Asta Funding Announces Fourth Quarter and Fiscal Year Financial Results
biz.yahoo.com
Friday December 21, 8:30 am ET
ENGLEWOOD CLIFFS, N.J., Dec. 21 /PRNewswire-FirstCall/ -- Asta Funding, Inc., (Nasdaq: ASFI), a consumer receivable asset management and liquidation company, today reported results for the fourth quarter and fiscal year ended September 30, 2007.
Total revenue for the fourth quarter ended September 30, 2007 was $43.1 million, a 41.3% increase compared to total revenue of $30.5 million for the fourth quarter ended September 30, 2006. Finance income for the fourth quarter ended September 30, 2007, was $42.2 million, an increase of 41.6% compared to finance income of $29.8 million for the year ended September 30, 2006.
Total revenue for the year ended September 30, 2007 was $140.8 million, a 38.0% increase compared to total revenue of $102.0 million for the year ended September 30, 2006. Finance income for the year ended September 30, 2007, was $138.4 million, an increase of 37.0% compared to finance income of $101.0 million for the year ended September 30, 2006.
Net income for the fourth quarter ended September 30, 2007, decreased 3.7% to $13.1 million or $0.88 per diluted share, from $13.6 million or $0.93 per diluted share, in the same prior year period. Net income for the year ended September 30, 2007, rose 14.2% to $52.3 million or $3.56 per diluted share, from $45.8 million, or $3.13 per diluted share, in the same prior year period.
The company recorded impairments in the fourth quarter of 2007 of $6.7 million as compared with $1.4 million of impairments in the fourth quarter of 2006. Impairments for the year ended 2007 were $9.1 million as compared to net impairments of $2.2 million for the year ended 2006.
For fiscal 2007, the Company acquired portfolios for approximately $10.9 billion in face value receivables, at a purchase price of $440.9 million, more than double that of fiscal 2006, which amounted to $5.2 billion in face value receivables. For the fourth quarter of fiscal 2007, the Company acquired portfolios for approximately $644.8 million in face value receivables, at a purchase price of approximately $38.6 million.
Fiscal 2007 included $227.6 million in net cash collections from consumer receivables acquired for liquidation, up 42.8% from $159.4 million a year ago. Net cash collections represented by account sales of consumer receivables acquired for liquidation were $54.2 million, slightly lower from $55.0 million for the year ended September 30, 2006. Collections represented by account sales as a percentage of total collections were 19.2% for fiscal 2007, down from 25.7% in the prior year.
Subsequent to September 30, 2007, the Company purchased portfolios of consumer receivables with a face value of $1.02 billion at cost purchase price of $35.9 million, including one of which included a portfolio from a major financial institution located in a South American country for a purchase price of approximately $8 million.
Stockholders' equity continues to improve, with the tangible book value rising 26.8% to $16.81 per share at the end of the fiscal year, up from a tangible book value of $13.26 per share the same time last year. Return on average stockholders' equity for fiscal 2007 was approximately 25.0%. |
