Asset Acceptance Reschedules Earnings Release; Reveals Preliminary Impairment Figures

Asset Acceptance Capital Corp. (NASDAQ: AACC), a leader in the debt purchasing market, announced today that they will release first quarter earnings data on May 9. The company had been scheduled to announce earnings today before the market opened.

In their rescheduling press release, Asset Acceptance stated that they were delaying the release “pending a review by the Company of an accounting interpretation by the Company which, as applied to the first quarter results, could be deemed conservative.” There was no additional clarification given to the specific accounting interpretation.

The company did, however, announce preliminary operating numbers that it expects will not be affected by the issue.

Asset expects to report on May 9 total cash collections of approximately $89.4 million, total operating expenses of approximately $47.6 million and net impairments of approximately $2.7 million. In addition, the company said that it had invested $26.9 million to purchase debt portfolios with a face value of $738.7 in the first quarter of 2006. The resulting blended rate for debt purchases was 3.64%.