Leading debt-purchaser Portfolio Recovery Associates (NASDAQ: PRAA) reported yesterday its third quarter net income rose 4 percent to $11.7 million on revenues of $54.6 million, an increase of 14 percent compared with $47.8 million in the third quarter of 2006.
The Norfolk, Va.-based firm said it completed its previously announced plan to buy back 1 million shares, repurchasing 900,000 shares at an average price of $50.41 per share during the quarter.
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