Asta Funding Reports Loss for Fourth Quarter and Year Ended September 30, 1998 Results.ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--December 15, 1998--ASTA FUNDING, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ASFI ASFI Army Single Face to Industry ASFI Accès Sans Fil à Internet (French: wireless internet access) ASFI American Spaceframe Fabricators International ASFI Association Suisse des Femmes Ingénieures ) today announced a net loss of $1,197,750 or (n$.51) per share for the three months ended September 30, 1998 compared to net income of $207,889 or $.05 per share for the same quarter of the prior year. Revenues for the fourth quarter were $1,010,199 compared to $2,860,113 in the prior year period. For the year ended September 30, 1998, the Company incurred a loss of $3,027,674 or ($.77) per share on revenues of $4,495,015 as compared to a loss of $356,314 or ($.09) per share on revenues of $5,674,201 in the prior year period. Gary Stern, President and Chief Executive Officer, commented, "Fiscal 1998 has been a year of transition for Asta with focus shifting from sub-prime auto lending to the growing and lucrative distressed receivables market. The Company, through the recently developed (April, 1998) E.R. Receivables has purchased a $6 million portfolio of distressed receivables and, on a transactional basis, is a lender and profit participant in acquiring distressed consumer receivables at a significant discount from a single major lending institution Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in ." Mr. Stern further commented that he is confident that the actions taken in fiscal 1998 to expand the scope of the Company's activities would inure To result; to take effect; to be of use, benefit, or advantage to an individual. For example, when a will makes the provision that all Personal Property is to inure to the benefit of a certain individual, such an individual is given the right to receive all the personal to the benefit of the shareholders in the current fiscal year. ASTA Funding, Inc., is currently licensed in 10 eastern states Eastern States can refer to several locations:
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Although, Asta Funding, Inc. believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurance that is expectations will be realized. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from Asta Funding, Inc.'s expectations. Factors that could contribute to such differences include those identified in Asta Funding, Inc.'s Form 10-KSB for the year ended September 30, 1998 and 10-Q for quarter ended September 30, 1998; and those described from time to time in Asta Funding Inc.'s other filings with the Securities and Exchange Commission, news releases and other communications. |
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