Asta Funding Inc., a collector and servicer of unpaid credit card bills, said Wednesday that its first-quarter profit rose 32 percent on a strong revenue increase.
However, the company said the number of portfolios that meet Asta’s acquisition criteria may decrease.
Chief Executive and President Gary Stern said Asta also kept overhead costs down with its primarily outsourced collections management business.
“This flexibility enables Asta to continue to collect aggressively on its current book of business, even while the number of portfolios that meet our disciplined purchasing guidelines may wane,” Stern said in a statement. “In the interim, this approach will open more capital for Asta, which will be put to good use when opportunities arise.”
For this complete story, please visit Asta Funding Cautions on Debt Portfolio Purchases in Earnings Release.
