Element Financial announced ahead of plan originations and profitability and financial results for the first quarter of calendar 2012.

Highlights from the news release included:

Element reported new business volumes of $156.6 million during the quarter ended March 31, 2012, an increase of $139.8 million over the volumes reported for the three-month period ended March 31, 2011.

Newly launched Element Capital contributed $93.4 million to the new business volumes, ahead of plan, including a new vendor finance program with Bombardier Business Aircraft.

Element Financial contributed $63.2 million in new business volumes, ahead of plan, including an expanded program with E-Z-Go golf cart dealers.

Total revenues increased to $6.5 million during the current quarter, an increase of $5.8 million over the amount reported during the same quarter of the previous year.

“The financial results for the three-month-period ended March 31, 2012 reflect the transformation the company underwent in the previous year and the continuation of our business strategy to expand into new verticals”, stated Steven Hudson, chairman and chief executive officer of Element. “We are especially proud of the financial results of the Company during the current quarter which saw Element achieving before tax break-even status and a record level of originations all ahead of plan,” Hudson further indicated.”We are also excited about the continued prospects for Element Capital including a significant new vendor finance program with Bombardier” added Hudson.

To view the entire Q1 report, click here.