Englewood Cliffs, NJ Asta Funding, Inc. (NASDAQ:ASFI), a financial services company that specializes in the purchase, liquidation and management of performing and non-performing consumer receivables and the factoring of commercial receivables, today reported results for its second quarter ended March 31, 2001.
Net income for the three months ended March 31, 2001, rose 62% to $2,211,000 or $0.54 per diluted share, from $1,363,000 or $0.33 per diluted share, as compared to the prior year period. Revenues for the three months ended March 31, 2001, were $6,116,000, an increase of 15% over revenues of $5,321,000 for the prior year period.
Net income for the six months ended March 31, 2001, rose 54% to $3,965,000 or $0.97 per diluted share from $2,574,000 or $0.64 per diluted share, as compared to the prior year period. Revenues for the six months ended March 31, 2001, were $10,250,000, an increase of 21% over revenues of $8,457,000 for the prior year period.
Gary Stern, President and CEO of Asta Funding, said, “I am very pleased with the Company’s progress and growth in earnings and revenues for the past two years. I am also pleased with the Company’s recent $25 million consumer receivable acquisition. We will continue to actively pursue additional purchases of consumer and commercial finance receivables. Asta is well positioned to take advantage of opportunities to purchase receivables as they arise.”
About Asta Funding, Inc.
Headquartered in Englewood Cliffs, NJ, Asta Funding, Inc., is a financial services company that specializes in the purchase, liquidation and management of performing and non-performing consumer receivables and the factoring of commercial receivables. The company generates revenues and earnings primarily through the purchase and collection of non-conforming consumer receivables and commercial factoring receivables. For more information, please visit the company’s web site at www.astafunding.com.
Except for historical information contained herein, the matters set forth in this news release are “forward-looking” statements (as defined in the Private Securities Litigation Reform Act of 1995). Although Asta Funding, Inc. believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions; there can be no assurance that its expectations will be realized. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from Asta Funding, Inc.’s expectations. Factors that could contribute to such differences include those identified in Asta Funding, Inc.’s 10-KSB for the fiscal year ended September 30, 2000, and those described from time to time in Asta Funding, Inc.’s other filings with the Securities and Exchange Commission, news releases and other communications.
