Asta Funding, Inc. Announces Financial Results For Year And Fourth Quarter Of Fiscal Year 2010
- Net Income of $3.1 Million, or $0.22 Per Diluted Share for Fiscal Year
- Solid Cash Position and Strong Cash Flow Trend Continues
- $84.2 Million of Cash and Cash Equivalents at September 30, 2010
- Impairment on Great Seneca Portfolio Impacts Fourth Quarter Results
ENGLEWOOD CLIFFS, N.J., Dec. 14, 2010 (GLOBE NEWSWIRE) -- Asta Funding, Inc. (Nasdaq:ASFI) (the "Company"), a consumer receivable asset management and liquidation company, today reported its results for the fiscal year and fourth quarter ended September 30, 2010. The Company reported $84.2 million in cash and cash equivalents at September 30, 2010, representing a substantial increase from 2009 and providing the Company the resources it needs to move into fiscal year 2011 without the immediate need for external financing.
Fiscal Year 2010
The Company reported net income of $3,129,000 for the fiscal year ended September 30, 2010, or $0.22 per diluted share, as compared to a net loss of $90,725,000, or $6.36 per share for the fiscal year ended September 30, 2009. Revenues for the fiscal year ended September 30, 2010 were $45,849,000, a decrease of 34.8% as compared to $70,355,000 for the fiscal year ended September 30, 2009.Net cash collections from collection of consumer receivables acquired for liquidation, including net cash collections represented by account sales, were $101.9 million for the fiscal year ended September 30, 2010, as compared to $147.4 million during fiscal year 2009, a 30.9% decrease from the prior year. Net cash collections represented by account sales were $3.5 million, or 3.4% of net cash collections, in the fiscal year ended September 30, 2010, compared to $8.7 million, or 5.9% in the prior year. Income from fully amortized portfolios (zero basis revenue) was $34.3 million for the fiscal year ended September 30, 2010, as compared to $40.7 million for the fiscal year ended September 30, 2009. The Company purchased portfolios with a face value of $269 million at a cost of $8.0 million during the fiscal year ended September 30, 2010 as compared to purchases with a face value of $577 million at a cost of $19.6 million during the fiscal year ended September 30, 2009.
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