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CPS Announces Fourth Quarter 2012 Earnings

Stocks in this article: CPSS

  • Pretax income of $4.6 million
  • Net income of $64.8 million, or $2.20 per diluted share, including income tax benefit of $60.2 million, or $2.04 per diluted share
  • New contract purchases of $151 million
  • Total managed portfolio increases to $898 million from $845 million as of September 30, 2012

IRVINE, Calif., Feb. 4, 2013 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced earnings of $64.8 million, or $2.20 per diluted share, for its fourth quarter ended December 31, 2012. This includes an income tax benefit of $60.2 million, or $2.04 per diluted share, related to the reversal of a valuation allowance against the Company's deferred tax asset net of current period income tax expense. This compares to net income of $235,000, or $0.01 per diluted share, in the fourth quarter of 2011. Net income for 2012 was $69.4 million, or $2.72 per diluted share, as compared to a net loss of $14.5 million, or $0.76 per diluted share, for 2011. The 2012 results include an income tax benefit of $60.2 million, or $2.36 per diluted share, related to the reversal of a valuation allowance against the Company's deferred tax asset net of current period income tax expense.

Revenues for the fourth quarter of 2012 were $50.6 million, an increase of approximately $4.9 million, or 11%, compared to $45.8 million for the fourth quarter of 2011. Total operating expenses for the fourth quarter of 2012 were $46.0 million, an increase of $480,000, or 1%, compared to $45.5 million for the 2011 period. Pretax income for the fourth quarter of 2012 was $4.6 million compared to pretax income of $235,000 in the fourth quarter of 2011.

For the year ended December 31, 2012 total revenues were $187.2 million compared to $143.1 million for 2011, an increase of approximately $44.1 million, or 31%. Total expenses for the year ended December 31, 2012 were $178.0 million, an increase of $20.4 million, or 13%, compared to $157.6 million for 2011. Pretax income for the year ended December 31, 2012 was $9.2 million, compared to a pretax loss of $14.5 million for 2011.

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