MicroFinancial Reports Higher Q3 Earnings; Volume Up 26%
OCT 16, 2014 - 7:12 am
MicroFinancial reported Q3/14 net income was $2.9 million compared to net income of $2.6 million for the same period last year. Revenue increased 3.1% to $16.2 million compared to $15.7 million for the same period in 2013, driven by growth in lease revenue, service contract revenue and fee income during the quarter.
The company said Q3/14 originations increased by 25.8% to $29.7 million as compared to $23.6 million in Q3/13. Year-to-date through September originations increased by 19.2% to $80.5 million as compared to $67.6 million in the same period last year.
Richard Latour, president and CEO said, “We are very pleased with our overall performance through the first nine months of 2014. During this period, we have continued to see an increased demand for the products and services we offer. We realized a 21% increase in the number of lease applications processed for a total of 70,069 applications and a 20% increase in application dollars for a total of over $404 million. The number of contracts funded during the first nine months of 2014 increased to 16,624 representing $80.5 million which represents increases of approximately 17% and 19% over 2013 performance, respectively. Through September, we also increased the number of new vendor approvals for 2014 to a total of 1,108 which represents an increase of 40% over the 790 vendors approved over the same period in 2013.”
To view the full MicroFinancial news release, click here.
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