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Actionable news in ASFI: Asta Funding, Inc.,

Asta: Robert J. Michel, Cfo Asta Funding, Inc.

The following excerpt is from the company's SEC filing.

(201) 567-5648

Asta Funding, Inc. Announces Financial Results for Third Quarter and Nine Months of Fiscal 2015

Continued Growth in the Structured Settlement Segment, CBC Settlement Funding, LLC

$97.3 Million Cash & Securities as of June 30, 2015

ENGLEWOOD CLIFFS, N.J., August 10, 2015 Asta Funding, Inc. (NASDAQ: ASFI) (the Company), a consumer receivable asset management and financial services company, today announced results for the three months and nine months ended June 30, 2015.

The Company reported net income of $876,000 for the nine month period ended June 30, 2015, or $0.07 per diluted share, as compared to net income of $5,709,000 for the nine months ended June 30, 2014, or $0.43 per diluted share. Total income for the nine month period ended June 30, 2015 was $31,473,000, as compared to $24,827,000 (excluding the forgiveness of debt income reported in the third quarter of fiscal year 2014), an increase of 26.8%. Total income for the nine month period ended June 30, 2014, including the forgiveness of non-recourse debt of $26,101,000, was $50,928,000. The Company made the final payment of the remaining amount of the non-recourse debt due to the Bank of Montreal in June 2014, based on the Settlement Agreement signed in August 2013, which yielded this forgiveness of debt income in the period ended June 30, 2014. Included in total income is finance income on consumer receivables of $15,688,000 for the nine month period ended June 30, 2015, as compared to $14,792,000 reported in the nine month period ended June 30, 2014. Income from structured settlements for the nine month period ended June 30, 2015 was $7,574,000, as compared to income of $2,941,000 reported in the nine month period ended June 30, 2014. The fiscal year results reported for the period ended June 30, 2014 included only six months, as the acquisition of CBC Settlement Funding, LLC (CBC) closed on December 31, 2013. On a pro-forma basis, CBC has more than doubled its Total Receivables Balance purchased in the nine month period ended June 30, 2015 and the transaction volume has increased over 100% from the prior period. Income from personal injury claims was $6,084,000 for the nine month period ended June 30, 2015 as compared to $5,724,000 reported in the nine month period ended June 30, 2014. Income increased to $911,000 for the nine month period ended June 30, 2015 from $253,000 for the nine month period ended June 30, 2014, for GAR Disability Advocates (GAR Disability) as we are beginning to experience the closing of the disability cases at an increasing rate.

The Company reported net income of $161,000, or $0.01 per diluted share, in the third quarter of fiscal year 2015 as compared to net income of $4,687,000, or $0.35 per diluted share in the third quarter of fiscal year 2014. Total income for the three month period ended June 30, 2015 was $10,217,000, as compared to $8,595,000, (excluding the forgiveness of non-recourse debt income reported in the third quarter of fiscal year 2014), an increase of 18.9% over the results of the third quarter of fiscal year 2014. Total income of $34,696,000 reported in the third quarter of fiscal year 2014 included $26,101,000 of forgiveness of non-recourse debt. Included in total income for the three months ended June 30, 2015 is finance income on consumer receivables of $5,156,000, as compared to

$5,074,000 reported in the three month period ended June 30, 2014. Income reported from CBC was $2,595,000 in the three month period ended June 30, 2015, as compared to $1,406,000 reported in the third quarter of fiscal year 2014, an 84.6% increase. In the three month period ended June 30, 2015, the CBC unit increased the number of cases funded by 93.5% over the three month period ended June 30, 2014. Income from personal injury claims was $1,729,000 in the three month period ended June 30, 2015, as compared to $1,779,000 for the three month period end June 30, 2014, a 2.8% decrease from the prior year, as slightly fewer cases closed in the period; however the value of the net investment in personal injury cases increased by $5.4 million, or 17.1%, from $31.7 million as of June 30, 2014 to $37.2 million as of June 30, 2015. Income from GAR Disability increased to $552,000 in the third quarter of fiscal year 2015 from $137,000 reported in the same period of the prior year.

Net cash collections of consumer receivables acquired for liquidation, including cash collections represented by account sales, were $28,257,000 for the nine months ended June 30, 2015, compared to $30,743,000 in the nine month period ended June 30, 2014. Net cash collections of consumer receivables acquired for liquidation, including cash collections represented by account sales, were $8,838,000 for the third quarter of fiscal year 2015, as compared to $10,041,000 in the third quarter of the prior year. Net collections on Great Seneca were $6,751,000 during the nine months ended June 30, 2015 as compared to $7,749,000 for the nine months ended June 30, 2014. Net cash collections on the Great Seneca portfolio were $2,288,000 in the third quarter of fiscal year 2015, as compared to $2,781,000 in the third quarter of fiscal year 2014.

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