Good News For Longs:
Resource America's Independent Auditors Reaffirm Correctness of Accounting Treatment
PHILADELPHIA--(BUSINESS WIRE)--Sept. 17, 1998--Resource America, Inc. (NASDAQ:REXI) (the "company") announces that its independent outside auditor, Grant Thornton LLP, has confirmed that the key accounting principles used by the company are consistent with generally accepted accounting principles (GAAP).
Grant Thornton specifically reaffirmed the correctness of the principles used by the company with respect to (i) accretion of discount to interest income on loans acquired by the company and (ii) gains recognized by the company from the sale of all or a portion of such loans. Grant Thornton's letter dated today states that the company has used appropriate accounting standards in both areas. Grant Thornton reaffirmed further that the Sept. 30, 1997 audited financial statements are consistent with GAAP and in addition reaffirmed its opinion without qualification on those financial statements. Management has confirmed that it has consistently applied the same principles in preparation of its unaudited quarterly statements for the periods ended Dec. 31, 1997, March 31, 1998, and June 30, 1998.
Resource America Inc. is a specialty finance company principally engaged in real estate finance and equipment leasing. In addition, the company owns, manages, and operates energy assets in the Appalachian basin.
CONTACT:
Resource America Inc., Philadelphia
Pamela Schreiber, 215/546-5005
Fax: 215/546-5388
KEYWORD: PENNSYLVANIA OHIO
BW1475 SEP 17,1998
17:22 PACIFIC
20:22 EASTERN
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