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Asta Funding, Inc. Announces Financial Results For Year And Fourth Quarter Of Fiscal Year 2012

Stocks in this article: ASFI

Revenues of $11.0 million in Fourth Quarter Fiscal Year 2012 – Increase over Prior Year Fourth Quarter Solid Cash Position and Strong Cash Flow Trend Continues $106.3 Million of Cash and Cash Equivalents and Investments at September 30, 2012 Net Income $10.0 Million, or $0.70 Per Diluted Share for Year Ended September 30, 2012 Annual $0.08 Dividend Accelerated to 2012

ENGLEWOOD CLIFFS, N.J., Dec. 13, 2012 (GLOBE NEWSWIRE) -- Asta Funding, Inc. (Nasdaq:ASFI) (the "Company"), a financial services consumer receivable asset management and liquidation company, today reported its results for the fiscal year and fourth quarter ended September 30, 2012. The Company reported total revenues of $11,022,000 in the fourth quarter of fiscal year 2012, an increase of 12.5% over the reported revenue of $9,798,000 in fourth quarter of fiscal year 2011. The Company reported $106.3 million in cash and cash equivalents, and investments at September 30, 2012.

Fiscal Year 2012

The Company reported net income of $10,037,000 for the fiscal year ended September 30, 2012, or $0.70 per diluted share, as compared to net income of $10,521,000, or $0.71 per diluted share, for the fiscal year ended September 30, 2011. Total revenues for the fiscal year ended September 30, 2012 were $44,502,000, an increase of 3.1% as compared to $43,167,000 for the fiscal year ended September 30, 2011.

Net cash collections from collection of receivables acquired for liquidation, including net cash collections represented by account sales, were $70,019,000 for the fiscal year ended September 30, 2012, as compared to $81,205,000 during fiscal year 2011, a 13.8% decrease from the prior year. Collections on the Great Seneca portfolio were $12.9 million during fiscal year 2012 as compared to $13.0 during the prior year. The carrying value of the Great Seneca portfolio was $65.4 million at September 30, 2012 as compared to $78.3 million at September 30, 2011.

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