Asset Acceptance Capital Corp. Reschedules First Quarter Release and Conference Call to May 9
May 04 2006 - 10:29AM
PR Newswire (US)
WARREN, Mich., May 4 /PRNewswire-FirstCall/ -- Asset Acceptance
Capital Corp. (NASDAQ:AACC), a leading purchaser and collector of
charged-off consumer debt, said it will release its first quarter
results prior to the opening of the market on Tuesday, May 9, 2006
and host its regular quarterly earnings conference call at 10 a.m.
Eastern Daylight Time that same day. The Company has chosen to
schedule the announcement of first quarter results pending a review
by the Company of an accounting interpretation by the Company
which, as applied to the first quarter results, could be deemed
conservative. Consequently, in an effort to provide an accurate
reflection of Asset's performance in the first quarter 2006, the
Company will delay dissemination of the earnings release and
conference call previously scheduled for today. For the first
quarter of 2006, the Company expects to report total cash
collections of approximately $89.4 million, total operating
expenses of approximately $47.6 million and net impairments of
approximately $2.7 million. During the first quarter of 2006, the
Company invested $26.9 million to purchase debt portfolios with a
face value of $738.7 million for a blended rate of 3.64%. The
Company expects that the foregoing figures will not be affected by
the final resolution of this accounting interpretation. Additional
information will be provided by management on the first quarter
conference call now scheduled for May 9, 2006. Participation in the
question- and-answer session of the call will be limited to
institutional investors and analysts. Individual investors and
retail brokers are invited to listen via a live webcast. To listen,
please go to the investor section of the Company's website at
http://www.assetacceptance.com/ . About Asset Acceptance Capital
Corp. For more than 40 years, Asset Acceptance has provided credit
originators, such as credit card issuers, consumer finance
companies, retail merchants, utilities and others an efficient
alternative in recovering defaulted consumer debt. For more
information, please visit http://www.assetacceptance.com/ . Asset
Acceptance Capital Corp. Safe Harbor Statement This press release
contains certain statements, including the Company's plans and
expectations regarding its operating strategies, charged-off
receivables and costs, which are forward-looking statements and are
made pursuant to the safe harbor provisions of the Securities
Litigation Reform Act of 1995. These forward-looking statements
reflect the Company's views, at the time such statements were made,
with respect to the Company's future plans, objectives, events,
portfolio purchases and pricing, collections and financial results
such as revenues, expenses, income, earnings per share, capital
expenditures, operating margins, financial position, expected
results of operations and other financial items. Forward-looking
statements are not guarantees of future performance; they are
subject to risks and uncertainties. In addition, words such as
"estimates," "expects," "intends," "should," "could," "will,"
variations of such words and similar expressions are intended to
identify forward-looking statements. These statements are not
guarantees of future performance and involve certain risks,
uncertainties and assumptions ("Risk Factors") that are difficult
to predict with regard to timing, extent, likelihood and degree of
occurrence. There are a number of factors, many of which are beyond
the Company's control, which could cause actual results and
outcomes to differ materially from those described in the
forward-looking statements. Risk Factors include, among others:
ability to purchase charged- off consumer receivables at
appropriate prices, ability to continue to acquire charged-off
receivables in sufficient amounts to operate efficiently and
profitably, employee turnover, ability to compete in the
marketplace, acquiring charged-off receivables in industries that
the Company has little or no experience, integration and operations
of newly acquired businesses, and additional factors discussed in
the Company's periodic reports filed with the Securities and
Exchange Commission on Form 10-K and 10-Q and exhibits thereto.
Other Risk Factors exist, and new Risk Factors emerge from time to
time that may cause actual results to differ materially from those
contained in any forward- looking statements. Given these risks and
uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results.
Furthermore, the Company expressly disclaims any obligation to
update, amend or clarify forward-looking statements. In addition to
the foregoing, several Risk Factors are discussed in the Company's
most recently filed Annual Report on Form 10-K and other SEC
filings, in each case under the section titled "Forward Looking
Statements" or similar headings and those discussions regarding
risk factors as well as the discussion of forward looking
statements in such sections are incorporated herein by reference.
DATASOURCE: Asset Acceptance Capital Corp. CONTACT: Noel Ryan III
of Lambert, Edwards & Associates, Inc., +1-616-233-0500, , for
Asset Acceptance Capital Corp. Web site:
http://www.assetacceptance.com/
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