DALLAS, Oct. 11, 2010 (GLOBE NEWSWIRE) -- MicroStockProfit.com announces an investment report featuring CIT Group Inc. (NYSE:CIT). The report includes financial, comparative and investment analyses, and industry information you need to know to make an educated investment decision.
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CIT Group Inc. (CIT) is a bank holding company that provides commercial financing and leasing products, and management advisory services to clients in a variety of industries. CIT operates primarily in North America, with locations in Europe, Latin America, Australia and the Asia-Pacific region. CIT bank is its primary bank subsidiary. The Company provides financing and leasing capital to its clients and their customers in over 30 industries and 50 countries. It serves clients in a variety of industries, including transportation, aerospace and rail, manufacturing, wholesaling, retailing, healthcare, communications, media and entertainment, and various service-related industries. The Company operates through five segments: Corporate Finance, Transportation Finance, Trade Finance, Vendor Finance and Consumer Finance. In November 2009, the Company filed for bankruptcy. In December 2009, CIT emerged from bankruptcy.
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In the report, the analyst notes:
"Net income increased from the quarter ended March 31, 2010, as gains on sales of assets and recoveries of pre-FSA charged-off receivables more than offset a higher provision for credit losses and costs for an employee retention program announced last quarter. The second-quarter results include pre-tax net accretion and lower depreciation of $407 million resulting from fresh start accounting balance sheet adjustments recorded in December 2009.
"CIT recently announced its actions to reduce high-cost debt by saying it will redeem notes that carry interest rates of more than 10%. Approximately $860 million of Series B second-lien notes will be redeemed at 103.5% of the principal amount. The 10.25% notes mature in 2015 and 2016. The move is to be completed November 4 and will leave outstanding $750 million of the series maturing in 2017. "
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