Asta Funding Announces Recent Portfolio Purchases
biz.yahoo.com
Monday September 11, 8:32 am ET
- Approximately $1 Billion of Face Value Purchased -
ENGLEWOOD CLIFFS, N.J., Sept 11 /PRNewswire-FirstCall/ -- Asta Funding, Inc., (Nasdaq: ASFI), a leading consumer receivable asset management and liquidation company, today announced it has made significant portfolio purchases of approximately $1 billion in face value, for a purchase price of approximately $29 million during its fourth fiscal quarter of 2006, which ends September 30, 2006. The portfolio acquisitions included telecom paper, credit card paper, and other portfolios. The purchases were facilitated by operating cash flow and Asta's new line of credit of $175 million.
Gary Stern, Chief Executive Officer, said, "We are very pleased with these recent portfolio purchases, which can be attributed to Asta's strong relationships within the industry. These portfolio purchases give Asta a great ending to our fiscal year, which still has a few weeks left. For the fiscal year to date, the Company purchased a total of approximately $4.7 billion in face value, a record for the Company. Our business model of outsourcing a vast majority of our paper along with being scalable and flexible, allows us to capitalize on attractively priced opportunities. Asta's financial structure remains strong as we continue to review additional purchase opportunities within the marketplace." |
