Business
CPS Announces Fourth Quarter and Full Year 2019 Earnings
Pretax income of $0.9 million for the fourth quarter and $9.2 million for 2019New contract purchases of $1.0 billion for the full year 2019 LAS VEGAS, NV,
About this update from Consumer Portfolio Services, Inc.
[{"type":"text","content":"Pretax income of $0.9 million for the fourth quarter and $9.2 million for 2019New contract purchases of $1.0 billion for the full year 2019 LAS VEGAS, NV, March 16, 2020 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $29,000 for its fourth quarter ended December 31, 2019. This compares to a net income of $5.4 million, or $0.22 per diluted share, in the fourth quarter of 2018. For the fourth quarter of 2018, the results include a $2.1 million net tax benefit related to certain tax planning strategies and other adjustments. Without the benefit, net income would have been $3.3 million, or $0.13 per diluted share.\n Revenues for the fourth quarter of 2019 were $85.7 million, a decrease of $5.5 million, or 6.0%, compared to $91.2 million for the fourth quarter of 2018. Total operating expenses for the fourth quarter of 2019 were $84.8 million compared to $86.4 million for the 2018 period. Pretax income for the fourth quarter of 2019 was $0.9 million compared to pretax income of $4.8 million in the fourth quarter of 2018. For the twelve months ended December 31, 2019 total revenues were $345.8 million compared to $389.8 million for the twelve months ended December 31, 2018, a decrease of approximately $44.0 million, or 11.3%. Total expenses for the twelve months ended December 31, 2019 were $336.6 million, a decrease of $34.5 million, or 9.3%, compared to $371.1 million for the twelve months ended December 31, 2018. Pretax income for the twelve months ended December 31, 2019 was $9.2 million, compared to $18.7 million for the twelve months ended December 31, 2018. Net income for the twelve months ended December 31, 2019 was $5.4 million compared to $14.9 million for the twelve months ended December 31, 2018. The full-year 2018 results include a $2.1 million net tax benefit related to certain tax planning strategies and other adjustments. Without the benefit, net income for 2018 would have been $12.8, or $0.51 per diluted share. During the fourth quarter of 2019, CPS purchased $247.5 million of new contracts compared to $262.1 million during the third quarter of 2019 and $251.8 million during the fourth quarter of 2018. The Company's receivables totaled $2.416 billion as of December 31, 2019, an increase from $2.413 billion as of September 30, 2019 and an increa...