Debt buyer and collector Portfolio Recovery Associates (Nasdaq: PRAA) reported last week net income of more than $45 million for the full year 2008 on a 57 percent increase in the revenue it received from its fee-for-service business.
Norfolk, Va.-based PRA announced results for the fourth quarter and full year 2008 after the stock market closed on Thursday. For the year, the accounts receivable management company reported earnings of $45.4 million, down slightly from the $48.2 million in earnings reported for 2007. Similarly, earnings in the fourth quarter dropped slightly to $10.6 million in 2008 from $10.7 million in the final quarter of 2007.
But cash collections were up 22 percent in the fourth quarter to $79.2 million. Call center and other collections increased 16 percent, outsourced legal collections decreased 12 percent, internal legal collections grew 84 percent and purchased bankruptcy collections were up 133 percent when compared with the year-earlier period.
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