Encore Capital Group Announces Strong First Quarter 2015

On May 7^th Encore Capital Group (ECPG), an international specialty finance company with operations in eight countries, reported its financial results for the first quarter of 2015.

First Quarter Highlights Top of Form

• Gross collections from the portfolio purchasing and recovery business grew 7% to a record $425 million, compared to $397 million in the same period of the prior year.
• Investments in receivable portfolios in the portfolio purchasing and recovery business was $125 million, to purchase $1.0 billion in face value of debt.
• Encore’s subsidiary Propel Financial Services also purchased $54 million of tax liens during the first quarter of 2015, raising Encore’s total deployment in the quarter to $179 million.
• Total revenues increased 13% to a record $286 million, compared to $254 million in the same period of the prior year.
• Adjusted EBITDA increased 7% to $266 million, compared to $250 million in the same period of the prior year.
• Net income was $29.4 million compared to net income of $23.2 million in the same period of the prior year.
• Adjusted income attributable to Encore increased 13% to $32.4 million, compared to adjusted income of $28.8 million in the same period of the prior year.

“Encore delivered strong financial performance in the first quarter as our international expansion and consumer-focused programs drove record collections. With our foreign subsidiaries now assimilated into Encore, our businesses outside of the United States grew collections 29% over last year and now comprise more than a quarter of our total collections worldwide,” said Kenneth A. Vecchione, President and Chief Executive Officer.

Read the full release here