Atlanta-based sub-prime card specialist CompuCredit reported net GAAP income for the fourth quarter of $15.8 million compared to a $53.2 million net GAAP loss in the prior quarter, and net GAAP income of $9.7 million one-year ago. Total managed receivables soared by 47% year-on-year for the fourth quarter ending at $4,142,638,000. During the fourth quarter the Company discontinued 105 of its retail micro-loan branches in six states, its stored value card operations, and its Internet-based installment loan operations. At year-end, CompuCredit had 5,313,000 accounts, compared to 3,851,000 in 4Q/06. The adjusted charge-off rate was 13.4% in the fourth quarter, up from 10.9% for the fourth quarter and 10.1% in the previous quarter. As of December 31st, the 60-plus day delinquency rate was 18.4%, up from 14.1% for 4Q/06 and 14.6% for 3Q/07. For complete details on CompuCredit’s fourth quarter performance, visit CardData ([www.carddata.com]).
COMPUCREDIT NET INCOME* SNAPSHOT
4Q/06: $ 9.7 million
1Q/07: (-$ 2.5 million)
2Q/07: (-$11.0 million)
3Q/07: (-$53.2 million)
4Q/07: $15.8 million
Source: CardData (www.carddata.com)