Entering text into the input field will update the search result below

Microfinancial Smooth Sailing to Better Profits

Apr. 22, 2011 12:46 PM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.


 

MicroFinancial (NASCAQ-MFI), Burlington, Massachusetts, the leader in the micro lease marketplace, reported net income of $2 million for the first quarter of 2011 compared to $600,000 first quarter of 2010. Revenue was up to $13.3 million compared to $12.3 million the previous quarter as operating expenses decreased from $11.4 million the previous quarter to $10 mill this first quarter.

"Our net investment in leases at the end of the first quarter was approximately $140 million, an increase of approximately 11% over the same period in 2010," Richard Latour, President and Chief Executive Officer said. "We have continued to maintain a conservative leverage ratio at less than 1.1 times debt to shareholder equity. We are also pleased to see that our delinquency levels and net charge offs dropped considerably for the quarter. From an operational standpoint we had a very good quarter in signing up new vendors in that we approved slightly over 450 new vendors."

Full 8-K Report:
http://www.leasingnews.org/PDF/MicroFinancialIncorporated_8K_20110421.pdf

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.