Business
CPS Announces First Quarter 2019 Earnings
Pretax income of $2.7 millionNet income of $1.7 million, or $0.07 per diluted shareNew contract purchases of $243 millionLAS VEGAS, NV, April 18, 2019 (GLOBE
About this update from Consumer Portfolio Services, Inc.
[{"type":"text","content":"Pretax income of $2.7 millionNet income of $1.7 million, or $0.07 per diluted shareNew contract purchases of $243 millionLAS VEGAS, NV, April 18, 2019 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) (\"CPS\" or the \"Company\") today announced earnings of $1.7 million, or $0.07 per diluted share, for its first quarter ended March 31, 2019. This compares to net income of $3.1 million, or $0.12 per diluted share, in the first quarter of 2018.Revenues for the first quarter of 2019 were $88.2 million, a decrease of $15.3 million, or 14.8%, compared to $103.6 million for the first quarter of 2018. Total operating expenses for the first quarter of 2019 were $85.6 million compared to $99.0 million for the 2018 period. Pretax income for the first quarter of 2019 was $2.7 million compared to pretax income of $4.6 million in the first quarter of 2018, a decrease of 41.3%.During the first quarter of 2019, CPS purchased $243.0 million of new contracts compared to $251.8 million during the fourth quarter of 2018 and $210.6 million during the first quarter of 2018. The Company's receivables totaled $2.393 billion as of March 31, 2019, an increase from $2.381 billion as of December 31, 2018 and an increase from $2.332 billion as of March 31, 2018.Annualized net charge-offs for the first quarter of 2019 were 7.98% of the average portfolio as compared to 8.16% for the first quarter of 2018. Delinquencies greater than 30 days (including repossession inventory) were 12.12% of the total portfolio as of March 31, 2019, as compared to 8.74% as of March 31, 2018.\"This quarter was our 30th consecutive quarter of positive pre-tax earnings. We achieved year over year growth in originations volumes and portfolio size and we're looking forward the challenges and opportunities ahead of us in 2019,\" said Charles E. Bradley, Jr., President and CEO.Conference CallCPS announced that it will hold a conference call on Friday, April 19, 2019, at 12:00 p.m. ET to discuss its quarterly operating results. Those wishing to participate by telephone may dial-in at 877 312-5502 or 253 237-1131 approximately 10 minutes prior to the scheduled time. The conference identification number is 3479959.A replay of the conference call will be available between April 19, 2019 and April 26, 2019, beginning two hours after conclusion of the call, by dialing 855 ...