VA-based Portfolio Recovery Associates reported that second quarter net income grew 17% over 2Q/06 to $13.0 million. Total revenue in the second quarter increased 19% to $54.8 million. The Company purchased $2.5 billion of face-value debt during the second quarter for $63.4 million, the second-largest amount the Company has spent on debt acquisitions in a single quarter. The debt was acquired in 58 pools from 27 different sellers. Cash collections rose 9% to $64.6 million in the second quarter. The Company’s fee-for-service businesses generated revenue of $8.4 million in the second quarter, up 45% over 2Q/06. The Company also announced the appointment of Kent McCammon to the new position of Senior Vice President, Strategy and Business Development. For complete details on Portfolio Recovery Associates’ second quarter performance visit CardData ([www.carddata.com]).