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Asset Acceptance Capital Corp., a buyer and collector of charged off consumer debt, last week reported net income of $4.6 million for the first quarter ended March 31, a 32.4% decrease from $6.8 million during the same period last year. Revenues for the quarter totaled $57 million, an 11.5% decrease from $64.4 million, according to the Warren, Mich.-based company. Asset Acceptance reported cash collections of $94.1 million, a 6.2% decrease from $100.3 million. The company spent $22.1 million during the quarter to buy charged off consumer-debt portfolios with a face value of $747.8 million, for a blended rate of 2.96% of face value. During the same period last year, the company spent $22 million to buy debt with a face value of $542.8 million, for a blended rate of 4.05%. "As we signaled last quarter, we carefully controlled our levels of purchasing in the first quarter and expect to do so again in the second quarter in order to free up capital to purchase at what we expect will be more advantageous pricing in the second half of 2009 and early 2010," Mark Redman, Asset Acceptance senior vice president and chief financial officer, said in a statement.
