Leasing News

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Headlines----

National Penn Forms Leasing Company; Bennett Named CEO

Congress agrees on new accounting laws

Leasing News Classified Ads------

PostOnce---New Website for Posting Jobs

IKON Reports Third Quarter Earnings Up 12%

Uncertain Business Climate Continues to Affect Commercial Real Estate

Price of Homes Continue to Rise in S.F. Bay Area

Dockworkers rally for deal--Could Come Monday

UCB Appoints Edward Schultz to Sen. VP & Mgr.

PACCAR Reports Higher Sales, Net Income

News Brief----Football Rarity: Da Bears--- All draftees signed

### Denotes Press Release

National Penn Bank announced the formation of the National Penn Leasing Company. The new, wholly-owned subsidiary will provide customers with a full range of commercial equipment leasing services throughout the Bank's existing footprint.

According to Glenn E. Moyer, president of National Penn Bank, the formation of the National Penn Leasing Company is another way to add value for our commercial customers. "We continually look at ways to meet our business customers' needs. Over 80% of businesses lease equipment of some kind. By offering this service for our customers, we are better able to respond to their needs quickly and effectively."

Bank and leasing veteran Roger J. Bennett of Downingtown, Chester County, has been appointed president and CEO of the National Penn Leasing Company. Bennett brings over 25 years of experience in commercial banking and leasing to his new position. He most recently served as director of leasing and finance for ITT Industries, Upper Saddle River, NJ. Bennett was also previously associated with American Equipment Leasing, Reading, PA; Newcourt Credit Group/CIT, Indianapolis, IN; and The Royal Bank of Canada, Toronto, Ontario. He holds a bachelor's degree in business from the University of Toronto.

According to Bennett, "The National Penn Leasing Company will offer leasing as a complimentary product to the Bank's existing suite of financial products and services. Leasing is based on the concept that growth and profitability are more readily obtained when a business pays to use the equipment rather than own it. Leasing provides customers with significant benefits including the tax advantage of deductible lease payments, preservation of precious cash, and maintenance of favorable balance sheets."

Commonly leased business assets include manufacturing and production equipment, computer systems, medical equipment, construction equipment, transportation equipment, telecommunications systems, and much more. Both "Capital" and "True" lease types will be offered to serve the needs of the middle market.

"The benefits of leasing are tremendous for the customer. Our strategic objective for the National Penn Leasing Company is to provide exceptional customer service along with highly competitive leasing solutions," stated Bennett.

Additional information about the National Penn family is available on National Penn's Web site at http://www.natpennbank.com.

Higher audit fees, a reshuffling of consulting clients and several high-profile prosecutions likely will result from an agreement Wednesday on Capitol Hill over a package of accounting reform measures.

Accounting industry experts say the legislation's establishment of an independent Public Company Accounting Oversight Board -- with broad powers to regulate and discipline the profession -- should foster significant changes in the way auditors conduct business. It replaces a largely voluntary, self- regulatory system within the profession.

"It is the most significant legislation for accounting since the establishment of the Securities and Exchange Commission in the 1930s," said former U.S. Comptroller General Charles Bowsher, who headed a much weaker industry oversight board that dissolved in January.

One immediate result will be higher fees as audit standards tighten and as company boards of directors demand more assurance that the numbers are right, senior accounting firm partners and other industry experts said.

House and Senate negotiators ended weeks of debate Wednesday by reaching an agreement on the structure and powers of the board. It is part of a broader corporate reform package that lawmakers expect to send to the White House as early as this week.

"This is the first public body that will have real oversight over all of the auditing industry's operations," Bowsher said, adding that the voluntary board he headed lacked both the power of a legislative mandate and the support of the accounting industry.

The new body, which must be appointed by the SEC within 90 days upon enactment of the legislation, will set auditing and ethical standards for the profession. These range from the minute -- how often or how many times auditors should look at a specific type of transaction -- to the significant, such as what constitutes a breach of professional ethics.

Whether it uses that power will largely be up to whoever becomes chairperson of the five-member board, and the other four individuals on the panel. The board is expected to consist of two accountants and three people who are not accountants but are familiar with financial reporting issues and rules. The members will work full time for the panel and will not be allowed to collect pay from the accounting industry or other businesses.

Industry experts are bracing for a series of high-profile investigations as the board moves to assert its authority.

Already, the threat of outside disciplinary action "is forcing people to make sure that they are getting the numbers right," a senior partner with one of the Big Four accounting firms said.

Accounting firms that conduct public company audits will have to register with the board. Their registration fees will provide funding for the panel and its staff, which will have the power to inspect the work of auditors and investigate wrongdoing. The board will be able to levy fines, issue sanctions and even ban individual auditors and firms it determines are negligent.

In a move to strengthen the independence of accountants, the legislation also tightens restrictions on consulting services accounting companies may perform for audit clients.

Although the Big Four accounting firms have spun or sold off large pieces of their consulting businesses, especially in information technology, they still earn significant revenue from financial and management consulting.

For example, Bowsher said that the firms are partially responsible for helping companies to develop and structure many of the off-balance sheet and often off-shore ventures that have been at the core of the series of recent accounting scandals.

"Now you will be auditing the ventures set up by others rather than by just another wing of the same firm," Bowsher said. He believes such a system will provide both more independence and a greater check on accounting practices.

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IKON Reports Third Quarter Earnings Up 12%; Execution and Commitment to Long-Term Strategies Yielding Intended Results; Company Increases Full-Year Expectations

VALLEY FORGE, Pa.--(BUSINESS WIRE)--July 24, 2002--IKON Office Solutions (NYSE:IKN), a leading provider of business communications solutions, today reported results for its third fiscal quarter ended June 30, 2002. Net income for the third quarter of Fiscal 2002 was $43.1 million, or $.28 per diluted share. These results exceeded the Company's expectations for the quarter and represent a 12% increase over $.25 per diluted share in the prior year, assuming the impact of not amortizing goodwill in accordance with SFAS 142.

"Our strong earnings performance this quarter highlights the effectiveness of the revenue and operating strategies we have implemented over the last several years and our commitment to deliver significant earnings improvement in Fiscal 2002 - despite an anticipated decline in revenues," said James J. Forese, Chairman and Chief Executive Officer. "We are executing on strategies to penetrate new market opportunities, on actions to significantly improve the bottom line, and we have taken appropriate steps to ensure our financial strength. Our performance is on track and the outlook for the business remains strong. By developing IKON into a more efficient and scalable distribution and service organization, we are building value within the business and positioning the Company to take advantage of future market and business growth opportunities."

Revenues for the third quarter of Fiscal 2002 were $1.22 billion, compared to $1.31 billion for the same period a year ago. While delayed customer spending continued to impact revenues generated from sales of copier/printer equipment, the Company delivered on its specific objectives for Fiscal 2002, including growth in sales of high-end production equipment, facilities management, and continued penetration into more major and national account business that leverages the Company's substantial sales and service capabilities. The Company has divested or downsized several business lines throughout Fiscal 2002, and the impact from the decline in those revenues as compared to the prior year accounted for approximately three quarters of the 7% revenue decline for the quarter.

Year to date free cash flow was $139 million compared to $120 million for the same nine month period in Fiscal 2001, which excludes approximately $23 million in proceeds received in the prior year for the sale of certain real estate in the United Kingdom. The Company continues to expect to generate $220 to $230 million of free cash flow for Fiscal 2002. Excluding finance subsidiaries' debt, the Company's debt to capital ratio was 29% at June 30, 2002.

Net Sales, which includes the sale of copier/printer equipment, supplies, and technology hardware, declined 7% from the prior year, led largely by a 30% decline in technology-related hardware. The Company has been de-emphasizing this low-margin revenue stream on a gradual basis, choosing instead to redirect its technical capabilities to support the growing service opportunities in document management and digital connectivity. In sales of copier/printer equipment, the Company's performance remained strong in the high-end, segment 5 & 6 market, as evidenced by double-digit growth in the sale of monochrome and production color devices. Sales of lower-end copier/printer equipment and supply sales declined compared to the prior year - a reflection of the strategies the Company has employed to shift its sales focus to more profitable and strategic product and service offerings, as well as a soft economy.

Services, which primarily includes revenues from the servicing of copier/printer equipment, and outsourcing and other services, declined 9% from the prior year. The Company's significant installed equipment base continues to generate solid revenues from the servicing of copier/printer equipment, which grew slightly from the prior year as the base continues to undergo a shift from analog to digital technology, and from the Company's focus on expanding its product mix to more higher-end devices. The downsizing or sale of non-strategic outsourcing and other service businesses, including the sale of the Company's technology education business, and the sale or closure of a number of digital print centers and technology service locations, accounted for essentially all of the decline from the prior year. Strategic service offerings such as facilities management, legal document services, and professional services continued to perform well in light of current economic conditions.

Finance Income grew 1% from the prior year. During the quarter, approximately 79% of IKON's customers leased through IOS Capital, IKON's captive leasing organization in North America. Effective this quarter, income generated through IOS Capital's administrative infrastructure such as syndication fees, late fees, and other processing-related revenues will be reported as Services rather than within Finance Income. There was no impact on operating income, net income or earnings per share as a result of this change. For comparative purposes, additional quarterly information has been included in the Notes to the attached financial tables.

Total Gross Profit remained strong at 39.7%, unchanged versus the prior year, a result of stronger margins on Services and Finance Income, offset by reduced margins on Net Sales.

Selling and Administrative Costs declined $55.2 million from the prior year through improved productivity, centralization and consolidation strategies, the downsizing or elimination of unprofitable businesses, and the elimination of approximately $10 million of goodwill amortization under SFAS 142. The Company has made significant investments to centralize and streamline its infrastructure over the years, and as a result of these strategies and in anticipation of a tough economic climate for most of Fiscal 2002, the Company set out to reduce Selling and Administrative costs by $190 million from Fiscal 2001 levels. Year to date, Selling and Administrative costs have declined by approximately $160 million compared to the first nine months of Fiscal 2001.

Operating Margin was 6.8% compared to 4.9% in the third quarter a year ago, or 5.7% assuming goodwill amortization was not expensed in the third quarter of Fiscal 2001. The improvement in the operating margin reflects the Company's drive toward its long-term goal of 8% to 10% operating margins.

"We are encouraged by the permanent improvements we are making to our operational infrastructure, to our revenue mix, and by the sequential improvement we are seeing in our core revenue streams," said Mr. Forese. "Although the fourth quarter is typically a softer quarter on the revenue front for IKON as compared to the third, we expect to finish out the year with a solid performance. As a result, we are raising our Fiscal 2002 expectation from earnings per diluted share of $.87 - $.92 to $.94 - $.96 for an anticipated improvement of over 16% from the prior year. This places our fourth quarter earnings expectation in the $.20 - $.22 per diluted share range. Revenues will continue to be affected by the de-emphasis of certain revenue streams, revenue mix strategies, and a cautious economic climate; therefore, revenues are expected to decline by approximately 8% for the full year, and 4% to 6% for the fourth quarter.

IKON Office Solutions (www.ikon.com) is one of the world's leading providers of products and services that help businesses communicate. IKON provides customers with total business solutions for every office, production and outsourcing need, including copiers and printers, color solutions, distributed printing, facilities management, imaging and legal document solutions, as well as network design and consulting, and e-business development. IOS Capital, LLC, a wholly-owned subsidiary of IKON, provides lease financing to customers and is one of the largest captive finance companies in North America. With Fiscal 2001 revenues of $5.3 billion, IKON has approximately 600 locations worldwide including the United States, Canada, Mexico, the United Kingdom, France, Germany, Ireland and Denmark.

BOSTON, -- The uncertain business environment, exacerbated by recent disclosures of accounting irregularities among several well-known companies, is contributing to a continuing softening in commercial real estate markets nationwide. According to a survey by Colliers International, office markets recorded another quarter of near non-existent demand combined with an influx in sublease space, which resulted in the sixth consecutive quarter of negative absorption. The pace of sublease space being added to the market continues to slow, however, with only a five percent increase over the second quarter of 2002, compared to the ten percent registered in the first quarter and the 15 percent seen in the last quarter of 2001. In addition, the labor markets appear to be past the worst, with some job growth in the last few months, and the economy continues to surprise on the upside with annual growth rates in the 3.0 to 3.5 percent range. Such signs give observers hope that the market will begin to stabilize in 2003.

"We are clearly in a period of consolidation and cost cutting which is having the effect of pushing vacancy levels higher, but on the flip side it has been more than five years since tenants had so many options," said Ross Moore, Vice President and Director of Research for Colliers International. "We remain convinced the economy is on the mend and with a more buoyant economy the demand for office space will surface before long," he added.

With nationwide vacancy rates rising almost one percentage point during the quarter to 15.7 percent, asking rents have decreased again by 4 percent. Concessions by landlords are now widespread, but reduced rent is more likely to be offered than substantial free rent or lease takeovers. The majority of leasing activity is in small deals, or by non-business organizations such as governments, non-profit organizations and the education sector. Business services firms, such as law firms and financial services companies are largely out of the market altogether, as the lingering effects of the technology implosion continue to affect this segment.

"For the next few quarters, the emphasis by corporations will be on cutting back where possible and disposing of excess real estate," commented Moore. "Most expansion plans are on hold, and markets nationwide are characterized by a 'wait and see' attitude," he said.

Colliers International is a global partnership of independently commercial real estate firms. The organization's 6,600 employees span the world in 234 offices in 51 countries. On a worldwide basis, Colliers manages 442 million square feet, and has revenue of $US 800 million. For more information about Colliers International, visit our website at www.colliers.com .