Asta Funding Records Revenue and EPS Increases for the Third Quarter And Nine Month Periods

Asta Funding, Inc., (NASDAQ:ASFI), a leading consumer receivables asset management and liquidation company, today reported both revenue and net income gains for the three month and nine month periods ended June 30, 2002.

Net income for the three months ended June 30, 2002, rose 12% to $2,716,000 or $0.61 per diluted share, from $2,435,000 or $0.58 per diluted share, as compared to the same prior year period. Revenues for the three months ended June 30, 2002, were $8,800,000, an increase of 31% over revenues of $6,720,000 for the same prior year period.

Net income for the nine months ended June 30, 2002, rose 19% to $7,646,000 or $1.72 per diluted share, from $6,400,000 or $1.55 per diluted share, as compared to the same prior year period. Revenues for the nine months ended June 30, 2002, were $27,584,000, an increase of 63% over revenues of $16,970,000 for the same prior year period.

Chief executive officer Gary Stern said the third quarter results were consistent with management expectations. “Our strategy has been to focus on niche opportunities in the consumer receivables arena that meet our business model. We are financially strong and well positioned to take disciplined advantage of consumer receivable portfolio opportunities as they become available,” he concluded.

As previously reported, Asta Funding will conduct a teleconference today at 11:00 a.m. Eastern time. To participate please dial USA (877) 575-1510, International (706) 679-5398 about 5 minutes prior to start.

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