tyco International Ltd, and one of the world's largest diversified financing companies, announced a major launch of its corporate Web site today. The site, transformed by BusinessEdge Solutions Inc., a next-generation consultancy offering a full range of eBusiness disciplines to the financial services industry, will offer CIT clients and visitors access to a full range of financial products and information about services offered by CIT's five Operating Groups. CIT.com provides visitors with 24-hour access to information from CIT's extensive knowledge base. The new site is positioned around the 'CIT Solutions Tool', which focuses on a user's specific financing needs. It quickly channels clients or visitors to appropriate content reservoirs and business groups for product & service information and financing options. CIT.com will set the enterprise-wide standard for the company's Web presence on-line brand positioning. "The launch of our corporate Web site is a very important step in marketing the CIT brand while featuring and building on the range of online services CIT offers," said Kimberly Stark, Internet Marketing Director for CIT. "BusinessEdge Solutions provided us with a customized solution resulting in a robust ePresence, supportive of the CIT brand." "World-class firms like CIT understand that today's business environment necessitates having a compelling, easy to navigate and interactive Web presence," said John D'Urso, Financial Services Industry Partner for BusinessEdge Solutions. "We believe that our unique approach to designing the user experience and technical solution to meet the complex electronic delivery requirements provides a solution that will help CIT to build its ePresence." About CIT CIT, the financial services subsidiary of Tyco International Ltd., is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries. Managing more than $50 billion in assets across a diversified portfolio, CIT is the trusted financial engine empowering many of today's industry leaders and emerging businesses, offering vendor, equipment, commercial, factoring, consumer and structured financing capabilities. Founded in 1908, CIT operates extensively in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim. For more information on CIT, visit the Web site at www.cit.com. About Tyco International Ltd Tyco International Ltd. (NYSE: TYC, LSE: TYI, BSX: TYC) is a diversified manufacturing and service company. Tyco is the world's largest manufacturer and servicer of electrical and electronic components; the world's largest designer, manufacturer, installer and servicer of undersea telecommunications systems; the world's largest manufacturer, installer and provider of fire protection systems and electronic security services and the world's largest manufacturer of specialty valves. Tyco also holds strong leadership positions in disposable medical products, financing and leasing capital, plastics and adhesives. Tyco operates in more than 100 countries and had fiscal 2000 sales of $28.9 billion. About BusinessEdge Solutions Inc. BusinessEdge Solutions Inc. (www.businessedge.com) is a next generation, Industry eBusiness Integration firm focused on the finance, insurance, and communications industries. BusinessEdge Solutions complex business process automation, EAI/middleware, content management solutions, technology planning and product solutions, solution development, integration, and back-office ennoblement. BusinessEdge Solutions is headquartered in East Brunswick, New Jersey with velOSSity Solution Centers in New York, Dallas, Denver, Washington, D.C., and London, U.K. ######################## ----------- ----------- ----------- ----------- o Technologic Names Top Ten at Financial Services Outlook NEW YORK -- Technologic Partners, publisher of VentureWire, announced the 10 private e-finance companies judged most likely to succeed at its Financial Services Outlook conference held in New York this week. The selected companies were given the title "Investors' Choice." In alphabetical order, the winners are: CapitalThinking, Currenex, FinancialOxygen, Finaplex, netDecide, Paytrust, T1Xpert, TheBEAST, TradeCard, and Xign. Based on selections by an audience of more than 300 leading investment and industry professionals, the 10 winners were selected from among 49 invited companies whose CEOs presented their business plans. In addition to voting by the audience, selection for the Investors' Choice awards was based on recommendations from a panel of investors. The panel included Amy S. Butte, managing director at Bear Stearns; Matt Epstein, director of the financial institutions group at UBS Warburg; Robert A. Huret, general partner and managing member at Financial Technology Ventures; and Robert Stavis, partner at Bessemer Venture Partners. http://www.financialservicesoutlook.com _____________________________________________ Secure Lease In today's environment of Internet security, we thought that your readers would be interested in hearing of an ASP product designed specifically for their industry which has chosen one of the most premier and secure facilities in the world in which to co-locate servers where their data may be stored. Sprint spent over $3.5 billion for the completion of the facility and SecureLease was the very first installation Linda Lundergan #### ################ ########################### Sprint Welcomes SecureLease as an Internet Center Customer KANSAS CITY, Mo. - - Sprint Corp. (NYSE: FON) announced that SecureLease has chosen Sprint E|Solutions' Internet Center in Kansas City to host VISION, SecureLease's newest Application Service Provider (ASP) offering. SecureLease, a leading provider of Internet-based services to the leasing and finance industries, provides VISION as a one-stop solution for companies seeking to incorporate the benefits of Web-enabled business applications. Offerings range from e-mail and Web-site hosting to full e-commerce solutions that incorporate credit-bureau scoring and electronic document delivery. "Our business success depends on having a faster, more secure and economical alternative for Internet connectivity," said Kirk Hall, chief technology officer for SecureLease. "We chose Sprint because of its superior facilities, connectivity, security and service level agreements. And, they have impressed us with their attentiveness and support. Sprint is providing us with key capabilities that will help ensure our success." Sprint's E|Solutions Internet Centers are built on Sprint's award-winning Tier 1 IP backbone, providing essential speed and performance. SecureLease will benefit from the Kansas City center's high standards for security and reliability. Sprint's industry-leading customer service and dedication to extensive support provide worry-fee outsourcing for a variety of managed transport, server and application solutions services. Sprint E|Solutions' professional services organization provides consultation, implementation and on-site network operations for a complete Internet solution. "Sprint E|Solutions is focused on providing solutions that meet our customers' unique needs. Our expertise in managed and Web services, security and customer service provides an unparalleled competitive advantage to today's Internet-based businesses," said Keith Paglusch, president of Sprint E|Solutions. "Sprint is providing SecureLease the vital bridge to its customers that the company relies on every day." The 25,000-square-foot Kansas City-area Internet Center, opened in March 2001, features a secure and reliable physical environment to safeguard critical business data. The facility has raised floors, HVAC temperature-control systems with separate cooling zones and private, locked cabinets and cages. In addition, the property provides superior physical security features. The Kansas City-area Internet Center offers customers a full range of collocation, Web hosting and application hosting services. For more information about Sprint E|Solutions and Sprint E|Solutions Internet Center offerings, please visit www.sprintesolutions.com or call 877.700.8910. About Sprint: Sprint is a global communications company serving 23 million business and residential customers in more than 70 countries. With more than 80,000 employees worldwide and $23 billion in annual revenues, Sprint is widely recognized for developing, engineering and deploying state of the art network technologies, including the United States' first nationwide all-digital, fiber-optic network. Sprint's award-winning Tier 1 Internet backbone is being extended to key global markets to provide customers with a broad portfolio of scaleable IP products. Sprint's high-capacity, high-speed network gives customers fast, dependable, non-stop access to the vast majority of the world's Internet content. Sprint also operates the largest 100-percent digital, nationwide PCS wireless network in the United States, already serving the majority of the nation's metropolitan areas including more than 4,000 cities and communities. About SecureLease: SecureLease was created to serve the equipment leasing and finance industries. Our goal is to provide small to mid-sized businesses access to e-commerce solutions at an affordable price. Our philosophy is that technology should automate routine processes and provide real-time information, but can never replace industry experience and equipment knowledge. Our software uses an Application Service Provider (ASP) model so clients can quickly establish a unique Internet identity. SecureLease is responsible for maintaining the hardware and software, while the subscriber maintains complete control of access to confidential information. For more information visit our website at www.securelease.com, contact us by e-mail to info@securelease.com, or call 800-371-5432. ##### ################ ################### ##############
Lease Forum adds MainControl ( yesterday formed alliance with Capital Stream , the good news here, Lease Forum states: · The leasing industry topped $260 billion in 2000 and is expected to exceed $281 billion in 2001. · 8 out of 10 corporations utilize leasing as a source of finance. ) Company Press Release MainControl(R) and LeaseForum Team to Provide World Class Technology Leasing Solution MainControl's MC/EMpower Coupled With LeaseForum's LeaseCenter Provide Comprehensive Support for Lease Origination, Analysis and Tracking MCLEAN, Va. and BOSTON, -- MainControl Inc., a leading provider of Technology Asset Management solutions and LeaseForum, Inc., a market leader in end-to-end lease management, announced today they have teamed to provide customers a comprehensive technology leasing lifecycle management solution. Together, MainControl and LeaseForum offer complete lease origination, analysis and lifecycle tracking support, including RFQ and Dealbook distribution, transaction sourcing and analysis, contract negotiation and execution, and lifecycle tracking and management. This powerful combination brings to Technology Asset Management the easy accessibility for customers to obtain fast and straightforward financing for leased IT assets while ensuring these assets are quickly and seamlessly integrated and managed within their organizations. Nationwide, companies of all sizes are realizing significant savings by improving the way they source and manage leases and equipment. According to industry experts: · The leasing industry topped $260 billion in 2000 and is expected to exceed $281 billion in 2001. ·
· 8 out of 10 corporations utilize leasing as a source of finance. · |
