Norfolk company named to Fortune fast-growth list
- September 13, 2012
Norfolk-based Portfolio Recovery Associates Inc. has been named one of Fortune magazine’s 100 Fastest-Growing Companies for 2012.
Portfolio Recovery Associates, a specialized financial services company and market leader in the consumer debt purchase and collection industry, was the only Virginia company on the list. It was ranked No. 100.
Fortune ranks companies by their growth rates in revenues and earnings-per-share growth rate, and three-year annualized total return for the period ended June 29, 2012.
In its listing Portfolio Recovery Associates, Fortune cited the company’s three-year average revenue growth of 23 percent, profit growth of 31 percent, and total return of 33 percent.
“The company experienced strong financial results in the first half of 2012, following record growth in 2011,” Steve Fredrickson, the company’s chairman, president and CEO , said in a statement. “As we continue to buy a growing amount of unsecured consumer debt while successfully working with more customers to help them develop affordable payment plans, Portfolio Recovery Associates is poised to sustain growth in the years ahead.”
The company has more than 3,000 employees in 10 U.S. states and the United Kingdom.
Among neighboring states, Maryland had three companies on the Fortune list (No. 25 United Therapeutics in Silver Spring, No. 46 Medfast in Owings Mills and No. 51 Under Armour in Baltimore) while Kentucky had one, No. 93 Tempur-Pedic International in Lexington.
North Carolina, Tennessee, West Virginia and the District of Columbia had no companies on the list.
To qualify for the ranking, a company must be trading on a major U.S. stock exchange; report data in U.S. dollars; file quarterly reports with the SEC; have a minimum market capitalization of $250 million and a stock price of at least $5 on June 29, and have been trading continuously since June 30, 2009.
Companies must have revenue and net income of at least $50 million and $10 million, respectively, for the four quarters ended on or before April 30, 2012; and have posted an annualized growth in revenue and earnings per share of at least 20 percent annually over the three years ended on or before April 30, 2012.