MicroFinancial Incorporated (NASDAQ: MFI), Woburn, Massachusetts announced net income revenues increased 7.7% to $12.9 million compared to same period last year of $1.9 million. At the same time, provision for credit losses decreased 8.6% to $5 million. Microfinancial also noted their revolving credit increased the revolving line of credit facility to $100 million under more favorable terms.
The company specializes in small ticket leasing, going as low as $500.
Richard Latour, President and Chief Executive Officer said, "The current economic environment continues to present many challenges to the financial services industry. In order to manage through these difficult times, we will continue to focus our efforts on maintaining a disciplined credit approach providing premium customer service, and offering attractive programs to our vendors and brokers.
" By remaining focused on our underwriting policies and credit quality, we have realized an 8.9% reduction in net charge-offs during the third quarter as compared to the second quarter of 2010, and a reduction of 22.6% as compared with the first quarter of 2010. Our solid performance was also instrumental in our ability to increase our revolving credit facility during the third quarter to $100 million under more favorable pricing and terms."
Third Quarter Report:
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