Earnings reports from large, publicly traded debt buying firms continue to come in strong. In a prior post we discussed Portfolio Recovery Associates blowout numbers across the board. Today we’ll look at another company, Asset Acceptance Capital Corp. Although we STRONGLY DISAGREE with the collection tactics and “sue first ask questions later” mentality of the majority of firms, analyzing their numbers can give us an indication of how the industry is performing as a whole.
Highlights for Q2:
- Cash collections for the second quarter of 2011 increased 5.9% compared to the prior year period
- Excluding collections on healthcare portfolios, collections increased 7.9%
- Revenues were $54.7 million, an increase of $3.8 million compared to the prior year period
- Net income of $3.7 million, or $0.12 per fully diluted share, compared to net income of $0.8 million, or $0.03 per fully diluted share, in the second quarter of 2010
These strong results continue to confirm our belief that we are in the right place at the right time with the right business plan.
Do Good and Make Money!