Key Developments For Asset Acceptance Capital Corp.
Asset Acceptance Capital Corp. (AACC.O) (Nasdaq)
Asset Acceptance Capital Corp. Announces Board Changes
Asset Acceptance Capital Corp. announced that Chief Operating Officer Rion Needs will ascend to President and CEO of the Company effective January 1, 2009, in line with a succession plan approved by the board of directors.
Asset Acceptance Capital Corp. Issues Q4, FY 2007 Outlook Below Analysts' Estimates
Asset Acceptance Capital Corp. announced that for fourth quarter of 2007, it expects net income of $4.0 million and fully diluted per share of $0.13. For fiscal 2007, it expects net income of $20.4 million and fully diluted per share of $0.63. According to Reuters Estimates, analysts were expecting the Company to report net profit of $5.7 million and EPS of $0.17 for fourth quarter of 2007; net profit of $22.5 million and EPS of $0.67 for fiscal 2007.
Asset Acceptance Capital Corp. Issues Q3 2007 EPS Guidance Below Analysts' Estimates
Asset Acceptance Capital Corp. announced that for third quarter of 2007 as a consequence of the impairments on purchased receivables, increased collections and interest expenses, it expects to record a net loss in the range of $0.01-$0.05 per fully diluted share (EPS). According to Reuters Estimates, analysts were expecting the Company to report non-GAAP EPS of $0.26 for third quarter of 2007.
Asset Acceptance Capital Corp. Declares Special One-Time Cash Dividend
Asset Acceptance Capital Corp. announced that its Board of Directors has declared a special one-time cash dividend of $2.45 per share payable July 31, 2007, to shareholders of record July 19, 2007.
Asset Acceptance Capital Corp. Announces Completion Of Share Tender Offer
Asset Acceptance Capital Corp. announced the preliminary results of its tender offer which expired on June 12, 2007. Asset Acceptance Capital Corp. commenced the tender offer on May 9, 2007 to purchase for cash up to 1,858,000 shares of common stock in a price range of $18.25 to $20.00 per share, net to the seller in cash, without interest. J.P. Morgan Securities, Inc. acted as dealer manager for the tender, Mackenzie Partners, Inc. acted as information agent and LaSalle Bank, N.A. acted as the depositary.
