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Asta Funding, Inc. Reports Third Quarter and Nine Month Fiscal 2009 Results.

Article Excerpt
- Return to Profitability - $1.48 million Net Income for Third Quarter - Total Senior Debt Down 32% to $144.9 million

ENGLEWOOD CLIFFS, N.J., Aug. 4 /PRNewswire-FirstCall/ -- Asta Funding, Inc. (the "Company"), a consumer receivable asset management and liquidation firm, today reported financial results for the third quarter and nine months ended June 30, 2009.

Financial Results

For the third quarter of fiscal year 2009, the Company reported net income of $1,478,000, or $0.10 per diluted share, as compared to net income of $2,440,000, or $0.17 per diluted share for the same period in fiscal year 2008. Although net income is lower than the prior year, the Company returned to profitability after two quarters of reported losses. The Company reported revenues of $17,238,000 for the quarter, a 26.9% decrease as compared to revenues of $23,572,000 for the third quarter of fiscal year 2008.

For the nine months ended June 30, 2009 the Company reported a net loss of $11,527,000, or $0.81 per share, as compared to a net profit of $8,047,000, or $0.55 per diluted share in the comparable period a year ago. Revenues for the nine months were $53,812,000, a decrease of 41.3% as compared to $91,729,000 for the nine months ended June 30, 2008. The Company recorded non-cash impairments of $6,364,000 in the third quarter of fiscal year 2009, as compared to $18,429,000 for the second quarter of 2009, and $8,153,000 for the third quarter of fiscal year 2008....