Debt purchaser and collector Asset Acceptance reported financial results for the second quarter today, saying that higher prices paid for portfolios in 2004 and 2005 took their toll on income and revenues. Warren, Mich.-based Asset Acceptance Capital Corp. (NASDAQ: AACC ) reported net income for the second quarter of 2007 of $8.3 million, a 33 percent decrease from the $12.4 million reported in the same period a year ago. Earnings per full diluted share were $0.24. The consensus analyst estimate for earnings this quarter was $0.33, according to various media outlets. Revenues for the quarter were $65.9 million, down 1.4 percent from the second quarter last year. Cash collections, however, increased 6.5 percent to $95.4 million when compared to the $89.6 million reported in the second quarter of last year. Chairman and CEO Brad Bradley said in a statement that increased portfolio prices over the past several years has meant lower profits as the company works the portfolios. " …