Mi­cro­fi­nan­cial In­cor­po­rated re­ports 3Q profit

The Pak Banker - - Front Page -

BURLING­TON, MA

Mi­cro­Fi­nan­cial In­cor­po­rated, a fi­nan­cial in­ter­me­di­ary spe­cial­iz­ing in ven­dor­based leas­ing and fi­nance pro­grams for mi­croticket transactions, to­day an­nounced fi­nan­cial re­sults for the third quar­ter and the nine months ended Septem­ber 30, 2012.

Net in­come was $2.3 mil­lion or $0.16 per di­luted share based upon 14,716,500 shares; cash re­ceived from cus­tomers was $30.3 mil­lion or $2.06 per di­luted share which rep­re­sents an in­crease of 12.6% as com­pared to the same pe­riod last year; rev­enue in­creased by 9.2% to $15.0 mil­lion as com­pared to the same pe­riod last year; orig­i­na­tions in­creased 19.1% to $23.3 mil­lion as com­pared to $19.6 mil­lion in the same pe­riod last year; and The Com­pany paid a cash div­i­dend of $0.06 per share.

Net in­come for the quar­ter ended Septem­ber 30, 2012 was $2.3 mil­lion or $0.16 per di­luted share based upon 14,716,500 shares, com­pared to net in­come of $2.3 mil­lion, or $0.16 per di­luted share based upon 14,538,910 shares, for the same pe­riod last year.

Rev­enue for the third quar­ter in­creased 9.2% to $15.0 mil­lion com­pared to $13.8 mil­lion for the same pe­riod in 2011, driven by growth in lease rev­enue and rental in­come dur­ing the quar­ter. Rev­enue from leases was $10.2 mil­lion, up $0.9 mil­lion from the same pe­riod last year and rental in­come was $2.5 mil­lion, up $0.3 mil­lion as com­pared to the third quar­ter in 2011. Other rev­enue com­po­nents con­trib­uted $2.4 mil­lion for the cur­rent quar­ter, up $0.1 mil­lion from the same pe­riod last year.

To­tal oper­at­ing ex­penses for the cur­rent quar­ter in­creased 11.5% to $11.1 mil­lion from $10.0 mil­lion in the third quar­ter of 2011. Sell­ing, gen­eral and ad­min­is­tra­tive ex­penses in­creased $0.6 mil­lion to $4.5 mil­lion as com­pared to the third quar­ter of last year due pri­mar­ily to in­creases in com­pen­sa­tion re­lated ex­penses, con­tract la­bor ex­penses and mar­ket­ing re­lated ex­penses. Head­count at Septem­ber 30, 2012 was 145 as com­pared to 133 at the same date last year. The third quar­ter 2012 pro­vi­sion for credit losses in­creased to $4.8 mil­lion from $4.5 mil­lion for the same pe­riod in 2011.

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