Encore Capital Group Inc., a San Diego-based debt buyer, reported net income of $13.7 million in the quarter ended March 31, up 26% from the year-ago period.
The company's total revenue increased 26% to $110.3 million on gross collections of $191.1 million, a 35% jump from Q1 2010.
Encore invested $90.7 million to purchase debt portfolios with a $2.9 billion face value, up 11% from last year.
Revenue from receivable portfolios, net was $105.3 million, a 27% increase over the $82.9 million in the year-ago period. Revenue recognized on receivable portfolios, as a percentage of portfolio collections, excluding the effects of net portfolio allowances, was 58%, compared to 64% in the same period of the prior year.
Encore’s headcount at the end of the first quarter totaled 2,049, up 25% from the end of Q1 2010. Employment at the company’s location in India grew 30% while its U.S. employee base grew 17%.
