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Encore Capital Group, a San Diego-based debt buyer, today reported gross collections of $115.2 million for the first quarter ended March 31, a 10.3% increase from $104.4 million during the same period last year. Encore Capital invested $55.9 million during the quarter to purchase a face value of $1.3 billion in debt. During the same period last year, the company invested $47.9 million in debt with a face value of $1.2 billion. "While the supply of charged off credit card debt has reached a historically high level, the number of well-capitalized consumer debt buyers is shrinking, and portfolio prices are trending down," J. Brandon Black, Encore Capital president and CEO, said in a statement. "These dynamics are very favorable for Encore's business model." Revenue from receivable portfolios totaled $72.3 million, a 12.8% increase from $64.1 million a year earlier, according to the company. First-quarter net income was $9 million, up 32.4% from $6.8 million. Revenues were up 13%, to $76.4 million from $67.6 million.
