Chief Financial Officer
Resource America, Inc.
1521 Locust Street-4th Floor
Philadelphia, PA 19102
215/546-5005, 215/546-5388 fax
RESOURCE AMERICA AUTHORIZES BUYBACK
Philadelphia, PA, 8/28/1998 - Resource America, Inc. (NASDAQ:REXI) (the "Company") announced today that its Board of Directors has authorized a repurchase by the Company of up to $50 Million of its corporate securities.
Repurchases may be made from time to time through open market purchases or privately negotiated transactions at the discretion of the Company and in accordance with the rules of the Securities and Exchange Commission, as applicable. The amount and timing of any repurchases will depend on market conditions.
The Company currently has outstanding approximately 20.2 million shares of common stock and $115 million of its unsecured 12% Senior Notes due 2004.