Tampa specialty finance company LM Funding America reported its first quarterly financial performance since going public in October. Revenues and net income for the quarter ended Sept. 30 dipped from the same period a year ago.
The company, Tampa Bay's newest public company, announced quarterly revenues of $1.61 million, down from $1.98 million a year ago. Net income for the quarter was $371,000, down more than half from $787,000 in the 2014 period. The company said the revenue decrease was due to a decline in collections by its original product. And net income fell because of lower revenues and higher expenses.
For the nine-month period, revenues and net income also were down from the previous period.
Launched in 2008, LM Funding provides funding to condo associations and other nonprofit community organizations in Florida, as well as in Washington and Colorado. The company typically buys the right to collect delinquent dues on an association's behalf. It then provides funding in amounts based on the likely collection.
LM Funding founder and CEO Bruce Rodgers said he expects an increase in collection activity during the remainder of 2015 and beyond supported by the recent influx of capital from the company's initial public offering in October.
Shares in the company from Harbour Island went public on the Nasdaq on Oct. 23 at $10 and raised $9.9 million. The stock closed Wednesday at $9.51. Financial results were released after the close of the stock market.