Asta Funding, Inc. (ASFI) saw its loss widen to $5.57 million, or $0.57 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.83 million, or $0.15 a share.
Revenue during the quarter dropped 21.77 percent to $8.27 million from $10.57 million in the previous year period. Operating margin for the quarter stood at negative 93.43 percent as compared to a negative 26.14 percent for the previous year period.
Operating loss for the quarter was $7.73 million, compared with an operating loss of $2.76 million in the previous year period.
"During the second quarter we completed our self-tender of 5.3 million shares of the Company's stock. Additionally, we completed our seventh securitization of our structured assets for $18 million, and during this month we collected approximately $18 million in personal injury claims which serves to stabilize our cash position. Our new personal injury claims company, Simia Capital, commenced operations in January and has completed the purchase of a $3 million personal injury claims portfolio," said Gary M. Stern, chairman and chief executive officer.
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