Business
CPS Announces Second Quarter 2021 Earnings
Pretax income of $13.9 million, a 199% increase over the prior year periodNet income of $9.7 million, or $0.39 per diluted shareNew contract purchases of $286
About this update from Consumer Portfolio Services, Inc.
[{"type":"text","content":"Pretax income of $13.9 million, a 199% increase over the prior year periodNet income of $9.7 million, or $0.39 per diluted shareNew contract purchases of $286 million, a 39% increase over the first quarter of 2021 LAS VEGAS, NV, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $9.7 million, or $0.39 per diluted share, for its second quarter ended June 30, 2021. This compares to net income of $3.0 million, or $0.13 per diluted share, in the second quarter of 2020. Revenues for the second quarter of 2021 were $66.8 million, compared to $67.3 million for the second quarter of 2020. Total operating expenses for the second quarter of 2021 were $52.9 million compared to $62.6 million for the 2020 period for a decrease of $9.8 million, or 15.6%. Pretax income for the second quarter of 2021 was $13.9 million compared to pretax income of $4.6 million in the second quarter of 2020, an increase of $9.2 million. For the six months ended June 30, 2021 total revenues were $129.9 million compared to $138.1 million for the six months ended June 30, 2020, a decrease of approximately $8.2 million, or 5.9%. Total expenses for the six months ended June 30, 2021 were $108.1 million, a decrease of $22.2 million, or 17.1%, compared to $130.3 million for the six months ended June 30, 2020. Pretax income for the six months ended June 30, 2021 was $21.8 million, compared to $7.8 million for the six months ended June 30, 2020, an increase of $14.1 million. Net income for the six months ended June 30, 2021 was $14.9 million compared to $13.8 million for the six months ended June 30, 2020. Results for the six months ended June 30, 2020 include a net tax benefit of $8.8 million related to the revaluation of the Company’s net operating losses and other tax adjustments. Without this tax benefit, net income and net income per diluted share for the six months ended June 30, 2020 would have been $5.0 million and $0.21 per share, respectively. During the second quarter of 2021, CPS purchased $286.0 million of new contracts compared to $205.5 million during the first quarter of 2021 and $135.9 million during the second quarter of 2020. The Company's receivables totaled $2.116 billion as of June 30, 2021, a decrease from $2.119 billion as of March 31, 2021 and $2.326 billion as of...