Atlanta-based sub-prime card specialist, CompuCredit, reported GAAP net income for the fourth quarter of $9.7 million, triple the year ago quarter. Total managed receivables for the fourth quarter were $2,815,219,000, a 13% increase compared to one-year ago. As of December 31st, CompuCredit had 3,865,000 accounts, compared to 3,588,000 in 4Q/05. The adjusted charge-off rate was 11.0% in the fourth quarter, as compared to 11.2% for 4Q/05 and 9.4% in the previous quarter. As of December 31st, the 60-plus day delinquency rate was 14.1%, as compared to 14.0% for 3Q/06 and 9.3% for 4Q/05. The issuer said it expects first-quarter managed earnings to be significantly lower than the fourth quarter. For complete details on CompuCredit’s fourth quarter performance, visit CardData ([www.carddata.com]).
COMPUCREDIT NET INCOME SNAPSHOT
4Q/05: $ 3.0 million
1Q/06: $30.7 million
2Q/06: $28.3 million
3Q/06: $38.8 million
4Q/06: $ 9.7 million
Source: CardData (www.carddata.com)