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April 16 2009 - The Mint Leasing, Inc. (OTC Bulletin Board:
MLES), which provides innovative leasing services to customers of
franchised automobile dealers throughout the United States, today announced its
operating results for the year ended December 31, 2008.
For the twelve months ended December 31, 2008, revenues increased 65% to
a record $50.0 million, compared with revenues of $30.2 million in the year
ended December 31, 2007. Gross profit rose 113% to $15.5 million (31.0% of
revenues) in 2008, versus $7.3 million (24.2% of revenue) in the previous year.
Pre-tax income before the cumulative effect on prior years of changing the
Company's method of determination of allowance for doubtful accounts increased
132% to $8.8 million in 2008. Net income, after the cumulative effect of the
change in accounting principle noted above and a $1.5 million provision for
income taxes, totaled $2.5 million in the year ended December 31, 2008. The
Company recorded pre-tax and after-tax net income of $3.8 million in 2007.
Diluted earnings per share ("E.P.S.") before the cumulative effect of the change
in accounting principle increased 40% in 2008 to $0.07, versus diluted E.P.S. of
$0.05 in 2007. The Company reported diluted earnings per share, after the
non-recurring charge related to the change in accounting principle, of $0.02 in
2008.
"We are very pleased to report record revenues and net income, before the
cumulative effect of a non-recurring change in accounting principle, for the
year ended December 31, 2008," noted Jerry Parish, Chief Executive Officer of
The Mint Leasing, Inc. "Our growth in both revenues and profitability was
primarily due to an increase in the number of franchised automobile dealers
served by Mint in new and existing markets."
"The demand for our independent leasing services increased substantially
during 2008, partly due to the turmoil in global credit markets, the withdrawal
of several automobile companies and major banks from the vehicle leasing
business, and the curtailment of such activities by other competitors. As a
result of this increased demand, we have been able to enhance the quality of our
lease portfolio by being more selective regarding the credit scores of new
customers."
About The Mint Leasing, Inc.;
The Mint Leasing, Inc. represents an alternative to traditional financing
companies by providing its innovative vehicle leasing solutions to the customers
of premier automotive retailers. Most of its customers are located in Texas and
six other states in the southeastern U.S. The Mint Leasings customers are
primarily comprised of brand-name automobile dealers that seek to provide
leasing options to their customers, many of whom would otherwise not have the
opportunity to acquire a new or late-model-year vehicle. The Mint Leasing, Inc.
is responsible for underwriting criteria and procedures, administration of the
leases, and collection of payments from lessees.
Contact:
Web Site:
http://www.mintleasing.com.
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