PRA Group Reports Third Quarter 2016 Results

NORFOLK, Va., Nov. 07, 2016 (GLOBE NEWSWIRE) -- PRA Group, Inc. (Nasdaq:PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the third quarter of 2016.  The company reported diluted earnings per share of $0.74 versus $0.36 in the third quarter of 2015 and non-GAAP diluted earnings per share of $0.68 for the third quarter of 2016 compared to $0.85 for the year-ago quarter. Non-GAAP financial results are presented in constant currency with the third quarter of 2015 and exclude items unrelated to normal operations.  A reconciliation of all non-GAAP financial measures to the most directly comparable GAAP financial measure can be found at the end of this press release. 

Third Quarter Highlights
  • Estimated remaining collections of $5.25 billion. 
  • Cash collections of $371.7 million, currency adjusted cash collections of $377.0 million. 
  • Total revenues of $222.0 million, currency adjusted revenues of $224.2 million. 
  • Income from operations of $67.5 million, non-GAAP income from operations of $69.8 million.
  • Net income of $34.3 million, non-GAAP net income of $31.7 million. 
  • Return on average equity, annualized, of 15.1%, non-GAAP return on average equity, annualized, of 14.0%. 
  • $161.3 million in investments.

"We continue to evolve the Company in a number of areas including normalizing operations in the U.S. legal collection channel despite increased documentation requirements.  Italy is progressing well.  We have significantly strengthened the leadership team there and we are beginning to see positive signs of return on our investment in the legal collection channel.  Although we still have work to do, we are pleased with the progress the team has been able to achieve in 2016," said Steve Fredrickson, chairman and chief executive officer, PRA Group.  "From an investment perspective, we also continue to deploy capital at good returns, especially in the US and Brazil, and maintain strong relationships with global sellers of nonperforming loans, providing them with a compliant and responsible global partner." 

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