• 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.

During the second quarter of 2013, CPS purchased $203.8 million of new contracts compared to $180.1 million during the first quarter of 2013 and $137.9 million during the second quarter of 2012. The Company's managed receivables totaled $1.067 billion as of June 30, 2013, an increase from $968.5 million as of March 31, 2013 and $806.1 million as of June 30, 2012, as follows ($ in millions):

Annualized net charge-offs for the second quarter of 2013 were 4.03% of the average owned portfolio as compared to 3.16% for the 2012 period. Delinquencies greater than 30 days (including repossession inventory) were 5.16% of the total owned portfolio as of June 30, 2013, as compared to 3.81% as of June 30, 2012.

As previously reported, during June CPS closed its second term securitization transaction of 2013 and the ninth transaction since April 2011. In the senior subordinate structure, a special purpose subsidiary sold five tranches of asset-backed notes totaling $205.0 million. The notes are secured by automobile receivables purchased by CPS and have a weighted average effective coupon of approximately 2.34%. The transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance. The final enhancement level requires accelerated payment of principal on the notes to reach overcollateralization of 11.50% of the then-outstanding receivable pool balance.

"The second quarter of 2013 was another good quarter for CPS," said Charles E. Bradley, Jr., Chairman and Chief Executive Officer. "Our managed portfolio continues to grow as we purchase new contracts with attractive yields and credit demographics. Asset performance metrics, while higher year-over-year, are well within our expectations as credit trends "normalize" after the very tight lending period following the financial crisis. In addition, we extended the revolving period of our second credit facility in June for two years and added a one-year amortization period thereafter. As a result, both of our credit facilities now have multi-year revolving periods plus amortization periods. These features give us considerably more financial flexibility across a variety of capital markets environments."

Conference Call

CPS announced that it will hold a conference call on Friday, August 9, 2013, at 3:00 p.m. ET to discuss its quarterly operating results. Those wishing to participate by telephone may dial-in at 877 312-5502 or 253 237-1131 approximately 10 minutes prior to the scheduled time.

A replay of the conference call will be available between August 9, 2013 and August 16, 2013, beginning two hours after conclusion of the call, by dialing 855 859-2056 or 404 537-3406 for international participants, with conference identification number 30267175. A broadcast of the conference call will also be available live and for 90 days after the call via the Company's web site at www.consumerportfolio.com.

About Consumer Portfolio Services, Inc.

Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.

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 incurred 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 the provision for credit losses may affect future performance.

CONTACT: Investor Relations Contact



         Robert E. Riedl, Chief Investment Officer

         949 753-6800

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