San Diego-based Encore Capital Group reported first quarter net income of $6.0 million, compared to $8.2 million for the first quarter of 2003. The first quarter of 2003 included a one-time after-tax benefit from litigation settlement of $4.4 million. The Company spent $17.2 million to purchase approximately $786.4 million in face value of portfolios during the first quarter, a blended purchase price of 2.19% of face value. The Company spent $18.8 million to purchase approximately $589.4 million in face value of portfolios during the first quarter of 2003, a blended purchase price of 3.19% of face value. During the first quarter there was 17% growth in monthly average of gross collections per average employee to $29,282 in the first quarter, from $25,001 in the first quarter of 2003. Encore Capital Group is an accounts receivable management firm that specializes in purchasing charged-off and defaulted consumer debt. For complete details on Encore’s first quarter performance visit CardData ([www.carddata.com]).