Debt purchaser and collector Asset Acceptance Capital Corp. Tuesday reported flat revenues for its fourth quarter of 2007 and a decline in net income for the period. The company also reported revenues and earnings that were down for the full year on a record year for portfolio purchases.
Warren, Mich.-based Asset (Nasdaq: AACC) made good on its warning last week that earnings would be weak for the quarter and year (“Asset Acceptance Gives Poor Earnings Preview for 2007,” Feb. 22). The company said that in the fourth quarter revenues increased 1.1 percent to $62.2 million. Net income for the quarter dropped 59 percent to $4 million, or $0.13 per share. Analysts had been expecting earnings of around $0.17 per share.
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