ACTRADE FINANCIAL TECHNOLOGIES LTD. New York, New York Collection Firm Rebounds With New Product.(THE NEW AMERICA)

Byline: ALAN R. ELLIOTT

This tightfisted year has made every last success story a hard-earned prize.

One honorable mention goes to New York-based credit provider Actrade Financial Technologies Ltd.

The story started with a stumble. A $5.4 million write-off in June broke Actrade's four-year streak of quarterly earnings growth and cut its stock price in half.

But while the U.S. slid headlong into war and recession, Actrade snapped back. Earnings for the first fiscal quarter ended in September rose 67% from a year ago to 77 cents a share. Revenue climbed 52% to $16.9 million.

Much of the improvement was due to Actrade's new Internet-based E-TAD operation. The segment climbed from 10% of net income two years ago to 30% during the first quarter.

E-TAD lets sellers offer installment payments to customers while still collecting the full price on the front end. Its strength is its ability to funnel business credit over the Internet, says Alexander Stonkus, Actrade's chief executive.