-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NVXv2eyltKZT83eacekXHAzyVzCmYsVp2fPd/mWh2s+iOER8b7+Rmos1EP4C+jXw 0DjmNTcUJNvNWbCEVy4JYg== 0000908662-02-000218.txt : 20021011 0000908662-02-000218.hdr.sgml : 20021011 20021011131921 ACCESSION NUMBER: 0000908662-02-000218 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20021011 ITEM INFORMATION: Other events FILED AS OF DATE: 20021011 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICROFINANCIAL INC CENTRAL INDEX KEY: 0000827230 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159] IRS NUMBER: 042962824 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14771 FILM NUMBER: 02787235 BUSINESS ADDRESS: STREET 1: 950 WINTER STREET CITY: WALTHAM STATE: MA ZIP: 02154 BUSINESS PHONE: 7818900177 MAIL ADDRESS: STREET 1: 950 WINTER STREET CITY: WALTHAM STATE: MA ZIP: 02154 FORMER COMPANY: FORMER CONFORMED NAME: BOYLE LEASING TECHNOLOGIES INC DATE OF NAME CHANGE: 19980605 8-K 1 form_8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): October 11, 2002 ------------------------------------------------------------------ MICROFINANCIAL INCORPORATED --------------------------- (Exact name of registrant as specified in its charter) MASSACHUSETTS ------------- (State or other jurisdiction of incorporation) 1-14771 04-2962824 ------------------------------------------- (Commission file number) (IRS Employer Identification Number) 950 WINTER STREET, WALTHAM, MASSACHUSETTS 02451 ----------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (781) 890-0177 ------------------------------------------------------------------ Item 5. Other Events. ------------ Pursuant to Form 8-K, General Instructions F, Registrant hereby incorporates by reference the two press releases attached hereto as Exhibits 99(a) and 99(b). Exhibit Exhibit Title ------- ------------- Exhibit 99(a) Press Release dated October 11, 2002 Exhibit 99(b) Press Release dated October 11, 2002 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MICROFINANCIAL INCORPORATED Registrant By: /s/ Richard F. Latour ------------------------------------------ Richard F. Latour President Dated: October 11, 2002 EX-99 3 exh_99a.txt EXHIBIT 99(A)-PRESS RELEASE Exhibit 99(a) Press Release MicroFinancial Announces Richard Latour Named Chief Executive Officer WALTHAM, Mass.--Oct. 11, 2002--MicroFinancial Incorporated (NYSE-MFI), a leader in Microticket leasing and finance, announced Richard Latour, President and Chief Operating Officer will assume the additional role and title of Chief Executive Officer. In addition, Peter Bleyleben, Ph.D will resign as Chief Executive Officer, but will remain as Chairman of the Board. Chairman of the Board Peter Bleyleben, Ph.D, commented, "The board of directors and I believe that Richard Latour is the best candidate to lead MicroFinancial in its pursuit of new strategic opportunities that should increase shareholder value overtime." Richard Latour, President and Chief Operating Officer, stated, "We would like to thank Peter for his significant contributions and services to the Company over the past fifteen years. Peter will continue to be a member of the team and we look forward to his ongoing guidance and support." MicroFinancial Inc. (NYSE: MFI), headquartered in Waltham, MA, and with additional locations in Woburn, MA and Herndon, VA, is a financial intermediary specializing in leasing and financing for products in the $500 to $10,000 range. The company has been in operation since 1986 and has been profitable each year since 1987. Statements in this release that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, words such as "believes," "anticipates," "expects," "views, " and similar expressions are intended to identify forward-looking statements. The Company cautions that a number of important factors could cause actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Readers should not place undue reliance on forward-looking statements, which reflect the management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure that it will be able to anticipate or respond timely to changes which could adversely affect its operating results in one or more fiscal quarters. Results of operations in any past period should not be considered indicative of results to be expected in future periods. Fluctuations in operating results may result in fluctuations in the price of the Company's common stock. For a more complete description of the prominent risks and uncertainties inherent in the Company's business, see the risk factors described in documents the Company files from time to time with the Securities and Exchange Commission. Contact: MicroFinancial Inc. Richard F. Latour, 781/890-0177 President & COO Fax: 781/890-1368 EX-99 4 exh_99b.txt EXHIBIT 99(B)-PRESS RELEASE Exhibit 99(b) Press Release MicroFinancial Announces New Business Strategy To Leverage Technology And Servicing Platform Management De-emphasizing New Loan Originations WALTHAM, Mass.--Oct. 11, 2002--MicroFinancial Incorporated (NYSE-MFI), a leader in Microticket leasing and finance, announced a new business strategy to leverage the Company's technology and loan servicing platform. As part of this new business strategy, in recognition of the difficult financing environment, management intends to immediately de-emphasize new loan originations until new financing solutions are secured. Richard Latour, President and Chief Operating Officer stated, "Based on a thorough analysis of our strategic business strengths and the current financing environment, we have determined it is in our best interests to pursue a business strategy that leverages our core technology and services platform. The Company will simultaneously continue to collect on our existing portfolio. Our intent is to reduce new lease originations and focus on a better credit quality lessee. Credit quality in the current lending environment has caused some of our core microticket financing business to become unattractive. As we re-prioritized our business objectives, we determined it was in the best interests of shareholders to focus on our core strengths in an effort to maximize shareholder returns." The Company's new business strategy will de-emphasize loan originations and result in approximately a 31% reduction in the workforce in this area. The Company's collection, servicing and technology staff will essentially remain unaffected. The Company's existing revolving credit facilities have been converted to three-year term loans, as provided for under the existing agreements. Management's goal is to create long term shareholder value by balancing the pursuit of several strategic alternatives over the next three years, including the continued collection of the existing portfolio, focusing the Microticket leasing business on better quality lessees, and seeking to secure new financing. MicroFinancial will host a teleconference and webcast today at 9:00 am ET. The webcast can be located at www.microfinancial.com under the investor relations section of the website. MicroFinancial will report third quarter earnings on October 23, 2002 after the market closes and host a teleconference and webcast at 5:00 pm ET. The webcast can be located at www.microfinancial.com under the investor relations section of the website. MicroFinancial Inc. (NYSE: MFI), headquartered in Waltham, MA, and with additional locations in Woburn, MA and Herndon, VA, is a financial intermediary specializing in leasing and financing for products in the $500 to $10,000 range. The company has been in operation since 1986 and has been profitable each year since 1987. Statements in this release that are not historical facts and in particular statements in this release relating to anticipated results of the implementation of the Company's new business strategy, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, words such as "believes," "anticipates," `"expects," "views, " and similar expressions are intended to identify forward-looking statements. The Company cautions that a number of important factors could cause actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Readers should not place undue reliance on forward-looking statements, which reflect the management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure that it will be able to anticipate or respond timely to changes which could adversely affect its liquidity or operating results in one or more fiscal quarters. Results of operations in any past period should not be considered indicative of results to be expected in future periods. Fluctuations in operating results may result in fluctuations in the price of the Company's common stock. For a more complete description of the prominent risks and uncertainties inherent in the Company's business, see the risk factors described in documents the Company files from time to time with the Securities and Exchange Commission. Contact: MicroFinancial Incorporated, Waltham Richard F. Latour, 781/890-0177 Fax: 781/890-1368 -----END PRIVACY-ENHANCED MESSAGE-----