Nationwide Credit, Inc. (NCI) a leading provider of accounts receivable management services today announced its First Quarter Results.
The Company reported revenue and earnings before interest, taxes, depreciation and amortization (EBITDA) of $34.6 million and $5.3 million, respectively, for the three months ended March 31, 2001, compared to $33.5 million and $4.2 million for the same period in 2000. Excluding $1.5 million of 2000 revenue from a Directory Assistance program to a major telecommunications company, which we subsequently discontinued in July 2000, revenue grew year on year by 8% and EBITDA increased by 26%. The revenue growth came primarily from the company’s target markets of Financial Services and Telecommunications in pre-charge off services. The increase in EBITDA during the quarter was primarily due to increased revenues, the elimination of small unprofitable collection centers in 2000, and the restructuring of certain operations in 2000.
Commenting on the quarter, Michael Lord, Chief Executive Officer, stated, “I am extremely pleased with our results in the first quarter, NCI continued its trend of year over year revenue growth and has established a track record of six consecutive quarters of high single-digit or double-digit year over year revenue growth.”
“In addition, senior management’s focus on profit growth driven by top line revenue growth and disciplined spending is beginning to yield results. The significant EBITDA growth of 26% is the result of management’s efforts to streamline the business and become more efficient. To this end, our investment in dialers, scoring, and more efficient collection centers has permitted us to drive up revenues and margins.” Michael added, “We believe that we can continue to leverage our existing base of customers as well as continue to add new business in the coming months. Any new business should be added at lower cost as the Company has already invested in the infrastructure necessary to support a substantial amount of new business.”
NCI is one of the largest providers of accounts receivable management services in the Unites States. NCI provides services to clients in the Financial Services, Consumer, Telecommunications, Education, Government Sectors and Healthcare.
Certain statements in this press release, including, without limitation, statements as to the effects of the economy on the Company’s business, statements concerning projections of earnings per share or the earnings per share growth rate, statements as to fluctuations in quarterly operating results, statements as to trends, statements as to the Company’s or management’s beliefs, expectations or opinions, and all other statements in this press release, other than historical facts, are forward-looking statements, as such term is defined in the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Forward looking statements are subject to risks and uncertainties, are subject to change at any time and may be affected by various factors that may cause actual results to differ materially from the expected or planned results. In addition, to the factors discussed above, certain other factors, including without limitation, risks relating to growth and future acquisitions, risks related to fluctuations in quarterly operating results, risks related to the timing of contracts, risks related to strategic acquisitions, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the Annual Report on form 10-K, filed on April 2, 2001, can cause actual results and developments to be materially different from those expressed or implied by such forward-looking statements.
