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| MicroFinancial, Inc. |
| 950 Winter Street, Waltham, MA 02154 * (781) 890-0177 |
| Business Description | The company, which operates primarily through its wholly-owned subsidiary, Leasecomm Corporation, is a specialized commercial finance company that leases and rents microticket equipment and provides other financing services in low value loans. |
| Offering Information Company has | |||
| Trading As | MFI (NYSE) | Industry | Financial (SIC 6159) |
| Type of Stock Offered | Common Shares | Filing Date | 06/09/1998 |
| Domestic Shares Offered | 4,000,000 | Offer Date | 02/04/1999 |
| Foreign Shares Offered | 0 | Filing Range | $14.00 - $16.00 |
| Company Shares | 3,600,000 | Offer Price | $15.00 |
| Selling Shrhldrs Shares | 400,000 | Gross Spread | $1.050 |
| Gross Proceeds | $60,000,000 | Selling | $0.580 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | 231 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Salomon Smith Barney | Lead Manager | (212) 723-7300 |
| Piper Jaffray Incorporated | Co-manager | (612) 342-6220 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1993 | 12/31/1994 | 12/31/1995 | 12/31/1996 | 12/31/1997 | 03/31/1997 | 03/31/1998 |
| Revenues | 14.745 | 21.847 | 36.145 | 55.585 | 68.180 | 16.198 | 18.089 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | 1.326 | 1.643 | 2.524 | 5.080 | 7.652 | 1.827 | 3.111 |
| E.P.S | 0.530 | 0.660 | 0.690 | 1.050 | 1.560 | 0.370 | 0.630 |
| Revenue Growth (%) | 48.17 | 65.45 | 53.78 | 22.659 | 11.67 | ||
| Net Income Growth (%) | 23.91 | 53.62 | 101.27 | 50.63 | 70.28 | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | 8.99 | 7.52 | 6.98 | 9.14 | 11.22 | 17.20 | 11.28 |
| Cash Flow - Oper. | 77.39 | 15.10 | 21.30 | ||||
| Cash Flow - Inv. | -80.13 | -17.86 | -21.78 | ||||
| Cash Flow - Fin. | -1.79 | -1.92 | -1.39 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1998 | Financial Ratios | ||||
| Total Assets | 183.20 | Current Assets | - | Current Ratio | - |
| Total Liab. | 161.61 | Current Liab. | - | Debt Ratio | 88.22% |
| Total Equity | 21.59 | Working Cap. | - | Debt to Equity Ratio | 7.49 |
| Cash | 7.38 | Return on Assets | 1.70% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay a portion of the company's outstanding subordinated debt and revolving credit and term loan facilities, for general corporate purposes and for potential acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Edwards & Angell |
| Bank's Law Firm | Cravath, Swaine & Moore |
| Auditor | Coopers & Lybrand |
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