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."
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