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 third quarter and first nine months of 2009.
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For the three months ended September 30, 2009, the Company reported revenues of approximately $3.1 million and a net loss of ($2,614,151), or ($0.03) per share. For the nine months ended September 30, 2009, revenues were approximately $15.1 million, and the Company recorded a net loss of ($3,578,011), or ($0.04) per share. The revenues decereased for the third quarter and first nine months of 2009, when compared with revenues for respective prior-year periods, was primarily due to the Company's inability to purchase vehicles and issue new leases as a result of restrictive credit availability in the current economic environment. Mint Leasing was unable to borrow funds under its Sterling Bank facility, and its Moody Bank facility was not available until late in the third quarter. Management believes that if it had access to additional capital during the quarter ended September 30, 2009, its revenues would have been similar to those reported in the second quarter of 2009, when Mint Leasing revenues were approximated $5.8 million. The net losses reported for the three and nine months ended September 30, 2009 resulted from the cumulative effect of lower revenues, costs associated with the early termination of leases and higher repossessions, increased bad debt expenses, and higher professional fees. Mint leassing generated approximately $2.7 million in cash from its operating activities during the nine months ended September 30, 2009, which was primarily due to collections and reductions of net investment in sales-type leases of approximately $7.5 million. Non-cash charges for bad debt expense, depreciation and amortization, and imputed interest also contributed positively to the cash provided by operating activities. 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
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