CompuCredit's $500 million Men

By Jill Lerner, BizJournals

CompuCredit Corp., an Atlanta-based company that markets credit cards to higher-risk consumers, on Aug. 3 reported a 346 percent increase in profits.

“We were very pleased with our record earnings this quarter,” David G. Hanna, chairman and CEO, said in a statement. He has half a billion reasons to be pleased.

Hanna and his brother, Frank J. Hanna III, both in their early 40s, each own stakes in the company (Nasdaq: CCRT), worth $552 million based on an Aug. 9 closing price of $38.96.

In an Aug. 4 conference call with analysts, company officials said it added a total of 268,000 new accounts in the second quarter. As a result of the brisk activity, the company said it plans to allocate $14 million more than originally planned to credit card marketing during the second half of the year.

The company also recently added auto leasing to its business lines, which in addition to credit cards — the largest part of the company — includes bad debt purchasing, retail micro-lending and stored-value cards.

For this complete story, please visit CompuCredit’s $500 million Men.