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March 2 , 2001
Headlines:
Manifest Changes Name Dow Jones Questions Finova Take Over Plans Financial Federal Profit Up 15% Printware Sells Portfolio Comments on Our Placement of Articles Next Week---Linda Kester "Surviving a Recession". The main points are going to be about diversification, how funders tighten credit selectively, and how to take advantage of select opportunities. Look for Linda Kester here, Next Week ------------------------------------------------------------------------------------------------ Manifest Group Changes Name, Announces Staffing Tool Kit In September of 2000 U.S. Bancorp acquired The Manifest Group and other Lyon Financial subsidiaries from Schwan's Sales Enterprises. The company's name was officially changed in January to U.S. Bancorp - Manifest Funding Services. Troy Molitor, general manager of Manifest Funding Services states, "While a small change, we feel this name is more descriptive of our role in the marketplace. Since the acquisition we believe we have demonstrated that we haven't changed the way in which we conduct business. We will continue to work towards building relationships, and will continue to focus on the success of the independent broker/lessor." Manifest Funding Services is a division of U.S. Bancorp's Business Equipment Finance Group. In a related news release, Manifest Funding Services announced the introduction of Staffing Tool Kit. Staffing Tool Kit is designed to help brokers & lessors hire and retain employees. It includes an exclusive online program that allows brokers & lessors to match job applicants to established benchmarks for top sales performers specific to the small ticket lease industry. --------------------------------------------------------------------------------------------- Dow Jones Says Finova Take Over Has Many "If's" By Dan Lowrey, Dow Jones Newswires Finova Group must file for Chapter 11 bankruptcy protection by March 8 under a $6 billion bailout agreement between the company and Berkshire Hathaway and Leucadia National, according to a filing with the Securities and Exchange Commission. Other conditions set by Finova's lenders include approval of the company's disclosure statement within 130 days and that Finova, a Scottsdale, AZ-based financial services company, agree to cover reasonable fees incurred by the lenders in connection with the financing, the filing said. The lenders' commitment under the financing agreement will end Aug. 31 unless the credit line closes and the funds are in place on or before that date, the filing said. The agreement further stipulates that there not be any change, occurrence or development that could, in the lenders' opinion, constitute a material adverse change in Finova's business condition other than expected consequences of filing for bankruptcy. Under the management services agreement filed by Finova, Leucadia National is entitled to receive $8 million annually for 10 years, which will be payable quarterly. Leucadia, subject to Finova's board's authority, and a special committee will be responsible for the general management of the company, the filing said. Scottsdale, AZ-based Finova is a financial services company. ---------------------------------------------------------------------------------------------- Lease Associations I am not surprised by the "downsizing" of some lease associations...this is their wake-up call. You must provide a service for your fees. This is especially true in difficult economic times. Cary Sue Lavan clavan@homestbk.com ( Eastern Association of Equipment Lessors and National Assoication of Equipment Lease Brokers report membership renewals are going very well. editor ). -------------------------------------------------------------------------------------- Lead with the Top Stories In many letters you have mentioned to people who complain about its content that they don't have to read everything. I agree. I only ask that you keep the interesting and relevant information toward the top and leave the back biting and soul cleansing at the end. Name With Held We Get Compliments, too Thanks you for your very informative information. We look forward to it everyday. Thank you Tomi Avila <tavila@SDICapital.com> + + + I'm a recent subscriber and I wanted to tell you how much I enjoy Leasing News. I imagine that it keeps you quite busy! I don't know the normal protocol, but may I ask you a professional question? I've had a very (VERY) difficult time locating funding sources (not super-brokers) in Canada that handle U.S. originated broker business for Canadian lessees. I've done the Monitor thing, run through the EAEL and UAEL directories and emailed the Canadian Finance and Leasing Assoc. (more than once) Sounds like a NO-BRAINER with Canada being our single largest trading partner--but so far, I haven't come up with much. I have some mid-ticket ($95K US/CDN$150) and small ticket transactions. I have both U.S. and Canadian vendors, the lessees I'm looking to fund are Canadian. Any thoughts? THANKS! Regards, Bob Bob@LeaseExperts.com + + + Kit, I look forward to the receipt of the Leasing News daily. Having been in this wonderful industry over a lot of years, I find it refreshing to get real news about current happenings in this industry. Additionally, I enjoy reading comments from so many long term industry friends. With all the changes that have occurred, it's hard to keep up with everyone.
Please keep up your good work. Bob Russell, President, Niche Capital, Inc., Saint Peters, MO, 636-447-8998 brussell@nichecapital.com + + + Thanks for adding me. Great stuff! Keep up the good work! Michael Fanger <mfanger@easternfunding.com>
+ + + You are providing a meaningful service to our industry & I know many people in our industry that enjoy your info and fully respect your years of experience and success in our industry. You GO GIRL OOPS.. GUY... Bill Cramer BCramerClassic@aol.com
Yes, you can quote me. Really enjoy your daily Leasing News info. Congrats on your 30 Years in our Crazy Business.. It continues to be a challenge every day & every deal however I can't imagine doing anything else. Hope the rest of 2001 is good to us all.. Sincerely, Bill Cramer.. Med One Capital & Classic Financial Services ------------------------------------------------------------------------------------------------- Financial Federal Corporation Announces Record Earnings for Second Fiscal Quarter Ended January 31, 2001
NEW YORK--(BUSINESS WIRE)--March 1, 2001--Financial Federal Corporation ("FIF"- NYSE), a nationwide, independent financial services company specializing in equipment financing and leasing for middle market businesses, reported record net earnings of $7.7 million for its second fiscal quarter ended January 31, 2001, a 15% increase over the $6.7 million earned for the comparable quarter last year. Diluted earnings per share for the quarters ended January 31, 2001 and 2000 were $0.43 and $0.38, respectively, a 13% increase. Net earnings increased by 19%, and diluted earnings per share increased by 16%, for the quarter ended January 31, 2001 compared to the January 2000 quarter, excluding the non-recurring $0.385 million ($0.01 per share) gain on debt retirement in the quarter ended January 31, 2000. For the six months ended January 31, 2001, net earnings were $15.0 million compared to $13.0 million for the comparable period last year, a 16% increase. Diluted earnings per share for the six months ended January 31, 2001 and 2000 were $0.84 and $0.74, respectively, a 14% increase. Net earnings increased by 18%, and diluted earnings per share increased by 15%, for the six months ended January 31, 2001 compared to the six months ended January 31, 2000, excluding the non- recurring $0.385 million ($0.01 per share) gain on debt retirement in the six months ended January 31, 2000. Finance receivables originated during the quarter aggregated $171 million. Finance receivables outstanding increased by 22% to $1.234 billion at January 31, 2001 compared to $1.015 billion at January 31, 2000. Paul R. Sinsheimer, President, commented: "Financial Federal continued its record of increased earnings and finance receivables outstanding for the 47th consecutive quarter, despite weakening demand in some of the industries that the Company serves. Some financial service companies have either exited our business or changed their strategic direction, which we believe may create opportunities for the Company to expand its presence in certain markets. We are encouraged by the Federal Reserve's recent lowering of interest rates, yet remain cautious about near-term prospects for the US economy." "The Company's asset quality statistics continue to outperform industry averages," remarked Steven F. Groth, Chief Financial Officer. "Net write-offs for the second fiscal quarter ended January 31, 2001 were 0.16% of average receivables outstanding on an annualized basis, compared to 0.12% in the immediately preceding quarter and 0.03% in the second quarter last year. Non-performing receivables were 1.9% of total finance receivables at January 31, 2001, compared to 1.6% for the immediately preceding quarter end, and 1.4% at January 31, 2000. Receivables more than 60 days past due as of January 31, 2001 aggregated 1.9% of total receivables, compared to 1.7% for the immediately preceding quarter end, and 1.3% at January 31, 2000." ------------------------------------------------------------------------------------------------ ST. PAUL, Minn., /PRNewswire/ -- Printware, Inc. (Nasdaq: PRTW ) today announced it has sold substantially all of its portfolio of Company-financed equipment leases to Minnwest Capital Corporation, a Minneapolis-based leasing and financing firm, for approximately $2.5 million. The Company also has entered into an agreement with Minnwest Capital to provide Printware's customers a variety of alternative leasing programs to facilitate their purchase of Printware products.... |
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