Asta Funding, Inc. (ASFI) Message Board

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Non-Tech : Asta Funding, Inc. (ASFI)

ASFI 13.08

0.0%

Sep 29 4:00 PM EDT

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From: JakeStraw	5/6/2010 8:35:25 AM
	of 46

Asta Funding, Inc. Announces Financial Results for Second Quarter and Six Months of Fiscal 2010 finance.yahoo.com - Net Income of $2.9 Million, or $0.20 Per Diluted Share for Second Quarter - No Senior Debt, No Impairments, Positive Cash Flow Trend Continues "We continued our progress in strengthening our balance sheet and increasing our cash position through the six month period ended March 31, 2010 – both to weather the current economic environment and to be selective buyers of attractive portfolios," commented Gary Stern, Chairman and CEO of the Company. "Exclusive of the non-recourse debt, we are currently funding our business through our cash flow from operations without the need for borrowing on our senior facility. Although our portfolio purchase volume increased slightly during the first six months of fiscal year 2010 as compared to the same period in the prior year, from $2.7 million in the first six months of fiscal year 2009 to $3.3 million in the first six months of 2010, this is substantially below our historical levels of purchases over the past several years. Our reduced collections and finance income are a reflection of the reduced level of portfolio purchases. However, our strong balance sheet puts us in a good position to fund portfolio purchases that fit our strict investment criteria and other investment opportunities that will deliver returns we feel fit our investment model."

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