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TheStreet Open House

Portfolio Recovery Associates' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Portfolio Recovery Associates, Inc. (PRAA)

Q2 2012 Earnings Call

August 1, 2012 5:00 p.m. EDT

Executives

Jim Fike – VP, Finance and Accounting

Steve Fredrickson – Chairman, President and CEO

Neal Stern – EVP, COO

Kevin Stevenson – EVP, CFO and Chief Administrative Officer

Analysts

Hugh Miller – Sidoti & Co.

Bob Napoli – William Blair & Co.

Mark Hughes – SunTrust Robinson Humphrey

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the second quarter 2012 Portfolio Recovery Associates Incorporated earnings conference call. My name is Melanie and I'll be your coordinator today. [Operator Instructions]. As a reminder, today's meeting will be recorded.

I would now like to turn the call over to Mr. Jim Fike. Please proceed.

Jim Fike

Good afternoon. I'm Jim Fike, Vice President of Finance and Accounting for Portfolio Recovery Associates. Thank you for joining our second quarter 2012 earnings call.

Speaking to you today will be Steve Fredrickson, our Chairman, President and Chief Executive Officer; Kevin Stevenson, our Chief Financial and Administrative Officer; and Neal Stern, our Executive Vice President and Chief Operations Officer, Loan Portfolios. We will begin with prepared comments and then follow up with a question-and-answer period.

Before we begin, I'd like everyone to please take note of our Safe Harbor language. Statements on this call which are not historical, including Portfolio Recovery Associates' or management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, including with respect to the future portfolio performance, opportunities, future revenue and earnings growth, future cash collection, future space and staffing requirements, future productivity of collectors, and future contributions of the subsidiaries to earnings are forward-looking statements. These forward-looking statements 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.

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