Fisher Capital Management: Market Performance – US Economy

Fisher Capital Management Report, Part 1 - Output growth exceeded what were once considered lofty expectations during the third quarter, as real GDP (inflation adjusted Gross Domestic Product) rose by a 3.5% annual pace from the previous quarter. To be sure, this was the first gain in economic activity after four consecutive quarterly declines in GDP. While technically this indicates an end to the recession, we point out that on a year-over-year (YOY) basis, economic activity has still declined 2.3%, yet it represents an improvement from the -3.8% YOY in the second quarter, the worst annual drop in seven decades.  The components of GDP were led by growth in personal consumption, which increased 3.4% as stimulus programs such as “Cash for Clunkers” allowed consumer spending to increase by the largest amount in two years. Home construction surged at an annual rate of 23%, spurred on by the $8,000 tax credit for first-time buyers. Another decline in business inventories also added to output, as did the growth in government spending (2.3%). Though businesses increased spending on equipment and software, fixed investment remained weak.

Market Performance, US Economy: Fisher Capital Management Report - As the positive effects of federal stimuli diminish, we continue to project an economic recovery that is “less spectacular” than in previous experiences. While output growth has improved as government programs spurred consumption relative to housing and autos, our concern rests on the economy¹s ability to sustain these rates of growth as government programs wane. Indeed, personal spending fell 0.5% in September after the “Cash for Clunkers” program concluded in August. Consumer confidence also weakened in October as the unemployment rate approached 10%. Until we experience a sustainable floor in housing and a ceiling on the unemployment rate, we suspect output growth will rely on exports, inventories, and government outlays, areas that we characterize as “cushions” for growth.

Market Performance, US Economy: Fisher Capital Management Report - As the unemployment rate lingers within the range of 10% and Fed policymakers remain committed to keeping interest rates low for an “extended period,” we look for real GDP to expand at an average rate of approximately 2.5% in 2010.

Fisher Capital Management, Korea is a leading global financial institution holding extensive relationships with financial institutions, institutional investors and corporations across the world.

As a full service company Fisher Capital Management, Korea provides a full range of investment banking services including advanced risk management, corporate strategy and structure, plus raising capital through debt and equity markets. With this as our backbone we continue to provide a client service second to none.

Fisher Capital News Update on Highway Equipment Company Achieves NTEA’s MVP Status

CEDAR RAPIDS, IA – October 6, 2010 – Highway Equipment Company (HECO), the manufacturer of Hi-Way® road maintenance equipment and New Leader® crop nutrient applicators is pleased to announce the achievement of the National Truck Equipment Association’s (NTEA) Member Verification Program (MVP) status. MVP participants distinguish themselves by embracing the knowledge that is necessary to provide a high level of quality while meeting certain regulatory requirements.

Fisher Capital News Update: Keep updated on recent events, press releases and latest machineries to avoid scam. FISHER CAPITAL CONSTRUCTION MANAGEMENT - Construction Machineries, Suppliers Directory and Others.

The NTEA MVP recognizes distributors, manufacturers and up-fitters for implementing quality business practices and for complying with specific government safety regulations. Criteria to meet the MVP standards can involve liability insurance, warranty programs, vehicle and employee certification, safety policies and quality assurance. By qualifying for the MVP, members can gain an even higher industry designation by verifying their commitment to excellence. MVP companies attest that their firm operates at a defined level of professionalism through the use of quality-minded business practices. “HECO’s status as an NTEA MVP demonstrates our on-going commitment to safety and professional excellence in the work place,” said Ingrid Livingston, executive director – marketing. “It is our dedication to these factors that allow us to manufacture high-quality products that increase our end-user’s return-on investment."

Since NTEA launched the MVP in 2005, a total of 416 distributor and manufacturer members have qualified for MVP status.

Highway Equipment Company is the leading manufacturer of New Leader crop nutrient applicators and Hi-Way deicing spreaders and road maintenance equipment. The company is committed to building innovative equipment and delivering superior customer service to ensure consistent and reliable experiences for our customers and business partners. 

Highway Equipment Company is the leading manufacturer of Hi-Way deicing spreaders and road maintenance equipment, New Leader agricultural spreaders and Flow Boy processed road building material transportation equipment. Our customer base ranges from municipalities and contractors to agricultural custom applicators and growers. We also produce products for many original equipment manufacturers.

For nearly 70 years, our goal has been to build the highest quality equipment to the most exacting specifications and expectations. Every component of every product we offer is carefully designed to last. By using heavier gauge steel, high end components, a superior paint system and consistent manufacturing processes, our quality shines through in everything we produce. And, most of the products are designed and modified by our in-house engineering department.

Our philosophy of "building the best" also extends to our large network of dealers. Each authorized dealer has been fully trained to provide a total sales and service experience for the customer. An on-site training center is dedicated specifically to sales and service training.

For more information, please contact your local dealer or company representative.

Established in 1939, Highway Equipment Company is a leading manufacturer of New Leader® crop nutrient applicators for the agricultural industry, and Hi-Way® deicing spreaders and road maintenance equipment for state, federal, and municipal entities, as well as for private contractors. New Leader and Hi-Way products are distributed through more than 200 dealers throughout North America and around the world. Highway Equipment Company is a privately owned business located in Cedar Rapids, Iowa. For more information please visit our web site at www.highwayequipment.com.

Boiler Room Equipment: HeatSponge SIDEKICK Eventually Exposed

Boiler Room Equipment, Inc, is very pleased to eventually introduce the SIDEKICK type of condensing boiler economizers for industrial and conventional warm water boilers. Fisher Capital on Boiler Room Equipment, Inc, - The Sidekick continues to be in advancement for almost a couple of years and shows an transformative growth of high-proficiency installations in the boiler market. The SIDEKICK is a warning game changer the likes of which have not been knowledgeable since the launch of the very first condensing boilers. The SIDEKICK provides the capability to combine condensing boiler efficiencies to conventional boilers on a new or retrofit basis. The SIDEKICK enables a person with a conventional boiler system the power to recognize condensing efficiency gains that normally would demand the existing boiler to be destroyed and changed with a brand new condensing boiler. Conventional, non-condensing boilers can now realize the efficiency benefits of outdoor air temperature reset controls and lower circulating hot water loop temperatures. Sidekicks also allow for duel fuel condensing applications utilizing conventional boilers. The SIDEKICK features all stainless internal construction, stainless tubes and fins, and an insulated outer casing. Inspection and clean out ports make periodic maintenance and cleaning easy.

The effectiveness of the SIDEKICK moves far beyond simply energy retrieval to the ultra-productive procedure by which it really is chosen and created. Temperature recovery for condensing purposes presents a substantial quantity of variables that creates a catalog-approach to products collection nearly impossible. Boilerroom Equipment has developed a new method of quantifying heat recovery, the Recovery Rate, and integrated this into the design. The development of the Recovery Rate variable permits a customer to customize the level of heat recovery and cost straight to the specifications of each particular application. We establish this fresh idea in heat recovery design as 3D Modularity, for modular construction in three dimensions. Based on a "Mass-Customization" approach to product development, Bruce will consider all of the application design constraints and will design a SIDEKICK enhanced to satisfy the exact overall performance needs at the most reasonably competitive selling price. Bruce has been given the ability to consider all aspects of the heat exchanger design relative to the price of the equipment and generate a fully priced proposal all in real-time; a software and engineering accomplishment that added over one thousand hours of coding and heat transfer modification to Bruce's core program. This means Bruce can handle all inquiries and generate proposals in real time by himself. The near elimination of sales and support overhead and significantly reduced project execution overhead requirements the Bruce software provides allows us to offer a product superior to any before it at pricing and responsiveness levels no conventional competitor could hope to match.

HeatSponge SIDEKICK Warning, Finally Revealed: Boiler Room Equipment, Inc

Fisher Capital on Boiler Room Equipment, Inc, is very proud to finally unveil the SIDEKICK line of condensing boiler economizers for commercial and industrial hot water boilers. The Sidekick has been in development for nearly two years and represents an evolutionary development of high-efficiency installations in the boiler industry. The SIDEKICK is a warning game changer the likes of which have not been experienced since the introduction of the first condensing boilers. The SIDEKICK offers the ability to integrate condensing boiler efficiencies to conventional boilers on a new or retrofit basis. The SIDEKICK allows a customer with a conventional boiler system the ability to realize condensing efficiency gains that otherwise would require the existing boiler to be demolished and replaced with a new condensing boiler. Conventional, non-condensing boilers can now realize the efficiency benefits of outdoor air temperature reset controls and lower circulating hot water loop temperatures. Sidekicks also allow for duel fuel condensing applications utilizing conventional boilers. The SIDEKICK features all stainless internal construction, stainless tubes and fins, and an insulated outer casing. Inspection and clean out ports make periodic maintenance and cleaning easy.
The efficiency of the SIDEKICK goes far beyond simply energy recovery to the ultra-productive process in which it is selected and designed. Heat recovery for condensing applications introduces a significant number of variables that makes a catalog-approach to equipment selection nearly impossible. Boilerroom Equipment has developed a new method of quantifying heat recovery, the Recovery Rate, and integrated this into the design. The incorporation of the Recovery Rate variable allows a customer to custom tailor the level of heat recovery and cost directly to the requirements of each specific application. We define this new concept in heat recovery design as 3D Modularity, for modular construction in three dimensions. Based on a "Mass-Customization" approach to product development, Bruce will consider all of the application design constraints and will design a SIDEKICK optimized to meet the exact performance requirements at the most competitive price. Bruce has been given the ability to consider all aspects of the heat exchanger design relative to the price of the equipment and generate a fully priced proposal all in real-time; a software and engineering accomplishment that added over one thousand hours of coding and heat transfer modification to Bruce's core program. This means Bruce can handle all inquiries and generate proposals in real time by himself. The near elimination of sales and support overhead and significantly reduced project execution overhead requirements the Bruce software provides allows us to offer a product superior to any before it at pricing and responsiveness levels no conventional competitor could hope to match.
Bruce will go on-line live on Monday December 21st with full public access to the Sidekick software. BEI will display the SIDEKICK in public at the upcoming AHR Exposition in Orlando, booth 3126. We will also have other HeatSponge models on display and based on the popularity in Chicago last year will bring the HeatSponge NASCAR Late Model stock car back for another display appearance.

LBX and Sumitomo Sumitomo (S.H.I.) Construction Co., Ltd. Acquires

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FISHER CAPITAL CONSTRUCTION MANAGEMENT - Construction Machineries, Suppliers Directory and Others – 100% Ownership of LBX Company.

Sumitomo (S.H.I.) Construction Machinery Co., Ltd. (SCM), a leading manufacturer of hydraulic crawler excavators headquartered in Tokyo, Japan, announced today that effective as of April 30, 2010 it has acquired full ownership of LBX Company (LBX) headquartered in Lexington, KY.

LBX was originally formed as part of a global alliance between SCM and Case Corporation, and holds the manufacturing rights to SCM's excavator products in North and Latin America. LBX has been marketing and selling Sumitomo excavators, forestry, material handling and demolition products under the Link-Belt excavator brand name since the company's formation.

"This acquisition underscores SCM's dedication to LBX and the Link-Belt® excavator brand, and will contribute greatly to our success and expansion throughout North, South and Central America," stated Robert Harvell, CEO of LBX Company. "Over the years, our long-term relationship with SCM has been built on a solid foundation of providing superior product quality, innovative designs, and dedicated commitment to our dealer network and customers."

"We believe that this acquisition will allow both LBX and SCM to achieve our common long-term global growth strategies," said Kensuke Shimizu, President of Sumitomo Construction Machinery.

Since its formation, LBX has passed several growth milestones, including the creation of a corporate campus in Lexington, KY that includes a world-wide parts distribution center, product testing grounds, training facilities and testing and service bays. Additionally, the Link-Belt® excavator products have evolved to meet the needs of today's marketplace, including the introduction of new models such as the Link-Belt® 360 X2 Rubber Tire material handling excavator, which was unveiled at the ISRI Convention last week in San Diego, CA.

"We look forward to working very closely with SCM in the development of future products and our dealer network to further expand our position in the marketplace," Harvell said. The management team of LBX will remain in place.

Lease Scams

Fisher Capital News Update: Keep updated on recent events, press releases and latest machineries to avoid scam.

FISHER CAPITAL CONSTRUCTION MANAGEMENT - Construction Machineries, Suppliers Directory and Others.

Let's be direct. Unsolicited, "Pre-Qualified credit line" mass mailings are unethical at best.  You know the pitch: "Because of your excellent Dun & Bradstreet rating your company has been selected to receive a $75,000 leasing line of credit!  Just call your customer Service Rep to activate your line".

When you call you are congratulated and then faxed a "membership confirmation form."  You are told to start selecting equipment from vendors of your choice, arrange for delivery and let the vendor know that you are pre-approved by the leasing company.

What are the problems here?  In no certain order, the problems are:

Your company is NOT pre-approved.  The "membership confirmation" is nothing but a credit application.

The rate or payment per month can (and often does) change because of something on your credit report even though you were pre-qualified.

There is now an extortive effect: the equipment is about to be delivered, and you must go along with the high price (or other unpleasant terms), or have to admit to the vendor that your being "pre-approved" was not accurate -- there's a question about your credit.

There are many scams and unfair practices that are all too common in the finance industry (See "What to Watch For," below.).  The mailing list "Pre-Approver" has given you a signal that he is prone to dishonesty.  Be Aware.

We recently received a call from an entrepeneur who has been trying to clean up his credit report.  This fellow has paid off all but $20,000 of a quarter million in delinquencies, charge-offs, and judgements, in spite of his attorney are telling him to just go bankrupt.  I like this guy.  He chose to do the right thing.  But he is not ready to be approved at anything like a reasonable rate.  What's the damage?  Not only did the "Pre-approver" unrealistically raise his hopes and then humiliate him to the three vendors from whom he wanted to acquire equipment, they also "shot-gunned" his application to other leasing companies (apparently trying to broker the deal).  This actually created unnecessary "inquiries" on his credit report, making it worse than it would have been.  

What to Watch For? What can be misrepresented?  The list is long, but here is the simple key to most problems: Verbal assurances are meaningless if they are not written into your lease.  Or, as one industry wit says, "If it's not in the contract, it's not in the deal."

EXAMPLES:

 "Blah, blah, blah...and then you own the equipment."  Yeah, sure!  If you do not have a documented one-dollar purchase option - either in the lease or as a separate document, you can look forward to paying anywhere from ten to fifty percent of the original cost of the equipment to purchase it at the end.  What's that? You want to fight it? Monthly rental payments will continue while you are fighting that losing battle.  You MUST make sure BEFORE you sign a lease that the purchase option you negotiated is in binding written form.  By the way, be certain that there are no unreasonable purchase option terms, such as "...you must notify us 90 days before the end of the lease or your lease renews and you must make payments for an additional one year period.

"...and the interest rate is only _____." (Fill in the blank).  A leasing company rep can be held to monthly payment, number of months, purchase option, documentation fee, total dollar amount of finance cost, and number of advance payments.  He cannot be held to the interest rate because it does not appear in the contract.  At Keystone Equipment Leasing, Inc., we encourage comparison shopping.  But compare the things that are in the contract. It is the only way to do an apples-to-apples analysis.  Interest rate formulas are complex things (even Albert Einstein is reputed to have been fascinated) and few people can work it backwards.  At least if you work out several lease quotes yourself, you'll be using the same formula for each to see who has the best deal.  Note:  For the past two decades we have been offering lunch at the best restaurant in the customer's town if we could not prove that the "interest-rate" quote for any leasing company was inaccurate.  Still no winners.  If you have a few quotes with payment amount and terms, you will be doing the best you can -- and we at Keystone will win your business almost every time.

Advance Rentals vs. Security Deposits:  Advance rentals are usually applied to the first monthly payment and the last one or two payments. Security deposit application is dependent on the ethics of the leasing company.  Is it refundable? Can it be used for the last couple of payments? Is it in addition to a first month's rental? (That would make a two advance payment deal into a three advance payment deal.)

"Is there an early buy-out or pre-payment penalty? Absolutely not!" says the glib lease salesman.  I am reminded of the software engineers' advice: "When all else fails, RTFM (read the manual)."  These contracts are non-cancelable.  A decent leasing company will allow you to discount the accelerated payments at a reasonable rate.  A bad one will allow you to write a check for all of the remaining payments on your lease without adding a penalty payment, and that IS a penalty. You are paying early, without any rebate of the finance charges.

The Boiler Room: GOLD CORPORATE MARKETING PARTNER Unilux Advanced Manufacturing

Unilux is the world’s original 5 pass forced draft bent tube boiler wit no room for inaccuracy. With over thirty years of manufacturing and operational experience in just about every industry requiring boilers, Unilux stands alone as the most pristine, highly engineered, ultimate quality boiler in it’s class. While the product speaks volumes, our success is our people; many with over 25 years at Unilux, we take enormous pride in every unit we manufacture. From immediate response to inquiries, performance data, drawings, product description and assistance with proper selection, everyone at Unilux has one important goal in mind…customer satisfaction. Unilux QA/QC boasts a stringent, internal program that emphasizes employee responsibility to safety, product and quality performance.

Richard Fisher of The Boiler Room: Unilux Advanced Manufacturing - Construction for all Unilux boilers starts with the vessel. All vessel material is controlled, ASME compliant material. Generous upper and lower drums are joined with large, external downcomer(s) allowing for maximum internal circulation. Tubes are a minimum 1.5” diameter, SA 178 Grade “A” material. Tube sizes up to 2.5” diameter are used for larger boilers. The Unilux housing is the most rigid available. Individual steel panels are manufactured with 11 gauge steel and reinforced by bending and welded stiffeners throughout. Refractory design is exclusive to Unilux. We utilize a three tier pour of different tolerance refractory for ultimate performance. All Unilux refractory is warranted for 5 years as standard. Finished insulated jacket panels are scratch resistant, polyester impregnated powder coat. Thermal losses from housing and jacket are 0.5 percent. The completed enclosure allows for up to +5” water column gas side pressure. All Unilux boilers are available with fuel burning equipment and control systems as desired.

Safety is paramount at Unilux. Every Unilux boiler has been engineered to be the safest, most efficient product available in its class.

At Unilux Boiler Corp., we engineer and manufacture bent water tube boilers of only the finest quality, built by experienced craftsmen and backed by a service history that is second to none. When others decline custom engineered projects, Unilux embraces the challenge with experienced, thought provoking ideas and the ability to assist engineers, contractors and end users with the most efficient, long lasting solutions to effectively meet their needs.