Chief Financial Officer
Resource America, Inc.
1521 Locust Street-5th Floor
Philadelphia, PA 19102
215-546-5005, 215-546-5388 fax
RESOURCE AMERICA, INC. RESPONDS TO MARKET RUMORS
Philadelphia, PA, 8/24/1998 - This release is in response to various negative rumors that have been circulating concerning Resource America, Inc. (NASDAQ:REXI) (the "Company"). The Company knows of no negative developments. The Company's business, in all of its lines, continues to perform in line with analysts' prior expectations and with prior trends.
The Company will address these concerns in a conference call at 2:00 p.m. EST. Please call 1-800-857-5754 five minutes before the call starts. The password is "Cohen". One hour following the call, a recording of the call will be available for 24 hours at 1-800-756-0941.
Resource America, Inc. is a specialty-finance company principally engaged in real estate finance and equipment leasing. In real estate finance, the Company has developed a commercial mortgage loan acquisition and resolution business that involves the purchase at a discount of commercial real estate loans from a variety of financial institutions and the restructuring and refinancing of those loans. The Company's equipment leasing activities are focused on manufacturer and vendor programs - leasing "small ticket" items of $5,000 to $100,000 in value.
Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of certain factors, including variations in the volume of commercial mortgage loans purchased and in the volume of residential mortgage loans and equipment leases originated by the Company, fees obtained in connection with the Company's commercial loan activities, timing of the sales of senior lien interests or borrower refinancings of commercial loans, loan prepayments, differences between the Company's cost of funds and average yield on its residential mortgage loans and leases prior to sale, changes in the real estate values for properties underlying the Company's commercial and residential mortgage loans, default rates on loans or leases originated or acquired by the Company, and the degree to which the Company encounters competition in its markets.