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Archive for November, 2009
Monday, November 9th, 2009
Pioneer Drilling posted a narrower-than-expected quarterly loss as a bad debt recovery helped cushion the impact of lower utilisation rates for its rigs.
For the third quarter, the company posted a net loss of $9.2 million, or 18 cents per share, compared with earnings of $24.2 million, or 48 cents, a year ago.
Revenue fell about 57% to $74.4 million.
Analysts, on average, expected the company to post a loss of 22 cents per share, excluding items, on revenue of $67.8 million, according to Thomson Reuters.
Quarterly utilisation rate for the company’s drilling rigs averaged 35%, down from 96% in the year-ago period.
Pioneer said its results were boosted by a bad debt recovery of $1.3 million.
Utilisation is showing modest improvement at 38% in the current fourth quarter, the company said.
Shares of the San Antonio, Texas-based company closed at $6.86 yesterday on the American Stock Exchange.
Tags: debt recovery, Pioneer
Posted in Debt News, Financial News, International Debt News | No Comments »
Thursday, November 5th, 2009
Glen Carbon, IL — Comtech Systems, Inc. and Service Exchange Network, LLC announced today a strategic partnership to connect users of Comtech’s Collect! ARM solution with Service Exchange Network’s Serve-X . The alliance will give users of Collect! the ability to streamline the operational efforts to serve documents due for process and actively monitor their status.
Both companies are market leaders in their respective areas.
Comtech Systems Inc. recognizes the necessity to enhance the operational efficiencies when accounts are moved to a state of process serving. Comtech has an understanding of both the labor and administrative efforts required to execute and monitor process serving mechanisms during the litigation procedure. H. Neal Cropper, CEO states “We are excited about the opportunity to harness the powers of the Serve-X technology to reduce overall costs and efforts required of our clients to execute process serving. Serve-X offers a platform that not only reduces levels of effort but enhances the tracking capabilities during this procedure. We look forward to the future with Serve-X as a best of breed strategic partner to provide yet another aspect to Comtech’s growth as a full ARM solution provider.”
Service Exchange Network, LLC realizes the essentialness of assisting Law Firms and Process Serving companies to produce more with fewer resources. The affiliation with Comtech Systems, Inc establishes Server-X as a world-wide provider of data and document exchange.
“We are enthusiastic about the relationship that has been built with Comtech Systems, Inc. as this will promote Serve-X to a vast amount of clients in the debt collection industry. We believe that Comtech is a progressive company and together with Service Exchange Network can revolutionize how the collection industry communicates to companies that offer process service”, said Greg Kellerman, President of Service Exchange Network, LLC.
About Comtech Systems, Inc:
Comtech was founded in 1988 and is headquartered in Victoria, BC, Canada with an additional office in Brisbane, Australia. Comtech’s flagship product, Collect!, is widely recognized as the leading business management software solution for the world’s receivables management industries.
Comtech’s software is installed in 38 countries by over 1,200 companies including debt recovery agencies, debt buyers, credit grantors, medical and dental billing offices, legal offices, municipal fine collection offices, car dealerships, rental application verification offices, credit grantors and a host of finance, credit and billing organizations.
For more information please contact: Robert Rutherford, VP at 800-661-6722, sales@collect.org or visit our website at www.collect.org
About Service Exchange Network, LLC
Service Exchange Network, LLC, (Serve-XTM), is an Illinois-based company founded in 2008. Serve-XTM was created to establish a cooperative bi-directional data transfer solution which is available to any independent Process Server or Attorney firm desiring to significantly mitigate costs and enhance their technology. Serve-X provides the technology that enables multiple attorneys to communicate with multiple process servers through interface integrations with software vendors.
Serve-XTM was launched nationally at the 2009 NARCA convention held in Boston, Massachusetts. It was an immediate success amongst Attorneys and Process Servers in attendance for its ease of use and uncomplicated design. Service Exchange Network, LLC members are supporters of NAPPS, CALSPRO, WAD, WADI, ACA, NARCA and CLLA.
For more information please contact: Kimberly Brown, Customer Support Specialist at 888-573-7839 ext 11, kimb@servex.biz or visit our website at www.servex.biz
Tags: Comtech Systems, debt collection software, Service Exchange Network
Posted in Debt News, International Debt News | No Comments »
Tuesday, November 3rd, 2009
Consumer debt is at an all-time high. As a result of this, officials of CRM and other business technology vendor SAS are claiming that financial institutions are reportedly being pressured to recover unpaid debts in an attempt to rebuild cash reserves in a tightening market.
Debt collection itself requires resources to execute the recovery process. And it’s not as easy as sending the lads round around to inquire about the health of someone’s knees and use the opportunity to show off their nice new cricket bat. Things are much nicer these days. And probably as effective.
“Financial services institutions must re-gear their analytic techniques to adapt to a new playing field,” said Brian Riley, research director of bank cards at TowerGroup. “Rising unemployment, coupled with a protracted recession and increased credit costs make existing tools obsolete. Successful lenders that apply advanced analytics to optimize their strategies experience particularly strong results.”
Debt collection, according to SAS (News – Alert) officials, is “delicate. Customers are sensitive to how, when and why they are contacted.” In their view, most debt collection approaches fail to identify who best to contact or which channels to use.
First Coffee knows what you’re thinking: “Call centers.” Yes, that is often the most effective communication method – are also the most expensive. SAS said using predictive analytics helps debt recovery companies make effective use of their call centers and alternative methods of communication, such as SMS, IVR, e-mail that may also achieve successful results at low costs.
SAS officials said that using their approach, collection managers can plan and prioritize outbound communications, “balancing the organization’s capacity with the likelihood that customers will respond.”
Cary, North Carolina-based SAS’s officials said at the time that the marketing software was expected by HF Holidays officials to create better targeted direct mail campaigns and e-newsletter offers to its customers, based on accurate customer data.
Tags: debt collection, debt recovery, sas
Posted in Debt News, Financial News, International Debt News | 1 Comment »
Monday, November 2nd, 2009
Are debt collection notices giving troubles to the IRS? Accoring to a new report from the Government Accountability Offices, they are!
The IRS estimated that in 2001 there was $23billion in unpaid individual income tax debt, which was the agencies most recent figure on the matter.
The notice phase is the first of the IRS’s three-phase process to collect unpaid debt. The IRS annually sends notices to millions of individual taxpayers for billions of dollars of unpaid tax debt. But Congress and others have questioned the effectiveness of the IRS’s collection process, the GAO noted.
Although the notice phase is a key part of the IRS’s approach and strategy for resolving billions of dollars of individuals’ unpaid tax debt, the IRS lacks certain internal controls to assure that notices to individuals are achieving the most benefits — such as debt collected or unpaid debt cases otherwise resolved — with the resources being used, according to the GAO. The IRS has no documented objectives for the notice phase and no performance measures to indicate how well the phase is performing in resolving debt cases or achieving other desired results.
According to IRS officials, to make the best use of collection resources, the IRS uses its business rules — based on certain dollar thresholds and individual tax debt case characteristics — to vary the number and types of notices sent to taxpayers and determine whether unresolved cases will be sent for further collection action or further action will be deferred. However, in almost all cases, for the five business rules the IRS identified as affecting the most taxpayers, the IRS did not have information on the date the rules were established, the rationale for the rule, or data supporting the rationale.
IRS collection officials also lacked documentation describing the business rules and how they operate. Further, even though IRS officials estimated that the business rules had been established for years, IRS had documentation for an evaluation of only one of the five business rules. Without relevant evaluations, the IRS lacks assurance that the notice phase achieves the desired collection results at the least cost, said the GAO.
Tags: debt collection, IRS, IRS Collection Notice
Posted in Debt News, Financial News, International Debt News | No Comments »
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