Encore Capital Reports Surge in Gross Collections, ProfitsTuesday, February 14, 2012
Encore Capital Group, a San Diego-based purchaser and collector of charged off credit cards, reported Feb. 9 fourth-quarter gross collections of $185.9 million, up 25 percent from the prior year fourth-quarter results.
For the full year, Encore said collections were $761.2 million, up 26 percent from the amount in 2010.
Fourth-quarter net income was $17.1 million, up from $14.2 million in net income for the like quarter of 2010.
For the full year, net income was $61 million, up 28 percent from net income of $49.1 million in 2010.
Last year, Encore said it used $386.9 million to buy $11.7 billion in face value of debt, most of it charged off by large banks, compared with using $362 million to purchase $10.9 billion in face value of debt in the prior year.
Traded on Nasdaq under ECPG, shares were trading Feb. 13 at $23.74, up 30 cents from the prior trading day’s closing price. The stock’s 52-week range is $18.96 to $33.16.