Business
CPS Announces Fourth Quarter and Full Year 2023 Earnings
Pretax income of $9.8 million for the fourth quarter and $61.1 million for 2023Revenues of $92.0 million for the fourth quarter and $352.0 million for 2023Net
About this update from Consumer Portfolio Services, Inc.
[{"type":"text","content":"Pretax income of $9.8 million for the fourth quarter and $61.1 million for 2023Revenues of $92.0 million for the fourth quarter and $352.0 million for 2023Net income of $45.3 million, or $1.80 per diluted share for 2023New contract purchases of $1.358 billion for the full year 2023Largest managed portfolio balance in company history, $3.2 billion LAS VEGAS, NV, March 15, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $7.2 million, or $0.29 per diluted share, for its fourth quarter ended December 31, 2023. This compares to a net income of $14.1 million, or $0.59 per diluted share, in the fourth quarter of 2022. Revenues for the fourth quarter of 2023 were $92.0 million, an increase of $9 million, or 10.8%, compared to $83.0 million for the fourth quarter of 2022. Total operating expenses for the fourth quarter of 2023 were $82.1 million compared to $64.7 million for the 2022 period. Pretax income for the fourth quarter of 2023 was $9.8 million compared to pretax income of $18.3 million in the fourth quarter of 2022. For the twelve months ended December 31, 2023 total revenues were $352.0 million compared to $329.7 million for the twelve months ended December 31, 2022, an increase of approximately $22.3 million, or 6.8%. Total expenses for the twelve months ended December 31, 2023 were $290.9 million, compared to $213.5 million for the twelve months ended December 31, 2022. Pretax income for the twelve months ended December 31, 2023 was $61.1 million, compared to $116.2 million for the twelve months ended December 31, 2022. Net income for the twelve months ended December 31, 2023 was $45.3 million, or $1.80 per diluted share. This compares to net income of $86.0 million, or $3.23 per diluted share for the twelve months ended December 31, 2022. During the fourth quarter of 2023, CPS purchased $301.8 million of new contracts compared to $322.4 million during the third quarter of 2023 and $428.1 million during the fourth quarter of 2022. The Company's receivables totaled $2.970 billion as of December 31, 2023, an increase from $2.943 billion as of September 30, 2023 and an increase from $2.795 billion as of December 31, 2022. Including receivables we service for third parties, our total managed portfolio increased from $3.001 billion at December 31, 2022 ...