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Portfolio Recovery Associates Inc., a debt purchaser that mostly buys and collects delinquent credit card portfolios, last week reported net income of $10.6 million for the fourth quarter ended Dec. 31, a 0.9% decline from $10.7 million during the same period in 2007. Revenue totaled $67 million, up 16.9% from $57.3 million, the Norfolk, Va.-based debt buyer says. Cash collections rose 21.7%, to $79.2 million from $65.1 million. The company also reported call-center collections of $41.3 million, a 16% increase from $35.6 million, and external legal collections of $18.4 million, down 12% from $20.9 million. The debt buyer reported purchased bankruptcy collections of $16.9 million for the quarter, a 134.7% increase from $7.2 million during the same period in 2007. The company paid $61.5 million to acquire 77 portfolios from 20 different sellers during the quarter. The face value of the purchased accounts totaled $1.3 billion. Approximately 92% of the debt in terms of dollars invested was a combination of Visa, MasterCard and private-label credit card asset classes. The remainder came from pools of auto, medical, utility and installment-loan accounts, the company says.

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