Debt purchaser and collector Asset Acceptance reported financial results for the second quarter today, saying that higher prices paid for portfolios in 2004 and 2005 took their toll on income and revenues.
Warren, Mich.-based Asset Acceptance Capital Corp. (NASDAQ: AACC) reported net income for the second quarter of 2007 of $8.3 million, a 33 percent decrease from the $12.4 million reported in the same period a year ago. Earnings per full diluted share were $0.24. The consensus analyst estimate for earnings this quarter was $0.33, according to various media outlets.
Revenues for the quarter were $65.9 million, down 1.4 percent from the second quarter last year. Cash collections, however, increased 6.5 percent to $95.4 million when compared to the $89.6 million reported in the second quarter of last year.
View this content by subscribing
Please register to unlock this content
I already have an account. Log in
