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TheStreet Open House

CPS Announces Third Quarter 2013 Earnings

  • Pretax income of $10.6 million
  • Net income of $5.9 million, or $0.19 per diluted share
  • New contract purchases of $207 million
  • Total managed portfolio increases to $1.167 billion from $1.067 billion at June 30, 2013

IRVINE, Calif., Oct. 17, 2013 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced earnings of $5.9 million, or $0.19 per diluted share, for its third quarter ended September 30, 2013. This compares to net income of $2.7 million, or $0.11 per diluted share, in the third quarter of 2012. Earnings for the first nine months of 2013 were $14.5 million, or $0.46 per diluted share, as compared to earnings of $4.6 million, or $0.19 per diluted share, for the same period in 2012. The 2012 periods do not include a tax expense.

Revenues for the third quarter of 2013 were $64.1 million, an increase of $16.1 million, or 34%, compared to $47.9 million for the third quarter of 2012. Total operating expenses for the third quarter of 2013 were $53.5 million, an increase of $8.3 million, or 18%, compared to $45.2 million for the 2012 period. Pretax income for the third quarter of 2013 was $10.6 million compared to pretax income of $2.7 million in the third quarter of 2012.

For the nine months ended September 30, 2013 total revenues were $189.1 million compared to $136.6 million for the nine months ended September 30, 2012, an increase of approximately $52.6 million, or 39%. Total expenses for the nine months ended September 30, 2013 were $163.5 million, an increase of $31.5 million, or 24%, compared to $132.0 million for the nine months ended September 30, 2012. Pretax income for the nine months ended September 30, 2013 was $25.6 million, compared to $4.6 million for the nine months ended September 30, 2012.

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