Anchor Funding Services, Inc. Reports Net Income Of $378,859 For Calendar 2012 As Compared To $275,225 For 2011
BOCA RATON, Fla., March 27, 2013 /PRNewswire/ -- Anchor Funding Services, Inc. (OTC Bulletin Board Symbol "AFNG.OB") announced today its results of operations for the year ended December 31, 2012. Anchor reported 2012 finance revenues increased to $2,526,626 from $2,404,542 for 2011, an increase of 5.1%. The change in revenue was primarily due to an increase in business from existing clients and adding new clients. Our net income for 2012 increased to $378,859, as compared to $275,225 for 2011, an increase of 37.7%. The improved operations for 2012 were accomplished through increased sales of 5.1% and a decrease in interest expense of 9.2%, partially offset by a 2.5% increase in operating expenses.
Anchor continues to experience demand for its financing product services. Anchor purchased approximately $95.9 million of invoices during 2012 compared to $75.4 million for 2011.
Morry F. Rubin, CEO, stated, "We are excited about our profitable results and our ability to be more competitive in the marketplace and fund larger transactions with the credit facility we entered into in November 2011. Since having completed our private placement of convertible preferred securities in April 2007, we have organically grown the portfolio from less than a dozen clients in a few states to servicing more than 100 companies in over 30 states in 2012. We are focused on adding additional credit worthy clients to our national portfolio and seeking acquisition opportunities."
We are excited about our future expansion opportunities and will continue to communicate important developments as they occur.About Anchor Anchor provides innovative accounts receivable funding, purchase order financing, inventory funding and credit management services to small and mid-size U.S. businesses. Our funding program which is based upon creditworthiness of accounts receivable, provides rapid and flexible financing to support small businesses' daily working capital needs.
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