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Thursday, Oct 6, 2022
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Gross Collections, Net Income Grow at Encore Capital

Encore Capital Group, the San Diego collector of bad credit card debt, reported Feb. 14 its gross collections for the fourth quarter were $149 million, up 20 percent from the like quarter of 2009.

Net income was $14 million, compared with $8.4 million in the year ago fourth quarter.

For the full year, Encore said gross collections rose 24 percent to $604.6 million from 2009. Net income for the year was $49 million, up from $33 million for 2009.

Encore said it spent $362 million last year to purchase $10.9 billion in bad credit card debt, compared to spending $256.6 million for $6.5 billion in bad debt in 2009.

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In midday Feb. 15 trading on Nasdaq, shares of the company, whose ticker is ECPG, were up nearly $3 to a new record high of $25.91. Its range over the past 52 weeks was $16.42 to $25.67.

— Mike Allen

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