Asset Acceptance Capital Corp. Reports Second
Quarter 2010 Results
Cash Collections of $84.2 million during the second quarter; Net Income of $774.5 thousand, or $0.03 per
fully diluted share
July 29, 2010 04:03 PM Eastern Daylight Time
WARREN, Mich.--(EON: Enhanced Online News)--Asset Acceptance Capital Corp. (NASDAQ: AACC), a
leading purchaser and collector of charged-off consumer debt, today reported results for the quarter ended June 30,
Financial highlights from the second quarter 2010 included:
l Cash collections of $84.2 million;
l Revenues of $50.9 million;
l Operating expenses of $46.8 million, or 55.6% percent of cash collections; and
l Net income of $774.5 thousand, or $0.03 per diluted share.
The Company’s operational highlights included:
l Amended its credit facility, which nearly doubled purchasing capacity;
l Acquired $48.6 million (net of buybacks) in charged-off consumer receivable portfolios with an aggregate
value of $1,502.4 million, or 3.24% of face value;
l Furthered its strategic initiatives to improve operational efficiency through the sale of its PARC healthcare
receivables portfolio and acquiring substantially all of the assets of BSI eSolutions, LLC, the Company’s
collections platform software partner.
Rion Needs, President and CEO of Asset Acceptance Capital Corp., commented: “We are beginning to see
improving trends in our business and are encouraged by the financial and operational results during the quarter.
Consistent with our efforts to accelerate portfolio acquisitions, we purchased $48.6 million in charged-off receivables
and reported $84.2 million in cash collections during the second quarter. In addition, during the quarter, we
increased yields on certain portfolios as a result of better than anticipated performance during the first half of 2010.
We have targeted purchases to grow further through the second half of 2010, which should fuel continued
improvement in cash collection performance.”
Second Quarter 2010 Financial Highl