Encore Capital Group Inc., the San Diego collector of charged off credit card debt, reported fourth quarter gross collections of $230.5 million, up 24 percent from the like quarter of 2011.
Revenue for the quarter came in at $143.6 million, up from $116.4 million in the like quarter of 2011.
Net income for the quarter was $20.6 million, up from $17.1 million in the comparable quarter.
For the full year, Encore reported $948 million in gross collections, a 25 percent increase over 2011. Revenue for the year came in at $555.8 million, up from $448.7 million in 2011.
Net income for 2012 was $69.5 million, up from $61 million in 2011.
CEO Brandon Black said the company had an exceptional year, and delivered record earnings, collections and operating cash flow despite completing an acquisition of another company, Propel Financial Services.
— SDBJ Staff Report