January 23, 1998 |
Advanta Corp. reported its highest profits in a year yesterday, as shareholders prepared to vote on the sale of the Spring House company's credit-card business and a buyback of its depressed stock. Having posted an unexpected loss in the year's first quarter, Advanta recorded its third straight quarterly earnings increase during the three months that ended Dec. 31. Fourth-quarter profits totaled $43.6 million. That's down from $45.2 million a year earlier. Still, it was more than half the $71.6 million the company earned for all of 1997.
November 5, 2000 |
Is Advanta Corp. running out of money? Not according to Advanta. But FleetBoston Financial Corp., which is suing the loan company for $140 million from a 1998 business deal, is so worried about Advanta's finances that it wants Delaware's Court of Chancery to speed the scheduled September 2001 trial to an earlier April date. "Advanta's financial viability is in jeopardy, and the deterioration of Advanta's franchise will only continue," a Fleet consultant, Owen J. Carney, wrote in an affidavit accompanying a report on Advanta's finances, which the court sealed to prevent public scrutiny.
February 22, 1989 |
Advanta Corp., the Horsham financial-services company, yesterday reported a $9.1 million loss for 1988. The company attributed the loss to one-time costs of settling a shareholder suit, operating losses from its installment-loan business and expenses of a corporate restructuring. In the fourth quarter, Advanta had costs of $2.5 million as part of a previously announced settlement of a shareholder suit that accused the firm of issuing misleading and false information about its financial condition.
December 13, 2010 |
Advanta Corp. creditors, stockholders, and others offered a list of objections last week to the bankrupt Montgomery County credit card firm's liquidation plan ahead of a hearing scheduled for Thursday in Wilmington. The committee representing Advanta's unsecured creditors said in a court filing that court approval of Advanta's proposed plan would be "futile and impose significant and unnecessary expense and delay" on the liquidation process because "it is highly likely that the vast majority of creditors" will vote against it. That would force a second round of voting, costing the bankruptcy estate money that could otherwise be used to pay off Advanta creditors.
July 26, 1991 |
Advanta Corp., the Horsham banking and consumer-lending company, said profits skyrocketed during the second quarter because of wider spreads between interest rates earned on loans and rates paid on deposits and other borrowings. The 148 percent increase in net income pushed the company's annualized return on stockholders' equity to 28.33 percent during the quarter, beating its target of 25 percent. "Our focus on high-margin, niche consumer markets has enabled us to continue to grow the business at a controlled pace while generating attractive returns," president Richard Greenawalt said.
November 4, 1988 |
Advanta Corp., the Horsham-based marketer of financial services, yesterday reported a 97 percent decline in earnings for the third quarter. Net interest income - the difference between what the company pays for deposits and makes on loans - also declined dramatically. Advanta attributed that decline to a change in accounting for loan-origination costs and a sharp reduction in loans as part of the company's continuing restructuring efforts. Last year, Advanta changed its name from TSO Financial Corp.
July 26, 2010
CardWorks Servicing L.L.C. is taking over the servicing of Advanta credit cards, the Woodbury, N.Y., company said. Customers of Advanta, Plymouth Meeting, which filed for bankruptcy protection last November, still owe $1.7 billion on more than 200,000 accounts. - Harold Brubaker
January 31, 2008 |
Advanta Corp.'s fourth-quarter net income plummeted 59 percent, as the Spring House credit card issuer built reserves to cover late payments by its small-business customers. "Although we're disappointed with the impact of the current economy on our recent results, we believe the small-business market will continue to provide opportunities for us going forward," Dennis Alter, Advanta's chairman and chief executive officer, said in a news release yesterday. Advanta's widely held Class B shares closed down 47 cents, or 4.87 percent, at $9.18 in Nasdaq trading.
February 12, 1988 |
Advanta Corp., the Horsham-based financial-services company formerly known as TSO Financial Corp., lost more than $6 million in the fourth quarter of 1987. The company attributed the loss mainly to a $3.6 million after-tax writeoff related to its decision to get out of the business of making unsecured loans. Also contributing to the loss was the sale in September of $290 million in credit-card receivables, to lower-than-expected additions of consumer loans and higher operating expenses.
January 28, 1993 |
An "outstanding" quarterly earnings report by Advanta Corp. yesterday still didn't live up to Wall Street's inflated expectations for the Horsham credit-card marketer, as traders sent its share price down sharply. Advanta reported record profits for both the fourth quarter and full year of 1992. Earnings for the most recent period were up 88 percent over the 1991 quarter. "People had started expecting a much better-than-anticipated quarter," pushing Advanta stock up around $10 a share over the past two weeks, said analyst Joseph LaManna, of William Blair & Co. in Chicago.