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CPS Announces Second Quarter 2010 Operating Results

IRVINE, Calif., Aug. 16, 2010 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced operating results for its second quarter ended June 30, 2010.

Operating results for the second quarter of 2010 included revenues of $38.5 million, a decrease of approximately $19.8 million, or 33.9%, compared to $58.3 million for the second quarter of 2009. Total operating expenses for the second quarter of 2010 were $43.9 million, a decrease of $20.4 million, or 31.7%, as compared to $64.3 million for the 2009 period. Pretax loss for the second quarter of 2010 was $(5.4) million compared to pretax loss of $(5.9) million in the second quarter of 2009. Net loss for the second quarter of 2010 was $(9.0) million, or $(0.51) per diluted share, compared to net loss of $(5.9) million, or $(0.32) per diluted share, for the year-ago quarter. Net loss for the second quarter of 2010 includes a charge to income tax expense of $(3.6) million, or $(0.21) per diluted share, related to an addition to the valuation allowance against the deferred tax asset.

For the six months ended June 30, 2010 total revenues were $83.1 million compared to $124.4 million for the six months ended June 30, 2009, a decrease of approximately $41.3 million, or 33.2%. Total expenses for the six months ended June 30, 2010 were $94.3 million, a decrease of $36.5 million, or 27.9%, as compared to $130.8 million for the six months ended June 30, 2000. Pretax loss for the six months ended June 30, 2010 was ($11.2) million, compared to pretax loss of $(6.5) million for the six months ended June 30, 2009. Net loss for the six months ended June 30, 2010 was ($14.8) million, or ($0.84) per diluted share, compared to net loss of $(6.5) million, or $(0.34) per diluted share, for the six months ended June 30, 2009. Net loss for the first half of 2010 includes a charge to income tax expense of $(3.6) million, or $(0.20) per diluted share, related to an addition to the valuation allowance against the deferred tax asset.

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