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Net Income of $2.6 Million, or $0.20 Per Diluted Share
Strong Balance Sheet, No Impairments, Strong Liquidity Position Continues$106 Million in Cash & Securities
ENGLEWOOD CLIFFS, N.J., Feb. 11, 2013 (GLOBE NEWSWIRE) -- Asta Funding, Inc. (Nasdaq:ASFI) (the "Company"), a receivable asset management and liquidation company, today announced earnings for the first quarter of the 2013 fiscal year, the three-month period ended December 31, 2012.
For the three months ended December 31, 2012, the Company reported net income of $2,588,000, or $0.20 per diluted share, as compared to net income of $2,977,000, or $0.20 per diluted share for the comparable period of fiscal year 2012. Total revenue was $10,552,000 for the quarter ended December 31, 2012, an increase as compared to $10,439,000 for the three month period ended December 31, 2011. For the three month period ended December 31, 2012, finance income from fully amortized portfolios (zero basis revenue) was $8,146,000 as compared to $8,583,000 for the same three month period of the prior year.
General and administrative expenses were $5,593,000 for the three month period ended December 31, 2012, as compared to general and administrative expenses of $4,766,000 for the same period in the prior year. General and administrative expenses increased primarily due to the inclusion of Pegasus Funding, LLC in this year's results.
There were no impairments in the three month periods ended December 31, 2012 or 2011.
Net cash collections of consumer receivables acquired for liquidation for the quarter ended December 31, 2012 totaled $13,609,000, including $10,000 from collections represented by account sales. This compares to the prior year's total net cash collections of $16,970,000, including $31,000 from collections represented by account sales. Net cash collections on the Great Seneca portfolio were $2,653,000 in the first quarter of fiscal year 2013 as compared to $2,720,000 in the first quarter of fiscal year 2012. The carrying value of the Great Seneca portfolio at December 31, 2012 was $62.8 million, as compared to $75.6 million at December 31, 2011. The Company invested approximately $7.6 million in personal injury cases during the first quarter of fiscal year 2013 as compared to $4.4 million in the first quarter of fiscal year 2012.