“We chose GE Capital due to their ability to support our long-term growth with flexible capital,” explained Sandra Hinz, CEO, Hinz JJ, LLC. “Their deep domain expertise and industry knowledge resulted in a loan facility structured to meet our needs.”

Based in Lenexa, Kansas, Hinz JJ was formed in 2007. They currently own and operate 14 Jimmy John’s units throughout the Kansas City, Kansas area.

“We understand Hinz JJ’s business,” said Allan Hauptli, vice president, GE Capital, Franchise Finance. “By coupling our industry knowledge and our relationship with the Jimmy John’s brand, we were able to streamline their financing process and provide the resources they need to continue to grow.”

Jimmy John’s Gourmet Sandwich Shops was founded in 1983 by 19-year-old Jimmy John Liautaud in a converted garage in Charleston, Illinois. The company has grown to 1,371 total units in operation as of April 1, 2012 in more than 34 states and two countries.

Those funds will surely trickle down to General Electric shareholders, which helped drive the conglomerate’s shares 3.6% higher Wednesday, even as the Dow Jones industrial average, which counts the company among its 30 components, surrendered most of its early advance on fresh concerns about the Greek banking system.

READ MORE & SOURCE

According to the General Electric Company, the first aircraft went into service today, with the remaining scheduled for delivery through January 2013. The 12 aircraft, with blended winglets for improved fuel savings, are coming off long-term lease with Continental Airlines, now merged with United Airlines.

“This complex transaction with an aggressive delivery schedule is another example of how GECAS is more than just a lessor,” said Antony Snelleman, senior vice president and region manager for GECAS. “We’re helping Sriwijaya build its business in a country that needs more airline service.”

READ MORE & SOURCE

Richard comments, “As companies are cautious about investing in significant purchases at the moment, and this could apply to office space, company cars and business equipment, an opportunity for short and long term leasing has transpired. At Briggs we are in a very strong position as a private company that is backed by the resources of Sammons Enterprises that we are not bound by any credit restrictions. By not depending on external sources of credit, we can react more quickly to any changes in customer circumstances and offer more flexibility. If a customer is struggling to renew their contract, we may be able to offer an extension to their existing one, meaning we don’t have to provide them with new machinery, and they don’t need to commit to a large financial obligation.”
“The current climate also offers an opportunity for companies like ours to go ‘above and beyond’ in terms of their proposition,” the business transformation : uk.linkedin.com/in/richardhclose expert continues, “It is during tough times such as these that providing impeccable customer service is more important than ever. By adding value through excellent customer relations, leasing companies are far more likely to hold on to those customers when the economy again begins to thrive.”

About Richard Close

Richard Close is one of the UK’s most experienced international business leaders :uk.linkedin.com/pub/richard-close/9/ab0/18a with more than 30 years’ experience turning around the fortunes of businesses. Currently working as the chief executive of Briggs Equipment, the UK’s leading independent service provider and materials handling equipment supplier, Richard has transformed four loss making businesses into multi-million pound profit making organisations.
For further information please visit www.richard-close.com
View Release : rushprnews.com/2012/05/16/leasing-sector-capitalising-on-recessi ..

J.D. Jenks, President & CEO stated, “Our goal is to engage, educate and inform our customers and interested visitors alike about the benefits of equipment leasing. The new educational side provides up-to-date information on equipment leasing tax laws, specifically, Section 179, which continues to change.”

The site provides a one page credit application now available for download on every page for easy access. The site is also compatible with all mobile devices.

Founded in 2009, Global Financial and Remarketing Services is an equipment leasing and alternative financial services company that serves small and mid-size businesses by offering a hybrid of financial solutions to meet growing business needs. GFRS serves a broad spectrum of industries including the medical, telecommunications, I.T., manufacturing and energy-related sectors. Other services offered include structured finance and debt & equity placement for publicly and privately held companies.

GFRS is a member of NEFA and NAELB. For more information, please visit our website: http://www.gfrservices.com

CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that it provided a senior secured asset-based credit facility to John Varvatos Enterprises, Inc., a designer, retailer, and wholesaler of men’s designer apparel and accessories. The financing was completed in conjunction with the acquisition of the Company by Lion Capital LLP, a consumer focused private equity firm, from VF Corporation.

The financing was provided by CIT Bank, a wholly-owned subsidiary of CIT, for working capital, capital expenditures, and general corporate purposes. CIT Retail Finance served as Sole Lender and Administrative Agent for the financing. Terms of the transaction were not disclosed.

“John Varvatos is top of mind when people think of great men’s apparel brands,” said Burt Feinberg, Group Head of CIT Retail Finance and CIT Commercial & Industrial. “We were pleased to have structured and financed this transaction, which will provide the Company with additional funds to continue to grow its business.”

Claude Mattessich, Managing Director of CIT Commercial & Industrial, said,  “We look forward to working with the management team at John Varvatos and their partners at Lion Capital to help the business achieve the next phase of its growth.”

Jacob Capps, Partner of Lion Capital, said, “Given CIT’s depth of experience within the apparel/retail sector, we are pleased to have them as our financing partner on this transaction and we look forward to continuing to build our relationship as we further grow the business.”

Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed at cit.com/rssfeed.

The Benefits Are In The Cloud

Companies that are forward-thinking are implementing cloud-based software and applications to improve operational efficiency and reduce costs. “Today, it’s evident that moving business to the cloud isn’t just a trend, but a business imperative,” said Patrick Ontal, Vice President of Sales, Vendor Division at Balboa Capital. He adds, “Cloud-based services such as SaaS, PaaS and IaaS offer varying degrees of capability and flexibility. Companies can select the best cloud solution for their individual needs, and manage their software applications and data storage needs without having to add new computer servers.” Additionally, cloud computing allows for anytime, anywhere access to business software and files.

The Right Cloud At The Right Price
The demand for cloud capabilities is increasing as companies look for ways to streamline and scale their software applications and IT infrastructure. Once business owners find the right cloud computing model or service provider, they can look to Balboa Capital for low-cost financing. “Despite the strong demand for cloud services, many banks and finance companies are offering very limited financing structures for this web-based technology,” said Mr. Ontal, who adds, “As a leading provider of cloud software leasing, we excel at delivering affordable solutions and dependable funding, including aggressive 60-month finance terms.” Balboa Capital also has an industry-leading cloud software vendor program that helps software dealers increase sales. The company developed a complimentary whitepaper, “5 Ways Your Business Can Benefit From Cloud Computing,” that you can download.

About Balboa Capital

Established in 1988, Balboa Capital is one of the largest independent finance companies in the United States delivering access to capital, speed of processing, leading-edge technology and innovative marketing tools that help fuel the growth and success of today’s businesses and equipment vendors. For more information, visit www.balboacapital.com. You can also connect with Balboa Capital on several social media applications.

First report shows small-business credit conditions improve as economy slowly recovers

Experian^®, the leading global information services company, today announced that it has joined forces with Moody’s Analytics to create a business index and detailed report that provides insight into the health of U.S. businesses. The new Experian/Moody’s Analytics Small Business Credit Index will be reported quarterly to show fluctuations in the market and discuss factors that are impacting the business economy.

“Experian’s data, analytics and tools provide organizations with the services they need to be successful and enable them to make more profitable financial decisions,” said Allen Anderson, president of Experian’s Business Information Services. “Over the past two years, we have published a Business Benchmark Report that provided insight into the credit health of U.S. businesses. Now, working with Moody’s Analytics we are able to take the next step in researching and reporting the impact of current economic trends on the business community, to provide another layer of valuable insight into what is affecting the business marketplace.”

The Experian/Moody’s Analytics Small Business Credit Index tracks how businesses are faring over a period of time compared with a base point, with the first quarter of 2011 being equal to 100. The key factors that comprise the index are commercial credit data (including growth of credit balances and delinquency rates measured on a dollar basis) combined with a variety of macroeconomic data (including growth rates for employment, income, retail sales, investment, output and industrial production).

The Q1 2012 report shows that although access to credit remains tight, U.S. commercial credit conditions are improving, with fewer small businesses falling behind on bill payments.

The Experian/Moody’s Analytics Small Business Credit Index improved in Q1 2012 to 103.2, up from 101.9 in Q4 2011. This is the index’s second consecutive quarterly improvement after it fell during much of last year. The index is riding on a wave of increased consumer spending, which is boosting small businesses’ balance sheets.

Odessa Technologies, Inc., the developer of the LeaseWave suite of products, a fully integrated end-to-end lease and loan management solution, has published the first in a series of White Papers about the Dodd-Frank Act.

The Dodd-Frank Act, named after its legislative sponsors in the two Houses of Congress, Senator Christopher Dodd and Representative Barney Frank, intends to improve accountability and transparency in the financial system by making some immediate changes in the law, while in other areas mandating that relevant Federal agencies formulate further changes under their pre-existing statutory powers. “Asset Finance & The Dodd-Frank Act Part 1: Securitization” details how certain aspects of Dodd-Frank may affect leasing and asset finance, specifically securitization transactions.

“Many leasing and equipment finance companies have historically relied on securitization as an important part of their overall funding strategy”, said Jim Humphrey, Vice President of Sales and Marketing at Odessa. “By sponsoring this White Paper we hope to increase awareness within the leasing industry of the new risk-retention regulations as well as the additional disclosures, representations and warranties that will be required in order to securitize in the future.”

To download a copy of the White Paper click here. 

The bankruptcy idea can be boiled down to a simple example: if a company that’s now bankrupt previously borrowed to buy an airplane, then the airplane is an asset of the bankrupt estate and the liability includes a claim on the company’s assets. But if such a company leases the plane and then goes bankrupt, the firm would have to give the plane back to the lessor. When the asset is given back, there is no future use and no future liability.

That same kind of thinking, industry participants say, should be applied when capitalizing operating leases, those leases that transfer the right to use a property. Taking such an approach would clear up the currently confusing array of responses to the question of how lease liabilities should be accounted for in the case of nonbankrupt companies.

Until now, previously proposed methods considered the lease cost a liability throughout all economic stages. But a new approach backed by a number of trade groups, the Whole Contract Method, a.k.a. Approach D, adjusts the lease liability on each balance-sheet date to be the present value of remaining lease payments. Perhaps more importantly, unlike other methods, the new approach would more closely align with generally accepted accounting principles.

While all of the other approaches to reform lease accounting are designed to eliminate off-balance-sheet leases (with the exception of leases of less than 12 months), FASB and the IASB only recently considered the new Approach D. At their joint meeting last February, it was not even up for discussion.

A lease had been considered something that was purchased for a period of time and in which one owes an interest-bearing obligation, says Bill Bosco, president of lease-accounting firm Leasing 101 and a technical consultant at the Equipment Leasing and Financing Association (ELFA).

Several of the previously proposed methods were either “front-loaded” (in which lease costs are placed at a higher level in the beginning of a lease than at the end) or based on estimated values for rent over time rather than taking into account the different stages of a lease.

Finding the right approach has been hard. “The strange nature of [lease-cost] liability is that it’s a liability if it’s a going concern but not if you’re bankrupt,” says Bosco. “It’s not a debt in bankruptcy, nor does the IRS view it as debt.”

How lease costs should be treated in income statements and how rent payments are to be treated in cash-flow statements have been matters of debate. FASB noted that previous models “have been criticized for failing to meet the needs of users of financial statements because they do not provide a faithful representation of leasing transactions.”

It follows Athlon Securitisation B.V. and Athlon Securitisation 2005 B.V. (neither of which we have rated), which closed in May 2003 and February 2005.

HIGHWAY 2012-I securitizes a pool of auto lease receivables and related residual values. Athlon originated the lease contracts to its Dutch commercial and public-sector customers in the ordinary course of its business. All of those lease contracts are operating leases that contain a servicing component and a financing component. HIGHWAY 2012-I securitizes only the financing component.

Athlon is 100% subsidiary of De Lage Landen International B.V. (DLL), which forms part of the Rabobank Nederland group (Rabo; AA/Negative/A-1+) and was established in 1916.

In our view, the most relevant risks for the transaction are the credit risk of the underlying lessees and the market-value decline risk of the vehicles backing the residual value receivables. The transaction is revolving, and so our assessment of credit risk also considered portfolio deterioration through adverse migration, which is partially offset by certain portfolio limits in the transaction documents. Our analysis has also considered liquidity risk, commingling risk, set-off risk, tax risks, and lease-termination risk.

A combination of subordination, a subordinated loan, excess spread, and a cash reserve (which provides both liquidity and credit support) provides credit enhancement in the transaction. A liquidity facility provides further liquidity support. Additionally, a commingling reserve and a maintenance reserve aim to protect noteholders from seller risks. Athlon fully funded the cash and maintenance reserves at closing. As per the transaction documents, it would also fund the commingling reserve if our long-term rating on Rabo drops below ‘BBB’ with an ‘A-2′ short-term rating, or ‘BBB+’ in the absence of an ‘A-2′ short-term rating. Rabo guarantees the funding of the commingling reserve.

With regards to lease-termination risk, our analysis has taken into account the presence of a “hot” back-up servicer (DLL), the maintenance reserve that can be used to pay maintenance costs, and the availability of sufficient cash to make certain contractual payments to the lessees following seller’s insolvency.

In our view, counterparty risk is present with regard to the account bank, the commingling reserve guarantor, and the interest rate swap provider (Rabo). We consider that exposure to Rabo is mitigated through appropriate downgrade/replacement language, in line with our 2010 counterparty criteria (see “Counterparty and Supporting Obligations Methodology and Assumptions,” published on Dec. 6, 2010).

We assigned initial credit ratings at closing–as a result of a satisfactory review of the transaction documents, swap agreement, and legal opinions. We have obtained comfort that risks due to the transfer of obligations of the originator to the issuer, following Athlon’s insolvency, are mitigated in line with the rating we have assigned to the class A note.

Payments to the parent company will begin with a $475 million quarterly dividend for the three months through June, according to a statement today. For the year, the dividend is targeted to be 30 percent of GE Capital’s earnings, excluding the special payment, Fairfield, Connecticut-based GE said.

“This action demonstrates the strength of GE Capital and the significant actions taken to strengthen its liquidity, capital, asset quality and profitability,” Chief Executive Officer Jeffrey Immeltsaid in the statement.

GE, which had targeted a payment of 45 percent of the finance unit’s profits, told investors in April that the plan was subject to the business’s review by the Federal Reserve, its new regulator. Annual payments from the unit were as much as $8.6 billion before the dividend’s suspension amid the crisis after Lehman Brothers Holdings Inc.’s 2008 bankruptcy.

Deirdre LaTour, a GE spokeswoman, said the company can’t comment on the Fed process.

Immelt is working to shrink the portion of GE earnings derived from the finance division to about one-third from about half. As GE Capital sells or winds down unwanted assets, the parent could receive any excess capital above what regulators require to be retained by the finance unit, Chief Financial Officer Keith Sherin has said.

READ MORE & SOURCE

The new JV has a registered capital of CNY2.7 billion ($426 million). Pudong Development Bank is the controlling stakeholder with a 66.67% stake, COMAC holds 22.22% stake and Shanghai International Group holds 11.11% ownership.

Industry analysts say the new venture is expected to pave the way for COMAC to sell its C919 as the Chinese manufacturer explores the fast-growing domestic aircraft leasing market.

The C919 has won some orders from domestic banks’ finance lease companies. Last year the Industrial & Commercial Bank of China (ICBC Leasing) placed a firm order for 45 C919s (ATW Daily News, Oct. 21, 2011) and the Bank of Communications Financial Leasing Co. ordered 30 C919s (ATW Daily News, Nov. 24, 2011).

SOURCE

In a letter to NASA Administrator Charles Bolden dated May 14, Sen. Grassley said his office has recently received serious allegations from whistleblowers regarding the NASA Ames Research Center at Moffett Federal Airfield in Santa Clara County, California.

The allegations involve whether Google corporation leases space at the federal airfield at a rate below market value to house its corporate airplanes and whether the company has purchased jet fuel from the government at a discounted price, allegedly well below the market price due to tax treatment.

“As you know, this private airport is operated by the NASA Ames Research Center, and according to public reports, Google signed a forty year lease with NASA in 2008 for 42 acres at Moffett Airfield for $3.7 million per year,” the Senator from Iowa wrote.

Google allegedly houses a variety of airliners including a Boeing 767, a Boeing 757, multiple Gulfstream G550s and helicopters.

Sen. Grassley said whistleblowers have questioned the benefit to the U.S. government from the Google fleet being housed at Moffett Airfield.

A recent investigative report analyzed Google flight tracking data, which indicated only five percent of flights were science missions. Further, many Google jets based at Moffett Airfield allegedly have flown all over the world, including Italy, the Caribbean, China and Ireland.

“Additionally, my office received allegations that Google has purchased jet fuel from the government at a discounted price, a price allegedly well below the market price due to its tax treatment,” he said.

In order to gain a more complete understanding of these allegations, Sen. Grassey has asked NASA to respond to the following requests:

1) How did NASA arrive at the lease amount of $3.7 million per year? Does that represent a fair market rate for the lease? Which individuals at NASA and Google negotiated the lease amount?

2) As of the date of 14 May, how many aircraft owned or operated by Google are present at Moffett Airfield? Provide detailed descriptions of all aircraft.

3) Why does Moffett Airfield house Google aircraft and when did this arrangement begin? Provide all contracts between Google, NASA, and/or the military related to aircraft and aircraft fuel at Moffett Airfield.

4) Please describe the agreements by which Google obtains fuel for its aircraft at Moffett Airfield and provide fueling records for each aircraft over the past five years.

5) Are any of the aircraft used to support NASA research? Provide a specific explanation regarding the Dassault/Dornier Alpha Jet.4

6) Have any NASA officials flown on the Google aircraft? Please provide a list of each official and describe the nature and purpose of each trip in detail.

7) For each aircraft owned or operated by Google, provide all flight plans and passenger manifests for each flight originating and landing at Moffett Airfield in the last five years.

In the last five years, have any other aircraft owned by private companies or individuals housed aircraft at Moffett Airfield? If yes, provide a detailed description of the aircraft, the ownership of the aircraft.

Sen. Grassley said he expected answers to these questions by no later than May 25.

Last month, he also wrote to the NASA Administrator on April 1 asking him to respond to allegations that the Ames Research Center allowed foreign nationals to access sensitive materials contrary to International Traffic in Arms Regulations.

“It has been alleged that in recent years Director (Simon) Worden allowed foreign nationals to access this facility. These foreign nationals have allegedly obtained NASA secrets and cutting edge technology while not possessing the proper clearance in violation of International Traffic in Arms Regulations (ITAR).

“After the foreign nationals accessed this information it is possible they shared this sensitive and classified information with foreign entities,” he said in the letter.

Sen. Grassley said his office also received information that federal law enforcement had opened investigations into several employees at the ARC, including Director Worden, the director of ARC programs Alan Weston, and foreign nationals.

“These opened investigations apparently involve issues related to ITAR violations and national security.”

He said his office has not received a briefing from NASA officials, despite repeated follow-up inquiries.

“The allegations are substantive,” Sen. Grassley said. “NASA should address the allegations in the interest of public accountability.”

SOURCE

In this position, Mr. Hieber will oversee residual settings, asset management studies, and remarketing efforts. He will report to David Kovacs, Senior Vice President.

He brings over 18 years of industry experience through his time at De Lage Landen Financial Services, where he oversaw the Asset Management and Remarketing processes for all global business units. Most recently, he served as Global Process Manager where he standardized process flows for remarketing activities across North America and Europe.

“I am looking forward to bringing my international business experience and Asset Management knowledge to the CoActiv management team,” Mr. Hieber stated. “I am also excited to be reunited with several colleagues whom I’ve worked with before, early on in my leasing career. ”

David Kovacs stated, “We are very pleased to have Matt join the CoActiv team. His global leasing experience will provide a strong foundation for success at this company and will support CoActiv in many ways.”

Element’s expansion into the fleet leasing industry represents a natural extension of its core business of providing equipment financing to businesses across Canada. Upon completion of the Transaction, Element would become Canada’s largest independent Canadian leasing company, with total assets of approximately $1 billion. Element believes that the acquisition of TLS enhances the diversification of Element’s operations by providing a low-risk earnings stream that is complemented by significant fee based revenue, including cost management and fleet optimization services. The strength of TLS’ platform is evidenced by its strong track record of double-digit return-on-equity. Upon completion of the Transaction, TLS will continue to operate under the “TLS Fleet Management” brand name, within a new vertical of Element named “Element Fleet Leasing.”

The vehicle fleet leasing industry is characterized by a number of attractive industry fundamentals. There are high barriers to entry, as a broad vendor network is difficult to replicate while the value-added service offerings help reinforce strong customer relationships. Furthermore, as the recent economic downturn has caused customers to keep their fleet vehicles for longer periods of time, a significant growth opportunity is expected to emerge as customers replace and upgrade their aging fleets.

“Our vision is for Element to become one of North America’s leading independent providers of lease financing,” stated Steven Hudson, Chairman and Chief Executive Officer of Element. “The acquisition of TLS will accelerate the growth of our business both through the strength of its platform and the extensive cross-selling opportunities with our other clients. Element’s extensive familiarity with the fleet management business, gained through the senior management team’s prior involvement with Newcourt Fleet Management, will enable us to capitalize on this rare opportunity,” Mr. Hudson added.

Q1 Highlights

Air Lease Corporation reports another quarter of consecutive fleet, profitability and financing growth:

– Basic EPS increased to $0.27 per share in the first quarter of 2012 compared to $0.25 in the fourth quarter of 2011 and $0.05 in the first quarter of 2011.

– Pretax profit margin of 31.4%, marking the third consecutive quarter with a pretax profit margin in excess of 30%.

– Revenues increased to $133 million in the first quarter of 2012 compared to $115 million in the fourth quarter of 2011 and $55 million in the first quarter of 2011. Pretax income increased to $42 million in the first quarter of 2012 compared to $39 million in the fourth quarter of 2011 and $5 million in the first quarter of 2011.

– Raised $1.7 billion of incremental debt financing in the first quarter of 2012.

– Completed our debut $1 billion senior unsecured notes offering, which priced to yield 5.625% at par, maturing in 2017.

– Took delivery of 12 additional aircraft from our pipeline growing our fleet to 114 aircraft at the end of the first quarter of 2012.

– Reduced the weighted-average age of our fleet to 3.4 years compared to 3.6 years at the end of the fourth quarter of 2011 and 3.5 years at the end of the first quarter of 2011.

The following table summarizes the results for Q1 2012, Q4 2011 and Q1 2011 (in thousands, except share amounts):

                                                     Q1 2012          Q4 2011         Q1 2011
                                                  ------------     ------------     -----------
        Revenues                                    $ 132,553        $ 115,057        $ 55,215
        Pretax income                               $  41,610        $  38,688        $  4,924
        Net income                                  $  26,927        $  24,762        $  3,176
        Cash provided by operating activities       $ 101,522        $ 100,969        $ 38,732
        Adjusted net income(1)                      $  34,100        $  31,724        $ 11,713
        Adjusted EBITDA(1)                          $ 118,317        $ 102,167        $ 45,249
        Net income per share:
            Basic                                   $    0.27        $    0.25        $   0.05
            Diluted                                 $    0.26        $    0.24        $   0.05

         (1) See notes 1 and 2 to the Consolidated Statements of Income included
             in this earnings release for a discussion of the non-GAAP measures
             adjusted net income and adjusted EBITDA.

“ALC saw demand holding up for new aircraft lease placements in the 2013 – 2015 delivery time frame, particularly in Asia. Global passenger traffic continued to grow, which partially offset the higher fuel costs that drove lower airline financial performance during the first quarter. Our forward lease placements have been balanced across airlines with strong credit quality and competitive operating strategies,” said Steven F. Udvar-Hazy, Chairman and Chief Executive Officer of Air Lease Corporation.

“During Q1 we executed our growth plan by taking delivery of 12 aircraft from our pipeline, finishing the quarter with 114 aircraft spread across a diverse customer base of 59 airlines based in 34 countries. ALC’s overall portfolio maintained consistent lease yields and once again delivered a pre-tax operating margin exceeding 30%,” said John L. Plueger, President and Chief Operating Officer of Air Lease Corporation.

“In 2012 we have continued to strengthen our balance sheet with landmark transactions including our $1 billion unsecured bond issuance and our $850 million agented unsecured revolving credit facility. These financings provide us with ample liquidity and the operational flexibility to execute our growth plan,” said Gregory B. Willis, Senior Vice President and Chief Financial Officer of Air Lease Corporation.

Fleet Growth

Building on our base of 102 aircraft at December 31, 2011, we added 12 aircraft during the first quarter of 2012 and ended the quarter with 114 aircraft spread across a diverse and balanced customer base of 59 airlines based in 34 countries.

Below are portfolio metrics of our fleet as of March 31, 2012 and December 31, 2011 (dollars in thousands):

                                                       March 31, 2012         December 31, 2011
                                                     ------------------      -------------------
        Fleet size                                                 114                      102
        Weighted-average fleet age(1)                        3.4 years                3.6 years
        Weighted-average remaining lease term(1)             6.9 years                6.6 years
        Aggregate fleet cost                               $ 4,933,285              $ 4,368,985
        (1) Weighted-average fleet age and remaining lease term
        calculated based on net book value.

Over 90% of our aircraft are operated internationally based on net book value. The following table sets forth the percentage of net book value of our aircraft portfolio in the indicated regions as of March 31, 2012 and December 31, 2011:

                                                          March 31, 2012           December 31, 2011
                                                       --------------------      --------------------
        Region                                          % of net book value       % of net book value
        -----------------------------------------      ------------------        ------------------
        Europe                                              42.9 %                    40.6 %
        Asia/Pacific                                        33.6                      33.5
        Central America, South America and Mexico           11.4                      12.2
        U.S. and Canada                                      8.0                       9.1
        The Middle East and Africa                           4.1                       4.6
                                                       ---------                 ---------
          Total                                            100.0 %                   100.0 %
                                                       --------- ---------       --------- ---------

The following table sets forth the number of aircraft we leased by aircraft type as of March 31, 2012 and December 31, 2011:

                                      March 31, 2012              December 31, 2011
                                  -----------------------     ------------------------
                                   Number of      % of         Number of       % of
        Aircraft type              aircraft       total        aircraft        total
                                  ---------     -------       ---------      -------
        Airbus A319/320/321              34      29.8 %              31       30.4 %
        Airbus A330-200/300              14      12.3                11       10.8
        Boeing 737-700/800               38      33.3                38       37.2
        Boeing 767-300ER                  3       2.6                 3        2.9
        Boeing 777-200/300ER              5       4.4                 5        4.9
        Embraer E175/190                 16      14.1                12       11.8
        ATR 72-600                        4       3.5                 2        2.0
                                  ---------     -----         ---------      -----
          Total                         114     100.0 %             102      100.0 %
                                  ---------     ----- --      ---------      ----- --

We have made further progress in placing our aircraft. As of March 31, 2012, we have entered into contracts for the lease of all 35 aircraft delivering in 2012, for 28 out of 30 new aircraft delivering in 2013, for 22 out of 26 new aircraft delivering in 2014 and five out of 24 new aircraft delivering in 2015.

Debt Financing Activities

During the first quarter of 2012, the Company raised an incremental $1.7 billion in debt financing. Of this amount $1.5 billion, or 88.5%, is unsecured, comprised of: $1.0 billion in senior unsecured notes issued in reliance upon Rule 144A under the Securities Act, $155.0 million in senior unsecured notes issued in a private placement in reliance upon Rule 144A under the Securities Act, $200.0 million in short-term unsecured bridge financing from two members of our banking group in connection with the closing of four European Export Credit Agency (“ECA”) supported aircraft deliveries, $115.0 million in unsecured term financing and $12.5 million of seller financing. We ended the quarter with total unsecured debt outstanding of $1.9 billion. The Company’s unsecured debt as a percentage of total debt increased to 50.5% as of March 31, 2012 from 31.7% as of December 31, 2011. The Company’s fixed debt as a percentage of total debt increased to 51.5% as of March 31, 2012 from 24.3% as of December 31, 2011. We ended the first quarter of 2012 with a conservative balance sheet with low leverage and ample liquidity of $1.6 billion.

In the second quarter of 2012, the Company entered into a three-year senior unsecured revolving credit facility in excess of $850 million (the “Syndicated Unsecured Revolving Credit Facility”) with a borrowing rate of LIBOR plus 1.75% with no LIBOR floor. The Syndicated Unsecured Revolving Credit Facility was arranged by six joint lead arrangers and joint book runners, including J.P. Morgan Securities LLC, Citigroup Global Markets Inc., RBC Capital Markets, BMO Capital Markets, Commonwealth Bank of Australia and Wells Fargo Securities, LLC.

We will continue to focus our financing efforts throughout 2012 on continuing to raise unsecured debt through international and domestic capital markets transactions and in the global bank market, reinvesting cash flow from operations and through optional financings including government guaranteed loan programs from the ECAs in support of our new Airbus aircraft deliveries, Ex-Im Bank in support of our new Boeing aircraft deliveries and direct financing from BNDES/SBCE in support of our new Embraer aircraft deliveries.

READ MORE

ChannelOnline, a sales-cycle automation solution, provides resellers with a web-based service that automates quoting, payment options and e-commerce transactions and gives resellers total management control over the complete sales cycle.  The ability to offer equipment financing through LeaseStation gives resellers using ChannelOnline an additional source of financing for their clients.

“Developing a seamless solution that is fully integrated with ChannelOnline’s system is key to providing valuable financial products to every ChannelOnline reseller and their end user customers,” according to Robert Parker, CEO of LeaseStation.

“LeaseStation is a trusted leader in IT equipment lease management, and we are pleased to be partnering with them to facilitate this valuable service through ChannelOnline,” said Debbie Andrews, Vice President of Products and Marketing at CNET Content Solutions. “We are always looking for ways to provide additional efficiency and value to the resellers using ChannelOnline, and we are confident the LeaseStation integration will enable increased product and service sales for our clients.”

The first phase of integration that was delivered in February 2012, enabled ChannelOnline users to offer LeaseStation financing to their customers directly from their internal quotes and on their e-commerce stores.

The new features announced today give the reseller more control over the leasing process and real-time communications with all aspects of the leasing process.  A few of the enhancements include:

• Easier to read screens and notifications
• More control over the setup process
• Ability to share transactions with LeaseStation
• Complete syncing of lease status changes through credit approval to funding
• Ability to enter PO information directly into ChannelOnline to release an order
• Ability for the customer to commence the lease credit application process directly from a quote

The full integration, which enables users to execute the entire leasing process, including final acceptance and PO capture within their ChannelOnline store, is set to launch in May 2012.

About LeaseStation
LeaseStation is an IT Equipment Lease Management Company specializing in providing complete sales finance solutions for technology equipment manufacturers, distributors and product resellers. LeaseStation offers solutions to service the commercial equipment finance needs for companies of any size across most industries.  LeaseStation’s industry-leading technology brings the latest in automation and simplicity to equipment financing making them an industry leader in automated finance solutions. For more information please visit www.LeaseStation.com or follow us on Facebook ,  Twitter  and LinkedIn.

The company plans a 25 percent growth in disbursements in this high-yield equipment business.

“IT and healthcare equipment finances will get greater priority this fiscal. Last (fiscal) year, we did Rs.1,400 crore (Rs.14 billion) disbursement in this two segments. We expect to grow this year by 20 percent to 25 percent over this,” managing director Hemant Kanoria said here.

Kanoria said the Kolkata-based company, which clocked a disbursement of Rs.18,600 crore (Rs.186 billion) in the last financial year, would be looking into IT and healthcare equipment financing along with its core business, infrastructure finance and infrastructure projects, in order to mitigate overall risk.

“Our emphasis on infrastructure finance and infrastructure projects will remain. But simultaneously, we are also growing in other areas to mitigate the risk. That is why we have looked at IT equipment finance and healthcare equipment finance. Now, we are also looking at equipment in rural and agricultural sectors only with an intension to broadbase our portfolio,” he said.

The company, whose profits had been under stress, primarily due to steep depreciation of rupee and multiple interest hikes, started its IT and healthcare equipment business only in 2011-12.

Srei has also decided to take a cautious view of the year ahead as its net profit during the quarter ending March 31, 2012 has come down to Rs.13.21 crore against Rs.14.20 crore for the corresponding period the previous fiscal.

Total income during the fourth quarter increased to Rs 653.36 crore against Rs.627.75 crore for the similar period the previous fiscal.

The firm said greater emphasis on the high-yield equipment financing business like IT and healthcare would also help it .

SOURCE

CIT Energy served as Joint Lead Arranger for the transaction. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed.

“Our ability to arrange this acquisition financing is representative of our commitment to the middle market energy sector,” said Mike Lorusso, Group Head of CIT Energy. “The purchase of the McHenry Solar Project will support K Road Power’s growth strategy of owning and operating a diversified portfolio of solar photovoltaic generating assets with long-term supply relationships.”

William Kriegel, chairman and chief executive officer of K Road Power, said, “This successful financing underscores the quality of the project, SunPower’s technology and the strength of lead arrangers, including CIT Energy, as well as the professionalism and focused efforts of everyone involved.”

The McHenry Solar Project, currently under construction in Modesto, California, will create up to 144 construction jobs and inject approximately $18.7 million into the local economy during construction. It will supply clean, renewable electricity to the Modesto Irrigation District, a community-owned electric and water utility in California’s central valley.

]]> http://www.worldleasingnews.com/news/cit-serves-as-joint-lead-arranger-in-k-road-powers-acquisition-of-mchenry-solar-project/feed/ 0 http://www.worldleasingnews.com/news/dean-vicha-named-president-of-nationalease/ http://www.worldleasingnews.com/news/dean-vicha-named-president-of-nationalease/#comments Mon, 14 May 2012 12:40:47 +0000 contactdesign http://www.worldleasingnews.com/?p=8477 Dean Vicha has been named President of NationaLease, one the largest full service truck leasing organizations in North America. His appointment was announced by Doug Clark, Chief Executive Officer of NationaLease.

“NationaLease’s National Accounts effort expanded its reach and grew its customer base significantly under Dean’s leadership of that program,” Clark said. “Now that he’s at the helm of the entire organization, he will bring that same energy, dedication, and expertise to our member companies so that they can deliver the . . . read more

The arrangement will see Affinity Leasing discussing the benefits of mileage capture with clients particularly focusing on how mileage can optimise their cash allowances and also ensuring business mileage accuracy to prevent any possible HMRC investigations and/or fines.

SOURCE & READ MORE

Dominick P Carollo, Steven E Goldberg, and Peter S Grimm, all former executives of General Electric Co. (GE) affiliates, were found guilty on all remaining counts of a superseding indictment in the United States District Court for the Southern District of New York. Carollo was found guilty on two counts of conspiracy to commit wire fraud and defraud the United States, Goldberg was found guilty on four counts of conspiracy to commit wire fraud and defraud the United States, and Grimm was found guilty on three counts of conspiracy to commit wire fraud and to defraud the United States.

The trial began on April 16, 2012. Carollo, Goldberg and Grimm were initially indicted on July 27, 2010.

“The defendants corrupted the competitive bidding process and defrauded municipalities across the country for years,” said Deputy Assistant Attorney General Scott D Hammond of the Antitrust Division.

“Through corruption and fraud, they cheated cities and towns out of money for important public works projects. Today’s convictions reflect our determination to preserve fairness and competition in the financial services market.”

According to evidence presented at trial, while employed at GE affiliates, Carollo, Goldberg, and Grimm participated in separate fraud conspiracies with various financial institutions and insurance companies and their representatives at various time periods from as early as 1999 until 2006. These institutions and companies, or “providers,” offered a type of contract, known as an investment agreement, to state, county, and local governments and agencies throughout the United States. The public entities were seeking to invest money from a variety of sources, primarily the proceeds of municipal bonds that they had issued to raise money for, among other things, public projects.

Goldberg also participated in the conspiracies while employed at Financial Security Assurance Capital Management Services LLC (FSA).

According to evidence presented at trial, Carollo, Goldberg, and Grimm and their co-conspirators corrupted the bidding process for dozens of investment agreements to increase the number and profitability of investment agreements awarded to the provider companies where they were employed. Carollo, Goldberg, and Grimm deprived the municipalities of competitive interest rates for the investment of tax-exempt bond proceeds that were to be used by municipalities for various public works projects, such as for building or repairing schools, hospitals, and roads. Evidence at trial established that they cost municipalities around the country millions of dollars.

“Fundamentally, this case is about fraud in the investment of public money,” said Janice K Fedarcyk, Assistant Director in Charge of the FBI in New York. “The actions of the defendants denied public entities the benefits of true competitive bidding and artificially depressed the yield on invested public funds.”

“Today’s convictions are an important step forward in the coordinated effort by the IRS and the Department of Justice to aggressively rid the municipal bond industry of unfair and corrupt practices,” said Internal Revenue Service (IRS)-Criminal Investigation (IRS-CI) Special Agent in Charge Victor W Lessoff.

“Moreover, the convictions represent an important victory for America’s taxpayers, especially those who live in the municipalities harmed by the actions of the defendants.”

A total of 18 individuals have been charged as a result of the department’s ongoing municipal bonds investigation. Including today’s convictions, a total of 15 individuals have been convicted and three await trial. Additionally, one company has pleaded guilty.

Each of the fraud conspiracy charges carries a maximum penalty per count of five years in prison and a $250,000 fine. The maximum fines for the fraud conspiracy offense may be increased to twice the gain derived from the crime or twice the loss suffered by the victims of the crime, if either of those amounts is greater than the statutory maximum fine.

The verdict announced today resulted from an ongoing investigation conducted by the Antitrust Division’s New York Office, the FBI, and the IRS-CI.

The division is coordinating its investigation with the United States Securities and Exchange Commission, the Office of the Comptroller of the Currency, and the Federal Reserve Bank of New York.

Today’s convictions are part of efforts underway by President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch and, with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

For more information about the task force, visit www.StopFraud.gov.

The notes and related guarantee proposed to be offered will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States or to any U.S. persons absent registration under the Securities Act, or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes will be offered only to “qualified institutional buyers” under Rule 144A of the Securities Act or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the notes, nor shall there be any offer, solicitation or sale of any notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

“We are working on a plan. This involves operating a bare minimum number of flights in the international sector. This plan may come into effect from early next week,” a senior AI official said.

Under the plan, the airline would operate seven flights to the US via Europe out of a total of 16 using widebody aircraft. Executive pilots would operate the flights, commercial director Deepak Brara said in New Delhi. The airline is also considering wet-leasing some wide-body planes, he said. Under wet-lease, the lessor provides flight crew with the leased aircraft. The planes are planned to be leased for a short period, airline officials said.

Under the plan, AI would operate flights to New York JFK and Chicago with one stopover in either Paris or Frankfurt. Terminator flights to London would operate from Delhi, officials said, but added that all this were subject to getting time slots at these European airports.

SOURCE & READ MORE

‘Web 2.0’ is starting to sound old hat. It was fabled as a major evolutionary shift in the role of the internet, from a relatively static information source to a dynamic and collaborative environment. In the public sphere, it heralded the arrival of the blogging phenomenon and the proliferation of website ‘platforms’ such as Wikipedia, Facebook and Twitter. The technological advances that accompanied this change have also allowed software providers to revolutionise the way users interact with their business applications. But are they getting it right? In this article we consider what the latest web interfaces have to offer, and the special considerations required to make things work for an asset finance company.

Coined in 1999, the term Web 2.0 gained popularity in 2004 when it was used by the technology publishing giant Tim O’Reilly. It became synonymous with instant usability; a style of website design characterised by simple user interfaces that use large fonts, engaging animation effects and high-contrast colour schemes. This is often a sensible design choice for consumer-facing front-ends, but there are dangers in adopting the same approach for back-office users.

At first glance, ‘webification’ looked a safe bet for the improvement of back-office software. Early security fears had been addressed; deployment was greatly simplified because desktop computers and many handheld devices had all the software they needed (a web browser) already installed; and updates could be issued instantly. The ever-increasing popularity of e-commerce and social media meant new users were already conversant with a range of web UIs and therefore required little or no training to get up to speed. The move to browsers had another significant effect: those who accepted the challenge were forced to re-evaluate how they created UIs, and had the chance to learn lessons from public-facing websites.

Pre-web, UI specialists were involved only rarely in the creation of software for niche industries like asset finance. Mainframe or text-based (green-screen) systems didn’t seem to require graphic design skills, and development toolkits allowed competent programmers to produce back-office screens that looked the part. Even when vendors and customers acknowledged that screen flow and layout could be better organised, the arguments for spending more money on trained designers remained unconvincing from a business perspective.

Amazon had established itself as a pioneer in usability, employing large teams of graphic designers, information architects and user experience experts to make product selection, cross-selling and payment processing as intuitive as possible. For back-office applications, this kind of investment seemed an unnecessary extravagance. Because users are captive, day-to-day processes were not exposed to such direct business risks as abandoned shopping carts. Training courses would compensate for any UI deficiencies that threatened productivity, and it was unlikely that employees would leave their jobs in droves because the system was difficult to learn. Ironically, many long-term users were able to see the idiosyncrasies of their software in a positive light: it added challenges to what might otherwise have been mundane data entry tasks, and often it granted them privileged ‘expert’ user status.

However, when software companies and in-house teams attempted to recreate enterprise applications on the web, they often faced a skills deficit and ended up employing web designers and developers who had been schooled in the ‘don’t make me think’ principals of Web 2.0. Even though businesses weren’t prepared to go to the same lengths as Amazon in prioritising usability, the involvement of these specialists seemed to hold the potential for a step change improvement in back-office user experience.

That such a positive change has failed to materialise across the board is, in large part, due to the misapprehension that good design is the art of prettification – the creation of graphical decoration rather than functional form. Unfortunately, this view is all too common among web designers themselves, who are often self-taught and may lack the foundations in effective layout and visual perception that are the basis of formal graphic design education. Too frequently, web-based incarnations of enterprise software are merely new ‘skins’ which repeat the same fundamental problems of layout and screen flow presented by the desktop versions, organising and presenting data in a way that doesn’t make sense to the user. When an attempt is made to improve the underlying structure, by copying inappropriate UI models from consumer websites, designers may even inadvertently make matters worse for back-office users.

For simple, customer-facing applications – a proposal capture form, for example – the large, easy-to-read buttons, high-contrast graphics and playful animations that are a Web 2.0 trademark are often the right way to go. Visitors will spend no more than a few hours each week on these sites, requiring simple processes and obvious visual cues to achieve their goals. Other, more recreational sites that bear a Web 2.0 hallmark are always vying for their attention, so eye-catching graphics and visual effects are a good ploy to keep focus on the job in hand.

But this situation is in marked contrast to the back-office environment. Here users can spend eight hours a day and five days a week interacting with the software. Beyond the first few hours, many of the elements of Web 2.0 style – lots of textual and visual prompts, copious amounts of animation, simple wizard-type (step x of y) interactions, minimising the amount of data displayed at any one time – become not just redundant but counterproductive. Through repetition, these users quickly stop reading text labels: they know where to find the input fields they need by their relative position on-screen. They start looking for ways to speed up data access and entry, and will make full use of an optimised tab sequence and keyboard shortcuts to frequently used functionality. These users also demand large amounts of data to be displayed on each screen. This is especially true of financial systems, where users may need to access and manipulate the same amount and complexity of accounting data as they would do in Microsoft Excel. In this context, extravagant graphical decoration is simply a waste of valuable screen real estate.

As web technologies become increasingly sophisticated and decision makers are aware of both what is possible and what users need, good UI design must exert its influence on business software now more than ever. This means benefitting from mainstream design trends where appropriate, not following them slavishly; especially where use is at its most intensive. It also requires the active involvement of designers throughout the project lifecycle.

At CHP Consulting this philosophy underpins every ALFA Systems UI we create, from easy-to-use, brand-centric point-of-sale systems through to the full-lifecycle back-office asset finance platform. We engage our in-house design team at every stage of development to ensure our software doesn’t just look good; our applications must meet the needs of the specific context of usage, delivering the usability and efficiency savings the web has always promised, but has often struggled to deliver to the business user.

Recent innovations in web technologies have indeed given us exciting opportunities to make radical improvements, but it is important to learn the hard facts of the past and realise that the role of the UI designer is crucial.

 The Equipment Leasing and Finance Association (ELFA) announced it is accepting member nominations for its 2012 Operations & Technology Excellence (O&TE) Award. The O&TE Award will be presented to two winners at ELFA Operations & Technology conference, September 10-11th at the L’Enfant Plaza Hotel in Washington, DC. The deadline for award nominations is June 4.

The O&TE Award Program identifies and recognizes equipment leasing and finance companies that have demonstrated best practices in developing and implementing innovative uses of technology or creative business processes to improve operations, enhance customer interactions, enter new markets and build overall ROI. The program brings the backroom to the foreground, spotlighting the best in the industry to provide an example for others.

“The O&TE Award is a wonderful opportunity to celebrate the innovation and quality of continuous improvement initiatives in equipment finance,” said Deborah Reuben, Product Manager, HCL Technologies and O&TE Award Sub-committee Chair. “The outstanding achievements of member companies in pursuing excellence and creating value are a benefit to their organizations and the entire industry.”

In addition to the winners receiving recognition at the ELFA Annual Convention, they will receive industry-wide recognition on the ELFA website, in Equipment Leasing & Finance magazine and in the ELFA SmartBrief newsletter.

For details on award entry eligibility, requirements and judging, visit http://www.elfaonline.org/Events/OTE/.Nominations must be received no later than Midnight Eastern Time, Monday, June 4, 2012. Nominations should be submitted via email only to Lisa Ramirez at lramirez@elfaonline.org with MS Office compatible attachments.

Using IntelliGauge, decision makers can quickly and intuitively calculate annual fuel savings, CO2 emissions and the fuel efficiency to assist in budget planning, vehicle selection and other decisions that take these factors into account. The application asks users to provide information regarding the makeup of their vehicles, annual mileage estimates, and allows users to edit fuel prices delivering a customized report that can be saved, shared, or compared against other scenarios.

“Fuel price volatility continues to have a big impact on the decisions companies make, including vehicle replacement strategies,” said Brad Hoffelt, senior vice president and general manager of products and services at GE Capital Fleet Services. “We’re focused on identifying ways to couple technology solutions with our deep domain expertise to help our customers preserve capital and optimize fleet efficiency.”

The application also includes links to a number of other GE Capital Fleet Services mobile and educational resources, including GE’s ecomaginationa” site, an alternative fuel locator application, a U.S. fuel price map, and information regarding GE’s WattStation(TM) technology.

“Our existing relationship with GE Capital helped when selecting them as our lead lender,” explained Jim Zielke, CFO, F&H Acquisition Corp. “The refinancing of our existing debt allowed our company to increase cash flow and continue with our expansion efforts.”

Based in Wichita, Kansas, F&H Acquisition Corp. is an investment group that currently owns and operates 63 Fox and Hound restaurants, 45 Champps, and 20 Bailey’s restaurants throughout the United States.

“Our industry knowledge and execution capabilities were critical to the success of this deal,” said Mike Kurtz, vice president, GE Capital, Franchise Finance. “We look forward to working with this operator again as it continues to grow.”

Fox and Hound Restaurant Group, a subsidiary of F&H Acquisition Corp., operates 83 sports bars in 25 states under the Fox and Hound and Bailey’s brands. Champps Entertainment, Inc., also a subsidiary of F&H Acquisition Corp., owns, operates, and franchises 59 Champps, an American casual dining restaurant chain and sports bar.

Many companies lease equipment to other businesses. The parties often enter into “lease” agreements that typically contain provisions associated with leases, such as specific terms of duration, regularly-scheduled rent payments and default remedies.

However, commercial equipment lessors should be aware that, in the event of a lessee’s bankruptcy, the “leases” between the parties may be recharacterized as disguised financing agreements. This can have a dramatic and negative impact on lessors’ rights and remedies. It is important for commercial equipment lessors to understand the nature of these issues and be proactive to protect themselves.

A lessor is entitled to a variety of protections in the event of a lessee’s bankruptcy. Among other things, a lessee that elects to “assume” the lease must cure any past defaults and provide adequate assurance that it is able to perform its obligations going forward.

If, on the other hand, the lessee chooses to “reject” the lease or is unable to cure its past defaults, the lessor is entitled to recover possession of the leased property and to assert a claim for any damages. In this scenario, the lessor remains the owner of the leased property throughout the bankruptcy proceeding.

In addition, although a debtor generally is given an indefinite period of time in which to decide whether to assume or reject the lease, after an initial period of 60 days after the case is filed the debtor is required to perform all of its obligations under the lease (including making rent payments) while it determines which course of action to take.

Also, even if the debtor ultimately rejects the lease, any obligations of the debtor that arise after the case is filed and before the rejection are entitled to priority status.

If, on the other hand, the “lease” is recharacterized as a secured financing arrangement, the debtor, as purchaser, actually owns the “leased” equipment. If the property is worth more than the amount of the debt against it, the “lessor” should be paid in full and is also entitled to adequate protection (often in the form of cash payments or additional security) against potential diminution of the value of the collateral (although the period of the payoff may be extended significantly without the lessor’s consent).

SOURCE & READ MORE

Led by an experienced group of industry executives, CCG has emerged as a nationwide player in the equipment finance sector. Since its inception in 2004, CCG has originated over $1 billion of finance receivables. CCG’s growth has been guided by a deep commitment to its conservative underwriting principles, resulting in industry-leading asset quality performance and continued growth in profitability.

Proceeds from the transaction will be used to support CCG’s future growth and provide liquidity to certain institutional shareholders. The senior management team of CCG will continue to have a significant ownership interest in the firm.

CCG Co-Founder and Chief Executive Officer Dan McDonough commented, “With this investment by Lovell Minnick, we are pleased to add a scalable equity capital partner who embraces our vision for growth. Lovell Minnick has a track record of developing successful, high growth companies, and their exclusive focus on financial services enables them to effectively support the execution of our growth plan.”

Lovell Minnick Managing Director John Cochran added, “Following the financial crisis, the equipment finance market, like many segments of the credit markets, has undergone significant competitive dislocation, marked by the departure or pull back of many industry players. CCG’s management, with its niche focus and client-centric philosophy, has expertly navigated this environment. We are excited to partner with such an accomplished team.”

Keefe, Bruyette & Woods Inc. KBW +0.61% acted as the exclusive financial advisor to CCG in connection with the transaction.

United Capital Business Lending, a national business lender specializing in franchise finance, announced today that it provided $1,570,000 in financing to Domino’s Pizza® owner, DFL Pizza, LLC. United Capital refinanced 13 existing locations in Colorado and Wyoming.

“In this highly competitive segment of the franchise industry, Domino’s® remains a leader,” says William Johnson, senior vice president of sales and business development for United Capital. “So United Capital is committed to supporting successful Domino’s® franchisees with loans for new store development, acquisitions, remodels and debt refinancing.”

United Capital Business Lending is a subsidiary of BankUnited (NYSE: BKU), the largest bank headquartered in Florida with over $12 billion in assets.

In addition to Domino’s®, the United Capital team has financed franchisees for Subway®, Denny’s®, Dunkin’ Donuts®, Popeye’s® and Buffalo Wild Wings® among others.

For information about financing for franchise acquisition, new unit development, remodeling or debt refinancing, call United Capital at 866-218-4793 or visit the company’s website at www.unitedcapitalbusinesslending.com.

“ILFC continues to succeed in placing aircraft with airlines in every major geographic region of the world,” stated ILFC Executive Vice President and Chief Marketing Officer Philip Scruggs. “Our customers find value in ILFC’s large and diverse portfolio of aircraft and our order book of new, high demand, fuel-efficient aircraft.”

In the next 10 years, it will become apparent if the Airbus/Boeing duopoly can remain in its current form, especially with challengers already emerging in China and Russia, said the industry veteran during a panel discussion at the International Society of Transport Aircraft Trading Asia conference in Singapore.

“I think there is a little bit complacency” among Airbus and Boeing, noted Udvar-Hazy, adding that extra competition will be good for the industry.

He also sees the trend in narrowbodies moving to larger-capacity aircraft, due primarily to infrastructure constraints, such as too few gates at airports and air traffic control limitations. As a consequence, some airlines that are operating Airbus A320s and Boeing 737-800s today will shift to A321s and 737-900s, adds ALC’s top executive.

READ MORE & SOURCE

In a case that has attracted considerable attention in the aircraft leasing industry, the English High Court rendered judgment in ACG’s favour in ACG Acquisition XX LLC v Olympic Airlines S.A. The Court found that Olympic was bound by its acceptance of a leased aircraft and its statement that the aircraft satisfied the delivery conditions. As a result, Olympic is liable for unpaid rent and not entitled to damages. By upholding a lessee’s acceptance of a leased aircraft, the judgment highlights the importance of commercial certainty to all participants in the aircraft leasing industry.

Commenting on last week’s judgement,John Evans, Partner at Fulbright Jaworski LLP who acted on behalf of Olympic Airlines, said:

“The decision is notable because the English courts have, for the first time, confirmed, in circumstances where a leased aircraft was found to be unairworthy at delivery, that “airworthiness” is to be objectively tested such that owners cannot seek protection by claiming ignorance or unawareness of a defect which rendered an aircraft unfit or unsafe for commercial flight. The test is “would a prudent operator of an aircraft have required, had he known of it, that the defect should be made good before permitting the aircraft to fly. If he would, the aircraft is not airworthy.”

This brings aviation law into line with long-established principles of “seaworthiness”.

The decision will likely affect the dynamics of the aircraft owner/operator and other relationships. In particular Owners will bear an increased risk unless contractual exclusion clauses are expressed in the clearest of terms. In this case, the Judge found the relevant exclusion clauses to be ineffective.”

READ MORE & SOURCE

The 108-seater aircraft has been leased from Aero Vista of Dubai and has already undergone inspection by a team of experts from the Tanzania Civil Aviation Authority (TCAA) in Cairo, Egypt, where the aircraft was flown to from Dubai last week.

“Tanzania Civil Aviation Authority experts have completed inspection of the plane in Cairo, Egypt and the plane will be flown into Tanzania today after approval has been granted for it to operate in the country,” the statement said.

READ MORE & SOURCE

AssetNation is active in a number of industry verticals including energy, fleet and distribution, insurance and government. AssetNation is a privately-held company headquartered in Houston, TX with offices in Pittsburgh, PA, Mexico City, MX, and London, UK.

“We are very excited to be welcoming AssetNation into the Ritchie Bros. family. Our values are aligned and we share the same passion for bringing fairness and transparency to the equipment market,” said Ritchie Bros. Chief Executive Officer Peter Blake. “Our success in building the world’s largest equipment auction company through our flagship unreserved auctions has given us a unique understanding of the world’s equipment owners. We intend to leverage this market knowledge and the power of our brand not only to fuel the growth of AssetNation’s business, but also to develop additional solutions that will expand our addressable market and help us meet the diverse and evolving preferences of a segment of the equipment market that we have not traditionally reached with our unreserved auctions.

READ MORE & SOURCE

A live webcast of the presentation, in addition to the accompanying slides, will be available on CIT’s Investor Relations Web site at cit.com/investor. To view the presentation and listen to the live event, log on to the Web site approximately 15 minutes prior to the event to register and to download and install any necessary audio software.

A replay of the presentation will be available shortly following the event until 11:59 PM EDT on May 30, 2012. A copy of the presentation slides will also be accessible on CIT’s Web site.

Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed at cit.com/rssfeed.

“To be ranked as one of the top 100 employers in Atlanta for the second
consecutive year is a huge accomplishment for us. I am especially proud of
our employees for their passion and commitment to our company that allowed
us to earn this recognition again,” said Michael A. Pitcher, president and
CEO.

One employee comment from the survey said, I love my job because, “My ideas
are considered and I am allowed to make changes that will benefit the
company. Management genuinely cares for the employees and have their best
interest at heart.”

The honorees are chosen based on employee surveys, conducted by consulting
group, Workplace Dynamics. Companies were graded on several factors
including the direction of the company, execution, work conditions, career
paths, management, pay and benefits.

LeasePlan is the world’s leading provider of fleet and vehicle management
solutions with 1.3 million vehicles managed worldwide. Operating out of 30
countries around the globe, the company has a passion for exceptional
customer service. LeasePlan prides itself on delivering high-touch, premium
service and innovative products that offer total cost reduction for
corporate and government fleets. With nearly 50 years of fleet experience,
LeasePlan’s experts find ways to get the most out of clients’ vehicles,
budget and time. Find out why LeasePlan clients agree that, “it’s easier to
leaseplan.” Visit www.us.leaseplan.com for more information.

The privately-owned carrier will lease the additional planes while it awaits the delivery of 20 aircraft, which are already on order from Airbus and Embraer.

It currently has a fleet of eight Airbus A320s and six Embraer E190s.

“We will be leasing additional aircraft this year, probably four,” said nasair CEO Francois Bouteiller.

“nas still has some planes that have not been delivered yet. Altogether between Airbus and Embraer there are about 20 aircraft still to be delivered. We will take some next year. But it doesn’t mean the company isn’t going to take other aircraft in the mean time.”

The Riyadh based company was still deciding on which manufacturer to lease the aircraft from, he said, but would most likely choose Airbus.

He declined to give details of the new routes, except to say one would be to Egypt.

In addition to the planes for international travel, the airline is also eyeing smaller aircraft with a view to tapping the domestic market.

READ MORE & SOURCE

Avolon

Avolon is an established, international aircraft leasing firm with a primary focus on young, fuel efficient aircraft such as the Airbus A320 and Boeing 737 families. Avolon currently has a fleet of 103 aircraft and has the youngest large lessor fleet in the world with a fleet age of 1.4 years.

Avolon is a strong, well capitalised business that has raised committed capital of US$4.6 billion since May 2010. This includes an equity commitment of US$1.4 billion from four of the world’s leading investors: Cinven, CVC Capital Partners, Oak Hill Capital Partners and The Government of Singapore Investment Corporation (“GIC”). Avolon was recently awarded the 2011 ‘Equity Deal of the Year’ by Airfinance Journal for its US$300 million equity commitment from GIC that closed in October, 2011.

Paul Geaney, Head of Americas, Avolon, commented:

“We are delighted to welcome US Airways as a new customer to Avolon. As a highly regarded US major, US Airways has a very broad spectrum of fleet financing options available to them, as demonstrated by their highly successful EETC issuance last week. The fact that they selected Avolon as their preferred financing solution for these aircraft reflects the strength of our financial backing and our deep experience in delivering innovative sale and leaseback solutions to the world’s airlines.”

Tom Weir, Vice President and Treasurer, US Airways, added:

“In a rapidly evolving market, having a flexible and reliable partner to work on fleet financing solutions is important. We are pleased to have completed this transaction with Avolon to finance two of the airline’s 12 Airbus aircraft scheduled for delivery in 2012 as part of our previously-announced fleet plan. We are also pleased to announce that this transaction, in combination with previously announced EETC and mixed-market debt transactions, completes the Company’s efforts to secure firm financing commitments for all scheduled deliveries through the first quarter of 2013. We look forward to a continued relationship with the Avolon team in the future.”

CSI has offices throughout North, Central and South America, Europe and Asia, and can work with NCR solution providers around the world.

CSI’s leasing packages offered through NCR Interact Solution Providers will help customers avoid tying up balance sheet capital in fixed assets. This can have a positive effect on existing credit lines and help businesses optimize tight operating expense budgets. A support program includes training, online tools and global contacts.

“Easy access to flexible finance from CSI Leasing will enable NCR Solution Providers to help their customers invest in improving their business experience and increasing productivity,” said Keith Dunphy, senior director of global channel strategy and programs for NCR. “By enabling a strategic approach to financing we are demonstrating how NCR is committed to growing our channel partners’ business.”

“A lack of access to flexible financial and lifecycle management tools can stifle innovation and growth in many industries,” said Enrique Riquelme, senior vice president of global vendor programs at CSI Leasing. “CSI can enable NCR solution providers to deliver innovative technologies and keep a tight control on their costs and cash flow. Lease terms can be tailored to match typical replacement cycles, helping to reduce support costs and ensure responsible disposal from a data security and environmental perspective.”

SOURCE

A striking facet of their expansion, has been a complete redesign of their business website, and technology advances for their customers. One of which, is what they call the “budget builder”. This is a handy tool they host on their site that allows potential customers to do calculations to accurately determine the specific costs and estimated profit potential of another vehicle they are thinking about adding to their fleet.

To better serve the small to mid-sized business market of customers, CFF is gaining market share by expanding their marketing to attract more end users, through effective use of online marketing efforts for further exposure of their financing programs. You can now see their videos and content displayed in prominent places on the internet.

This additional exposure in front of their target market, has also led to an increase of reputable dealerships joining forces with CFF. Dealers want low cost commercial vehicle financing options and great customer service for their customers, and CFF appears to be delivering that.

Dealers and customers alike have also noticed that CFF is now financing a plethora of commercial vehicles including ambulances, tow trucks, moving trucks, delivery vans, security vehicles, landscaping equipment, construction equipment, over the road semi trucks, and more.

Here is what one recent customer had to say about their experience, “Jake was phenomenal. Not only was I happy with the service I received, I would recommend CFF to others. Overall I was generally pleased with the company and the service.” Jacques C. – Transportation Company Owner

In a dragging economy where many lenders are saying “No” to qualified customers on financing older, used vehicles and trucks… Commercial Fleet Financing, Inc. is saying “Yes”, and is constantly offering financing options for used and very used vehicles at seemingly low rates! And of course, they also do quite a bit of new vehicle loans as well.

To learn more about vehicle financing options or dealer opportunities that CFF provides, you can reach them directly at 214-233-5162 or visit their website at www.CommercialFleetFinancing.com

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/05/08/prweb9481556.DTL#ixzz1uNJuZXpP

The Crab Feast, one of the equipment finance industry’s longest running and most popular networking events, is open to all industry participants and associations.

Gunning’s Seafood Restaurant is one of the Greater Baltimore area’s most popular spots for traditional Maryland Crabs.  “We’ve moved the Crab Feast back to Gunning’s” said, Gerry Egan, Executive Director of NEFA, “because of how popular it was with our attendees in past years and because it’s easier to get to for the increasing number of people who come to the Crab Feast from out of the Baltimore Area.”

This year’s Crab Feast organizers include Nancy Pistorio, of  Madison Capital, LLC; Scott Wheeler, of Wheeler Business Consulting; Bruce Winter, of FSG Leasing; and Dennis Horner, of Noreast Capital Corporation.

“It’s a great networking opportunity” said Egan, “because of the casual atmosphere necessitated by eating crabs which can be quite messy.  That makes for a lot of fun and easy conversation.  There’s no official agenda to it other than to see old friends and make new ones.  Because of all the good things going on in our business right now, we expect a good turnout this year.”

For more detailed information about the Crab Feast visit: www.NEFAssociation.org or call NEFA at: 847-380-5050.

About National Equipment Finance Association

The National Equipment Finance Association (NEFA) is a national association serving small to mid-sized independent equipment finance companies, lessors and brokers.  NEFA is a strong association offering enhanced educational programs and premium networking opportunities with broad geographic and industry segment diversity.  The mission of NEFA is to provide a forum for members to pursue personal and professional growth and promote ethical business practices through advocacy, networking and industry involvement.  For more information, visit: www.NEFAssociation.org or call: 847-380-5050.

Leaseurope, the trade association representing the European leasing and automotive rental industries, celebrates its 40th anniversary.

Leaseurope’s Chairman, Jukka Salonen (CEO, Nordea Finance) said: “I am privileged to be Chairman of our Federation on the occasion of its 40th anniversary. Anniversaries allow us to reflect on our past, celebrate our present and embrace our future. This is an ideal opportunity to thank the Federation’s founders and the many people who have devoted their time and energy to our industry over the years.”

Founding father of Leaseurope, Fritz Peter stated: “a lot has changed in the world since Leaseurope’s creation on 3 May 1972. Our mission of representing the industry has remained a constant, but our ability to adapt and respond in a dynamic environment has ensured our continued success in making sure our sectors have a stronger voice and evolve in better conditions.”

J. Salonen further commented: “over the last 40 years, Leaseurope has done an incredible job representing our industries in Brussels and we have many accomplishments to celebrate. Thanks to our advocacy efforts, we are recognised as a critical component to capital formation for SMEs and large corporations alike and as a unique mobility provider across Europe. Leaseurope has effectively lobbied and engaged with European and international regulatory bodies on a number of key files. It has played a leading role in the lease accounting debate and prudential supervision. We have achieved big wins for the automotive leasing and rental sector on issues such as the cross border movement of passenger cars and commercial vehicles as well as the Consumer Right Directive. We have become a catalyst for industry research at European level and are the only reliable source of European market statistics and trends. Our recent move to the ‘European House of Leasing’, our wider array of publications, our new associate membership programme and our events with additional networking opportunities are providing an ideal platform for exchanging views and best practices.” J. Salonen concluded: “our reputation as the expert voice at European level on all issues related to leasing and automotive rental is more solid than ever.”

“All of this would not have been possible without our strong membership base. We are very grateful for the support of all our members over the years” added Tanguy van de Werve, Leaseurope’s Director General. “The anniversary celebration will culminate at our Annual convention on 11 & 12 October 2012 in Cannes, France. Please join us in Cannes as we celebrate our first 40 years and look ahead to building our future.”

From  all indications, 2012 growth plans for many companies includes
expanding overall hiring  in the emerging markets.  While all of the BRIC
countries showed growth this quarter,  China had the biggest increase with
153% jump in hiring activity, followed by Russia ’s 26% and Brazil’s 18%.
The hiring appears to be fairly broad based across captive finance
organizations as well as global and local banks, all competing for local
financing dollars.

South America/Mexico was the biggest decliner this period, showing a 19%
decrease in demand. Mexico had a  meaningful 55% drop  in the  index level
over the past two quarter numbers,  pointing to some changed sentiments in
hiring in the country.

Europe / UK posted a 13% decline this quarter with both France (-38%) and
Germany  (-15%) showing weaker demand for new hiring in the sector.  The
UK posted flat numbers.

The USA rebounded from Q1’s declining numbers with a 27% increase during
this period. There was broad demand to fill many business development /
volume generating roles  in the region.

The next release of the GLSI index will be August 2012.

“ALC is pleased to announce the closing of our first syndicated unsecured revolving credit facility. We are grateful for the continuing support from our banking group as we grow our business”

“ALC is pleased to announce the closing of our first syndicated unsecured revolving credit facility. We are grateful for the continuing support from our banking group as we grow our business,” said Gregory B. Willis, Senior Vice President and Chief Financial Officer of Air Lease Corporation. “This facility serves as a significant step forward in the development of our capital structure. Our focus remains on building a robust and flexible balance sheet that allows us to execute our strategic growth plan.”

First Quarter 2012 Highlights (at or for the periods ended March 31, 2012, compared to March 31, 2011):

          --  Pre-tax income was $5.4 million in the first quarter of 2012, up 46%
              from the preceding quarter and down 35% from the year ago quarter,
              largely due to differences in gains from sale of leased equipment.
          --  Lease portfolio decreased 2% to $974.3 million from a year ago, with 3
              engines purchased and 5 engines sold in the current period.
          --  Average utilization for the first quarter was 84% compared to 89% in the
              first quarter a year ago and 85% in the fourth quarter of 2011.
          --  Quarter-end utilization was 85%, the same as a year ago and up from 82%
              at December 31, 2011.
          --  Total revenues fell 12% to $35.7 million from $40.8 million a year ago,
              reflecting lower average portfolio utilization, decreased portfolio size
              and lower gains from sale of equipment.
          --  Lease rent revenues decreased 12% to $24.1 million compared to $27.3
              million a year ago.
          --  Maintenance reserve revenues increased 4% to $8.6 million, compared to
              $8.2 million a year ago.
          --  Gains on sale of leased equipment totaled $2.6 million, down from $5.1
              million a year ago.
          --  Total net finance costs decreased 14% to $7.9 million, compared to $9.2
              million in the year ago quarter, reflecting the maturity of higher cost
              interest rate swaps over the past year and lower levels of debt.
          --  Liquidity available from the revolving credit facility was $116 million
              at quarter end, up from $71.5 million a year ago.
          --  Share repurchases totaled 141,358 common shares in the quarter at an
              average price of $12.16.
          --  Book value per common share was $22.44 compared to $22.32 a year ago.

"The major factors impacting the engine leasing business in the short-term have not changed significantly in the past year," said Charles F. Willis, Chairman and CEO. "Overall demand for leased engines remains strong for most engine types but there continues to be an overhang of supply for certain types which keeps lease rates under pressure. However, we have noticed that the pricing spread between short and long-term leases has shown some improvement. We have also seen a higher percentage of requests for longer term leases presumably to lock-in today's favorable lease rates. Pricing on sale and leaseback transactions remains very competitive, and accordingly we have been quite selective in those that we choose to pursue."

“As more aircraft are being retired and parted out, we see more engines, mainly older engines, adding to the supply of engines available for lease–albeit generally for short periods to run out the “green time” in the engines,” Willis continued. “We have always relied in part upon the secondary market for sourcing our older engine types. As we announced last year, however, we have moved up the food chain and are selectively pursuing the acquisition of older aircraft in order to primarily harvest and lease-out the engines. If done correctly, this strategy provides a source of lower cost engines.”

“Our utilization rate at the end of the first quarter was 85%, up from 82% at the end of the previous quarter,” said Donald A. Nunemaker, President. “While the oversupply of certain engine types in the market clearly impacts our utilization, there are other factors that are not market-driven that have an impact as well. One such factor is the number of engines that are either under repair, awaiting repair or awaiting the determination of repair, sell or consign. A large lessor like Willis always has some assets in these various categories, and the amount of such assets can vary considerably from time to time. In addition, because Willis is in the business of trading aviation assets, it is not unusual for unserviceable assets to be acquired with the intention of making them serviceable and available for lease or sale. Until these assets are made serviceable, they are not available for lease, and show up in the off-lease category. Of the assets off-lease at the end of the first quarter, about a third of the assets were in this unserviceable category.”

“Our net finance costs continue to reflect the favorable interest rate environment, with total interest expenses down 4% compared to the prior quarter and lower 14% year-over-year,” said Brad Forsyth, Chief Financial Officer. “We had $60 million of high cost swaps mature on March 15, 2012, with our total swap position decreasing to $315 million or 46% of floating rate debt.”

“We also saw a large swing in our blended federal and state effective tax rate in the fourth quarter of 2011 where we realized minimal tax expense due to a change in California state tax law in the year,” Forsyth noted. “First quarter tax expense returned to more normal levels, at 38.8% compared to 38.3% in the first quarter a year ago.”

Balance Sheet

At March 31, 2012, Willis Lease had 193 commercial aircraft engines, 3 aircraft parts packages and 12 aircraft and other engine-related equipment in its lease portfolio, with a net book value of $974.3 million, compared to 185 commercial aircraft engines, 3 aircraft parts packages and 3 aircraft and other engine-related equipment in its lease portfolio, with a net book value of $998.9 million a year ago. The Company’s funded debt-to-equity ratio continues to drop and is 2.96 to 1 at quarter end, compared to 3.03 to 1 at December 31, 2011 and 3.26 to 1 a year ago.

–Declared a dividend of $0.28 per share, an increase of 7.7% from the prior quarter.

–Total revenue increased 33% year-over-year to $49.0 million for the first quarter.

–Average utilization was 97.7% for the first quarter.

–In 2012, committed to purchase approximately $240.8 million in equipment for delivery through September 2012; 64% has been committed to long-term leases.

–Increased Container Warehouse Credit Facility to $300 million and extended term to March 2014.

SeaCube Container Leasing Ltd (SeaCube) BOX +0.67% , one of the world’s largest lessors of intermodal freight containers, today reported results for the first quarter ended March 31, 2012.

Adjusted net income(1) was $12.5 million for the first quarter of 2012 compared to $9.3 million in the first quarter of 2011, an increase of 34%. For the first quarter of 2012, adjusted net income per diluted common share was $0.62. The Company focuses on adjusted net income because it excludes the impact of non-cash interest expense and non-recurring items that are unrelated to the operating performance of the business.

Total revenue was $49.0 million for the first quarter of 2012 compared to $36.8 million for the first quarter of 2011, an increase of 33%. Utilization continued to be strong with average first quarter utilization of 97.7%. Adjusted EBITDA(1) was $70.5 million for the first quarter of 2012 compared to $52.9 million in the first quarter of 2011.

The Company reported net income of $11.3 million for the first quarter of 2012 compared to $10.1 million for the first quarter of 2011. Net income per diluted common share was $0.56 for the first quarter of 2012 compared to $0.50 for the first quarter of 2011.

Joseph Kwok, Chief Executive Officer of SeaCube, commented, “SeaCube continued to achieve strong revenue, earnings and cash flow growth, as our investments continued to positively impact our financial results. Year to date, we have committed to invest $240.8 million in equipment and are well positioned to take advantage of the expected demand for leased containers. Consistent with our focus on achieving revenue and earnings growth, 64% of these containers have already been committed to long-term leases.”

Mr. Kwok concluded, “Based on SeaCube’s strong financial performance in the first quarter, our Board has declared a quarterly dividend of $0.28 per share, an increase of 7.7% over the prior quarter. Since going public in October 2010, we have increased the Company’s quarterly dividend by 40% and the cumulative payout to $1.66 per share. We will continue to create shareholder value by growing our revenues, earnings, and cash flow as well as distributing dividends. Our cash flow growth combined with our recent success in increasing and extending the Company’s Container Warehouse Credit Facility has strengthened our ability to execute our strategy of investing in containers and growing our fleet.”

Dividend

On May 7, 2012, the Company’s Board of Directors approved and declared a $0.28 per share cash dividend on its issued and outstanding common shares, payable on June 14, 2012 to shareholders of record at the close of business on June 7, 2012.

Investors’ Conference Call

In connection with this earnings release, management will host an earnings conference call and webcast on Tuesday, May 8, 2012 at 10:00 a.m. Eastern time. The live conference call may be accessed by dialing 1-866-347-8894 (from within the U.S.) or 1-706-643-5328 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “SeaCube First Quarter Earnings Call.” A simultaneous webcast of the conference call with an accompanying slide presentation will be available to the public at www.seacubecontainers.com . A telephonic replay of the conference call will also be available until 11:59 p.m. on Friday, May 18, 2012 by dialing 1-855-859-2056 (from within the U.S.) or 1-404-537-3406 (from outside of the U.S.); please reference access code “73761350.”

About SeaCube Container Leasing Ltd.

SeaCube Container Leasing Ltd. is one of the world’s largest container leasing companies based on total assets. Containers are the primary means by which products are shipped internationally because they facilitate the secure and efficient movement of goods via multiple transportation modes, including ships, rail and trucks. The principal activities of our business include the acquisition, leasing, re-leasing and subsequent sale of refrigerated and dry containers and generator sets. We lease our containers primarily under long-term contracts to a diverse group of the world’s leading shipping lines. As of March 31, 2012, we employed 77 people in seven offices worldwide and had total assets of $1.6 billion. We own or manage a fleet of 580,379 units, representing 914,313 TEUs of containers and generator sets.

The company drove continued sequential quarterly revenue growth in the third fiscal quarter, increasing 23% to $10.6 million, representing one of the company’s strongest quarters to date. This compared with $8.6 million in the preceding quarter, and $6.2 million in the fiscal 2012 first quarter.

“In the fiscal third quarter NetSol saw strength across each business line and in all geographic regions,” said Najeeb Ghauri, chairman and CEO of NetSol. “We believe that the business has regained its footing and that our growth initiatives are building momentum. Given the relative strength of the third quarter and our current insights into the balance of the year, we are increasingly confident the company will deliver a much stronger second half than first half 2012.”

License revenue for the fiscal 2012 third quarter was $3.0 million, compared with $2.0 million in the preceding second quarter, and $3.7 million in the comparable period in fiscal 2011.

Maintenance revenue in the fiscal 2012 third quarter was $1.8 million, compared with $2.1 million in the preceding second quarter, and $1.9 million for the same period last fiscal year.

Services revenue was $5.8 million, up sequentially from $4.4 million in the second quarter, and compared with $5.3 million for the third quarter of fiscal 2011.

Recent Company Highlights:

NFS(TM) Suite

          --  Signed new agreement with Chongqing Auto Finance, Ltd., to provide
              finance and leasing solutions to automotive financing companies,
              bringing NetSol's current client count in China to 17;
          --  Signed $4 million agreement with the captive finance arm of major
              Japanese auto manufacturer;
          --  Partnered with Abeam Consulting to develop and support businesses in the
              asset finance and leasing industry in Japan and NEC India to develop
              business in the asset finance and leasing industry in India;
          --  Implemented next generation of NFS for a Thai stock exchange listed
              bank; and,
          --  Began several enhancement projects, including one for a large auto
              manufacturer in Australia.

LeasePak(TM) & LeaseSoft (TM)Business

          --  Leading European bank extended its LeaseSoft license and a leading
              automobile manufacture went live with LeasePak; and,
          --  Began the integration of LeasePak with Vertex(R) O Series, a tax
              platform that centralizes all corporate tax processing and data and
              supports tax compliance with automation capabilities and extensive tax
              rule research.

Vroozi Business

          --  Inked new agreement with a prominent U.S. media company to implement a
              full B2B e-commerce search engine suite, bringing the number of
              smartOCI(TM) customers to 9;
          --  Expanded product line with smartOCI Catalog Manager(TM), a new tool to
              help customers with exchanging and loading content between purchasing
              organizations and suppliers; and,
          --  Added e-commerce veteran Mike Sundell as VP, technology.

Services

          --  AtheebNetSol, a joint venture in Saudi Arabia, signed four new
              agreements in the areas of cyber security, application development and
              consulting, and collectively valued at approximately $2.0 million; and,
          --  Signed a consultancy and services agreement with premier auto
              manufacturer in Thailand.

Total operating expenses for the fiscal 2012 third quarter were $3.5 million, compared with $3.5 million in the second quarter, and $2.0 million for the fiscal 2011 third quarter. The increase primarily reflects expenses associated with Vroozi, as well as enhanced infrastructure and resources in China and the company's Thailand offices. There was also a reduction of $860,000 on account of a settlement of lease abandonment liability in the comparable period which resulted in a reduction of operating expenses.

Operating income for the third quarter of fiscal 2012 was $2.2 million, compared with $1.2 million in the preceding second quarter, and $4.8 million in the third quarter of fiscal 2011.

Net income for the fiscal third quarter was $1.7 million, equal to $0.03 per diluted share, compared with $3.3 million, or $0.06 per diluted share, in the comparable period in the prior fiscal year. Weighted average number of diluted shares outstanding for the period was 61.8 million shares compared with 52.5 million shares diluted for the third quarter of fiscal 2011.

At December 31, 2011, cash, cash equivalents amounted to $9.1 million, reflecting the recently completed financing that netted $5.7 million.

Financial Outlook

Given the relative strength of the company’s business throughout the year, NetSol currently expects revenue growth of 30% to 40% for the second half of the fiscal year compared with the first half of the year. This is an increase from its previous guidance of growth of 10% to 15%. The company also said that it anticipates achieving profitability for the full 2012 fiscal year.

          Conference Call Today
          ----------------------------------------------
          When:           Monday, May 7
          Time:           11:00 a.m. Eastern
          Phone:          1-877-941-0844 (domestic)
                          1-480-629-9645 (international)
          Passcode:       4534723

http://www.netsoltech.com/IR/e              Webcast:        vent-presentation.php
          Archived:       90 days

A telephone playback of the conference call will also be available until 11:59 p.m. Eastern time, Monday, May 14, 2012. Listeners should call (800) 406-7325 (domestic) or (303) 590-3030 (international) and use reservation 4534723 to access the playback.

Drawing on 37 years of experience in solar panel manufacturing, Kyocera designed a financing program that delivers to qualified consumers the company’s industry-leading solar panels and up to 100 percent financing of the total project cost, including inverters, racking, wiring, installation and other costs associated with the system installation. This all-inclusive approach creates a streamlined process for customers ready to make the conversion to solar energy for the environmental and economic advantages it provides.

Based on familiar lease, rental and purchase agreements, Kyocera Solar Finance offers two viable financing solutions: loans and tax leases, both with distinct advantages. For projects $10,000,000 and lower, the loan option enables the end user to own the system outright, retain tax benefits and any qualifying local subsidies. Still relatively unique as a solar system financing model, a loan is an attractive option for buyers seeking to benefit from long term ownership of a 30 plus year energy system while not paying cash for the system up front.

Starting at $500,000, the tax lease model is a practical structure where an end user hosts the system, directly benefits from the energy produced and rents the system from De Lage Landen through the Kyocera Solar Finance Program. De Lage Landen, a provider of leasing, business and consumer finance solutions worldwide, will work with pre-qualified applicants to determine final terms of their financing arrangements based on the end-user’s credit quality and the need to cash flow lease or loan payments against avoided utility costs and incentive based revenue.

“To carry out our mission and meet consumer demand for photovoltaic (PV) installations, Kyocera formed a partnership with De Lage Landen to offer comprehensive financing solutions,” said Steve Hill, president of Kyocera Solar, Inc. “Our goal is to bring solar energy to the world, and with Kyocera Solar Finance we are able to help more consumers gain energy independence through clean, solar-generated electricity.”

“Kyocera’s quality products and expertise in the marketplace made our partnership an easy decision,” said Mark McGovern, General Manager, Clean Technology for De Lage Landen. “With a U.S. focused program, we aim to support Kyocera’s objective towards providing flexible and sustainable solutions to their customers.”

By securing financing directly through Kyocera Solar Finance, customers seeking light commercial and mid-to-large commercial installations will enjoy both the convenience of completing the process in-house and the assurance of Kyocera’s proven leadership in the solar industry. Kyocera, by repeatedly breaking cell efficiency records and producing the world’s first modules to have passed the Long-Term Sequential Test performed by TUV Rheinland Japan Ltd., remains at the forefront of solar energy innovation and reliability.

“We remain committed to reducing our high cost debt and lowering our funding costs as we continue to meet the financing needs of our small business and middle market clients”

“We remain committed to reducing our high cost debt and lowering our funding costs as we continue to meet the financing needs of our small business and middle market clients,” said John A. Thain, Chairman and Chief Executive Officer.

Including the redemption announced today, CIT will have eliminated or refinanced approximately $26 billion of high cost debt since the beginning of 2010. The Company has provided a redemption notice for the 7% Notes to the trustee and intends to complete the redemption on June 4, 2012. As provided under the terms of the 7% Notes, the Company will redeem the outstanding principal balance at par and will be redeemed on a pro-rata basis among all of the 2017 Notes.

Additional information will be available in a Form 8-K that will be filed with the Securities and Exchange Commission. This, and other filings, can be found at cit.com/investor.

Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed at cit.com/rssfeed.

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals. cit.com

Representing City National, The Alta Group was instrumental in helping the bank identify acquisition prospects, performing due diligence, and providing financial advisory services and support in arranging and closing the deal, which was completed on April 30, 2012, said Paul Bent, a senior managing director of The Alta Group. “The bank already had a successful equipment leasing and finance operation and they approached Alta initially to explore various paths to expand that business,” he added. The Alta Group has specialized in management consulting, as well as merger and acquisition advisory services, in the equipment leasing and finance industry for more than 20 years.

This transaction breaks the virtual barrier to mergers and acquisitions that was in place since the financial crisis, said Bruce Kropschot, a senior managing director who leads Alta’s M&A practice. He has been reporting within the industry that more such deals are anticipated this year because many corporations and banks have substantial liquidity and a number of attractive independent leasing companies withstood the recession soundly.

Kropschot said the City National transaction was accomplished swiftly, with a definitive agreement finalized shortly after the execution of a letter of intent. He said First American Equipment Finance has a great reputation in the industry and this was not the first time that First American owners William Verhelle and Guy Klingler were approached by firms interested in acquiring a national leasing company.  Verhelle also found in the selection of City National that leadership styles and growth interests were compatible. It was reported that by joining forces, First American expects to provide better access to capital, as well as broaden client services.

Bent said it is “a perfect cultural fit” because both are headed by leaders who take a personal interest in their businesses and their customers and have high standards of integrity.

City National was founded in Los Angeles by a group of entrepreneurs in 1954. Today it is a wholly owned subsidiary of City National Corporation and backed by $24 billion in total assets.

First American Equipment Finance, a privately held mid-ticket equipment leasing company, owns and services approximately $325 million in assets. It leases technology and office equipment nationwide and has approximately 100 employees. Its clients include educational institutions, hospitals and health systems, large law firms, insurance underwriters, enterprise businesses, professional service businesses and nonprofit organizations.

Since 1992, The Alta Group has represented equipment leasing and finance companies, banks, manufacturers and service providers, offering management consulting and expertise in global market entry, vendor finance, professional development, and mergers and acquisitions. The full array of practices in North America is described at http://www.thealtagroup.com/north-america.

Equipment rental revenues for the quarter were $302.1 million 12.6 percent up on the same period last year while pre-tax profits were $10.2 million, compared to a loss last year of $7.8 million. The improvement is credited to increased volume and pricing and cost management initiatives.

Overall the group had revenues of $1.96 million , just over 10 percent up on the first quarter of 2011. At the same time the company reported a pre-tax loss of $36.8 million compared to a loss in the same period last year of $$158.9 million.

Chief executive Mark Frissora said: “In addition to generating strong organic revenue and earnings growth, especially in the United States, HERC completed two acquisitions, Cinelease and Arpielle, last quarter which are already contributing profitable, incremental revenue growth to our equipment rental results. Donlen, acquired last September, is a key component of our 2012 vehicle and equipment leasing and fleet management strategies for HERC and car rental.”

SOURCE

Ritchie Bros. Auctioneers RBA -0.69% CA:RBA -0.14% , the world’s largest industrial auctioneer, officially opened its new 33,000-square-foot auction building in northern Las Vegas earlier this morning during a multi-million dollar grand opening auction. As of 2:00 p.m. (local time) today, more than 2,100 bidders from 42 countries have registered on site or online to participate in today’s unreserved public auction, which features close to 1,300 heavy equipment and transportation items. A ribbon-cutting ceremony held earlier today marked the official opening of the new auction building located on exit 58 off I-15N—twenty minutes north of McCarran International Airport.

“It wasn’t very long ago that it was a serious challenge for local contractors to find what they need when they needed it,” said Sean Stewart, Executive Vice President of the NCA/AGC, which represents over 700 local general contractors, subcontractors, and suppliers. “By establishing this facility and other investments they’ve made in our local economy, Ritchie Bros. has made equipment available to our contractors and subcontractors overnight – so we thank them for helping us have quick access to equipment.”

David Rice from Rice Construction, a Las Vegas based underground utility contractor, added: “Us contractors come to Ritchie Bros. to buy and sell – and we know the deal is square on both ends. Now they’re welcoming us in this beautiful new facility; you can’t ask for better treatment anywhere else.”

“We have been holding our unreserved public auctions in the state of Nevada since 1983 and today we’ve achieved a great milestone thanks to our customers and the local community who have supported us over the years,” said Mike Johnston, Senior Vice President, Ritchie Bros. Auctioneers. “We’ve had a great turnout and there has been strong competition from the bidders during the auction so far. We look forward to continue providing turnkey business solutions for local and out-of-state customers at our new facilities.”

The Ritchie Bros. auction calendar currently features more than 80 unreserved public auctions. The next Ritchie Bros. Las Vegas auction is scheduled for July 27, 2012. If you’re interested in selling equipment at this or any upcoming Ritchie Bros. auction, contact the local site at +1.702.644.2468 or visit rbauction.com.

About Ritchie Bros. Established in 1958, Ritchie Bros. Auctioneers (nyse and tsx:RBA) is the world’s largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. Ritchie Bros. offers services that enable the world’s builders to easily and confidently exchange equipment. The Company conducts hundreds of unreserved public auctions each year, selling a broad range of used and unused equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. Ritchie Bros. has over 110 locations in more than 25 countries, including 44 auction sites worldwide. The Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com .

Matt Flannery remains an executive vice president. Flannery previously headed operations and sales and is assigned to lead the integration team of former RSC Holdings Inc. into United Rentals.

United completed its $4.2 billion buyout of RSC on Monday.

Flannery previously spent seven years with McClinch Equipment Corp., which United acquired in 1998. For a decade after, he has held management positions with United Rentals at the branch, district, regional and national levels, including senior vice president for operations.

SOURCE

CSI Leasing will offer a broad range of customer financing options through NCR’s Interact Global Partner Program, including supporting channel partners to insert financing early in the sales cycle to help build a customer value proposition and business case. A comprehensive support program includes training, online tools and global contacts with the infrastructure, expertise and resources to engage with NCR partners on a global basis.

NCR offers an extended portfolio of innovative Point-of-Sale (POS), self-checkout, digital signage and kiosk hardware and software via its solution partners in the retail industry. This is in addition to ATM, mobile banking, digital signage and kiosk hardware and software in the financial services sector. CSI’s leasing packages offered through NCR Interact Solution Providers will help customers avoid tying up balance sheet capital in fixed assets, affecting existing credit lines and optimize tight operating expense budgets.

SOURCE AND READ MORE

United Capital Business Lending, a national business lender specializing in franchise finance, announced today that it provided $2,600,000 in financing to Buffalo Wild Wings® owner, Southseas Wings, LLC. United Capital refinanced one location for the Texas based company and will provide funding to open additional Buffalo Wild Wings® restaurants in Hawaii. Southseas Wings, LLC together with its affiliate companies is one of the largest Buffalo Wild Wings® franchisees, currently operating 34 restaurants in various states.

“The Buffalo Wild Wings® chain has its pick of lenders,” says William Johnson, senior vice president of sales and business development for United Capital. “So to be working with one of the biggest franchisees in the system is proof United Capital has the financing products and pricing to attract top notch operators in the strongest franchise concepts.”

United Capital Business Lending is a subsidiary of BankUnited (NYSE: BKU), the largest bank headquartered in Florida with over $12 billion in assets.

In addition to Buffalo Wild Wings®, the United Capital team has financed franchisees for Subway®, Denny’s®, Dunkin’ Donuts®, Five Guys® Burgers and Fries and Popeyes® among others.

For information about financing for franchise acquisition, new unit development, remodeling or debt refinancing, call United Capital at 866-218-4793 or visit the company’s website at www.unitedcapitalbusinesslending.com.

The 48-story, 499,215-square-foot office building at 600 Montgomery is known as Transamerica Pyramid. It was built in 1972 in the financial district.

Rob Dumas of Sansome Street Advisors represented ATEL Capital, while the landlord, Transamerica Insurance Corp., was represented by Margaret Duskin and Ross Robinson of Cushman & Wakefield.

GE Capital Credit Card Master Note Trust Series 2007-4:

–Class A at ‘AAA’; Outlook Stable;

–Class B at ‘AA-’; Outlook Stable;

–Class C at ‘A’; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2009-2:

–Class A at ‘AAA’; Outlook Stable;

–Class B at ‘A+’; Outlook Stable;

–Class C at ‘BBB+’; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2009-4:

–Class A at ‘AAA’; Outlook Stable;

–Class B at ‘A+’; Outlook Stable;

–Class C at ‘BBB+’; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2010-1:

–Class A at ‘AAA’; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2010-2:

–Class A at ‘AAA’; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2010-3:

–Class A at ‘AAA’; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2010-VFN1:

–Class A at ‘AAA’; Outlook Stable;

–Class B at ‘A’; Outlook Stable;

GE Capital Credit Card Master Note Trust Series 2010-VFN2:

–Class A at ‘AAA’; Outlook Stable;

–Class B at ‘A’, Outlook Stable;

GE Capital Credit Card Master Note Trust Series 2011-1:

–Class A at ‘AAA’; Outlook Stable;

–Class B at ‘A+’; Outlook Stable;

–Class C at ‘BBB+’; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2011-2:

–Class A at ‘AAA’; Outlook Stable;

–Class B at ‘A+’; Outlook Stable;

–Class C at ‘BBB+’; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2011-3:

–Class A at ‘AAA’; Outlook Stable;

–Class B at ‘A+’; Outlook Stable;

–Class C at ‘BBB+’; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2012-1:

–Class A at ‘AAA’; Outlook Stable;

–Class B at ‘A+’; Outlook Stable;

–Class C at ‘BBB+’; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2012-2:

–Class A at ‘AAA’; Outlook Stable;

–Class B at ‘A+’; Outlook Stable;

–Class C at ‘BBB+’; Outlook Stable.

GE Capital Credit Card Master Note Trust Series 2012-3:

–Class A at ‘AAA’; Outlook Stable;

–Class B at ‘A+’; Outlook Stable;

–Class C at ‘BBB+’; Outlook Stable.

The affirmation is based on continued positive trust performance. Gross yield has remained stable since last review. As of the April 2012 reporting period, the 12-month average gross yield was 24.38%, down slightly from the 12-month average of 24.72% at the April 2011 reporting period.

Monthly payment rate (MPR), a measure of how quickly consumers are paying off their credit card debts, has improved over the past year. Currently the 12-month average is 16.54%, up from 15.95% at the April 2011 reporting period.

Gross chargeoffs have decreased significantly since last review. Currently the 12-month average is 7.31%, down from 9.61% at the April 2011 distribution period. 60+ day delinquencies have remained below 3% over the past year.

Fitch runs a cash flow breakeven analysis by applying stress scenarios to 3-, 6-, and 12-month performance metric averages to test whether the trust can withstand stresses and losses commensurate with the current rating level given the available credit enhancement. The variables that Fitch stresses are the gross yield, monthly payment rate, gross charge-off, and purchase rates. For further information, please review the U.S. Credit Card ABS Issuance updates published on a monthly basis. The trust’s performance is in line with expectations. The stable outlook indicates that as a result of the continued positive performance trends for this trust, Fitch expects the ratings will remain stable over the next two years.

Fitch’s analysis included a comparison of observed performance trends over the past few months to Fitch’s base case expectations for each outstanding rating category. As part of its ongoing surveillance efforts, Fitch will continue to monitor the performance of these trusts.

Additional information is available at ‘ www.fitchratings.com ‘. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

–’Global Structured Finance Rating Criteria’ (Aug. 4, 2011);

–’Global Credit Card ABS Rating Criteria’ (June 28, 2011).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Global Credit Card ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=639672

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘ WWW.FITCHRATINGS.COM ‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE.

SOURCE: Fitch Ratings

        Fitch Ratings
        Primary Analyst
        Brian Perry, +1-212-908-9142
        Analyst
        One State Street Plaza
        New York, NY 10004
        or
        Secondary Analyst
        Herman Poon, +1-212-908-0847
        Director
        or
        Committee Chairperson
        Cynthia Ullrich, +1-212-908-0609
        Senior Director
        or
        Media Relations
        Sandro Scenga, New York, +1-212-908-0278
        sandro.scenga@fitchratings.com

“We are proud to be bringing such a specialist on to our FGI team. David, with his vast experience and background, will be crucial to our continued growth and success”

Helmes brings over 20 years of commercial financing experience to his new leadership role at FGI. With a diverse financial background of working for such firms as Credit Suisse, GE Capital and Bank of America along with several specialty finance companies, Helmes brings great insight, direction and financial expertise to both clients and lenders. “After establishing Helmes Capital in 2007, I am now extremely excited about combining my expertise with FGI and its reputation as a premier international finance company” says Helmes.

“We are proud to be bringing such a specialist on to our FGI team. David, with his vast experience and background, will be crucial to our continued growth and success,” says David DiPiero, President and CEO of FGI. “David will be at the forefront of expanding FGI Capital’s strategic relationships with numerous financial institutions throughout the world.”

FGI Capital, a global private debt placement division of FGI, assists clients in obtaining capital. This Capital division specializes in finding creative working capital solutions for entrepreneurial and middle-market based companies. FGI Capital combines a vast network of capital providers, with creative insight, quick and informed direction with years of proven financial expertise.www.fgicapital.com

SOUCRE & READ MORE

American International Group, Inc. AIG -1.78% today reported net income attributable to AIG of $3.2 billion and after-tax operating income of $3.1 billion for the quarter ended March 31, 2012, compared to net income attributable to AIG of $1.3 billion and after-tax operating income of $2.1 billion for the first quarter of 2011. Diluted earnings per share and after-tax operating income per share were $1.71 and $1.65, respectively, for the first quarter of 2012, compared with diluted earnings per share and after-tax operating income per share of $0.31 and $1.34, respectively, for the first quarter of 2011.

“AIG has again delivered another strong quarter with our core insurance businesses all posting profits,” said Robert H. Benmosche, AIG President and Chief Executive Officer. “We also continue to make good on our promise to help the U.S. Government profit from its investment in AIG. During the quarter, we retired the preferred interests of AIA Aurora LLC (AIA SPV) one year ahead of schedule and achieved the milestone of reducing total outstanding or authorized U.S. Government assistance by 75 percent.

“In every corner of our operations, we are keenly focused on building on our successes and studying and sharing our experiences and knowledge across the organization. At Chartis, where we had very low natural catastrophe claims, we’re already seeing the benefits of the realigned consumer and commercial geographic structure and our emphasis on growth economies. Chartis’ results also demonstrated progress in strategic initiatives to improve its mix of business, loss ratio and risk selection ultimately increasing the intrinsic value of the franchise. SunAmerica is benefitting from its broad portfolio of competitive products, diverse and strong distribution relationships, and continued discipline in product pricing. United Guaranty made a profit and was successful in the market with its risk evaluation and pricing, while proactively managing its legacy business to reduce delinquency.”

Mr. Benmosche concluded, “The people of AIG feel empowered and are accountable for the decisions they make that directly benefit our customers and the communities they serve. We are rebuilding AIG’s legacy of excellence. Across the organization we are transforming the way we do business and our profits this quarter illustrate, ultimately, the health of our businesses.”

Liquidity, Capital Management and Other Significant Developments

– AIG shareholders’ equity totaled $103.5 billion at March 31, 2012. Book value per common share grew approximately 8 percent during the first quarter to $57.68 per share, including accumulated other comprehensive income.

– On March 7, 2012, AIG sold 1.72 billion ordinary shares of AIA Group Limited (AIA) and applied approximately $5.6 billion of the proceeds to pay down a portion of the United States Department of the Treasury’s (U.S. Treasury) preferred interests in the AIA SPV, the special purpose entity that holds AIG’s remaining interest in AIA.

– In March 2012, AIG’s $1.6 billion of proceeds from the sale of the securities held by Maiden Lane II LLC (ML II) by the Federal Reserve Bank of New York (FRBNY) were applied to pay down another portion of the U.S. Treasury’s preferred interests in the AIA SPV. On March 22, 2012, AIG made a final $1.5 billion payment to pay down the U.S. Treasury’s preferred interests in the AIA SPV in full. The security interests in the AIG assets that previously supported the pay down of the U.S. Treasury’s AIA SPV preferred interests, including the remaining interest in AIA, the equity interests in International Lease Finance Corporation (ILFC), AIG’s interests in Maiden Lane III LLC (ML III), and the escrow holding the remaining proceeds from AIG’s sale of ALICO to MetLife, Inc., have been released.

– In March 2012, the U.S. Treasury completed a registered public offering of AIG common stock in which it sold approximately 207 million shares for aggregate proceeds of approximately $6.0 billion. AIG purchased approximately 103 million of these shares in this offering for an aggregate amount of approximately $3 billion. As a result of the offering by the U.S. Treasury and purchase by AIG, the U.S. Government’s ownership in AIG was reduced to approximately 70 percent.

– During the first quarter of 2012, AIG issued $2.0 billion of long term notes for the Matched Investment Program and ILFC issued $2.4 billion of debt.

– Dividends and note repayments from operating companies totaled $2.6 billion in the first quarter of 2012.

– AIG Parent liquidity sources amounted to approximately $12.4 billion at March 31, 2012.

        COMPONENTS OF AFTER-TAX OPERATING INCOME (LOSS)
                                                                           First Quarter
                                                                        -------------------
        ($ in millions)                                                   2012      2011
        --------------------------------------------------------------  --------- ---------
        Insurance Operations
          Chartis                                                       $1,043     $(424)
          SunAmerica                                                     1,311     1,171
          Mortgage Guaranty (reported in Other)                              8        14
        --------------------------------------------------------------  ------    ------
            Total Insurance Operations                                   2,362       761
        --------------------------------------------------------------  ------    ------
        Aircraft Leasing                                                   119       117
        Direct Investment book                                            (156)     451
        Global Capital Markets                                              92       277
        Change in fair value of AIA (including realized gains in 2012)   1,795     1,062
        Increase in fair value of ML III                                 1,252       744
        Interest expense                                                  (470)    (558)
        Corporate expenses and eliminations(1)                            (171)     267
        --------------------------------------------------------------  ------ -  ------
            Pre-tax operating income                                     4,823     3,121
        --------------------------------------------------------------  ------    ------
        Income tax (expense) / benefit                                  (1,485)    (835)
        Noncontrolling interest - Treasury/Fed                            (208)    (252)
        Other noncontrolling interest                                      (33)      55
        --------------------------------------------------------------  ------ -  ------
        After-tax operating income attributable to AIG                  $3,097    $2,089
        ==============================================================  ======    ======

        (1) Includes $296 million of deferred gain associated with
        termination of FRBNY credit facility in the first quarter of 2011.

CHARTIS

Chartis reported operating income of $1.0 billion in the first quarter of 2012, compared to a $424 million operating loss in the first quarter of 2011. First quarter results demonstrated progress toward improving risk-adjusted profitability, the quality of its business portfolio, and the strength of its capital position. Chartis continued to benefit from growth in higher value lines of business and geographies and improving pricing trends. First quarter 2012 results included catastrophe losses of $80 million and modest net prior year reserve development. As part of AIG’s ongoing focus on capital management, Chartis paid $1.0 billion in non-cash dividends to AIG Parent during the current quarter.

The first quarter 2012 combined ratio was 102.1, compared to 118.6 in the first quarter of 2011. The first quarter 2012 accident year combined ratio, excluding catastrophes, was 100.4, compared to 98.3 in the first quarter of 2011. Improvement in the loss ratio due to a shift to higher value businesses, pricing improvements, and risk selection was offset by higher expenses. First quarter 2012 results reflect an expense ratio of 34.1, which increased 5.2 points over the first quarter of 2011. The first quarter of 2011 expense ratio reflected a reduction of bad debt allowance, compared to additional bad debt allowance recorded in the first quarter of 2012. In addition, the benefit from the amortization of value of business acquired liabilities decreased in the first quarter of 2012. These two items contributed approximately 1.9 points to the expense ratio increase. The increase in 2012 expenses also reflected higher acquisition costs related to changes in business mix toward more profitable lines and higher commission rates, as well as an increase in infrastructure investments.

First quarter 2012 net premiums written of $8.8 billion decreased 3.7 percent compared to the first quarter of 2011, or 4.5 percent excluding the effect of foreign currency exchange rates. Commercial Insurance premiums in original currencies decreased 8.5 percent compared to the first quarter of 2011. The continued restructuring of loss sensitive businesses to improve capital efficiency contributed to 2.6 percent of the decline, and the impact of a multi-year financial lines policy that produced net premiums written of $148 million in the prior year period accounted for an additional 2.6 percent of the decline. The remainder of the decrease was primarily driven by initiatives to improve risk selection, particularly in the casualty line of business. In line with Chartis’ shift in mix of business to higher value products, specialty premiums increased in the quarter. Chartis also continued to expand its commercial business in growth economy nations, consistent with its strategic objectives. Consumer Insurance premiums in original currencies increased 2.9 percent, primarily driven by growth in key international markets, higher margin lines of business and the implementation of the group benefits strategy with American General Life Companies. Consumer Insurance also realized profitable growth by investing in direct marketing distribution channels outside the United States and Canada.

Commercial Insurance reported first quarter 2012 operating income of $565 million and a combined ratio of 103.4, compared to a $384 million operating loss and a combined ratio of 122.2 in the first quarter of 2011. The accident year combined ratio, excluding catastrophes, was 101.1, compared to 99.1 in the first quarter of 2011. Improvement in the loss ratio from the shift to higher value business, price improvements, and risk selection was offset by higher expenses. First quarter 2012 results reflect an expense ratio of 29.3, which increased 5.7 points over the first quarter of 2011. Increases in bad debt allowance and acquisition costs due primarily to change in mix of business affected the expense ratio by approximately 1.8 points and approximately 3.0 points, respectively. The remaining increase was largely related to strategic investments in systems, processes, and talent, which should yield greater savings and a stronger franchise in the future.

Consumer Insurance reported first quarter 2012 operating income of $234 million and a combined ratio of 96.7, compared to a $255 million operating loss and a combined ratio of 110.2 in the first quarter of 2011. The accident year combined ratio, excluding catastrophes, was 97.0, compared to 95.6 in the first quarter of 2011. Improvement in the loss ratio from the shift to higher value business, price improvements, and risk selection was offset by higher expenses. First quarter 2012 results reflect an expense ratio of 38.6, which increased 3.0 points over the first quarter of 2011, primarily due to a decrease in the benefit from the amortization of value of business acquired liabilities compared to 2011, coupled with increased acquisition and operating expenses related to growth in selected markets in 2012.

The twin turboprops are subject to a sale-and-leaseback arrangement with Spanish regional carrier Air Nostrum. The first aircraft was delivered April 26, with the remainder scheduled for delivery between May and July.

The financing was structured as a 12-year export credit agency (ECA) loan facility insured by Coface, acting as fronting ECA. Deutsche Bank is acting as agent and security trustee.

as Outstanding Volunteers to the Equipment Finance Industry

 The Equipment Leasing and Finance Association (ELFA) announces it is accepting nominations for its Distinguished Service Award, which honors an individual who has made a significant contribution to the association and the equipment finance industry. The award winner will be formally recognized during the ELFA 51st Annual Convention in Palm Desert in October, and will be profiled in Equipment Leasing & Finance magazine and the ELFA SmartBrief e-newsletter.

ELFA’s ability to achieve its goals is largely dependent upon the work of a large number of volunteers from within the membership. Volunteers perform a number of functions:

• Act as information experts and consultants on a full range of industry issues
• Represent the industry in a variety of regulatory and legislative matters
• Analyze market trends and assist in research
• Serve as content experts for conference planning, promotion and delivery of key information and knowledge
• Assist in the positive positioning of asset finance to providers of debt and equity

Without the help of volunteers, ELFA could not perform its many functions, or provide the current range and quality of products and services to our membership and the industry.

With the introduction of the Distinguished Service Award in 2004, ELFA has established a formal process for identifying and rewarding key volunteers, who because of their outstanding contributions deserve special recognition.

The Distinguished Service Award honors not only the individual or individuals who have made a significant contribution to the Association and the industry, but also serves to encourage others to contribute to the development and growth of the industry.

All ELFA members are invited to nominate a member (including themselves) whom they believe merits this award.

Nominations must be submitted to ELFA by Friday, July 6.  For information on eligibility and nominating criteria and instructions on nominating, please go to http://www.elfaonline.org/Events/DSA/.

Helmes brings over 20 years of commercial financing experience to his new leadership role at FGI. With a diverse financial background of working for such firms as Credit Suisse, GE Capital and Bank of America along with several specialty finance companies, Helmes brings great insight, direction and financial expertise to both clients and lenders. “After establishing Helmes Capital in 2007, I am now extremely excited about combining my expertise with FGI and its reputation as a premier international finance company” says Helmes.

“We are proud to be bringing such a specialist on to our FGI team. David, with his vast experience and background, will be crucial to our continued growth and success,” says David DiPiero, President and CEO of FGI. “David will be at the forefront of expanding FGI Capital’s strategic relationships with numerous financial institutions throughout the world.”

FGI Capital, a global private debt placement division of FGI, assists clients in obtaining capital. This Capital division specializes in finding creative working capital solutions for entrepreneurial and middle-market based companies. FGI Capital combines a vast network of capital providers, with creative insight, quick and informed direction with years of proven financial expertise. www.fgicapital.com

Maintenance costs continued to decline in 2011 as a result of increased vehicle replacement in 2010, which in-turn decreased the average cost of repairs per vehicle.

The study, based on a survey of actual maintenance expenses incurred by more than 13,300 passenger cars from January 1 to December 31, 2011, found that average car maintenance costs fell four percent, from $55.89 to $53.49 per vehicle per month.

According to the General Electric Company, key factors referenced in the study that influenced maintenance costs include: Stable preventive maintenance expense – Costs for oil changes increased six percent ($2) from the previous year, but a trend toward less frequent oil changes stabilized preventative maintenance costs

Decreased average tire expense – Although the cost per tire increased five percent, replacement tire costs declined for the second straight year. This is due to the large amount of vehicle replacements that occurred in 2010, which reduced the need for additional new tires in 2011.

READ MORE & SOURCE

First Quarter 2012 Highlights

Adjusted net income of $26.8 million, $1.04 per share

Net income of $20.4 million, $0.78 per share

Acquired two aircraft, bringing fleet total to 111

Extended $600 million debt facility through 2018

Declared 18th consecutive quarterly dividend

Second quarter dividend to be increased by 10%

“FLY is reporting very strong first quarter earnings, reflecting our significantly larger portfolio following last year’s aircraft acquisitions,” said Colm Barrington, CEO of FLY Leasing. “Our first quarter revenue increased by more than 100% from the same period last year. Our EPS and Adjusted Net Income per share have each grown by over 600% as compared to a year ago. We ended the quarter with $159 million of unrestricted cash.”

“In April, FLY announced a dividend of $0.20 per share for the first quarter. This is our 18th consecutive quarterly dividend since we listed on the NYSE in 2007,” added Barrington. “FLY’s board has authorized a 10% increase in the dividend to be declared in respect of the second quarter. FLY remains committed to returning capital to shareholders in the form of a dividend.”

“During the first quarter we extended the term of a $600 million financing facility from 2012 until 2018 on attractive terms. This underscores the quality of FLY’s fleet and the strength of our banking relationships,” added Barrington.

Financial Results

FLY’s net income and basic and diluted earnings per share for the first quarter of 2012 were $20.4 million and $0.78, respectively, compared to net income of $2.8 million and earnings per share of $0.10 for the same period in 2011. Contributing to the increase in earnings was $15.9 million of end of lease revenue.

Total revenues for the first quarter of 2012 were $104.5 million and include $86.5 million of rental revenue. This 115% increase in revenue reflects the increased size of the fleet and end of lease revenue. Likewise, operating expenses for the first quarter of 2012 were $81.5 million, a 76% increase over the same period in the previous year.

Adjusted Net Income

Adjusted Net Income was $26.8 million for the first quarter of 2012 compared to $3.7 million in the same period in the previous year. On a per share basis, Adjusted Net Income was $1.04 in the first quarter of 2012 compared to $0.14 for the same period in the previous year.

Please see the reconciliation of Adjusted Net Income to net income determined in accordance with GAAP below.

Dividends and Share Repurchases

On April 13, 2012, FLY declared a dividend of $0.20 per share in respect of the first quarter of 2012. This dividend will be paid on May 21, 2012 to shareholders of record on April 30, 2012. FLY’s board has authorized a 10% increase in the dividend to be declared in respect of the second quarter.

On May 2, 2012, the Company’s Board of Directors approved a $25 million share repurchase program expiring in May 2013 to replace the previous program. Under this program, FLY may make share repurchases from time to time in the open market or in privately negotiated transactions. The timing of the repurchases under this program will depend upon a variety of factors, including market conditions, and the program may be suspended or discontinued at any time.

Financial Position

At March 31, 2012, FLY’s total assets were $3.2 billion, including flight equipment with a net book value of $2.8 billion. Cash and cash equivalents at March 31, 2012 totaled $408.5 million, of which $158.6 million was unrestricted. This compares to total cash and cash equivalents of $380.5 million at December 31, 2011, of which $82.1 million was unrestricted. During the first quarter of 2012, FLY sold securitization notes with a face value of $106.7 million, generating net cash proceeds of $52.8 million after repayment of associated debt.

Aircraft Portfolio

At March 31, 2012, FLY’s 111 aircraft were on lease to 53 airlines in 29 countries. Three aircraft were off lease. Of these, we have entered into letters of intent with respect to two of these aircraft for delivery to new lessees in the second quarter. The table below shows the aircraft in FLY’s portfolio as of March 31, 2012 and December 31, 2011. The table does not include four B767 aircraft owned by a joint venture in which FLY has a 57% interest.

        Portfolio at Mar 31, Dec 31,
                     2012    2011
        Airbus A319  20      20
        Airbus A320  29      29
        Airbus A330  1       1
        Airbus A340  3       3
        Boeing 717   6       6
        Boeing 737   39      37
        Boeing 747   1       1
        Boeing 757   11      11
        Boeing 767   1       1
        Total        111     109

At March 31, 2012, the average age of the portfolio was 8.7 years weighted by the net book value of each aircraft. The average remaining lease term was 3.3 years, also weighted by net book value. At March 31, 2012, FLY’s leases were generating annualized rental revenues of approximately $360 million.

Conference Call and Webcast

FLY’s senior management will host a conference call and webcast to discuss these results at 9:00 a.m. U.S. Eastern Time on Thursday, May 3, 2012. Participants should call +1-706-758-4339 (International) or 877-309-0213 (North America) and enter confirmation code 68658978 or ask an operator for the FLY Leasing earnings call. A replay will be available shortly after the call. To access the replay, please dial +1-404-537-3406 (International) or 855-859-2056 (North America) and enter confirmation code 68658978. The replay recording will be available until May 10, 2012.

A live webcast of the conference call will be also available in the investor section of FLY’s website at www.flyleasing.com . An archived webcast will be available for one year.

About FLY

FLY acquires and leases modern, high-demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, one of the world’s leading aircraft lease managers with more than 20 years of experience. For more information about FLY, please visit our website at www.flyleasing.com .

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain “forward – looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will,” or words of similar meaning and include, but are not limited to, statements regarding the outlook for FLY’s future business and financial performance. Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. FLY expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.

Contact: Matt Dallas FLY Leasing Limited +1 203-769-5916 ir@flyleasing.com

FLY Leasing Limited Consolidated Statements of Income (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

                                                         Three month   Three month
                                                         period ended  period ended
                                                         Mar. 31, 2012 Mar. 31, 2011
                                                         (Unaudited)   (Unaudited)
        Revenues
        Operating lease revenue                          $  102,422    $   47,568
        Equity earnings from unconsolidated subsidiaries 1,855         1,216
        Lease termination settlement                     -             549
        Interest and other income                        230           336
        Total revenues                                   104,507       49,669
        Expenses
        Depreciation                                     34,175        20,641
        Interest expense                                 37,022        18,569
        Selling, general and administrative              9,398         5,685
        Maintenance and other costs                      878           1,313
        Total expenses                                   81,473        46,208
        Net income before provision for income taxes     23,034        3,461
        Provision for income taxes                       2,647         698
        Net income                                       $  20,387     $   2,763
        Weighted average number of shares
        -  Basic                                         25,714,002    26,427,004
        -  Diluted                                       25,838,621    26,505,488
        Earnings per share
        -  Basic and diluted                             $   0.78      $   0.10
        Dividends declared and paid per share            $   0.20      $   0.20

FLY Leasing Limited Consolidated Balance Sheets (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

                                                                                                                                                                                      Mar. 31,    Dec. 31,
                                                                                                                                                                                      2012        2011
                                                                                                                                                                                      (Unaudited) (Audited)
        Assets
        Cash and cash equivalents                                                                                                                                                     $   158,550 $   82,105
        Restricted cash and cash equivalents.                                                                                                                                         249,911     298,404
        Rent receivables                                                                                                                                                              1,134       3,186
        Investment in unconsolidated joint ventures                                                                                                                                   16,814      15,141
        Flight equipment held for operating lease, net                                                                                                                                2,755,549   2,762,289
        Deferred tax asset, net                                                                                                                                                       2,387       5,329
        Fair market value of derivative asset                                                                                                                                         2,745       4,023
        Other assets, net                                                                                                                                                             23,838      28,021
        Total assets                                                                                                                                                                  3,210,928         3,198,498
        Liabilities
        Accounts payable and accrued liabilities                                                                                                                                      10,795            10,429
        Rentals received in advance                                                                                                                                                   14,937            15,297
        Payable to related parties                                                                                                                                                    1,092             4,863
        Security deposits                                                                                                                                                             48,035            50,672
        Maintenance payment liabilities                                                                                                                                               223,231           231,793
        Secured borrowings, net                                                                                                                                                       2,337,951         2,326,110
        Fair market value of derivative liabilities                                                                                                                                   91,391            98,487
        Other liabilities                                                                                                                                                             19,657            17,814
        Total liabilities                                                                                                                                                             2,747,089         2,755,465
        Shareholders' equity
        Common shares, $0.001 par value, 499,999,900 shares authorized; 25,769,115 and 25,685,527 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively 26                26
        Manager shares, $0.001 par value; 100 shares authorized, issued and outstanding                                                                                               --                --
        Additional paid in capital                                                                                                                                                    456,029           455,186
        Retained earnings                                                                                                                                                             73,023            57,982
        Accumulated other comprehensive loss, net                                                                                                                                     (65,239)          (70,161)
        Total shareholders' equity                                                                                                                                                    463,839           443,033
        Total liabilities and shareholders' equity                                                                                                                                    $3,210,928        $3,198,498

FLY Leasing Limited Reconciliation of Adjusted Net Income, a Non-GAAP Financial Measure, to Net Income (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

                                                                               Three month   Three month
                                                                               period ended  period ended
                                                                               Mar. 31, 2012 Mar. 31, 2011
                                                                               (Unaudited)   (Unaudited)
        Net Income                                                             $   20,387    $   2,763
        Add (less):
        Ineffective portion of cash flow hedges                                (19)          -
        Non-cash share-based compensation                                      842           952
        Adjustments related to GAAM Portfolio acquisition:
        Amortization of fair value adjustments recorded in purchase accounting 6,422         -
        Acquisition transaction fees and expenses                              -             -
        Income tax effects                                                     (840)         -
        Adjusted Net Income                                                    $  26,792     $   3,715
        Weighted average diluted shares outstanding                            25,838,621    26,505,488
        Adjusted Net Income per share                                          $      1.04   $    0.14

Adjusted Net Income Plus Depreciation and Amortization, a Non-GAAP Financial Measure (DOLLARS IN THOUSANDS)

                                                               Three month   Three month
                                                               period ended  period ended
                                                               Mar. 31, 2012 Mar. 31, 2011
                                                               (Unaudited)   (Unaudited)
        Adjusted Net Income                                    $ 26,792      $   3,715
        Add:
        Depreciation                                           34,175        20,641
        Other amortization                                     3,784         3,720
        Deferred income taxes                                  3,020         336
        Adjusted net income plus depreciation and amortization $ 67,771      $  28,412

“We are very proud to bring a larger, more comfortable and more ‘cutting-edge’ building to our customers here in Vegas,” said Joe Byers, Regional Sales Manager, Ritchie Bros. Auctioneers. ”Our new auction and check-in buildings will provide convenience for all our customers because of our large indoor auction theaters and great location along major traffic routes. And, as with all our auctions, we are open to the public so we invite everyone to come and check out the auction—we have a great selection of equipment.”

The expanded 100±-acre site, with 76± acres currently developed, is conveniently located along I-15—approximately 20 minutes north of McCarran International Airport. The main auction building is made up of a registration area, a 500-seat main auction theater and a 300-seat Virtual Ramp theater.

“Ritchie Bros. has made a major investment in our community which is of great benefit to the industry here in Southern Nevada,” said Sean Stewart, Executive Vice President of the NCA/AGC, which represents over 700 local general contractors, subcontractors, and suppliers. “The site improvements have made it so easy for contractors to buy and sell equipment locally without having to rely on outside markets.”

A selection of late-model construction and transportation equipment items will be sold in this Friday’s auction, including an assortment of 2013 unused Kenworth truck tractors as well as a selection of Caterpillar, Komatsu and Kenworth wheel loaders. Interested buyers can bid in person, online in real time at rbauction.com, or by proxy.

Las Vegas Grand Opening auction details:

• Location: Ritchie Bros. Auctioneers Las Vegas auction site at 10500 Clark Petersen Blvd., Las Vegas, NV 89165
• Las Vegas auction site tel: +1.702.644.2468
• Time and date: Friday, May 4, 2012 starting at 8:00 a.m. (local time)
• Ribbon cutting time: Friday, May 4, 2012 at approximately 11:00 a.m.
• Anyone can come to the auction site before auction day to inspect, test and compare items.
• Bids for the live auction can be made in person at the auction site, online in real time atrbauction.com or by proxy
• The auction is open to the public; registration to bid is free; a refundable bid deposit may be required
• More information, including detailed equipment information and high-resolution photos, is available at www.rbauction.com
  Read more here: http://www.sacbee.com/2012/05/02/4460434/ritchie-bros-to-conduct-las-vegas.html#storylink=cpy

First quarter record worldwide car rental revenues of $1,658.2 million, on record transaction days; worldwide equipment rental revenues increased 12.6% YOY, U.S. equipment rental rate revenue increased 20%.

Record first quarter adjusted pre-tax income(1) of $29.4 million, compared with a $16.0 million adjusted pre-tax loss in the prior year period. GAAP pre-tax loss for the first quarter of $36.8 million, versus a loss of $158.9 million in the first quarter of 2011.

U.S. car rental adjusted pre-tax income for the first quarter up 34.9% YOY, on a margin improvement of 240 bps; worldwide equipment rental adjusted pre-tax income up 153.9% for the quarter, on a margin improvement of 480 bps.

Adjusted diluted earnings per share(1) for the quarter of $0.05 versus a loss per share of $0.03 in the first quarter of 2011. GAAP diluted loss per share for the quarter of $0.13 versus a loss of $0.32 in the first quarter of 2011.

2012 guidance increased for revenues, corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share.

Hertz Global Holdings, Inc. HTZ +1.95% (with its subsidiaries, the “Company” or “we”) reported first quarter 2012 worldwide revenues of $2.0 billion, an increase of 10.2% year-over-year (a 10.7% increase excluding the effects of foreign currency). Worldwide car rental revenues for the quarter increased 9.8% year-over-year (a 10.3% increase excluding the effects of foreign currency) to $1,658.2 million. Revenues from worldwide equipment rental for the first quarter were $302.1 million, up 12.6% year-over-year (a 13.4% increase excluding the effects of foreign currency).

First quarter 2012 adjusted pre-tax income was $29.4 million, versus an adjusted pre-tax loss of $16.0 million in the same period in 2011, and loss before income taxes (“pre-tax loss”), on a GAAP basis, was $36.8 million, versus a pre-tax loss of $158.9 million in the first quarter of 2011. Corporate EBITDA(1) for the first quarter of 2012 was $208.0 million, an increase of 25.0% from the same period in 2011.

First quarter 2012 adjusted net income(1) was $19.4 million, versus a loss of $14.2 million in the same period of 2011, resulting in adjusted diluted earnings per share for the quarter of $0.05, compared with an adjusted diluted loss per share of $0.03 for the first quarter of 2011. First quarter 2012 net loss attributable to Hertz Global Holdings, Inc. and Subsidiaries’ common stockholders, or “net loss,” on a GAAP basis, was $56.3 million or $0.13 per share on a diluted basis, compared with a loss of $132.6 million, or $0.32 per share on a diluted basis, for the first quarter of 2011.

Mark P. Frissora, the Company’s Chairman and Chief Executive Officer, said, “We are gratified by strong first quarter 2012 results, further validating our long-term, balanced approach to running global businesses, which generated double-digit revenue and profit growth despite difficult conditions in Europe.”

INCOME MEASUREMENTS, FIRST QUARTER 2012 & 2011

                                                                                                         Q1 2012                                          Q1 2011
        (in millions, except per share amounts)                                                          Pre-tax        Net              Diluted          Pre-tax           Net            Diluted Earnings (Loss)
                                                                                                         Income (Loss)  Income  (Loss)   Earnings (Loss)  Income (Loss)     Income (Loss)  Per Share
                                                                                                                                         Per Share
        Earnings Measures, as reported  (EPS   based on 418.1M and 414.1M diluted shares, respectively)  $      (36.8)  $       (56.3)   $       (0.13)   $      (158.9)  $ (132.6)        $           (0.32)
        Adjustments:
                                                        Purchase accounting                                     24.1                                             20.6
                                                        Non-cash debt charges                                   25.2                                             59.9
                                                        Restructuring and related charges                       10.0                                             5.4
                                                        Acquisition related costs                               6.9                                              2.8
                                                        Management transition costs                             -                                                2.5
                                                        Premiums paid on debt                                   -                                                51.7
        Adjusted pre-tax income (loss)                                                                          29.4            29.4                             (16.0)     (16.0)
        Assumed (provision) benefit for income taxes at 34%                                                                     (10.0)                                      5.5
        Noncontrolling interest                                                                                                 -                                           (3.7)
        Earnings Measures, as adjusted (EPS based on 418.1M and 413.0M diluted shares, respectively)     $      29.4    $       19.4     $       0.05     $      (16.0)   $ (14.2)         $           (0.03)

Net cash provided by operating activities was $492.0 million in the first quarter of 2012, compared to $165.6 million in the same period last year, an increase of $326.4 million. The increase was primarily due to the timing of interest and other corporate payments, as well as an increase in net income before depreciation and amortization. Additionally, corporate cash flow(1) improved by $73.4 million due to the reasons stated above, as well as due to favorable timing of fleet payables and lower financing costs, partially offset by cash used for acquisitions. The Company ended the first quarter of 2012 with total debt of $11.4 billion and net corporate debt (1) of $3.96 billion, compared with total debt of $11.3 billion and net corporate debt of $3.68 billion as of December 31, 2011.

WORLDWIDE CAR RENTAL

Worldwide car rental revenues were $1,658.2 million for the first quarter of 2012, an increase of 9.8% (a 10.3% increase excluding the effects of foreign currency) from the prior year period. The Company achieved record transaction days for the quarter which increased 6.8% over the first quarter of 2011 [9.6% U.S.; 0.2% International]. U.S. off-airport total revenues for the first quarter increased 8.2% year-over-year, and transaction days increased 10.9% from the prior year period. Worldwide rental rate revenue per transaction day(1) (“RPD”) for the quarter decreased 3.9% [(4.4)% U.S.; (2.4)% International] from the prior year period. RPD continues to be impacted by the shift in our mix between airport and off-airport rentals. When adjusted for mix, first quarter U.S. total RPD decreased 3.0%, with the leisure business decreasing 2.4%. Growth in off-airport rentals, and specifically growth in replacement rentals, which have longer rental lengths, has a negative impact on RPD. However, it is important to note that off-airport’s profit contribution is growing significantly.

Worldwide car rental adjusted pre-tax income for the first quarter of 2012 was $91.6 million, an increase of $30.3 million from $61.3 million in the prior year period. The result was driven by increased volume, robust residual values, and strong cost management performance, partially offset by a decrease in RPD. As a result, worldwide car rental achieved an adjusted pre-tax margin(1) of 5.5% for the quarter, versus 4.1% in the prior year period.

The worldwide average number of Company-operated cars for the first quarter of 2012 was 595,300, an increase of 39.3% over the prior year period, largely as a result of the Donlen acquisition, and a 6.2% increase year-over-year excluding the effects of the Donlen acquisition.

WORLDWIDE EQUIPMENT RENTAL

Worldwide equipment rental revenues were $302.1 million for the first quarter of 2012, a 12.6% increase (a 13.4% increase excluding the effects of foreign currency) from the prior year period.

Adjusted pre-tax income for worldwide equipment rental for the first quarter of 2012 was $25.9 million, an improvement of $15.7 million from $10.2 million in the prior year period, primarily attributable to the effects of increased volume and pricing and cost management initiatives. Worldwide equipment rental achieved an adjusted pre-tax margin of 8.6% and a Corporate EBITDA margin(1) of 35.6% for the quarter.

The average acquisition cost of rental equipment operated during the first quarter of 2012 increased by 5.3% year-over-year and net revenue earning equipment as of March 31, 2012 was $1,911.1 million, compared to $1,786.7 million as of December 31, 2011.

Commenting on the Company’s business unit results for the first quarter of 2012, Mark Frissora said, “In addition to generating strong organic revenue and earnings growth, especially in the United States, HERC completed two acquisitions, Cinelease and Arpielle, last quarter which are already contributing profitable, incremental revenue growth to our equipment rental results. Donlen, acquired last September, is a key component of our 2012 vehicle and equipment leasing and fleet management strategies for HERC and car rental. The global car rental business continues to generate exceptional adjusted pre-tax income growth, which should further improve now that conditions in Europe have stabilized. We are especially pleased that Advantage continues to be a significant growth engine, with global revenues up about 56.5% in April and U.S. advance reservations almost double 2011 levels for all periods forward. Additionally, the installation of Hertz on Demand’s car sharing technology throughout our rental fleet over the next 12-18 months will provide consumers more options and control, and improve our efficiency, as we put the power of Hertz into the hands of our customers 24/7.”

OUTLOOK

Hertz has increased its full year 2012 guidance for revenues, Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share as follows:

                                                Revised Guidance   Prior Guidance     2011 Actual
        Revenues                                $8.9B to $9.0 B    $8.85B to $8.95 B  $8.3B
        Corporate EBITDA(2)                     $1.60B to $1.66 B  $1.52B to $1.59 B  $1.39B
        Adjusted Pre-Tax Income (2)             $870M to $940 M    $790M to $860 M    $680.5M
        Adjusted Net Income(2)                  $570M to $620 M    $520M to $570 M    $429.6M
        Adjusted Diluted Earnings Per Share(2)  $1.28 to $1.38     $1.16 to $1.26     $0.97

Adjusted diluted earnings per share are based on 450 million adjusted diluted shares outstanding.

“The acquisition of Enterprise Recovery Systems will expand our capabilities with post-secondary education providers, student loan guarantee agencies, and the Department of Education.”

“We are pleased to have arranged this financing that supports United Recovery Systems’ acquisition of Enterprise Recovery Systems,” said Jay Baldinelli, Managing Director, CIT Sponsor Finance. “This transaction underscores CIT’s commitment to provide financing to our middle market and private equity clients to help them grow and expand their businesses.”

Jim Kelleher, President of URS, said, “The acquisition of Enterprise Recovery Systems will expand our capabilities with post-secondary education providers, student loan guarantee agencies, and the Department of Education.”

Mark Cordes, Managing Director of Audax Group, said, “CIT’s in-depth market knowledge was instrumental in our decision making process and we look forward to continuing to build our relationship with CIT as we execute on future acquisitions.”

Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed atcit.com/rssfeed.

In addition to increasing their investment in PTL, the partners have agreed to extend the term of the partnership to 2023.

PTL stated that it expects to use the $700 million of equity proceeds to retire existing debt. In addition, it said capacity under the new bank credit facility will be kept available to finance working capital and support the future growth of the business. PTL will continue to retain a credit agreement with GE Capital which, if not earlier repaid, will continue until 2018.

READ MORE & SOURCE

Grant Capital Management (www.grantcapitalmgmt.com) is a leading provider of tax-exempt lease financing to the public sector.  Our firm finances almost any type of essential-use capital equipment, real property or Energy Performance Contract.  We have funded over $3.7 billion in lease financings – including over $800 million in customized Energy Performance Contracts.  Grant Capital designs master leases, taxable and tax-exempt lease-purchase agreements and operating leases from $500,000 to $60 million and beyond with terms in excess of  20 years to meet our clients’ specific requirements.

“This transaction highlights the broad investor interest in CIT’s bonds and further reflects the continued transformation of our funding profile,” said John A. Thain, Chairman and Chief Executive Officer.

CIT plans to use the net proceeds from the offering of the 2017 Notes for general corporate purposes and the refinancing of its outstanding 7% Series C Notes maturing in 2017.  CIT plans to use the net proceeds from the offering of the 2020 Notes for general corporate purposes and the refinancing of its outstanding 7% Series C Notes maturing in 2016 and/or 2017.

CIT has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for the offering of the Notes. Before you invest, you should read the prospectus supplement and prospectus in that registration statement and other documents CIT has filed or will file with the SEC for more complete information about CIT and this offering. You may obtain these documents for free by visiting EDGAR on the SEC’s Web site at sec.gov. Alternatively, copies of the final prospectus supplement and accompanying prospectus for the offering may be obtained by contacting: BofA Merrill Lynch Syndicate Operations, 4 World Financial Center, Mail Code: NY3-004-07-09, 250 Vesey Street, 7^th Floor, New York, NY 10080-1305.

The Joint Book-Running Managers for the offering are BofA Merrill Lynch, Barclays, Credit Suisse, Morgan Stanley and UBS Investment Bank.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplements or the shelf registration statement or prospectus.

WHAT:  The pace of lending to small businesses in the United States continues to be at a standstill, supporting the view that economic growth is headed for a further slowdown.  The Thomson Reuters/PayNet Small Business Lending Index takes the pulse of the U.S. Small Business economy, which has proven to be a leading indicator of the GDP between 2 and 5 months.   The index shows that small businesses are becoming increasingly concerned about the economy, targeting their investments to replace worn out equipment or to increase efficiency. PayNet’s analysis shows that lending is up 10 percent from March 2011, but has declined 3% from February 2012.

EXECUTIVE SUMMARY

According to PayNet president William Phelan, “What is surprising about this latest release is that entrepreneurs are shying away from investments.  This is particularly striking given the lowest credit risk since 2005 and an outlook for low risk through year-end 2012.”

BORROWING

Reluctant to Expand

• The Thomson Reuters/PayNet Small Business Lending Index (SBLI) seasonally adjusted originations declined 3% – going from 101.8 in February 2012 to 98.5 in March 2012. (February 2012 was revised upward from 98.3 to 101.8)
• Compared to the same month one year ago, the index is up 10%. While still up, March 2012 is the lowest year over year change since January 2011.
• The jump to 110.5 at year-end 2011 is proving to be an artificial spike from the temporary stimulus of 100% accelerated depreciation tax advantages.
• The fall back to 98.5 confirms that small businesses are not yet ready to go out on a limb and aggressively expand.
• While last year we saw the Index steadily grow, we have not yet seen 3 months of flat readings until now.

DEBTS PAID

Financial risk has improved

• Credit risk has approached its natural lower limit below which it cannot fall much further.

30 Day Delinquency:

• 30 day delinquency decreased 8 bps from 1.47% in February 2012 to 1.39% in March 2012 – the lowest level since January 2005.
• Lenders experiencing a decrease in delinquency outnumbered lenders experiencing an increase by more than 2 to 1.
• Year over year, delinquency continues to decrease – down 37% (83 bps) vs. March 2011.

CREDIT RISK

• A look at risk by Federal Reserve District shows the large differences between these regions.
• Atlanta, Richmond, Dallas, and Boston stand as the highest risk districts for this current business cycle.
• The lowest risk regions are Minneapolis, Chicago, and Kansas City which are all below the national average. Minneapolis continues to be the lowest risk district as 30 Day Delinquency fell to only 51 basis points, well below the national average of 1.39%

Thomson Reuters/PayNet Small Business Lending Index

The Small Business Lending Index (SBLI) is based on new commercial loan and lease originations by major U.S. lenders in PayNet’s proprietary database.  This index measures the volume of loans to small businesses normalized to January 2005. Small businesses generally respond to changes in economic conditions more rapidly than do larger businesses, so this statistic is a leading indicator of the economy and predicts GDP between 2-5 months.

30 Day Delinquency

These statistics are important as they reflect the financial health of small businesses through their ability to repay existing obligations.

About PayNet collects real-time loan information, such as originations and delinquencies, from more than 250 leading U.S. lenders.  The company’s proprietary database -updated weekly – is the largest collection of commercial loans & leases, encompassing more than 19 million current and historic contracts worth more than $1 trillion. For more information visit paynetonline.com

Investment Grade Ratings Received from Fitch, Moody’s and S&P

Penske Truck Leasing Co., L.P. (“PTL”) today announced that it has completed a series of transactions that include $700 million of new equity investments from its existing partners, Penske Corporation, Penske Automotive Group and General Electric Capital Corporation, and a new $1.0 billion five-year unsecured senior credit facility with a group of 17 financial institutions. In addition to increasing their investment in PTL, the partners have agreed to extend the term of the partnership to 2023.

PTL expects to use the $700 million of equity proceeds to retire existing debt while capacity under the new bank credit facility will be kept available to finance working capital and support the future growth of the business. PTL will continue to retain a credit agreement with GE Capital which, if not earlier repaid, will continue until 2018.

Brian Hard, President and CEO of PTL said “over the last 40 years, including 24 years in partnership with GE Capital, we have built an outstanding brand in the transportation industry. We are excited that our partners have increased their commitment to us by investing significant capital and extending the term of the partnership.  In addition, we are pleased that some of the leading financial institutions in the world have agreed to provide us with a new $1.0 billion unsecured credit facility which reflects their confidence in the strength of our business model.”

PTL also announced that it had received investment grade ratings from three major rating agencies: Fitch, Moody’s and Standard & Poors. Hard added, “we’re very pleased that the rating agencies have recognized our company’s financial strength and long history of consistent performance.  These strong credit ratings will allow us to consider additional diversified sources of capital in the financial markets.”

Penske Truck Leasing Co., L.P., headquartered in Reading, Pa., is a joint venture of Penske Corporation, Penske Automotive Group and General Electric Capital Corporation. A leading global transportation services provider, Penske operates more than 200,000 vehicles and serves customers from more than 1,000 locations in North America, South America, Europe and Asia. Product lines include full-service truck leasing, contract maintenance,commercial and consumer truck rentals, used truck sales, transportation and warehousing management and supply chain management solutions. To learn more about Penske’s products and services please visit www.GoPenske.comand our “Move Ahead

Inabensa Bharat Pvt., a wholly owned unit of the solar developer, plans to build a plant near Vadodara in western Gujarat state that will produce steel support structures for cylindrical parabolic solar collectors and heliostats in solar- thermal plants, according to a summary of the loan proposal on the International Finance Corp. website.

The facility will have an annual capacity of 25,000 tons and also produce steel structures for electricity transmission and distribution projects. It plans to sell its output in India and neighboring countries, the IFC said.

Solar-thermal technology harnesses sunlight to heat liquids that produce steam for generators.

SOURCE

Textainer Marine Containers II Limited (“TMCLII”), a new Textainer asset owning subsidiary entered into the securitization facility and acquired a portion of the intermodal containers owned by Textainer Marine Containers Limited (“TMCL”), another asset owning subsidiary. TMCL used the proceeds it received from TMCLII to terminate TMCL’s $850 million securitization facility.

“The closing of this financing marks another milestone for Textainer,” said Philip K. Brewer, Textainer’s President and Chief Executive Officer. “We are continuing to see strong demand for containers and the additional liquidity from this significantly larger securitization facility further strengthens our capacity to grow organically, support customers and continue as the industry leader.”

The interest rate on the TMCLII securitization facility is 2.625% over LIBOR during an initial two-year revolving period. If the TMCLII securitization facility is not refinanced or renewed following this two-year period, the facility is structured to partially amortize over the next five years and then mature. The syndicate of participating banks include: ABN AMRO; Bank of America, N.A.; Credit Suisse AG, Cayman Islands Branch; Deutsche Bank AG, New York Branch; EverBank Commercial Finance Inc.; ING Bank N.V.; Key Equipment Finance Inc.; Royal Bank of Canada; SunTrust Robinson Humphrey, Inc. and Wells Fargo Bank, N.A. Wells Fargo served as the agent bank.

“This securitization facility enhances our already strong capital structure, and coupled with our recent $400 million asset-backed notes issuance provides ample dry powder for new investments,” added Hilliard C. Terry, III, Textainer’s Executive Vice President and Chief Financial Officer. “We are pleased with the improved pricing and significantly increased size of the new warehouse facility compared to the expiring facility.”

Important Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. securities laws. Forward-looking statements include statements that are not statements of historical facts, and include, but are not limited to, statements concerning anticipated demand for containers, future growth and available liquidity for future investments. Readers are cautioned that these forward-looking statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results. These risks and uncertainties include, without limitation the risks and uncertainties set forth in Textainer’s filings with the Securities and Exchange Commission. For a discussion of some of these risks and uncertainties, see Item 3D “Key Information–Risk Factors” in Textainer’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 15, 2012.

The Company’s views, estimates, plans and outlook as described within this document may change subsequent to the release of this press release. The Company is under no obligation to modify or update any or all of the statements it has made in this press release despite any subsequent changes that the Company may make in its views, estimates, plans or outlook for the future.

According to US, the $623 million financing includes approximately $380 million of Class A certificates with a final expected distribution date of Oct. 1, 2024, approximately $125 million of Class B certificates with a final expected distribution date of Oct. 1, 2019, and approximately $118 million of Class C certificates with a final expected distribution date of Oct. 1, 2015. The offerings are expected to close May 14.

Over the five years to 2012, the Air Traffic Control (ATC) Equipment Manufacturing industry is expected to grow at an annualized rate of 4.2% to $1.6 billion. ATC equipment is used primarily by air traffic controllers at airports. Thus, demand for newly manufactured ATC equipment diminished during the recession as airlines and airports faced weak demand for commercial flights and airfreight. According to IBISWorld industry analyst Antonio Danova, “Less air traffic eliminated the need to update or replace existing ATC equipment, and many ATC service companies deferred replacement.” Still, ATC equipment manufacturers evaded massive losses, despite a 3.3% decline in 2009, largely because of strong, longstanding contracts with the government.

ATC equipment manufacturers rely heavily on funding from the Federal Aviation Administration (FAA) for research and develop expenditure in an industry with an ever-changing technology climate. When the economy crashed, the government passed the American Recovery and Reinvestment Act (ARRA) to protect some of the country’s key industries. The FAA was dealt a significant portion of the act’s budget, with “about $100 million in funds dedicated solely to revamping ATC towers and navigational equipment,” says Danova. This government support helped return the industry to growth. With an improving economic climate, higher airline traffic and enduring government support, IBISWorld expects the industry to grow in 2012. This growth will be spread across a industry with low concentration; the three major companies in the Air Traffic Control Equipment Manufacturing industries – Harris Corporation, BAE Systems PLC and General Dynamics Corporation – account for less than half of the industry’s total revenue.

The future remains bright for ATC equipment manufacturers, with revenue projected to grow over the five years to 2017. Industry firms will be gearing up for the FAA’s Next Generation Air Transportation System (NextGen), a proposed overhaul of the entire US air traffic control system that will take place gradually through 2025. NextGen is designed to increase flight efficiency and make the airways safer as commercial, freight and military air traffic increases. As such, the need for new technologies in ATC equipment to meet NextGen goals will spur sales at the manufacturing level, benefiting industry firms. Moreover, higher technical manufacturing will facilitate continued implementation of automated processes at production plants. This trend will cause some consolidation of peripheral labor, as firms look to keep their most skilled engineers, programmers and product developers. Average industry profit margins are expected to grow as firms keep operations efficient and as new technologies spur increased activity. For more information, visit IBISWorld’s Air Traffic Control Equipment Manufacturing report in the US industry page.

Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Friend IBISWorld on Facebook: www.facebook.com/pages/IBISWorld/121347533189
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/05/01/prweb9461304.DTL#ixzz1tiOEd8ku

The institute, a national association of purchasing managers, said Tuesday that its index of manufacturing activity reached 54.8 in April, exceeding analysts’ expectations.

That’s the highest level since June and up from 53.4 the previous month. Readings above 50 indicate expansion.

In Ormond Beach, Pete DiLella, president of Superior Handling Equipment LLC, a small manufacturer of hydraulic lifts, said business typically slows for his company in the second quarter.

But he said revenues for the first quarter were up 17 percent over the same period last year and that unit sales were up 50 percent from a year ago.

READ MORE & SOURCE

Deliveries of Boeing’s new lightweight carbon-composite aircraft via the sale-and-leaseback deal are scheduled for 2017 and 2018.

Air Lease Corp placed an order with Boeing for four 787-9s in December last year, according to the Boeing website.

The company was founded in 2010 by Steven Udvar-Hazy, widely considered the pioneer of modern aircraft leasing.

Udvar-Hazy co-founded International Lease Finance Corp in 1973, later sold it to U.S. insurer AIG (AIG.N) and resigned to run his current company in February 2010.

Air Lease announced the 787 order shortly after it also emerged as a previously unidentified buyer for Boeing’s latest model, a revamped medium-haul jet called the 737 MAX.

SOURCE & READ MORE

The Court found that Olympic was bound by its acceptance of a leased aircraft and its statement that the aircraft satisfied the delivery conditions.

As a result, Olympic is liable for unpaid rent and not entitled to damages. By upholding a lessee’s acceptance of a leased aircraft, the judgment highlights the importance of commercial certainty to all participants in the aircraft leasing industry.

Subsequently, a fault was discovered with a spoiler cable. Following further inspections a number of other issues were identified. Olympic carried out work on the aircraft but failed to return it to service. The Court has now confirmed that ACG was unaware of any defects in the aircraft when Olympic accepted the aircraft and certified that it complied with the delivery conditions. The Court also found that Olympic’s ultimate failure to restore the aircraft to service in Greece cannot be attributed to any failure by ACG.

READ MORE & SOURCE ]]> http://www.worldleasingnews.com/news/aviation-capital-group-prevails-in-case-with-olympic-airlines/feed/ 0 http://www.worldleasingnews.com/news/ge-plots-end-of-6-4-billion-financing-for-penske-truck/ http://www.worldleasingnews.com/news/ge-plots-end-of-6-4-billion-financing-for-penske-truck/#comments Wed, 02 May 2012 12:26:11 +0000 contactdesign http://www.worldleasingnews.com/?p=8390 Bloomberg Businessweek: General Electric Co.’s (GE) (GE) finance unit has bankrolled Penske Truck Leasing Co. for more than 15 years. That’s about to change.

The joint venture between GE Capital Corp. and companies controlled by Roger Penske, a member of GE’s board (GE), plans to refinance $6.4 billion of borrowings over the next two years. A $700 million offering last month of unsecured bonds due in June 2019, used to finance an equity infusion, was the first step, according to a statement this . . . read more

Consultants, announce the creation of a joint venture with the objective of better serving the asset finance market in Africa.  The venture, operating under the banner Amembal-Magan Africa, will offer training and consultancy services in the area of equipment and vehicle leasing.

The venture, based in Mauritius, will soon announce the venues where public seminars will be conducted.  Consultancy will include an array of services available to all the equipment and vehicle leasing stakeholders including corporates, governments, leasing associations and regulatory bodies.

According to Mr. Amembal, “The venture will better serve the rapidly growing African asset finance market owing to its logistical proximity to the continent and given the African perspective and knowledge possessed by Mr. Jugurnauth”.

Mr. Jugurnauth’s thoughts are best captured in the following statement – “Mauritius acts as a business and financial hub for Sub Saharan Africa and has secured preferential access to COMESA and SADC markets.  The venture will participate in and facilitate the growth of the African asset finance market.

Amembal & Associates, formed in 1978 and based in the U.S.A., is the world’s foremost authority in the area of lease education, consultancy and publications.  The firm has trained over 70,000 leasing professionals throughout the world; consulted extensively for both leasing companies and governments; and authored 16 industry best-selling publications.  Mr. Amembal has continually chaired the annual World Leasing Convention since 1993.

Magan Jugurnauth started his career as a banker in 1982 and has spent the last 30 years in the field of banking and financial services, including leasing, stockbroking, insurance brokerage, and consultancy in Mauritius.  Magan has successfully led leasing companies in Mauritius for the last 12 years.  He founded the Association of Leasing Companies (ALC) in Mauritius in 2005, which he then served as President for the first fours years.  Magan also collaborates with Euromoney for the “World Leasing Yearbook” and has written the country report on Mauritius since 2008.

For further information, please contact kelly@amembalandassociates.com.

Joining the ZRG team in Europe, Adam El Din, based on the Geneva, Switzerland area will be the European President. Adam brings extensive industry and search experience to ZRG. Graham Johnson will also open ZRG’s Basel, Switzerland offices and join ZRG as a Managing Director.    Graham also brings 20+ years of industry experience and history with a global executive search firm to ZRG Partners.  Rounding out the senior team in Europe, Lydia van der Meulen will be opening ZRG’s offices in the Netherlands where she will focus on serving global clients with search needs in the Benelux region.  Lydia has been serving executive search clients in the UK and Benelux for 15 years.

Joining the support team that will drive execution of key client projects, Fiorella Seiler PHD and Christian Moll will operate in the Dusseldorf, Germany area, joining existing Managing Director, Stephan Breitfeld in Germany.  Patricia Durieux PHD and Helene Johnson join the firm’s Basel offices with Roberta Reis working in the Geneva offices. Marlies LeCroix will support the firm’s clients in the Benelux area.

Larry Hartmann, Managing Partner of ZRG related, “We completed searches in 30 countries in 2011 but we felt we needed to increase our feet on the street in Europe.  Our global clients value our tools and analytics that support critical hiring in Europe where the cost of a poor hire is more expensive than in other parts of the world. The team we have hired has a long history of successful operations together and we are looking forward to growing our business worldwide with the addition of this team”.

Adam El Din, President of ZRG Europe SARL reported, “Combining our successful relationships and market knowledge with ZRG’s tools and global footprint creates a valuable combination that can truly serve clients like no other executive search and talent management firm”.

ZRG Partners is a global authority on talent management issues in the Equipment Leasing and Asset Finance markets.   ZRG provides its clients with specialized market expertise in executive recruitment, consulting and advisory work with a focus on data and analytics to drive great business decisions.

For more information, contact Larry Hartmann, at 201-560-9900 x 222 or  lhartmann@zrgpartners.com<mailto:lhartmann@zrgpartners.com>

www.zrgpartners.com<http://www.zrgpartners.com/>

          Fiscal 2012 Third Quarter Conference Call
          -----------------------------------------------

             When:            Monday, May 7
             Time:            11:00 a.m. Eastern
             Phone:           1-877-941-0844 (domestic)
                              1-480-629-9645
                               (international)
             Passcode:        4534723

http://www.netsoltech.com/I                 Webcast:         R/event-presentation.php
             Archived:        90 days

A telephone playback of the conference call will also be available until 11:59 p.m. Eastern time, Monday, May 14, 2012. Listeners should call (800) 406-7325 (domestic) or (303) 590-3030 (international) and use reservation 4534723 to access the playback.

Deliveries of Boeing’s new lightweight carbon-composite aircraft are schedued for 2017 and 2018, the Los Angeles-based company said in a statement.

Air Lease Corp. had already placed an order for four 787-9s in December last year, according to the Boeing website.

The company was founded in 2010 by Steven Udvar-Hazy, widely considered the pioneer of modern aircraft leasing.

Udvar-Hazy co-founded International Lease Finance Corp in 1973, later sold it to U.S. insurer AIG and resigned to run his current company in February 2010.

Air Lease announced the 787 order shortly after it also emerged as a previously unidentified buyer for Boeing’s latest model, a revamped medium-haul jet called the 737 MAX.

The deal is expected to involve 60 of the fuel-efficient jets and is worth some $6 billion at list prices. It is already included in a Boeing list of commitments that still must be converted to firm orders, according to the two sources who asked not to be named because negotiations remain confidential.

While Apple’s (AAPL) positive earnings announcement sent the bulls into a buying frenzy, the major equipment stocks failed to show up at the party. Bearish action in an otherwise positive environment is definitely a red flag worth digging into (no pun intended) …

There were two primary catalysts that drove equipment stocks lower.

• The first quarter earnings report for Caterpillar (CAT) failed to live up to expectations.

• The durable goods report turned out to be the weakest reading in a number of years.

First, the earnings announcement from CAT. On the surface, the report was fairly positive. Q1 EPS rose 29% over last year due to strong domestic sales and healthy demand from mining equipment.

Management even raised full-year guidance – although not as much as Wall Street was expecting. Instead of focusing on the strong quarter and higher guidance, investors worried about weakening demand in China, Brazil and Europe – and dumped the stock on heavy volume.

Via the WSJ:

 

Chinese buying of construction equipment has plunged since the middle of last year as higher interest rates, have discouraged spending on machinery and building projects.

But Caterpillar expects Chinese demand to recover in the next few years.

 

Since the real opportunity for equipment makers is heavily weighted towards potential sales from China and India, a disappointing picture for emerging markets is certainly cause for concern.

This falls in line with our Gray Swans thesis - as a confluence of bearish macro-economic catalysts challenge the Goldilocks growth scenario. Decelerating growth in China and austerity measures in Europe can’t help but dampen global demand for capital-intensive equipment.

But what about domestic sales? This was an area of strength right?

Caterpillar may have reported a strong sales of construction equipment in the US, but yesterday’s durable goods report was much less optimistic.

For the month of March, durable goods orders declined by 4.2% – the largest drop since January 2009. And just for good measure, the Commerce Department revised the February report lower – so March’s decline was actually worse than the headline number indicated!

READ MORE & SOURCE

Over the five years to 2012, the Air Traffic Control (ATC) Equipment Manufacturing industry is expected to grow at an annualized rate of 4.2% to $1.6 billion. ATC equipment is used primarily by air traffic controllers at airports. Thus, demand for newly manufactured ATC equipment diminished during the recession as airlines and airports faced weak demand for commercial flights and airfreight. According to IBISWorld industry analyst Antonio Danova, “Less air traffic eliminated the need to update or replace existing ATC equipment, and many ATC service companies deferred replacement.” Still, ATC equipment manufacturers evaded massive losses, despite a 3.3% decline in 2009, largely because of strong, longstanding contracts with the government.

ATC equipment manufacturers rely heavily on funding from the Federal Aviation Administration (FAA) for research and develop expenditure in an industry with an ever-changing technology climate. When the economy crashed, the government passed the American Recovery and Reinvestment Act (ARRA) to protect some of the country’s key industries. The FAA was dealt a significant portion of the act’s budget, with “about $100 million in funds dedicated solely to revamping ATC towers and navigational equipment,” says Danova. This government support helped return the industry to growth. With an improving economic climate, higher airline traffic and enduring government support, IBISWorld expects the industry to grow in 2012. This growth will be spread across a industry with low concentration; the three major companies in the Air Traffic Control Equipment Manufacturing industries – Harris Corporation, BAE Systems PLC and General Dynamics Corporation – account for less than half of the industry’s total revenue.

The future remains bright for ATC equipment manufacturers, with revenue projected to grow over the five years to 2017. Industry firms will be gearing up for the FAA’s Next Generation Air Transportation System (NextGen), a proposed overhaul of the entire US air traffic control system that will take place gradually through 2025. NextGen is designed to increase flight efficiency and make the airways safer as commercial, freight and military air traffic increases. As such, the need for new technologies in ATC equipment to meet NextGen goals will spur sales at the manufacturing level, benefiting industry firms. Moreover, higher technical manufacturing will facilitate continued implementation of automated processes at production plants. This trend will cause some consolidation of peripheral labor, as firms look to keep their most skilled engineers, programmers and product developers. Average industry profit margins are expected to grow as firms keep operations efficient and as new technologies spur increased activity. For more information, visit IBISWorld’s Air Traffic Control Equipment Manufacturing report in the US industry page.

Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189

Traxx is an Australian-owned franchised distributor of diamond tools and associated machinery, operating across the country. The GoGetta Rent.Grow.Own® equipment funding model provides an alternative solution to a traditional equipment lease or equipment rental finance package.

“GoGetta’s funding products are a welcome relief for many Traxx customers who have experienced inconsistent work opportunities over the last two years”, Traxx business development manager Darren Williams said. “Times have been tough for the construction industry and we are very happy that our franchisees can offer customers equipment funding so they can better manage their cash flow.”

GoGetta national franchise manager Fiona Priddin said “As a vendor of construction equipment, a Traxx franchisee can offer their customers an equipment funding product to give them more options and flexibility, especially when capital is tight.

“While the construction industry continues to recover, rent-to-own equipment is an attractive solution for business owners who need to preserve their capital as much as possible.”

The Rent.Grow.Own solution is a 12 month rental agreement which allows business owners to:

• Purchase the equipment at any time during the first 12 months and receive a 75% net rental rebate;
• Return the equipment at the end of the 12 month agreement if it is no longer required
• Continue to rent as the purchase price is reduced

GoGetta is a division of Silver Chef Ltd, which offers equipment leasing for franchisees within the hospitality sector. 

Frederick Zurn, the president and chief executive of Erie Copy Products Inc., 2820 W. 12th St., and Mary Beth Nagorski, the company’s vice president of finance, both face one felony count of conspiracy to commit wire fraud.

Zurn also faces 10 additional felony counts of failure to pay payroll taxes, according to records filed in U.S. District Court in Erie. The federal government charges Zurn failed to turn over to the government more than $150,000 he collected from employees in payroll taxes between 2008 and May 2011.

Both were charged Monday in federal court via documents called criminal informations. Both waived the right to a criminal indictment, a situation that typically signals a plea deal has been reached.

Zurn’s lawyer, John Mizner, confirmed Zurn has reached an agreement to plead guilty to a wire-fraud charge at a later date.

“This is obviously a very sad day for Fred Zurn, his family, the former employees of Erie Copy Products and its customers. Fred Zurn, as president of Erie Copy Products, made some very bad decisions for which he has accepted complete responsibility, and he has continued to do everything within his power to lessen the impact on Erie Copy Products’s customers,” Mizner said.

Mizner said Erie Copy Products is currently operating under a receiver who was appointed a few months ago.

Nagorski’s lawyer, Gene Placidi, could not be reached for comment.

The charge of wire fraud carries a maximum possible penalty of 30 years in prison. The charge of failure to turn over payroll taxes carries a maximum sentence of five years in prison.

The government charges Zurn and Nagorski committed the fraud with the help of one or more unnamed, unindicted co-conspirators.

The paperwork, filed by Assistant U.S. Attorney Christian Trabold, said Zurn and Nagorski formed relationships with eight financing companies from around the United States who agreed to extend credit to Erie Copy Product’s customers so that they could lease office equipment from Erie Copy Products.

The government charges Erie Copy Products was to bill the finance companies for the equipment Erie Copy Products delivered by submitting paperwork that showed the company had met various conditions required for payment to be made. For example, in one agreement, Erie Copy Products was to certify that the equipment delivered to the customer was new, that the invoice contained an accurate description of the items delivered to the customer and an accurate date of when it was shipped, that the equipment was inspected and accepted by the customer, and that the customer’s signature on the equipment lease was genuine.

The government charges that Zurn and Nagorski, on multiple occasions between July 2004 and May 2011, submitted fraudulent invoices to the finance companies. The transactions cost victims more than $2.5 million, the government said.

In some cases, Erie Copy Products submitted paperwork indicating customers had signed and accepted equipment that had not yet been delivered.

Sometimes, the paperwork billed for equipment that had never been delivered or for equipment that was different from that which was eventually delivered.

In other cases, the government said, Zurn and Nagorski submitted bills to the finance companies that were “forged, falsified, and fabricated to indicate the lessee ordered and received thousands of dollars worth of office equipment that the lessees did not order, receive or otherwise know about,” the information states.

The two are also accused of providing used equipment that was represented as new to both the finance companies and the customers who were leasing the equipment.

The criminal information also charges that Zurn withheld payroll taxes from his employees’ paychecks from 2008 until the second quarter of 2011. In all but one of 10 calendar quarters, he failed to turn those tax payments over to the Internal Revenue Service. The taxes he had collected from employees totaled $159,652.77, according to court records.

SOURCE

“We’re extremely pleased to provide this financing to National Resources that will assist them in the development of The Lofts,” said Matt Galligan, Group Head of CIT Real Estate Finance. “This transaction underscores our commitment to provide financing to our clients looking to build their real estate portfolios.”

Joseph Cotter, principal of National Resources, said, “This financing will allow us to transform this former industrial site into a vibrant community of residential homes, shops and restaurants. CIT’s deep industry experience and skilled team was able to quickly complete this transaction which will allow us to begin construction on the next phase of this project.”

Formerly the site of Unilever’s Research and Development Headquarters, the land is being transformed into Edgewater Harbor, a 24-acre mixed use site this is destined to become a landmark for its architecture, commitment to green design and destination waterfront location.

The $623 million financing is comprised of approximately $380 million of Class A certificates with a final expected distribution date of October 1, 2024, approximately $125 million of Class B certificates with a final expected distribution date of October 1, 2019, and approximately $118 million of Class C certificates with a final expected distribution date of October 1, 2015. The offerings are expected to close on May 14, 2012, subject to customary closing conditions.

Morgan Stanley & Co. LLC acted as structuring agent for the offerings. Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and Goldman, Sachs & Co. acted as the joint book-running managers for the offerings; Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Natixis Securities Americas LLC acted as co-managers for the offerings.

The Boards could not agree on any of the three lessee accounting approaches presented by the staff at the meetings and directed the staff to conduct outreach to get preparer and user feedback on the proposed approaches. The outreach meetings will run through the end of April 2012, further delaying the issuance of a new exposure draft. The important news here is that after the meeting the Boards added a fourth approach that the ELFA has been recommending from the start of the Leases project. The four methods that are being discussed at the outreach meetings are:

• The right of use (ROU) approach as presented in the Leases Project Exposure Draft whereby the ROU asset is amortized straight line and interest is imputed versus the ROU liability using the “effective interest method”. This ROU approach is the lessee accounting method in the project tentative decisions as of now but it has been highly criticized in the comment letters as it front loads lease costs.
• The interest based amortization (IBA) approach which amortizes the asset on a basis that factors in the timing and amount of rent payments as well as the assumed pattern of benefits realized from use of the leased asset. The resulting rate of amortization is similar to the debt amortization rate. This method only creates a straight line pattern if the rents are level throughout the term and it is complex and involves estimates.
• The underlying asset approach (UA) which amortizes the ROU asset as the lessee estimates it consumes the value of the leased asset over the lease term (estimated decline in fair value of the underlying asset). This method only creates a straight line cost pattern if the asset’s residual value at expiry is the same as the fair value at inception (this may be the case in real estate leases but not equipment leases). This method is complex and involves estimates that may not be feasible for the lessee to make.
• The whole contract (WC) method that accrues the average rent as the reported lease cost (much the same as current GAAP) and adjusts the ROU asset and lease liability on each balance sheet date to be the present value of the remaining lease payments. The outreach information provided by the FASB/IASB staff presents this new approach as follows: “The whole contract approach considers the ROU asset and the lease liability that arise from a lease contract to be one unit of account when initially and subsequently measuring those balances. This approach views the ROU asset as being different from other non-financial assets and different from the underlying asset itself. This is because the ROU asset is inextricably linked to the lease liability, not only at lease commencement, but also throughout the lease term. This approach also does not view a lease contract as a financing transaction. “

The ELFA believes that this method reflects the appropriate values of the ROU asset and lease liability on the balance sheet that arise from the lease contract. It also reflects the cost as a level rent expense which is what lessees perceive to be their lease cost benefit for each month. The lease payment would be reported as an operating cash outflow reflecting the true nature of the payment. Hopefully the presentation of this new method will be favorably received at the outreach meetings and lead to a successful resolution of a major issue impeding the successful resolution of the Leases Project.

Earnings before interest, income taxes, depreciation and amortization (“EBITDA”) for the fourth quarter amounted to $8.8 million or 10.6% of sales, compared to $11.1 million or 12.7% of sales last year. Net earnings for the fourth quarter amounted to $1.1 million or $0.05 per share (diluted) compared to net earnings of $4.2 million or $0.17 per share the previous year.

Year-end Results
Sales for the year ended January 28, 2012 amounted to $302.7 million, a decrease of 5.1% from $319.0 million for the year ended January 29, 2011. Comparable store sales decreased by 7.9% versus the same period a year ago. Sales were negatively impacted throughout 2011 by several factors including: a reduction in store traffic as consumers continued to remain cautious on discretionary spending within a challenging retail environment; the impact of an unseasonably warm winter on demand for winter-wear; and a shift out of the junior casual wear market in order to re-align all of the product categories under one clear, focused lifestyle brand targeting contemporary fashion for today’s modern man and woman.

EBITDA for the year amounted to $20.2 million or 6.7% of sales, compared to $47.0 million or 14.7% of sales last year. Net loss for the year ended January 28, 2012 amounted to $2.4 million or $(0.10) per share (diluted) compared to net earnings of $19.6 million or $0.79 per share for the year ended January 29, 2011. Earnings and margins for the year were negatively impacted by increased promotional activity.

The Company incurred some non-recurring expenses related to the temporary ramp-up in marketing expenses to accelerate brand repositioning efforts and start-up costs related to the e-commerce initiative which totaled $5.8 million for the year. The Company also recorded $2.0 million for write-offs and impairment of property and equipment related to store closures and renovations. In fiscal 2013, the Company is planning to close eight stores in Canada and one store in the U.S., the latter being the Broadway store in New York.

During the year, the Company opened six stores, closed one and expanded twelve existing locations, resulting in the addition of 62,000 square feet or 5.1% to the Le Château network, bringing the total floor space at end of period to 1,284,000 square feet.

Effective for the first quarter ended April 30, 2011, the Company began reporting its financial results in accordance with International Financial Reporting Standards (“IFRS”). Previously reported financial results prepared in accordance with Canadian generally accepted accounting principles have been restated to conform to the new standards adopted.

Credit Facilities
Company entered into a Credit Agreement with GE Capital Canada as the lead lender for an asset based credit facility of up to $70.0 million, replacing its previous credit facility of $22.0 million.

The revolving credit facility is collateralized by the Company’s credit card accounts receivable and inventories, as defined in the agreement. The facility has a term of 3 years and consists of revolving credit loans, which include both a swing line loan facility limited to $15.0 million and a letter of credit facility limited to $15.0 million.

Further details regarding the facility are set out in the Management’s Discussion and Analysis for fiscal 2012 which is available at the Company’s profile on sedar.com.

In addition, the Company has an import line of credit of $25.0 million, which includes a $1.0 million loan facility. The import line is for letters of credit which guarantee the payment of purchases from foreign suppliers.

The Company uses the above facilities and lines of credit from time to time in the ordinary course of its business.

Le Château is a leading Canadian brand in specialty retailing, offering a broad array of contemporary fashion apparel, accessories and footwear for style-conscious women and men.