This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs