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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Advanta Corp Class A (MM) | NASDAQ:ADVNA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.07 | 0 | 01:00:00 |
Advanta Corp. (ADVNB) swung to a second-quarter loss - its fourth straight - as transaction volume plunged 47% in the wake of the credit-card provider's decision in June to stop making new loans.
Class B shares fell 12% to 43 cents as charge-offs surged and credit-loss provisions continued to rise. The stock is down 63% this year and traded above $30 in mid-2007.
Advanta's move to stop extending new credit was one of the most extreme retreats in the card industry. As its capital erodes, the company - a relatively tiny player - has been cutting costs. Last month, it said it would slash roughly half its work force, leaving it with about 200 workers, on top of an earlier round of layoffs this year.
Advanta's loss was $330.1 million, or $8.14 a Class B share, reversing year-earlier profit of $4 million, or 9 cents a Class B share. The latest quarter's results included a $179 million securitization loss.
Customer transaction volume was $1.83 billion, down 47% from a year ago and 28% from the prior quarter.
The move to close customers' accounts led the company in June to change its charge-off policy for delinquent accounts. As a result, charge-offs surged to 39% from 8.9% a year earlier.
Credit-loss provisions rose 17% to $35.3 million as delinquencies increased to 8.6% from 5.9%.
Last month, Advanta reached a settlement with the Federal Deposit Insurance Corp. over allegations of deceptive and unfair practices, agreeing to pay a $150,000 civil penalty and about $35 million in refunds regarding a rewards program and substantial increases in interest rates. Advanta didn't admit or deny any liability.
-By Mike Barris, Dow Jones Newswires; 212-416-2330; mike.barris@dowjones.com
1 Year Advanta Corp Class A (MM) Chart |
1 Month Advanta Corp Class A (MM) Chart |
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