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MicroFinancial Incorporated Announces Second Quarter 2013 Results

Stocks in this article: MFI

BURLINGTON, Mass., July 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 second quarter and the six months ended June 30, 2013.

Quarterly Highlights:

  • Net income was $2.5 million or $0.17 per diluted share which compares to $2.6 million or $0.18 per diluted share in the same period last year;
  • Cash received from customers was $32.8 million or $2.22 per diluted share which represents an increase of 9.0% as compared to the same period last year;
  • Revenue increased by 6.7% to $15.7 million as compared to the same period last year;
  • Net charge-offs declined 10.5% to $3.9 million as compared to the same period last year;
  • The Company was able to repurchase 82,169 shares under the buyback program; and
  • The Company paid a cash dividend of $0.06 per share.

Second Quarter Results:

Net income for the quarter ended June 30, 2013 was $2.5 million or $0.17 per diluted share based upon 14,773,434 shares, compared to net income of $2.6 million, or $0.18 per diluted share based upon 14,658,235 shares, for the same period last year.

Revenue for the second quarter increased 6.7% to $15.7 million compared to $14.7 million for the same period in 2012, driven primarily by growth in lease revenue and rental income during the quarter. Revenue from leases was $10.4 million, up $0.4 million from the same period last year and rental income was $2.7 million, up $0.3 million as compared to the second quarter in 2012.  Other revenue components contributed $2.6 million for the current quarter, up $0.3 million from the same period last year.

Total operating expenses for the current quarter increased 12.2% to $11.6 million from $10.3 million in the second quarter of 2012. Selling, general and administrative expenses increased $0.8 million to $4.8 million due to increases in compensation related expenses due to increased headcount, increases in bank servicing fees and legal expenses. Headcount at June 30, 2013 was 156 as compared to 139 at the same date last year. The second quarter 2013 provision for credit losses increased to $4.7 million from $4.5 million for the same period in 2012 primarily to cover an increase in accounts greater than 90 days delinquent.  During the second quarter, net charge-offs decreased to $3.9 million from $4.4 million in the same period in 2012. Depreciation and amortization expense increased $0.2 million to $1.3 million for the quarter due to an increase in the number of rental and service contracts currently being depreciated. 

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