Marlin Capital Solutions reported first quarter 2019 net income of $5.1 million, or $0.41 per diluted share, compared with net income of $6.2 million, or $0.50 per share a year ago.
First quarter net income on an adjusted basis was $5.0 million, or $0.40 per diluted share, compared with $6.2 million or $0.50 per diluted share a year ago.
First quarter highlights also included:
Jeffrey A. Hilzinger, Marlin’s president and CEO, commented, “We enjoyed a solid start to 2019 as strong execution delivered excellent origination volume growth and stable portfolio performance. First quarter total sourced origination volume was $208.4 million, up 27.1% year-over-year, and a record for a first quarter. Growth in the quarter was driven by increased customer demand for both our Equipment Finance and Working Capital Loan products and was strong in both our Direct and Indirect origination channels. We also referred or sold $56.5 million of leases and loans as part of our capital markets initiatives. Because of these origination and capital markets activities, our Net Investment in Leases and Loans is now consistently in excess of $1 billion and up 10% from a year ago. Total managed assets, which includes both our balance sheet portfolio and assets we sell but continue to service for others, grew to more than $1.2 billion, an increase of 19.1% from the first quarter last year. In addition, our focus on maintaining disciplined underwriting standards continues to be a top priority and portfolio performance during the quarter was stable and within expectations.”
Hilzinger concluded, “First quarter net income of $0.41 per diluted share was negatively impacted by $0.04 because of the timing of expense recognition due to the adoption of a new lease accounting standard. We expect the timing impact to normalize over the course of the year and we continue to expect earnings to be more heavily-weighted towards the second half of 2019, as our recent investments in our salesforce continue to generate returns. Importantly, we are affirming our previously issued earnings guidance for the full year.”
Marlin is affirming its previously issued guidance for the full year ending December 31, 2019 as follows:
Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!