Encore Capital’s Net Income Grows 13 PercentTuesday, August 7, 2012
Encore Capital Group, the San Diego collector of defaulted credit card debt, reported second quarter net income of $16.6 million, compared with net income of $14.7 million for the like quarter of 2011.
Revenue for the second quarter was $141 million, compared with $111 million in the like quarter last year.
Gross collections were $240.6 million, up 23 percent from the same period a year earlier.
The company said during the past quarter it spent $231 million to purchase $6 billion of face value debt, compared with spending $93.7 million to purchase $3 billion in written off debt, mainly unpaid credit cards.
Shares of Encore Capital, traded on Nasdaq under ECPG, recently had a 52-week price range of $18.96 to $30.47.