Asta Funding (ASFI) Reaches Agreements With Lenders; Announces Cost Reduction Program
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Asta Funding, Inc. (Nasdaq: ASFI) announced that the Company and its subsidiaries, including Palisades Acquisition XVI reached agreements with its lenders and amended certain terms of their banking arrangements. The effective date for the banking arrangements is February 20, 2009. The Company expects to file its Annual Report on Form 10-K for the fiscal year ended September 30, 2008 on February 20, 2009, with the Report on Form 10-Q for the quarter ended December 31, 2008 to follow shortly thereafter. Upon filing the Report on Form 10-Q the Company will be up to date with its filing requirements with the Securities & Exchange Commission (SEC).
The Company also announced that as part of a cost reduction program, it will be closing its call center facility in Pennsylvania by the end of the second fiscal quarter of 2009. Asta has begun the process of moving all accounts to its headquarters in New Jersey and could realize an annual savings of approximately $1.5 million. The Company will recognize a one-time charge of approximately $250,000 in the fiscal second quarter relating to this closure. In addition, we anticipate, impairments of approximately $21.4 million offsetting income in the first quarter of fiscal year 2009.
Asta Funding, Inc., together with its subsidiaries, engages in purchasing, managing for its own account, and servicing distressed performing and non-performing consumer receivables.[SM]
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LIYGLI on May 1, 2009 06:36 PMEvery Consumer Defense Attorney in America should participate in this conference call and ask Gary Stern, Chairman and Chief Executive Officer, about the illegal contract with Unifund CCR Partners where Asta Funding (Palisades Collections) pays a 50% premium for collections "...outside the related Statute of Limitations" (see SEC form 10Q filed May 19, 2008). Asta Funding Revenues for the three months ended March 31, 2009, were $18,126,000, a decrease of 46.6% compared to revenues of $33,882,000 a year ago. The Company reported a net loss for the three months ended March 31, 2009 of $5,168,000. A conference call to discuss the results of the second quarter and six months results of fiscal year 2009 will be held on Monday, May 11, 2009 at 1:00 PM EDT, subsequent to issuance of second quarter Report on Form 10-Q, scheduled to be filed with the SEC the week of May 4, 2009." Interested parties may participate in the conference call by dialing USA/Canada (888) 427-4192, International (706) 679-4480 about 5 -10 minutes prior to 1:00 pm EDT. Please refer to the Asta Funding earnings teleconference ID 98363718. A recording of the conference call will be available from 2:00 pm EDT May 11th through May 18th, by dialing USA/ Canada (800) 642-1687, International (706) 645-9291, conference ID 98363718.