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Portfolio Recovery Associates Inc., a debt purchaser that buys and collects delinquent credit card portfolios, last week reported net income of $10.1 million for the third quarter ended Sept. 30, a 12.2% decrease from $11.5 million during the same period a year ago. The Norfolk, Va.-based company's total revenue was unchanged from a year earlier at $68.6 million, according to a filing with the U.S. Securities and Exchange Commission. The company purchased $1.75 billion of face-value debt for $76.7 million during the third quarter. This debt was acquired in 100 portfolios from 12 different sellers. During the same quarter last year, the company purchased $857 million of face-value debt in 56 portfolios from 19 different sellers for $52.3 million. Portfolio Recovery Associates is the sixth-largest debt buyer in the U.S. with more than $206 million in revenue from purchased debt in 2008, according to research conducted by CardLine sister publication Collections & Credit Risk.

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