MicroFinancial reported net income for Q2/14 was $2.5 million compared to the Q2/13, which was also $2.5 million. Revenue for Q2 increased to $15.8 million compared to $15.7 million for the same period in 2013, driven primarily by growth in service contract revenues and rental income during the quarter.

Revenue from leases was $10.1 million, down $0.2 million from the same period last year and rental income was $2.8 million, up $0.1 million as compared to Q2/13.

Contract originations in the quarter increased 16.3% to $27.8 million as compared to $23.9 million in the same period last year. The company said it approved over 410 new dealers and brokers for the quarter which represents an increase of 41.9% as compared to the same period last year.

Year-to-date highlights included: contract originations increased 15.6% to $50.8 million as compared to the same period last year; and the company approved 748 new dealers and brokers year-to-date, which represents an increase of 37.5% over the same period last year.

Headcount at June 30, 2014 was 166 as compared to 156 at the same date last year. The second quarter 2014 provision for credit losses decreased to $4.4 million from $4.7 million for the same period in 2013 primarily as a result of lower delinquent account balances. During the second quarter, net charge-offs increased to $4.5 million from $3.9 million in the same period in 2013.

Richard Latour, president and CEO said, “We are very pleased with our overall performance through the first six months of 2014. During this period, we have continued to see an increased demand for the products and services we offer. We realized a 15% increase in the number of lease applications processed for a total of 43,345 applications and a 19% increase in application dollars for a total of over $258 million. The number of contracts funded during the first half of 2014 increased to 10,422 representing $50.8 million which represents increases of approximately 13% and 16% over 2013 performance, respectively.”

To read the entire MicroFinancial news release, click here.