Asta Funding Inc., a publicly owned debt buyer, reported net income of $3.1 million for its third quarter ended June 30 as compared to net income of $1.5 million for the year-ago period. Revenues for Q3 were $12.1 million as compared to $17.2 million in the year-ago period.
The company's report follows earnings news from two competitors released last week, see story.
Net cash collections of consumer receivables acquired for liquidation were $25.8 million for Q3, as compared to $37.6 million in the third quarter a year ago, a 31.4% decrease.
Net income for the nine months ended June 30 reached $8.5 million as compared to a net loss of $11.5 million in the year-ago period. Net cash collections of consumer receivables acquired for liquidation reached $80.9 million for the nine-month period, compared to $116.6 million in the year-ago period, a 30.6% decrease.
Net cash collections represented by account sales were $3.2 million or 4.0% of net cash collections in the nine-month period, compared to $7.8 million, or 6.7% in the same comparative period of the prior year.