- Current report filing (8-K)
July 28 2011 - 4:04PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of
1934
Date of Report (Date of earliest event reported): July 28, 2011
Asset Acceptance Capital Corp.
(Exact name of Registrant as specified in its charter)
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Delaware
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000-50552
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80-0076779
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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28405 Van Dyke Avenue
Warren, MI 48093
(Address of principal executive offices)
Registrants telephone number, including area code: (586) 939-9600
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 140.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02. Results of Operations and Financial Condition.
On July 28, 2011, Asset Acceptance Capital Corp. issued a press release announcing its results of operations and financial condition as of and for
the three and six months ended June 30, 2011, unaudited. The press release is being furnished pursuant to Item 2.02 of Form 8-K. The full text of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated in this
report by reference.
The press release attached to this Form 8-K contains a financial measure for Adjusted EBITDA that is not calculated in
accordance with accounting principles generally accepted in the United States of America (GAAP). We have provided a reconciliation in the press release of the non-GAAP financial measure for Adjusted EBITDA to GAAP net income.
We have included information concerning Adjusted EBITDA because we believe that this financial measure provides important supplemental information to
management and investors. We use Adjusted EBITDA for planning purposes, including the preparation of internal budgets and forecasts, in communications with the Board of Directors, stockholders, analysts and investors concerning our financial
performance, and as a key component in managements annual incentive compensation plan. Adjusted EBITDA is also used as a measure of operating performance for the financial covenants in our amended credit agreement. This non-GAAP financial
measure should not be considered an alternative to, or more meaningful than, net income prepared on a GAAP basis.
The press release also
contains a table that identifies the components of purchased receivables revenue, and identifies a metric referred to as core amortization. Core amortization is a financial ratio that excludes certain collections from the calculated amortization
rate. Management uses this ratio to identify over or under performance compared to forecast for portfolios with remaining balances.
Item 9.01.
Financial Statements and Exhibits
.
The following exhibits are furnished herewith:
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Exhibit
Number
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Exhibit Description
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99.1
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Press Release dated July 28, 2011, announcing Registrants results of operations and financial condition as of and for the three and six months ended June 30, 2011,
unaudited.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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July 28, 2011
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ASSET ACCEPTANCE CAPITAL CORP.
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By:
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/s/ E.L. Herbert
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Name: E.L. Herbert
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Title: Vice President and General Counsel
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EXHIBIT INDEX
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Exhibit
No.
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Description
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99.1
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Press Release dated July 28, 2011.
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