Consumer Portfolio Services Inc. Reports Annual Results for 2000
BUSINESS WIRE - March 29, 2001 07:59
IRVINE, Calif., Mar 29, 2001 (BUSINESS WIRE) -- Consumer Portfolio Services Inc. (Nasdaq:CPSS) today announced financial results for the fourth quarter and year ended Dec. 31, 2000.
For the fourth quarter, total revenues increased from negative revenues of $10.2 million to positive revenues of $7.8 million. The company's net loss for the period was $6.7 million, or $0.33 per share, on 20 million diluted shares outstanding, compared with a net loss of $18.9 million, or $0.94 per share, on 20.1 million diluted shares outstanding for the same period in the prior year.
For the year ended Dec. 31, 2000, total revenues increased by 142.8% to $36 million, compared with $14.8 million in the prior year. The company's net loss for the year was $22.1 million, or $1.10 per share, on 20.2 million diluted shares outstanding, compared with a net loss of $44.5 million, or $2.38 per share, on 18.7 million diluted shares outstanding in the prior year.
For the year ended Dec. 31, 2000, purchases of contracts from automobile dealers increased by $182.6 million to $607 million, compared with $424.4 million for the prior year. Contracts sold during the year increased 149% to $600.4 million, compared with $241.2 million in the prior year. The aggregate outstanding balance of contracts serviced by the company at Dec. 31, 2000, was $411.9 million, a decrease of 49.8% from $821 million at Dec. 31, 1999.
Balances of accounts past due over 30 days represented 5.8% of the servicing portfolio at Dec. 31, 2000, compared with 5.1% at Dec. 31, 1999. The annualized net charge off rate for the three and 12 month periods ended Dec. 31, 2000, were 10.7% and 11.2%, respectively, compared with 14.9% and 9.2% for the three and 12 month periods ended Dec. 31, 1999.
The company's non-discounted allowance for credit losses on sold contracts in which it retains a residual interest was $17.8 million, or 4.6% of the aggregate balance of such contracts as of Dec. 31, 2000. The on-balance sheet allowance for credit losses was $2.2 million, or 10.3% of contracts held for sale at Dec. 31, 2000. As of Dec. 31, 2000, the inventory of repossessed vehicles was 1.9% of the servicing portfolio, compared with 3.3% at Dec. 31, 1999.
"Although the earnings results were negative in the fourth quarter, the company has made a strong rebound from 1999," said Charles E. Bradley, Jr., president and chief executive officer. "We are very pleased with the progress we have made to date, particularly in terms of improved efficiencies, increased contract purchasing volume and maintenance of our delinquency percentage. 2000 was a year to re-establish our base business and to prepare for a more active role in the sub prime market in 2001." |
