|
| October 05, 2000
--------------------------------------------------------------------------------------------- Comdisco, Inc. Reviews Financial Strength With Fixed Income Analysts ROSEMONT, Ill.--(BUSINESS WIRE)--Oct. 5, 2000--In a conference call yesterday with fixed income analysts, Comdisco, Inc. (NYSE:CDO) reiterated that its current financial resources and estimated cash flows from operations are considered adequate to fund anticipated future growth and operating requirements. John Vosicky, Executive Vice President and Chief Financial Officer, stated that Comdisco's cash flow from operations for the fiscal year ended September 30, 2000 will be approximately $3.3 billion. The company anticipates that number to grow to approximately $3.7 billion at September 30, 2001, an increase of 12% over the prior year period. Vosicky also commented that he estimates Comdisco's liquidity (consisting of cash on hand and available commercial paper and bank facilities) as of September 30, 2000 was slightly over $1 billion. Ed Pacewicz, Senior Vice President and Treasurer, reviewed Comdisco's strong banking relationships, bank lines of credit and global banking facilities with the audience. Pacewicz stated that Comdisco's banking community was in agreement with Comdisco's recent decision to withdraw funding from the operations of the company's Prism Communication Services, Inc. subsidiary. The company issued a separate press release regarding that decision on October 3, 2000. Nick Pontikes, President and Chief Executive Officer, informed the audience that Comdisco Ventures experienced a record fourth fiscal quarter. Pontikes told the audience that the current mark-to-market valuation for publicly traded securities within the Comdisco Ventures portfolio is approximately $870 million as of September 30, 2000. The company reiterated its policy of selling these securities in an orderly fashion as they come off their lockup period. Safe Harbor: The foregoing contains forward-looking statements regarding Comdisco, which are based on current expectations and assumptions, and which involve risks and uncertainties that could cause results to differ. The company intends that such forward-looking statements be subject to the safe harbor created by Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. The following lists some of the factors, which could cause results to differ from expectations. As a result of the evolving nature of its services business, the company has limited meaningful historical data in which to base its planned operating expenses. A significant portion of the company's expense levels are based in part on its expectations as to future services revenues, and, to a large extent, are fixed. To attain its services earnings contribution goals for fiscal 2001 the company will have to meet its obligations under the agreements underlying its sales backlog. Also, the company must expand its contract subscription base (through new contract signings and contract renewals), increase its revenues through other technology services, primarily managed network services, web availability services, and IT CAP Solutions, and contain costs. The company's ability to obtain new business and realize revenue on its sales backlog depends on its ability to anticipate technological changes, develop services to meet customer requirements on a global basis and achieve delivery of services that meet customer requirements on a domestic and global basis. In addition, with respect to new business opportunities, the company must successfully compete with organizations offering similar services. The company's liquidity depends, in part, on its access to capital markets, specifically medium-term and senior notes, and commercial paper, and on its lines of credit. If the company were not able to refinance its indebtedness or obtain new financing under these circumstances, the company would have to consider other options, including: sales of some assets; sales of equity; negotiations with lenders to restructure applicable indebtedness; or other options available to the company under applicable law. Securities held by Comdisco Ventures are generally subject to lockups restricting its ability to sell until several months after an initial public offering. The public market for high technology and other emerging growth companies is extremely volatile. Such volatility may adversely affect the ability of the company to dispose of the securities held by Comdisco Ventures and the value of those securities on the date of sale. Unrealized gains are based upon market and business data available to the Company as of today's date and is subject to change based on additional market and business data as it becomes available. Additional factors that would cause results to differ are discussed in the company's Form 10-Q for the quarter ended June 30, 2000. The company undertakes no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future events or otherwise. About Comdisco Comdisco (www.comdisco.com) provides global technology services to help its customers maximize technology functionality, predictability and availability, while freeing them from the complexity of managing their technology. The Rosemont, (IL) company offers a complete suite of information technology services including business continuity, Web-Availability(SM), network, and IT Control and Predictability Solutions(SM). Comdisco also offers equipment solutions to key vertical industries, including electronics, telecommunications, pharmaceutical, biotechnology and manufacturing. Through its Ventures division, Comdisco is providing equipment leasing and other financing and s]rvices to venture capital backed start-up companies. The company's revenue for the 12 months ended June 30, 2000 was $3.8 billion. CONTACT:
Investors:
or
Media: Sterling Bancorp Becomes a Financial Holding Company NEW YORK, Oct. 5 /PRNewswire/ -- Sterling Bancorp (NYSE: STL) announced that its election to become a Financial Holding Company has been determined by the Federal Reserve Bank of New York to be effective. Financial Holding Companies may engage in an expanded range of activities that are financial in nature or incidental to a financial activity, or complementary to a financial activity as determined by the Federal Reserve Board. Among such activities are insurance underwriting, securities dealing and underwriting, intermediation of money and securities, providing financial, investment or economic advisory services, merchant banking, insurance investment portfolio activities, and issuing or selling securitized interests in bank-eligible assets. Louis J. Cappelli, Chairman and Chief Executive Officer, of Sterling Bancorp, said, "Management and the Board of Sterling had determined to obtain Financial Holding Company status in order to be able to engage in additional activities or capitalize on any acquisition opportunities for financial service companies that become available. No acquisitions for such activities are presently under review." He added, "Our responsibility to our shareholders and customers is to position ourselves at the cutting edge of the banking and finance industries. If we determine that engaging in newly permitted activities or acquiring a company that is engaging in such activities would provide additional shareholder value, it is crucial that we be able to pursue such opportunities quickly. It is our desire to provide a full range of banking and financially-related services to our customers and preserve our competitive edge in the New York banking and finance market." Sterling Bancorp (NYSE: STL) is a banking and financial services company with assets of $1.2 billion. Its principal banking subsidiary is Sterling National Bank, founded in 1929. Sterling provides a wide range of products and services, including commercial and consumer lending and brokerage, asset-based finance, factoring/accounts receivable management, international trade financing, commercial and residential mortgage lending, equipment leasing, trust and estate administration and investment management services. Sterling has operations in the metropolitan New York and Washington, DC areas, as well as Virginia and other mid-Atlantic states and conducts business throughout the U.S. More information is available on the company's Website, http://www.sterlingbancorp.com. Contact: John W. Tietjen, Chief Financial Officer, of Sterling Bancorp, 212-826-8555, fax - 212-421-0438; or Denise Roche, Investor Relations, 917-639-4109, and Stephanie Carrington, Media, 917-639-4115, both of The Ruth Group, for Sterling Bancorp SOURCE Sterling Bancorp CO: Sterling Bancorp ST: New York IN: FIN SU: 10/05/2000 08:00 EDT http://www.prnewswire.com
NAELB Regional Educational Workshop Did you ever wonder how to stretch your minimal or non-existent advertising budget to have a bigger impact on your prospective customer base? Come to the NAELB Regional meeting on October 20th. One of the best PR professionals in the business will teach you how to promote your business to get more business. Did you ever wonder what other leasing professionals are doing about ethics issues that impact us all? One of the most competent leasing attorneys in the country will conduct a roundtable discussion over lunch and deal with lots of these real life issues. Would you like to meet with dozens of funders (all of whom are still in business) to determine if you can do some business together? There will be dozens of funders and leasing service providers at this Regional meeting who can fund your deals. What's the value of all this education and exposure to funders in addition to networking with about a hundred of your peers in the leasing industry? For a little over $100 you can meet the funders who are actively seeking your business and receive a full day of education and networking. We'll even throw in breakfast and lunch. Join us on Thursday night starting at 6:30PM at the Irvine Hilton bar. Leverage Leasing and NAELB are hosting a cocktails and hors d'ouvres. The food and drinks are free, the information could be priceless. If you haven't registered, call the NAELB office at 800-996-2352. Or e-mail the NAELB office at info@naelb.org. If you want more information on the schedule of events, hotel information, etc., go to www.naelb.org. click upcoming events, click West Coast Educational Workshop. NAELB is the only leasing organization run by brokers for brokers. This is no time to go it alone. Join us.
Mike Meacher New Posting to our Bulletin Board
I don't doubt Paul Von Bruck's story regarding Gibraltar Financial. We have had a similar experience. They accepted upfront lease payments and then declined the deal. They then refused to return the payments with the justification that they had to work on the deal; therefore, they had earned the money. There is no upfront disclosure. We only became aware of their questionable practices after they had accepted funds. I'm sure this won't be the last email you'll receive regarding Gibraltar.
Ron Jupka
|
 |
||||||
| ||||||
|
 |
|
|
|