Exhibit 99.1
Advanta Reports Earnings for 2007
Substantial Reserves Added in the Fourth Quarter
SPRING HOUSE, Pa.--(BUSINESS WIRE)--Advanta Corp. (NASDAQ: ADVNB; ADVNA) today reported full year 2007 net income from continuing operations of $71 million or $1.61 per diluted share for Class A and Class B shares combined, including an after-tax charge of $0.17 per share relating to contingency reserves associated with Visa’s litigation with third parties. Fourth quarter earnings of $0.17 per share include an $0.11 per share after-tax charge also associated with Visa litigation matters.
In addition, the fourth quarter earnings incorporate $0.39 per share of after-tax balance sheet charges and reserve build resulting primarily from recent credit trends, and a $0.05 per share after-tax gain on the sale of a portion of the Company’s MasterCard shares.
During the year, the Company acquired approximately 335,000 new customers. Managed receivables grew approximately 22% to $6.3 billion in 2007. Owned receivables were $1.0 billion at year end, approximately 9% lower than December 31, 2006. Transaction volume of $14.4 billion for 2007 increased 17% from the prior year. For the full year, the managed net credit loss rate was 3.71% and the owned net credit loss rate was 3.39%. These net credit loss rates compare to the 2006 rates of 3.41% and 3.19%, respectively.
“Our decision to focus exclusively on the small business market almost 7 years ago has enabled us to build a profitable, sustainable business over the long haul. Although we’re disappointed with the impact of the current economy on our recent results, we believe the small business market will continue to provide opportunities for us going forward,” said Dennis Alter, Chairman and CEO.
Conference Call Details
Advanta management will hold a conference call with analysts and institutional investors today, January 30, at 9:00 a.m. Eastern Time, to review the fourth quarter and full year results for 2007. The call can be accessed by dialing 877-879-6209 and referring to confirmation code 5054657. The call will also be webcast simultaneously via a Vcall link on the Company’s website, www.advanta.com, or at www.investorcalendar.com. Those interested in listening to the webcast should go to the website at least 10 minutes before the call to register and download any necessary software. Replays of the call will be available beginning at noon today on the Internet at www.advanta.com or www.investorcalendar.com or by dialing 888-203-1112 and referring to pass code 5054657. The conference call may include a discussion of non-GAAP financial measures, which are reconciled to the most directly comparable GAAP financial measures in the Company’s press releases or the statistical supplements available at www.advanta.com in the “Corporate Info” section.
About Advanta
Advanta is one of the nation’s largest credit card issuers (through Advanta Bank Corp.) in the small business market today. Advanta’s exclusive focus on this market, as well as its size, experience and commitment to developing meaningful product offerings and a high level of service tailored to the needs of small businesses, differentiate the company from other issuers. Founded in 1951, Advanta has long been an innovator in developing and introducing many of the marketing techniques that are common in the financial services industry today. Learn more about Advanta at www.advanta.com.
This Press Release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ from those projected. Risks that may affect the Company’s future performance are detailed in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
In addition to the GAAP results provided throughout this document, the Company has provided managed receivable data and other non−GAAP financial measurements. Management believes that the non-GAAP financial measures used to manage the business may provide users additional useful information. The tables attached to this press release include a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures and a description of why the non-GAAP financial measures are useful to investors.
| ADVANTA | ||||||||||||
| SEGMENT INCOME STATEMENT - QUARTER | ||||||||||||
| (in thousands) | ||||||||||||
| Three Months Ended | ||||||||||||
| December 31, 2007 | ||||||||||||
| Advanta | ||||||||||||
| Business | ||||||||||||
| Cards | Other (A) | Total | ||||||||||
| Interest income | $ | 38,945 | $ | 10,829 | $ | 49,774 | ||||||
| Interest expense | 14,983 | 12,547 | 27,530 | |||||||||
| Net interest income | 23,962 | (1,718 | ) | 22,244 | ||||||||
| Provision for credit losses | 21,587 | (35 | ) | 21,552 | ||||||||
| Net interest income after provision for credit losses | 2,375 | (1,683 | ) | 692 | ||||||||
| Noninterest revenues: | ||||||||||||
| Interchange income | 69,346 | 0 | 69,346 | |||||||||
| Securitization income | 10,375 | 0 | 10,375 | |||||||||
| Servicing revenues | 25,258 | 0 | 25,258 | |||||||||
| Business credit card rewards | (22,495 | ) | 0 | (22,495 | ) | |||||||
| Other revenues, net | 8,149 | 1,768 | 9,917 | |||||||||
| Total noninterest revenues | 90,633 | 1,768 | 92,401 | |||||||||
| Operating expenses | 73,140 | 7,924 | 81,064 | |||||||||
| Income (loss) before income taxes | 19,868 | (7,839 | ) | 12,029 | ||||||||
| Income tax expense (benefit) | 7,669 | (3,026 | ) | 4,643 | ||||||||
| Net income (loss) | $ | 12,199 | $ | (4,813 | ) | $ | 7,386 | |||||
| Three Months Ended | ||||||||||||
| December 31, 2006 | ||||||||||||
| Advanta | ||||||||||||
| Business | ||||||||||||
| Cards | Other (A) | Total | ||||||||||
| Interest income | $ | 37,839 | $ | 7,209 | $ | 45,048 | ||||||
| Interest expense | 14,066 | 8,161 | 22,227 | |||||||||
| Net interest income | 23,773 | (952 | ) | 22,821 | ||||||||
| Provision for credit losses | 9,969 | 0 | 9,969 | |||||||||
| Net interest income after provision for credit losses | 13,804 | (952 | ) | 12,852 | ||||||||
| Noninterest revenues: | ||||||||||||
| Interchange income | 54,925 | 0 | 54,925 | |||||||||
| Securitization income | 25,442 | 0 | 25,442 | |||||||||
| Servicing revenues | 17,938 | 0 | 17,938 | |||||||||
| Business credit card rewards | (20,011 | ) | 0 | (20,011 | ) | |||||||
| Other revenues, net | 5,356 | 1,560 | 6,916 | |||||||||
| Total noninterest revenues | 83,650 | 1,560 | 85,210 | |||||||||
| Operating expenses | 68,361 | 144 | 68,505 | |||||||||
| Income before income taxes | 29,093 | 464 | 29,557 | |||||||||
| Income tax expense | 11,201 | 178 | 11,379 | |||||||||
| Net income | $ | 17,892 | $ | 286 | $ | 18,178 | ||||||
| ||||||||||||
| (A) | Other includes venture capital operations as well as investment and other activities not attributable to the Advanta Business Cards segment. In addition, operating expenses in the three months ended December 31, 2007 include $7.8 million of charges associated with a contingent obligation to indemnify Visa Inc. for certain litigation matters. |
| ADVANTA | ||||||||||||
| YEAR-TO-DATE SEGMENT INCOME STATEMENT | ||||||||||||
| (in thousands) | ||||||||||||
| Twelve Months Ended | ||||||||||||
| December 31, 2007 | ||||||||||||
| Advanta | ||||||||||||
| Business | ||||||||||||
| Cards | Other (A) | Total | ||||||||||
| Interest income | $ | 157,255 | $ | 38,392 | $ | 195,647 | ||||||
| Interest expense | 54,922 | 44,409 | 99,331 | |||||||||
| Net interest income | 102,333 | (6,017 | ) | 96,316 | ||||||||
| Provision for credit losses | 58,200 | (35 | ) | 58,165 | ||||||||
| Net interest income after provision for credit losses | 44,133 | (5,982 | ) | 38,151 | ||||||||
| Noninterest revenues: | ||||||||||||
| Interchange income | 249,481 | 0 | 249,481 | |||||||||
| Securitization income | 79,040 | 0 | 79,040 | |||||||||
| Servicing revenues | 92,393 | 0 | 92,393 | |||||||||
| Business credit card rewards | (86,705 | ) | 0 | (86,705 | ) | |||||||
| Other revenues, net | 24,582 | 7,706 | 32,288 | |||||||||
| Total noninterest revenues | 358,791 | 7,706 | 366,497 | |||||||||
| Operating expenses | 276,439 | 12,529 | 288,968 | |||||||||
| Income (loss) before income taxes | 126,485 | (10,805 | ) | 115,680 | ||||||||
| Income tax expense (benefit) | 48,823 | (4,171 | ) | 44,652 | ||||||||
| Income (loss) from continuing operations | 77,662 | (6,634 | ) | 71,028 | ||||||||
Gain on discontinuance of mortgage and leasing businesses, net of tax | 0 | 1,022 | 1,022 | |||||||||
| Net income (loss) | $ | 77,662 | $ | (5,612 | ) | $ | 72,050 | |||||
| Twelve Months Ended | ||||||||||||
| December 31, 2006 | ||||||||||||
| Advanta | ||||||||||||
| Business | ||||||||||||
| Cards | Other (A) | Total | ||||||||||
| Interest income | $ | 143,738 | $ | 26,017 | $ | 169,755 | ||||||
| Interest expense | 46,233 | 29,077 | 75,310 | |||||||||
| Net interest income | 97,505 | (3,060 | ) | 94,445 | ||||||||
| Provision for credit losses | 38,650 | (50 | ) | 38,600 | ||||||||
| Net interest income after provision for credit losses | 58,855 | (3,010 | ) | 55,845 | ||||||||
| Noninterest revenues: | ||||||||||||
| Interchange income | 203,370 | 0 | 203,370 | |||||||||
| Securitization income | 114,938 | 0 | 114,938 | |||||||||
| Servicing revenues | 63,726 | 0 | 63,726 | |||||||||
| Business credit card rewards | (68,062 | ) | 0 | (68,062 | ) | |||||||
| Other revenues, net | 18,952 | 5,031 | 23,983 | |||||||||
| Total noninterest revenues | 332,924 | 5,031 | 337,955 | |||||||||
| Operating expenses | 256,192 | 620 | 256,812 | |||||||||
| Income before income taxes | 135,587 | 1,401 | 136,988 | |||||||||
| Income tax expense | 52,201 | 539 | 52,740 | |||||||||
| Income from continuing operations | 83,386 | 862 | 84,248 | |||||||||
Gain on discontinuance of mortgage and leasing businesses, net of tax | 0 | 738 | 738 | |||||||||
| Net income | $ | 83,386 | $ | 1,600 | $ | 84,986 | ||||||
| ||||||||||||
| (A) | Other includes venture capital operations as well as investment and other activities not attributable to the Advanta Business Cards segment. In addition, operating expenses in the twelve months ended December 31, 2007 include $12.0 million of charges associated with a contingent obligation to indemnify Visa Inc. for certain litigation matters. |
| ADVANTA | |||||||||||||||||||||||||||||||
| EARNINGS AND COMMON STOCK DATA | |||||||||||||||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||||||||||||||
| Three Months Ended | Percent Change From | Twelve Months Ended | |||||||||||||||||||||||||||||
| Dec. 31, | Sept. 30, | Dec. 31, | Prior | Prior | Dec. 31, | Dec. 31, | Percent | ||||||||||||||||||||||||
| 2007 | 2007 | 2006 | Quarter | Year | 2007 | 2006 | Change | ||||||||||||||||||||||||
Basic income from continuing operations per common share: | |||||||||||||||||||||||||||||||
| Class A | $ | 0.15 | $ | 0.44 | $ | 0.42 | (65.9 | ) | % | (64.3 | ) | % | $ | 1.61 | $ | 2.01 | (19.9 | ) | % | ||||||||||||
| Class B | 0.20 | 0.49 | 0.46 | (59.2 | ) | (56.5 | ) | 1.78 | 2.12 | (16.0 | ) | ||||||||||||||||||||
| Combined (A) | 0.18 | 0.47 | 0.45 | (61.7 | ) | (60.0 | ) | 1.73 | 2.08 | (16.8 | ) | ||||||||||||||||||||
Diluted income from continuing operations per common share:
| |||||||||||||||||||||||||||||||
| Class A | $ | 0.15 | $ | 0.43 | $ | 0.40 | (65.1 | ) | % | (62.5 | ) | % | $ | 1.55 | $ | 1.88 | (17.6 | ) | % | ||||||||||||
| Class B | 0.18 | 0.45 | 0.42 | (60.0 | ) | (57.1 | ) | 1.64 | 1.92 | (14.6 | ) | ||||||||||||||||||||
| Combined (A) | 0.17 | 0.44 | 0.41 | (61.4 | ) | (58.5 | ) | 1.61 | 1.91 | (15.7 | ) | ||||||||||||||||||||
| Basic net income per common share: | |||||||||||||||||||||||||||||||
| Class A | $ | 0.15 | $ | 0.44 | $ | 0.42 | (65.9 | ) | % | (64.3 | ) | % | $ | 1.64 | $ | 2.02 | (18.8 | ) | % | ||||||||||||
| Class B | 0.20 | 0.49 | 0.46 | (59.2 | ) | (56.5 | ) | 1.81 | 2.14 | (15.4 | ) | ||||||||||||||||||||
| Combined (A) | 0.18 | 0.47 | 0.45 | (61.7 | ) | (60.0 | ) | 1.75 | 2.10 | (16.7 | ) | ||||||||||||||||||||
| Diluted net income per common share: | |||||||||||||||||||||||||||||||
| Class A | $ | 0.15 | $ | 0.43 | $ | 0.40 | (65.1 | ) | % | (62.5 | ) | % | $ | 1.57 | $ | 1.90 | (17.4 | ) | % | ||||||||||||
| Class B | 0.18 | 0.45 | 0.42 | (60.0 | ) | (57.1 | ) | 1.66 | 1.94 | (14.4 | ) | ||||||||||||||||||||
| Combined (A) | 0.17 | 0.44 | 0.41 | (61.4 | ) | (58.5 | ) | 1.63 | 1.92 | (15.1 | ) | ||||||||||||||||||||
| Return on average common equity (annualized) | 4.98 | % | 13.09 | % | 13.03 | % | (62.0 | ) | % | (61.8 | ) | % | 12.24 | % |
| 15.80 | % | (22.5 | ) | % | |||||||||||
| Weighted average common shares used to compute: | |||||||||||||||||||||||||||||||
| Basic earnings per common share | |||||||||||||||||||||||||||||||
| Class A | 13,356 | 13,343 | 13,306 | 0.1 | % | 0.4 | % | 13,337 | 13,287 | 0.4 | % | ||||||||||||||||||||
| Class B | 27,149 | 27,800 | 27,472 | (2.3 | ) | (1.2 | ) | 27,679 | 27,096 | 2.2 | |||||||||||||||||||||
| Total | 40,505 | 41,143 | 40,778 | (1.6 | ) | (0.7 | ) | 41,016 | 40,383 | 1.6 | |||||||||||||||||||||
| Diluted earnings per common share | |||||||||||||||||||||||||||||||
| Class A | 13,356 | 13,343 | 13,306 | 0.1 | % | 0.4 | % | 13,337 | 13,287 | 0.4 | % | ||||||||||||||||||||
| Class B | 29,396 | 30,762 | 30,938 | (4.4 | ) | (5.0 | ) | 30,664 | 30,795 | (0.4 | ) | ||||||||||||||||||||
| Total | 42,752 | 44,105 | 44,244 | (3.1 | ) | (3.4 | ) | 44,001 | 44,082 | (0.2 | ) | ||||||||||||||||||||
| Ending shares outstanding: | |||||||||||||||||||||||||||||||
| Class A | 14,410 | 14,410 | 14,410 | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||
| Class B | 28,055 | 28,296 | 28,702 | (0.9 | ) | (2.3 | ) | ||||||||||||||||||||||||
| Total | 42,465 | 42,706 | 43,112 | (0.6 | ) | (1.5 | ) | ||||||||||||||||||||||||
| Stock price: | |||||||||||||||||||||||||||||||
| Class A | |||||||||||||||||||||||||||||||
| High | $ | 26.45 | $ | 30.65 | $ | 28.42 | (13.7 | ) | % | (6.9 | ) | % | $ | 31.47 | $ | 28.42 | 10.7 | % | |||||||||||||
| Low | 6.93 | 20.46 | 22.35 | (66.1 | ) | (69.0 | ) | 6.93 | 19.21 | (63.9 | ) | ||||||||||||||||||||
| Closing | 7.30 | 24.31 | 26.54 | (70.0 | ) | (72.5 | ) | 7.30 | 26.54 | (72.5 | ) | ||||||||||||||||||||
| Class B | |||||||||||||||||||||||||||||||
| High | $ | 29.95 | $ | 33.74 | $ | 31.14 | (11.2 | ) | % | (3.8 | ) | % | $ | 34.51 | $ | 31.14 | 10.8 | % | |||||||||||||
| Low | 7.84 | 23.32 | 24.34 | (66.4 | ) | (67.8 | ) | 7.84 | 20.56 | (61.9 | ) | ||||||||||||||||||||
| Closing | 8.07 | 27.42 | 29.09 | (70.6 | ) | (72.3 | ) | 8.07 | 29.09 | (72.3 | ) | ||||||||||||||||||||
| Cash dividends declared: | |||||||||||||||||||||||||||||||
| Class A | $ | 0.1771 | $ | 0.1771 | $ | 0.1417 | 0.0 | % | 25.0 | % | $ | 0.6730 | $ | 0.5006 | 34.4 | % | |||||||||||||||
| Class B | 0.2125 | 0.2125 | 0.1700 | 0.0 | 25.0 | 0.8075 | 0.6007 | 34.4 | |||||||||||||||||||||||
| Book value per combined common share | $ | 14.40 | $ | 14.37 | $ | 13.77 | 0.2 | % | 4.6 | % | |||||||||||||||||||||
| All share and per share amounts have been adjusted to reflect the three-for-two stock split effective June 15, 2007. | ||
(A) | Combined represents income available to common stockholders divided by the combined total of Class A and Class B weighted average common shares outstanding. | |
| ADVANTA | ||||||||||||||||||||||||||||||||
| ADVANTA BUSINESS CARDS STATISTICS | ||||||||||||||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||||||||||||
| Three Months Ended | Percent Change From | Twelve Months Ended | ||||||||||||||||||||||||||||||
| Dec. 31, | Sept. 30, | Dec. 31, | Prior | Prior | Dec. 31, | Dec. 31, | Percent | |||||||||||||||||||||||||
| 2007 | 2007 | 2006 | Quarter | Year | 2007 | 2006 | Change | |||||||||||||||||||||||||
| New account originations | 61,234 | 74,195 | 116,157 | (17.5 | ) | % | (47.3 | ) | % | 335,147 | 370,564 | (9.6 | ) | % | ||||||||||||||||||
| Average number of active accounts (A) | 952,557 | 930,102 | 786,224 | 2.4 | 21.2 | 905,497 | 713,302 | 26.9 | ||||||||||||||||||||||||
| Ending number of accounts | 1,316,523 | 1,294,273 | 1,126,083 | 1.7 | 16.9 | |||||||||||||||||||||||||||
| Customer transaction volume | $ | 3,755,320 | $ | 3,606,907 | $ | 3,482,032 | 4.1 | 7.8 | $ | 14,444,072 | $ | 12,342,149 | 17.0 | |||||||||||||||||||
Securitization volume increase excluding replenishment sales | $ | 330,000 | $ | 115,000 | $ | 620,000 | 187.0 | (46.8 | ) | $ | 1,218,453 | $ | 1,185,000 | 2.8 | ||||||||||||||||||
| Average receivables: | ||||||||||||||||||||||||||||||||
| Owned | $ | 1,164,704 | $ | 1,215,485 | $ | 1,193,101 | (4.2 | ) | (2.4 | ) | $ | 1,227,967 | $ | 1,059,566 | 15.9 | |||||||||||||||||
| Securitized | 5,148,195 | 4,889,381 | 3,773,549 | 5.3 | 36.4 | 4,696,289 | 3,337,888 | 40.7 | ||||||||||||||||||||||||
| Managed (B) | 6,312,899 | 6,104,866 | 4,966,650 | 3.4 | 27.1 | 5,924,256 | 4,397,454 | 34.7 | ||||||||||||||||||||||||
Ending receivables: | ||||||||||||||||||||||||||||||||
| Owned | $ | 1,031,607 | $ | 1,233,233 | $ | 1,133,132 | (16.3 | ) | (9.0 | ) | ||||||||||||||||||||||
| Securitized | 5,315,421 | 4,980,737 | 4,073,128 | 6.7 | 30.5 | |||||||||||||||||||||||||||
| Managed (B) | 6,347,028 | 6,213,970 | 5,206,260 | 2.1 | 21.9 | |||||||||||||||||||||||||||
| Operating expense ratio (C) | 4.63 | % | 4.46 | % | 5.51 | % | 3.8 | (16.0 | ) | 4.67 | % | 5.83 | % | (19.9 | ) | |||||||||||||||||
CREDIT QUALITY - OWNED | ||||||||||||||||||||||||||||||||
| Receivables 30 days or more delinquent | $ | 42,424 | $ | 35,276 | $ | 26,053 | ||||||||||||||||||||||||||
| Receivables 90 days or more delinquent | 19,204 | 15,693 | 12,632 | |||||||||||||||||||||||||||||
| As a percentage of receivables: | ||||||||||||||||||||||||||||||||
| Receivables 30 days or more delinquent | 4.11 | % | 2.86 | % | 2.30 | % | 43.7 | % | 78.7 | % | ||||||||||||||||||||||
| Receivables 90 days or more delinquent | 1.86 | 1.27 | 1.11 | 46.5 | 67.6 | |||||||||||||||||||||||||||
| Net principal charge-offs: | ||||||||||||||||||||||||||||||||
| Amount | $ | 11,542 | $ | 10,708 | $ | 9,169 | $ | 41,589 | $ | 33,775 | ||||||||||||||||||||||
As a percentage of average receivables (annualized) | 3.96 | % | 3.52 | % | 3.07 | % | 12.5 | 29.0 | 3.39 | % | 3.19 | % | 6.3 | % | ||||||||||||||||||
CREDIT QUALITY - SECURITIZED | ||||||||||||||||||||||||||||||||
| Receivables 30 days or more delinquent | $ | 229,808 | $ | 160,375 | $ | 108,159 | ||||||||||||||||||||||||||
| Receivables 90 days or more delinquent | 105,577 | 71,951 | 52,279 | |||||||||||||||||||||||||||||
| As a percentage of receivables: | ||||||||||||||||||||||||||||||||
| Receivables 30 days or more delinquent | 4.32 | % | 3.22 | % | 2.66 | % | 34.2 | % | 62.4 | % | ||||||||||||||||||||||
| Receivables 90 days or more delinquent | 1.99 | 1.44 | 1.28 | 38.2 | 55.5 | |||||||||||||||||||||||||||
| Net principal charge-offs: | ||||||||||||||||||||||||||||||||
| Amount | $ | 53,572 | $ | 48,404 | $ | 33,100 | $ | 178,173 | $ | 116,227 | ||||||||||||||||||||||
As a percentage of average receivables (annualized) | 4.16 | % | 3.96 | % | 3.51 | % | 5.1 | 18.5 | 3.79 | % | 3.48 | % | 8.9 | % | ||||||||||||||||||
CREDIT QUALITY - MANAGED (B) | ||||||||||||||||||||||||||||||||
| Receivables 30 days or more delinquent | $ | 272,232 | $ | 195,651 | $ | 134,212 | ||||||||||||||||||||||||||
| Receivables 90 days or more delinquent | 124,781 | 87,644 | 64,911 | |||||||||||||||||||||||||||||
| As a percentage of receivables: | ||||||||||||||||||||||||||||||||
| Receivables 30 days or more delinquent | 4.29 | % | 3.15 | % | 2.58 | % | 36.2 | % | 66.3 | % | ||||||||||||||||||||||
| Receivables 90 days or more delinquent | 1.97 | 1.41 | 1.25 | 39.7 | 57.6 | |||||||||||||||||||||||||||
| Net principal charge-offs: | ||||||||||||||||||||||||||||||||
| Amount | $ | 65,114 | $ | 59,112 | $ | 42,269 | $ | 219,762 | $ | 150,002 | ||||||||||||||||||||||
As a percentage of average receivables (annualized) | 4.13 | % | 3.87 | % | 3.40 | % | 6.7 | 21.5 | 3.71 | % | 3.41 | % | 8.8 | % | ||||||||||||||||||
| (A) | Active accounts are defined as accounts with a balance at month-end. Active account statistics do not include charged-off accounts. The statistics reported above are the average number of active accounts for the periods presented. | |
| (B) | Managed statistics are non-GAAP financial measures and represent the sum of owned (GAAP) business credit card statistics and securitized business credit card statistics. We believe that performance on a managed basis provides useful supplemental information to investors because we retain interests in the securitized receivables and, therefore, we have a financial interest in and exposure to the performance of the securitized receivables. | |
| (C) | Operating expense ratio is annualized and calculated as a percentage of average owned and securitized receivables. |
CONTACT:
Advanta Corp.
Amy B. Holderer
Vice President, Investor Relations
215-444-5335
aholderer@advanta.com
or
David M. Goodman
Director, Communications
215-444-5073
dgoodman@advanta.com