Exhibit 99.1

Encore Capital Group Announces First Quarter 2010 Results

SAN DIEGO, April 27, 2010 /PRNewswire-FirstCall/ — Encore Capital Group, Inc. (Nasdaq: ECPG), a leading distressed consumer debt management company, today reported consolidated financial results for the first quarter ended March 31, 2010.

For the first quarter of 2010:

• Gross collections were $141.3 million, a 23% increase over the $115.2 million in the same period of the prior year.

• Investment in receivable portfolios was $81.6 million, to purchase $2.1 billion in face value of debt, compared to $55.9 million, to purchase $1.3 billion in face value of debt in the same period of the prior year. Available capacity under the revolving credit facility, subject to borrowing base and applicable debt covenants, was $54.5 million as of March 31, 2010. Total debt, consisting of the revolving credit facility, convertible senior notes and capital lease obligations, was $318.0 million as of March 31, 2010, an increase from $303.1 million as of December 31, 2009.

• Revenue from receivable portfolios was $82.9 million, a 15% increase over the $72.3 million in the same period of the prior year. Revenue recognized on receivable portfolios, as a percentage of portfolio collections, excluding the effects of net portfolio allowances, was 64%, compared to 67% in the same period of the prior year.

• Revenue from bankruptcy servicing was $4.4 million, a 6% increase over the $4.1 million in the same period of the prior year.

• Total operating expenses were $65.6 million, a 9% increase over the $60.2 million in the same period of the prior year. Operating expense (excluding stock-based compensation expense and bankruptcy servicing operating expenses) per dollar collected decreased to 42.9% compared to 48.3% in the same period of the prior year.

• Adjusted EBITDA, defined as net income before interest, taxes, depreciation and amortization, stock-based compensation expense and portfolio amortization, was $82.6 million, a 29% increase over the $63.8 million in the same period of the prior year.

• Total interest expense was $4.5 million, compared to $4.3 million in the same period of the prior year.

• Net income was $10.9 million or $0.44 per fully diluted share, compared to net income of $9.0 million or $0.38 per fully diluted share in the same period of the prior year.

• Tangible book value per share, computed by dividing total stockholders’ equity less goodwill and identifiable intangible assets by the number of diluted shares outstanding, was $9.73 as of March 31, 2010, a 5% increase over $9.23 as of December 31, 2009.

Encore Capital Group, Inc.

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Additional Financial Information:

Certain events affected the comparability of 2010 versus 2009 quarterly results, as outlined below. For a more detailed comparison of 2010 versus 2009 results, refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010.

• In the first quarter of 2010, the Company recorded net portfolio allowances of $7.9 million, compared to $5.4 million in the same period of the prior year.

• In the first quarter of 2010, the Company expensed $8.5 million in upfront court costs, compared to $13.3 million in the same period of the prior year.

• In the first quarter of 2009, the Company repurchased $25.6 million principal amount of its outstanding convertible senior notes, for a total price of $19.8 million, plus accrued interest. These repurchases resulted in a gain of $3.1 million or $0.08 per fully diluted share.

Conference Call and Webcast

The Company will hold a conference call today at 1:30 P.M. Pacific time / 4:30 P.M. Eastern time to discuss first quarter results. Members of the public are invited to listen to the live conference call via the Internet.

To hear the presentation, log on at the Investor Relations page of the Company’s website at www.encorecapitalgroup.com. For those who cannot listen to the live broadcast, a replay of the conference call will be available shortly after the call at the same location.

Non-GAAP Financial Measures

The Company has included information concerning Adjusted EBITDA because management utilizes this information, which is materially similar to a financial measure contained in covenants used in the Company’s credit agreement, in the evaluation of its operations and believes that this measure is a useful indicator of the Company’s ability to generate cash collections in excess of operating expenses through the liquidation of its receivable portfolios. The Company has included information concerning total operating expenses excluding stock-based compensation expense and bankruptcy servicing operating expenses in order to facilitate a comparison of approximate cash costs to cash collections for the debt purchasing business in the periods presented. The Company has included information concerning tangible book value per share because management believes that this metric is a meaningful measure that reflects the equity deployed in the business. These non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, net income and total operating expenses as indicators of Encore Capital Group’s operating performance and total stockholders’ equity as an indicator of Encore Capital Group’s financial condition. Adjusted EBITDA, operating expenses excluding stock-based compensation expense and bankruptcy servicing operating expenses, and tangible book value per share have not been prepared in accordance with generally accepted accounting principles (GAAP). These non-GAAP financial measures, as presented by Encore Capital Group,

Encore Capital Group, Inc.

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may not be comparable to similarly titled measures reported by other companies. The Company has included a reconciliation of Adjusted EBITDA to reported earnings under GAAP, a reconciliation of operating expenses excluding stock-based compensation expense and bankruptcy servicing operating expenses to the GAAP measure total operating expenses, and a reconciliation of tangible book value per share to the GAAP measure total stockholders’ equity in the attached financial tables.

About Encore Capital Group, Inc.

Encore Capital Group, Inc. is a systems-driven purchaser and manager of charged-off consumer receivables portfolios. More information on the company can be found at www.encorecapitalgroup.com.

Contact:

Encore Capital Group, Inc.

Paul Grinberg (858) 309-6904

paul.grinberg@encorecapitalgroup.com

or

Ren Zamora (858) 560-3598

ren.zamora@encorecapitalgroup.com

FINANCIAL TABLES FOLLOW

Encore Capital Group, Inc.

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ENCORE CAPITAL GROUP, INC.

Condensed Consolidated Statements of Financial Condition

(In Thousands, Except Par Value Amounts)

(Unaudited)

	March 31, 2010			December 31, 2009
Assets
Cash and cash equivalents	$	7,575		$	8,388
Accounts receivable, net		2,523			3,134
Investment in receivable portfolios, net		549,660			526,877
Deferred court costs		25,603			25,957
Property and equipment, net		9,922			9,427
Other assets		10,194			4,252
Goodwill		15,985			15,985
Identifiable intangible assets, net		1,041			1,139
Total assets	$	622,503		$	595,159
Liabilities and stockholders’ equity
Liabilities:
Accounts payable and accrued liabilities	$	18,253		$	21,815
Income taxes payable		5,188			2,681
Deferred tax liabilities, net		17,097			16,980
Deferred revenue		5,464			5,481
Debt		318,014			303,075
Other liabilities		1,321			2,036
Total liabilities		365,337			352,068
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $.01 par value, 5,000 shares authorized, no shares issued and outstanding		—			—
Common stock, $.01 par value, 50,000 shares authorized, 23,458 shares and 23,359 shares issued and outstanding as of March 31, 2010 and December 31, 2009, respectively		235			234
Additional paid-in capital		106,831			104,261
Accumulated earnings		150,703			139,842
Accumulated other comprehensive loss		(603	)		(1,246	)
Total stockholders’ equity		257,166			243,091
Total liabilities and stockholders’ equity	$	622,503		$	595,159

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ENCORE CAPITAL GROUP, INC.

Condensed Consolidated Statements of Income

(In Thousands, Except Per Share Amounts)

(Unaudited)

	Three Months Ended March 31,
	2010			2009
Revenue
Revenue from receivable portfolios, net	$	82,907		$	72,275
Servicing fees and other related revenue		4,431			4,171
Total revenue		87,338			76,446
Operating expenses
Salaries and employee benefits (excluding stock-based compensation expense)		15,485			13,957
Stock-based compensation expense		1,761			1,080
Cost of legal collections		26,433			29,947
Other operating expenses		9,114			5,980
Collection agency commissions		5,296			2,891
General and administrative expenses		6,879			5,697
Depreciation and amortization		673			623
Total operating expenses		65,641			60,175
Income before other (expense) income and income taxes		21,697			16,271
Other (expense) income
Interest expense		(4,538	)		(4,273	)
Gain on repurchase of convertible notes, net		—			3,053
Other income (expense)		192			(81	)
Total other expense		(4,346	)		(1,301	)
Income before income taxes		17,351			14,970
Provision for income taxes		(6,490	)		(5,973	)
Net income	$	10,861		$	8,997
Weighted average shares outstanding:
Basic		23,494			23,122
Diluted		24,685			23,631
Earnings per share:
Basic	$	0.46		$	0.39
Diluted	$	0.44		$	0.38

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ENCORE CAPITAL GROUP, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited, In Thousands)

	Three Months Ended March 31,
	2010			2009
Operating activities:
Net income	$	10,861		$	8,997
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		673			623
Amortization of loan costs and debt discount		1,062			1,221
Stock-based compensation expense		1,761			1,080
Gain on repurchase of convertible notes, net		—			(3,053	)
Deferred income tax expense		117			145
Excess tax benefit from stock-based payment arrangements		(458	)		(21	)
Provision for allowances on receivable portfolios, net		7,881			5,427
Changes in operating assets and liabilities
Other assets		(822	)		(165	)
Deferred court costs		354			(2,310	)
Prepaid income tax and income taxes payable		2,903			5,441
Deferred revenue		(17	)		26
Accounts payable, accrued liabilities and other liabilities		(3,787	)		(523	)
Net cash provided by operating activities		20,528			16,888
Investing activities:
Purchases of receivable portfolios		(81,632	)		(55,913	)
Collections applied to investment in receivable portfolios, net		50,384			37,424
Proceeds from put-backs of receivable portfolios		584			924
Purchases of property and equipment		(208	)		(469	)
Net cash used in investing activities		(30,872	)		(18,034	)
Financing activities:
Payment of loan costs		(4,660	)		—
Proceeds from notes payable and other borrowings		35,000			32,000
Repayment of notes payable and other borrowings		(22,000	)		(17,000	)
Repurchase of convertible notes		—			(19,834	)
Proceeds from net settlement of certain call options		524			—
Proceeds from exercise of stock options		395			—
Excess tax benefit from stock-based payment arrangements		458			21
Repayment of capital lease obligations		(186	)		(121	)
Net cash provided by financing activities		9,531			(4,934	)
Net decrease in cash		(813	)		(6,080	)
Cash and cash equivalents, beginning of period		8,388			10,341
Cash and cash equivalents, end of period	$	7,575		$	4,261
Supplemental disclosures of cash flow information:
Cash paid for interest	$	3,516		$	3,699
Cash paid for income taxes	$	3,832		$	499
Supplemental schedule of non-cash investing and financing activities:
Fixed assets acquired through capital lease	$	862		$	—

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ENCORE CAPITAL GROUP, INC.

Supplemental Financial Information

Reconciliation of Adjusted EBITDA to GAAP Net Income, Operating Expenses, Excluding Stock-based

Compensation Expense and Bankruptcy Servicing Operating Expenses to GAAP Total Operating Expenses, and

Tangible Book Value Per Share to GAAP Total Stockholders’ Equity

(Unaudited, In Thousands)

	Three Months Ended March 31,
	2010		2009
GAAP net income, as reported	$	10,861	$	8,997
Interest expense		4,538		4,273
Provision for income taxes		6,490		5,973
Depreciation and amortization		673		623
Amount applied to principal on receivable portfolios		58,265		42,851
Stock-based compensation expense		1,761		1,080
Adjusted EBITDA	$	82,588	$	63,797

	Three Months Ended March 31,
	2010			2009
GAAP total operating expenses, as reported	$	65,641		$	60,175
Stock-based compensation expense		(1,761	)		(1,080	)
Bankruptcy servicing operating expenses		(3,311	)		(3,386	)
Operating expenses, excluding stock-based compensation expense and bankruptcy servicing operating expenses	$	60,569		$	55,709

	As of March 31, 2010			As of December 31, 2009
GAAP total stockholders’ equity, as reported	$	257,167		$	243,091
Goodwill		(15,985	)		(15,985	)
Identifiable intangible assets, net		(1,041	)		(1,139	)
Tangible book value	$	240,141		$	225,967
Diluted shares outstanding		24,685			24,484
Tangible book value per share	$	9.73		$	9.23