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| October 26, 2000
Unicapital--- An insider told me the reason I have not been able to reach the public relations person named on the web site and on press releases---She no longer works for Unicapital. She is no longer there. The operator gives me her voice mail. The insider thought this was very funny, and typical of the current operation. I am told management does not appear to be taking the offers from various division to purchase their entities in order to stay in business. editor Interland Receives $29.5 Million in Extended Financing from Compaq;Interland's Vendor Financing Lease Lines Reach $50 Million ATLANTA, Oct. 26 /PRNewswire/ -- Interland, Inc. (Nasdaq: ILND), a global leader in Web-enabling solutions, today announced an agreement with Compaq Financial Services Corporation (CFS), the wholly owned leasing and financing subsidiary of Compaq Computer Corporation, (NYSE: CPQ), extending the company's lease financing to $30 million. The arrangement will provide Interland with increased financial and technological flexibility to further grow their business and enhance their technologies infrastructure. Under the terms of the agreement, CFS will help to finance Interland's technology solutions over the next three years, providing the appliances, server and storage platforms and key operating systems necessary for the deployment of Interland's next generation Internet operating network "Compaq's increased financial support for Interland heightens the relationship between our two companies and adds momentum to the ongoing growth and development of Interland's global network," said David Gill, Chief Financial Officer, Interland, Inc. "Our agreement with Compaq Financial Services enables Interland to further develop a robust, scalable infrastructure that provides our customers with high availability services for applications that require the highest possible computing performance." Today's announcement along with the extended financing received from Hewlett Packard earlier this month, demonstrates Interland's ability to maximize its vendor relationships to extend its leadership position in the small- and medium-enterprise market. Interland now has vendor financing lease lines totaling more than $50 million. "Facilitating the growth of Interland's operating network is a prime example of Compaq Financial Services' ongoing commitment to the service provider community," said CFS President and CEO Irv Rothman. "As industry leaders like Interland continue to drive the development of the Internet, we continue to develop innovative leasing and financial asset management solutions to help them achieve their goals." About Interland Interland, Inc. is a leader in providing managed hosting services for over 83,000 Web sites around the world through its U.S. and European offices. As one of the leading hosting companies in the rapidly growing $19 billion hosting market, Interland provides a full spectrum of Web design, managed shared and dedicated hosting, e-commerce solutions and business applications hosting. Interland's hosting services are based primarily on the Microsoft NT, Windows 2000 and Red Hat Linux operating systems, providing diversity and flexible options to its customers. In September, the company was recognized for hosting the largest number of Windows 2000 Web sites in the world. Strategic partners include Microsoft Corp, Network Solutions, and Verizon. For more information, please visit www.interland.com. About Compaq Financial Services Compaq Financial Services Corporation, a wholly owned subsidiary of Compaq Computer Corporation, is the sole authorized provider of Compaq-branded financing. The company serves customers in 38 countries from regional headquarters in Dublin and Sydney, as well as from it worldwide headquarters in Murray Hill, NJ, which covers the Americas. The company serves all of Compaq's individual and business customers, including consumers, small and mid-sized businesses, government agencies, educational institutions and large, multinational corporations. Typical transactions range in size from $499 to $100 million. Additional information on CFS financing and leasing programs is available at www.compaq.com/financialservices. SOURCE
Interland, Inc. Progress Financial Corporation Declares Cash Dividend BLUE BELL, Pa., Oct. 25 /PRNewswire/ -- The Board of Directors of Progress Financial Corporation (the "Company")(Nasdaq: PFNC) has declared its regular quarterly cash dividend on its common stock, according to W. Kirk Wycoff, Chairman, President and Chief Executive Officer. The cash dividend of $.06 per share will be paid on November 10, 2000 to shareholders of record on October 31, 2000. Progress Financial Corporation is a unitary thrift holding company headquartered in Blue Bell, Pennsylvania. The business of the Company consists primarily of the operation of Progress Bank, which serves businesses and consumers through sixteen full service offices. The Company also offers a diversified array of financial services including equipment leasing through Progress Leasing Company, with offices in Blue Bell, Pennsylvania and Timonium, Maryland, and financial planning services and investments through Progress Financial Resources, Inc., headquartered in Philadelphia, Pennsylvania; and asset based lending through Progress Business Credit. In addition, the Company also conducts commercial mortgage banking and brokerage services through Progress Realty Advisors, Inc. with locations in Blue Bell, Pennsylvania; Richmond and Chesapeake, Virginia; Woodbridge, New Jersey; and Raleigh, North Carolina. The Company also receives fees for the construction and development of assisted living communities through Progress Development Corporation; venture capital activities managed by Progress Capital Management, Inc.; and financial and operational management consulting services for commercial clients through KMR Management, Inc. located in Willow Grove, Pennsylvania. The Company's common stock is traded on the Nasdaq Stock Market, National Market under the Symbol "PFNC". SOURCE Progress Financial Corporation CO: Progress Financial Corporation ST: Pennsylvania IN: FIN " Richard D. Jackson Named Chairman of the Board of ebank.com, Inc.ebank Assembles Powerful, Experienced Banking Leadership Team"--the press release claims. ATLANTA, Oct. 26 /PRNewswire/ -- ebank.com, Inc., (OTC Bulletin Board: EBDC), a unitary thrift holding company tailored to serve the financial needs of small businesses and consumers, today announced the appointment of Richard D. Jackson as chairman of the board of ebank.com, Inc. He joins Gary Bremer who was interim chairman of the board and who will continue to serve as vice chairman and is reunited with longtime business associate Jim Box, CEO of ebank.com, Inc., with whom he worked for many years in the banking industry. Jackson has over 30 years of banking and financial services experience focused on the consumer and small business markets. In 1974 he became president and CEO of Atlanta-based First Georgia Bank, a troubled institution with $80 million in assets. During his twelve years at the helm of First Georgia, the bank's assets grew to more than $1 billion. In 1986, First Georgia Bank, which was a subsidiary and the most profitable institution of First Railroad & Banking Company of Georgia, was sold to First Union along with rest of the holding company, which owned financial institutions throughout Georgia. From 1986 to 1993 Jackson served as president, vice chairman and CEO of Atlanta based Georgia Federal Savings Bank. At the time he assumed control of that institution, Georgia Federal was a $3 billion thrift. In 1990 First Financial Management Corporation bought the bank and by 1993 the thrift had grown to $5 billion in assets, it was subsequently sold to First Union, for a sum that was essentially double its purchase price. Upon completion of the Georgia Federal transaction, Jackson remained with First Financial Management Corporation, an Atlanta financial information services company. He served as the company's vice chairman, senior executive vice president and Chief Operations Officer until 1995 when it was sold to First Data Corporation. In 1996 he elected to start his own private business consultancy, an enterprise he still operates today, along with his duties serving as a director on several corporate boards. "Having worked closely with Dick at both First Georgia and Georgia Federal, I know what he brings to the table and that's a tremendous amount of experience in building efficient and profitable banking operations," said Box, ebank's chairman and CEO. "He will be of great assistance to me in launching our revamped business plan in which we will focus on growing our core traditional business along with leveraging our technology and Internet presence." "Over the course of the past few months, with Gary Bremer at the helm, ebank's management team has made some significant strides in improving operations and focusing on the small business and consumer markets," said Jackson. "ebank is now positioned to take advantage of a growing market in Atlanta and the southeast, as well as utilizing its Internet marketing capabilities. I look forward to assisting in growing this bank into a very valuable franchise." In addition to announcing that Jackson had joined the ebank.com, inc. team, the bank also announced that duties involving key senior management positions will be shifted in order to best utilize management's strengths and capabilities. Box will become chairman and CEO of ebank along with his current titles as president and CEO of ebank.com, inc. Lou Douglass will move from president of ebank.com, inc., to president of ebank. "This move will allow me to focus more on asset growth and quality for the bank," said Lou Douglass. "I am very pleased with the direction of the company and look forward to working with the team that has been assembled." About ebank.com, Inc Based in Atlanta, GA, ebank.com, Inc., a unitary thrift holding company, is tailored to serve the financial needs of small businesses through the ebank centers and the Internet. Through its subsidiary thrift, ebank, the company provides a broad array of financial products and services to its small business and retail customers, including its checking accounts, money markets, CDs, ATM cards, equipment leasing, home loans, commercial loans, credit cards and bill payment services. For more information, visit www.ebank.com. Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are thus prospective, such as statements relating to ebank.com's future business strategies. These statements are based on many assumptions and estimates, many of which are beyond ebank.com's control. The words "may," "would," "could," "will," "expect," "anticipate," "believe," "intend," "plan," and "estimate," as well as similar expressions, identify such forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or expectations of ebank.com and its management. These forward-looking statements are not guarantees of future performance and actual results may differ materially from those projected in the forward-looking statements as a result of risks such as (1) ebank.com's limited operating history; (2) whether ebank.com can successfully implement its new business strategies; (3) whether ebank.com can manage its growth. SOURCE ebank.com, Inc. CO: ebank.com, Inc. ST: Georgia IN: FIN MLM IKON Office Solutions Announces Fourth Quarter and Year End Results Amid Industry Changes, Core Business Continues to Grow Market Share Free Cash Flow Exceeds Targets for Year -------Leasing Business UP 26%------- VALLEY FORGE, Pa., Oct. 26 /PRNewswire/ -- IKON Office Solutions (NYSE: IKN) today reported results for the fourth quarter and fiscal year ended September 30, 2000. Earnings for the fourth quarter ended September 30, 2000, were $18.2 million, or $.13 per share, including a gain from discontinued operations of $.01, compared to a loss for the fourth quarter ended September 30, 1999, of $(.30) per share, including a special litigation charge of $(.45) per share. Revenues for the fourth quarter were $1.37 billion, an increase of 2.2% from the prior year. Without the negative effect of foreign currency translation, revenue growth for the quarter would have been 3.2%. Free cash flow was in excess of $200 million, which exceeded the Company's target for the year of $158 million. Fourth Quarter Results "The investments we have made to strengthen our field organization over the last few years are paying off and should continue to provide opportunity for IKON as the marketplace moves towards a greater focus on solutions and services," said James J. Forese, Chairman and CEO. "Compared to last year, we saw continued strength in critical areas of our base equipment business, including 10% growth in equipment revenues worldwide. Our digital equipment base continues to grow, with the placement of digital products representing 88% of total copier and printer revenues, compared to 69% a year ago. We also continue to extend our market reach toward higher-end solutions. However, during our fourth quarter, we experienced the negative impact of price pressure on equipment sales associated with current industry dynamics.
"Revenues from facilities management in IKON North America exceeded our run rate
objective for the year of 25% growth, largely due to synergies created between
business lines as the Company focuses on greater integration of its services." Service & Rentals revenues, which include equipment service, outsourcing, and technology service revenues, declined approximately 1% from the prior year. This decline reflects restructuring actions taken throughout the year to streamline the Company's document production service operations as well as to close certain underperforming units providing document production services and technology services. Fourth quarter revenues were also affected by the Company's strategic shift in the service base associated with equipment sales, as well as summer seasonality. Although gross profit in equipment service was strong, gross margins in Service & Rentals overall experienced a decline due primarily to lower revenue mix from equipment service. Finance income from the Company's leasing operations showed 26% growth year over year due to the use of on-balance sheet, asset-backed securitizations to finance new growth, as well as the continued use of leasing as a flexible offering for its customers. Since the fourth quarter of last year, the percentage of equipment internally financed by IOS Capital has increased from 66% to 72%. Selling and Administrative expense as a percentage of revenues declined from the prior year, despite increased investments in selling in order to capture new market opportunities in higher-end segments, as well as training, branding, and up-front costs associated with implementing productivity initiatives. During the fourth quarter, the Company added 120 sales representatives, bringing the year to date count to 600 -- well in excess of the Company's previously stated goal of 400-500. Approximately 46% of the Company's new hires have been added in the last two fiscal quarters.
Fiscal 2000 Results For fiscal 2000, the Company generated net income of $29.1 million, or $.20 per share, including restructuring charges and special gains. Excluding these charges and gains, the Company generated net income of $93.1 million, or $.63 per share. This compares to fiscal 1999 net income of $92.0 million, or $.62 per share, excluding the shareholder litigation settlement charge of $(.45) per share and special gains of $.06 per share. Revenues for fiscal 2000 of $5.4 billion were essentially flat compared to the prior year, reflecting growth in focused areas of investment, particularly 8% growth in the sale of office equipment worldwide, less revenues associated with restructuring actions of approximately $100 million. During fiscal 2000, the Company repurchased a total of 5.4 million shares under both the 1997 and 2000 stock repurchase authorizations. Commenting on the Company's full year results, Forese said, "We had a number of key initiatives and objectives for fiscal 2000 that will enhance our ability to gain market share and share of customers through expanded services. Among these were to expand sales coverage, broaden our service offerings with e-services such as Digital Express(R) 2000, and Virtual File Room(TM), and the expansion of our higher-end product line. Our continued focus on the right product and service offerings and strong customer relationships will set us apart from others in the industry. Near Term Outlook "It is clear that we have been affected by competitive pressures that impact our business," Forese said. "We believe these conditions will continue into next year. Therefore, at this time, we expect our earnings for next fiscal year to be in the $.55 - $.65 per share range, based on expected revenue growth of 2-4%. We believe revenues will grow in excess of this range in our base equipment business; however, this growth will be somewhat offset by potential shifts in revenue mix as we continue to move forward with our integrated, digital solutions model. "In addition, we will continue to focus on execution and leveraging the many investments we have already made to grow this business, and we will be making additional investments that are necessary for IKON to capture shifting and growing opportunities in new spaces, such as Digital Express(R) 2000, expanded e-commerce implementation, and execution of our network printer offering. "IKON's strategic direction is sound. Despite industry dynamics, we are making progress and we will continue to be focused on execution," Forese said. The Company will host a conference call at 10:00 a.m. Eastern Daylight Time on Thursday, Oct. 26, to review its fourth quarter results. Please call 719-457-2602 to participate. A complete replay of the conference call will be available over the Internet on IKON's investor relations home page approximately one hour after the call ends; to listen, please go to (www.ikon.com ) and click on Invest in IKON. 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 outsourcing solutions, as well as network design and consulting, application development and technology training. With fiscal 2000 revenues of $5.4 billion, IKON has approximately 900 locations worldwide including the United States, Canada, Mexico, the United Kingdom, France, Germany, Ireland, and Denmark. This news release includes information which may constitute forward-looking statements within the meaning of the federal securities laws. These forward-looking statements include, but are not limited to: statements relating to expected earnings, profit margins and revenue growth for fiscal 2001; increased equipment sales; IKON's ability to gain customers and market share and expected benefits from IKON's strategic investments and initiatives. Although IKON believes the expectations contained in such forward-looking statements are reasonable, it can give no assurances that such expectations will prove correct. Such forward-looking statements are based upon management's current plans or expectations and are subject to a number of risks and uncertainties, including, but not limited to, risks and uncertainties relating to conducting operations in a competitive environment and a changing industry; delays, difficulties, management transitions and employment issues associated with consolidation of, and/or changes in business operations; managing the integration of existing and acquired companies; risks and uncertainties associated with existing or future vendor relationships; and general economic conditions. Certain additional risks and uncertainties are set forth in IKON's 1999 Annual Report on Form 10-K/A filed with the Securities and Exchange Commission. As a consequence of these and other risks and uncertainties, IKON's current plans, anticipated actions and future financial condition and results may differ materially from those expressed in any forward-looking statements.
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