HOUSTON, Nov. 13 /PRNewswire-FirstCall/ -- The Mint Leasing, Inc. (OTC Bulletin Board: MLES) ("Mint Leasing" or "the Company"), 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.

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.

In the third quarter of 2008, revenues were approximately $8.0 million, and the Company reported a net loss of ($2,111,993), or ($0.03) per share. In the nine months ended September 30, 2008, revenues totaled approximately $36.8 million, and the Company reported a net loss of ($2,836,444), or ($0.04) per share.

The decrease in revenues 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. The Company 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 the Company's revenues 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.

The Company 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.

For more information regarding the Company's third quarter and year-to-date operating results, please see the Form 10-Q filed with the Securities and Exchange Commission on November 13, 2009 which is available on the Internet at www.sec.gov.

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 Leasing's customers are primarily comprised of brand-name automobile dealers that seek to provide leasing options to their customers. The Mint Leasing, Inc. is responsible for underwriting criteria and procedures, administration of the leases, and collection of payments from lessees.

The Company is headquartered in Houston, Texas, and its common stock trades on the OTC Bulletin Board under the symbol "MLES".

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Forward-looking statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include but are not limited to, successful performance of internal plans, product or services development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties, and other risks disclosed in the Company's periodic filings with the U.S. Securities and Exchange Commission. The Company takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company.

        Contact:  RJ Falkner & Company, Inc., Investor Relations Counsel at
                 (800) 377-9893 or via email at info@rjfalkner.com
                                        or
                    The Mint Leasing, Inc. Investor Relations at
                           investorinfo@mintleasing.com


                           (FINANCIAL HIGHLIGHTS FOLLOW)


                              The Mint Leasing, Inc.

                   Consolidated Balance Sheet - September 30, 2009

                                  ASSETS ($000)

    Cash and equivalents                           $515
    Investment in sales-type leases, net         37,039
    Vehicle inventory                               925
    Property and equipment, net                      93
    Deferred income taxes                           661
    Other assets                                     65

          TOTAL ASSETS                          $39,298

                   LIABILITIES AND SHAREHOLDERS' EQUITY ($000)

    LIABILITIES:

    Accounts payable and accrued liabilities       $282
    Credit facilities                            29,686
    Notes payable to related parties                630

          TOTAL LIABILITIES                      30,598

    STOCKHOLDERS' EQUITY:

    Preferred stock Series A                         --
    Preferred stock Series B                          2
    Common stock                                     82
    Additional paid-in capital                    9,259
    Retained earnings (deficit)                    (643)

          TOTAL STOCKHOLDERS' EQUITY              8,700

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $39,298

                              The Mint Leasing, Inc.

                        Consolidated Statements of Income
               For the Three Months Ended September 30, 2009 ($000)

    REVENUES
      Sales-type leases, net                     $1,246
      Amortization of unearned income related to
       Sales-type leases                          1,888
        Total Revenues                            3,133

    COST OF REVENUES                              5,091

    GROSS PROFIT (LOSS)                          (1,958)

    GENERAL AND ADMINISTRATIVE EXPENSE            1,740

    LOSS BEFORE OTHER INCOME (EXPENSE)
     FROM CONTINUING OPERATIONS                  (3,698)

    OTHER INCOME (EXPENSE)
      Interest expense                             (492)
      Other income                                   --
       Total Other Income (Expense)                (492)

    LOSS BEFORE TAXES                            (4,191)

    Provision for (benefit from) Income Tax      (1,576)

    NET LOSS                                    $(2,614)

    Weighted average shares outstanding (000)
     Basic and fully-diluted                     81,925

    Basic and Fully-Diluted Loss Per Share       $(0.03)

                               The Mint Leasing, Inc.

                          Consolidated Statements of Income
                   For the Nine Months Ended September 30, 2009 ($000)

    REVENUES
      Sales-type leases, net                    $10,258
      Amortization of unearned income related
       to Sales-type leases                       4,882
        Total Revenues                           15,140

    COST OF REVENUES                             15,301

    GROSS PROFIT                                   (160)

    GENERAL AND ADMINISTRATIVE EXPENSE            4,129

    LOSS BEFORE OTHER INCOME (EXPENSE)
     FROM CONTINUING OPERATIONS                  (4,289)

    OTHER INCOME (EXPENSE)
      Interest expense                           (1,398)
      Other income                                   --
        Total Other Income (Expense)             (1,398)

    LOSS BEFORE TAXES                            (5,687)
    Provision for (benefit from) Income Tax      (2,109)

    NET LOSS                                    $(3,578)

    Weighted average shares outstanding (000)
     Basic and fully-diluted                     81,927

    Basic and Fully-Diluted Loss Per Share       $(0.04)

SOURCE The Mint Leasing, Inc.

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