Advanta Corp. (ADVNB)

Advanta Corp. issues business purpose credit cards to small businesses and business professionals in the United States. It offers MasterCard and Visa business purpose credit cards that provide approved customers with access, through merchants, banks, checks, electronic fund transfers, and ATMs to unsecured revolving business purpose credit lines. The company also offers credit protection and related products, such as credit insurance products, which provide coverage for loss of life, disability, and involuntary unemployment; and waiver agreement, which provides for the waiver or suspension of payment obligations upon the occurrence of events, including loss of life, temporary and permanent disability, key person departure, and business interruption. In addition, Advanta Corp. provides various deposit products, such as retail and large denomination certificates of deposit and money market accounts. The company was founded in 1951. It was formerly known as Teachers Service Organization, Inc. and changed its name to TSO Financial Corp. Further, the company changed its name to Advanta Corp. in 1988. Advanta Corp. is based in Spring House, Pennsylvania.

For the nine months ended 30 September 2006, Advanta Corp.'s revenues decreased 3% to $377.5M. Net income from continuing operations decreased 30% to $66.1M. Revenues reflect the absence of gain on transfer of consumer credit card business and a decrease in securitization income. Lower income also reflects an increase in deposits, an increase in operating expenses and an increase in income tax expense.