Kit Menkin's Leasing News

                   www.leasingnews.org    Tuesday, July 30, 2002

  Accurate, fair and unbiased news for the equipment Leasing Industry

(posted at www.leasingnews.org and send daily by e-mail to subscribers)

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    Headlines----

 

 

ORIX's First Quarter Earnings Grow 62%

  VC Investment In Q2 2002 Continues To Slide Back

      Seismiq Announces Plan to Launch Loan Application

         PayPal Integrated into FrontPage

             eLNA Last Chance to Register

Accounting scandals, falling market boost sales of some books

  Jury awards woman $5 million for credit bureau mistake

   News Briefs----N.B.A. Will Use Instant Replay

 

### Denotes Press Release

 

 

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ORIX's First Quarter Earnings Grow 62%

 

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TOKYO----ORIX Corporation (TSE: 8591; NYSE: IX), a leading diversified financial services provider, today announced that net income for the first quarter of the fiscal year ending March 31, 2003 (April 1 to June 30, 2002) was 16.9 billion yen (US$141 million(a)), up 62 percent compared with the first quarter of the previous fiscal year.

 

Income before income taxes rose 25 percent year on year, thanks to strong contributions from real estate-related finance and other operations. The gain in net income resulted in part due to a change in accounting principle, which added 1.9 billion yen to net income. Excluding this gain, net income increased 45 percent year on year.

 

Operations in Japan were particularly strong contributors to the growth in earnings in the first quarter. While profits in the Corporate Finance business segment, which includes direct financing leases and lending other than real estate loans to corporate customers, and the Equipment Operating Leases business segment, both declined, strong gains in the Real Estate-Related Finance business segment and the Others segment, which includes consumer card loans, performed strongly.

 

Commenting on the first quarter results, Mr. Yasuhiko Fujiki, ORIX's President and Chief Operating Officer said, "We have continued to evolve our business model away from corporate finance operations that rely only on assets towards those businesses that include value-added investment banking services in addition to financing. We have also increased our retail finance activities. The first quarter results exemplify our successful transformation and demonstrate our fundamental strength as a leading financial services company. While more traditional corporate leasing and lending operations continue to produce steady profits, strong growth in strategic areas like real estate-related finance and retail finance have started to make substantial contributions to our earnings."

 

ORIX reaffirmed its earnings forecast for the fiscal year ending March 31, 2003, projecting revenues of 680 billion yen (up 3% compared with the fiscal year ended March 31, 2002), income before income taxes of 80 billion yen (up 10%), and net income of 46 billion yen (up 14%).

 

 

About ORIX

 

ORIX Corporation (TSE: 8591; NYSE: IX) is a leading financial services company based in Tokyo, Japan providing innovative value-added products and services to both corporate and retail customers. With over 6.0 trillion yen in assets and operations in 23 countries worldwide, ORIX's diversified activities include: leasing, corporate finance, real estate financing and development, insurance, investment and retail banking, venture capital, and securities investment and brokerage. For more details of ORIX Corporation, please visit our web site at: www.orix.co.jp/index-e.htm

 

(a) U.S. Dollar amounts have been calculated at JPY119.50 to $1.00, the approximate exchange rate prevailing at June 30, 2002.

 

 

CONTACT:

 

ORIX Corporation, Tokyo

Corporate Communications

Tel: +81-3-5419-5102

Fax: +81-3-5419-5901

E-mail: orixir@orix.co.jp

 

 

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Venture Capital Investment In Q2 2002 Continues To Slide Back Toward Pre-Bubble 1998 Levels

 

- Life Sciences Industries Buck Trend -

 

WASHINGTON, -- Venture capital investment continued downward in the second quarter of 2002 as total disbursements fell to $5.7 billion, an 11 percent decrease from the previous quarter, and the lowest level since the third quarter of 1998, according to the PricewaterhouseCoopers/Venture Economics/National Venture Capital Association MoneyTree(TM) Survey.  A total of 819 companies received funding -- essentially the same as 826 companies the previous quarter.

 

Tracy Lefteroff, global managing partner of the venture capital practice of PricewaterhouseCoopers observed, "As expected, total investments for the year 2002 will be well below 1999, the first of the 'bubble' years.  However, 2002 is still likely to be the fourth largest year ever for venture investing. This return to more normal historical levels also reflects the uncertain economic environment, the weak IPO market and more realistic company valuations.  On the other hand, the fact that the number of companies getting venture backing has scarcely decreased is a positive indicator of future activity.  Entrepreneurs are continuing to fill the pipeline."

 

Mark Heesen, President of the National Venture Capital Association said: "Successful venture capital investing in these uncertain economic times requires balancing the reality of the  'here and now' with the promise of the long-term horizon.  VCs today must be able to continue to preserve capital and support their existing companies that are weathering the storm.  Yet, they must also be in a position to keep their 'eyes on the prize' and find the new companies that will be the winners five to seven years from now.  History tells us that some of tomorrow's most successful companies will be funded during today's down cycle.  Patience continues to be required by all parties involved."

 

INDUSTRY ANALYSIS 

 

Most industry trends evidenced in the first quarter continued in the second.  The notable exceptions were in the Life Sciences -- Biotechnology and Medical Devices.  The Biotechnology industry, which captured the second highest dollar amount at $958 million realized a strong 15 percent increase in dollars invested compared with the first quarter figure of $836 million.  The Medical Devices sector also showed significant growth with investment totaling $556 million, a 43 percent increase over the first quarter.  Taken together, the Life Sciences industries accounted for 27 percent of all venture capital investing, the highest allocation in the last five years.

 

The Software sector retained its number one ranking, attracting the largest total dollar amount at $1.0 billion.  Yet, this figure represents a 16 percent decrease from the previous quarter when venture capitalists invested $1.2 billion in the sector.  All other major sectors experienced declines.  Semiconductor investments fell 31 percent to $284 million.  Media & Entertainment investment fell 47 percent to $161 million.  And, Retailing and Distribution fell 12 percent to $394 million.  Telecommunications fell 16 percent to $657 million.  Computers & Peripherals experienced a slight gain of 6 percent to $185 million.  The IT Services sector jumped 45 percent to $360 million, rebounding from a large drop in the prior quarter.

 

STAGE OF COMPANY DEVELOPMENT 

 

Expansion stage companies attracted the most dollars in the second quarter with 468 companies accounting for 66 percent of total dollars invested.  Two hundred thirty three early stage companies attracted 19 percent of total dollars.  Fewer companies received later stage financing with 73 organizations receiving funding versus 132 in the first quarter.

 

Venture capitalists continued to support their existing portfolios through the economic volatility as the majority of companies funded and dollars invested were follow-on financings.  However, this support did not come at the expense of new companies.  In the second quarter of this year, first-time financings accounted for 25 percent of the number of deals and 21 percent of dollars invested, figures which were largely unchanged from first quarter. Software companies led with 56 companies receiving venture capital for the first time.  Biotechnology companies followed with 31 first-time financings and Medical Device companies with 16.

 

Commenting on the balance between first-time and follow-on financing, Jesse Reyes vice president at Venture Economics said:  "This has been a sustained trend over the past few quarters.  For every dollar invested in a new company, five to seven dollars are invested in existing portfolio companies.  The only major areas where investors are putting relatively more money into new deals as opposed to follow-on financings are in Software where nearly one-quarter of the money is for new deals, and Biotechnology where close to one-third is devoted to new deals."

 

About the PricewaterhouseCoopers/Thomson Venture Economics/National Venture Capital Association Money Tree Survey 

 

The MoneyTree(TM) Survey measures cash-for-equity investments by the professional venture capital community in private emerging companies in the U.S.  The survey includes the investment activity of professional venture capital firms with or without a US office, SBICs, venture arms of corporations, institutions, investment banks and similar entities whose primary activity is financial investing.  Where there are other participants such as angels, corporations, and governments in a qualified and verified financing round, the entire amount of the round is included.  Qualifying transactions include cash investments by these entities either directly or by participation in various forms of private placement.  All recipient companies are private, and may have been newly-created or spun-out of existing companies.

 

The survey excludes debt, buyouts, recapitalizations, secondary purchases, IPOs, investments in public companies such as PIPES (private investments in public entities), investments for which the proceeds are primarily intended for acquisition such as roll-ups, change of ownership, and other forms of private equity that do not involve cash such as services-in-kind and venture leasing.

 

Investee companies must be domiciled in one of the 50 US states or DC even if substantial portions of their activities are outside the United States.

 

Data is primarily obtained from a quarterly survey of venture capital practitioners.  Information is augmented by other research techniques including other public and private sources.  All data is subject to verification with the venture capital firms and/or the investee companies. Only professional independent venture capital firms, institutional venture capital groups, and recognized corporate venture capital groups are included in venture capital industry rankings.

 

MoneyTree Survey results are available online at http://www.pwcmoneytree.com, http://www.ventureeconomics.com, and http://www.nvca.org.

 

The National Venture Capital Association (NVCA) represents over 450 venture capital and private equity organizations.  NVCA's mission is to foster the understanding of the importance of venture capital to the vitality of the U.S. and global economies, to stimulate the flow of equity capital to emerging growth companies by representing the public policy interests of the venture capital and private equity communities at all levels of government, to maintain high professional standards, facilitate networking opportunities and to provide research data and professional development for its members.

 

The PricewaterhouseCoopers Private Equity & Venture Capital Practice is part of the Global Technology Industry Group, http://www.pwcglobaltech.com. The group is comprised of industry professionals who deliver a broad spectrum of services to meet the needs of fast-growth technology start-ups and agile, global giants in key industry segments:  Networking & Computers, Software & Internet, Semiconductors, Life Sciences and Private Equity & Venture Capital. PricewaterhouseCoopers is a recognized leader in each industry segment with services for technology clients in all stages of growth.

 

PricewaterhouseCoopers (http://www.pwcglobal.com) is the world's largest professional services organization.  Drawing on the knowledge and skills of more than 150,000 people in 150 countries, we help our clients solve complex business problems and measurably enhance their ability to build value, manage risk and improve performance in an Internet-enabled world.

 

PricewaterhouseCoopers refers to the member firms of the worldwide PricewaterhouseCoopers organization.

 

Venture Economics, a Thomson Financial company, is the foremost information provider for equity professionals worldwide.  Venture Economics offers an unparalleled range of products from directories to conferences, journals, newsletters, research reports, and the Venture Expert(TM) database. For over 40 years, Venture Economics has been tracking the venture capital and buyouts industry.  Since 1961, it has been a recognized source for comprehensive analysis of investment activity and performance of the private equity industry.  Venture Economics maintains long-standing relationships within the private equity investment community, in-depth industry knowledge, and proprietary research techniques.  Private equity managers and institutional investors alike consider Venture Economics information to be the industry standard.  For more information about Venture Economics, please visit http://www.ventureeconomics.com.

 

Contact:  Jeanne Metzger 

 

NVCA 

 

703-524-2549, ext. 16 

 

jmetzger@nvca.org

 

Laura Beck, Porter Novelli 

 

PricewaterhouseCoopers 

 

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PayPal Integrated into FrontPage

 

By Beth Cox  Internetnews.com

 

Online payments company PayPal, persuaded that ubiquitousness is a key to online success, has struck a deal to integrate its service into the Microsoft FrontPage 2002 Web site creation and management tool set.

 

The move means that simple credit card processing and subscription billing services can be integrated from the get-go into the creations of Web developers using FrontPage.

 

Mountain View, Calif.-based PayPal (Quote, Company Info) said the free FrontPage add-in wizard, called the "1-2-3 PayPal Purchase Button Wizard for Microsoft FrontPage," was developed in conjunction with Auction Messenger, a developer of Windows-based utilities for managing eBay (Quote, Company Info) auctions.

 

The wizard lets FrontPage users make their sites e-commerce-ready in three steps: (1) specify an e-mail address to receive payments, (2) use the wizard to create a PayPal payment button for the product or service for sale, and (3) publish the site using FrontPage. In addition to one-click purchasing and a built-in shopping cart, the wizard also provides functionality for collecting donations, subscriptions and recurring billing.

 

Financial dealings among the companies involved were not disclosed, but the wizard is now available for download from the PayPal Developer Network site and from the Microsoft (Quote, Company Info)FrontPage Add-in Center.

 

The developer network is also part of the strategy to make PayPal ubiquitous.

 

"In just six months, more than 50,000 developers have joined PDN and are now building PayPal-compatible solutions for their online businesses and customers," said the network's director, Dave McClure.

 

"By combining PayPal's easy payment button solutions and FrontPage 2002, developers can set new speed records for building e-commerce Web sites," said Patrick Husting, founder of Auction Messenger, which has worked with PayPal in the past.

 

San Jose, Calif.-based eBay stands to gain as well, of course, since it is in the process of acquiring PayPal, which last week reported second-quarter revenues of $53.8 million, net income of $529,000 and GAAP earnings of 1 cent a share.

 

eLNA Last Chance to Register

 

Revolution and Revelation 

 

It is a time of great technological revolution.  Every day new companies are being formed and great advances are being made.  Each company has there own vision of how to develop products to utilize the new highway network to increase their market share, provide better products to their customers, and make things happen faster.

 

Some of companies making their entrance into the market place are Acason, Amplex, Bauruth, Caseler, CGV, DoDo, Havoc and ZIP.  The success of these companies depends on many factors, including their knowledge of emerging technology and their ability to make the right contacts and alliances.

 

The fact is, the companies listed above were part of a major technological revolution that occurred almost a century ago, the development of the automobile.  The one thing they have in common is that none of them survived. Automotive historians will tell you that the companies that can be deemed to be real successes were all in existence in 1903. 

 

If it is true that history repeats itself, then to be part of the current technological revolution and survive, it will be important for companies to be in business in 2003.

Now we have a new roster of companies on the leading edge of the current technological revolution including Seismiq, Pure Markets, CapitalStream, LiveCapital, GlobalTech Financial and many others.  One thing that these companies all have in common is that they have affirmed the eLNA basic premise that “It’s All About Networking”!! Dave Lakes of Dave Lakes and Associates sums it up very well.  “I have attended most of the conferences.  eLNA has put fresh air in the leasing industry. The attempt to put people together is so basic it could be embarrassing.  People do business with people. They prefer people they have met. I have made contacts/friends that may have been very difficult without eLNA.  I hope this isn't so simple it offends someone”.

 

August will bring us the eLNA Annual Networking Conference. Looking at the list of companies attending and presenting, one cannot help but be highly impressed with what the staff has put together for this year.  The event builds on last years technology focus, and “introduces attendees to innovative traditional products and services designed to enhance equipment lease origination, administration, funding and distribution networks”.  This objective is confirmed by the expanded range of topics on the agenda and the long list of tenured and newer companies signed up to attend confirms its importance.

 

The automotive revolution made enormous changes in the business world over the last century and the eRevolution will make even greater impact over the next.  To survive and succeed in this revolution you also need the revelation “It All Starts With Networking”

 

See you at the conference!!!

 

Alan Zeppenfeld

ajzep@aol.com

 

http://www.elessors.com/Events/f2.html

 

Annual Networking Conference | August 28-30 | Ritz-Carlton Hotel | Atlanta, GA

http://www.elessors.com/

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Accounting scandals, falling market boost sales of some books

 

By Hillel Italie, Associated Press

 

NEW YORK (AP) The current wave of accounting scandals, and its damaging impact on the stock market, has boosted sales for a handful of business books.

 

''Good to Great,'' an advice book by Jim Collins that advocates a disciplined corporate culture, went back to print five times in July and now has sold 426,000 copies since being published last fall. ''Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression,'' by Robert R. Prechter, Jr., is now in its fifth printing since its June release and has 100,000 copies in print.

 

''I guess this is good luck or bad luck, depending on your viewpoint. `Conquer the Crash' must seem real to a lot of people,'' said Jeffrey Brown, vice president and general manager for the business imprint of John Wiley & Sons, which published Prechter's book.

 

Other books selling well include Larry Bossidy's ''Execution,'' which also advocates corporate discipline, and Charles P. Kindleberger's ''Manias, Panics and Crashes,'' first published in 1978 but appearing at No. 7 on Amazon.com's best-seller list as of Tuesday.

 

Anticipation is strong this fall for ''Take on the Street,'' an investment guide by former Securities and Exchange Commission chairman Arthur Levitt Jr. The book has a first printing of 150,000.

 

Few new deals have been reached. HarperCollins on Monday announced it had paid at least six figures for a book by Vanity Fair contributing editor Nina Munk about the struggles of AOL Time Warner Inc., now under investigation by the SEC for possible accounting violations.

 

Otherwise, publishers have been cautious.

 

''Nothing has caught our eye,'' said Steve Ross, editorial director of Crown Publishing, which released ''Execution.''

 

''We're on a different cycle than a newspaper or a magazine and we have to ask whether this will still be a story a year from now,'' Ross said.

 

''This is the thing about the book business. You have to look beyond the headlines,'' said Marion Maneker, editorial director of HarperCollins' business imprint. ''You try to find a book you can sell, no matter the news climate. You always want the story to be something in its own right.''

 

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Jury awards woman $5 million for credit bureau mistake

 

By Associated Press,

 

PORTLAND, Ore. (AP) A federal jury has ordered one of the nation's three largest credit reporting agencies to pay a woman $5.3 million for confusing her credit history with that of another woman.

 

The verdict is the largest ever awarded under the federal Fair Credit Reporting Act, according to consumer attorneys.

 

An eight-member U.S. District Court jury in Portland found Trans Union willfully violated the law, enacted in 1970 to ensure that credit companies provide accurate information, when it repeatedly misreported Judy C. Thomas' credit history. Monday's award included $5 million in punitive damages.

 

Since 1996, Trans Union had listed the bad debts of Judith L. Upton of Washington state on Judy Thomas' credit reports. The two women share the same birth year, similar first names and their social security numbers differ by only one digit.

 

''I think it will send a major message to (credit agencies) that juries don't like these practices,'' said James Fisherman, an attorney in New York who specializes in credit reporting cases.

 

Trans Union can accept the verdict, appeal it or ask a judge to reduce the reward. Calls to Trans Union's lead attorney and public affairs office were not returned.

 

Trans Union is one of the nation's ''big three'' credit reporting agencies, along with Equifax and Experian Information Solutions. According to accounts of testimony during Thomas' trial, Trans Union brings in about $200 million annually in revenues.

 

Thomas said she first discovered problems with her credit report in 1996 when a number of unfamiliar, unpaid debts appeared. She traced the bad debts to Upton, then of Stevenson, Wash., and reported her discovery to Trans Union. She also contacted the creditors who furnished the information to Trans Union. In 1999, when she applied for a mortgage, Thomas again disputed Upton's debts, which had reappeared on her report. The incorrect reports delayed her mortgage by three months, Thomas said.

 

She eventually got the mortgage after contacting Upton's creditors on her own and to get documentation of the mistakes.

 

''She only got the mortgage because she did the reinvestigations,'' said one of her attorneys, Robert S. Sola of Portland. ''She did all the work.''

 

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News Briefs----

 

President Bush Signs Fraud Bill

New law is the most far-reaching gov't crackdown on business fraud since post-Depression era.

 

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United going paperless

Airline to issue only e-tickets, to stop issuing paper tickets in the United States by July of 2003. Beginning Thursday, the airline's passengers will have to pay $20 extra for a paper ticket. United joins major carriers such as Delta and American in the move toward ticketless travel.

 

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I.B.M. to Buy Consulting Giant for $3.5 Billion

I.B.M. said today it would buy PricewaterhouseCoopers Consulting for $3.5 billion in cash and stock.

 

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Executives of troubled telecom companies say service won't be disrupted; senators criticize corporate figures

WASHINGTON (AP) Leaders of three big, troubled telecom companies and a top government regulator told Congress Tuesday they didn't expect major phone or Internet disruptions as a result of the companies' financial difficulties.

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Investigators say Sept. 11 attacks cost New York $3.2 billion in lost tax revenue

WASHINGTON (AP) - The Sept. 11 attacks on the World Trade Center cost New York $3.2 billion in lost tax revenue, according to a report out Tuesday from the investigative arm of Congress.

 

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ChevronTexaco's second-quarter profit plunges

SAN FRANCISCO (AP) ChevronTexaco Corp. said Tuesday its second-quarter profit plunged 81 percent as a result of investment losses in troubled energy trader Dynegy Inc. and lower gasoline prices.

 

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Stocks End Mixed on Wall Street

NEW YORK (AP) -- An expected bout of profit-taking and a larger-than-expected decline in consumer confidence pressured stocks Tuesday, but the market still managed to hang on to most of its huge rally. Tech stocks had a small advance while blue chips dipped lower.

 

The Dow Jones industrial average closed down 31.85, or 0.4 percent, at 8,680.03. Over the previous four sessions, the Dow had regained 1,009 of the 2,650.74 points lost in more than two months of selling.

 

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N.B.A. Will Use Instant Replay

 

By CHRIS BROUSSARD  New York Times

 

 

After a postseason with several controversial shots at the buzzer, the National Basketball Association approved the use of instant replay for the first time yesterday. Beginning in the preseason, referees will automatically review shots taken at the end of each quarter or overtime period. They will not review plays at any other time.

 

"As we saw last season, last-second plays sometimes occur in which it is impossible for a human being to determine whether the play took place before time expired," said Stu Jackson, the N.B.A.'s senior vice president for basketball operations. "In those circumstances, the game officials will now have the use of instant replay to assist them in making the correct call."

 

Referees erred on three shot calls during last season's playoffs, one of which may have affected the outcome of a game. In Game 4 of the Western Conference finals between the Los Angeles Lakers and the Sacramento Kings, the Lakers' Samaki Walker made a 3-pointer as time expired in the first half. TV replays showed that Walker released the ball after the clock expired, and the Lakers went on to even the series at two games each with a 100-99 victory.

 

In a first-round playoff game between Charlotte and Orlando, the Hornets' Baron Davis banked in what should have been a game-winning shot after the Hornets inbounded the ball with 0.7 of a second remaining. The referees, however, decided before the play that no player could catch the ball, turn and shoot in such a short amount of time and waved off the shot before the ball reached the basket. Replays showed a national television audience that Davis had released the ball in time. The call did not cost Charlotte the game; the Hornets went on to win in overtime.

 

Days later, Indiana's Reggie Miller made a 35-foot shot to tie the score at the end of regulation in Game 5 against the Nets. Replays showed that Miller released the ball after time expired. The Nets went on to win in two overtimes.

 

"I don't think there was any one event that drove this decision," Jackson said. "But certainly during the past season and the playoffs, there were a number of instances where, quite frankly, for any human being it would've been nearly impossible to determine whether the shot got off in time."

 

The N.B.A. is the third of the four major professional sports leagues, joining the National Football League and the National Hockey League, to use instant replay. Major League Baseball does not allow umpires to review calls.

 

The referees will also review whether a player's foot is on the 3-point line or out of bounds, and whether a 24-second shot-clock or 8-second backcourt violation has occurred before a shot is taken. Foul calls will also be reviewed, but only to determine whether a player was fouled before time expired, not whether the call was right or wrong.

 

Officials will not review whether the clock started on time. That was an issue in a March game between Cleveland and the Nets in which the Cavaliers' Lamond Murray caught an inbounds pass from Andre Miller, turned on the baseline and released a game-winning 3-pointer, all in 0.5 of a second. More than Murray's shot, the timekeeper's failure to start the clock on time gave Cleveland the victory.

 

The three game officials will have a maximum of two minutes to review plays on a courtside video monitor. In the case of a dispute, the officiating crew chief will make the final call. Calls can be reversed only if the replay is "clear and conclusive."

 

The replays will come from the game's telecast, and Jackson acknowledged that there could be some inconsistencies for the few games that are not televised.

 

"We're mulling over that as we speak," Jackson said. "We are looking into figuring out how we're going to review during those games. The answer may be that we can't review during those games. We don't yet know how we're going to satisfy instant replays during non-televised games. What we would do in those cases is use the in-arena feed."

 

Jackson said the instant replay rule would be reviewed, beginning at the competition committee meeting during All-Star Weekend.

 

"This is a new undertaking, and we want to ensure that we get it right and that there isn't something we've missed or a situation that comes up that we haven't covered," he said.

 

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