Encore Capital Reports Net Income of $21M for Q3Friday, November 8, 2013
Encore Capital Group, the San Diego collector of charged-off credit card debt, reported third quarter net income of $21 million compared with net income of $21.3 million for the like quarter of 2012.
For the nine months, Encore reported net income of $51.5 million, compared with net income of $49.3 million for the like period of last year.
Total revenue for the quarter was $235.5 million, compared with $145.2 million in the like quarter of last year.
For the nine months, total revenue was $536.2 million, compared with $412.8 million in the like period of last year.
Encore said it closed its acquisition of Cabot Credit Management, a United Kingdom-based debt collection business, which will increase the company’s estimated remaining collections by $1.5 billion to $4 billion as of Sept. 30.
Shares of Encore Capital, traded under ECPG on Nasdaq, fell 2 percent Nov. 7 to $45.92, giving the company a market capitalization of $1.16 billion. The stock has ranged from $24.34 to $50.92 over the past 52 weeks.
— Mike Allen