Rifco Inc. reported consolidated earnings results for the first quarter ended June 30, 2018. For the quarter, the company reported financial revenue of $10,011,000 against $8,358,000 a year ago. Adjusted net financial income before operating expenses was $2,480,000 against $3,143,000 a year ago. Adjusted loss before taxes was $457,000 against adjusted income of $372,000 a year ago. Adjusted total comprehensive income was $1,446,000 against $411,000 a year ago. Total comprehensive loss of $700,000 against $205,000 a year ago. Increase in provision for impairment was $2,146,000 against $616,000 a year ago. Diluted earnings per share was $0.032 against $0.010 a year ago. Modified funds flow from operations represents implicit cash value to shareholders on a periodic basis. Modified funds flow from operations was $0.6 million during the quarter, a decrease of $0.8 million from $1.4 million in the comparable quarter. Modified funds flow from operations of $0.03 per share in the current quarter, is a decrease from $0.06 per share in the comparable period.

For the fiscal year 2019, the company expects the adjusted net income for the first three months to be $1.4 million. Progress to target 29%. Finance Receivables at June 30, 2018 are $253.2 and a 101% of target is expected.