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10-Q Filing

MICROFINANCIAL INC CIK: 827230 Q1 2013
Filing Information
Form Type 10-Q
Accession Number 0001193125-13-222329
Period End Date 20130331
Filing Date 20130515
Fiscal Year 2013
Fiscal Period Q1
XBRL Instance mfi-20130331.xml
Filing Contents
Balance Sheet 69 line items
Line Item Tag Value Unit Period
Preferred stock, par value PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, par value PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 5.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $3.56M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $2.49M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $2.96M USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 5.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $2.45M USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued - shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $1.21M USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued - shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $475.00K USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 25.00M shares Point-in-time
Receivables due in installments CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived $213.47M USD Point-in-time
Receivables due in installments CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived $212.53M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 25.00M shares Point-in-time
Estimated residual value CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty $24.18M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 14.50M shares Point-in-time
Estimated residual value CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty $23.83M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 14.47M shares Point-in-time
Initial direct costs CapitalLeasesNetInvestmentInDirectFinancingLeasesInitialDirectCosts $1.73M USD Point-in-time
Initial direct costs CapitalLeasesNetInvestmentInDirectFinancingLeasesInitialDirectCosts $1.75M USD Point-in-time
Advance lease payments and deposits AdvanceLeasePaymentsAndDeposits $3.15M USD Point-in-time
Advance lease payments and deposits AdvanceLeasePaymentsAndDeposits $3.28M USD Point-in-time
Unearned income CapitalLeasesNetInvestmentInDirectFinancingLeasesDeferredIncome $62.24M USD Point-in-time
Unearned income CapitalLeasesNetInvestmentInDirectFinancingLeasesDeferredIncome $60.94M USD Point-in-time
Allowance for credit losses CapitalLeasesNetInvestmentInDirectFinancingLeasesAllowanceForUncollectibleMinimumLeasePayments $14.04M USD Point-in-time
Allowance for credit losses CapitalLeasesNetInvestmentInDirectFinancingLeasesAllowanceForUncollectibleMinimumLeasePayments $14.75M USD Point-in-time
Net investment in leases CapitalLeasesNetInvestmentInDirectFinancingLeases $159.25M USD Point-in-time
Net investment in leases CapitalLeasesNetInvestmentInDirectFinancingLeases $159.83M USD Point-in-time
Investment in service contracts, net PropertySubjectToOrAvailableInServiceContractForOperatingLeaseNet $1.18M USD Point-in-time
Investment in service contracts, net PropertySubjectToOrAvailableInServiceContractForOperatingLeaseNet $797.00K USD Point-in-time
Investment in rental contracts, net InvestmentInRentalContractsNet $1.12M USD Point-in-time
Investment in rental contracts, net InvestmentInRentalContractsNet $1.04M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.62M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.53M USD Point-in-time
Other assets OtherAssets $1.66M USD Point-in-time
Other assets OtherAssets $1.54M USD Point-in-time
Total assets Assets $169.63M USD Point-in-time
Total assets Assets $168.15M USD Point-in-time
Revolving line of credit LineOfCredit $70.38M USD Point-in-time
Revolving line of credit LineOfCredit $69.25M USD Point-in-time
Accounts payable AccountsPayableCurrentAndNoncurrent $3.22M USD Point-in-time
Accounts payable AccountsPayableCurrentAndNoncurrent $2.38M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $39.00K USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $40.00K USD Point-in-time
Other liabilities OtherLiabilities $2.62M USD Point-in-time
Other liabilities OtherLiabilities $2.54M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $1.01M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $653.00K USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilities $8.89M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilities $10.40M USD Point-in-time
Total liabilities Liabilities $87.24M USD Point-in-time
Total liabilities Liabilities $84.20M USD Point-in-time
Preferred stock, $.01 par value; 5,000,000 shares authorized; no shares issued at March 31, 2013 and December 31, 2012 PreferredStockValue - USD Point-in-time
Preferred stock, $.01 par value; 5,000,000 shares authorized; no shares issued at March 31, 2013 and December 31, 2012 PreferredStockValue - USD Point-in-time
Common stock, $.01 par value; 25,000,000 shares authorized; 14,501,080 and 14,470,219 shares issued at March 31, 2013, and December 31, 2012, respectively CommonStockValue $145.00K USD Point-in-time
Common stock, $.01 par value; 25,000,000 shares authorized; 14,501,080 and 14,470,219 shares issued at March 31, 2013, and December 31, 2012, respectively CommonStockValue $145.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $47.50M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $47.67M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $36.13M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $34.75M USD Point-in-time
Total stockholders' equity StockholdersEquity $83.95M USD Point-in-time
Total stockholders' equity StockholdersEquity $82.39M USD Point-in-time
Total stockholders' equity StockholdersEquity $75.72M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $168.15M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $169.63M USD Point-in-time
Income Statement 37 line items
Line Item Tag Value Unit Period
Income on financing leases CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue $10.20M USD 1 Quarter
Income on financing leases CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue $9.63M USD 1 Quarter
Rental income RentIncome $2.32M USD 1 Quarter
Rental income RentIncome $2.50M USD 1 Quarter
Income on service contracts IncomeOnServiceContracts $176.00K USD 1 Quarter
Income on service contracts IncomeOnServiceContracts $85.00K USD 1 Quarter
Loss and damage waiver fees LossAndDamageWaiverFees $1.29M USD 1 Quarter
Loss and damage waiver fees LossAndDamageWaiverFees $1.44M USD 1 Quarter
Service fees and other RevenueOtherFinancialServices $920.00K USD 1 Quarter
Service fees and other RevenueOtherFinancialServices $971.00K USD 1 Quarter
Total revenues Revenues $15.29M USD 1 Quarter
Total revenues Revenues $14.24M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $4.36M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $4.66M USD 1 Quarter
Provision for credit losses ProvisionForLoanAndLeaseLosses $4.90M USD 1 Quarter
Provision for credit losses ProvisionForLoanAndLeaseLosses $4.88M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.01M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.30M USD 1 Quarter
Interest InterestExpense $670.00K USD 1 Quarter
Interest InterestExpense $633.00K USD 1 Quarter
Total expenses CostsAndExpenses $10.89M USD 1 Quarter
Total expenses CostsAndExpenses $11.52M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $3.78M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $3.35M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $1.34M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $1.51M USD 1 Quarter
Net income NetIncomeLoss $9.35M USD Annual
Net income NetIncomeLoss $2.27M USD 1 Quarter
Net income NetIncomeLoss $2.01M USD 1 Quarter
Net income per common share - basic EarningsPerShareBasic $0.14 USD 1 Quarter
Net income per common share - basic EarningsPerShareBasic $0.16 USD 1 Quarter
Net income per common share - diluted EarningsPerShareDiluted $0.15 USD 1 Quarter
Net income per common share - diluted EarningsPerShareDiluted $0.14 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 14.50M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 14.28M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 14.60M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 14.79M shares 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Cash received from customers ProceedsFromCustomers $29.12M USD 1 Quarter
Cash received from customers ProceedsFromCustomers $31.05M USD 1 Quarter
Cash paid to suppliers and employees PaymentsToSuppliersAndEmployees $6.41M USD 1 Quarter
Cash paid to suppliers and employees PaymentsToSuppliersAndEmployees $5.13M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $2.66M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $1.16M USD 1 Quarter
Interest paid InterestPaid $556.00K USD 1 Quarter
Interest paid InterestPaid $600.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $22.27M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $21.38M USD 1 Quarter
Investment in lease and service contracts PaymentsToAcquireLeasesHeldForInvestment $21.18M USD 1 Quarter
Investment in lease and service contracts PaymentsToAcquireLeasesHeldForInvestment $20.06M USD 1 Quarter
Investment in direct costs PaymentForInvestmentInDirectCosts $348.00K USD 1 Quarter
Investment in direct costs PaymentForInvestmentInDirectCosts $336.00K USD 1 Quarter
Investment in property and equipment PaymentsToAcquirePropertyPlantAndEquipment $95.00K USD 1 Quarter
Investment in property and equipment PaymentsToAcquirePropertyPlantAndEquipment $198.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-20.60M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-21.62M USD 1 Quarter
Proceeds from secured debt ProceedsFromLinesOfCredit $29.55M USD 1 Quarter
Proceeds from secured debt ProceedsFromLinesOfCredit $31.60M USD 1 Quarter
Repayment of secured debt RepaymentsOfLinesOfCredit $32.73M USD 1 Quarter
Repayment of secured debt RepaymentsOfLinesOfCredit $29.31M USD 1 Quarter
Decrease in restricted cash IncreaseDecreaseInRestrictedCash $-13.00K USD 1 Quarter
Decrease in restricted cash IncreaseDecreaseInRestrictedCash $-738.00K USD 1 Quarter
Repayment of capital lease obligation RepaymentsOfLongTermCapitalLeaseObligations $1.00K USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $112.00K USD 1 Quarter
Payment of dividends PaymentsOfDividendsCommonStock $880.00K USD 1 Quarter
Payment of dividends PaymentsOfDividendsCommonStock $861.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-608.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-1.38M USD 1 Quarter
Net change in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $35.00K USD 1 Quarter
Net change in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-598.00K USD 1 Quarter
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $3.56M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $2.49M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $2.96M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $2.45M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $3.56M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $2.49M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $2.96M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $2.45M USD Point-in-time
Net income NetIncomeLoss $9.35M USD Annual
Net income NetIncomeLoss $2.27M USD 1 Quarter
Net income NetIncomeLoss $2.01M USD 1 Quarter
Amortization of unearned income, net of initial direct costs AmortizationOfUnearnedIncomeNetOfInitialDirectCosts $9.63M USD 1 Quarter
Amortization of unearned income, net of initial direct costs AmortizationOfUnearnedIncomeNetOfInitialDirectCosts $10.20M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.01M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.30M USD 1 Quarter
Provision for credit losses ProvisionForLoanAndLeaseLosses $4.90M USD 1 Quarter
Provision for credit losses ProvisionForLoanAndLeaseLosses $4.88M USD 1 Quarter
Recovery of equipment cost and residual value RecoveryOfEquipmentCostAndResidualValue $23.09M USD 1 Quarter
Recovery of equipment cost and residual value RecoveryOfEquipmentCostAndResidualValue $24.69M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $61.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $45.00K USD 1 Quarter
Increase (decrease) in deferred income tax liability DeferredIncomeTaxExpenseBenefit $268.00K USD 1 Quarter
Increase (decrease) in deferred income tax liability DeferredIncomeTaxExpenseBenefit $-1.51M USD 1 Quarter
Increase (decrease) in income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $362.00K USD 1 Quarter
Increase (decrease) in income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $-88.00K USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-150.00K USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-117.00K USD 1 Quarter
Increase (decrease) in accounts payable IncreaseDecreaseInAccountsPayable $89.00K USD 1 Quarter
Increase (decrease) in accounts payable IncreaseDecreaseInAccountsPayable $-622.00K USD 1 Quarter
Increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $428.00K USD 1 Quarter
Increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $40.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $22.27M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $21.38M USD 1 Quarter
Acquisition of property and equipment through lease incentives LeaseholdImprovementsLandlordIncentives $39.00K USD 1 Quarter
Fair market value of stock issued for compensation StockIssued1 $210.00K USD 1 Quarter
Fair market value of stock issued for compensation StockIssued1 $221.00K USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Common stock dividends per share CommonStockDividendsPerShareCashPaid $0.24 USD Annual
Common stock dividends per share CommonStockDividendsPerShareCashPaid $0.06 USD 1 Quarter
Balance, Beginning StockholdersEquity $83.95M USD Point-in-time
Balance, Beginning StockholdersEquity $82.39M USD Point-in-time
Balance, Beginning StockholdersEquity $75.72M USD Point-in-time
Stock issued for deferred compensation StockIssuedDuringPeriodValueShareBasedCompensation $221.00K USD 1 Quarter
Stock issued for deferred compensation StockIssuedDuringPeriodValueShareBasedCompensation $346.00K USD Annual
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $191.00K USD Annual
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $61.00K USD 1 Quarter
Stock repurchase program StockRepurchasedDuringPeriodValue $112.00K USD 1 Quarter
Stock options exercised StockIssuedDuringPeriodValueStockOptionsExercised $238.00K USD Annual
Stock options exercised, shares StockIssuedDuringPeriodSharesStockOptionsExercised 0.00 shares 1 Quarter
Common stock dividends ($0.24 and $0.06 for year 2012 and 2013 respectively) DividendsCommonStockCash $878.00K USD 1 Quarter
Common stock dividends ($0.24 and $0.06 for year 2012 and 2013 respectively) DividendsCommonStockCash $3.46M USD Annual
Net income NetIncomeLoss $9.35M USD Annual
Net income NetIncomeLoss $2.27M USD 1 Quarter
Net income NetIncomeLoss $2.01M USD 1 Quarter
Balance, Ending StockholdersEquity $83.95M USD Point-in-time
Balance, Ending StockholdersEquity $82.39M USD Point-in-time
Balance, Ending StockholdersEquity $75.72M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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