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PRA Reports Second Quarter 2013 Results

Stocks in this article: PRAA

NORFOLK, Va., July 30, 2013 (GLOBE NEWSWIRE) -- Portfolio Recovery Associates, Inc. (PRA), a financial and business services company operating in the U.S. and U.K, today reported its second quarter 2013 financial results.

Second Quarter Highlights

  • Cash collections of $296 million, up 28% from the second quarter of 2012.
  • Revenues of $183.0 million, up 24%.
  • Net income attributable to PRA of $43.6 million, up 36%.
  • $2.56 diluted EPS, compared with $1.87 a year ago, up 37%, or $0.85 compared with $0.62, adjusted for a 3:1 stock split by means of a stock dividend payable on August 1, 2013.
  • 22.5% return on average equity, annualized.
  • $200 million of portfolio purchases.

Net income attributable to PRA for the first six months of 2013 was $82.2 million, or $4.81 per diluted share, compared with $57.5 million, or $3.34 per diluted share for the first six months of 2012. On June 10, 2013, the company's board of directors declared a three-for-one stock split by means of a stock dividend. The new shares are expected to be distributed on or around August 1, 2013. On a post-stock split basis, diluted earnings per share would have been $1.60 for the first half of 2013 compared with $1.11 for the first half of 2012.

Year-to-date 2013 revenues were $352.5 million, compared with $288.0 million for the first six months of 2012. Cash collections were $571.9 million for the first six months of 2013, compared with $450.4 million for the first half of 2012.

"PRA's very strong Q2 results are exceptional by any measure, with significant new investment of $200 million, record revenue and record profitability," said Steve Fredrickson, chairman, president and chief executive officer, PRA.

"The company continues to succeed by pressing its considerable competitive advantages, including our underwriting capabilities across multiple asset classes and account dispositions, our ample access to low cost funding, and our operational excellence driven by best in class application of analytics and activity-based ROI discipline," Fredrickson said.

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