-----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, OHgfVaIk3WzB6BHUvuIzsRgTa/ETukDj8MhIFrgovaZdiXOUnk/yse9OBFtqBkIc Q58EMHlZqHQEf2aVtG1NiA== 0000908662-04-000075.txt : 20040402 0000908662-04-000075.hdr.sgml : 20040402 20040402132023 ACCESSION NUMBER: 0000908662-04-000075 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040401 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040402 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: 04712734 BUSINESS ADDRESS: STREET 1: 10 M COMMERCE WAY CITY: WOBURN STATE: MA ZIP: 01801 BUSINESS PHONE: 7819944800 MAIL ADDRESS: STREET 1: 10 M COMMERCE WAY CITY: WOBURN STATE: MA ZIP: 01801 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): April 1, 2004 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) 10-M Commerce Way, Woburn, MA 01801 -------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 781-994-4800 ---------------------------------------------------------------- N/A --- (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits. --------------------------------- Exhibit Exhibit Title ------- ------------- Exhibit 99 Press Release dated April 1, 2004 Item 12. Results of Operations and Financial Condition. --------------------------------------------- Pursuant to Form 8-K, General Instructions F, Registrant hereby incorporates by reference the press release attached hereto as Exhibit 99. 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/ James Jackson ------------------------------------ James Jackson Vice President and Chief Financial Officer Dated: April 1, 2004 EX-99 3 exh_99.txt PRESS RELEASE DATED 4/1/04 Exhibit 99 For Release April 1 Contact: 4:01 pm Richard F. Latour President and CEO Tel: 781-994-4800 MICROFINANCIAL INCORPORATED Company Awarded $23 Million Judgment Woburn, MA--April 1, 2004 MicroFinancial Incorporated (NYSE-MFI), announced today that the company was awarded a $23 million judgment. In the first quarter of 2000, the Company had filed an action in the United States District Court for the District of Massachusetts against Sentinel Insurance Company, Ltd., ("Sentinel"), Premier Holidays International, Inc., ("Premier") and Daniel DelPiano ("DelPiano") arising from Premier's October 1999 default on its repayment obligations to the Company under a $12 million loan. Judgment has been entered in this case against Sentinel, which had issued a business performance insurance policy guaranteeing repayment of the loan in the amount of $14 million. This judgment has not been satisfied. Sentinel is currently undergoing liquidation proceedings and a claim in this amount has been filed with the bankruptcy court. The Company's case against Premier and DelPiano was tried in November 2003, and was decided by the Court in March 2004. The Court entered a judgment for the Company against Premier and DelPiano, jointly and severally, on all of the Company's counts, including fraud and violation of Massachusetts General Laws, Chapter 9A, and dismissing with prejudice all of Premier and DelPiano's claims and counterclaims. The Court awarded the Company $23 million in damages. Collection of this award is not assumed and therefore it is not reflected in the Company's financial statements. "This legal matter is now behind us. The Company is pleased with the court's findings in favor of our position on all counts, specifically on the finding of fraud committed by Premier and DelPiano, and on the full dismissal with prejudice of the counterclaims filed against us." stated Mr. Richard Latour, President and CEO. The Company also announced today that it continues to reduce its outstanding debt obligations during 2004 beyond original expectations. "As of April 1, 2004, the senior credit facility debt balance outstanding was $35.7 million, compared to an expected $41.0 million for the same period, as stated in the bank agreement. Total interest bearing debt stands at $39.9 million as of April 1, 2004, compared to $62.1 million on December 31, 2003" concluded Mr. Latour. About Microfinancial MicroFinancial Inc. (NYSE: MFI), headquartered in Woburn, MA, 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. 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. -----END PRIVACY-ENHANCED MESSAGE-----