Velocity Asset, Maximus Report Quarterly Results

Debt purchaser Velocity Asset Management (AMEX: JVI) reported third quarter net income of $384,609, down 11 percent from $433,704 a year ago. Revenues rose 40 percent to $4.1 million from $2.9 million. Wall, N.J.- based Velocity Asset reported $480 million in receivables under management, compared with $263 million a year ago, a rise of more than 82 percent.

Gross collections in the quarter rose 74 percent to $4.8 million from $2.8 million.

President and CEO Jack Kleinert said in a statement that Velocity during the quarter paid $4.3 million for five portfolios with an aggregate value of $47 million. Kleinert said the company is considering selling its J. Holder and VOM subsidiaries.

Reston, Va.-based Maximus (NYSE: MMS) reported today results for its fiscal fourth quarter and year ending Sept 30. Maximus provides to government agencies business process outsourcing services including billing and electronic payment systems.

Fourth quarter profits totaled $14.2 million, compared with $2 million in the same period a year ago. Revenues in the fourth quarter were nearly $202 million, up 18 percent from $171.8 million.

The company lost $8.3 million in fiscal 2007 due to several major expenses including $44.6 million in legal settlements, and nearly $30 million from discontinued contracts.

Maximus reported profits of $2.5 million in fiscal 2006.

Revenues for fiscal 2007 were $738.6 million, up more than 5 percent from $700.9 million in fiscal 2006.