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CPS Announces First Quarter 2013 Earnings

  • Pretax income of $6.5 million
  • Net income of $3.8 million, or $0.12 per diluted share
  • New contract purchases of $180 million
  • Total managed portfolio increases to $969 million from $898 million at the end of 2012

IRVINE, Calif., April 16, 2013 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced earnings of $3.8 million, or $0.12 per diluted share, for its first quarter ended March 31, 2013. This compares to net income of $512,000, or $0.02 per diluted share, in the first quarter of 2012. The 2012 period did not include a tax expense.

Revenues for the first quarter of 2013 were $54.6 million, an increase of $10.1 million, or 23%, compared to $44.5 million for the first quarter of 2012. Total operating expenses for the first quarter of 2013 were $48.1 million, an increase of $4.1 million, or 9.2%, compared to $44.0 million for the 2012 period. Pretax income for the first quarter of 2013 was $6.5 million compared to pretax income of $512,000 in the first quarter of 2012.

During the first quarter of 2013, CPS purchased $180.1 million of new contracts compared to $150.8 million during the fourth quarter of 2012 and $119.9 million during the first quarter of 2012. The Company's managed receivables totaled $968.5 million as of March 31, 2013, an increase from $897.6 million as of December 31, 2012 and $781.8 million as of March 31, 2012, as follows ($ in millions):
Originating Entity March 31, 2013 December 31, 2012 March 31, 2012
CPS $917.0 $825.0 $621.7
Fireside Bank 43.3 60.8 133.2
TFC -- 0.2 1.1
As Third Party Servicer 8.2 11.6 25.8
Total $968.5 $897.6 $781.8

Annualized net charge-offs for the first quarter of 2013 were 4.23% of the average owned portfolio as compared to 3.90% for the 2012 period. Delinquencies greater than 30 days (including repossession inventory) were 4.16% of the total owned portfolio as of March 31, 2013, as compared to 3.51% as of March 31, 2012.

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