Portfolio Recovery's income surges 68%

Posted to: Banking Business
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By Tom Shean
The Virginian-Pilot
© July 30, 2010

Portfolio Recovery Associates Inc., which buys large pools of consumer debt and attempts to collect it, reported a 68 percent jump in second-quarter income, partly from greater productivity among its collectors.

The Norfolk-based company said it earned $19.7 million in the April-through-June quarter, compared with $11.7 million a year ago. Earnings per share were $1.14, up from 76 cents.

Revenue for the quarter rose 31 percent to a record $93 million, while operating expenses were up 18 percent. In the quarter it bought 78 portfolios of debt with a face value of $1.67 billion for $86.8 million, it said. The company said it also recorded an expense of $1.2 million for ongoing, non-cash equity-based compensation. Its share price closed at $67.04, down 4 cents.

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To all who think that things are getting better,

Submitted by donvabeach on Fri, 07/30/2010 at 3:23 pm.

ask yourself why this company is doing as well as it is.

It basically points to more and more people defaulting on their obligations....pure and simple.

Until you see the income of PR, and others of their ilk, shrinking, presume that we continue to march toward the economic abyss, regardless of the happy talk coming out of Washington and Wall Street.

ask yourself

Submitted by Daoine on Mon, 08/02/2010 at 5:25 pm.

Don- It must be that thing with all boats rise during high tide kinda thingy. Greenshoots! Go back to the Mall Don! Invest in RE again! By this time next year, we will all laugh at this bump in the road!