|
July
18, 2001
Headlines--- Tyco Reports 24% Increase 3rd Quarter IBM Reports 3% Decrease,But Profit $103 Million Greenspan Describes Economy as “ Still Standing.” Capital Stream Details on TIBCO Advisa, McCue Systems Offer Like-Kind Exchange Application Heller Financial, Inc. Declares Dividends for Class A and B Common Stock eFinancial Projects Are Destined to Fail Without Concerted Project and Resource Management Methodologies Ethics Dialog—Anonymous ---- “Blah-Blah-Blah?” plus The Financial Resource Conference August 28-30, 2001 Winners ! ! ! ### denotes Company Press release ----------------------------------------------------------------------------------------------------################### Tyco International Reports 24 Percent Increase in Third Quarter Earnings Per Share; Per Share Earnings Rise to 72 Cents from 58 Cents; Free Cash Flow Reaches $1.5 Billion \ Tyco
International Ltd. (NYSE:
TYC) (BSX: TYC) (LSE:
TYI), a diversified manufacturing
These
results are before non-recurring
items. After giving effect
to such items, diluted
earnings billion, compared to 58 cents, or $997.3 million, in the third quarter of fiscal 2000. Income
before non-recurring items,
extraordinary items and
cumulative effect of accounting
"Tyco's
strong results in the
quarter exemplify our
longstanding strategy
of building our base of
"The
strength and diversity
of our business mix makes
us comfortable with the
outlook for Tyco "On
the acquisition front,
we remain very much on
plan. The acquisition
of CIT was completed on
--------------------------------------------------------------------------------------------- CapitalStream Selects TIBCO Software To Provide Enterprise
Application Integration
Across Its Networked Commercial
Finance Platform
CapitalStream improves its robust commercial finance platform; additional technology will enable rapid, scalable integration for third-party and customers’ legacy systems SEATTLE, WA.
–- CapitalStream (www.CapitalStream.com), a Seattle-based
provider of commercial
finance automation technology,
today announced it will
utilize the TIBCO Software
Inc. (Nasdaq: TIBX) Enterprise
Application Integration
(EAI) suite to integrate,
connect and extend its
network and offerings
for banks, financial institutions
and manufacturers. The choice for CapitalStream is significant
in that it will make it
possible for its offering
to integrate more quickly
and easily with customer
legacy systems and increase
customer usage flexibility
– all while accelerating
the commercial finance
transaction workflow process.
CapitalStream will use TIBCO’s EAI solution to enhance
its FlowChart Editor process,
which can substantially
reduce a lender’s risk,
while increasing its profitability.
Currently, CapitalStream’s
FlowChart Editor is able
to automate the credit
decision making process
as well as assess risk,
based on business rules
set in advance by the
customer.
Once complete,
the system initiates an
additional set of actions
including automatic assignment,
forwarding of credit applications
to a funding source for
approval, and completes
the credit approval cycle
with the booking of the
transaction. The customer
has the ability to change
or modify their business
rules, as their requirements
evolve, at anytime from
the convenience of their
desktop, thus saving time
and money.
By adding TIBCO’s technology – also known as The Information
BusTMor the
“TIB®”– once the origination
process has been engaged,
CapitalStream’s FlowChart
Editor will be able to
tie together third-party
and legacy systems, and
concurrently perform multiple
tasks, such as credit
screening, fraud check,
credit rating, proper
equipment usage, deal
size and other elements
integral to the decision
making process. “We at CapitalStream are pleased to have TIBCO as our
EAI vendor,” said Jeffrey
Dirks, executive vice
president and e-Commerce
Operating Officer, CapitalStream.
“By incorporating
their integration technology
into our solution we are
creating an offering that
gives customers ease of
integration with the ability
to link together disparate
systems. This is the key
to streamlining the commercial
finance process.” CapitalStream is planning on full implementation of the Integration Manager
portion of the EAI solution
by 4th quarter of 2001.
In 2002 all new CapitalStream
customers will experience
the faster, more efficient
CapitalStream - FinanceCenter
offering. Current
customers will also be
able to adopt the enhanced
CapitalStream solution
at that time. “CapitalStream offers a key application for banks and
companies looking to provide
commercial financing,”
said Fred Meyer, chief
marketing officer for
TIBCO Software. “By basing
their platform on TIBCO’s
technology, CapitalStream
will have the benefits
of industry-leading integration,
B2B and portal technologies
that will enable them
to quickly connect to
customers and the ability
to increase their competitiveness
in the marketplace.” About CapitalStream Seattle-based CapitalStream (http://www.capitalstream.com) automates and streamlines commercial finance processes for banks, finance companies, and manufacturers. CapitalStream – FinanceCenterÔ reduces processing time, lowers costs, and enables companies
to cost effectively take
advantage of new business
opportunities by automating
manual processes for leases,
loans, lines of credit,
and credit cards. CapitalStream,
an established industry
leader for more than five
years with deep knowledge
about the inner workings
of the financing world,
has helped hundreds of
financial organizations
increase their competitiveness,
customer service and profitability. About TIBCO Software Inc. TIBCO, TIBCO Software, TIBCO ActiveEnterprise, TIB/NetworkConnector, TIB/BusinessConnect, TIB/InConcert, TIB/MessageBroker, TIB/Rendezvous, TIB/Hawk, The Information Bus and TIB are trademarks or registered trademarks of TIBCO Software Inc. All other product and company names and marks mentioned in this document are the property of their respective owners and are mentioned for identification purposes only. Legal Notice
Regarding Forward-Looking
Statements: This release
contains forward-looking
statements regarding TIBCO's
business, customers, markets
served or other factors
including the ability
of products to meet customers’
expectations, needs, or
perform as described that
may affect future earnings
or financial results.
Our actual results could
differ in such forward-looking
statements. Reasons for
why actual results could
differ materially include
if the products are unable
to successfully meet customers’
expectations, needs, or
perform as described.
Additional information
concerning factors that
could cause our actual
results to differ materially
from those contained in
the forward-looking statements
can be found in TIBCO
Software's filings with
the Securities and Exchange
Commission ("SEC"),
including but not limited
to its most recent reports
on Forms 10-Q and 10-K
filed with the SEC on
April 12, 2001 and February
27, 2001, respectively,
which identify important
risk factors that could
cause actual results to
differ from those contained
in the forward-looking
statements including limited
independent operating
history, history of losses,
unpredictability of future
revenue, dependence on
a limited number of customers,
relationship with Reuters
Group PLC, rapid technological
and market changes, risks
associated with infrastructure
software and volatility
of stock price. Copies
of filings made with the
SEC are available through
the SEC's electronic data
gather analysis and retrieval
system (EDGAR) at www.sec.gov. TIBCO assumes no obligation to update the forward-looking
statements included in
this document. ### f######### ###################### ###########
## SecureLease
VISION to Provide Credit
Bureau Reports with MicroBilt’s
SDK
SecureLease, a leading provider of Internet-based services to the leasing industry, has integrated MicroBilt’s Software Development Kit (SDK) into VISION—its new Application Service Provider product. Subscribers now can obtain reliable credit information instantly to evaluate lease applications. SecureLease VISION offers companies building blocks to rapidly deploy B2B finance solutions that fit their unique needs. VISION uses the Application Service Provider (ASP) model to deliver an Internet presence with the subscriber's distinctive marketing personality. Capabilities range from email and web site hosting, to full e-commerce solutions including credit scoring and electronic document delivery. Subscribers choose the features they need for a cost effective solution tailored to their requirements. With the addition of the powerful MicroBilt SDK, subscribers can now elect to define acceptance criteria and evaluate credit bureau data from the three major consumer bureaus and two commercial bureaus. Companies have complete flexibility to combine the best of automated processing and the human touch to serve their customers. SecureLease was seeking a faster, more secure, and more economical alternative for accessing credit bureau products. According to Steve Lundergan, SecureLease President, “We chose MicroBilt because they were able to provide a superior product, they had great experience in the industry, and they were very responsive.” The MicroBilt SDK puts companies on the leading edge of automating credit decisions. Lease applications receive fast replies. Routine paper shuffling is eliminated so leasing companies can focus on building their business and serving their customers. “MicroBilt has relieved us of a significant burden,” said Kirk Hall, SecureLease CTO. “We were able to integrate the MicroBilt SDK into VISION in under two weeks, saving significant development cost, and we no longer have to maintain direct connections to the credit bureaus.” MicroBilt’s SDK is geared to companies who extend credit or have a need to run credit reports for their businesses. The MicroBilt interface provides a way for developers to access and integrate multiple credit bureau data and reporting into their application. “We are pleased that SecureLease chose to replace their existing credit access capability with the MicroBilt SDK,” said Ken Hill, President of MicroBilt Corporation. “They recognized the value of our product and our experience with the credit bureaus.” VISION is SecureLease’s second release of its ASP-based product, initially offered in September of 2000. Developed using the Microsoft .NET framework, VISION showcases the versatility of new Internet development tools to provide Brokers, Lessors, Funders, Banks and Financial Institutions increased efficiency and productivity with automatic processing options, flexible integration with external systems, secure and reliable access to confidential information and rapid deployment while accommodating clients' specific needs. About SecureLease: SecureLease SecureLease was About MicroBilt:MicroBilt, a division of Bristol, is a nationwide leader in credit bureau data access and retrieval, providing credit solutions to the Financial (banking, mortgages, home equity, credit union, collections), Rental or Leasing, Health Care, Insurance, Law Enforcement, Educational (Universities, Colleges and institutions of higher learning) and Utilities (gas, electric, cellular, cable, residential phones) industries. MicroBilt provides interfaces with the three consumer bureaus, Equifax (NYSE: EFX), Experian (London Stock Exchange: GUS) and Trans Union and the two commercial bureaus, Dun & Bradstreet and Experian Business. Bureau data is available via dial-up software, Internet website access (www.creditcommander.com), or through an integrated custom interface utilizing the Software Developers Kit. The company also enables web sites to enhance their content offerings by delivering a CreditCommander.com co-branded site to their established online communities. MicroBilt services over 30,000 customers throughout the United States and Canada. MicroBilt (www.microbilt.com), formerly a First Data Corporation (NYSE: FDC) subsidiary, is headquartered in Kennesaw, Georgia with offices in Princeton, New Jersey, South Carolina, Arizona and California. ###### ############### ############# eFinancial Projects Are Destined to Fail Without Concerted Project and Resource Management Methodologies Business/Technology Editors NEWTON, Mass New Report From Meridien Research Looks at the Issues Behind Building Successful eFinancial Projects A cutting-edge business strategy can only take you so far, says a new report from Meridien Research. Without the means to successfully implement upon that strategy, financial institutions are spinning their wheels. Many institutions are realizing that their IT departments are not prepared for an increasingly intense competitive environment. Technology-based and extremely fast-paced in nature, e-projects are forcing financial institutions to examine how they have managed projects in the past so that they can adapt and adjust to new demands emerging in those industries that rely on software development as a core part of their business. "Financial institutions are still having great difficulty adjusting to the arena of e-projects, largely because of organizational and cultural issues surrounding the budgetary processes," says Sarah Ablett, Analyst at Meridien Research. "Shareholder expectations and comfort levels are as responsible for this as the individual financial institutions are -- a new rule book is required on both fronts if banks, brokerages, and insurance firms are expected to compete on the same playing field as the aggressive software firms who are challenging them today." Project Management Strategies: Finding the Balance Between Tools and Touch is a comprehensive look at the issues facing financial institutions in building large-scale software projects. More information on purchasing this report can be obtained from sales@meridien-research.com or by calling 617-796-2800. About Meridien Research Meridien Research of Newton, MA, provides analytical research services to users and providers of financial industry technology. Meridien Research targets three technology areas of strategic importance to financial services firms: eFinancial Services, Trading & Risk Management and Customer Relationship Management. Each practice delivers quarterly reports and monthly briefs, detailing new issues and challenges. Visit www.meridien-research.com/press to register for announcements as new research becomes available. For media relations, contact Parallax LLC at 781.235.7025 or parallax@meridien-research.com. --30--ek/bos* CONTACT: Parallax LLC Bruce Dishman 781-235-7025 bdishman@parallaxllc.com ######### ########################### # Greenspan Says More Rate Cuts May Be Needed to Spur Economy Describes the Economy as “ Still Standing.” Wall Street Journal Federal Reserve Chairman Alan Greenspan cautioned that the economy still hasn't emerged from its yearlong slump and could get worse. "The period of sub-par economic performance ... is not yet over, and we are not free of the risk that economic weakness will be greater than currently anticipated and require further policy response," Greenspan told the House Financial Services Committee. Greenspan said Fed policy makers have lowered their forecast for economic growth this year. The range of economic growth, as measured by the gross domestic product, in 2001 is now forecast at between 1.5% and 2%, rather than 2% to 2.75%. The Fed has predicted the economy would rebound to a stronger rate of growth in the range of 3% to 3.5% in 2002. In an effort to stave off recession, the central bank has slashed interest rates six times this year, totaling 2.75 percentage points, the most aggressive credit-easing campaign in nearly two decades. Economists viewed Greenspan's remarks as sending a strong signal that another interest rate cut could come as soon as the Fed's next meeting on Aug. 21. "I think that he was a bit clearer today in expressing concern about the potential for continued weakness for the economy than he typically is and that he is holding up a flag. He is telling everybody he is absolutely prepared to do all that is necessary to make sure things don't get any worse," said economist Joel Naroff of Naroff Economic Advisors. Greenspan expressed hope that the Fed's rate reductions - along with falling energy costs and soon-to-be mailed tax-rebate checks - will bolster economic growth in the coming months. "By aggressively easing the stance of monetary policy, the Federal Reserve has moved to support demand, and, we trust, help lay the groundwork for the economy to achieve maximum sustainable growth," Greenspan said. One of the reasons the Fed has been able to cut interest rates so much, Greenspan said, is because inflation is well contained. That should continue, given that energy prices are starting to fall. The Labor Department said that the consumer-price index rose a seasonally adjusted 0.2% in June after a 0.4% increase in May. The so-called core index, which excludes volatile food and energy items, increased 0.3% after a 0.1% increase in May. The core index rose 2.7% in the 12 months through June, up from a 2.5% annual rate in May. Overall, the CPI rose 3.2% in June from a year earlier. Energy prices fell 0.9% after surging 3.1% in May. Natural-gas prices fell 5.6%, their biggest drop ever, but electricity prices jumped a record 3.8%. Gasoline prices fell 2.6%. Housing prices, which make up 40% of the index, grew 0.4% in June after increasing 0.4% in May. Greenspan said that, while inflation remains in check, "Uncertainties surrounding the current economic situation are considerable," he said. Until there is more evidence that businesses have successfully completed getting their excess stocks in line with sales and companies ramp up investment in computers and other equipment, "The risks would seem to remain mostly tilted toward weakness in the economy," Greenspan said. Much of the economic slowdown comes from businesses rapidly and sharply cutting back on production in the face of sagging demand. Companies have laid off workers, trimmed hours and deeply discounted merchandise to work off excess inventories. Economic upheaval in other countries, coupled with rising energy prices last year into this year, intensified the slowdown and drained businesses' and consumers' purchasing power, Greenspan said. Greenspan did not predict when businesses would complete the paring of inventories. "At some point, inventory liquidation will come to an end, and its termination will spur production and incomes," he said. Economists say once companies work off excess inventories, they will be in a position to rev up production, which would bode well for a rebound in economic growth. Consumers, whose spending accounts for two-thirds of all economic activity, have been a main force keeping the economy afloat. Household disposable income, Greenspan said, is now being bolstered by President Bush's new tax cuts. Yet, there are downside risks to consumer spending in the next few quarters, he said. The sagging stock market has reduced household wealth and is likely to restrain consumer spending in the future. A weaker labor market also could damp spending. Even against these risks, Greenspan said, "It is notable how well the U.S. economy has withstood the many negative forces weighing on it." Separately, the Commerce Department said housing starts rose 3% to a seasonally adjusted 1.658 million annual rate in June, following a revised 1% decline in May to a 1.610 million pace. The May rate initially had been estimated as a 0.4% drop to 1.622 million annual rate. The report surprised economists, who had expected a decline to a 1.60 million rate. The data show the housing sector continues to be an area of strength in an otherwise struggling U.S. economy. The report signaled some possible weakness down the line, however. June building permits, an indication of future activity, fell 3.3% to a seasonally-adjusted 1.568 million annual rate, the Commerce Department said. The rate was short of the 1.61 million units expected by economists. The National Association of Home Builders reported that its index for new, single-family homes dipped to 56 in July from 58 in June, still a relatively high level. Single-family home construction, which accounts for more than two-thirds of all residential construction, increased 1.4%. Housing starts were up 6.3% year-on-year. -------------------------------------------------------------------------------------------------- ################################### ########## BM Credit Reports 2001 Second-quarter Financial Results
ARMONK, N.Y.--( --IBM Credit Corporation today reported second-quarter 2001 net earnings of $103.47 million, a 3 percent decrease, compared with $106.15 million for the second quarter of 2000. The annualized return on average equity was 22.4 percent, compared with 17.7 percent in 2000. New customer financing originations(a) for acquisition of information technology products and services increased 5 percent to $1.74 billion in the second quarter of 2001, compared with $1.66 billion for the same period in 2000. New commercial financing originations -- providing working capital for inventory, accounts receivable and |