Consumer Portfolio Services Inc. Reports Third Quarter Net Earnings
BUSINESS WIRE - October 29, 2001 18:50
IRVINE, Calif., Oct 29, 2001 (BUSINESS WIRE) -- Consumer Portfolio Services Inc. (Nasdaq:CPSS), today announced net earnings for its third quarter ended Sept. 30, 2001.
Net earnings for the quarter ended Sept. 30, 2001 were $253,000, or $0.01 per diluted share, compared with a net loss of $1.2 million, or ($0.06) per diluted share, for the quarter ended Sept. 30, 2000. Diluted shares outstanding were 21.1 million and 20.3 million for the quarters ending Sept. 30, 2001 and 2000, respectively.
Quarter over quarter revenues for the three months ended Sept. 30, 2001 and 2000 were unchanged at approximately $14.3 million for each of the periods.
For the nine months ended Sept. 30, 2001, net earnings were $680,000, or $0.03 per diluted share, compared with a net loss of $15.5 million, or ($0.76) per diluted share, for the year earlier period.
Diluted shares outstanding were 21.2 million and 20.3 million for the nine-month periods ending Sept. 30, 2001 and 2000, respectively. Revenues for the nine months ended Sept. 30, 2001 totaled $47.9 million, compared with revenues of $28.2 million for the period ending Sept. 30, 2000.
Purchases of contracts from automobile dealers during the quarter ended Sept. 30, 2001 increased by $2.0 million, or 1.3%, to $158.4 million from $156.4 million for the third quarter of 2000. During the three-month period ended Sept. 30, 2001, the company sold $158.1 million of contracts, compared with $156.4 million for the same period in the prior year, an increase of 1.1%.
Additionally, on Sept. 7, 2001 the company completed the CPS Auto Receivables Trust 2001-A Securitization, thereby issuing Class A-1 and Class A-2 Notes aggregating $68.5 million. This transaction represents the first term securitization completed by Consumer Portfolio Services since the fourth quarter of 1998.
The aggregate outstanding balance of contracts serviced by the company at Sept. 30, 2001 was $318.1 million, compared with $490.0 million at Sept. 30, 2000.
Balances of accounts past due over 30 days represented 5.0% of the servicing portfolio at Sept. 30, 2001, compared with 5.1% at Sept. 30, 2000. The annualized net charge-off rate for the three-month period ended Sept. 30, 2001 was 6.0%, compared with 9.7% for the three-month period ended Sept. 30, 2000, a decrease of 38.1%. The inventory of repossessed vehicles was 1.7% of the servicing portfolio as of Sept. 30, 2001, compared with 2.0% at Sept. 30, 2000.
"We continue to achieve the goals that we set forth at the beginning of 2001. Our first task was to achieve profitability, which we have now done for three consecutive quarters.
"Our second was to complete a term securitization representing the return of CPS to the securitization market, which was accomplished in the third quarter. These achievements are significant steps in returning CPS to a prominent position in our industry," said Charles E. Bradley, president and chief executive officer of Consumer Portfolio Services.
Consumer Portfolio Services purchases, sells and services retail installment sales contracts originated predominantly by franchised dealers for new and late model used cars. The company finances automobile purchases through more than 4,000 dealers under contract throughout the United States. |
