Delta Financial (DFC)

[analogdog]

Delta Financial swings to 3rd-qtr loss, cuts 470 jobs
Thu Nov 8, 2007 6:08pm EST

Nov 8 (Reuters) - Subprime lender Delta Financial Corp (DFC.O: Quote, Profile, Research) reported a third-quarter loss, hit by credit market disruptions, and said it cut about 470 jobs.

The company reported quarterly net loss of $39.6 million, or $1.70 a share, compared with a net income of $8.0 million, or 33 cents a share, a year ago.

In connection with the workforce reduction, the company expects to incur a restructuring charge of about $7.5 million, of which about $1.4 million will be paid immediately in severance. (Reporting by Aniruddha Basu in Bangalore; Editing by Deepak Kannan)