Debt buyer Asta Funding, Inc. (NASDAQ: ASFI) late last week reported results for its fiscal fourth quarter and full year 2012, both ended September 30, 2012.
The Englewood Cliffs, N.J. ARM firm said that for the full fiscal year 2012 it recorded net income of $10 million (or $0.70 per share) down slightly from the $10.5 million ($0.71 per share) of net income in fiscal 2011.
Total revenues, however, increased 3.1 percent in the year to $44.5 million. Despite the rise in recognized revenue, total cash collections in the year were down significantly, 13.8 percent, to $70 million.
For the fiscal fourth quarter of 2012, Asta reported net income of $1.55 million, $0.12 per share, down from $1.65 million in the same period a year ago. Revenues for the quarter were up 12.5 percent to $11 million.
Asta noted that revenues from a personal injury litigation funding joint venture, Pegasus Funding, announced earlier this year contributed to the increased revenue in both the full year and fourth quarter. The company also said that it moved its annual dividend payment — $0.08 per share — to be disbursed by the end of calendar year 2012.