Asta Funding Announces Record Portfolio Purchases for the First Fiscal Quarter of 2006 Totaling Approximately $2.1 Billion of Face Value
biz.yahoo.com
Wednesday January 4, 8:30 am ET
ENGLEWOOD CLIFFS, N.J., Jan. 4 /PRNewswire-FirstCall/ -- Asta Funding, Inc., (Nasdaq: ASFI), a leading consumer receivables asset management and liquidation company, today announced it has made significant portfolio purchases of $2.1 billion in face value, for a purchase price of approximately $102 million for the first fiscal quarter of 2006. The portfolio acquisitions included credit card paper with judgments in excess of $150 million, telecom paper of approximately $265 million, and other typical credit card portfolios. The purchases were facilitated by operating cash flow and Asta's new line of credit of $100 million.
Gary Stern, Chief Executive Officer, said, "These substantial portfolio purchases, which even exceeded our own expectations, along with those announced a few weeks ago, gives Asta a great start to the new fiscal year. Our business model of outsourcing a vast majority of our paper along with being scalable and flexible, allowed us to capitalize on many attractively priced opportunities. Asta's financial structure remains strong and we continue to review additional purchase opportunities within the marketplace." |
