Portfolio Recovery Sees Increase in Revenue and Income in Q2
Total revenue for the second quarter this year was $54.8 million, a 19 percent increase over $46.2 million a year ago, and up slightly from the $54 million reported in the first quarter of 2007.
Debt purchaser and ARM provider Portfolio Recovery Associates announced late yesterday operating results for the second quarter of 2007, reporting increases in collections, revenue, and income. But investors sent the stock into a tail spin today, with trading down as much as 12 percent.
For the quarter, Portfolio Recovery (NASDAQ: PRAA) reported net income of $13 million, or $0.80 per share, up 17 percent from the $11.1 million reported in the second quarter of 2006, and up slightly from the $12.9 million in income reported for the first quarter of this year.
Total revenue for the second quarter this year was $54.8 million, a 19 percent increase over $46.2 million a year ago, and up slightly from the $54 million reported in the first quarter of 2007. Cash collections rose 9 percent to $64.6 million in the second quarter of 2007, up from $59.4 million in the year-ago period. However, cash collections were down 4 percent from the $67.3 million reported in the first quarter of this year.
Shares of the Norfolk, Va.-based company were down about 12 percent in midday trading today to $54.16. The earnings and revenue figures reported by Portfolio Recovery were in line with analysts’ expectations.
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