portfolio recovery associate (PRAA) Key Developments
Portfolio Recovery Associates Inc. Announces Executive Appointment of PRA Group
Jul 16 14
Portfolio Recovery Associates Inc. (PRA) has completed its acquisition of Aktiv Kapital AS. Effective July 16, 2014, the combined companies will be known as PRA Group, signaling to investors and global debt sellers PRA's plans for international growth from a group of companies across countries and regions. PRA has appointed Geir Olsen, chief executive officer and board member of Aktiv Kapital, as chief executive officer of PRA Group Europe, which includes all of Aktiv Kapital's European operations and PRA's existing operations in the U.K. His management team and staff from Aktiv Kapital Europe and PRA UK's management team and staff will report to Olsen. Pamplona's Andrew Berardi has been appointed Managing Director -- UK, Insolvency Investment Services, PRA Group. His team of six people from Pamplona's U.K. IVA business also has joined PRA.
Portfolio Recovery Associates Inc. Presents at William Blair & Company's 34th Annual Growth Stock Conference, Jun-10-2014 12:10 PM
Jun 10 14
Portfolio Recovery Associates Inc. Presents at William Blair & Company's 34th Annual Growth Stock Conference, Jun-10-2014 12:10 PM. Venue: Four Seasons Hotel, 120 East Delaware Place, Chicago, Illinois, United States. Speakers: Kevin P. Stevenson, Co-Founder, Chief Financial & Administrative Officer, Principal Accounting Officer, Executive Vice President, Treasurer and Assistant Secretary, Steven D. Fredrickson, Co-Founder, Chairman, Chief Executive Officer and President.
Portfolio Recovery Associates Inc. Enters into Third Amendment to Certain Credit Agreement
Jun 6 14
Effective as of June 5, 2014, Portfolio Recovery Associates Inc. entered into a Third Amendment to that certain Credit Agreement dated December 19, 2012, by and among the company, the guarantors party thereto, the lenders party thereto, and Bank of America, N.A., as the administrative agent. The Third Amendment amends a provision of the Credit Agreement to increase a basket for permitted indebtedness for the issuance of senior, unsecured convertible notes or other unsecured financings from an aggregate amount not to exceed $300 million to an aggregate amount not to exceed $500 million.
Portfolio Recovery Associates Inc. Amends Certificate of Incorporation
May 30 14
Portfolio Recovery Associates Inc. announced that the shareholders at its Annual Meeting held on May 29, 2014 approved amendment of the company's amended and restated certificate of incorporation to increase the number of authorized shares.
Portfolio Recovery Associates Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014
Apr 30 14
Portfolio Recovery Associates Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. The company reported total revenue of $193,922,000, income from operations of $71,590,000, income before income taxes of $66,731,000, net income attributable to company of $40,840,000 or $0.81 per diluted share against total revenue of $169,559,000, income from operations of $65,887,000, income before income taxes of $63,198,000, net income attributable to company of $38,600,000 or $0.75 per diluted share a year ago. Net cash provided by operating activities was $49,255,000 against $58,113,000 a year ago. Purchases of property and equipment were $6,416,000 against $2,466,000 a year ago. Return on average equity was 18.2% against 21.1% a year ago. Return on average assets was 10% against 11.3% a year ago. Revenues of $193.9 million in the first quarter, largely driven by cash collections, included finance receivables income net of principal amortization and allowance charges or reversals.