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MicroFinancial Incorporated Announces First Quarter 2011 Results

MicroFinancial Incorporated (NASDAQ:MFI) a financial intermediary specializing in vendor based leasing and finance programs for microticket transactions, today announced financial results for the first quarter ended March 31, 2011.

Quarterly Highlights:

  • Increased cash received from customers by 18.0% to $25.8 million representing $1.77 per diluted share as compared to the first quarter of 2010;
  • Increased net income to $2.0 million as compared to $0.6 million for the same period last year;
  • Increased total revenues by 8.4% to $13.3 million as compared to the same period last year;
  • Reduced total expenses by 11.9% as compared to the same period in last year;
  • Improved net charge-offs by 29% from $7.0 million to $5.0 million; and
  • Approved 452 new vendors during the quarter.

First Quarter Results:

Net income for the first quarter of 2011 was $2.0 million, or $0.14 per diluted share on 14,533,102 shares, compared with results in the first quarter of 2010, which included net income of $0.6 million or $0.04 per diluted share based upon 14,409,175 shares.

Revenue for the quarter ended March 31, 2011 increased to $13.3 million compared to $12.3 million in the first quarter of 2010 due primarily to the increase in leasing revenues associated with our new lease originations. Income on leases was $9.1 million, up $1.0 million from the same period last year, and rental income was $2.0 million, which is consistent with the same period last year. Other revenue components contributed $2.2 million for the quarter which is also consistent with the same period last year.

Total operating expenses for the quarter decreased 11.9% to $10.0 million from $11.4 million in the first quarter of 2010. Selling, general and administrative expenses increased $0.8 million to $4.0 million from $3.2 million for the same period last year related primarily to increases in personnel related expenses, rent expense, and bank service charges. The first quarter 2011 provision for credit losses decreased $2.2 million to $4.8 million as compared to the first quarter of 2010. This decrease was due primarily to lower delinquency levels and lower charge off levels. First quarter 2011 net charge-offs decreased to $5.0 million from $7.0 million in the comparable period of 2010 while recoveries increased slightly to $1.3 million from $0.9 million. Interest expense for the first quarter of 2011 decreased $0.1 million to $0.7 million as compared to the first quarter of 2010 due to lower interest rates being offset by higher average outstanding debt balances on our revolving line of credit.

Stock quotes in this article: MFI 

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