The Mint Leasing, Inc. Announces First Quarter Operating Results

HOUSTON, May 22, 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 first quarter of 2009.

For the three months ended March 31, 2009, the Company reported revenues of approximately $6.2 million and a net loss of ($147,777), or ($0.00) per share. These results compared with revenues of approximately $13.9 million and a net loss of ($2,343,242), or ($0.03) per share, in the three months ended March 31, 2008. The Company's results for the first quarter of 2008 included a one-time charge of approximately $4.8 million related to the cumulative effect on prior years of changing the method of determination of allowance for doubtful accounts.

The decrease in revenues during the most recent quarter, when compared with the prior-year period, was principally due to the Company's inability to access additional financing to purchase vehicles and issue new leases. Additionally, the Company increased its inventory of used cars during the three months ended March 31, 2009, in anticipation of rising prices for used cars, which the Company has experienced during periods of prior recession and higher unemployment.

Gross profit as a percentage of revenues declined to approximately 23% in the first quarter of 2009, compared with approximately 30% in the year-earlier quarter. The decrease in gross profit was primarily attributable to the fact that during the three months ended March 31, 2009, a higher percentage of vehicle leases related to vehicles reacquired from prior lessees (which do not afford the Company as high a margin as leases of newly purchased vehicles), when compared with a greater percentage of new car leases in the first quarter of 2008.

"I believe the Company would have recorded substantially higher revenues and profitability during the first quarter if we had been able to access additional capital in order to expand our lease portfolio," stated Jerry Parish, Chief Executive Officer of The Mint Leasing, Inc. "The auto dealerships that we work with are faced with substantial and growing demand for vehicle lease financing that is not being satisfied by commercial banks or traditional leasing companies. Unfortunately, due to the 'frozen' state of certain segments of the financial markets, we have been unable to expand our bank lines or complete a securitization of our lease portfolio, which would allow us to meet the needs of our customers. The quality of new leases available to Mint has never been higher, because even car buyers with very high credit ratings are unable to lease vehicles from traditional sources due to the turmoil in financial markets. We shall continue our efforts to secure additional capital in order to expand our lease portfolio and take advantage of the tremendous growth opportunities available to the Company."