LAS VEGAS, Feb. 13, 2008 (PRIME NEWSWIRE) -- ASI Technology Corporation (OTCBB:ASIT), a specialty finance company, reported improved and profitable financial results for its first fiscal quarter ended December 31, 2007.
First Quarter 2008 Highlights:
-- Record revenues consisting of interest and investment income of
$275,908 a 276% increase over revenues of $73,326 for the
comparable first quarter of fiscal 2007.
-- Note balances increased 286% to $5.7 million at December 31, 2007.
Assets grew to $6.5 million.
-- Expenses as a percentage of revenues decreased from 128% of
revenues to 62% in the most recent quarter.
-- Net income of $136,142 ($0.01 per common share) for the first
quarter compared to a net loss of $20,562 for the prior year
quarter.
"The first quarter of fiscal 2008 represents our third consecutive profitable quarter and our best quarter to date," said Jerry E. Polis, President of ASI. "Our business is benefiting from $4 million of equity capital we raised in the second fiscal quarter of 2007 allowing us to grow our commercial note portfolio with minimal increases in support costs. The current credit markets provide significant opportunity for specialty lending."
About ASI Technology Corporation -- ASI is a specialty finance company that provides financing for commercial, residential and venture capital loans.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This document contains forward-looking statements relating to future performance and technology development that may affect future results of the company. Actual results could be affected or differ materially from those projected in the forward-looking statements as a result of risks and uncertainties, loan and development results, competition, general economic factors, and other factors identified and discussed in the Company's most recent filings with the Securities and Exchange Commission. The Company's short-term note investments are subject to many risks including default and nonpayment. Failure to collect on notes or investments could have an adverse effect on the Company's operations. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from the Company's current expectations.