Portfolio Recovery Associates (PRAA)

Looking around the web, I've found a few links on Portfolio Recovery Associates. Here's a quick rundown:

In a recent article, Jason Kelly prefers competitor Asset Acceptance Capital:
here

Some brief numbers from July 2006:
here

Jim Gillies of Motley fool presents a nice breakdown from April 2006:
here

Phil Zucchi, a manager of the Zebra hedge fund, dislikes PRAA. From April 2006:
here

Random Roger mentions a Barron's roundup from November 2005. This might be useful in digging up some background on the industry:
here

Most recent quarterly report is here. It's an interesting read (as such things go), with charts which make the information easier to comprehend. The summarized information includes data on how long accounts continue to generate revenue and how their past revenue projections have panned out. I think the supplemental section is worth reading, particularly the supplemental section near the end which contains the charts.