Resource America reported operating results for the fourth fiscal quarter and fiscal year ended September 30, 2011. The report included the results of the company commercial finance affiliate LEAF Commercial Capital that showed revenues and operating earnings for the fourth fiscal quarter of $7.38 million and $3.85 million compared to revenues of $1.85 million and an operating loss of $2.49 million in the same quarter last year. For the full fiscal, revenues were $21.8 million with operating earnings of $6.6 million compared to $23.7 million and operating earnings of $5.5 million one year-ago.

Highlights on LEAF Commercial Capital (LEAF) included:

In November 2011, LEAF received a $50.0 million equity investment from Eos Partners and its affiliates, a New York based private investment firm. Concurrent with the Eos investment, LEAF also expanded its warehouse credit facility with an additional $75.0 million through Versailles Assets, an
asset-backed commercial paper conduit administered by Natixis. As a result of this new investment, the company will no longer control LEAF
and will deconsolidate it. The company’s investment in LEAF will be
accounted for under the equity method.

Securitization: On October 28, 2011, with the completion of LEAF 2011-2, LEAF securitized approximately $105 million of leases, term funded by the issuance of Contract Backed Notes. The transaction is LEAF’s first securitization of small ticket equipment loans and leases for its own account. The loans and leases were originated by LEAF and are backed by various equipment including office equipment such as copiers, as well as technology, telecommunications and industrial equipment. Guggenheim Securities was the arranger of the notes and
LEAF will continue to be the servicer of the assets.

LEAF’s Dealer Solutions unit based in Moberly, MO added 231 new
dealers as active users of its leasing programs.

LEAF has shown continued increases in key business metrics for the fourth fiscal
quarter ended September 30, 2011 as compared to the third fiscal quarter ended June 30, 2011: lease originations, up 39%; credit applications up 14%; approved backlog, up 15%

To read the full earnings news release click here.