Baltimore-based Creditrust failed to impress investors yesterday with its delayed fourth quarter earnings report. In heavy trading Creditrust’s stock price fell about $2.00 per share to close at $8 per share. Last week the company said it would release its earnings report and report a favorable material corporate development. The news sent the stock from $7 to $10 per share. In July the stock peaked at $34 per share. For the fourth quarter, net earnings, prior to special charges, were $4.7 million versus net earnings of $6.3 million for the third quarter. Creditrust, a credit card collection firm, incurred three non-recurring special charges in the fourth quarter including $1,300,000 payable to a seller in connection with a reduction in a forward flow; $436,000 for legal and accounting costs associated with our financing activities; and $322,000 for legal and accounting fees related to the Form 8K investigation. In October a former management employee misdirected $500,000 in corporate funds by submitting an unauthorized check request and then seeking to redirect those funds through Creditrust’s collection payment stream. Creditrust also announced Monday it has entered into final negotiations, based upon an agreed upon term sheet, for $55 million in additional secured debt. The company says it has terminated all forward flow agreements or allowed them to expire and does not believe that there are any remaining purchase commitments. Creditrust says it anticipates purchasing opportunistically in the open market as the pricing has been more advantageous recently. For complete 4Q/99 and full-year 1999 financials visit CardData ([www.carddata.com]).