This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CPS Announces Third Quarter 2010 Operating Results

During the third quarter of 2010, CPS purchased $35.3 million of contracts from dealers as compared to $26.7 million during the second quarter of 2010 and $506,000 during the third quarter of 2009. The Company's managed receivables totaled $843.0 million as of September 30, 2010, a decrease of $354.3 million, or 29.6%, from $1,197.3 million as of September 30, 2009, as follows ($ in millions):

  September 30, 2010 September 30, 2009
Owned by Consolidated Subsidiaries* $657.6 $1,049.3
Owned by Non-Consolidated Subsidiaries 95.8 148.0
As Third Party Servicer 89.6 0.0
 Total $843.0 $1,197.3
     
* Before $49.3 million and $73.3 million of allowance for credit losses, deferred acquisition fees and repossessed vehicles for 2010 and 2009, respectively.

Annualized net charge-offs for the third quarter of 2010 were 6.98% of the average owned portfolio as compared to 8.82% in 2009.  Delinquencies greater than 30 days (including repossession inventory) were 8.64% of the total owned portfolio as of September 30, 2010, as compared to 8.83% as of September 30, 2009. The third quarter of 2010 represents the second consecutive quarter that year-over-year portfolio net charge-off levels have improved since the Company's managed portfolio began to decrease in 2008.

"Operational improvements continued in the third quarter with another significant increase in new contract purchases and favorable year-over-year credit performance levels," said Charles E. Bradley, Jr., Chairman and Chief Executive Officer. "In addition, we successfully completed our first term securitization transaction in over two years, our first rated senior subordinate term deal since 1993, at rates competitive with our peers. Getting that deal closed should enhance our fund raising efforts in the near term and set the stage for lower funding costs in 2011."

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,476.22 -87.08 -0.53%
S&P 500 1,919.83 -10.84 -0.56%
NASDAQ 4,332.77 -37.0030 -0.85%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs