Caterpillar Financial Services Corporation (Cat Financial) reported record first quarter revenues of $779 million, a 9% increase over the previous year. Profits after tax were $124 million, a 1% decrease. New retail financing reached a record $3.47 billion, a 27% increase due to growth in Asia-Pacific, Diversified Services and Europe. While performance was strong, past dues and write-offs increased due to the softening U.S. housing industry. Cat Financial remains focused on providing reliable financing to customers and dealers.