GOLDEN VALLEY, Minn., Feb. 24 /PRNewswire/ -- Sunrise International
Leasing Corporation (SILC), a wholly owned subsidiary of privately held King
Capital Corp., today announced unaudited financial results for the fourth
quarter and fiscal year ended December 31, 2002.
    For the fourth quarter, SILC reported net income of $4.1 million, up
41 percent from $2.9 million recorded in the year-ago period.  Due to the
technology recession, revenue totaled $21.1 million, compared to $40.3 million
for the prior-year period.
    For the full year 2002, SILC recorded record net income of $14.7 million,
up 17 percent from $12.6 million for the prior year.  As expected, revenue was
down 38 percent to $117.4 million, from $188.5 million realized in 2001.
    "While revenue was considerably lower in 2002, we experienced a
substantial increase in revenue from lease renewals and other remarketing
activities which had a positive impact on gross margins, and expenses were
substantially lower as well," said Peter King, Sunrise CEO.  "In addition, the
company saw a significant reduction in defaults during the year on its
seasoned portfolio of more than $150 million in gross earning equipment.  We
were able to capitalize on the reduced costs and improved margins on
end-of-lease equipment sales to achieve record levels of net income."
    SILC is debt free after paying off $87.5 million in debt during the year.
The company continues to generate significant free cash flow, and at the
present time has over $47 million in cash and investments.  It intends to use
both its cash and substantial borrowing capacity to purchase lease portfolios
or other leasing companies that fit the company's profile.

    Outlook
    "We expect 2003 to be another challenging year in the technology leasing
industry," said King.  "SILC is well positioned, with no debt and substantial
levels of cash and reserves, to withstand the current economic recession and
to succeed in a recovery."
    With the continued reduction in demand for leased equipment, SILC is
focused on allocating capital to available equipment portfolios or companies
that meet the company's business profiles.  SILC also is currently negotiating
with several vendors to develop new or to enhance existing programs utilizing
SILC's sophisticated systems and servicing capabilities.

    About Sunrise International Leasing Corporation
    SILC's business consists primarily of developing and implementing
customized lease and rental programs for vendors of high technology and other
equipment.  The lease options offered by the company generally focus on
short-term, fair-market-value leases, but it also provides a full range of
lease and financing options.  SILC also is a competitive reseller of high
quality used equipment.

    About King Capital Corp.
    King Capital Corp., established in 1975 and based in Golden Valley, Minn.,
offers a wide range of leasing options to manufacturers, distributors and
resellers through its primary subsidiary, SILC as well as high-availability
software through H.A. Technical Solutions, LLC.


                  SUNRISE INTERNATIONAL LEASING CORPORATION
                        CONDENSED STATEMENTS OF INCOME

                          Three Months Ended         Twelve Months Ended
                             December 31,                December 31,
                          2002          2001          2002          2001

    Revenues           $21,062,000   $40,268,000 $117,440,000  $188,546,000

    Cost, expenses,
     and other          13,392,000    34,737,000   89,769,000   164,822,000

    Income before
     provision for
     income taxes        7,670,000     5,531,000   27,671,000    23,724,000

    Provision for
     income taxes        3,605,000     2,599,000   13,005,000    11,150,000

    Net Income          $4,065,000    $2,932,000  $14,666,000   $12,574,000

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