This document is CIT Group Inc.'s annual report filed with the United States Securities and Exchange Commission (SEC) for the fiscal year ended December 31, 2007. It provides information on CIT's business operations, financial results, subsidiaries, risks, executives, auditors, and other legally required disclosures. Specifically, the report discusses that CIT is a commercial finance company that offers various lending and leasing products to clients in over 30 industries globally. It generates revenue through interest income, rental payments, and fees. The report provides details on CIT's assets, funding sources, business segments, and financial results for fiscal year 2007.
This document is CIT Group's annual report on Form 10-K for the fiscal year ending December 31, 2006. It provides information on CIT's business operations, legal proceedings, financial statements, executive compensation and other required disclosures. Specifically, the report discusses CIT's diversified business segments that provide commercial and consumer financing, including asset-based loans, leases, vendor programs, and trade finance. It also provides selected financial data and discusses CIT's management, assets, funding sources, and stock performance.
This document is CIT Group's annual report on Form 10-K, filed with the SEC. It provides information on CIT's business, including that it is a bank holding company providing commercial financing and leasing. It operates primarily in North America with some international presence. Its primary bank subsidiary is CIT Bank. It focuses on commercial clients, particularly middle-market companies, across over 30 industries. Its principal offerings include commercial financing, leasing, vendor programs, accounts receivables collection, debt underwriting, capital markets services, and insurance.
This document is a Form 10-K annual report filed by CIT Group Inc. with the SEC for the 2005 fiscal year. It provides an overview of CIT's business segments and operations, including that it is a leading commercial and consumer finance company focused on middle-market companies. It generates revenue through interest income on loans and rentals on leased equipment. CIT manages over $62 billion in assets across various business segments and funds its businesses through debt issuances and commercial paper.
plains all american Table of Contents and Forward Looking Statements 2007finance13
This document is Plains All American Pipeline's annual report on Form 10-K for the fiscal year ending December 31, 2007 filed with the United States Securities and Exchange Commission. It provides information on the company's business and operations, legal proceedings, risk factors, financial statements, executive compensation, and other disclosures required for public companies. The report indicates that Plains All American Pipeline is a Delaware limited partnership and has its common units registered and traded on the New York Stock Exchange. It operates oil and gas pipelines, terminals, and other midstream assets primarily in the United States.
This document is CIT Group Inc.'s annual report on Form 10-K for the fiscal year ending December 31, 2004 filed with the Securities and Exchange Commission. It provides an overview of CIT as a leading global commercial and consumer finance company founded in 1908. It details that CIT offers various financing and leasing products to companies across many industries. As of December 31, 2004, CIT managed assets of $53.5 billion and owned financing and leasing assets of $45.2 billion, with stockholders' equity of $6.1 billion. The filing includes information on CIT's business, properties, legal proceedings, market performance, financial statements, controls and procedures, and other required disclosures.
This document is Celanese Corporation's annual report (Form 10-K) filed with the United States Securities and Exchange Commission for the fiscal year ended December 31, 2006. It provides an overview of Celanese's business operations, discusses its financial performance and position, identifies risk factors, and addresses other disclosure items required by the SEC for public companies. Specifically, it states that Celanese is a leading global producer of chemicals and high-performance engineered polymers, it had net sales of approximately $6 billion in 2006, and approximately 33% of its net sales were to customers in North America and 42% to customers in Europe and Africa.
This document is El Paso Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2006. It provides information on El Paso's business operations and financial results. Specifically, it summarizes that El Paso owns and operates North America's largest natural gas transmission pipeline system, with over 55,000 miles of pipelines. It also describes El Paso's exploration and production operations focused on natural gas and oil production in the U.S., Brazil, and Egypt. The report provides details on El Paso's four business segments - Pipelines, Exploration and Production, Marketing, and Power - and lists key financial and operating data for its major wholly owned pipeline systems.
This document is CIT Group Inc.'s annual report on Form 10-K for the fiscal year ending December 31, 2003 filed with the Securities and Exchange Commission. It summarizes CIT's business operations, financial results, identifies corporate leadership, describes securities registered for public trading, and incorporates other supplemental documents by reference. CIT is a leading global commercial and consumer finance company that offers financing and leasing capital to companies across many industries through specialized franchise businesses focused on specific markets.
This document is CIT Group's annual report on Form 10-K for the fiscal year ending December 31, 2006. It provides information on CIT's business operations, legal proceedings, financial statements, executive compensation and other required disclosures. Specifically, the report discusses CIT's diversified business segments that provide commercial and consumer financing, including asset-based loans, leases, vendor programs, and trade finance. It also provides selected financial data and discusses CIT's management, assets, funding sources, and stock performance.
This document is CIT Group's annual report on Form 10-K, filed with the SEC. It provides information on CIT's business, including that it is a bank holding company providing commercial financing and leasing. It operates primarily in North America with some international presence. Its primary bank subsidiary is CIT Bank. It focuses on commercial clients, particularly middle-market companies, across over 30 industries. Its principal offerings include commercial financing, leasing, vendor programs, accounts receivables collection, debt underwriting, capital markets services, and insurance.
This document is a Form 10-K annual report filed by CIT Group Inc. with the SEC for the 2005 fiscal year. It provides an overview of CIT's business segments and operations, including that it is a leading commercial and consumer finance company focused on middle-market companies. It generates revenue through interest income on loans and rentals on leased equipment. CIT manages over $62 billion in assets across various business segments and funds its businesses through debt issuances and commercial paper.
plains all american Table of Contents and Forward Looking Statements 2007finance13
This document is Plains All American Pipeline's annual report on Form 10-K for the fiscal year ending December 31, 2007 filed with the United States Securities and Exchange Commission. It provides information on the company's business and operations, legal proceedings, risk factors, financial statements, executive compensation, and other disclosures required for public companies. The report indicates that Plains All American Pipeline is a Delaware limited partnership and has its common units registered and traded on the New York Stock Exchange. It operates oil and gas pipelines, terminals, and other midstream assets primarily in the United States.
This document is CIT Group Inc.'s annual report on Form 10-K for the fiscal year ending December 31, 2004 filed with the Securities and Exchange Commission. It provides an overview of CIT as a leading global commercial and consumer finance company founded in 1908. It details that CIT offers various financing and leasing products to companies across many industries. As of December 31, 2004, CIT managed assets of $53.5 billion and owned financing and leasing assets of $45.2 billion, with stockholders' equity of $6.1 billion. The filing includes information on CIT's business, properties, legal proceedings, market performance, financial statements, controls and procedures, and other required disclosures.
This document is Celanese Corporation's annual report (Form 10-K) filed with the United States Securities and Exchange Commission for the fiscal year ended December 31, 2006. It provides an overview of Celanese's business operations, discusses its financial performance and position, identifies risk factors, and addresses other disclosure items required by the SEC for public companies. Specifically, it states that Celanese is a leading global producer of chemicals and high-performance engineered polymers, it had net sales of approximately $6 billion in 2006, and approximately 33% of its net sales were to customers in North America and 42% to customers in Europe and Africa.
This document is El Paso Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2006. It provides information on El Paso's business operations and financial results. Specifically, it summarizes that El Paso owns and operates North America's largest natural gas transmission pipeline system, with over 55,000 miles of pipelines. It also describes El Paso's exploration and production operations focused on natural gas and oil production in the U.S., Brazil, and Egypt. The report provides details on El Paso's four business segments - Pipelines, Exploration and Production, Marketing, and Power - and lists key financial and operating data for its major wholly owned pipeline systems.
This document is CIT Group Inc.'s annual report on Form 10-K for the fiscal year ending December 31, 2003 filed with the Securities and Exchange Commission. It summarizes CIT's business operations, financial results, identifies corporate leadership, describes securities registered for public trading, and incorporates other supplemental documents by reference. CIT is a leading global commercial and consumer finance company that offers financing and leasing capital to companies across many industries through specialized franchise businesses focused on specific markets.
Tenet Healthcare Corporation operates 80 general hospitals across 13 states in the United States. In 2004, Tenet announced plans to divest 27 hospitals to focus resources on remaining core operations. By the end of 2004, Tenet had completed the divestiture of 18 hospitals and entered agreements to divest 4 more. Going forward, Tenet will focus on its remaining 69 general hospitals and related operations. Tenet aims to provide quality healthcare and adapt its strategies to changes in the regulatory and economic environment.
This document is NetApp's annual report on Form 10-K filed with the United States Securities and Exchange Commission for the fiscal year ending April 30, 2010. It provides an overview of NetApp's business and operations, financial statements, risks and uncertainties, and other legally required disclosures. Specifically, it discusses NetApp's data management and storage solutions business, financial results for fiscal year 2010, risk factors that could materially affect its business, and certifications regarding internal controls and disclosure controls.
This document is Tenet Healthcare Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2008. It provides information on Tenet's business operations, including that it operates general hospitals and related healthcare facilities in 12 states. It lists the specific hospitals owned or leased by Tenet in each state and other details such as number of beds. The report also discusses Tenet's strategies, acquisitions, divestitures, and new facilities. It provides an overview of Tenet's organizational structure and factors that affect its financial performance.
This document is Tenet Healthcare Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2008. It provides information on Tenet's business operations, including that it operates 53 general hospitals and other healthcare facilities across 12 states. It lists the hospitals by region and state, and describes the services offered and accreditation of the facilities. The report also discusses Tenet's strategies to improve quality of care and operating efficiencies while maintaining compliance with regulations.
This document is Comcast Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2006. It provides information on Comcast's businesses and operations, financial results, risks, properties, legal proceedings, executive officers and other disclosures required by the Securities and Exchange Commission. Specifically, in 2006 Comcast increased its video subscriber base through acquisitions from Adelphia and Time Warner, initiated dissolving a cable partnership to acquire more subscribers, and expanded its high-speed internet and digital phone services.
This document is ArvinMeritor's annual report (Form 10-K) filed with the SEC for the fiscal year ended September 28, 2008. It summarizes ArvinMeritor's business operations over the past fiscal year, including that it is a global supplier of integrated systems and components for commercial vehicles, light vehicles, and trailers. It also provides an overview of ArvinMeritor's organizational structure, principal products, markets served, manufacturing facilities, and competitive landscape. In addition, the report discusses ArvinMeritor's financial performance and position over the fiscal year, identifies risk factors, and lists the company's executive officers.
This document is Reliance Steel & Aluminum Co.'s annual report (Form 10-K) filed with the SEC. It provides an overview of the company's business including: the metals service center industry, Reliance's history and operations, customers, suppliers, products/services, competition, regulations, and risk factors. Key details include that Reliance operates over 180 locations in North America and Asia, distributes over 100,000 metal products, and achieved record sales of $5.74 billion and net income of $354.5 million in 2006.
plains all american pipeline Table of Contents and Forward Looking Statement...finance13
This document is Plains All American Pipeline's annual report on Form 10-K for the 2005 fiscal year. It provides information on the company's business and operations, legal proceedings, risks to the business, financial statements, and other disclosures required by the Securities and Exchange Commission (SEC) regulations. Specifically, it discloses that Plains All American Pipeline is a Delaware limited partnership that operates oil and gas pipelines and terminals, and is required to file this annual report with the SEC containing audited financial statements and other information. It also contains forward-looking statements regarding the company's expectations that are accompanied by risk factors that could cause actual results to differ from expectations.
This document is Symantec Corporation's annual report (Form 10-K) filed with the SEC for the fiscal year ended March 28, 2008. It provides an overview of Symantec's business operations, financial results, risk factors, and other disclosures. Specifically, the report discusses Symantec's position as a global leader in security, storage, and systems management solutions, its operations in security and storage software markets, and business developments in fiscal 2008 including new product launches, acquisitions, executive changes, and cost structure reductions.
- The document is Starbucks Corporation's annual report (Form 10-K) filed with the SEC for the fiscal year ended September 30, 2007.
- Starbucks purchases and roasts high-quality coffee beans and sells coffee, tea and food items through Company-operated retail stores and other channels called "Specialty Operations."
- The report provides an overview of Starbucks' business including its objectives, products, channels and financial statements.
This document is the 2004 annual report filed with the Securities and Exchange Commission by Universal Health Services, Inc. It provides information on the company's business operations, properties, legal proceedings, executive officers and directors. Universal Health Services, Inc. operates acute care hospitals, behavioral health centers, surgical hospitals and ambulatory centers across the U.S., Puerto Rico and the U.S. Virgin Islands. The report includes a table of contents listing the topics covered in the filing, as well as statements noting that forward-looking statements are based on predictions and actual results may differ due to risk factors.
- Monsanto reported strong financial results for the first quarter of 2009, with net sales increasing 29% and net income up 117% compared to the first quarter of 2008.
- Gross profit for Roundup and other glyphosate-based herbicides increased 65% driven by higher prices globally and strength in Brazil.
- Corn and soybean seed and traits segments are performing well with U.S. orders on track and international launches progressing as planned.
- Monsanto reiterated fiscal year 2009 ongoing earnings growth guidance of 20-24% and free cash flow projection of over $1.8 billion.
This document is CIT Group Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2008. It includes CIT's consolidated financial statements and notes. The financial statements show that for the quarter, CIT had a net loss of over $2 billion, primarily due to losses from discontinued operations. Total assets were over $87 billion and total liabilities were over $81 billion. CIT's common stockholders' equity declined to $5.1 billion from $6.5 billion at the end of 2007, driven largely by the quarter's net loss.
CIT Group reported their first quarter 2008 earnings. The CEO discussed strategic actions taken to improve liquidity including reducing staff by over 500 employees, selling over $5.5 billion in assets, cutting the dividend by 60%, exploring strategic alternatives for the rail business, and continuing discussions to secure additional liquidity and capital. While the commercial finance franchises performed respectably, provisions were taken for the home lending and student lending portfolios due to housing market declines. The CEO believes strategic actions taken will enhance shareholder value and position the company for the future.
Monsanto's presentation outlined its strategic plan to double gross profit from corn seed and traits from 2007 to 2012 through expanding in key areas:
1) Growing its U.S. seed footprint through continued DEKALB share gains of up to 10 points by 2012.
2) Expanding trait penetration in the U.S., with potential to nearly triple SmartStax acreage by end of decade.
3) Expanding its international seed footprint, with a goal of 1-2 share point gains annually in key markets like EU27, Brazil and Argentina through 2012.
- The document reports on the annual acreage of corn and cotton crops containing Monsanto's biotechnology traits from 1996 to 2007 in both the U.S. and worldwide.
- In the U.S., acreage of corn containing Roundup Ready, YieldGard, and stacked traits grew substantially over time, reaching over 67 million acres in 2007. Worldwide corn trait acreage also increased significantly.
- For cotton, U.S. acreage of Roundup Ready, Bollgard, and stacked traits increased initially before leveling off. Trait adoption in other countries such as India expanded acreage totals worldwide.
This document is CIT Group's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2007. It includes CIT's consolidated balance sheets, statements of income, statements of cash flows, and notes to the financial statements. The balance sheet shows total assets of $82.1 billion including $59.4 billion in net finance receivables. Total debt was $66.4 billion and stockholders' equity was $7.4 billion. For the quarter, net income was $208.1 million and earnings per share was $1.03.
CIT reported record first quarter results for 2007, with EPS of $1.37, up from $1.12 in the prior year. Revenue grew 14% due to a 24% increase in new business volume. Credit quality remained strong overall, though home lending metrics weakened due to economic conditions. CIT will continue leveraging its origination, risk management, and client service capabilities to increase shareholder returns.
The transcript summarizes a conference call between CIT Group executives and financial analysts. In the call, CIT Group CEO Jeff Peek reported that 2006 was a strong year for CIT Group, with record earnings per share in the fourth quarter and for the full year. Peek also announced that CIT Group was increasing its 2007 earnings per share guidance and raising its dividend. In addition, Peek addressed CIT Group's commercial aerospace business, stating that the company plans to sell $1.2 billion of aerospace assets to reduce capital commitment, pursue an asset management strategy, and generate fee income.
- CIT Group reported second quarter results with diluted EPS of $1.16, up 14% year-over-year excluding one-time gains. Revenue grew 11% to a record $10 billion in new business volume. Managed assets increased 17% to $68 billion.
- Earnings grew due to strong origination volume and asset growth, increased other revenue, and low net charge-offs, partially offset by higher funding costs and expenses related to growth initiatives.
- All five operating groups experienced double-digit increases in sales force productivity and new business originations, positioning CIT well for the second half of the year.
This document is CIT Group's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2006. It includes:
1) CIT Group's consolidated balance sheets and statements of income, stockholders' equity, and cash flows for the quarter ended March 31, 2006 and 2005.
2) CIT Group reports net income of $229.7 million for the first quarter of 2006 compared to $227.6 million for the same period in 2005.
3) The balance sheet shows total assets of $64.7 billion and total debt of $49.1 billion as of March 31, 2006.
- The document discusses Monsanto's third-quarter 2008 financial results and outlook.
- Monsanto reported strong earnings growth of 41% in the third quarter of 2008 compared to the same period in 2007, with ongoing diluted earnings per share of $1.45.
- For the full year 2008, Monsanto expects ongoing diluted earnings per share to increase approximately 70% over 2007, reaching around $3.40 per share.
Tenet Healthcare Corporation operates 80 general hospitals across 13 states in the United States. In 2004, Tenet announced plans to divest 27 hospitals to focus resources on remaining core operations. By the end of 2004, Tenet had completed the divestiture of 18 hospitals and entered agreements to divest 4 more. Going forward, Tenet will focus on its remaining 69 general hospitals and related operations. Tenet aims to provide quality healthcare and adapt its strategies to changes in the regulatory and economic environment.
This document is NetApp's annual report on Form 10-K filed with the United States Securities and Exchange Commission for the fiscal year ending April 30, 2010. It provides an overview of NetApp's business and operations, financial statements, risks and uncertainties, and other legally required disclosures. Specifically, it discusses NetApp's data management and storage solutions business, financial results for fiscal year 2010, risk factors that could materially affect its business, and certifications regarding internal controls and disclosure controls.
This document is Tenet Healthcare Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2008. It provides information on Tenet's business operations, including that it operates general hospitals and related healthcare facilities in 12 states. It lists the specific hospitals owned or leased by Tenet in each state and other details such as number of beds. The report also discusses Tenet's strategies, acquisitions, divestitures, and new facilities. It provides an overview of Tenet's organizational structure and factors that affect its financial performance.
This document is Tenet Healthcare Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2008. It provides information on Tenet's business operations, including that it operates 53 general hospitals and other healthcare facilities across 12 states. It lists the hospitals by region and state, and describes the services offered and accreditation of the facilities. The report also discusses Tenet's strategies to improve quality of care and operating efficiencies while maintaining compliance with regulations.
This document is Comcast Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2006. It provides information on Comcast's businesses and operations, financial results, risks, properties, legal proceedings, executive officers and other disclosures required by the Securities and Exchange Commission. Specifically, in 2006 Comcast increased its video subscriber base through acquisitions from Adelphia and Time Warner, initiated dissolving a cable partnership to acquire more subscribers, and expanded its high-speed internet and digital phone services.
This document is ArvinMeritor's annual report (Form 10-K) filed with the SEC for the fiscal year ended September 28, 2008. It summarizes ArvinMeritor's business operations over the past fiscal year, including that it is a global supplier of integrated systems and components for commercial vehicles, light vehicles, and trailers. It also provides an overview of ArvinMeritor's organizational structure, principal products, markets served, manufacturing facilities, and competitive landscape. In addition, the report discusses ArvinMeritor's financial performance and position over the fiscal year, identifies risk factors, and lists the company's executive officers.
This document is Reliance Steel & Aluminum Co.'s annual report (Form 10-K) filed with the SEC. It provides an overview of the company's business including: the metals service center industry, Reliance's history and operations, customers, suppliers, products/services, competition, regulations, and risk factors. Key details include that Reliance operates over 180 locations in North America and Asia, distributes over 100,000 metal products, and achieved record sales of $5.74 billion and net income of $354.5 million in 2006.
plains all american pipeline Table of Contents and Forward Looking Statement...finance13
This document is Plains All American Pipeline's annual report on Form 10-K for the 2005 fiscal year. It provides information on the company's business and operations, legal proceedings, risks to the business, financial statements, and other disclosures required by the Securities and Exchange Commission (SEC) regulations. Specifically, it discloses that Plains All American Pipeline is a Delaware limited partnership that operates oil and gas pipelines and terminals, and is required to file this annual report with the SEC containing audited financial statements and other information. It also contains forward-looking statements regarding the company's expectations that are accompanied by risk factors that could cause actual results to differ from expectations.
This document is Symantec Corporation's annual report (Form 10-K) filed with the SEC for the fiscal year ended March 28, 2008. It provides an overview of Symantec's business operations, financial results, risk factors, and other disclosures. Specifically, the report discusses Symantec's position as a global leader in security, storage, and systems management solutions, its operations in security and storage software markets, and business developments in fiscal 2008 including new product launches, acquisitions, executive changes, and cost structure reductions.
- The document is Starbucks Corporation's annual report (Form 10-K) filed with the SEC for the fiscal year ended September 30, 2007.
- Starbucks purchases and roasts high-quality coffee beans and sells coffee, tea and food items through Company-operated retail stores and other channels called "Specialty Operations."
- The report provides an overview of Starbucks' business including its objectives, products, channels and financial statements.
This document is the 2004 annual report filed with the Securities and Exchange Commission by Universal Health Services, Inc. It provides information on the company's business operations, properties, legal proceedings, executive officers and directors. Universal Health Services, Inc. operates acute care hospitals, behavioral health centers, surgical hospitals and ambulatory centers across the U.S., Puerto Rico and the U.S. Virgin Islands. The report includes a table of contents listing the topics covered in the filing, as well as statements noting that forward-looking statements are based on predictions and actual results may differ due to risk factors.
- Monsanto reported strong financial results for the first quarter of 2009, with net sales increasing 29% and net income up 117% compared to the first quarter of 2008.
- Gross profit for Roundup and other glyphosate-based herbicides increased 65% driven by higher prices globally and strength in Brazil.
- Corn and soybean seed and traits segments are performing well with U.S. orders on track and international launches progressing as planned.
- Monsanto reiterated fiscal year 2009 ongoing earnings growth guidance of 20-24% and free cash flow projection of over $1.8 billion.
This document is CIT Group Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2008. It includes CIT's consolidated financial statements and notes. The financial statements show that for the quarter, CIT had a net loss of over $2 billion, primarily due to losses from discontinued operations. Total assets were over $87 billion and total liabilities were over $81 billion. CIT's common stockholders' equity declined to $5.1 billion from $6.5 billion at the end of 2007, driven largely by the quarter's net loss.
CIT Group reported their first quarter 2008 earnings. The CEO discussed strategic actions taken to improve liquidity including reducing staff by over 500 employees, selling over $5.5 billion in assets, cutting the dividend by 60%, exploring strategic alternatives for the rail business, and continuing discussions to secure additional liquidity and capital. While the commercial finance franchises performed respectably, provisions were taken for the home lending and student lending portfolios due to housing market declines. The CEO believes strategic actions taken will enhance shareholder value and position the company for the future.
Monsanto's presentation outlined its strategic plan to double gross profit from corn seed and traits from 2007 to 2012 through expanding in key areas:
1) Growing its U.S. seed footprint through continued DEKALB share gains of up to 10 points by 2012.
2) Expanding trait penetration in the U.S., with potential to nearly triple SmartStax acreage by end of decade.
3) Expanding its international seed footprint, with a goal of 1-2 share point gains annually in key markets like EU27, Brazil and Argentina through 2012.
- The document reports on the annual acreage of corn and cotton crops containing Monsanto's biotechnology traits from 1996 to 2007 in both the U.S. and worldwide.
- In the U.S., acreage of corn containing Roundup Ready, YieldGard, and stacked traits grew substantially over time, reaching over 67 million acres in 2007. Worldwide corn trait acreage also increased significantly.
- For cotton, U.S. acreage of Roundup Ready, Bollgard, and stacked traits increased initially before leveling off. Trait adoption in other countries such as India expanded acreage totals worldwide.
This document is CIT Group's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2007. It includes CIT's consolidated balance sheets, statements of income, statements of cash flows, and notes to the financial statements. The balance sheet shows total assets of $82.1 billion including $59.4 billion in net finance receivables. Total debt was $66.4 billion and stockholders' equity was $7.4 billion. For the quarter, net income was $208.1 million and earnings per share was $1.03.
CIT reported record first quarter results for 2007, with EPS of $1.37, up from $1.12 in the prior year. Revenue grew 14% due to a 24% increase in new business volume. Credit quality remained strong overall, though home lending metrics weakened due to economic conditions. CIT will continue leveraging its origination, risk management, and client service capabilities to increase shareholder returns.
The transcript summarizes a conference call between CIT Group executives and financial analysts. In the call, CIT Group CEO Jeff Peek reported that 2006 was a strong year for CIT Group, with record earnings per share in the fourth quarter and for the full year. Peek also announced that CIT Group was increasing its 2007 earnings per share guidance and raising its dividend. In addition, Peek addressed CIT Group's commercial aerospace business, stating that the company plans to sell $1.2 billion of aerospace assets to reduce capital commitment, pursue an asset management strategy, and generate fee income.
- CIT Group reported second quarter results with diluted EPS of $1.16, up 14% year-over-year excluding one-time gains. Revenue grew 11% to a record $10 billion in new business volume. Managed assets increased 17% to $68 billion.
- Earnings grew due to strong origination volume and asset growth, increased other revenue, and low net charge-offs, partially offset by higher funding costs and expenses related to growth initiatives.
- All five operating groups experienced double-digit increases in sales force productivity and new business originations, positioning CIT well for the second half of the year.
This document is CIT Group's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2006. It includes:
1) CIT Group's consolidated balance sheets and statements of income, stockholders' equity, and cash flows for the quarter ended March 31, 2006 and 2005.
2) CIT Group reports net income of $229.7 million for the first quarter of 2006 compared to $227.6 million for the same period in 2005.
3) The balance sheet shows total assets of $64.7 billion and total debt of $49.1 billion as of March 31, 2006.
- The document discusses Monsanto's third-quarter 2008 financial results and outlook.
- Monsanto reported strong earnings growth of 41% in the third quarter of 2008 compared to the same period in 2007, with ongoing diluted earnings per share of $1.45.
- For the full year 2008, Monsanto expects ongoing diluted earnings per share to increase approximately 70% over 2007, reaching around $3.40 per share.
The document provides an overview and update of Monsanto's research and development pipeline. Key points include:
- 5 projects advanced phases in the biotech trait pipeline and 5 new products were added.
- DEKALB corn maintained a 8.4 bushel per acre yield advantage on average compared to competitors. When protected with YieldGard VT Triple, the advantage widened to 14.6 bushels.
- Roundup Ready2Yield soybeans and molecular breeding are expected to significantly increase soybean yields above historic trends.
- The drought tolerant corn family and nitrogen utilization corn family projects were advanced in the pipeline.
This document is CIT Group's Form 10-Q/A for the quarterly period ended September 30, 2007. It amends the Consolidated Statements of Cash Flows from the original filing to correct a typographical error. Total assets as of September 30, 2007 were $88.9 billion, with total debt of $72.8 billion. For the nine months ended September 30, 2007, net income available to common stockholders was $19.7 million.
CIT Group reported first quarter results for 2006 with the following highlights:
- EPS increased 14% to $1.12 compared to the prior year, excluding one-time gains.
- New business volume was up 53% and managed assets grew 11% due to balanced growth across segments.
- Segment results were strong across Commercial Finance and Specialty Finance groups, with increased net income and managed asset growth in most segments.
- Credit quality remained excellent with lower net charge-offs and delinquencies compared to the prior year.
The document summarizes a third quarter 2006 earnings conference call for CIT Group. During the call, CIT Group executives reported strong quarterly results, with record new business volume of $11 billion, up 40% compared to 2005. All five of CIT Group's business segments saw growth. CIT Group maintained strong credit quality and improved its efficiency ratio to 44%. Executives provided highlights from each business segment and discussed strategic acquisitions and initiatives. CIT Group remains focused on achieving a 15% return on equity through organic growth and portfolio optimization.
This document is CIT Group Inc.'s quarterly report filed with the SEC for the quarter ended September 30, 2008. It includes CIT's consolidated balance sheets, statements of income, and statements of cash flows for the quarters and nine months ended September 30, 2008 and 2007. Some key details include that CIT reported a net loss of $317 million for the third quarter of 2008 compared to a net loss of $46 million for the same period in 2007. For the nine months ended September 30, 2008, CIT reported a net loss of $2.7 billion compared to net income of $20 million for the same period in 2007. Total assets decreased to $80.8 billion as of September 30, 2008
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Journée Technique ATEC ITS FRANCE du 26 mars 2015
Mieux connaître les systèmes de navigation par satellite pour une mobilité plus intelligente
Atelier 3 – Le potentiel du satellitaire pour les industriels de la mobilité
Animé par Jacques BEAS GARCIA, Responsable Politique Industrielle pour le développement des usages et des services – CNES
This document is CIT Group's annual report on Form 10-K for the fiscal year ending December 31, 2006. It provides information on CIT's business operations, legal proceedings, financial statements, executive compensation and other required disclosures. Specifically, the report discusses CIT's diversified business segments that provide commercial and consumer financing, including asset-based loans, leases, vendor programs, and trade finance. It also provides selected financial data and discusses CIT's management, assets, funding sources, and stock performance.
This document is CIT Group's annual report on Form 10-K, filed with the SEC. It provides information on CIT's business, including that it is a bank holding company providing commercial financing and leasing. It operates primarily in North America with some international presence. Its primary bank subsidiary is CIT Bank. It focuses on commercial clients, particularly middle-market companies, across over 30 industries. Its principal offerings include commercial financing, leasing, vendor programs, accounts receivables collection, debt underwriting, capital markets services, and insurance.
This document is a Form 10-K annual report filed by CIT Group Inc. with the SEC for the 2005 fiscal year. It provides an overview of CIT's business segments and operations, including that it is a leading commercial and consumer finance company focused on middle-market companies. It generates revenue through interest income on loans and rentals on leased equipment. CIT manages over $62 billion in assets across various business segments and funds its businesses through debt issuances and commercial paper.
This document is CIT Group Inc.'s annual report on Form 10-K for the fiscal year ending December 31, 2003 filed with the Securities and Exchange Commission. It provides an overview of CIT's business segments and financing products. CIT operates through five business segments: Specialty Finance, Commercial Finance, Equipment Finance, Capital Finance, and Structured Finance. The report details the financing and leasing assets and managed assets for each segment as of December 31, 2003.
owens & minor FD57D1A1-8F5F-4464-AC94-EB65DE35BF6C_2008_10-Kfinance33
1) Owens & Minor, Inc. filed a Form 10-K annual report with the SEC for the year ended December 31, 2008. It is a leading national distributor of medical and surgical supplies to acute care facilities.
2) The filing includes details on the company's business operations, acquisitions, financial statements, legal proceedings, executive compensation, and other required disclosures.
3) In addition to distribution, Owens & Minor provides supply chain management services to help customers reduce costs and increase efficiency.
This document is El Paso Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2006. It provides information on El Paso's business operations and financial results. Specifically, it summarizes that El Paso owns and operates North America's largest natural gas transmission pipeline system, with over 55,000 miles of pipelines. It also describes El Paso's exploration and production operations focused on natural gas and oil production in the U.S., Brazil, and Egypt. The report provides details on El Paso's four business segments - Pipelines, Exploration and Production, Marketing, and Power - and lists key financial and operating data for the company.
- Owens & Minor, Inc. is the leading distributor of medical and surgical supplies to acute-care facilities in the US. It distributes products from over 1,200 suppliers to around 4,000 healthcare customers.
- The company has expanded into supply chain management services and direct-to-consumer distribution of diabetes testing supplies.
- It operates 50 distribution centers nationwide and has continued growing through acquisitions, including certain assets of McKesson Medical-Surgical Inc. in 2006.
This document is Tenet Healthcare Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2008. It provides information on Tenet's business operations, including that it operates 53 general hospitals and other healthcare facilities across 12 states. It lists the hospitals by region and state, and describes the services offered and accreditation of the facilities. The report also discusses Tenet's strategies to improve quality of care and operating efficiencies while maintaining compliance with regulations.
This document is Tenet Healthcare Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2008. It provides information on Tenet's business operations, including that it operates 53 general hospitals and other healthcare facilities across 12 states. It lists the hospitals by region and state, and describes the services offered and accreditations. The report also discusses Tenet's strategies, recent facility acquisitions, divestitures and openings, and factors that affect its operating results.
1) Masco Corporation manufactures and distributes home improvement and building products in North America and other regions.
2) The company operates in five segments and is among the largest manufacturers of products like faucets, cabinets, and architectural coatings.
3) Approximately 80% of the company's 2007 sales were from North American operations, with the remainder from international operations mostly in Europe and China.
This document is Group 1 Automotive's annual report on Form 10-K for the fiscal year ending December 31, 2006. It provides an overview of the company's business, including that it owns and operates 143 franchises across 105 dealership locations in 14 states. It discusses the company's business strategy of leveraging its talented employees through an expanding dealership network. The report also covers risk factors, financial information, corporate leadership, and other regulatory disclosures.
This document is Group 1 Automotive's annual report on Form 10-K for the fiscal year ending December 31, 2006. It provides an overview of the company's business, including that it owns and operates 143 franchises across 105 dealership locations in 14 states. It discusses the company's business strategy of leveraging its talented employees through an expanding dealership network. The report also covers risk factors, financial information, controls and procedures, and incorporates other required SEC disclosures.
- Starbucks Corporation is a leading retailer, roaster and brand of specialty coffee in the world. It operates company-owned retail stores globally and engages in specialty operations including licensing, foodservice and branded products.
- In fiscal year 2007, company-owned retail stores accounted for 85% of Starbucks' total net revenues. Starbucks opened 1,342 new company-owned stores during the year.
- Starbucks' specialty operations include licensing of retail stores in over 30 countries, grocery and foodservice business that accounted for 15% of total revenues in fiscal 2007.
This document is Western Digital Corporation's annual report on Form 10-K for the fiscal year ended June 30, 2006. It provides information on the company's business, including that it designs, develops, manufactures and sells hard drives which are key components used in computers, data storage systems and consumer electronic devices. It assembles hard drives in Malaysia and Thailand and manufactures magnetic heads and other components in California and Thailand. The report discusses the company's business strategy of providing a broad selection of reliable, high-quality hard drives at low cost to customers.
This document is ArvinMeritor's annual report (Form 10-K) filed with the SEC for the fiscal year ended September 30, 2008. It summarizes ArvinMeritor's businesses, operations, financial performance, risks, properties, legal proceedings, and executives. ArvinMeritor is a global supplier of integrated vehicle systems and components, with its two main businesses being Commercial Vehicle Systems and Light Vehicle Systems. In 2008, it made a strategic decision to separate these two businesses, with the primary path being a sale of the Light Vehicle Systems business. The report provides details on ArvinMeritor's historical financial results, business strategies, and risk factors.
This document is a Form 10-K annual report filed by Universal Health Services, Inc. with the SEC for the fiscal year ended December 31, 2003. It provides an overview of UHS's business operations, including that it operates acute care hospitals and behavioral health facilities across the US, Puerto Rico, and France. It also summarizes UHS's recent acquisitions and development activities in 2003 and early 2004, which included acquiring or opening several new hospitals. The report includes standard sections for a 10-K filing, such as business descriptions, properties, legal proceedings, market information for common stock, selected financial data, and management discussion.
This document is a Form 10-K annual report filed by Universal Health Services, Inc. with the SEC for the fiscal year ended December 31, 2003. It provides an overview of UHS's business operations, including that it operates acute care hospitals and behavioral health facilities across the US, Puerto Rico, and France. It also summarizes UHS's recent acquisitions and development activities in 2003 and early 2004, which included acquiring or opening several new hospitals. The report includes standard sections for a 10-K filing, such as business descriptions, properties, legal proceedings, market information for stock, financial data, and risk factors.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 1999. It provides information on EchoStar's business operations, legal proceedings, risks to its business, financial statements and other required disclosures. EchoStar operates a direct broadcast satellite subscription television service in the United States called DISH Network, which had approximately 3.4 million subscribers as of December 31, 1999. It also provides digital set-top boxes and other equipment to international direct-to-home service providers.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2000 filed with the Securities and Exchange Commission. It summarizes EchoStar's business operations, including its DISH Network direct broadcast satellite television service, technologies division, and satellite services business unit. It provides an overview of the components and technology behind EchoStar's DISH Network service, including its programming offerings, equipment requirements, and conditional access system for encryption/security. Financial data and other required disclosures are also included as required by the SEC.
This document is Reliance Steel & Aluminum Co.'s annual report (Form 10-K) filed with the SEC for the fiscal year ending December 31, 2007. It provides an overview of the company's business including: the metals service center industry, Reliance's history and operations, customers and suppliers, products and processing services, competition, and financial results for 2007. Key details include that Reliance is one of the largest metals service center companies in North America, operating over 180 locations across several countries, with net sales of $7.26 billion and net income of $408 million in 2007.
This document provides an overview and highlights of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the last 12 months including the Telewest merger and Virgin Mobile acquisition. The fourth quarter saw revenue growth across all segments, strong net additions, and continued ARPU and customer care improvements. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
This document provides an overview of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the past year including the Telewest merger and Virgin Mobile acquisition. The highlights of Q4 2006 include revenue growth across all segments, strong broadband and TV subscriber additions, and increased triple play penetration. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
Virgin Media reported its financial results for the first quarter of 2007. Key highlights include:
1) Strong growth in broadband, TV and mobile contract customers due to compelling offers and marketing campaigns promoting bundled services. However, fixed line customers continued to decline due to increased competition.
2) ARPU was slightly down due to lower fixed line usage, but triple play penetration and Old NTL ARPU increased, pointing to continued ARPU growth.
3) Customer churn improved to 1.6% due to more rigorous credit policies and efficient sales channels, while Sky basics had a minimal impact in Q1.
4) Mobile contract growth remained strong through cable cross-sell, while pre-pay declined season
This document summarizes Virgin Media's performance in the first quarter of 2007. It discusses Virgin Media's progress on key priorities such as brand strength, targeting competitors, cable integration, and cross-sell opportunities. Financial metrics like revenue, customer additions and disconnects, and ARPU are also reviewed. Challenges from increased competition and the impact of Sky's new "Basics" package are addressed.
This document provides a summary of Virgin Media's financial performance in the second quarter of 2007. It discusses declines in revenue due to customer churn related to the loss of Sky basics channels, but notes improving trends in areas like TV and broadband. Key points highlighted include strong growth in video on demand usage, successful bundling of products, expansion of high speed broadband services, and continued strength in the mobile business. The summary also previews upcoming content initiatives and their potential to further drive customer growth and engagement.
This document summarizes Virgin Media's financial performance in the second quarter of 2007. Key points include: losses of Sky basic channels impacted customer churn but TV performance was better than expected; strong mobile contract sales and bundling of products continued; and while ARPU was affected by retention activities, cash flow outlook remains strong. The document provides details on customer additions and disconnects, growth of triple play bundling, and increases in video on demand usage.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It notes significant improvements in customer and revenue growth metrics compared to previous quarters. Revenue was up slightly from the second quarter due to growth in the consumer, business services, content, and mobile segments. Operating cash flow also increased due to lower costs and certain one-time benefits. However, proactive investment in customer growth was also noted as impacting operating cash flow. Net debt remained substantial as of the end of the third quarter.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It discusses improvements in customer and revenue growth metrics compared to previous quarters. Specifically, it notes record quarterly gross additions and reduced churn. It also summarizes growth in the company's broadband, TV, telephony, mobile, and business services segments. The document concludes with discussions of operating cash flow, revenue, and net debt levels.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives. He highlighted opportunities in premium TV, basic pay-TV, free DTV and contract mobile. Berkett also outlined Virgin Media's network advantages in speed and reach, and strategies to increase customer value through volume, ARPU and tenure. Mobile was discussed as an important driver of consumer value through cross-selling. Valuable tax assets were also noted.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives, and building the platform for growth. He highlighted opportunities in premium TV, basic pay-TV, free DTV, broadband, and mobile services. Berkett also covered Virgin Media's network advantages, content assets, tax assets, and the significant potential asset value of the company's network, consumer base, mobile business, and content.
This document provides a summary of Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF increased slightly compared to last quarter. Capex remained high at 13.7% of revenue to support network upgrades including faster broadband speeds. Revenue declined slightly due to seasonal factors in certain business units.
This document summarizes Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF was £324 million for Q1 2008, up slightly from the previous quarter. Cash capex was £125 million for network upgrades and expansion.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the same period last year.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the prior year through lower churn, higher triple-play penetration and a focus on quality customer growth. The company believes its cable network gives it advantages over DSL providers that will increase further after investments are completed.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenues increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network upgrades and expand service offerings.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenue increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network investments.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. Key points include plans to: 1) lead in next generation broadband through upgrades to 10Mbps and beyond; 2) lead the on-demand TV revolution through growing video on demand usage and iPlayer views; and 3) leverage mobile as a third screen through bundling mobile services. Virgin Media also aims to build a more efficient customer focused organization through an operational transformation program targeting over £120m in annual cost savings by 2012.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. It aims to lead in next generation broadband, lead the on-demand TV revolution, and leverage mobile as a third screen. Virgin Media has the best broadband economics due to its high market share and lower costs. It is focusing on upgrading customers to higher broadband tiers, growing on-demand TV and video usage, and integrating mobile offerings. The company expects operational transformation to deliver over £120 million in annual cost savings by 2012.
The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
3) Introductions of the senior management team who will be presenting.
The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
3) Biographies and photos of Virgin Media's management team, including the CEO and heads of key business units.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
How to Identify the Best Crypto to Buy Now in 2024.pdfKezex (KZX)
To identify the best crypto to buy in 2024, analyze market trends, assess the project's fundamentals, review the development team and community, monitor adoption rates, and evaluate risk tolerance. Stay updated with news, regulatory changes, and expert opinions to make informed decisions.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
|X| Annual Report Pursuant to Section 13 or 15(d) or | | Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934 of the Securities Exchange Act of 1934
For the fiscal year ended December 31, 2007
Commission File Number: 001-31369
CIT GROUP INC.
(Exact name of registrant as specified in its charter)
Delaware 65-1051192
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
505 Fifth Avenue, New York, New York 10017
(Address of Registrant’s principal executive offices) (Zip Code)
(212) 771-0505
Registrant’s telephone number including area code:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
Preferred Stock, Series A par value $0.01 per share New York Stock Exchange
Common Stock, par value $0.01 per share New York Stock Exchange
Equity Units, stated amount $25.00 per unit New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known common stock outstanding), which occurred on June 29,
seasoned issuer, as defined in Rule 405 of the Securities 2007, was $10,419,981,092. For purposes of this computa-
Act. Yes |X| No | |. tion, all officers and directors of the registrant are deemed
to be affiliates. Such determination shall not be deemed an
Indicate by check mark if the registrant is not required to
admission that such officers and directors are, in fact, affil-
file reports pursuant to Section 13 or Section 15(d) of the
iates of the registrant. At February 15, 2008, 191,231,307
Act. Yes | | No |X|.
shares of CIT’s common stock, par value $0.01 per share,
Indicate by check mark whether the registrant (1) has filed were outstanding.
all reports required to be filed by Section 13 or 15(d) of the
Indicate by check mark whether the registrant is a shell
Securities Exchange Act of 1934 during the preceding 12
company (as defined in Rule 12b-2 of the Act). Yes | | No |X|.
months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to
DOCUMENTS INCORPORATED BY REFERENCE
such filing requirements for the past 90 days. Yes |X| No | |.
List here under the following documents if incorporated by
Indicate by check mark whether the registrant is a large reference and the Part of the Form 10-K (e.g., Part I, Part II,
accelerated filer, an accelerated filer, or a non-accelerated etc.) into which the document is incorporated: (1) Any
filer. Large accelerated filer |X| Accelerated filer | | Non- annual report to security holders; (2) Any proxy or informa-
accelerated filer | | Smaller reporting company | | tion statement; and (3) Any prospectus filed pursuant to
Rule 424 (b) or (c) under the Securities Act of 1933. The
Indicate by check mark if disclosure of delinquent filers
listed documents should be clearly described for identifi-
pursuant to Item 405 of Regulation S-K (229.405 of this
cation purposes (e.g., annual report to security holders for
Chapter) is not contained herein, and will not be contained,
fiscal year ended December 24, 1980).
to the best of registrant’s knowledge, in definitive proxy or
information statements incorporated by reference in Part III Portions of the registrant’s definitive proxy statement relat-
of this Form 10-K or any amendment to this Form 10-K. | | ing to the 2008 Annual Meeting of Stockholders are
incorporated by reference into Part III hereof to the extent
The aggregate market value of voting common stock held
described herein.
by non-affiliates of the registrant, based on the New York
Stock Exchange Composite Transaction closing price of See pages 120 to 122 for the exhibit index.
Common Stock ($54.83 per share, 190,041,603 shares of
3. PART ONE
ITEM 1. Business
OVERVIEW
BUSINESS DESCRIPTION We previously offered mortgage loans to consumers.
However, we closed the home lending origination platform
Founded a hundred years ago on February 11, 1908, CIT
in August 2007 due to the disruptions in that market. See
Group Inc., a Delaware corporation (“we,” “CIT” or the
“Home Lending” segment in this section and “Profitability
“Company”), is a leading commercial finance company pro-
and Key Business Trends” section of Item 7. Management’s
viding financing and leasing products and services to clients
Discussion and Analysis of Financial Condition and Results of
in a wide variety of industries around the globe.
Operations for further discussion on home lending.
Diversification is a hallmark of CIT, with a broad range of
Asset generation is a core strength of CIT. We source transac-
financial services businesses serving customers in over 30
tions through direct marketing efforts to borrowers, lessees,
industries and 50 countries. The majority of our business
manufacturers, vendors, distributors and to end-users
focuses on commercial clients with a particular focus on mid-
through referral sources and other intermediaries. In addition,
dle-market companies. We serve a wide variety of industries.
our business units work together both in referring transac-
Our largest industries include transportation, particularly
tions between units (i.e. cross-selling) and by combining
aerospace and rail, and a broad range of manufacturing and
various products and services to meet our customers’ overall
retailing. We also serve the wholesaling, healthcare, commu-
financing needs. We also buy and sell participations in syndi-
nications, media and entertainment and various
cations of finance receivables and lines of credit and
service-related industries. Our SBA preferred lender opera-
periodically purchase and sell finance receivables on a whole-
tions has been recognized as the nation’s #1 SBA Lender
loan basis.
(based on 7(a) program volume) in each of the last eight
years. We also provide financing to the student loan market. Credit adjudication and servicing are also core strengths.
We maintain disciplined underwriting standards and
Each business has industry alignment and focuses on specific
employ sophisticated portfolio risk management models to
sectors, products and markets, with portfolios diversified by
achieve desired portfolio demographics. Our collection and
client and geography. Our principal product and service offer-
servicing operations are centralized across businesses and
ings include:
PAGE 2
geographies providing efficient client interfaces and uni-
Products form customer experiences.
Asset-based loans
_
We generate revenue by earning interest income on the loans
Secured lines of credit
_
we hold on our balance sheet, collecting rentals on the equip-
Leases – operating, capital and leveraged
_
ment we lease, and earning fee and other income for the
Vendor finance programs
_
financial services we provide. In addition, we syndicate and
Import and export financing
_
CIT – ANNUAL REPORT 2007
sell certain finance receivables and equipment to leverage
Debtor-in-possession / turnaround financing
_
our origination capabilities, reduce concentrations, manage
Acquisition and expansion financing
_
our balance sheet and improve profitability.
Project financing
_
Small business loans
_ We fund our business in the global capital markets, principally
Student loans
_ through asset-backed and other secured financing arrange-
Letters of credit / trade acceptances
_ ments, commercial paper, unsecured term debt, and
broker-originated deposits. We rely on these diverse funding
Services
sources to maintain liquidity and strive to mitigate interest rate,
Financial risk management
_
foreign currency, and other market risks through disciplined
Asset management and servicing
_
matched-funding strategies. Our debt ratings are summarized
Merger and acquisition advisory services
_
on page 46 in the “Risk Management” section of Item 7.
Debt restructuring
_
Management’s Discussion and Analysis of Financial Condition and
Credit protection
_
Results of Operations.
Accounts receivable collection
_
At December 31, 2007, we had managed assets of $83.2 billion
Commercial real estate advisory services
_
comprised of an owned loan and lease portfolio of $76.9 billion
Debt underwriting and syndication
_
and a securitized portfolio of $6.3 billion. We also serviced third
Insurance
_
party assets under fee-based contracts at year-end. Common
Capital markets structuring
_
stockholders’ equity at December 31, 2007 was $6.5 billion.
4. BUSINESS SEGMENTS
CIT meets customers’ financing needs through six business segments.
SEGMENT MARKET AND SERVICES
Lending, leasing and other financial services to middle-market companies,
Corporate Finance Group
through industry focused sales teams, including Healthcare, Communications,
Media and Entertainment, and Energy, as well as to small businesses, through
broker and intermediary relationships.
Large ticket equipment leases and other secured financing to companies in
Transportation Finance
aerospace, rail and defense industries.
Factoring, lending, credit protection, receivables management and other trade
Trade Finance
products to retail supply chain companies.
Innovative financing and leasing solutions to manufacturers, distributors and
Vendor Finance
customer end-users around the globe.
Student loans through Student Loan Xpress; other consumer loans through CIT
Consumer
Bank.
PAGE 3
Servicing and collecting our liquidating home lending assets. We ceased origi-
Home Lending
nating new loans in the second half of 2007.
Our managed assets are presented in the following graphs.
Managed Assets by Segment Managed Assets by Country
At December 31, 2007 (dollars in billions) At December 31, 2007 (dollars in billions)
Australia 1% Canada 7%
China 1%
Corporate Finance $24.1
England 5%
Vendor Finance $16.1
Germany 2%
Mexico 1%
Other 8%
Transportation
Finance $13.6
Consumer $12.3 U.S. 75%
Home Lending $9.8 Trade Finance $7.3
Item 1: Business
5. CORPORATE FINANCE and leaseback arrangements, as well as loans secured by
equipment. Our equipment financing clients represent major
Our Corporate Finance segment provides a full spectrum of
and regional airlines worldwide, North American railroad
financing alternatives to borrowers ranging from small compa-
companies, and middle-market to larger-sized aerospace and
nies to large multinationals with emphasis on middle market
defense companies.
companies. We service clients in a broad array of industries
with specialized groups serving commercial and industrial; This segment has been servicing the aerospace and rail
capital markets; communications, media and entertainment; industries for many years and has built a global presence with
energy; and healthcare sectors in the U.S. and abroad. We also operations in the United States, Canada, Europe and Asia. We
provide collateralized and government-secured loans to small have extensive experience in managing equipment over its full
businesses (such as SBA loans), leveraging broker and inter- life cycle, including purchasing new equipment, equipment
mediary relationships. maintenance, estimating residual values and re-marketing by
re-leasing or selling equipment.
We offer loan structures ranging from working capital loans
secured by accounts receivable and inventories, term loans The aerospace group offers commercial aircraft financing,
secured by fixed assets to leveraged loans based on operating business aircraft and aerospace and defense financing. It
cash flow and enterprise valuation. Loans may be fixed or provides aircraft leasing and sales, asset management,
variable rate, senior or subordinated, and revolving or term. finance, banking, technical and engineering, aircraft valuation
Our clients typically use the proceeds for working capital, and advisory services. The team has built strong relationships
asset growth, acquisitions, debtor-in-possession financing, across the entire aerospace industry, including the major
and debt restructurings. Additionally, we provide equipment manufacturers, parts suppliers and carriers. These relation-
lending and leasing products, including loans, leases, whole- ships provide us with access to technical information, which
sale and retail financing packages, operating leases, and enhances our customer service and provides opportunities to
sale-leaseback arrangements to meet our customer’s needs. finance new business. Our clients include major and regional
airlines around the world.
We also offer clients an array of financial and advisory services.
The unit offers capital markets structuring and syndication Our commercial aerospace business has offices in North
capabilities, as well as advisory services, a capability that we America, Europe and Asia and a global reach of customers in
PAGE 4
enhanced in 2007 with a strategic acquisition. We also offer 45 countries. Our international aerospace servicing center in
financial risk management services to selected customers, Dublin, Ireland, puts us closer to our growing international
whereby we will enter into offsetting derivative transactions client base and provides us with favorable tax treatment for
with a customer and a third party financial institution. As the certain aircraft leasing operations. Our commercial fleet
offsetting derivatives have like notional amounts and terms, we consists of 287 aircraft with a weighted average age of
retain only the counter–party risk. approximately 5 years placed with 105 clients around the
world. As of December 31, 2007, our commercial aerospace
CIT – ANNUAL REPORT 2007
Industry focused teams originate business through various
financing and leasing portfolio was $8.2 billion.
intermediaries, referral sources, strategic partnerships and
direct calling. We maintain relationships with selected banks, The business aircraft team offers financing and leasing pro-
finance companies, hedge funds and other lenders both to grams for owners of business jet aircraft and turbine
obtain business leads and distribute our products. We also helicopters primarily in the United States. The aerospace and
purchase and sell participation interests in syndicated loans defense business provides comprehensive financing solutions
from and to other financial institutions. to the aerospace and defense corporate finance market, as
well as the aerospace financial intermediary market.
Our small business lending unit originates and services Small
Business Administration and conventional loans for commercial Our dedicated rail equipment group maintains relationships with
real estate financing, construction, business acquisition and numerous leading railcar manufacturers and calls directly on
business succession financing. We are a SBA preferred lender railroads and rail shippers throughout North America. Our rail
and have been recognized as the nation’s #1 SBA Lender (based portfolio, which totaled $4.4 billion at December 31, 2007,
on 7(a) program volume) in each of the last eight years. includes leases to all of the U.S. and Canadian Class I railroads
(railroads with annual revenues of at least $250 million) and
We earn interest revenue on receivables we keep on-balance
other non-rail companies, such as shippers and power and
sheet and recognize gains on receivables sold. We also earn
energy companies. The operating lease fleet primarily includes:
fees for servicing third party assets, which approximated
covered hopper cars used to ship grain and agricultural prod-
$2.1 billion at year end. Small business lending activities are
ucts, plastic pellets and cement; gondola cars for coal, steel coil
principally focused on the U.S. market.
and mill service; open hopper cars for coal and aggregates; cen-
ter beam flat cars for lumber; boxcars for paper and auto parts;
TRANSPORTATION FINANCE
and tank cars. Our railcar operating lease fleet has an average
Our Transportation Finance segment specializes in providing
age of approximately 6 years and approximately 86% (based on
customized leasing and secured financing primarily to end-
net investment) were manufactured in 1998 or later. Our total rail
users of aircraft, locomotives and railcars. Our transportation
fleet includes approximately 114,000 railcars and over 500 loco-
equipment financing products include operating leases, single
motives that we own, lease or service.
investor leases, equity portions of leveraged leases and sale
6. See “Concentrations” section of Item 7. Management’s Our vendor alliances feature traditional vendor finance pro-
Discussion and Analysis of Financial Condition and Results of grams, joint ventures, profit sharing and other transaction
Operations and Note 17 – Commitments and Contingencies of structures with large, sales-oriented partners. In the case of
Item 8. Financial Statements and Supplementary Data for fur- joint ventures, we engage in financing activities jointly with the
ther discussion of our aerospace portfolio. vendor through a distinct legal entity that is jointly owned. We
also use “virtual joint ventures,” by which we originate the
TRADE FINANCE assets on our balance sheet and share with the vendor the
economic outcomes from the customer financing activity. A
Our Trade Finance segment provides factoring, receivable
key part of these partnership programs is coordinating with
and collection management products, and secured financing
the vendor’s product offering systems to improve execution
to businesses that operate in several industries including
and reduce cycle times.
apparel, textile, furniture, home furnishings and electronics.
Although primarily U.S.-based, we have increased our inter- These alliances allow our vendor partners to focus on their
national business in Asia and Europe. CIT has many core competencies, reduce capital needs and drive incre-
relationships with factors located throughout Asia, and from mental sales volume. As a part of these programs, we offer
our full-service factoring company based in Frankfurt, our partners (1) financing to commercial and consumer end
Germany, we provide factoring and financing services to users for the purchase or lease of products, (2) enhanced
companies in Europe. sales tools such as asset management services, efficient
loan processing and real-time credit adjudication, and (3) a
We offer a full range of domestic and international customized
single point of contact in our regional servicing hubs to
credit protection, lending and outsourcing services that include
facilitate global sales. In turn, these alliances provide us
working capital and term loans, factoring, receivable manage-
with a highly efficient origination platform as we leverage
ment outsourcing, bulk purchases of accounts receivable,
our partners’ sales forces.
import and export financing and letter of credit programs.
Vendor Finance includes a small and mid-ticket commercial
We provide financing to our clients, primarily manufacturing,
business, which focuses on leasing office equipment, comput-
through the purchase of accounts receivable owed to our
ers and other technology products primarily in the United
clients by their customers, typically retailers. We also guar-
PAGE 5
States and Canada. We originate products through relation-
antee amounts due to our client’s suppliers under letters of
ships with manufacturers, dealers, distributors and other
credit collateralized by accounts receivable and other assets.
intermediaries as well as through direct calling.
The purchase of accounts receivable is traditionally known as
“factoring” and results in the payment by the client of a fac- Vendor Finance also houses CIT Insurance Services, through
toring fee that is commensurate with the underlying degree which we offer insurance and financial protection products in
of credit risk and recourse, and which is generally a percent- key markets around the world. We leverage our existing dis-
age of the factored receivables or sales volume. We also may tribution capabilities and alliances with insurance and
advance funds to our clients, typically in an amount up to financial services providers, enabling us to offer protection
80% of eligible accounts receivable, charging interest on the products for small business and middle market clients and
advance (in addition to any factoring fees), and satisfying the consumers. Our offerings to middle market and small busi-
advance by the collection of the factored accounts receivable. ness customers range from commercial property & casualty
We integrate our clients’ operating systems with ours to insurance, employee benefits, key person life insurance, and
facilitate the factoring relationship. high net worth personal line coverage. For our consumer
clients, we offer property coverage, debt protection, credit
Clients use our products and services for various purposes,
insurance, as well as supplemental insurance programs.
including improving cash flow, mitigating or reducing credit
risk, increasing sales, and improving management informa-
CONSUMER
tion. Further, with our TotalSourceSM product, our clients can
out-source their bookkeeping, collection, and other receiv- Our Consumer segment includes student lending and CIT
able processing to us. These services are attractive to Bank, a Utah-based industrial bank with deposit-taking
industries outside the traditional factoring markets. capabilities. Our consumer activities are principally focused
on the U.S. market.
VENDOR FINANCE
Our student lending unit, which markets under the name
We are a leading global vendor finance company with numer- Student Loan Xpress, offers student loan products, services,
ous vendor relationships and operations serving customers in and solutions to students, parents, schools, and alumni
over 30 countries. We have significant vendor programs in associations. We offer government-guaranteed student
information technology, telecommunications equipment, loans made under the Federal Family Education Loan
healthcare and other diversified asset types across multiple Program (FFELP), including consolidation loans, Stafford
industries. Through our global relationships with industry- loans, Parent Loans for Undergraduate Students (PLUS) and
leading equipment vendors, including manufacturers, dealers, Grad PLUS. We discontinued offering private loans during
and distributors, we deliver customized financing solutions to 2007. We originate and acquire loans through direct con-
both commercial and consumer customers of our vendor sumer marketing, school channel referrals and periodically
partners in a wide array of programs. purchase portfolios of loans. The majority of our student
Item 1: Business
7. loan portfolio is consolidation loans, but our portfolio of and have commenced originating corporate loans. The Bank is
Stafford and PLUS loans has continued to grow. Most of our chartered by the state of Utah as an industrial bank and is sub-
student loan portfolio is serviced in-house from our ject to regulation and examination by the Federal Deposit
Cleveland facility. Insurance Corporation and the Utah Department of Financial
Institutions.
During 2007, the federal government passed legislation with
respect to the student lending business. Among other See “Concentrations” section of Item 7. Management’s
things, the legislation reduces special allowance payments Discussion and Analysis of Financial Condition and Results of
paid to lenders by the federal government, increases loan Operations and “Note 23 – Goodwill and Intangible Assets” of
origination fees paid to the government by lenders, and Item 8. Financial Statements and Supplementary Data for fur-
reduces the lender guarantee percentage. The legislation ther discussion of our student lending portfolios.
went into effect for all new FFELP student loans with first
disbursements on or after October 1, 2007. The guarantee HOME LENDING
percentage, reduced from 97% to 95%, is in effect for loans The Home Lending segment consists primarily of a liquidating
originated after October 1, 2012. While the demographics of portfolio of home mortgage receivables and manufactured
this market remain strong, the returns related to future housing receivables. In July of 2007, we announced our intent
originations will be impacted by the recent legislation. to exit this business and closed the home lending origination
platform in August 2007.
As a result of decreased market valuations for student lending
businesses and lower profit expectations resulting from The remaining portfolio is serviced out of our centralized
higher funding costs, we recorded goodwill and intangible servicing center in Oklahoma City, Oklahoma.
asset impairment charges during the last quarter of 2007.
See “Profitability and Key Business Trends” section of Item 7.
CIT Bank, with assets of $3.3 billion and deposits of $2.7 billion, Management’s Discussion and Analysis of Financial Condition
is located in Salt Lake City, Utah. Since its inception, the bank and Results of Operations for further discussion of our home
had been primarily funding consumer type loans. During late lending portfolios.
2007, we refined the Bank’s focus to fund commercial assets
PAGE 6
2007 SEGMENT PERFORMANCE
Earnings and Return Summary (dollars in millions)
Net Return on
Income/(Loss) Equity
________________________ __________________
CIT – ANNUAL REPORT 2007
Corporate Finance $ 453.0 18.3%
Transportation Finance 271.1 16.3%
Trade Finance 164.0 17.8%
Vendor Finance 410.1 23.6%
__________________
Commercial Segments 1,298.2 19.1%
________________________
Consumer (274.9) (52.3%)
Home Lending (989.2) (171.8%)
Corporate and Other (145.1) (2.1%)
________________________
Total $(111.0) (1.6%)
________________________
________________________
See the “Results by Business Segments” and Item 7A. Quantitative and Qualitative Disclosures about Market
“Concentrations” sections of Item 7. Management’s Discussion Risk, and Notes 5 and 21 of Item 8. Financial Statements and
and Analysis of Financial Condition and Results of Operations and Supplementary Data, for additional information.
EMPLOYEES
CIT employed approximately 6,700 people at December 31, United States and approximately 1,845 were outside the
2007, of which approximately 4,855 were employed in the United States.
8. COMPETITION
Our markets are highly competitive, based on factors that vary We compete primarily on the basis of financing terms,
depending upon product, customer, and geographic region. structure, client service, and price. From time to time, our
Our competitors include captive and independent finance competitors seek to compete aggressively on the basis of
companies, commercial banks and thrift institutions, indus- these factors and we may lose market share to the extent
trial banks, leasing companies, insurance companies, hedge we are unwilling to match competitor product structure,
funds, manufacturers, and vendors. Many bank holding, leas- pricing or terms that do not meet our credit standards or
ing, finance, and insurance companies that compete with us return requirements.
have formed substantial financial services operations with
Other primary competitive factors include industry experience,
global reach. On a local level, community banks and smaller
equipment knowledge, and relationships. In addition, demand
independent finance and mortgage companies are competitive
for an industry’s services and products and industry regula-
with substantial local market positions. Many of our competi-
tions will affect demand for our products in some industries.
tors are large companies that have substantial capital,
technological, and marketing resources. Some of these com-
petitors are larger than we are and may have access to capital
at a lower cost than we do. The markets for most of our prod-
ucts have a large number of competitors.
REGULATION
In some instances, our operations are subject to supervision Department of Education, including Fifth Third Bank, CIT Bank
and regulation by federal, state, and various foreign govern- and Liberty Bank, as eligible lender trustees. CIT Small
mental authorities. Additionally, our operations may be Business Lending Corporation, a Delaware corporation, is
subject to various laws and judicial and administrative deci- licensed by and subject to regulation and examination by the
PAGE 7
sions imposing various requirements and restrictions. This U.S. Small Business Administration. CIT Capital Securities
oversight may serve to: L.L.C., a Delaware limited liability company, is a broker-dealer
licensed by the National Association of Securities Dealers, and is
regulate credit granting activities, including establishing
_
subject to regulation by the Financial Industry Regulatory
licensing requirements, if any, in various jurisdictions,
Authority and the Securities and Exchange Commission. CIT
establish maximum interest rates, finance charges and
_
Bank Limited, an English corporation, is licensed as a bank and
other charges,
broker-dealer and is subject to regulation and examination by
regulate customers’ insurance coverages,
_
the Financial Service Authority of the United Kingdom.
require disclosures to customers,
_
govern secured transactions, Our insurance operations are conducted through The
_
set collection, foreclosure, repossession and claims han- Equipment Insurance Company, a Vermont corporation,
_
dling procedures and other trade practices, Highlands Insurance Company Limited, a Barbados company,
prohibit discrimination in the extension of credit and and Equipment Protection Services (Europe) Limited, an Irish
_
administration of loans, and Company. Each company is licensed to enter into insurance
regulate the use and reporting of information related to a contracts. The local regulators in Vermont, Barbados, and
_
borrower’s credit experience and other data collection. Ireland regulate them. In addition, we have various banking
corporations in Brazil, France, Germany, Italy, Belgium,
Certain of our subsidiaries are subject to regulation from various
Sweden, and the Netherlands and a broker-dealer entity in
agencies. CIT Bank, a Utah industrial bank wholly owned by CIT,
Canada, each of which is subject to regulation and examina-
is subject to regulation and examination by the Federal Deposit
tion by banking regulators and securities regulators in their
Insurance Corporation and the Utah Department of Financial
home country.
Institutions. Student Loan Xpress, Inc., a Delaware corporation,
conducts its business through various banks authorized by the
Item 1: Business
9. GLOSSARY OF TERMS
Average Earning Assets (AEA) is the average of finance receiv- Lower of Cost or Market (LOCOM) relates to the carrying value
ables, operating lease equipment, financing and leasing of an asset. The cost refers to the current book balance, and
assets held for sale, and some investments, less the credit if that balance is higher than the market value, then an
balances of factoring clients. We use this average for certain impairment charge is reflected in the current period state-
key profitability ratios, including return on AEA and net finance ment of income.
revenue as a percentage of AEA.
Managed Assets are comprised of finance receivables, operating
Average Finance Receivables (AFR) is the average of finance lease equipment, financing and leasing assets held for sale,
receivables and includes loans and finance leases. It excludes some investments, and receivables securitized and still man-
operating lease equipment. We use this average to measure aged by us. The change in managed assets during a reporting
the rate of net charge-offs on an owned basis for the period. period is one of our measurements of asset growth.
Capital is the sum of common equity, preferred stock, junior Net Finance Revenue reflects finance revenue after interest
subordinated notes, convertible debt (equity units) and pre- expense and depreciation on operating lease equipment,
ferred capital securities. which is a direct cost of equipment ownership. This subtotal is
a key measure in the evaluation of our business.
Derivative Contract is a contract whose value is derived from a
specified asset or an index, such as interest rates or foreign Net Finance Revenue after Credit Provision reflects net finance
currency exchange rates. As the value of that asset or index revenue after credit costs. This subtotal is also called “risk
changes, so does the value of the derivative contract. We use adjusted revenue” by management as it reflects the periodic
derivatives to reduce interest rate, foreign currency or credit cost of credit risk.
risks. We also offer derivatives to our own customers to
Net (loss) income (attributable) available to Common
enable those customers to reduce their own interest rate, for-
Shareholders (“net (loss) income”) reflects net (loss) income
eign currency or credit risks. The derivative contracts we use
after preferred dividends and is utilized to calculate return on
include interest-rate swaps, cross-currency swaps, foreign
common equity and other performance measurements.
exchange forward contracts, and credit default swaps.
PAGE 8
Non-GAAP Financial Measures are balances, amounts or
Efficiency Ratio is the percentage of salaries and general oper-
ratios that do not readily agree to balances disclosed in finan-
ating expenses to Total Net Revenue. We use the efficiency
cial statements presented in accordance with accounting
ratio to measure the level of expenses in relation to revenue
principles generally accepted in the U.S. We use non-GAAP
earned.
measures to provide additional information and insight into
Finance Revenue includes interest income on finance receiv-
how current operating results and financial position of the
ables and rental income on operating leases.
CIT – ANNUAL REPORT 2007
business compare to historical operating results and finan-
Financing and Leasing Assets include loans, capital and finance cial position of the business and trends, as well as adjusting
leases, leveraged leases, operating leases, assets held for for certain nonrecurring or unusual transactions.
sale, and other investments.
Non-performing Assets include loans placed on non-accrual
Held for Investment describes loans that CIT has the ability status, typically after becoming 90 days delinquent or prior
and intent to hold in portfolio for the foreseeable future or to that time due to doubt of collectibility of principal and
until maturity. These are carried at amortized cost, unless it interest, and repossessed assets.
is determined that other than temporary impairment has
Other Income includes syndication fees, gains from dispositions
occurred, then a charge is recorded in the current period
of receivables and equipment, factoring commissions, loan
statement of income.
servicing and other fees.
Held for Sale describes loans that we intend to sell in the near-
Retained Interest is the portion of the interest in assets we
term. These are carried at the lower of cost or market, with a
retain when we sell assets in a securitization transaction.
charge reflected in the current period statement of income if
the cost (or current book value) exceeds the market value. Residual Values represent the estimated value of equipment at
the end of the lease term. For operating leases, it is the value
Lease – capital and finance is an agreement in which the party
to which the asset is depreciated at the end of its useful eco-
who owns the property (lessor) permits another party (lessee)
nomic life (i.e., “salvage” or “scrap value”).
to use the property with substantially all of the economic ben-
efits and risks of ownership passed to the lessee. Return on Common Equity (ROE) is net income available to
common stockholders, expressed as a percentage of average
Lease – leveraged is a lease in which a third party, a long-term
common equity, and is a key measurement of profitability.
creditor, provides non-recourse debt financing. We are party
to these lease types either as a creditor or as the lessor.
Special Purpose Entity (SPE) is a distinct legal entity created for
Lease – operating is a lease in which we retain beneficial a specific purpose in order to isolate the risks and rewards of
ownership of the asset, collect rental payments, recognize owning its assets and incurring its liabilities. We typically use
depreciation on the asset, and retain the risks of ownership, SPEs in securitization transactions, joint venture relation-
including obsolescence. ships, and certain structured leasing transactions.
10. Syndication and Sale of Receivables result from originating valuation allowances from total net revenue and other income
leases and receivables with the intent to sell a portion, or the and is a measurement of our revenue growth.
entire balance, of these assets to other financial institutions.
Unpaid Principal Balance (UPB) refers to the remaining unpaid
We earn and recognize fees and/or gains on sales, which are
principal balance of a loan and is used in the discussion sur-
reflected in other income, for acting as arranger or agent in
rounding home lending assets and reflects the carrying value,
these transactions.
before applying the recorded discount or valuation allowance.
Tangible Capital and Metrics exclude goodwill, other intangible
Yield-related Fees are collected in connection with our
assets and some comprehensive income items. We use tangi-
assumption of underwriting risk in certain transactions in
ble metrics in measuring capitalization.
addition to interest income. We recognize yield-related fees,
Total Net Revenue is the total of net finance revenue plus other which include prepayment fees and certain origination fees, in
income. This amount excludes provision for credit losses and Finance Revenue over the life of the lending transaction.
ITEM 1A. Risk Factors
You should carefully consider the following discussion of risks, terms of any such equity transactions may subject existing
and the other information provided in this Annual Report on security holders to potential subordination or dilution and may
Form 10-K. Our business activities involve various elements of involve change in governance.
risk. The risks described below are not the only ones facing
WE MAY BE ADVERSELY AFFECTED BY DETERIORATION IN
us. Additional risks that are presently unknown to us or that
ECONOMIC CONDITIONS THAT IS GENERAL OR SPECIFIC
we currently deem immaterial may also impact our business.
PAGE 9
TO INDUSTRIES, PRODUCTS OR GEOGRAPHIES.
We consider the following issues to be the most critical risks
A recession or downturn in the U.S. or global economies or
to the success of our business:
affecting specific industries, geographic locations and/or
OUR LIQUIDITY OR ABILITY TO RAISE DEBT OR EQUITY products could make it difficult for us to originate new busi-
CAPITAL MAY BE LIMITED. ness, given the resultant reduced demand for consumer or
commercial credit. In addition, a downturn in certain indus-
We rely upon access to the capital markets to provide sources of
tries may result in a reduced demand for the products that we
liquidity and to fund asset growth. These markets have exhib-
finance in that industry or negatively impact collection and
ited heightened volatility and reduced liquidity. Recently, liquidity
asset recovery efforts.
in the capital markets has been more constrained and interest
rates available to us have increased significantly relative to Credit quality also may be impacted during an economic slow-
benchmark rates, such as U.S. treasury securities and LIBOR. down or recession as borrowers may fail to meet their debt
As a result, our cost of funds has increased and we have shifted payment obligations. Adverse economic conditions may also
our funding sources primarily to asset-backed securities and result in declines in collateral values. Accordingly, higher
other secured credit facilities, including both on-balance sheet credit and collateral related losses could impact our financial
and off-balance sheet securitizations, rather than unsecured position or operating results.
debt securities. Adverse changes in the economy, long-term
For example, decreased demand for the products of various
disruption in the capital markets, deterioration in our business
manufacturing customers due to a general economic slow-
performance or downgrades in our credit ratings could limit our
down may adversely affect their ability to repay their loans and
access to these markets or increase our cost of capital. Any one
leases with us. Similarly, a decrease in the level of airline pas-
of these developments would adversely affect our business
senger traffic due to general economic slowdown or a decline
operating results and financial condition. A downgrade in our
in shipping volumes due to a slowdown in particular industries
short-term credit ratings could result in our having to issue
may adversely affect our aerospace or rail businesses.
commercial paper to a different group of investors, as a portion,
or potentially all, of our current investor base could require WE MAY BE ADVERSELY AFFECTED BY CONTINUED
maintenance of our short-term credit ratings. DETERIORATION IN MARKET CONDITIONS AND CREDIT
QUALITY IN THE HOME LENDING AND RELATED
We may also raise additional equity capital through the sale of
INDUSTRIES.
common stock, preferred stock, or securities that are convert-
ible into common stock. There are no restrictions on entering The U.S. residential market and home lending industry began
into the sale of any such equity securities in either public or showing signs of stress in early 2007, with credit conditions
private transactions, except that any private transaction deteriorating rapidly in the second quarter of 2007 and contin-
involving more than 20% of the shares outstanding will require uing into the third and fourth quarters of 2007, including
shareholder approval. Under current market conditions, the
Item 1A: Risk Factors
11. increased rates of defaults and foreclosures, stagnating or derivative counterparties, customers, manufacturers, or
declining home prices, and declining sales in both the new other parties with which we conduct business materially
construction and the resale markets. deteriorates, we may be exposed to credit risk related losses
that may negatively impact our financial condition, results of
These market conditions were reflected in the deterioration of
operations or cash flows.
credit metrics of our home lending portfolio and the
decreased market liquidity for such portfolios and resulted in
WE MAY BE ADVERSELY AFFECTED BY SIGNIFICANT
higher charge-offs and significant valuation allowances
CHANGES IN INTEREST RATES.
through year end 2007. These changes in the home lending
Although we generally employ a matched funding approach to
and home construction industries have also resulted in
managing our interest rate risk, including matching the
reduced demand for certain types of railcars that are used to
repricing characteristics of our assets with our liabilities, sig-
transport building materials, produced higher volatility and
nificant increases in market interest rates or widening of our
reduced demand from investors in the high yield loan markets,
generated concerns about credit quality in general, and ham- credit spreads, or the perception that an increase may occur,
pered activity in the syndication market, among other effects. could adversely affect both our ability to originate new finance
receivables and our profitability. Conversely, a decrease in
We will continue to be adversely affected by conditions in the
interest rates could result in accelerated prepayments of
U.S. residential home lending industry if they continue to dete-
owned and managed finance receivables.
riorate further. It is also likely that we will be adversely affected
if the conditions in the home lending industry negatively impact
WE MAY BE REQUIRED TO TAKE AN IMPAIRMENT
our other consumer businesses or other parts of our credit
CHARGE FOR GOODWILL OR INTANGIBLE ASSETS
portfolio or the U.S. or world economies. Finally, we may be
RELATED TO ACQUISITIONS.
adversely affected if the conditions in the home lending indus-
We have acquired certain portions of our business and certain
try result in new or increased regulation of financing and
portfolios through acquisitions and bulk purchases. Further,
leasing companies in general or with respect to specific prod-
as part of our long-term business strategy, we may continue to
ucts or markets.
pursue acquisitions of other companies or asset portfolios. In
connection with prior acquisitions and portfolio purchases, we
OUR RESERVES FOR CREDIT LOSSES MAY PROVE
PAGE 10
have accounted for the portion of the purchase price paid in
INADEQUATE OR WE MAY BE NEGATIVELY AFFECTED BY
excess of the book value of the assets acquired as goodwill or
CREDIT RISK EXPOSURES.
intangible assets, and we may be required to account for simi-
Our business depends on the creditworthiness of our cus-
lar premiums paid on future acquisitions in the same manner.
tomers. We maintain a consolidated reserve for credit losses
on finance receivables that reflects management’s judgment Under the applicable accounting rules, goodwill is not amor-
of losses inherent in the portfolio. We periodically review our tized and is carried on our books at its original value, subject
CIT – ANNUAL REPORT 2007
consolidated reserve for adequacy considering economic to periodic review and evaluation for impairment, while intan-
conditions and trends, collateral values and credit quality gible assets are amortized over the life of the asset. If, as a
indicators, including past charge-off experience and levels of result of our periodic review and evaluation of our goodwill
past due loans and non-performing assets. We cannot be and intangible assets for potential impairment, we determine
certain that our consolidated reserve for credit losses will be that changes in the business itself, the economic environ-
adequate over time to cover credit losses in our portfolio ment including business valuation levels and trends, or the
because of adverse changes in the economy or events legislative or regulatory environment have adversely affected
adversely affecting specific customers, industries or mar- the fair value of the business, we may be required to take an
kets. If the credit quality of our customer base materially impairment charge to the extent that the carrying values of
decreases, if the risk of a market, industry, or group of cus- our goodwill or intangible assets exceeds the fair value of the
tomers changes significantly, or if our reserves for credit business. As a result of our 2007 fourth quarter analysis of
losses are not adequate, our business, financial condition goodwill and intangible assets associated with our student
and results of operations could suffer. For example, credit lending business, we recorded impairment charges. Also, if
performance in the home lending industry, and particularly in we sell a business for less than the book value of the assets
the sub-prime market, has been declining over the past year. sold, plus any goodwill or intangible assets attributable to
This decline in the home lending industry has been reflected that business, we may be required to take an impairment
in our home lending portfolio during 2007, resulting in charge on all or part of the goodwill and intangible assets
increased charge-offs and significant valuation allowances. attributable to that business.
In addition to customer credit risk associated with loans and
BUSINESSES OR ASSET PORTFOLIOS ACQUIRED MAY
leases, we are also exposed to other forms of credit risk,
NOT PERFORM AS EXPECTED AND WE MAY NOT BE ABLE
including counterparties to our derivative transactions, loan
TO ACHIEVE ADEQUATE CONSIDERATION FOR PLANNED
sales, syndications and equipment purchases. These coun-
DISPOSITIONS.
terparties include other financial institutions, manufacturers
As part of our long-term business strategy, we may pursue
and our customers. To the extent that our credit underwrit-
acquisitions of other companies or asset portfolios as well as
ing processes or credit risk judgments fail to adequately
dispose of non-strategic businesses or portfolios. Future
identify or assess such risks, or if the credit quality of our
12. acquisitions may result in potentially dilutive issuances of factors as the board of directors may consider to be relevant. If
equity securities and the incurrence of additional debt, which any of these factors are adversely affected it may impact our
could have a material adverse effect on our business, financial ability to pay dividends on our common stock.
condition and results of operations. Such acquisitions may
In addition, the terms of our outstanding preferred stock and
involve numerous other risks, including difficulties in integrat-
junior subordinated notes restrict our ability to pay dividends
ing the operations, services, products and personnel of the
on our common stock if we do not make distributions on our
acquired company; the diversion of management’s attention
preferred stock and subordinated notes. Further, we are pro-
from other business concerns; entering markets in which we
hibited from declaring dividends on our preferred stock and
have little or no direct prior experience; and the potential loss
from paying interest on our junior subordinated notes if we do
of key employees of the acquired company. In addition,
not meet certain financial tests, provided that the limitation
acquired businesses and asset portfolios may have credit-
does not apply if we pay such dividends and interest out of net
related risks arising from substantially different underwriting
proceeds that we have received from the sale of common
standards associated with those businesses or assets.
stock. We sold common stock to cover such dividend and
With respect to our planned disposition of certain home lend- interest payments during the third and fourth quarters of 2007
ing assets held for sale, or any future dispositions of our and the first quarter of 2008, and we obtained a forward com-
businesses or asset portfolios, there can be no assurance that mitment from two investment banks to purchase additional
we will receive adequate consideration for those businesses or shares, at our option, in the second and third quarters of 2008.
assets at the time of their disposition or that we will be able to If we are unable to sell our common stock in the future, and
adequately replace the volume associated with the businesses we fail to meet the requisite financial tests, then we will be
or asset portfolios that we dispose of with higher-yielding prohibited from declaring dividends on our preferred stock,
businesses or asset portfolios having acceptable risk charac- paying interest on our junior subordinated notes, or declaring
teristics. As a result, our future disposition of businesses or dividends on our common stock.
asset portfolios could have a material adverse effect on our
business, financial condition and results of operations. COMPETITION FROM BOTH TRADITIONAL COMPETITORS
AND NEW MARKET ENTRANTS MAY ADVERSELY AFFECT
ADVERSE OR VOLATILE MARKET CONDITIONS MAY OUR RETURNS, VOLUME AND CREDIT QUALITY.
PAGE 11
REDUCE FEES AND OTHER INCOME.
Our markets are highly competitive and are characterized by
In 2005, we began pursuing strategies to leverage our competitive factors that vary based upon product and geo-
expanded asset generation capability and diversify our rev- graphic region. We have a wide variety of competitors that
enue base to increase other income as a percentage of total include captive and independent finance companies, commer-
revenue. We invested in infrastructure and personnel focused cial banks and thrift institutions, industrial banks, community
on increasing other income in order to generate higher levels banks, leasing companies, hedge funds, insurance companies,
of syndication and participation income, advisory fees, servic- mortgage companies, manufacturers and vendors.
ing fees and other types of fee income. These revenue
Competition from both traditional competitors and new market
streams are dependent on market conditions and, therefore,
entrants has intensified due to increasing recognition of the
can be more volatile than interest on loans and rentals on
attractiveness of the commercial finance markets. We compete
leased equipment. Current market conditions, including
primarily on the basis of pricing, terms and structure. To the
lower liquidity levels, have had a direct impact on syndication
extent that our competitors compete aggressively on any com-
activity, and have resulted in lower fee generation. If we are
bination of those factors, we could lose market share. Should
unable to sell or syndicate a transaction after it is originated,
we match competitors’ terms, it is possible that we could expe-
this activity will involve the assumption of greater underwrit-
rience margin compression and/or increased losses.
ing risk than we originally intended and could increase our
capital requirements to support our business.
WE MAY NOT BE ABLE TO REALIZE OUR ENTIRE
Continued disruption to the capital markets, our failure to INVESTMENT IN THE EQUIPMENT WE LEASE.
implement these initiatives successfully, or the failure of
The realization of equipment values (residual values) at the end
such initiatives to result in increased asset and revenue
of the term of a lease is an important element in the leasing
levels could adversely affect our financial position and
business. At the inception of each lease, we record a residual
results of operations.
value for the leased equipment based on our estimate of the
future value of the equipment at the expected disposition date.
ADVERSE FINANCIAL RESULTS OR OTHER FACTORS MAY
Internal equipment management specialists, as well as exter-
LIMIT OUR ABILITY TO PAY DIVIDENDS
nal consultants, determine residual values.
Our board of directors decides whether we will pay dividends
A decrease in the market value of leased equipment at a rate
on our common stock. That decision depends upon, among
greater than the rate we projected, whether due to rapid
other things, general economic and business conditions, our
technological or economic obsolescence, unusual wear and
strategic and operational plans, our financial results and con-
tear on the equipment, excessive use of the equipment, or
dition, contractual, legal and regulatory restrictions on the
other factors, would adversely affect the residual values of
payment of dividends by us, our credit ratings, and such other
Item 1A: Risk Factors