Press Release Details
Operating results for the first quarter of 2011 included revenues of
During the first quarter of 2011, CPS purchased
| March 31, 2011 | March 31, 2010 | |
| Owned by Consolidated Subsidiaries* | $546.3 | $805.2 |
| Owned by Non-Consolidated Subsidiaries | 71.6 | 120.7 |
| As Third Party Servicer | 61.8 | 118.2 |
| Total | $679.7 | $1,044.1 |
| * Before $39.3 million and $66.4 million of allowance for credit losses, deferred acquisition fees and repossessed vehicles for 2011 and 2010, respectively. | ||
Annualized net charge-offs for the first quarter of 2011 were 9.32% of the average owned portfolio as compared to 12.19% in 2010. Delinquencies greater than 30 days (including repossession inventory) were 5.82% of the total owned portfolio as of
"We are pleased with the progress we have made in executing our comeback strategy," said
"
Conference Call
CPS announced that it will hold a conference call on
A replay will be available between
About
Forward-looking statements in this news release include the Company's recorded revenue, expense and provision for credit losses, because these items are dependent on the Company's estimates of future losses. The accuracy of such estimates may be adversely affected by various factors, which include (in addition to risks relating to the economy generally) the following: possible increased delinquencies; repossessions and losses on retail installment contracts; incorrect prepayment speed and/or discount rate assumptions; possible unavailability of qualified personnel, which could adversely affect the Company's ability to service its portfolio; possible increases in the rate of consumer bankruptcy filings, which could adversely affect the Company's rights to collect payments from its portfolio; other changes in government regulations affecting consumer credit; possible declines in the market price for used vehicles, which could adversely affect the Company's realization upon repossessed vehicles; and economic conditions in geographic areas in which the Company's business is concentrated. All of such factors also may affect the Company's future financial results, as to which there can be no assurance.
Any implication that the results of the most recently completed quarter are indicative of future results is disclaimed, and the reader should draw no such inference. Factors such as those identified above in relation to provision for credit losses may affect future performance.
| Consumer Portfolio Services, Inc. and Subsidiaries | ||
| Condensed Consolidated Statements of Operations | ||
| (In thousands, except per share data) | ||
| (Unaudited) | ||
| Three months ended | ||
| March 31, | ||
| 2011 | 2010 | |
| Revenues: | ||
| Interest income | $ 28,584 | $ 38,969 |
| Servicing fees | 1,415 | 2,387 |
| Other income | 2,396 | 3,232 |
| 32,395 | 44,588 | |
| Expenses: | ||
| Employee costs | 7,623 | 8,779 |
| General and administrative | 3,639 | 5,875 |
| Interest | 19,126 | 24,467 |
| Provision for credit losses | 3,692 | 11,716 |
| Other expenses | 2,521 | 1,687 |
| 36,601 | 52,524 | |
| Income before income taxes | (4,206) | (7,936) |
| Income taxes | -- | -- |
| Net income | $ (4,206) | $ (7,936) |
| Earnings per share: | ||
| Basic | $ (0.23) | $ (0.44) |
| Diluted | (0.23) | (0.44) |
| Number of shares used in computing earnings per share: | ||
| Basic | 18,122 | 17,837 |
| Diluted | 18,122 | 17,837 |
| Condensed Consolidated Balance Sheets | ||
| (In thousands) | ||
| (Unaudited) | ||
| March 31, | December 31, | |
| 2011 | 2010 | |
| Cash | $ 9,227 | $ 16,252 |
| Restricted cash | 131,122 | 123,958 |
| Total cash | 140,349 | 140,210 |
| Finance receivables | 518,565 | 565,621 |
| Allowance for finance credit losses | (11,599) | (13,168) |
| Finance receivables, net | 506,966 | 552,453 |
| Residual interest in securitizations | 3,985 | 3,841 |
| Deferred tax assets, net | 15,000 | 15,000 |
| Other assets | 30,901 | 30,886 |
| $ 697,201 | $ 742,390 | |
| Accounts payable and other liabilities | $ 23,155 | $ 22,033 |
| Warehouse lines of credit | 81,027 | 45,564 |
| Residual interest financing | 34,824 | 39,440 |
| Securitization trust debt | 489,264 | 567,722 |
| Senior secured debt, related party | 50,144 | 44,873 |
| Subordinated debt | 20,209 | 20,337 |
| 698,623 | 739,969 | |
| Shareholders' equity | (1,422) | 2,421 |
| $ 697,201 | $ 742,390 | |
| Operating and Performance Data ($ in thousands) | At and for the | |
| Three months ended | ||
| March 31, | ||
| 2011 | 2010 | |
| Contract purchases | 50,036 | 17,410 |
| Total managed portfolio | 679,763 | 1,044,088 |
| Average managed portfolio | 704,149 | 1,094,311 |
| Net interest margin (1) | 9,458 | 14,502 |
| Risk adjusted margin (2) | 5,766 | 2,786 |
| Core operating expenses (3) | 13,783 | 16,341 |
| Annualized % of average managed portfolio | 7.83% | 5.97% |
| Allowance for finance credit losses as % of fin. receivables | 2.24% | 4.09% |
| Aggregate allowance as % of fin. receivables (4) | 3.77% | 6.36% |
| Delinquencies | ||
| 31+ Days | 3.08% | 2.61% |
| Repossession Inventory | 2.74% | 3.33% |
| Total Delinquencies and Repossession Inventory | 5.82% | 5.94% |
| Annualized net charge-offs as % of average owned portfolio | 9.32% | 12.19% |
| (1) Interest income less interest expense. | ||
| (2) Net interest margin less provision for credit losses. | ||
| (3) Total expenses less interest and provision for credit losses. | ||
| (4) Includes allowance for finance credit losses and allowance for repossession inventory. | ||
CONTACT: Investor Relations Contact
Robert E. Riedl , Chief Investment Officer
949 753-6800
Source: News Provided by Acquire Media