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CPS Announces Third Quarter 2010 Operating Results

IRVINE, Calif., Nov. 15, 2010 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced operating results for its third quarter ended September 30, 2010.

Operating results for the third quarter of 2010 included revenues of $36.8 million, a decrease of approximately $16.0 million, or 30.3%, compared to $52.8 million for the third quarter of 2009. Total operating expenses for the third quarter of 2010 were $40.3 million, a decrease of $16.8 million, or 29.5%, as compared to $57.1 million for the 2009 period. Pretax loss for the third quarter of 2010 was $(3.5) million compared to pretax loss of $(4.3) million in the third quarter of 2009. Net loss for the third quarter of 2010 was $(4.5) million, or $(0.26) per diluted share, compared to net loss of $(4.3) million, or $(0.23) per diluted share, for the year-ago quarter. Net loss for the third quarter of 2010 includes a charge to income tax expense of $(1.0) million, or $(0.06) per diluted share, related to an addition to the valuation allowance against the deferred tax asset.

For the nine months ended September 30, 2010 total revenues were $119.9 million compared to $177.2 million for the nine months ended September 30, 2009, a decrease of approximately $57.3 million, or 32.3%. Total expenses for the nine months ended September 30, 2010 were $134.6 million, a decrease of $53.4 million, or 28.4%, as compared to $188.0 million for the nine months ended September 30, 2009. Pretax loss for the nine months ended September 30, 2010 was $(14.7) million, compared to pretax loss of $(10.8) million for the nine months ended September 30, 2009. Net loss for the nine months ended September 30, 2010 was $(19.3) million, or $(1.10) per diluted share, compared to net loss of $(10.8) million, or $(0.57) per diluted share, for the nine months ended September 30, 2009. Net loss for the first nine months of 2010 includes a charge to income tax expense of $(4.6) million, or $(0.26) per diluted share, related to additions to the valuation allowance against the deferred tax asset.

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