Consumer Portfolio Services Inc. Reports 2000 Third Quarter Results
IRVINE, Calif.--(BUSINESS WIRE)--Nov. 14, 2000--Consumer Portfolio Services Inc. (Nasdaq:CPSS - news) Tuesday announced financial results for its third quarter, ended Sept. 30, 2000.
For the three months ended Sept. 30, 2000, total revenues increased by $23.5 million from negative revenues of $9.2 million for the three months ended Sept. 30, 1999 to positive revenues of $14.3 million. The company's net loss for the period was $1.2 million, or $0.06 per share, on 20.3 million diluted shares outstanding, compared with a net loss of $16.6 million, or $0.82 per share, on 20.1 million diluted shares outstanding for the same period in the prior year.
Purchases of contracts from automobile dealers for the three months ended Sept. 30, 2000, increased by $66.8 million to $156.4 million over purchases from dealers in the prior year's period. During the three month period ended Sept. 30, 2000, the company sold $156.4 million of contracts compared with $83.8 million in the prior year's period.
The aggregate outstanding balance of contracts serviced by the company at Sept. 30, 2000, was $490.0 million, a decrease of 48.3% from $948.0 million at Sept. 30, 1999.
Balances of accounts past due over 30 days represented 5.1% of the servicing portfolio at Sept. 30, 2000, compared with 5.3% at Sept. 30, 1999. The annualized net charge off rate for the three month period ended Sept. 30, 2000, was 9.7%, compared with 9.8% for the three month period ended Sept. 30, 1999.
The company's non-discounted allowance for credit losses was $30.9 million, or 6.4% of the contracts sold that it serviced as of Sept. 30, 2000. The on-balance sheet allowance for credit losses was $873,000, or 13.7% of contracts held for sale at Sept. 30, 2000. As of Sept. 30, 2000, the inventory of repossessed vehicles was 2.0% of the servicing portfolio, compared with 3.1% at Sept. 30, 1999.
``The company had a good third quarter. We had hoped to reach profitability and even though we did not, we came very close. This is the third quarter in a row with improved earnings,'' said Charles E. Bradley, Jr., president and chief executive officer.
``During the quarter the company continued to improve financial stability and grow marketing, originations, and collections,'' continued Bradley. ``The company is once again a healthy participant in an industry with many opportunities.'' |
