Exhibit 99.1

 

Investor Contact:

 

Bruce R. Foster, CFO

Asta Funding, Inc.

(201) 567-5648

 

Asta Funding Announces Results for

The Third Quarter Ended June 30, 2019

 

 

 

● 

$2.3 million in net income for the quarter ended June 30, 2019

 

Diluted EPS rose to $0.35 for the quarter ended June 30, 2019 

 

● 

$61.2 million in cash & securities as of June 30, 2019

 

ENGLEWOOD CLIFFS, N.J., August 13, 2019 - Asta Funding, Inc. (NASDAQ: ASFI) (the “Company”), a diversified financial services company, today announced results for the third quarter ended June 30, 2019.

 

Three Months Ended June 30, 2019 Results

 

For the three months ended June 30, 2019, net income was $2.3 million, or $0.35 per diluted share, as compared to net income of $2.0 million, or $0.29 per diluted share for the three months ended June 30, 2018.

 

Total income for the three months ended June 30, 2019 decreased $0.9 million to $6.4 million, compared to $7.3 million for the three months ended June 30, 2018. Total revenue included in the three months ended June 30, 2019 is approximately $3.7 million in total revenue from finance income from the distressed receivable business, as compared to $4.5 million for the three months ended June 30, 2018. Also included in total revenues for the three months ended June 30, 2019 is approximately $0.4 million from personal injury claims income, as compared to $1.6 million for the three months ended June 30, 2018. Disability fee income was $1.2 million for the three months ended June 30, 2019 and 2018. Other income increased $0.8 million to $0.9 million for the three months ended June 30, 2019, compared to $0.1 million for the three months ended June 30, 2018. The Company recognized a gain on settlement of $0.3 million for the three months ended June 30, 2019.

  

General and administrative expenses decreased $1.2 million to $3.0 million for the three months ended June 30, 2019, as compared to $4.2 million for the three months ended June 30, 2018.

 

Additionally, the Company had a loss from an equity method investment of $(5,000) for the three months ended June 30, 2019.

 

Nine Months Ended June 30, 2019 Results

 

For the nine months ended June 30, 2019, net income was $5.4 million, or $0.80 per diluted share, as compared to a net income of $0.3 million, or $0.05 per diluted share for the nine months ended June 30, 2018.

 

Total income for the nine months ended June 30, 2019 decreased $0.4 million to $18.0 million, compared to $18.4 million for the nine months ended June 30, 2018. Total revenue included in the nine months ended June 30, 2019 is approximately $10.7 million in total revenue from finance income from the distressed receivable business, as compared to $12.8 million for the nine months ended June 30, 2018. Also included in total revenues for the nine months ended June 30, 2019 is approximately $1.6 million from personal injury claims income, as compared to $2.2 million for the nine months ended June 30, 2018. Disability fee income was $3.7 million for the nine months ended June 30, 2019, as compared to $3.2 million for the nine months ended June 30, 2018. Other income increased $1.2 million to $1.4 million for the nine months ended June 30, 2019, compared to $0.2 million for the nine months ended June 30, 2018. The Company recognized a gain on settlement of $0.6 million for the nine months ended June 30, 2019.

  

General and administrative expenses decreased $1.4 million to $10.3 million for the nine months ended June 30, 2019, as compared to $11.7 million for the nine months ended June 30, 2018. During the nine months ended June 30, 2018, the Company recorded a loss of $(1.4) million on the acquisition of a minority interest.

 

Additionally, the Company had a loss from an equity method investment of $(91,000) for the nine months ended June 30, 2019, compared to earnings from an equity method investment of $0.8 million for the nine months ended June 30, 2018.

 

Balance Sheet Review

 

As of June 30, 2019, the Company had approximately $61.2 million in cash and cash equivalents, and securities, $89.2 million in stockholders' equity, and a net book value per share of $13.50. 

 

 

The following information was filed by Asta Funding Inc (ASFI) on Tuesday, August 13, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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