MicroFinancial FY Earnings Up 70% on Higher Revenues

FEB 6, 2012 - 8:25 am

MicroFinancial reported net income for the fourth quarter and full year ended December 31, 2011 was $2.4 million and $9.0 million, respectively up 54.5% and 69.8% from $1.5 million and $5.3 million for the same periods in 2010.

The company said revenues were up $1.0 million and $3.7 million for the fourth quarter and full year 2011, respectively compared to 2010 and also noted declines in credit loss charges of $1.0 million (Q4) and $4.9 million (FY) versus the same 2010 periods. 2011 net charge-offs of $18.2 million declined 23.8% compared to $23.9 million in 2010.

Other highlights included:

New contract originations for the year ended December 31, 2011 were flat at $78.2 million versus the prior year.

Headcount at year-end 2011 was 135, which increased from 118 at the end of 2010.

Total assets increased by 8.2% from $143.6 million in 2010 to $155.3 million.

Opened a full service west coast office in Westlake Village, CA.

Richard Latour, president and chief executive officer said, “We continued to improve the financial performance of the company in 2011 by successfully executing on several strategic initiatives. The continued focus over the past couple of years on improvements to credit quality, increased marketing initiatives to drive new customer relationships, and stringent cost containment measures played a significant role in improving 2011 results.”

To read the full MicroFinancial news release click here.

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