Portfolio Recovery Associates Inc., a Norfolk, Va.-based debt buyer, this week reported second quarter financial results that included jumps in revenue, net income and cash collections.
Total revenues reached $183 million, a 24% increase from the year-ago period. Net income was $43.6 million, up 36%. Cash collections totaled $296 million, up 28% from a year ago. Cash collections included legal collections of $80.5 million, $90.2 million in call center and assorted collections and $125.7 million in bankruptcy court trustee payments.
In the second quarter, the company invested $200 million in portfolio purchases from U.S and U.K. creditors, compared with $125 million in the year-ago period. Receivables purchased in the quarter came from 94 portfolios from 14 different sellers.
Year-to-date revenues totaled $352.5 million, compared with $288 million for the first six months of 2012. Cash collections were $571.9 million for the first six months, compared with $450.4 million for the first half of last year.
The company averaged 3,362 full-time equivalent employees during the second quarter, up 11% from the same period a year ago. Of that total, 2,190 were collectors, a 12% increase from last year.