Portfolio Recovery Associates' profit slips 1 percent

Portfolio Recovery Associates Inc., which buys pools of defaulted consumer debt and tries to collect it, said Thursday that its fourth-quarter net income dipped 1 percent.

Portfolio Recovery had a profit of $10.6 million, or $0.69 per diluted share, for the quarter ended Dec. 31. It had a net income of $10.7 million, or $0.70 per diluted share, a year ago.

Revenue rose 17 percent to $67 million, up from $57.3 million a year ago. Its full-year earnings totaled $45.4 million, or $2.97 per diluted share, compared with $48.2 million, or $3.06 per diluted share, a year ago. Full-year revenue was $263.3 million, up 19.3 percent from $220.7 million.

Charter Communications to file for Chapter 11

PHILADELPHIA 

Struggling Charter Communications Inc., the nation's fourth-largest cable operator, said Thursday that it plans to file a prearranged Chapter 11 bankruptcy by April 1.

Charter, which is controlled by Microsoft Corp. co-founder Paul Allen, said it has reached an agreement in principle with holders of $8 billion in debt who will give up repayment of their debt. In return, they will receive common shares, or warrants for rights to get common shares, that translate to nearly owning the entire company. Charter said it plans to pay what it owes to suppliers and other trade creditors in full and go about the normal course of business.

North Carolina gets $13M to pay benefits

RALEIGH, N.C. 

So many North Carolina residents are unemployed that the state has borrowed $13 million from the federal government to pay its jobless benefits this week and probably will need to borrow again.

Employment Security Commission spokesman Larry Parker said Thursday that the $13 million covered two days of payments this week. The state, which has a $540 million line of credit with the federal government, might need to borrow again as early as Monday. The loans are interest-free if repaid by October.

In December, the state had an unemployment rate of 8.7 percent, the highest since June 1983.

Coke's profit down 18 percent

Coca-Cola Co. said Thursday that its fourth-quarter profit fell 18 percent as it felt the effect of the stronger dollar and took several write-downs, but the world's largest soft drink maker sold more of its products around the world.

The seller of Sprite, Fanta, VitaminWater, Minute Maid orange juice and Nestea plans to accelerate spending cuts and said it will save $500 million a year by 2011. The results beat estimates and shares rose 7.6 percent to $44.39. Coke earned $995 million, or 43 cents per share, down from $1.21 billion, or 52 cents per share, a year earlier. Revenue fell 3 percent to $7.13 billion.