Freedom Financial Group posts 3Q loss

Springfield-based Freedom Financial Group Inc. reported a net loss for the third quarter, on the heels of a million-dollar profit in the second quarter.

The consumer finance company posted a third-quarter loss of $221,040. That's an improvement from a $402,000 loss in the same quarter last year, but down from a $1.1 million profit in the second quarter this year. The second-quarter profit was largely due to the discontinuation of operations in Canada, according to a news release.

Third-quarter revenue, meanwhile, was up 32 percent compared to the second quarter and up 58 percent over third-quarter 2007.

"Portfolio quality remains strong in terms of charge-offs and delinquencies," the company said in the release. "Retrenching has been occurring in the independent dealer marketplace during the recent economic turbulence, while FFG has continued to broaden its dealer base in six Midwestern states."

FFG specializes in the acquisition, collection and service of subprime loans, purchased primarily from independent used-car dealers.

Shares (OTC: FFGR) last traded Nov. 12 at 9 cents, compared to a 52-week range of 7 cents to 20 cents.

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