Microfinancial Incorporated reports 3Q profit
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.