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Debt buyer Asset Acceptance Capital Corp. last week reported 2008 net income of $15.7 million, a 23% decrease from $20.4 million in 2007. Total revenues declined 5.6%, to $234.2 million from $248 million. For the fourth quarter ended Dec. 31, the company reported net income of $3.8 million, a 5% decrease from $4 million a year earlier. Total revenues for the quarter decreased 11.6%, to $55 million from $62.2 million. The Warren, Mich.-based company spent $32.2 million during the fourth quarter to purchase charged-off consumer debt portfolios with a face value of $636.5 million. Asset Acceptance Capital spent $60.7 million to purchase consumer debt with a face value of $1.5 billion during the same period in 2007. For the year, the company invested $155.2 million in purchased receivables with a face value of $3.8 billion. In 2007, the company invested $169.5 million in purchased receivables with a face value of $5.2 billion. The debt buyer reported fourth-quarter cash collections of $83.3 million, a 6.5% decrease compared with $89.1 million a year earlier. Last year, cash collections declined 0.4%, to $369.6 million from $371.2 million in 2007.
