BURLINGTON, Mass., Jan. 30, 2013 (GLOBE NEWSWIRE) -- MicroFinancial Incorporated (Nasdaq:MFI), a financial intermediary specializing in vendor-based leasing and finance programs for microticket transactions, today announced financial results for the fourth quarter and the year ended December 31, 2012.
2012 Full Year Highlights Include:
- Increased net income to $9.4 million or $0.64 per diluted share as compared to $9.0 million in 2011;
- Increased total revenues by 8.5% to $59.3 million as compared to $54.7 million in 2011;
- Increased total cash received from customers by 14.6% or $15.5 million as compared to 2011 bringing total cash received to $121.8 million representing $8.29 per diluted share;
- Achieved an after tax return on average assets of 5.8% and an after tax return on average equity of 11.8%;
- Increased originations by 17.3% or $13.5 million from $78.2 million in 2011 to $91.7 million in 2012;
- Increased the revolving credit facility from $100 million to $150 million and extended the term of the facility through December of 2016 under more favorable pricing terms; and
- Increased the dividend payout to $0.24 per share in 2012 versus $0.21 per share in 2011.
Fourth Quarter 2012 Results:Net income for the fourth quarter of 2012 remained flat at $2.4 million or $0.16 per diluted share based upon 14,731,946 shares for the fourth quarter of 2012 and 14,547,820 shares for the same period last year. Revenue in the fourth quarter of 2012 increased by 8.9% to $15.3 million compared to $14.1 million in the fourth quarter of 2011 due primarily to increases in leasing revenues associated with new lease originations and rental revenue. Revenue from leases was $10.3 million, an increase of $0.8 million from the same period last year and rental income was $2.6 million, an increase of $0.3 million from the quarter ended December 31, 2011. Other revenue components contributed $2.5 million for the current quarter, an increase of $0.2 million from the same period last year.