Asta Funding, Inc. (ASFI) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $0.66 million, or $ 0.06 a share in the quarter, against a net profit of $1.81 million, or $0.15 a share in the last year period.
Revenue during the quarter dropped 11.57 percent to $10.45 million from $11.82 million in the previous year period. Operating margin for the quarter stood at negative 4.57 percent as compared to a positive 30.30 percent for the previous year period.
Operating loss for the quarter was $0.48 million, compared with an operating income of $3.58 million in the previous year period.
"We made some significant strides during the quarter, some of which negatively impacted the Company's first quarter financial results. First and foremost, we commenced the Company's self-tender offer on January 19, 2017, pursuant to our settlement agreement with Mangrove. The negotiation and execution thereof resulted in significant non-recurring professional fees with attorneys and other third-party professionals being incurred in the first quarter of 2017. Additionally, we organized and setup the infrastructure for our new wholly-owned subsidiary, Simia Capital, LLC, which commenced operations the beginning of January 2017. A significant amount of management's time and efforts were spent dealing with these two important issues for the Company," said Gary A. Stern, chairman, and chief executive officer.
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