Lincoln student loan company Nelnet Inc. reported net income of $54.3 million, or $1.08 per share, more than double the net income of $25.5 million, or 51 cents per share, in the first quarter of 2009.
Nelnet also reported base net income, a figure which excludes restructuring costs, of $56.6 million, or $1.14 per share, in the first quarter compared with $31.5 million, or 64 cents a share, in the year-ago period.
The figures include a pretax gain of $10.2 million, or 13 cents a share, from the company's repurchase of $274 million of its debt. A year earlier the company repurchased $8.1 million in debt.
Mike Dunlap, chairman and CEO, said he year has started well, with the company diversifying its sources of revenue and managing expenses. Its fee revenue gained 14 percent to $50.7 million from a year ago.
Since Nelnet began servicing student loans for the U.S. Department of Education, that business has grown to 1.2 million borrowers with $9.5 billion in loans.
The company holds $24.8 billion in student loans, including $2 billion purchased from other parties. Net interest income from the loans totaled $85.1 million during the quarter, up from $28.5 million in the first quarter of 2009.
Copyright ©2012 Omaha World-Herald®. All rights reserved. This material may not be published, broadcast, rewritten, displayed or redistributed for any purpose without permission from the Omaha World-Herald.
