NEWS
Announcements:
Velocity Portfolio Group, Inc. Files Form 25 Voluntarily Delisting its Shares from NYSE AMEX
WALL, NJ (September 16, 2009) – Velocity Portfolio Group, Inc., (“the Company”) a distressed consumer receivables management and liquidation company today announced that it will file a Form 25, Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act, with the Securities and Exchange Commission and the NYSE AMEX.
The Company anticipates that its common stock will be quoted in the over-the-counter market on the Pink Sheets, a centralized electronic quotation service, in the near future.
After weighing its various options and deliberating the benefits and detriments of continuing to be required to comply with the Exchange Act of 1934, the Company has concluded that shareholder value is best served by reducing the costs of public company compliance, the demands on management time, and the Company resources required to maintain its listed and registered status. While the Company's reporting obligations to the Securities and Exchange Commission will terminate when the Form 25 has been filed, the Company reiterated its current intention to continue reporting certain quarterly financial results, as well as its annual audited financial results, in press releases or other means of public dispersal.
About Velocity Portfolio Group, Inc.
Velocity Portfolio Group, Inc., through its wholly owned subsidiary, Velocity Investments, LLC, is focused on the purchase and collection of distressed consumer receivables, principally through an outsourced litigation model. By focusing on the quality of the portfolio prior to purchase, Velocity aims to diminish its risk and improve its overall collection rate as a percentage of principal balance. For more information, visit www.velocitycollect.com.
This Press Release contains or may contain forward looking statements and information that are based upon beliefs of and information currently available to the Company's management as well as estimates and assumptions made by the Company's management. When used herein the words ''anticipate", "believe", "estimate", "expect", "future", "intend", "plan" and similar expressions as they relate to the Company or the Company's management identify forward looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties and assumptions relating to the Company's operations and results of operations and any businesses that may be acquired by the Company, including future collections, increased revenue, increased operating income and consumer receivables under management at the Company's Velocity Investments subsidiary. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, intended or planned.
CONTACT: Jim Mastriani, CFO Velocity Portfolio Group, Inc. 732/556-9090 or jjm@velocitycollect.com
Q2 '08 Webcast Monday August 18th 2008 at 11:00 am
Velocity's Q2 2008 Results Conference Call
Click Here to Listen
---------------------------------------------------------------------------
Full Press Release Please Click Here.
VELOCITY Q2 REVENUES ROSE 11% TO $3.7 MILLION AND INCOME FROM CONTINUING OPERATIONS ROSE 2% TO $751,000
WALL, NJ (August 14, 2008) – Velocity Asset Management, Inc. (AMEX: JVI) (“Velocity”), which collects delinquent consumer receivables using an outsourced litigation model, today announced operating results for the three- and six-month periods ended June 30, 2008.
2008 Q2 Conference Call/Webcast Information:
Conference Call: Monday, August 18, 2008 at 11:00 a.m. ET
Dial-in Number: 800/735-5968
Replay Number: 800/633-8284, code 21391071; until 1:00 p.m. ET, Aug 20th
Webcast: www.velocitycollect.com, available for 30 days
Summary Financials
|
Three Months Ended |
% |
Six Months Ended |
% |
$3,661,913 |
$3,296,214 |
11% |
$7,498,122 |
$6,371,089 |
18% |
|
Operating Income |
1,603,795 |
1,502,044 |
7% |
3,729,033 |
2,840,592 |
31% |
Income from continuing operations |
750,509 |
738,173 |
2% |
1,798,427 |
1,304,450 |
38% |
Loss from discontinued operations |
(452,095) |
(92,441) |
389% |
(843,297) |
(128,910) |
554% |
Net Income |
298,414 |
645,732 |
(54%) |
955,130 |
1,175,540 |
(19%) |
Net (Loss) income attributable to common holders |
(46,586) |
300,732 |
NA |
265,130 |
485,540 |
(45%) |
EPS (fully diluted) |
(0.01) |
0.02 |
NA |
0.01 |
0.03 |
(67%) |
EPS (continuing ops.) |
0.02 |
0.02 |
0% |
0.06 |
0.03 |
100% |
Diluted Shares Out. |
17,604,453 |
17,719,398 |
(1%) |
17,355,102 |
17,802,517 |
(3%) |
VI* Receivables Under Management |
500,000,000 |
433,000,000 |
15% |
500,000,000 |
433,000,000 |
15% |
VI* Gross Collections |
4,739,198 |
4,534,102 |
5% |
9,160,316 |
8,215,905 |
11% |
*Velocity Investments – a wholly owned subsidiary in the distressed consumer receivables business
Full Press Release Please Click Here.
----------------------------------------------------------------------------------------
Q1 '08 Webcast Wednesday May 28th 2008 at 11:30 am
Velocity's Q1 2008 Results Conference Call
Click Here to Listen
------------------------------------------------------------------
Velocity Asset Management Q1 2008 EPS from Continuing Operations Increases 300% to $0.04 on 25% Revenue Rise, Its 13th Consecutive Profitable Quarter
Q1 ’08 Gross Collections Rise 21%
WALL, N.J.--(BUSINESS WIRE)--Velocity Asset Management, Inc. (AMEX: JVI) (“Velocity”), which collects delinquent consumer receivables using an outsourced litigation model, today announced record operating results for the three month period ended March 31, 2008, the Company’s 13th consecutive profitable quarter. The Company will host an investor conference call to review its results on Wednesday, May 28 at 11:30 a.m. ET. Details below.
Summary Financials |
|||||||||||
in millions except |
Three Months Ended March 31,
|
||||||||||
2008 |
2007 |
% | |||||||||
Revenues |
$ |
3,836,209 |
$ |
3,074,875 |
25 |
% |
|||||
Operating Income |
2,125,238 |
1,338,548 |
59 |
% |
|||||||
Income from continuing operations |
1,047,918 |
566,277 |
85 |
% |
|||||||
Loss from discontinued operations |
(391,202 |
) |
(36,469 |
) |
972 |
% |
|||||
Net Income |
656,716 |
529,808 |
24 |
% |
|||||||
Net Inc. attributable to common holders |
311,716 |
184,808 |
69 |
% |
|||||||
EPS (basic and diluted) |
0.02 |
0.01 |
100 |
% |
|||||||
EPS (continuing operations) |
0.04 |
0.01 |
300 |
% |
|||||||
Diluted Shares Out. |
17,105,751 |
17,885,494 |
NA |
||||||||
VI* Receivables Under Mgmt. |
487,000,000 |
353,000,000 |
38 |
% |
|||||||
VI* Gross Collections |
4,449,725 |
3,681,803 |
21 |
% |
|||||||
*Velocity Investments – a wholly owned subsidiary in the distressed consumer receivables business |
|||||||||||
The improvements in Velocity’s Q1 results are principally due to significant growth in collections from its portfolio of distressed consumer receivables and a reduction in G&A expenses from Q1 ’07 of approximately $280,000 that resulted from a decrease in due diligence expenses.
“Velocity’s solid Q1 results highlight our receivable underwriting discipline and the strength and operating leverage provided by our collections model,” commented Velocity President and CEO Jack Kleinert. “As our asset portfolio continues to season, we anticipate it will generate increasing levels of cash flow, enabling us to achieve organic revenue growth as well as freeing up capital to purchase new charged-off receivables.
“Pricing of new pools of distressed consumer receivables continues to be under pressure, creating a very favorable trend for us. We believe the pricing reductions should more than offset any anticipated deterioration in collections over the next few years.“
Additionally, the Company announced that it had acquired two portfolios of consumer receivable in April aggregating approximately $9.65 million in initial outstanding amount at a purchase price of approximately $581,000.
To support the growth of its portfolio, on May 6th the Company received net proceeds of approximately $600,000 from an initial closing of its private placement of 800,003 shares at a purchase price of $0.90 and delivered warrants to purchase an aggregate of 200,001 shares of the Company’s common stock.
In February, the Company secured a 28% increase in its senior credit facility with Wells Fargo Foothill, Inc. The facility was increased to $22.5 million and its maturity was extended two years to January 31, 2011.
Velocity Asset Management is in the process of winding down the discontinued operations of its J. Holder and VOM subsidiaries and expects to complete this process by the end of 2008. These divestitures should free up additional capital while also allowing management to focus exclusively on Velocity Investments, its core, growing consumer receivables business.
2008 Q1 Conference Call/Webcast Information |
||
Conference Call: |
Wednesday, May 28 at 11:30 a.m. ET |
|
Dial-in Number: |
800/735-5968 |
|
Call Replay Until: |
May 30 at 1:30 p.m. ET |
|
Replay Number: |
800/633-8284 |
|
Replay Access Code: |
21384107 |
|
Webcast: |
||
Web Replay: |
30 days |
|
About Velocity Asset Management, Inc.
Velocity Asset Management, Inc., through its wholly owned subsidiary, Velocity Investments, LLC, is focused on the purchase and collection of distressed consumer receivables, principally through an outsourced litigation model. The Company purchases consumer receivable portfolios that are of “litigation quality.” By focusing on the quality of the portfolio prior to purchase, Velocity aims to diminish its risk and improve its overall collection rate as a percentage of principal balance. For more information, visit www.velocitycollect.com.
This Press Release contains or may contain forward looking statements and information that are based upon beliefs of and information currently available to the Company's management as well as estimates and assumptions made by the Company's management. When used herein the words ''anticipate", "believe", "estimate", "expect", "future", "intend", "plan" and similar expressions as they relate to the Company or the Company's management identify forward looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties and assumptions relating to the Company's operations and results of operations and any businesses that may be acquired by the Company, including future collections, increased revenue, increased operating income and consumer receivables under management at the Company's Velocity Investments subsidiary. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, intended or planned.
(Condensed Consolidated Balance Sheets follow) |
||||||||
VELOCITY ASSET MANAGEMENT, INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
ASSETS |
MAR. 31, 2008 |
DEC. 31, 2007 |
||||||
(Unaudited) |
||||||||
Cash and cash equivalents |
$ |
99,688 |
$ |
162,180 |
||||
Consumer receivables, net |
46,606,524 |
46,971,014 |
||||||
Property and equipment, net of accum'd depr. |
58,191 |
64,420 |
||||||
Deferred income tax asset, net |
80,100 |
98,600 |
||||||
Security deposits |
30,224 |
30,224 |
||||||
Other assets (including $0 and $115,146 employee loan to a related party at 3/31/08 and 12/31/07, respectively) |
438,523 |
487,071 |
||||||
Net assets of discontinued operations |
6,501,582 |
6,793,319 |
||||||
Total assets |
$ |
53,814,832 |
$ |
54,606,828 |
||||
LIABILITIES |
||||||||
Accounts payable and accrued expenses |
$ |
506,241 |
$ |
552,269 |
||||
Estimated court and media costs |
6,492,813 |
7,374,212 |
||||||
Lines of credit |
12,922,838 |
14,429,138 |
||||||
Notes payable to related parties |
200,000 |
200,000 |
||||||
Convertible subordinated notes |
2,350,000 |
2,350,000 |
||||||
Income taxes payable |
1,100,160 |
820,222 |
||||||
Net liabilities from discontinued operations (including notes payable to related parties of $2.3 mm at 3/31/08 and 12/31/07) |
5,539,664 |
4,374,441 |
||||||
Total liabilities |
$ |
29,116,716 |
$ |
30,100,282 |
||||
STOCKHOLDERS' EQUITY |
||||||||
Series A 10% convertible preferred stock, $0.001 par value, 10,000,000 shares authorized, 1,380,000 shares issued and outstanding (liquidation preference of $13,800,000) |
1,380 |
1,380 |
||||||
Common stock, $0.001 par value, 40,000,000 shares authorized, 16,930,821 and 17,066,821 shares issued and outstanding, respectively |
16,930 |
17,066 |
||||||
Additional paid-in capital |
25,128,934 |
25,243,944 |
||||||
Accumulated deficit |
(444,128 |
) |
(755,844 |
) |
||||
Total stockholders' equity |
24,703,116 |
24,506,546 |
||||||
Total liabilities and stockholders' equity |
$ |
53,814,832 |
$ |
54,606,828 |
||||
(Condensed Consolidated Statements of Income follow) |
||||||||
VELOCITY ASSET MANAGEMENT, INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
(Unaudited) |
||||||||
For the Three Months |
||||||||
2008 |
2007 |
|||||||
REVENUES |
||||||||
Income on consumer receivables |
3,834,853 |
3,056,043 |
||||||
Other income |
1,356 |
18,832 |
||||||
Total revenues |
3,836,209 |
3,074,875 |
||||||
OPERATING EXPENSES |
||||||||
Professional fees (including fees paid to related parties of $210,541 and $337,584 for the periods ended March 31, 2008 and 2007, respectively) |
1,169,544 |
915,724 |
||||||
General and administrative expenses |
541,427 |
820,603 |
||||||
Total operating expenses |
1,710,971 |
1,736,327 |
||||||
Income from operations |
2,125,238 |
1,338,548 |
||||||
OTHER EXPENSE |
||||||||
Interest expense (including interest incurred to related parties of $3,500 for the periods ended 3/31/08 and 3/31/07 |
(335,070 |
) |
(345,318 |
) |
||||
Income from continuing operations before provision for income taxes |
1,790,168 |
993,230 |
||||||
Provision for income taxes |
742,250 |
406,042 |
||||||
Income from continuing operations |
1,047,918 |
566,277 |
||||||
Loss from discontinued operations (including fees paid and interest incurred to related parties of $0 and $167 and $58,139 and $54,250, respectively, at 3/31/08 and 3/31/07, and net of tax benefit of $64,164 and $24,916, respectively) |
(391,202 |
) |
(36,469 |
) |
||||
Net income |
656,716 |
529,808 |
||||||
Preferred dividend |
(345,000 |
) |
(345,000 |
) |
||||
Earnings Per Share: |
||||||||
Income from continuing operations: |
||||||||
Basic |
$ |
0.04 |
$ |
0.02 |
||||
Diluted |
$ |
0.04 |
$ |
0.01 |
||||
Discontinued operations: |
||||||||
Basic |
$ |
(0.02 |
) |
$ |
(0.00 |
) |
||
Diluted |
$ |
(0.02 |
) |
$ |
(0.00 |
) |
||
Net income: |
||||||||
Basic |
$ |
0.02 |
$ |
0.01 |
||||
Diluted |
$ |
0.02 |
$ |
0.01 |
||||
Average Common Shares - Basic |
17,047,392 |
16,138,210 |
||||||
Average Common Shares - Diluted |
17,105,751 |
17,885,494 |
||||||
Velocity Asset Management Announces Delay in 10-Q Filing and Previews Q1 2008 Results
WALL, N.J.--(BUSINESS WIRE)-- Velocity Asset Management, Inc. (AMEX: JVI) (“Velocity”), which collects delinquent consumer receivables using an outsourced litigation model, today announced that it must further delay the filing of its quarterly report on Form 10-Q with the SEC. The company expects to complete the filing no later than Tuesday, May 27, 2008. Velocity also previewed its operating results for the first quarter ended March 31, 2008.
Velocity is unable to file its Form 10-Q within the five-day filing extension period as a result of additional time required by its auditors to address the reclassification and presentation of the Company's VOM, LLC and J. Holder, Inc. entities as discontinued operations. Velocity is in the process of winding down these discontinued operations and expects to complete this process, including the sale of all related assets, by the end of 2008.
Preliminary Q1 2008 Results vs. 2007 Actual
| per share amounts | March 31, 2008 | 2007 |
| Preliminary | Actual | |
| Revenues | $3.8 | $3.1 |
| Operating Income | 2.0 - 2.2 | 1.3 |
| Income from continuing operations | 09. -1.1 | 0.6 |
| Loss from discontinued operations | (0.03 - 0.5) | (0.1) |
| Net Income | 0.6 - 0.7 | 0.5 |
| Net Income attributable to common holders | 0.25 - 0.35 | 0.2 |
| Earnings per diluted share | $0.01 - 0.02 | $0.01 |
| Diluted Shares Outstanding | 17.1 | 17.9 |
| VI* Receivables Under Mgmt. | $487.0 | $353.0 |
* Velocity Investments – a wholly owned subsidiary in the distressed consumer receivables business.
03.18.08
Velocity Asset Management Q4 '07 EPS Rises 100% to a Record $0.04
Per Share on a 37% Increase in Revenues
Full Year EPS Increases 133% to a Record $0.07 Per Share on a 49%
Rise in Revenues
Q4 and 2007 Gross Collections Rise 73% and 67%, Respectively
WALL, N.J.--March 18, 2008--Velocity Asset Management, Inc. (AMEX:
JVI) ("Velocity"), which collects delinquent consumer receivables
using an outsourced litigation model, today announced record operating
results for the three and twelve-month periods ended December 31,
2007. The Company will host an investor conference call to review its
results on Tuesday, March 25th at 11:30 a.m. ET. Details below.
Summary Financials
----------------------------------------------------------------------
Three Months Ended Twelve Months Ended
December 31, December 31,
2007 2006 % 2007 2006 %
----------------------------------------------------------------------
Revenues $4,627,927 $3,365,906 37% $15,367,047 $10,284,482 49%
----------------------------------------------------------------------
Operating
Income 2,260,702 1,495,957 51% 6,370,940 3,654,149 74%
----------------------------------------------------------------------
Net Income 1,011,926 614,967 65% 2,572,075 1,318,690 95%
----------------------------------------------------------------------
Net Income
(common
holders) 666,926 269,967 147% 1,192,075 467,685 155%
----------------------------------------------------------------------
EPS
(basic and
diluted) 0.04 0.02 100% 0.07 0.03 133%
----------------------------------------------------------------------
Diluted NA NA
Shares Out. 18,546,209 17,250,541 18,075,746 17,276,877
------------------------------ ----------------------------------------
VI*
Receivables
Under Mgmt. 485,000,000 353,000,000 37% 485,000,000 353,000,000 37%
----------------------------------------------------------------------
VI* Gross
Collections 4,902,000 2,826,000 73% 17,960,000 10,778,000 67%
----------------------------------------------------------------------
*Velocity Investments - a wholly owned subsidiary in the distressed
consumer receivables business
The improvements in Velocity's Q4 and 2007 results are principally due
to significant growth in collections from its portfolio of consumer
receivables, offset by modest, managed growth in G&A expense that
reflect the Company's outsourcing model.
Velocity's Q4 2007 results also showed strong sequential growth as
revenues rose 13% to $4.6 million, compared to $4.1 million in Q3
2007, and Q4 2007 operating income rose 69% to $2.3 million, compared
to $1.3 million in Q3 2007. Q4 2007 net income to common shareholders
of $667,000 surpassed the $40,000 earned in Q3 2007.
"Velocity's record Q4 and full-year results highlight our receivable
underwriting discipline and the strength and operating leverage
provided by our collections model," commented Velocity President and
CEO Jack Kleinert. "Focusing on disciplined purchases and utilizing
our litigation-based collections approach continue to deliver
attractive results for our shareholders, even in a challenging
consumer economic environment. As our asset portfolio continues to
season and grow, we anticipate it will generate increasing levels of
cash flow, enabling us to achieve organic revenue growth as well as
freeing up capital to purchase new charged-off receivables.
"Pricing of new pools of distressed consumer receivables continues to
be under pressure, creating a very favorable trend for us. We believe
the pricing reductions should more than offset any anticipated
deterioration in collections over the next few years. We are actively
investigating alternatives to raise additional capital, which will
enable us to take advantage of the current market environment.
"To support the growth of our portfolio, on February 29th we secured a
28% increase in our senior credit facility with Wells Fargo Foothill,
Inc. The facility was increased to $22.5 million and its maturity was
extended two years to January 31, 2011.
"As we have indicated, our organization is in the process of winding
down its J. Holder and VOM subsidiaries and we expect to complete this
process by the end of 2008. These divestitures should free up
additional capital while also allowing us to focus exclusively on
Velocity Investments, our growing collections business."
2007 Q4 Conference Call/Webcast Information
------------------------------ ----------------------------------------
Conference Call: Tuesday, March 25 at 11:30 a.m. ET
Dial-in Number: 888/243-1681
Call Replay Until: March 27 at 1:30 p.m. ET
Replay Number: 800/633-8284
Replay Access Code: 21379110
Webcast: www.velocitycollect.com
Web Replay: 30 days
----------------------------------------------------------------------
About Velocity Asset Management, Inc.
Velocity Asset Management, Inc., through its wholly owned subsidiary,
Velocity Investments, LLC, is focused on the purchase and collection
of distressed consumer receivables, principally through an outsourced
litigation model. The Company purchases consumer receivable portfolios
that are of "litigation quality." By focusing on the quality of the
portfolio prior to purchase, Velocity aims to diminish its risk and
improve its overall collection rate as a percentage of principal
balance. For more information, visit www.velocitycollect.com.
This Press Release contains or may contain forward looking statements
and information that are based upon beliefs of and information
currently available to the Company's management as well as estimates
and assumptions made by the Company's management. When used herein the
words ''anticipate", "believe", "estimate", "expect", "future",
"intend", "plan" and similar expressions as they relate to the Company
or the Company's management identify forward looking statements. Such
statements reflect the current view of the Company with respect to
future events and are subject to risks, uncertainties and assumptions
relating to the Company's operations and results of operations and any
businesses that may be acquired by the Company, including future
collections, increased revenue, increased operating income and
consumer receivables under management at the Company's Velocity
Investments subsidiary. Should one or more of these risks or
uncertainties materialize, or should the underlying assumptions prove
incorrect, actual results may differ significantly from those
anticipated, believed, estimated, intended or planned.
(Condensed Consolidated Balance Sheets follow)
VELOCITY ASSET MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS DEC. 31, 2007 DEC. 31, 2006
Cash and cash equivalents $ 162,180 $ 2,444,356
Notes receivable 25,000 180,641
Note receivable from related party 100,000 --
Deposits on properties 10,000 240,000
Properties held for sale 5,962,739 6,133,705
Tax certif's held and accrued int.
receivable, net 325,339 472,071
Consumer receivables, net 46,971,014 38,327,926
Property and equip., net of accum'd depr. 64,420 68,619
Deferred income tax asset, net 423,600 306,900
Security deposits 30,224 30,100
Other assets (including $115,146 employee
loan to a related party in 2007) 532,312 229,841
------------- -------------
Total assets $ 54,606,828 $ 48,434,159
============= =============
LIABILITIES
Accounts payable and accrued expenses $ 1,425,710 $ 873,507
Estimated court and media costs 7,374,212 8,446,319
Lines of credit 14,745,138 13,791,388
Notes payable to related parties 2,500,000 2,370,000
Notes payable 885,000 780,000
Convertible subordinated notes 2,350,000 --
Income taxes payable 820,222 600,974
------------- -------------
Total liabilities $ 30,100,282 $ 26,862,188
============= =============
STOCKHOLDERS' EQUITY
Series A 10% convertible preferred stock,
$0.001 par value, 10,000,000 shares
authorized,
1,380,000 shares issued and outstanding
(liquidation preference of $13,800,000) 1,380 1,380
Common stock, $0.001 par value, 40,000,000
shares authorized, 17,066,821 and
16,129,321 shares issued and outstanding,
respectively 17,066 16,129
Additional paid-in capital 25,243,944 23,502,381
Accumulated deficit (755,844) (1,947,919)
------------- -------------
Total stockholders' equity 24,506,546 21,571,971
------------- -------------
Total liabilities and stockholders'
equity $ 54,606,828 $ 48,434,159
============= =============
(Condensed Consolidated Statements of Income follow)
VELOCITY ASSET MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months For the Twelve Months
Ended December 31, Ended December 31,
------------------------- -------------------------
2007 2006 2007 2006
------------ ------------ ------------ ------------
REVENUES
Sales of real
property $ 656,288 $ 525,443 $ 1,403,944 $ 1,585,175
Income on
consumer
receivables 3,962,031 2,778,100 13,863,538 8,431,259
Interest income
on tax
certificates
held 9,608 62,363 99,565 268,048
------------ ------------ ------------ ------------
Total revenues 4,627,927 3,365,906 15,367,047 10,284,482
------------ ------------ ------------ ------------
OPERATING EXPENSES
Cost of real
property sold 661,991 322,596 1,302,746 1,041,588
Impairment of
property held
for sale -- -- 220,948 --
Professional
fees (including
fees paid to
related parties
of $260,861 and
$276,847 and
$1,134,345 and
$1,241,244 for
the three and
twelve month
periods ended
December 31,
2007 and 2006,
respectively) 1,370,829 841,603 4,968,935 3,355,899
General and
administrative
expenses 334,405 705,750 2,503,478 2,232,846
------------ ------------ ------------ ------------
Total
operating
expenses 2,367,225 1,869,949 8,996,107 6,630,333
------------ ------------ ------------ ------------
Income from
operations 2,260,702 1,495,957 6,370,940 3,654,149
INTEREST EXPENSE
Interest expense
(including
interest incurred
to related parties
of $58,955 and
$62,525 and
$234,014 and
$234,797 for the
three and twelve
month periods
ended December 31,
2007 and 2006,
respectively) (515,831) (391,846) (1,953,530) (1,363,418)
============-============-==== ========
Income before
provision for
income taxes 1,744,871 1,104,471 4,417,410 2,290,731
Provision for
income taxes 732,945 489,504 1,845,335 972,041
---------------------------------------------------
Net income 1,011,926 614,947 2,572,075 1,318,690
Preferred dividend (345,000) (345,000) (1,380,000) (851,005)
---------------------------------------------------
Net income
attributable to
common
stockholders $ 666,926 $ 269,967 $ 1,192,075 $ 467,685
============ ============ ============ =======
Weighted average
common shares
outstanding -
basic 17,044,403 16,092,439 16,395,040 16,008,653
============ ============ ============
Net income per
common share -
basic $ 0.04 $ 0.02 $ 0.07 $ 0.03
============ ============ ============
Weighted average
common shares
outstanding -
diluted 18,546,209 17,250,541 18,075,746 17,276,877
============ ============ ============
Net income per
common share -
diluted $ 0.04 $ 0.02 $ 0.07 $ 0.03
============ ============ ===========
03.04.08 - Velocity Investments Increases Senior Credit Facility
Borrowing Limit and Extends Maturity to January 2011
WALL, N.J.--March 4, 2008--Velocity Asset Management, Inc. (AMEX:
JVI and JVI-P) ("Velocity"), which purchases delinquent consumer
receivables and uses an outsourced litigation model to collect them,
today announced that its Velocity Investments (VI) subsidiary has been
granted an increase on its senior credit facility with Wells Fargo
Foothill, Inc. from $17.5 million to $22.5 million, and it has also
received a two-year extension of the maturity date to January 31,
2011.
"Given the volatility in the credit markets and the overall
economy we are very pleased that Wells Fargo Foothill has shown
confidence in Velocity's business by agreeing to increase and extend
our senior facility," stated Velocity Asset Management CEO Jack
Kleinert.
About Velocity Asset Management, Inc. Velocity Asset Management, Inc., through its wholly owned
subsidiary, Velocity Investments, LLC, is focused on the purchase and
collection of distressed consumer receivables, principally through an
outsourced litigation model. The Company purchases consumer receivable
portfolios that are of "litigation quality." By focusing on the
quality of the portfolio prior to purchase, Velocity aims to diminish
its risk and improve its overall collection rate as a percentage of
principal balance. For more information, visit
www.velocitycollect.com.
This Press Release contains or may contain forward looking
statements and information that are based upon beliefs of and
information currently available to the Company's management as well as
estimates and assumptions made by the Company's management. When used
herein the words ''anticipate", "believe", "estimate", "expect",
"future", "intend", "plan" and similar expressions as they relate to
the Company or the Company's management identify forward looking
statements. Such statements reflect the current view of the Company
with respect to future events and are subject to risks, uncertainties
and assumptions relating to the Company's operations and results of
operations and any businesses that may be acquired by the Company,
including future collections, increased revenue, increased operating
income and consumer receivables under management at the Company's
Velocity Investments subsidiary. Should one or more of these risks or
uncertainties materialize, or should the underlying assumptions prove
incorrect, actual results may differ significantly from those
anticipated, believed, estimated, intended or planned.
02.04.08 - Velocity Investments to Present at Security Research Associates'
Investor Conference February 11 at 9:30 am PST
WALL, N.J.--Feb. 4, 2008--Velocity Asset Management, Inc. (AMEX:
JVI and JVI-P) ("Velocity"), which purchases delinquent consumer
receivables and uses an outsourced litigation model to collect them,
today announced that Velocity CEO Jack Kleinert and CFO Jim Mastriani
will present at Security Research Associates' 4th Annual Winter
Technology Conference for institutional clients. Their presentation,
which will be webcast live and archived, is scheduled to take place at
9:30 a.m. PST on Monday, February 11th in the Nob Hill room at the
Omni Hotel in San Francisco, CA.
Live Webcast
A live audio webcast of Velocity's presentation will be available
to all investors at http://www.velocitycollect.com/ir.html or via
http://www.wsw.com/webcast/sra6/jvi/
11.04.07 - Velocity Assest Management Reports Record Collections and Revenue in 2007 Q3
08.07.07 - VELOCITY ASSET MANAGEMENT COMMON STOCK APPROVED FOR LISTING ON AMERICAN STOCK EXCHANGE
08.09.07 - VELOCITY ASSET MANAGEMENT Q2 NET INCOME
RISES 222% ON 63% REVENUE INCREASE
05.21.07 - Velocity Asset Management, Inc. Reports Revenue and Operating Results for the Three Months Ended March 31, 2007
04.13.07 - Velocity Asset Management, Inc. Reports on Portfolio Acquisitions for the First Quarter Ended March 31, 2007
04.05.07 - Velocity Asset Management Reports Results of Operations for Fiscal Year Ending December 31, 2006
02.16.07 - Velocity Asset Management, Inc. Reports on Portfolio Acquisitions for the Fourth Quarter and Year Ended December 31, 2006
11.15.06 - Velocity Asset Management, Inc. Reports Record Revenue and Operating Results for the Third Quarter and Nine Months Ended September 30, 2006
10.04.06 - Velocity Asset Management Announces Increases in July and August Year-Over-Year Collections
