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 before pity of 2009. For the three months ended March 31, 2009, the Company reported revenues of approximately $6.2 million and a mesh impoverishment of ($147,777), or ($0.00) per share.
These results compared with revenues of approximately $13.9 million and a trellis-work downfall of ($2,343,242), or ($0.03) per share, in the three months ended March 31, 2008.
The Company's results for the anything else neighbourhood of 2008 included a one-time fill of approximately $4.8 million agnate to the cumulative impact on former years of changing the means of doggedness of countenancing for unclear accounts. The lessening in revenues during the most latest quarter, when compared with the prior-year period, was primarily due to the Company's incapacity to access additional financing to hold vehicles and go forth unfledged leases. Additionally, the Company increased its inventory of reach-me-down cars during the three months ended March 31, 2009, in expectation of rising prices for Euphemistic pre-owned cars, which the Company has au fait during periods of quondam set-back and higher unemployment. Gross advance as a interest of revenues declined to approximately 23% in the in the first place leniency of 2009, compared with approximately 30% in the year-earlier quarter.
The de-escalation in unsophisticated be of profit to was pre-eminently attributable to the occurrence that during the three months ended March 31, 2009, a higher portion of agency leases coordinate to vehicles reacquired from ex lessees (which do not furnish the Company as pongy a allowance as leases of newly purchased vehicles), when compared with a greater part of recent motor car leases in the first quarter of 2008. "I accept the Company would have recorded in substance higher revenues and profitability during the inception quarter if we had been able to access additional ripsnorting in order to expand our contract portfolio," stated Jerry Parish, Chief Executive Officer of The Mint Leasing, Inc. "The auto dealerships that we fulfil with are faced with considerable and growing insistence for means rent financing that is not being satisfied by commercial banks or household leasing companies. Unfortunately, due to the 'frozen' magnificence of unequivocal segments of the financial markets, we have been impotent to expand our bank lines or perfect a securitization of our lease portfolio, which would earmark us to meet the needs of our customers. The value of new leases accessible to Mint has never been higher, because even car buyers with very exorbitant credit ratings are unfit to lease vehicles from traditional sources due to the turmoil in fiscal markets.
We shall with our efforts to secure additional superb in order to expand our charter portfolio and take advantage of the tremendous rise opportunities available to the Company." For more advice regarding the Company's fundamental quarter operating results, interest see the Form 10-Q filed with the Securities and Exchange Commission on May 20, 2009 which is at one's disposal on the Internet at www.sec.gov. About The Mint Leasing, Inc. The Mint Leasing, Inc. represents an additional to habitual financing companies by providing its innovative mechanism leasing solutions to the customers of principal automotive retailers.
Most of its customers are located in Texas and six other states in the southeastern U.S. The Mint Leasing's customers are mostly comprised of brand-name automobile dealers that aspire to give leasing options to their customers, many of whom would otherwise not have the opening to earn a new- or late-model-year vehicle. The Mint Leasing, Inc. is stable for underwriting criteria and procedures, management of the leases, and accumulation of payments from lessees.
The Company is headquartered in Houston, Texas, and its prevalent merchandise trades on the OTC Bulletin Board under the colophon "MLES". This thronging notice contains forward-looking statements within the gist of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when hand-me-down in the previous discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and almost identical conditional expressions are intended to pinpoint forward-looking statements within the implication of the Act, and are voter to the unpolluted harbor created by the Act.
Any statements made in this story unchain other than those of verifiable fact, about an action, conclusion or development, are forward-looking statements. Forward-looking statements are based upon assumptions that in the time to come may validate not to have been for detail and are dominate to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no self-reliance that such expectations or any of its forward-looking statements will certify to be correct.
Factors that could cause results to part company embrace but are not narrow to, well-to-do act of internal plans, work or services growth and acceptance, the crashing of competitive services and pricing, or combined solvent risks and uncertainties, and other risks disclosed in the Company's regular filings with the U.S. Securities and Exchange Commission. The Company takes no demand to update or proper forward-looking statements, and also takes no contract to update or appropriate communication modified by third parties that are not paid for by the Company.
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