ENGLEWOOD CLIFFS, NJ – Asta Funding, Inc., (Nasdaq: ASFI), a leading consumer receivable asset management and liquidation company, today reported results for the three and six months ended March 31, 2005.
Net income for the three months ended March 31, 2005 increased 34% to $7,281,000, or $0.51 per diluted share, compared to $5,433,000, or $0.38 per diluted share, in the same prior year period. Revenues for the three months ended March 31, 2005, were $16,662,000, an increase of 30% compared to revenues of $12,864,000 a year ago.
Net income for the six months ended March 31, 2005 increased 33% to $13,456,000, or $0.94 per diluted share, from $10,121,000, or $0.71 per diluted share, for the same period a year earlier. Revenues for the six months ended March 31, 2005 were $30,492,000, an increase of 25% compared to revenues for the six months ended March 31, 2004 of $24,319,000.
Gary Stern, President and Chief Executive Officer, said, “The second quarter was very rewarding. We showed stellar growth on the top and bottom lines, made significant portfolio purchases with a face value of $800 million at a cost of approximately $36.8 million, and expanded our credit facility to $80 million from $60 million for future growth opportunities that may arise. We continue to adhere to the time-tested business strategies and disciplines that have proven to be successful in growing shareholder value.”
Asta Funding will conduct a teleconference today at 10:30 a.m. Eastern time. To participate please dial USA (877) 511-5818, International (706) 634- 1462 about 5-10 minutes prior to 10:30 am EDT. Please refer to the Asta Funding earnings teleconference ID 6059128. A recording of the conference call will be available from 12:00 noon EDT May 9th through May 16th, by dialing USA/Canada (800) 642-1687, International (706) 645-9291, conference ID 6059128.
