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Asta Funding, Inc. Announces Financial Results For Second Quarter And First Six Months Of Fiscal 2013

  • Net Income of $3.5 million, or $0.26 Per Diluted Share for Six Months
  • Net Income of $882 thousand, or $0.07 Per Diluted Share for 2 nd Quarter
  • Strong Balance Sheet, Strong Liquidity Position Continues
  • $107.1 Million Cash & Securities as of March 31, 2013
  • $28.2 Million Investment in Personal Injury Claims

ENGLEWOOD CLIFFS, N.J., May 9, 2013 (GLOBE NEWSWIRE) -- Asta Funding, Inc. (Nasdaq:ASFI) (the "Company"), a consumer receivable asset management and liquidation company, today announced results for the second quarter and first six months of its 2013 fiscal year.

The Company reported net income attributable to Asta Funding, Inc. of $882,000 for the three month period ended March 31, 2013, or $0.07 per diluted share, as compared to net income attributable to Asta Funding, Inc. of $2,460,000 for the three month period ended March 31, 2012, or $0.17 per diluted share. Net income attributable to Asta Funding, Inc. for the six months ended March 31, 2013 was $3,470,000, or $0.26 per diluted share, as compared to net income attributable to Asta Funding, Inc. of $5,437,000, or $0.37 per diluted share for the six months ended March 31, 2012. The primary reason for the reduction in net income was a second quarter impairment charge of $2,203,000 on three consumer debt portfolios. Total revenues for the three months ended March 31, 2013 were $10,085,000 as compared to $11,470,000 for the same period in the prior year. Total revenues in the three month period included approximately $1,392,000 from Pegasus Funding, LLC, the joint venture in the personal injury finance industry, as compared to $492,000 from the same period of the prior year. Total revenues for the six month period ended March 31, 2013 were $20,637,000 as compared to $21,909,000 for the six month period ended March 31, 2012. Total revenues in the six month period ended March 31, 2013 included approximately $2,634,000 from Pegasus Funding, LLC, as compared to $492,000 in the same period of the prior year, as the joint venture was consummated December 28, 2011.

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