(RTTNews) -  Asset Acceptance Capital Corp. (AACC: News ) reported third quarter net loss of $1.6 million or $0.05 per share, compared to net income of $3.0 million, or $0.10 per share last year.

On average, seven analysts polled by Thomson Reuters expected the company to earn $0.07 per share. Analysts' estimates typically exclude special items.

Total revenues were $47.7 million, down from $58.4 million in the prior year quarter. Analysts expected the company to report revenue of $49.55 million.

Asset Acceptance also announced the signing of an amendment to its credit facility led by JPMorgan Chase Bank, N.A. Under the amended deal, the company said that its borrowing capacity has more than doubled to $84 million.
Asset Acceptance said the credit facility creates flexibility to take advantage of the improved pricing conditions in the remainder of 2009 and into 2010.

Under the terms Credit deal, the company has five-year $100.0 million revolving credit facility expiring in June 2012 and a six-year $150.0 million term loan facility expiring in June 2013.

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by RTT Staff Writer

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