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10-Q Filing

MICROFINANCIAL INC CIK: 827230 Q1 2014
Filing Information
Form Type 10-Q
Accession Number 0001193125-14-201174
Period End Date 20140331
Filing Date 20140515
Fiscal Year 2014
Fiscal Period Q1
XBRL Instance mfi-20140331.xml
Balance Sheet 74 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
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 $3.56M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $2.45M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $2.25M USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 5.00M shares Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued - shares Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued - shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $1.62M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $1.11M 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
Common stock, shares authorized CommonStockSharesAuthorized 25.00M shares Point-in-time
Receivables due in installments CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived $211.76M USD Point-in-time
Receivables due in installments CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived $214.63M USD Point-in-time
Estimated residual value CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty $23.07M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 14.44M shares Point-in-time
Estimated residual value CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty $22.62M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 14.42M shares Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 14.42M shares Point-in-time
Initial direct costs CapitalLeasesNetInvestmentInDirectFinancingLeasesInitialDirectCosts $1.73M USD Point-in-time
Initial direct costs CapitalLeasesNetInvestmentInDirectFinancingLeasesInitialDirectCosts $1.82M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 14.44M shares Point-in-time
Advance lease payments and deposits AdvanceLeasePaymentsAndDeposits $2.97M USD Point-in-time
Advance lease payments and deposits AdvanceLeasePaymentsAndDeposits $3.01M USD Point-in-time
Unearned income CapitalLeasesNetInvestmentInDirectFinancingLeasesDeferredIncome $58.77M USD Point-in-time
Unearned income CapitalLeasesNetInvestmentInDirectFinancingLeasesDeferredIncome $57.36M USD Point-in-time
Allowance for credit losses FinancingReceivableAllowanceForCreditLosses $15.38M USD Point-in-time
Allowance for credit losses FinancingReceivableAllowanceForCreditLosses $14.75M USD Point-in-time
Allowance for credit losses FinancingReceivableAllowanceForCreditLosses $14.56M USD Point-in-time
Allowance for credit losses FinancingReceivableAllowanceForCreditLosses $14.04M USD Point-in-time
Net investment in leases CapitalLeasesNetInvestmentInDirectFinancingLeases $162.27M USD Point-in-time
Net investment in leases CapitalLeasesNetInvestmentInDirectFinancingLeases $161.30M USD Point-in-time
Investment in service contracts, net InvestmentInServiceContractsNet $2.06M USD Point-in-time
Investment in service contracts, net InvestmentInServiceContractsNet $2.25M USD Point-in-time
Investment in rental contracts, net InvestmentInRentalContractsNet $1.06M USD Point-in-time
Investment in rental contracts, net InvestmentInRentalContractsNet $1.06M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.36M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.33M USD Point-in-time
Other assets OtherAssets $2.98M USD Point-in-time
Other assets OtherAssets $1.47M USD Point-in-time
Total assets Assets $171.51M USD Point-in-time
Total assets Assets $173.05M USD Point-in-time
Revolving line of credit LineOfCredit $71.14M USD Point-in-time
Revolving line of credit LineOfCredit $72.57M USD Point-in-time
Accounts payable AccountsPayableCurrentAndNoncurrent $2.99M USD Point-in-time
Accounts payable AccountsPayableCurrentAndNoncurrent $3.09M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $57.00K USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $63.00K USD Point-in-time
Other liabilities OtherLiabilities $2.27M USD Point-in-time
Other liabilities OtherLiabilities $1.96M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $1.90M USD Point-in-time
Deferred income taxes DeferredTaxAssetsLiabilitiesNet $-3.96M USD Point-in-time
Deferred income taxes DeferredTaxAssetsLiabilitiesNet $-6.68M USD Point-in-time
Total liabilities Liabilities $84.57M USD Point-in-time
Total liabilities Liabilities $82.11M USD Point-in-time
Commitments and contingencies (Note H) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note H) CommitmentsAndContingencies - USD Point-in-time
Preferred stock, $.01 par value; 5,000,000 shares authorized; no shares issued at March 31, 2014, and December 31, 2013 PreferredStockValue - USD Point-in-time
Preferred stock, $.01 par value; 5,000,000 shares authorized; no shares issued at March 31, 2014, and December 31, 2013 PreferredStockValue - USD Point-in-time
Common stock, $.01 par value; 25,000,000 shares authorized; 14,417,185, and 14,435,498 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively CommonStockValue $144.00K USD Point-in-time
Common stock, $.01 par value; 25,000,000 shares authorized; 14,417,185, and 14,435,498 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively CommonStockValue $144.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $47.31M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $47.48M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $41.95M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $40.86M USD Point-in-time
Total stockholders' equity StockholdersEquity $88.48M USD Point-in-time
Total stockholders' equity StockholdersEquity $82.39M USD Point-in-time
Total stockholders' equity StockholdersEquity $89.41M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $173.05M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $171.51M USD Point-in-time
Income Statement 37 line items
Line Item Tag Value Unit Period
Income on financing leases CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue $10.15M USD 1 Quarter
Income on financing leases CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue $10.20M USD 1 Quarter
Rental income RentIncome $2.72M USD 1 Quarter
Rental income RentIncome $2.50M USD 1 Quarter
Income on service contracts IncomeOnServiceContracts $331.00K USD 1 Quarter
Income on service contracts IncomeOnServiceContracts $176.00K USD 1 Quarter
Loss and damage waiver fees LossAndDamageWaiverFees $1.44M USD 1 Quarter
Loss and damage waiver fees LossAndDamageWaiverFees $1.53M USD 1 Quarter
Service fees and other RevenueOtherFinancialServices $971.00K USD 1 Quarter
Service fees and other RevenueOtherFinancialServices $971.00K USD 1 Quarter
Total revenues Revenues $15.29M USD 1 Quarter
Total revenues Revenues $15.70M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $4.66M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $4.82M USD 1 Quarter
Provision for credit losses ProvisionForLoanAndLeaseLosses $5.03M USD 1 Quarter
Provision for credit losses ProvisionForLoanAndLeaseLosses $4.88M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.47M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.30M USD 1 Quarter
Interest InterestExpense $668.00K USD 1 Quarter
Interest InterestExpense $670.00K USD 1 Quarter
Total expenses CostsAndExpenses $11.52M USD 1 Quarter
Total expenses CostsAndExpenses $12.00M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $3.70M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $3.78M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $1.59M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $1.51M USD 1 Quarter
Net income NetIncomeLoss $9.76M USD Annual
Net income NetIncomeLoss $2.11M USD 1 Quarter
Net income NetIncomeLoss $2.27M USD 1 Quarter
Net income per common share - basic EarningsPerShareBasic $0.15 USD 1 Quarter
Net income per common share - basic EarningsPerShareBasic $0.16 USD 1 Quarter
Net income per common share - diluted EarningsPerShareDiluted $0.14 USD 1 Quarter
Net income per common share - diluted EarningsPerShareDiluted $0.15 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 14.50M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 14.43M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 14.79M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 14.76M shares 1 Quarter
Cash Flow Statement 73 line items
Line Item Tag Value Unit Period
Cash received from customers ProceedsFromCustomers $34.61M USD 1 Quarter
Cash received from customers ProceedsFromCustomers $31.05M USD 1 Quarter
Cash paid to suppliers and employees PaymentsToSuppliersAndEmployees $6.30M USD 1 Quarter
Cash paid to suppliers and employees PaymentsToSuppliersAndEmployees $6.41M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $1.09M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $2.66M USD 1 Quarter
Excess tax benefits from share-based compensation ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $74.00K USD 1 Quarter
Interest paid InterestPaid $601.00K USD 1 Quarter
Interest paid InterestPaid $600.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $21.38M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $26.55M USD 1 Quarter
Investment in lease and service contracts PaymentsToAcquireLeasesHeldForInvestment $22.28M USD 1 Quarter
Investment in lease and service contracts PaymentsToAcquireLeasesHeldForInvestment $20.06M USD 1 Quarter
Investment in direct costs PaymentForInvestmentInDirectCosts $482.00K USD 1 Quarter
Investment in direct costs PaymentForInvestmentInDirectCosts $336.00K USD 1 Quarter
Investment in property and equipment PaymentsToAcquirePropertyPlantAndEquipment $198.00K USD 1 Quarter
Investment in property and equipment PaymentsToAcquirePropertyPlantAndEquipment $164.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-22.92M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-20.60M USD 1 Quarter
Proceeds from revolving line of credit ProceedsFromLinesOfCredit $33.10M USD 1 Quarter
Proceeds from revolving line of credit ProceedsFromLinesOfCredit $31.60M USD 1 Quarter
Repayment of revolving line of credit RepaymentsOfLinesOfCredit $34.52M USD 1 Quarter
Repayment of revolving line of credit RepaymentsOfLinesOfCredit $32.73M USD 1 Quarter
(Increase) decrease in restricted cash IncreaseDecreaseInRestrictedCash $-738.00K USD 1 Quarter
(Increase) decrease in restricted cash IncreaseDecreaseInRestrictedCash $511.00K USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $536.00K USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $112.00K USD 1 Quarter
Excess tax benefits from share-based compensation ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $74.00K USD 1 Quarter
Payment of dividends PaymentsOfDividendsCommonStock $880.00K USD 1 Quarter
Payment of dividends PaymentsOfDividendsCommonStock $1.03M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-3.42M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-1.38M USD 1 Quarter
Net change in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $201.00K USD 1 Quarter
Net change in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-598.00K USD 1 Quarter
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $2.96M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $3.56M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $2.45M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $2.25M 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 $3.56M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $2.45M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $2.25M USD Point-in-time
Net income NetIncomeLoss $9.76M USD Annual
Net income NetIncomeLoss $2.11M USD 1 Quarter
Net income NetIncomeLoss $2.27M USD 1 Quarter
Amortization of unearned income, net of initial direct costs CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue $10.15M USD 1 Quarter
Amortization of unearned income, net of initial direct costs CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue $10.20M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.47M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.30M USD 1 Quarter
Provision for credit losses ProvisionForLoanAndLeaseLosses $5.03M USD 1 Quarter
Provision for credit losses ProvisionForLoanAndLeaseLosses $4.88M USD 1 Quarter
Recovery of equipment cost and residual value RecoveryOfEquipmentCostAndResidualValue $24.69M USD 1 Quarter
Recovery of equipment cost and residual value RecoveryOfEquipmentCostAndResidualValue $27.31M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $73.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $61.00K USD 1 Quarter
Excess tax benefits from share-based compensation ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $74.00K USD 1 Quarter
Decrease in deferred income taxes liability IncreaseDecreaseInDeferredIncomeTaxes $2.72M USD 1 Quarter
Decrease in deferred income taxes liability IncreaseDecreaseInDeferredIncomeTaxes $1.51M USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $117.00K USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $1.51M USD 1 Quarter
Increase (decrease) in accounts payable IncreaseDecreaseInAccountsPayable $-622.00K USD 1 Quarter
Increase (decrease) in accounts payable IncreaseDecreaseInAccountsPayable $324.00K USD 1 Quarter
(Decrease) increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $40.00K USD 1 Quarter
(Decrease) increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-315.00K USD 1 Quarter
Increase in income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $1.97M USD 1 Quarter
Increase in income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $362.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $21.38M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $26.55M USD 1 Quarter
Fair value of stock issued for compensation StockIssued1 $221.00K USD 1 Quarter
Fair value of stock issued for compensation StockIssued1 $226.00K USD 1 Quarter
Acquisition of property and equipment through lease incentives NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 $39.00K USD 1 Quarter
Non-cash transfer of leases to rentals NoncashTransferOfLeasesToRentals $1.13M USD 1 Quarter
Non-cash transfer of leases to rentals NoncashTransferOfLeasesToRentals $1.04M USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Balance, Beginning StockholdersEquity $88.48M USD Point-in-time
Balance, Beginning StockholdersEquity $82.39M USD Point-in-time
Balance, Beginning StockholdersEquity $89.41M USD Point-in-time
Stock issued for director compensation StockIssuedDuringPeriodValueShareBasedCompensation $226.00K USD 1 Quarter
Stock issued for director compensation StockIssuedDuringPeriodValueShareBasedCompensation $361.00K USD Annual
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $232.00K USD Annual
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $73.00K USD 1 Quarter
Repurchase of common stock StockRepurchasedAndRetiredDuringPeriodValue $708.00K USD Annual
Repurchase of common stock StockRepurchasedAndRetiredDuringPeriodValue $536.00K USD 1 Quarter
Repurchase of common stock, shares StockRepurchasedDuringPeriodShares 250,000.00 shares 1 Quarter
Excess tax benefits from share-based compensation AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation $74.00K USD 1 Quarter
Excess tax benefits from share-based compensation AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation $89.00K USD Annual
Common stock dividends DividendsCommonStockCash $1.02M USD 1 Quarter
Common stock dividends DividendsCommonStockCash $3.65M USD Annual
Net income NetIncomeLoss $9.76M USD Annual
Net income NetIncomeLoss $2.11M USD 1 Quarter
Net income NetIncomeLoss $2.27M USD 1 Quarter
Balance, Ending StockholdersEquity $88.48M USD Point-in-time
Balance, Ending StockholdersEquity $82.39M USD Point-in-time
Balance, Ending StockholdersEquity $89.41M USD Point-in-time
Comprehensive Income 2 line items
Line Item Tag Value Unit Period
Common stock dividends per share CommonStockDividendsPerShareDeclared $0.07 USD 1 Quarter
Common stock dividends per share CommonStockDividendsPerShareDeclared $0.25 USD Annual

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

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