BURLINGTON, Mass., April 17, 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 first quarter ended March 31, 2013.
- Net income increased by 12.7% to $2.3 million or $0.15 per diluted share on 14,786,580 shares;
- Increased cash received from customers by 6.6% to $31.0 million, representing $2.10 per diluted share as compared to the first quarter of 2012;
- Increased total revenues by 7.4% to $15.3 million as compared to the same period last year;
- Contract originations were $20.1 million, down from $21.6 million for the same period in 2012;
- Reduced net charge-offs by 20.1% to $4.2 million as compared to the same period last year; and
- Paid a quarterly dividend of $0.9 million during the first quarter, representing $0.06 per share.
First Quarter Results:Net income for the first quarter of 2013 was $2.3 million, or $0.15 per diluted share on 14,786,580 shares as compared to $2.0 million or $0.14 per diluted share based upon 14,600,775 shares for the same period last year. Revenue for the quarter ended March 31, 2013 increased 7.4% to $15.3 million compared to $14.2 million in the first quarter of 2012 due primarily to increases in leasing revenues associated with our new lease originations and an increase in rental income. Income on leases was $10.2 million, an increase of $0.6 million from the same period last year, and rental income was $2.5 million, an increase of $0.2 million from the same period last year. Other revenue components contributed $2.6 million, an increase of $0.3 million from the same period last year. Total operating expenses for the quarter increased 5.8% to $11.5 million from $10.9 million in the first quarter of 2012. Selling, general and administrative expenses increased $0.3 million to $4.7 million from $4.4 million for the same period last year primarily due to increases in personnel related expenses. The first quarter 2013 provision for credit losses remained flat at $4.9 million. First quarter 2013 net charge-offs decreased to $4.2 million from $5.2 million in the comparable period of 2012 while recoveries increased slightly to $1.4 million from $1.3 million for the same period in 2012. Depreciation and amortization expense for the first quarter of 2013 increased $0.3 million to $1.3 million as compared to the first quarter of 2012 due primarily to an increase in the number of TimePayment contracts coming to maturity and converting to rentals as well as an increase in the number of service contracts.