Business
CPS Announces Fourth Quarter And Full Year 2022 Earnings
Pretax income of $18.3 million for the fourth quarter and $116.2 million for 2022Net income of $14.1 million, or $0.59 per diluted share for the fourth
About this update from Consumer Portfolio Services, Inc.
[{"type":"text","content":"Pretax income of $18.3 million for the fourth quarter and $116.2 million for 2022Net income of $14.1 million, or $0.59 per diluted share for the fourth quarterNet income of $86.0 million, or $3.23 per diluted share for 2022New contract purchases of $1.854 billion for the full year 2022 LAS VEGAS, NV, March 09, 2023 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $14.1 million, or $0.59 per diluted share, for its fourth quarter ended December 31, 2022. This compares to a net income of $19.0 million, or $0.71 per diluted share, in the fourth quarter of 2021. Revenues for the fourth quarter of 2022 were $83.0 million, an increase of $13.7 million, or 19.7%, compared to $69.4 million for the fourth quarter of 2021. Total operating expenses for the fourth quarter of 2022 were $64.7 million compared to $45.0 million for the 2021 period. Pretax income for the fourth quarter of 2022 was $18.3 million compared to pretax income of $24.4 million in the fourth quarter of 2021. For the twelve months ended December 31, 2022 total revenues were $329.7 million compared to $267.8 million for the twelve months ended December 31, 2021, an increase of approximately $61.9 million, or 23.1%. Total expenses for the twelve months ended December 31, 2022 were $213.5 million, an increase of $11.5 million, or 5.7%, compared to $202.1 million for the twelve months ended December 31, 2021. Pretax income for the twelve months ended December 31, 2022 was $116.2 million, compared to $65.7 million for the twelve months ended December 31, 2021. Net income for the twelve months ended December 31, 2022 was $86.0 million, or $3.23 per diluted share. This compares to net income of $47.5 million, or $1.84 per diluted share for the twelve months ended December 31, 2021. During the fourth quarter of 2022, CPS purchased $428.1 million of new contracts compared to $468.2 million during the third quarter of 2022 and $328.0 million during the fourth quarter of 2021. The Company's receivables totaled $2.795 billion as of December 31, 2022, an increase from $2.687 billion as of September 30, 2022 and an increase from $2.209 billion as of December 31, 2021. Annualized net charge-offs for the fourth quarter of 2022 were 5.83% of the average portfolio as compared to 2.57% for the fourth quarter of 2021. D...