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Non-Tech : Providian Financial Corporation (NYSE: PVN) -- Ignore unavailable to you. Want to Upgrade?

To: Larry S. who wrote (133)	11/13/2001 6:58:28 AM
From: Labrador	Respond to of 167

If PVN can stay in the black and brings in a luminary to run the company, I think that PVN can make it $10 within 3 months of hiring a luminary.

To: Larry S. who wrote (133)	11/14/2001 6:56:47 PM
From: Labrador	Read Replies (1) \| Respond to of 167

I think that you may see another 50% gain over the next month. I plan to buy under $4. Providian Receives Securitization Commitment Company Identifies $3 Billion Portfolio for Potential Sale SAN FRANCISCO, Nov. 14 /PRNewswire/ -- Providian Financial Corporation (NYSE: PVN - news) today announced that it has received a commitment for a new securitization from Salomon Smith Barney and Goldman, Sachs & Co., and that it is pursuing the possible sale of $3 billion in higher-risk credit card receivables. The company said that Salomon Smith Barney and Goldman, Sachs & Co. have committed to securitize at least $900 million in credit card receivables for Providian. A portion of the financing would replace funding provided by a private securitization conduit (Series 1998-1 of the Providian Master Trust), which recently began early amortization as a result of credit rating downgrades at Providian. The company said that the securitization is expected to be completed by year-end 2001, subject to customary conditions. The company confirmed that none of its existing securitizations have credit downgrade provisions that would trigger early amortization. Providian also announced that it is working with its investment bankers to develop a structure for a possible sale of a portfolio of approximately $3 billion of higher-risk credit card receivables. The Company originated the majority of these assets through marketing programs it has since discontinued. These steps comprise the first results of a broad strategic review now underway at Providian focused on rebuilding shareholder value. In close consultation with its investment bankers, the company is also considering further courses of action that may include additional business divestitures and asset sales, and other strategic business transactions. The company has recently begun implementing steps designed to address under-performing areas, to focus the business on those market segments with the highest expected risk-adjusted returns, to reduce expenses, and to manage its capital, reserves, and liquidity. In a separate release, Providian today announced that it will close its Henderson, Nevada facility. The Company estimates that it will realize approximately $18 million in annual operating expense savings as a result of this closure, and stated that it plans to take a one-time charge of approximately $12 million in the fourth quarter of 2001 to reflect associated costs. In a related development, the company announced that its Board of Directors has suspended for an indefinite period the payment of quarterly cash dividends on the company's common stock, and withdrawn previously issued earnings guidance for the fourth quarter of 2001 and the year 2002. The Board made these decisions in light of both the steps the company is taking to implement its action plan, and uncertainty regarding how these steps, potential steps to come, and economic trends facing the company may affect earnings. The company further indicated that it will file its quarterly 10-Q report later today, and will file on November 15 an 8-K report detailing its managed loss and delinquency data for October. These reports will be accessible through Providian's web site at www.providian.com. Providian's Board of Directors is continuing its search for a new Chief Executive Officer of the company. Shailesh J. Mehta continues to serve as President and CEO of Providian pending the selection of a successor. San Francisco-based Providian Financial is a leading provider of credit cards and deposit products to customers throughout the U.S., and also offers credit cards and deposit products in the UK and in Argentina. The company has more than $32 billion in managed receivables and more than 18 million customer accounts. This release contains forward-looking statements as to the Company's expectations, intentions and goals that are subject to the ``safe harbor'' provisions created by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include expressions of ``belief,'' ``expectations,'' ``intentions'' and other words of similar import, statements as to industry and economic trends, and other statements that are not historical facts. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Among the significant risks and uncertainties are: competitive pressures; factors that affect delinquency rates, credit loss rates and charge-off rates; general economic conditions; consumer loan portfolio growth; changes in the cost and/or availability of funding due to changes in the deposit, credit or securitization markets, changes in the way in which the Company is perceived in such markets, and/or conditions relating to existing or future financing commitments; the effects of government policy and regulation, including restrictions and/or limitations on the Company's minimum capital requirements, deposit taking abilities, growth, accounting policies, and/or underwriting criteria; product development; legal and regulatory proceedings; interest rates; acquisitions; one- time charges; extraordinary items; the ability to attract and retain key personnel; the impact of existing, modified or new strategic initiatives; and international factors. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update any forward-looking statements. More information on risks and uncertainties relating to the Company are available in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. SOURCE: Providian Financial Corporation