PRA Group
Oct 30, 2012

Portfolio Recovery Associates Reports Third Quarter 2012 Results

NORFOLK, Va., Oct. 30, 2012 (GLOBE NEWSWIRE) -- Portfolio Recovery Associates, Inc. (Nasdaq:PRAA), a specialized financial and business services company, today reported its third quarter 2012 results.

Third Quarter Highlights

"As the US economy slowly recovers, more and more consumers are paying down their debt, resulting in strong, year-over-year growth in cash collections, as well as record revenue and net income for PRA," said Steve Fredrickson, chairman, president and chief executive officer. "Our business model of diversified purchases and cash collections from both bankrupt and non-bankrupt portfolios of debt, combined with domestic-led call centers and fees earned from our business services, continued to drive our record results."  

FINANCIAL AND OPERATING REVIEW — THIRD QUARTER 2012

Revenues

Finance Receivables Income and Cash Collections

Cash Collection Source ($ in thousands)Q32012Q22012 Q12012Q42011Q32011
Call Center & Other Collections  $ 72,394  $ 73,582  $ 79,805  $ 61,227  $ 63,967
External Legal Collections  39,913  41,464  34,852  26,316  27,245
Internal Legal Collections  25,650  25,361  23,345  17,615  16,444
Purchased Bankruptcy Collections  91,095  92,018  79,994  75,166  74,512
Total Cash Collections  $ 229,052  $ 232,425  $ 217,996  $ 180,324  $ 182,168
           

Fee Income

Operating Expenses and Income

Balance Sheet

Conference Call Information

The company will hold a conference call today with investors at 5:30 p.m. ET to discuss its Q3 2012 results. Investors may access the call by dialing 888-695-7639 in the U.S. or 970-315-0482 outside the U.S. The conference ID is 38849567. A replay will be available approximately one hour after the call ends and will remain available until November 6, 2012.  Investors may access the replay of the call by dialing 855-859-2056 in the U.S. or 404-537-3406 outside the U.S. To access the replay, use the conference ID 38849567.   Investors also may listen to the conference call via webcast, both live and archived at http://ir.PortfolioRecovery.com/events.cfm.

About Portfolio Recovery Associates

Portfolio Recovery Associates, Inc. (PRA) is a specialized financial and business services company.  A market leader in the consumer debt purchase and collection industry, PRA has a longstanding culture of compliance, engaging collaboratively with its customers to create realistic, affordable repayment plans.  The company provides a broad range of business services to local government, auto lenders, law enforcement, institutional investors, manufacturers and retailers, and U.K. banks and creditors.  PRA was recognized as one of Fortune's 100 Fastest Growing Companies in 2012.  The company also was named one of Forbes' Top 25 Best Small Companies in America in 2012, and has been annually ranked as one of Forbes' 100 Best Small Companies since 2007.  For more information, please visit www.PortfolioRecovery.com.

The Portfolio Recovery Associates logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13727

About Forward-Looking Statements

Statements herein which are not historical, including Portfolio Recovery Associates' or management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, including future revenue and earnings growth, statements with respect to future contributions of its subsidiaries to earnings and future portfolio-purchase opportunities, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include references to Portfolio Recovery Associates' presentations and web casts.   The forward-looking statements in this press release are based upon management's beliefs, assumptions and expectations of the Company's future operations and economic performance, taking into account currently available information. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties, some of which are not currently known to us.  Actual events or results may differ from those expressed or implied in any such forward-looking statements as a result of various factors, including the risk factors and other risks that are described from time to time in the Company's filings with the Securities and Exchange Commission including but not limited to its annual reports on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K, filed with the Securities and Exchange Commission and available through the Company's website, which contain a more detailed discussion of the Company's business, including risks and uncertainties that may affect future results. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Information in this press release may be superseded by more recent information or statements, which may be disclosed in later press releases, subsequent filings with the Securities and Exchange Commission or otherwise. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or to reflect any change in events, conditions or circumstances on which any such forward-looking statements are based, in whole or in part.

Portfolio Recovery Associates, Inc.
Unaudited Consolidated Income Statements
(in thousands, except per share amounts)
         
 Three MonthsThree MonthsNine MonthsNine Months
 EndedEndedEndedEnded
 September 30,September 30,September 30,September 30,
 2012201120122011
         
Revenues:        
Income recognized on finance receivables, net $ 135,754 $ 102,875 $ 392,566 $ 299,152
Fee income 14,765 11,401 45,983 41,696
         
Total revenues 150,519 114,276 438,549 340,848
         
Operating expenses:        
Compensation and employee services 41,334 33,475 123,508 102,443
Legal collection fees 8,635 5,962 25,241 17,681
Legal collection costs 15,810 9,731 57,705 28,949
Agent fees 1,545 1,643 4,495 6,005
Outside fees and services 10,131 6,222 21,575 13,702
Communications 6,777 5,865 22,037 17,884
Rent and occupancy 1,786 1,517 5,053 4,353
Depreciation and amortization 3,623 3,223 10,833 9,755
Other operating expenses 3,820 2,808 12,027 9,161
         
Total operating expenses 93,461 70,446 282,474 209,933
         
Gain on sale of property -- -- -- 1,157
         
Income from operations 57,058 43,830 156,075 132,072
         
Other income and (expense):        
Interest income -- 7 8 7
Interest expense (2,189) (2,555) (7,223) (8,057)
         
Income before income taxes 54,869 41,282 148,860 124,022
         
Provision for income taxes 21,742 16,089 58,493 49,544
         
Net income $ 33,127 $ 25,193 $ 90,367 $ 74,478
         
Adjustment for (loss)/income attributable to redeemable noncontrolling interest (187) (313) (424) 277
         
Net income attributable to Portfolio Recovery Associates, Inc. $ 33,314 $ 25,506 $ 90,791 $ 74,201
         
         
         
Net income per common share attributable to Portfolio Recovery Associates, Inc.:        
Basic  $ 1.97  $ 1.49  $ 5.33  $ 4.34
Diluted  $ 1.96  $ 1.48  $ 5.30  $ 4.31
         
Weighted average number of shares outstanding:        
Basic 16,881 17,117 17,034 17,106
Diluted 17,022 17,228 17,140 17,218
Portfolio Recovery Associates, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
     
 September 30,December 31,
ASSETS20122011
     
Cash and cash equivalents $ 31,488 $ 26,697
Finance receivables, net 973,594 926,734
Accounts receivable, net 8,417 7,862
Property and equipment, net 25,506 25,727
Goodwill 100,456 61,678
Intangible assets, net 21,167 14,596
Other assets 9,070 7,829
     
Total assets $ 1,169,698 $ 1,071,123
     
LIABILITIES AND EQUITY    
     
Liabilities:    
Accounts payable and accrued liabilities $ 42,031 $ 42,660
Net deferred tax liability 186,506 193,898
Line of credit 250,000 220,000
Long-term debt 674 1,246
     
Total liabilities 479,211 457,804
Redeemable noncontrolling Interest 19,998 17,831
     
Stockholders' equity:    
     
Preferred stock, par value $0.01, authorized shares, 2,000, issued and outstanding shares - 0 -- --
Common stock, par value $0.01, 60,000 authorized shares, 16,881 issued and outstanding shares at September 30, 2012, and 17,134 issued and outstanding shares at December 31, 2011 169 171
Additional paid-in capital 149,818 167,719
Retained earnings 518,389 427,598
Accumulated other comprehensive income 2,113 --
Total stockholders' equity 670,489 595,488
     
 Total liabilities and equity $ 1,169,698 $ 1,071,123
 
Portfolio Recovery Associates, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
     
 Nine MonthsNine Months
 EndedEnded
 September 30,September 30,
 20122011
Cash flows from operating activities:    
 Net income $ 90,367 $ 74,478
 Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of share-based compensation 8,361 6,110
 Depreciation and amortization 10,833 9,755
 Deferred tax (benefit)/expense (7,377) 27,327
 Gain on sale of property -- (1,157)
 Changes in operating assets and liabilities:    
 Other assets (353) (953)
 Accounts receivable 1,579 2,470
 Accounts payable and accrued liabilities (9,748) 5,141
     
Net cash provided by operating activities 93,662 123,171
     
Cash flows from investing activities:    
Purchases of property and equipment (5,362) (4,851)
Proceeds from sale of property -- 1,267
Acquisition of finance receivables, net of buybacks (329,444) (314,162)
Collections applied to principal on finance receivables 286,907 226,014
Business acquisitions, net of cash acquired (48,653) --
     
Net cash used in investing activities (96,552) (91,732)
     
Cash flows from financing activities:    
Proceeds from exercise of options -- 150
Income tax benefit from share-based compensation 1,484 503
Proceeds from line of credit 160,000 27,000
Principal payments on line of credit (130,000) (67,000)
Repurchases of common stock (22,726) --
Distributions paid to noncontrolling interest -- (2,308)
Principal payments on long-term debt (572) (843)
     
Net cash provided by/(used in) financing activities 8,186 (42,498)
     
Effect of exchange rate on cash (505) --
     
Net increase/(decrease) in cash and cash equivalents 4,791 (11,059)
     
Cash and cash equivalents, beginning of year 26,697 41,094
     
Cash and cash equivalents, end of period $ 31,488 $ 30,035
     
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 7,577 $ 7,771
Cash paid for income taxes  71,521  19,058
     
Noncash investing and financing activities:    
Adjustment of the noncontrolling interest measurement amount $ (2,852) $ (3,175)
Distributions payable relating to noncontrolling interest  261  -- 
Employee stock relinquished for payment of taxes  (2,170)  -- 
 
FINANCIAL HIGHLIGHTS
 Three Months Ended  Nine Months Ended  
 September 30, %September 30, %
  2012 2011 Change 2012 2011 Change
EARNINGS (in thousands)            
Income recognized on finance receivables, net  $ 135,754  $ 102,875 32%  $ 392,566  $ 299,152 31%
Fee income  14,765  11,401 30%  45,983  41,696 10%
Total revenues  150,519  114,276 32%  438,549  340,848 29%
Operating expenses  93,461  70,446 33%  282,474  209,933 35%
Income from operations  57,058  43,830 30%  156,075  132,072 18%
Net interest expense  2,189  2,548 -14%  7,215  8,050 -10%
Net income  33,127  25,193 31%  90,367  74,478 21%
Net income attributable to Portfolio Recovery Associates, Inc.  33,314  25,506 31%  90,791  74,201 22%
             
PERIOD-END BALANCES (in thousands)            
Cash and cash equivalents  $ 31,488  $ 30,035 5%  $ 31,488  $ 30,035 5%
Finance receivables, net  973,594  919,478 6%  973,594  919,478 6%
Goodwill and intangible assets, net  121,623  76,426 59%  121,623  76,426 59%
Total assets  1,169,698  1,064,104 10%  1,169,698  1,064,104 10%
Line of credit  250,000  260,000 -4%  250,000  260,000 -4%
Total liabilities  479,211  478,915 0%  479,211  478,915 0%
Total equity  670,489  568,305 18%  670,489  568,305 18%
             
FINANCE RECEIVABLE COLLECTIONS (dollars in thousands)            
Cash collections  $ 229,053  $ 182,168 26%  $ 679,473  $ 525,166 29%
Principal amortization without allowance charges  91,736  78,552 17%  282,646  218,950 29%
Principal amortization with allowance charges  93,299  79,293 18%  286,907  226,014 27%
Principal amortization w/ allowance charges as % of cash collections:            
 Including fully amortized pools 40.7% 43.5% -6% 42.2% 43.0% -2%
 Excluding fully amortized pools 42.0% 45.7% -8% 43.7% 45.6% -4%
             
ALLOWANCE FOR FINANCE RECEIVABLES (dollars in thousands)            
Balance at period-end  $ 90,832  $ 83,471 9%  $ 90,832  $ 83,471 9%
Allowance charge  1,563  741 111%  4,261  7,064 -40%
Allowance charge to period-end net finance receivables 0.16% 0.08% 99% 0.44% 0.77% -43%
Allowance charge to net finance receivable income 1.15% 0.72% 60% 1.09% 2.36% -54%
Allowance charge to cash collections 0.68% 0.41% 68% 0.63% 1.35% -53%
             
PURCHASES OF FINANCE RECEIVABLES (1) (dollars in thousands)            
Purchase price - core  $ 52,703  $ 57,240 -8%  $ 174,319  $ 170,857 2%
Face value - core  674,135  5,027,874 -87%  2,679,734  7,071,530 -62%
Purchase price - bankruptcy  41,277  64,848 -36%  151,629  148,659 2%
Face value - bankruptcy  341,359  654,508 -48%  1,158,050  1,515,501 -24%
Purchase price - total  93,980  122,088 -23%  325,948  319,516 2%
Face value - total  1,015,494  5,682,382 -82%  3,837,784  8,587,031 -55%
Number of portfolios - total 95 95 0% 282 250 13%
ESTIMATED REMAINING COLLECTIONS (1) (in thousands)            
Estimated remaining collections - core  $ 1,323,134  $ 1,154,406 15%  $ 1,323,134  $ 1,154,406 15%
Estimated remaining collections - bankruptcy  791,018  770,886 3%  791,018  770,886 3%
Estimated remaining collections - total  2,114,152  1,925,292 10%  2,114,152  1,925,292 10%
             
SHARE DATA (share amounts in thousands)            
Net income per common share - diluted  $ 1.96  $ 1.48 32%  $ 5.30  $ 4.31 23%
Weighted average number of shares outstanding - diluted  17,022  17,228 -1%  17,140  17,218 0%
Shares repurchased  --  -- 100%  331,449  -- 100%
Average price paid per share repurchased (including acquisitions costs)  $ --   -- 100%  $ 68.56  -- 100%
Closing market price  $ 104.43  $ 62.22 68%  $ 104.43  $ 62.22 68%
             
RATIOS AND OTHER DATA (dollars in thousands)            
Return on average equity (2) 20.29% 18.27% 11% 19.15% 18.57% 3%
Return on revenue (3) 22.01% 22.05% 0% 20.61% 21.85% -6%
Operating margin (4) 37.91% 38.35% -1% 35.59% 38.75% -8%
Operating expense to cash receipts (5) 38.33% 36.39% 5% 38.94% 37.03% 5%
Debt to equity (6) 37.39% 46.02% -19% 37.39% 46.02% -19%
Number of collectors 1,992 1,520 31% 1,992 1,520 31%
Number of employees 3,103 2,504 24% 3,103 2,504 24%
Cash receipts (5)  $ 243,818  $ 193,569 26%  $ 725,456  $ 566,862 28%
Line of credit - unused portion at period end  214,450  147,500 45%  214,450  147,500 45%
(1) Domestic portfolio only            
(2) Calculated as annualized net income divided by average equity for the period          
(3) Calculated as net income divided by total revenues            
(4) Calculated as income from operations divided by total revenues            
(5) "Cash receipts" is defined as cash collections plus fee income            
(6) For purposes of this ratio, "debt" equals the line of credit balance plus long-term debt          
   
FINANCIAL HIGHLIGHTS  
 For the Quarter Ended
 September 30June 30March 31December 31September 30
 20122012201220112011
EARNINGS (in thousands)          
Income recognized on finance receivables, net  $ 135,754  $ 132,587  $ 124,226  $ 102,743  $ 102,875
Fee income  14,765  15,298  15,920  15,344  11,401
Total revenues  150,519  147,885  140,146  118,087  114,276
Operating expenses  93,461  93,289  95,725  72,134  70,446
Income from operations  57,058  54,596  44,421  45,953  43,830
Net interest expense  2,189  2,374  2,652  2,512  2,548
Net income  33,127  32,051  25,189  26,666  25,193
Net income attributable to Portfolio Recovery Associates, Inc.  33,314  32,015  25,462  26,590  25,506
           
PERIOD-END BALANCES (in thousands)          
Cash and cash equivalents  $ 31,488  $ 42,621  $ 28,068  $ 26,697  $ 30,035
Finance receivables, net  973,594  966,508  945,242  926,734  919,478
Goodwill and intangible assets, net  121,623  121,748  124,659  76,274  76,426
Total assets  1,169,698  1,173,738  1,142,026  1,071,123  1,064,104
Line of credit  250,000  292,000  265,000  220,000  260,000
Total liabilities  479,211  520,911  502,531  457,804  478,915
Total equity  670,489  633,446  620,712  595,488  568,305
           
FINANCE RECEIVABLE COLLECTIONS (dollars in thousands)          
Cash collections  $ 229,053  $ 232,425  $ 217,996  $ 180,324  $ 182,168
Principal amortization without allowance charges  91,736  97,634  93,276  74,481  78,552
Principal amortization with allowance charges  93,299  99,838  93,770  77,581  79,293
Principal amortization w/ allowance charges as % of cash collections:          
 Including fully amortized pools 40.7% 43.0% 43.0% 43.0% 43.5%
 Excluding fully amortized pools 42.0% 44.4% 44.8% 44.9% 45.7%
           
ALLOWANCE FOR FINANCE RECEIVABLES (dollars in thousands)          
Balance at period-end  $ 90,832  $ 89,269  $ 87,065  $ 86,571  $ 83,471
Allowance charge  1,563  2,204  494  3,100  741
Allowance charge to period-end net finance receivables 0.16% 0.23% 0.05% 0.33% 0.08%
Allowance charge to net finance receivable income 1.15% 1.66% 0.40% 3.02% 0.72%
Allowance charge to cash collections 0.68% 0.95% 0.23% 1.72% 0.41%
           
PURCHASES OF FINANCE RECEIVABLES (1) (dollars in thousands)          
Purchase price - core  $ 52,703  $ 69,512  $ 52,104  $ 42,532  $ 57,240
Face value - core  674,135  1,033,331  972,268  829,232  5,027,874
Purchase price - bankruptcy  41,277  53,460  56,892  46,360  64,848
Face value - bankruptcy  341,359  448,244  368,447  376,094  654,508
Purchase price - total  93,980  122,972  108,996  88,892  122,088
Face value - total  1,015,494  1,481,575  1,340,715  1,205,326  5,682,382
Number of portfolios - total 95 105 82 83 95
ESTIMATED REMAINING COLLECTIONS (1) (in thousands)          
Estimated remaining collections - core  $ 1,323,134  $ 1,305,641  $ 1,226,292  $ 1,159,086  $ 1,154,406
Estimated remaining collections - bankruptcy  791,018  802,353  796,161  794,262  770,886
Estimated remaining collections - total  2,114,152  2,107,994  2,022,453  1,953,348  1,925,292
           
SHARE DATA (share amounts in thousands)          
Net income per common share - diluted  $ 1.96  $ 1.87  $ 1.47  $ 1.54  $ 1.48
Weighted average number of shares outstanding - diluted  17,022  17,133  17,267  17,269  17,228
Shares repurchased  --  300,849  30,600  --  --
Average price paid per share repurchased (including acquisitions costs)  $ --   $ 68.62  $ 68.02  --  --
Closing market price  $ 104.43  $ 91.26  $ 71.72  $ 67.52  $ 62.22
           
RATIOS AND OTHER DATA (dollars in thousands)          
Return on average equity (2) 20.29% 20.34% 16.70% 18.18% 18.27%
Return on revenue (3) 22.01% 21.67% 17.97% 22.58% 22.05%
Operating margin (4) 37.91% 36.92% 31.70% 38.91% 38.35%
Operating expense to cash receipts (5) 38.33% 37.66% 40.92% 36.87% 36.39%
Debt to equity (6) 37.39% 46.33% 42.84% 37.15% 46.02%
Number of collectors 1,992 1,952 1,934 1,658 1,520
Number of employees 3,103 3,032 3,014 2,641 2,504
Cash receipts (5)  $ 243,818  $ 247,723  $ 233,916  $ 195,668  $ 193,569
Line of credit - unused portion at period end  214,450  166,450  142,500  187,500  147,500
(1) Domestic portfolio only          
(2) Calculated as annualized net income divided by average equity for the period          
(3) Calculated as net income divided by total revenues          
(4) Calculated as income from operations divided by total revenues          
(5) "Cash receipts" is defined as cash collections plus fee income          
(6) For purposes of this ratio, "debt" equals the line of credit balance plus long-term debt          
Purchase Price Multiples at September 30, 2012, Entire Domestic Portfolio
($ in thousands)          
        Actual Cash    
    Total Net Finance Collections Estimated Total Estimated
Purchase Purchase Estimated Receivables Including Cash Remaining  Collections to
Period Price Collections Balance Sales Collections Purchase Price
1996  $ 3,080  $ 10,214  $ --   $ 10,171  $ 43 332%
1997  7,685  25,534  --   25,387  147 332%
1998  11,089  37,585  --   37,130  455 339%
1999  18,898  69,748  --   68,715  1,033 369%
2000  25,020  117,469  --   114,900  2,569 470%
2001  33,481  176,653  --   172,937  3,716 528%
2002  42,325  201,333  --   194,041  7,292 476%
2003  61,448  271,159  --   258,244  12,915 441%
2004  59,176  204,729  --   192,361  12,368 346%
2005  143,168  314,232  8,853  298,170  16,062 219%
2006  107,673  215,261  10,496  197,088  18,173 200%
2007  258,379  508,637  38,359  440,216  68,421 197%
2008  275,148  526,639  67,272  415,563  111,076 191%
2009  281,438  820,543  85,138  558,585  261,958 292%
2010  358,149  895,607  154,974  484,149  411,458 250%
2011  394,261  869,129  283,307  258,182  610,947 220%
2012  324,627  615,027  311,561  39,508  575,519 189%
Total  $ 2,405,045  $ 5,879,499  $ 959,960  $ 3,765,347  $ 2,114,152 244%
             
Purchase Price Multiples at September 30, 2012, Purchased Bankruptcy Portfolio
($ in thousands)          
        Actual Cash    
    Total Net Finance Collections Estimated Total Estimated
Purchase Purchase Estimated Receivables Including Cash Remaining  Collections to
Period Price Collections Balance Sales Collections Purchase Price
1996-2003  $ --   $ --   $ --   $ --   $ --  0%
2004  7,468  14,462  --   14,378  84 194%
2005  29,301  43,492  38  43,418  74 148%
2006  17,630  31,458  70  31,011  447 178%
2007  78,544  105,590  2,918  102,050  3,540 134%
2008  108,607  181,980  27,141  146,362  35,618 168%
2009  156,054  414,562  53,167  282,968  131,594 266%
2010  209,224  427,223  99,242  237,297  189,926 204%
2011  182,180  289,553  151,416  63,270  226,283 159%
2012  149,633  213,156  146,410  9,704  203,452 142%
Total  $ 938,641  $ 1,721,476  $ 480,402  $ 930,458  $ 791,018 183%
             
Purchase Price Multiples at September 30, 2012, Core Portfolio
($ in thousands)          
        Actual Cash    
    Total Net Finance Collections Estimated Total Estimated
Purchase Purchase Estimated Receivables Including Cash Remaining  Collections to
Period Price Collections Balance Sales Collections Purchase Price
1996  $ 3,080  $ 10,214  $ --   $ 10,171  $ 43 332%
1997  7,685  25,534  --   25,387  147 332%
1998  11,089  37,585  --   37,130  455 339%
1999  18,898  69,748  --   68,715  1,033 369%
2000  25,020  117,469  --   114,900  2,569 470%
2001  33,481  176,653  --   172,937  3,716 528%
2002  42,325  201,333  --   194,041  7,292 476%
2003  61,448  271,159  --   258,244  12,915 441%
2004  51,708  190,267  --   177,983  12,284 368%
2005  113,867  270,740  8,815  254,752  15,988 238%
2006  90,043  183,803  10,426  166,077  17,726 204%
2007  179,835  403,047  35,441  338,166  64,881 224%
2008  166,541  344,659  40,131  269,201  75,458 207%
2009  125,384  405,981  31,971  275,617  130,364 324%
2010  148,925  468,384  55,732  246,852  221,532 315%
2011  212,081  579,576  131,891  194,912  384,664 273%
2012  174,994  401,871  165,151  29,804  372,067 230%
Total  $ 1,466,404  $ 4,158,023  $ 479,558  $ 2,834,889  $ 1,323,134 284%
CONTACT: Rick Goulart

         Vice President, Corporate Communications

         (757) 961-3525

         RickGoulart@PortfolioRecovery.com