LAS VEGAS, NV, April 03, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (NASDAQ:CPSS) ("CPS" or the "Company"), an independent specialty finance technology company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories, has appointed Gateway Group, a leading strategic financial communications and capital markets advisory firm, to manage its expanded investor relations program initiatives, including providing corporate messagi ...

LAS VEGAS, Nevada, March 22, 2024 (GLOBE NEWSWIRE) --  Consumer Portfolio Services, Inc. (NASDAQ:CPSS) ("CPS" or the "Company") today announced the closing of a $50.0 million securitization of residual interests from previously issued securitizations. In the transaction, a qualified institutional buyer purchased $50.0 million of asset-backed notes secured by an 80% interest in a CPS affiliate that owns the residual interests in five CPS securitizations issued from January 2022 through January 2023. Collater ...

Consumer Portfolio Services, Inc. (NASDAQ:CPSS) Q4 2023 Earnings Conference Call March 18, 2024 1:00 PM ET Company Participants Charles Bradley - Chief Executive Officer Michael Lavin - President and Chief Operating Officer Danny Bharwani - Chief Financial Officer Operator Good day, everyone, and welcome to the Consumer Portfolio Services 2023 Fourth Quarter Operating Results Conference Call. Today's call is being recorded. Before we begin, management has asked me to inform you that this conference call may ...

Financial Performance - Pretax income for Q4 2023 was $9.8 million, down from $18.3 million in Q4 2022, while total revenues increased to $92.0 million, a 10.8% rise from $83.0 million in Q4 2022[6][17]. - For the full year 2023, total revenues reached $352.0 million, up 6.8% from $329.7 million in 2022, with net income of $45.3 million or $1.80 per diluted share compared to $86.0 million or $3.23 per diluted share in 2022[2][17]. - Total operating expenses for the full year 2023 were $290.9 million, compared to $213.5 million in 2022, reflecting increased costs in employee and interest expenses[2][11]. - The net interest margin for Q4 2023 was 51.70%, down from 54.15% in Q4 2022, indicating a decline in profitability from interest income[11][14]. Contract Activity - The company reported new contract purchases of $1.358 billion for 2023, with the largest managed portfolio balance in its history at $3.2 billion as of December 31, 2023[2][18]. - The company purchased $301.8 million of new contracts in Q4 2023, down from $428.1 million in Q4 2022, indicating a decrease in contract acquisition activity[18]. Portfolio and Asset Management - Annualized net charge-offs for Q4 2023 were 7.74% of the average portfolio, an increase from 5.83% in Q4 2022, while delinquencies greater than 30 days were 14.55% of the total portfolio[7][14]. - The average portfolio balance for 2023 was $2.913 billion, up from $2.539 billion in 2022, showing growth in the company's financing activities[14]. - The company’s recovery rates for the year were reported at 39.2%, down from 52.3% in the previous year, reflecting challenges in asset recovery[15]. Cash and Equity Position - Cash and cash equivalents decreased to $6,174 million from $13,490 million year-over-year, a decline of approximately 54.1%[25]. - Shareholders' equity rose to $274,668 million compared to $228,389 million, an increase of about 20.3%[25]. Debt and Liabilities - Accounts payable and accrued expenses increased to $62,544 million from $55,421 million, reflecting a rise of approximately 12.1%[25]. - Securitization trust debt increased to $2,265,446 million from $2,108,744 million, a growth of about 7.4%[25]. - Warehouse lines of credit decreased to $234,025 million from $285,328 million, a decline of approximately 17.9%[25]. Other Financial Metrics - Finance receivables measured at fair value increased to $2,722,662 million from $2,476,617 million, representing a growth of about 9.9%[25]. - Net finance receivables improved to $24,684 million from $70,551 million, a decrease of approximately 65.0%[25]. - The allowance for finance credit losses improved to $(2,869) million from $(21,753) million, indicating a significant reduction in provisions[25]. - Deferred tax assets, net decreased to $3,736 million from $10,177 million, a decline of approximately 63.3%[25]. - Other assets decreased to $27,233 million from $32,634 million, a reduction of about 16.6%[25]. Upcoming Events - The company plans to hold a conference call on March 18, 2024, to discuss its Q4 2023 operating results[4][20].

Pretax income of $9.8 million for the fourth quarter and $61.1 million for 2023Revenues of $92.0 million for the fourth quarter and $352.0 million for 2023Net income of $45.3 million, or $1.80 per diluted share for 2023New contract purchases of $1.358 billion for the full year 2023Largest managed portfolio balance in company history, $3.2 billion LAS VEGAS, NV, March 15, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (NASDAQ:CPSS) ("CPS" or the "Company") today announced earnings of $7.2 million ...

LAS VEGAS, Nevada, March 14, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (NASDAQ:CPSS) ("CPS" or the "Company") today announced that it will hold a conference call on Monday, March 18, 2024 at 1:00 p.m. ET to discuss its fourth quarter 2023 operating results. Those wishing to participate can pre-register for the conference call at the following link https://register.vevent.com/register/BI280eff9814e7495fb11dd11c31078155. Registered participants will receive an email containing conference call ...

FORM 10-K For the fiscal year ended December 31, 2023 For the transition period from to California 33-0459135 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required ...

LAS VEGAS, Nevada, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (NASDAQ:CPSS) ("CPS" or the "Company") announced the closing of its first term securitization in 2024 on Wednesday, January 24, 2024. The transaction is CPS's 50th senior subordinate securitization since the beginning of 2011 and the 33rd consecutive securitization to receive a triple "A" rating from at least two rating agencies on the senior class of notes. The transaction also marks the 100th securitization in the compa ...

Consumer Portfolio Services, Inc. (NASDAQ:CPSS) Q3 2023 Earnings Conference Call November 13, 2023 12:30 PM ET Company Participants Charles Bradley - Chief Executive Officer Danny Bharwani - Chief Financial Officer Mike Lavin - President and COO Conference Call Participants Operator Good day, everyone. And welcome to the Consumer Portfolio Services 2023 Third Quarter Operating Results Conference Call. Today’s call is being recorded. Before we begin, management has asked me to inform you that this conference ...

Employee costs were $21.8 million during the three months ended September 30, 2023 compared to $20.7 million for the same quarter in the prior year. The table below summarizes our employees by category as well as contract purchases and units in our managed portfolio as of, and for the three-month periods ended, September 30, 2023 and 2022: Interest expense for the three months ended September 30, 2023 was $37.9 million and represented 48.7% of total operating expenses, compared to $23.5 million in the previ ...