Encore Capital Group Inc., the San Diego collector of defaulted credit card debt, reported third quarter net income of $21.3 million compared with $15.4 million for the like quarter of 2011.
For the nine months ended Sept. 30, Encore reported net income of $49.3 million, compared with $43.8 million for the like period of 2011.
Revenue for the third quarter was $144.8 million, compared with $115.8 million in the third quarter of 2011. For the nine months, total revenue was $412.3 million, compared with $332.3 million in the same period last year.
Gross collections in the quarter were $246 million, up 30 percent from the like quarter last year.
CEO Brandon Black said Encore has been built for the exact business and regulatory environment the economy is entering. “Only companies with access to low cost capital, a differentiated operating model, an operating cost advantage, and real commitment to respecting consumers will succeed,” he said.
Shares of Encore Capital, trading on the Nasdaq exchange under ECPG, were down about $2 as of Nov. 2 midday to $26.83. Its 52-week range is $19.40 to $30.91.
--SDBJ Staff Report