Debt buyer Asset Acceptance Capital Corp. (NASDAQ: AACC) late Monday released its financial results for the first quarter of 2013 marked by a decline in net income and revenue, but an increase in debt buying activity.
Asset Acceptance said it recorded net income of $400,000, or $0.01 per share, during the first three months of 2013, a sharp drop from the $5.4 million ($0.18 per share) it reported in the first quarter of 2012. Adjusted Earnings Before Interest Taxes Depreciation and Amortization (Adjusted EBITDA) was $56.5 million, a 3.3 percent increase from $54.7 million in the first quarter of 2012.
First quarter revenues fell 10.7 percent to $55.2 million. Net portfolio impairments were $200,000 in Q1 2013.
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