Daily News: January 2, 2013

SquareTwo Announces 2012 Highlights

SquareTwo Financial announced highlights from its 2012 performance. The achievements were shared in early December at the company’s annual gathering of employees.

“We are particularly proud of our financial performance and organizational accomplishments in 2012 because they were achieved despite the economic headwinds of high unemployment, a sluggish housing market and lackluster consumer confidence,” said Paul A. Larkins, president and CEO of SquareTwo Financial. “While we have yet to report year-end and Q4 numbers, we want to highlight our excellent financial performance for the first nine months of the year, as well as the strengthening of our already powerful and flexible business model through the implementation of proprietary technology tools, investment in employee training and development, a deepened commitment to fair treatment of customers, and thoughtful initiatives to address the new regulatory environment.”

SquareTwo Financial highlighted these accomplishments (year-to-date as of the end of Q3/12):

  • Revenue up more than 50%.

  • Adjusted EBITDA up 37%.

  • Consolidated proceeds grew by 34% to $467.6 million.

  • More than 180,000 Americans per quarter helped to make progress on financial promises.

  • More than 143,000 individuals assisted to completely fulfill contractual obligations.

  • More than 1,400 hours of training logged by employees and partners through SquareTwo University and the Inspirational Leadership Series.

  • Recognition as a CIO 100 company by CIO Magazine for a successful system consolidation and strategic excellence in IT.

  • Nine attorneys from the SquareTwo Financial Partner Network and SquareTwo Financial General Counsel Thomas Good sworn in as members of the Superior Court Bar.

  • Chief compliance officer named among other efforts to set a high industry standard for regulatory and compliance programs in debt recovery and management.

  • Recognition as one of the fastest-growing companies in Canada by PROFIT Magazine for SquareTwo Financial Canada’s five-year revenue growth of more than 1,200%.

    Larkins also acknowledged the hard work of the employees of SquareTwo Financial and its Partner Network.

    “Their dedication is indicative of our desire and ability to help consumers and small businesses,” Larkins said. “By fulfilling their obligations, these individuals are now that much closer to being back on their feet, with a fresh opportunity to establish a solid credit profile over time, rebuild their financial lives, and positively participate in the economy.”

    SquareTwo Financial looks forward to continuing its trend of record-breaking performance in 2013, Larkins said.

    “We remain focused on executing successful operational initiatives,” he said, “and nurturing a strong company culture that rewards ethics, excellence, and consistent effort to improve.”

    SquareTwo Financial provides ways for companies and consumers to resolve their debt commitments.