reported lower first-quarter earnings that missed analyst estimates as the company tried to focus on cost control and potential acquisitions.
The credit card provider said its first-quarter net income was $2.1 million, or 2 cents a share, down from $6.4 million, or 14 cents, a share in the year-ago quarter. Analysts polled by Thomson Financial/First Call had been expecting to see 9 cents a share.
In a press release, the company said it saw a decline in receivables in the quarter, but maintained a chargeoff rate of 14.7%, down from 15.3% a year ago. The company's managed delinquency rate rose to 12.2% from 11.1% last year.
Shares of CompuCredit closed at $7.50 before the earnings release Wednesday.