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Advanta Reports Second Quarter 2008 Earnings
SPRING HOUSE, Pa.--(BUSINESS WIRE)--Advanta Corp. (NASDAQ:ADVNB; ADVNA) today reported second quarter 2008 net income of $4.0 million or $0.10 per diluted share for Class A and Class B shares combined. These results include an $0.18 per share after-tax gain associated with the sale of a portion of the Company’s MasterCard shares and a $0.06 per share after-tax charge to increase credit reserves for owned receivables.
At the end of the quarter, managed and owned receivables totaled $6.1 billion and $851 million, respectively. Consistent with the Company’s prior comments about new customer expectations, the Company added about 26,000 new customers in the quarter. Customer transaction volume totaled $3.5 billion of which almost 90% related to merchandise sales activity.
Managed and owned net credit loss rates for the quarter were 8.38% and 8.87%, respectively.
“The quarter’s results are obviously not what we would like to see. All of us at the company are focused on returning to robust earnings and returns for our shareholders,” said Dennis Alter, Chairman and CEO.
The following information was filed by Advanta Corp on Tuesday, July 29, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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