MicroFinancial announced net income for the fourth quarter of 2013 increased to $2.5 million, up from 2.4 million for the fourth quarter of 2012 on revenue that increased 3.0% to $15.8 million. Full year 2013 net income of $9.76 million was up from $9.35 million one year earlier on higher revenues of $62.5 million compared to $59.3 million in 2012.

The company said the number of new contracts originated in 2013 increased by 7.6% to 19,051, however, due to our continued focus on micro-ticket transactions, the average funded amount declined from approximately $5,200 in 2012 to $4,800 in 2013. As a result of this decline, new contract originations for the year ended December 31, 2013 declined slightly to $90.6 million as compared to $91.7 million in the prior year.

Headcount at December 31, 2013 was 155, which increased from 152 at the end of 2012.

Richard Latour, president and chief executive officer said, “We are very pleased with our operating results for 2013. We increased net income to $9.8 million and cash receipts to $130.8 million. We successfully launched our new E-Commerce initiative in the fourth quarter of 2013 which provides our dealer base with an additional method to increase their on-line sales efforts and allows lessees a quick and efficient method to finance their on-line shopping carts from our approved vendor base. Our continued investments in sales and marketing initiatives resulted in an 8% growth in dollars of applications over last year to $446 million and a 4% increase in approved applications to $237 million in 2013.”

To read the MicroFinancial news release click here.