Financial Federal Corp. (FIF), Tuesday said its third-quarter net income decreased from the same quarter a year ago, hurt by a decline in average receivables and a rise in non-performing assets.
The New York based Financial Federal's net income for the third quarter declined 19% to $10.305 million from $12.692 million in the same quarter a year ago, while earnings per share for the third quarter declined 20% to $0.42 per share from $0.52 per share in the comparable quarter last year.
On average, four analysts surveyed by Thomson Reuters expected earnings of $0.41 per share for the third quarter. Analysts estimate typically excludes special items such as one-time charges or gains.
Revenues for the third quarter decreased to $37.587 million from $46.361 million in the corresponding quarter a year ago. The Street expected revenues of $23.89 million for the third quarter.
Finance receivables originated during the third quarter were $77 million, down from $232 million in the third quarter of last year.
Provisions for credit loses for the third quarter increased to $2.0 million from $1.5 million in the same quarter a year ago as the company increased the allowance for credit losses due to higher levels of net charge-offs, non-performing assets and delinquencies.
Salaries and other expenses for the third quarter increased 6% to $7.4 million from $6.9 million in the corresponding quarter a year ago and return on equity decreased to 9.6% from 13.0% in the comparable quarter last year.
Non-performing assets totaled 3.69% of total finance receivables at April 30, 2009, compared to 2.01% at April 30, 2008.
For the three-months period, net income decreased to $34.282 million or $1.39 per share from $37.942 million or $1.55 per share in the same quarter last year.
Revenues for the three-months period plunged to $121.193 million from $144.665 million in the corresponding quarter a year ago.
FIF closed Tuesday's trading at $25.24, up $0.24 or 0.96% on the NYSE, in the after hours, the Stock lost $0.28 or 1.11%, trading at $24.96.
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