Asta Funding Reports Second Quarter and Six Months Fiscal 2007 Results
biz.yahoo.com
Tuesday May 15, 3:46 pm ET
- Conference Call to be Held on May 17, 2007 -
ENGLEWOOD CLIFFS, N.J., May 15 /PRNewswire-FirstCall/ -- Asta Funding, Inc., (Nasdaq: ASFI), a leading consumer receivable asset management and liquidation company, today reported results for the three and six months ended March 31, 2007.
Revenues for the three months ended March 31, 2007, were $33,083,000, an increase of 33.2% compared to revenues of $24,829,000 a year ago. Net income for the three months ended March 31, 2007 increased 13.1% to $12,552,000, or $0.85 per diluted share, compared to $11,103,000, or $0.76 per diluted share, in the same prior year period.
Revenues for the six months ended March 31, 2007 were $58,728,000, an increase of 30.2% compared to revenues for the six months ended March 31, 2006 of $45,089,000. Our $300 million portfolio purchase, which closed on March 5, 2007, increased our revenue for the quarter and the six months ended by approximately $2.6 million. Net income for the six months ended March 31, 2007 increased 17% to $23,878,000 or $1.63 per diluted share, from $20,415,000, or $1.40 per diluted share, for the same period a year earlier.
Net cash collections from collection of consumer receivables acquired for liquidation was $76.1 million for the second quarter, up 37.0% from $55.6 million in the prior year's quarter. Net cash collections from collection of consumer receivables acquired for liquidation was $135.1 million for the six months ended March 31, 2007, up 32.7% from $101.8 million in the prior year's period. Net cash collections represented by account sales of consumer receivables acquired for liquidation was $13.9 million or 18.3% of net cash collections in the quarter, down from 22.2% in the second quarter of fiscal 2006 and down from 30% in the first quarter of fiscal 2006.
Gary Stern, President and Chief Executive Officer, said, "The second quarter was a rewarding one for Asta. We showed solid results on the top and bottom lines, which can be attributed to our book of business and strong cash collections during the quarter. Our business structure remains solid. The company's balance sheet continued to strengthen as stockholders' equity grew to $15.08 per share at the end of the second quarter, up 24.6% from a book value of $12.10 per share the same time last year." |
