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CPS Announces Second Quarter 2013 Earnings

Stocks in this article: CPSS

  • Pretax income of $8.5 million
  • Net income of $4.8 million, or $0.15 per diluted share
  • New contract purchases of $204 million
  • Total managed portfolio increases to $1.067 billion from $969 million at March 31, 2013

IRVINE, Calif., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced earnings of $4.8 million, or $0.15 per diluted share, for its second quarter ended June 30, 2013. This compares to net income of $1.3 million, or $0.05 per diluted share, in the second quarter of 2012. Earnings for the first six months of 2013 were $8.6 million, or $0.27 per diluted share, as compared to earnings of $1.9 million, or $0.08 per diluted share, for the same period in 2012. The 2012 periods do not include a tax expense.

Revenues for the second quarter of 2013 were $70.5 million, an increase of $26.3 million, or 60%, compared to $44.2 million for the second quarter of 2012. Total operating expenses for the second quarter of 2013 were $61.9 million, an increase of $19.1 million, or 45%, compared to $42.8 million for the 2012 period. Pretax income for the second quarter of 2013 was $8.5 million compared to pretax income of $1.3 million in the second quarter of 2012.

For the six months ended June 30, 2013 total revenues were $125.1 million compared to $88.7 million for the six months ended June 30, 2012, an increase of approximately $36.4 million, or 41%. Total expenses for the six months ended June 30, 2013 were $110.0 million, an increase of $23.2 million, or 27%, compared to $86.8 million for the six months ended June 30, 2012. Pretax income for the six months ended June 30, 2013 was $15.1 million, compared to $1.9 million for the six months ended June 30, 2012.

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