NORFOLK, VA, Mar 20, 2006 -- Portfolio Recovery Associates, Inc., (NASDAQ: PRAA), a company that purchases and manages portfolios of defaulted consumer receivables and provides a broad range of accounts receivable management services, today celebrated its 10th anniversary at the opening ceremony of The NASDAQ Stock Market.
Present at the start of trading were: Portfolio Recovery Associates Chairman, President and Chief Executive Officer Steven D. Fredrickson, Chief Administrative and Financial Officer Kevin P. Stevenson, Executive Vice Presidents Craig Grube and Judy Scott, Vice President JoAnn York and Lead Board Member David Roberts. The opening ceremony took place at 9:30 a.m. EST.
"Opening the NASDAQ market was a real honor and a great opportunity to commemorate the 10th anniversary of Portfolio Recovery Associates. Although we could only have a small team present for today's ceremony, our success over the past 10 years is the result of great teamwork and dedication on the part of our entire staff, as well as the families behind us all. As we move into our second decade, I continue to be excited about the many opportunities we see ahead," Fredrickson said.
Portfolio Recovery Associates was founded on March 20, 1996. The Company was listed on The NASDAQ Stock Market through an Initial Public Offering on November 8, 2002.
About Portfolio Recovery Associates
Portfolio Recovery Associates is a full-service provider of outsourced receivables management and related services. The company's primary business is the purchase, collection and management of portfolios of defaulted consumer receivables. These are the unpaid obligations of individuals to credit originators, which include banks, credit unions, consumer and auto finance companies, and retail merchants. Portfolio Recovery Associates also provides a broad range of collection services, including revenue administration for government entities through its RDS business, collateral-location services for credit originators via IGS Nevada, and fee-based collections through Anchor Receivables Management. More information concerning the company may be found at its website: www.portfoliorecovery.com.
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 statements with respect to future contribution of IGS Nevada and RDS 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.
757-519-9300 x 13010
For more information, contact:
Portfolio Recovery Associates
Attn: Investor Relations
120 Corporate Blvd., Suite 100
Norfolk, VA 23502
SOURCE: Portfolio Recovery Associates, Inc.