San Diego Business Journal

Encore Capital’s Net Income Grows 13 Percent

By Mike Allen Tuesday, 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.