Asta Funding, Inc. (ASFI), a receivable asset management and liquidation company, Monday said first-quarter net income attributable to the company dropped to $2.59 million from $2.98 million in the previous year. Earnings per share remained flat with last year at $0.20.
There were no impairments in either period.
Total revenues for the quarter were $10.55 million, compared to $10.44 million last year.
Gary Stern, CEO, said, "We are pleased by the results of first quarter of fiscal year 2013 with continued strong liquidity and a solid balance sheet. Total revenues increased in the first quarter of fiscal year 2013 over the prior year with the revenue coming from the investments made by Pegasus Funding, LLC in personal injury claims.''
The firm said it is not abandoning its core business, as it continues to review all investment options in the distressed receivables market.
''However, in this challenging pricing and collection environment, we are continuing to explore other financing markets that we can effectively service, and maximize returns to our shareholders," Stern added.
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