Resource America, Inc.
1521 Locust Street - 4th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
RESOURCE AMERICA'S INDEPENDENT AUDITORS REAFFIRM CORRECTNESS OF ACCOUNTING TREATMENT
Philadelphia, PA, 9/17/1998 - Resource America, Inc. (NASDAQ:REXI) (the "Company") announces that its independent outside auditor, Grant Thornton LLP, has confirmed that the key accounting principles used by the Company are consistent with generally accepted accounting principles (GAAP). Grant Thornton specifically reaffirmed the correctness of the principles used by the Company with respect to (i) accretion of discount to interest income on loans acquired by the Company and (ii) gains recognized by the Company from the sale of all or a portion of such loans. Grant Thornton's letter dated today states that the Company has used appropriate accounting standards in both areas. Grant Thornton reaffirmed further that the September 30, 2021 audited financial statements are consistent with GAAP and in addition reaffirmed its opinion without qualification on those financial statements. Management has confirmed that it has consistently applied the same principles in preparation of its unaudited quarterly statements for the periods ended December 31, 1997, March 31, 1998, and June 30, 1998.
Resource America, Inc. is a specialty finance company principally engaged in real estate finance and equipment leasing. In addition, the Company owns, manages, and operates energy assets in the Appalachian basin.