NCO Group Inc., based in Horsham, Pa. and one of the nation's largest accounts receivable management companies, reported revenues of $390.3 million in the fourth quarter ended Dec. 31, 2010. The company also reported a net loss of $155 million for the full year 2010 compared to a net loss of $84.2 million in 2009.
Ronald A. Rittenmeyer, NCO's president and CEO, said that while full-year 2010 results fell short of the company's expectations he remains confident that a newly developed business plan for 2011 - which he says involves better leveraging client relationships, the business platform and workforce - will stabilize revenue and earnings.
Rittenmeyer was tabbed to lead NCO last month (
NCO reported a drastically scaled back debt-buying operation - reporting just $12.7 million spent on portfolio acquisitions in 2010, compared to $56.6 million in 2009 and $126.5 million in 2008.
The company is organized into three divisions: Accounts Receivable Management, Customer Relationship Management and Portfolio Management.
The first two divisions operated below their respective revenue and profitability targets in Q4 2010, mostly because of volume reductions related to the impact of the economy on clients' businesses. The Portfolio Management division operated below its revenue target, largely due to collection results on certain portfolios that fell short of expecations.
