Another publicly traded debt buying firm, Asta Funding, recently reported their results for the first quarter of 2011. Here’s what Chairman and CEO Gary Stern had to say:
“We are pleased with the results of the second quarter and six month period ended March 31, 2011 as we continue to generate strong cash flow and improve our liquidity position,” commented Gary Stern, Chairman and CEO of the Company. “We are also pleased with the quality of the legacy portfolio as we reported an increase in zero basis revenue of 8.7% to $17.8 million in the first six months of fiscal year 2011 from $16.4 million during the same period of the prior year. Also, exclusive of the non-recourse debt, we are funding our business through our cash flow from operations without the need for borrowing.”
Another positive takeaway is that Asta increased it’s portfolio purchases by 54% compared to one year ago.