0001193125-12-435397.txt : 20121025 0001193125-12-435397.hdr.sgml : 20121025 20121025160634 ACCESSION NUMBER: 0001193125-12-435397 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20121024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121025 DATE AS OF CHANGE: 20121025 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: 121161535 BUSINESS ADDRESS: STREET 1: 16 NEW ENGLAND EXECUTIVE PARK STREET 2: SUITE 200 CITY: BURLINGTON STATE: MA ZIP: 01803 BUSINESS PHONE: 7819944800 MAIL ADDRESS: STREET 1: 16 NEW ENGLAND EXECUTIVE PARK STREET 2: SUITE 200 CITY: BURLINGTON STATE: MA ZIP: 01803 FORMER COMPANY: FORMER CONFORMED NAME: BOYLE LEASING TECHNOLOGIES INC DATE OF NAME CHANGE: 19980605 8-K 1 d430012d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

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 24, 2012

 

 

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)

16 New England Executive Park, Suite 200, Burlington MA 01803

(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)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02. Results of Operations and Financial Condition.

On October 24, 2012, the Registrant announced its results of operations for its third quarter and nine month period ended September 30, 2012. Pursuant to Form 8-K, General Instruction F, the Registrant hereby incorporates by reference the press release attached hereto as Exhibit 99.

 

Item 9.01. Financial Statements and Exhibits.

 

Exhibit

  

Exhibit Title

Exhibit 99

   Press Release dated October 24, 2012


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 R. Jackson, Jr.

  James R. Jackson, Jr.
  Vice President and Chief Financial Officer

Dated: October 25, 2012

EX-99 2 d430012dex99.htm PRESS RELEASE Press Release

Exhibit 99

 

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For Release October 24, 2012     Contact:
4:01 pm     Dave Mossberg
      Three Part Advisors, LLC
      Tel: 817-310-0051

MICROFINANCIAL INCORPORATED ANNOUNCES

THIRD QUARTER 2012 RESULTS

Burlington, MA – October 24, 2012 – MicroFinancial Incorporated (NASDAQ: MFI), a financial intermediary specializing in vendor-based leasing and finance programs for microticket transactions, today announced financial results for the third quarter and the nine months ended September 30, 2012.

Quarterly Highlights:

 

   

Net income was $2.3 million or $0.16 per diluted share based upon 14,716,500 shares;

 

   

Cash received from customers was $30.3 million or $2.06 per diluted share which represents an increase of 12.6% as compared to the same period last year;

 

   

Revenue increased by 9.2% to $15.0 million as compared to the same period last year;

 

   

Originations increased 19.1% to $23.3 million as compared to $19.6 million in the same period last year; and

 

   

The Company paid a cash dividend of $0.06 per share.

Third Quarter Results:

Net income for the quarter ended September 30, 2012 was $2.3 million or $0.16 per diluted share based upon 14,716,500 shares, compared to net income of $2.3 million, or $0.16 per diluted share based upon 14,538,910 shares, for the same period last year.

Revenue for the third quarter increased 9.2% to $15.0 million compared to $13.8 million for the same period in 2011, driven by growth in lease revenue and rental income during the quarter. Revenue from leases was $10.2 million, up $0.9 million from the same period last year and rental income was $2.5 million, up $0.3 million as compared to the third quarter in 2011. Other revenue components contributed $2.4 million for the current quarter, up $0.1 million from the same period last year.

Total operating expenses for the current quarter increased 11.5% to $11.1 million from $10.0 million in the third quarter of 2011. Selling, general and administrative expenses increased $0.6 million to $4.5 million as compared to the third quarter of last year due primarily to increases in compensation related expenses, contract labor expenses and marketing related expenses. Headcount at September 30, 2012 was 145 as compared to 133 at the same date last year. The third quarter 2012 provision for credit losses increased to $4.8 million from $4.5 million for the same period in 2011. During the third quarter, net charge-offs increased to $4.5 million from


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$4.2 million in the same period in 2011. Depreciation and amortization expense increased $0.2 million to $1.1 million for the quarter due to an increase in the number of rental contracts currently being depreciated.

Cash balances at September 30, 2012 were $2.6 million. Cash received from customers in the third quarter increased 12.6% to $30.3 million compared to $26.9 million during the same period in 2011. New lease originations in the quarter increased by $3.7 million to $23.3 million as compared to the same period last year.

Richard Latour, President and Chief Executive Officer said, “We are very pleased with the continued improvement in our financial performance in the third quarter of 2012. We continue to focus on our sales and marketing efforts. Through the first nine months of 2012, we have increased the number of lease applications processed by approximately 48% to 54,000 and increased our lease originations by approximately 21% to $68.8 million as compared to the same period last year.”

Year to Date Highlights:

 

   

Net income increased to $7.0 million or $0.47 per diluted share which represents an increase of 4.9% as compared to the same period last year;

 

   

Cash received from customers was $89.6 million or $6.10 per diluted share which represents an increase of 12.8% as compared to the same period last year;

 

   

Revenue increased by 8.4% to $44.0 million as compared to the same period last year; and

 

   

Originations increased 21.5% to $68.8 million as compared to $56.7 million in the same period last year.

Year to Date Results:

For the nine months ended September 30, 2012, net income increased by 4.9% to $7.0 million compared to net income of $6.6 million for the same period last year. Net income per diluted share year to date was $0.47 based on 14,669,997 shares compared to $0.46 based on 14,513,708 shares for the same period in 2011.

Year to date revenue for the nine months ended September 30, 2012 increased 8.4% to $44.0 million compared to $40.6 million during the same period in 2011. Revenue from leases was $29.7 million, up $2.2 million from the same period last year and rental income was $7.2 million, up $0.9 million from the prior period. Other revenue components contributed $7.1 million year to date, up $0.3 million from the same period last year. New contract originations year to date were $68.8 million compared to $56.7 million through the same period last year.

Total operating expenses for the nine months ended September 30, 2012 increased 8.5% to $32.3 million compared to $29.8 million for the same period last year. Selling, general and administrative expenses increased by 8.0% or $1.0 million to $12.8 million primarily due to increases in compensation related expenses associated with increased headcount. The provision


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for credit losses increased to $14.3 million for the nine months ended September 30, 2012, as compared to $13.5 million for the same period last year. Year to date net charge-offs increased 4.8% to $14.1 million as compared to $13.5 million for the same period last year. Year to date cash from customers increased by 12.8% or $10.2 million to $89.6 million as compared to $79.4 million for the same period last year.


MICROFINANCIAL INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

 

     September 30,     December 31,  
     2012     2011  
     (Unaudited)        
ASSETS   

Cash and cash equivalents

   $ 2,281      $ 2,452   

Restricted cash

     359        382   

Net investment in leases:

    

Receivables due in installments

     212,491        200,499   

Estimated residual value

     24,045        23,287   

Initial direct costs

     1,729        1,476   

Less:

    

Advance lease payments and deposits

     (3,334     (3,530

Unearned income

     (62,715     (59,946

Allowance for credit losses

     (13,359     (13,180
  

 

 

   

 

 

 

Net investment in leases

     158,857        148,606   

Investment in service contracts, net

     348        —     

Investment in rental contracts, net

     1,126        898   

Property and equipment, net

     1,609        1,911   

Other assets

     1,995        1,093   
  

 

 

   

 

 

 

Total assets

   $ 166,575      $ 155,342   
  

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
     September 30,     December 31,  
     2012     2011  

Revolving line of credit

   $ 69,312      $ 62,740   

Capital lease obligation

     —          1   

Accounts payable

     2,880        2,546   

Dividends payable

     34        19   

Other liabilities

     2,802        2,220   

Income taxes payable

     —          760   

Deferred income taxes

     10,969        11,333   
  

 

 

   

 

 

 

Total liabilities

     85,997        79,619   
  

 

 

   

 

 

 

Stockholders’ equity:

    

Preferred stock, $.01 par value; 5,000,000 shares authorized; no shares issued at September 30, 2012 and December 31, 2011

     —          —     

Common stock, $.01 par value; 25,000,000 shares authorized; 14,313,852 and 14,257,324 shares issued at September 30, 2012 and December 31, 2011, respectively

     143        143   

Additional paid-in capital

     47,215        46,727   

Retained earnings

     33,220        28,853   
  

 

 

   

 

 

 

Total stockholders’ equity

     80,578        75,723   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 166,575      $ 155,342   
  

 

 

   

 

 

 


MICROFINANCIAL INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

 

     Three Months Ended      Nine Months Ended  
     September 30,      September 30,  
     2012      2011      2012      2011  

Revenues:

           

Income on financing leases

   $ 10,160       $ 9,306       $ 29,715       $ 27,543   

Rental income

     2,462         2,192         7,181         6,271   

Income on service contracts

     95         97         265         308   

Loss and damage waiver fees

     1,370         1,241         3,978         3,662   

Service fees and other

     950         935         2,837         2,798   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues

     15,037         13,771         43,976         40,582   
  

 

 

    

 

 

    

 

 

    

 

 

 

Expenses:

           

Selling, general and administrative

     4,466         3,900         12,847         11,890   

Provision for credit losses

     4,847         4,517         14,291         13,520   

Depreciation and amortization

     1,083         873         3,156         2,337   

Interest

     747         700         2,035         2,043   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses

     11,143         9,990         32,329         29,790   
  

 

 

    

 

 

    

 

 

    

 

 

 

Income before provision for income taxes

     3,894         3,781         11,647         10,792   

Provision for income taxes

     1,587         1,456         4,688         4,155   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income

   $ 2,307       $ 2,325       $ 6,959       $ 6,637   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income per common share:

           

Basic

   $ 0.16       $ 0.16       $ 0.49       $ 0.47   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted

   $ 0.16       $ 0.16       $ 0.47       $ 0.46   
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted-average shares:

           

Basic

     14,311,900         14,253,702         14,297,888         14,244,074   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted

     14,716,500         14,538,910         14,669,997         14,513,708   
  

 

 

    

 

 

    

 

 

    

 

 

 


About the Company

MicroFinancial Inc. (NASDAQ: MFI), is a financial intermediary specializing in microticket leasing and financing. MicroFinancial has been operating since 1986, and is headquartered in Burlington, Massachusetts.

Statements in this release that are not historical facts, including statements about future dividends or growth plans, 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,” “will” and similar expressions are intended to identify forward-looking statements. We caution that a number of important factors could cause our actual results to differ materially from those expressed in any forward-looking statements made by us or on our behalf. Readers should not place undue reliance on forward-looking statements, which reflect our views only as of the date hereof. We undertake no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. We cannot assure that we will be able to anticipate or respond timely to changes which could adversely affect our operating results. Results of operations in any past period should not be considered indicative of results to be expected in future periods. Fluctuations in operating results or other factors may result in fluctuations in the price of our common stock. For a more complete description of the prominent risks and uncertainties inherent in our business, see the risk factors described in documents that we file from time to time with the Securities and Exchange Commission.

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