Marlin Leasing Posts Stunning 2nd Quarter
Based on initial equipment cost, the company set records for neworiginations for both the quarter at $97.9 million and a single month (June) at $35.5 million. Net investment in leases was $622.8 million at June 30, 2006. 103 sales representatives produced 8,553 new sales with a total gross volume of $97,871,000 for the first six months of the year with an implicit yield of 12.68%. End-user customer base grew to more than 85,000 at June 30, 2006 compared to 81,000 at June 30, 2005. The number of active leases in the portfolio was approximately 107,000 at June 30, 2006. Stockholder equity went up from $112,609,000 to $126,241,000 while cash and cash equivalents went down from $34,472,000 to $3,168,000 in this six month interim financial statement. Net income of $5.3 million for the second quarter ended June 30, 2006, a 17.8% increase over net income of $4.5 million for the same period in 2005. Diluted earnings per share was $0.44 for the second quarter of 2006, an increase of 15.8% compared to $0.38 for the same period in 2005. The company press release stated, “Due to better than expected collections on leases in areas effected by Hurricane Katrina, net income was positively impacted by an after tax reduction of reserves for expected losses of $545,000 or $.045 per diluted earnings per share. “ Net income for the six-month period ended June 30, 2006 was impacted by the same after tax reduction of reserves for expected losses related to Katrina of $545,000, or $.045 per diluted earnings per share.” Full Press Release: |
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