Asta Funding (ASFI) Reports Q1 Loss
More News related to ASFI
- Asta Funding (ASFI) Amends Revolving Credit Line
- Asta Funding (ASFI) Reports a Q2 Loss
- Asta Funding (ASFI) Reaches Agreements With Lenders; Announces Cost Reduction Program
- Keefe, Bruyette, and Woods Initiates Asta Funding (ASFI) with a Market Perform
- Asta Funding (ASFI) Reports Q1 Loss
More News related to Earnings
- Waterside Capital (WSCC) Reports a Quarterly Loss
- Ship Finance (SFL) Posts Q3 adj.-EPS of $0.47, Misses Estimates
- Frontline (FRO) Posts Q3 Loss of $0.07, Beats Street by 5c
Asta Funding, Inc., (Nasdaq: ASFI) reports a Q1 loss of $0.54 vs. consensus for $0.71 profit - may not be comparable.
Revenues for the three months ended March 31, 2008, were $33,882,000, an increase of 4% compared to revenues of $32,608,000 a year ago. (Consensus is $37.75 million)
Gary Stern, President and Chief Executive Officer, said, "With regard to our large portfolio purchase, consummated a little over a year ago, our actual collections were slower than our original expectations and we incurred a significant impairment of approximately $30.3 million. This is a result of a variety of factors, including the effects of the economic downturn."[SM]
Related Categories
EarningsStocks Mentioned
+0.01Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
KHFCGKHG@JCF.COM
KUFGKGFKU on May 1, 2009 06:31 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.