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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

MicroFinancial Incorporated Announces First Quarter 2013 Results

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.

Quarterly Highlights:

  • 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. 

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 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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