MicroFinancial reported net income for the quarter ended June 30, 2013 was $2.5 million compared to net income of $2.6 million for the same period last year. Revenue for the second quarter increased 6.7% to $15.7 million compared to $14.7 million for the same period in 2012, driven primarily by growth in lease revenue and rental income during the quarter. New lease originations in the quarter remained flat at $23.9 million as compared to the same period last year.

Richard Latour, president and chief executive officer said, “We are pleased with our continued improvement in our overall financial performance. Although originations in the second quarter were flat year over year, we did see an increase of 19% quarter over quarter. We also had increases of 7.0% and 13.1% in the number of applications and leases over the same period last year. The primary reason for the flat originations year over year was due to our continued focus on micro-ticket products which resulted in a decline in our average funded amount from approximately $5,500 in the second quarter of 2012 to $4,900 in the second quarter of 2013. In addition, we realized increases in revenues and cash receipts over the same period last year along with lower net charge-offs. Lastly, we signed up 289 new vendors for the quarter.”

To read the MicroFinancial news release click here.