SAN FRANCISCO - NextCard Inc. projected Monday that its business would break even late next year, a year earlier than had been anticipated when the credit card company went public last year.
John Hashman, NextCard's president and chief financial officer, cited "continued strong demand for the product," lower-than-expected customer attrition rates, and "higher-than-expected growth in loans."
NextCard will release second-quarter results Thursday. In a telephone interview Monday, Mr. Hashman would say only that the company had exceeded the $800 million of receivables that analysts had predicted.
In a separate announcement, NextCard said that Mr. Hashman, 41, will succeed NextCard founder Jeremy Lent as chief executive officer at a board meeting Aug. 10. Mr. Lent, who said he is reducing his responsibilities to care for his ailing wife, will continue as chairman and will take on a new role of chief strategic officer. Mr. Hashman and Mr. Lent previously worked together at Providian Financial Corp.