Consumer Portfolio Services Inc. Reports 2001 First Quarter Earnings
IRVINE, Calif.--(BUSINESS WIRE)--April 26, 2001--Consumer Portfolio Services Inc. (Nasdaq:CPSS - news) today announced its earnings for the first quarter ended March 31, 2001.
The company's net income for the three months ended March 31, 2001, was $186,000, or $0.01 per share, on 21.4 million diluted shares outstanding, compared with a net loss of $11.1 million, or $0.55 per share, on 20.1 million diluted shares outstanding for the same period in the prior year. Total revenues increased by $17 million, from $374,000 for the year-earlier period to $17.3 million for the three months ended March 31, 2001.
Purchases of contracts from automobile dealers increased 21% to $190.7 million from $157.6 million for the prior year's period. During the three month period ended March 31, 2001, the company sold $198.9 million of contracts, compared with $154.5 million for the same period in the prior year. The aggregate outstanding balance of contracts serviced by the company at March 31, 2001, was $381.3 million, a decrease of 44.9% from $692.5 million at March 31, 2000.
Balances of accounts past due over 30 days represented 2.6% of the servicing portfolio at March 31, 2001, compared with 3.3% at March 31, 2000. The annualized net charge-off rate for the three month period ended March 31, 2001, was 8.23%, compared with 13.89% for the three month period ended March 31, 2000. As of March 31, 2001, the inventory of repossessed vehicles was 1.8% of the servicing portfolio, compared with 2.6% at March 31, 2000.
``We are very pleased with the results of the quarter. This is our first profitable quarter in two years. This is another important step in the process of rebuilding our company,'' said Charles E. Bradley Jr., president and chief executive officer. |
