Consumer Portfolio Services Inc. Reports Second Quarter Net Earnings and Increased Revenues
IRVINE, Calif.--(BUSINESS WIRE)--July 24, 2001--Consumer Portfolio Services Inc. (Nasdaq:CPSS - news) today announced net earnings for its second quarter ended June 30, 2001.
Net earnings for the quarter ended June 30, 2001 were $241,000, or $0.01 per diluted share, compared with a net loss of $3.2 million, or ($0.16) per diluted share, for the quarter ended June 30, 2000. Diluted shares outstanding were 21.2 million and 20.3 million for the quarters ending June 30, 2001 and 2000, respectively.
For the three months ended June 30, 2001 total revenues increased approximately $2.8 million, or 20%, to $16.3 million compared with $13.6 million for the three months ended June 30, 2000.
For the six months ended June 30, 2001 net earnings were $427,000, or $0.02 per diluted share, compared with a net loss of $14.3 million, or ($0.71) per diluted share, for the year earlier period. Diluted shares outstanding were 21.3 million and 20.2 million for the six-month periods ending June 30, 2001 and 2000, respectively.
Revenues for the six months ended June 30, 2001 totaled $33.6 million, an increase of $19.7 million, or 142%, compared with $13.9 million in the 2000 period.
Purchases of contracts from automobile dealers during the quarter ended June 30, 2001 increased $42.1 million, or 30%, to $181.1 million from $139 million for the second quarter of 2000. During the three-month period ended June 30, 2001 the company sold $180.9 million of contracts compared with $144 million for the same period in the prior year, an increase of 26%.
The aggregate outstanding balance of contracts serviced by the company at June 30, 2001 was $354.2 million, representing a decrease of 39% from $583.7 million at June 30, 2000.
Balances of accounts past due more than 30 days represented 3.7% of the servicing portfolio at June 30, 2001 compared with 4.9% at June 30, 2000, a decrease of 24%.
The annualized net charge off rate for the three-month period ended June 30, 2001 was 4.5% compared with 9.6% for the three-month period ended June 30, 2000, a decrease of 53%. The inventory of repossessed vehicles was 1.7% of the servicing portfolio as of both June 30, 2001 and 2000, respectively.
``The process of re-establishing Consumer Portfolio Services as a leader in our industry is a challenge and an opportunity. Our continued progress and profitability are extremely gratifying,'' said Charles E. Bradley, president and chief executive officer of Consumer Portfolio Services. |
